Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 25, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
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 | 43,698,464 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Net sales | $ 410,647 | $ 390,713 |
Energy and related sales, net | 1,428 | 1,129 |
Total revenues | 412,075 | 391,842 |
Costs of products sold | 363,169 | 336,213 |
Gross profit | 48,906 | 55,629 |
Selling, general and administrative expenses | 37,063 | 34,877 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | (1,554) | 32 |
Operating income | 13,397 | 20,720 |
Non-operating income (expense) | ||
Interest expense | (5,195) | (4,008) |
Interest income | 54 | 113 |
Other, net | 229 | 812 |
Total non-operating expense | (4,912) | (3,083) |
Income before income taxes | 8,485 | 17,637 |
Income tax provision | 2,769 | 6,034 |
Net income | $ 5,716 | $ 11,603 |
Earnings per share | ||
Basic | $ 0.13 | $ 0.27 |
Diluted | 0.13 | 0.26 |
Cash dividends declared per common share | $ 0.13 | $ 0.13 |
Weighted average shares outstanding | ||
Basic | 43,700 | 43,583 |
Diluted | 44,567 | 44,493 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 5,716 | $ 11,603 |
Foreign currency translation adjustments | 12,747 | 6,065 |
Net change in: | ||
Deferred losses on cash flow hedges, net of taxes of $583 and $288, respectively | (1,802) | (946) |
Unrecognized retirement obligations, net of taxes of $(977) and $(1,248), respectively | 3,075 | 2,074 |
Other comprehensive income | 14,020 | 7,193 |
Comprehensive income | $ 19,736 | $ 18,796 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Taxes on deferred losses on cash flow hedges | $ 583 | $ 288 |
Taxes on unrecognized retirement obligations | $ (977) | $ (1,248) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 117,277 | $ 116,219 |
Accounts receivable, net | 183,258 | 174,154 |
Inventories | 262,947 | 252,064 |
Prepaid expenses and other current assets | 45,218 | 42,534 |
Total current assets | 608,700 | 584,971 |
Plant, equipment and timberlands, net | 870,734 | 865,743 |
Goodwill | 84,977 | 82,744 |
Intangible assets, net | 59,168 | 58,859 |
Other assets | 141,033 | 138,478 |
Total assets | 1,764,612 | 1,730,795 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 11,607 | 11,298 |
Accounts payable | 187,661 | 190,478 |
Dividends payable | 5,689 | 5,678 |
Environmental liabilities | 26,000 | 28,500 |
Other current liabilities | 107,739 | 111,222 |
Total current liabilities | 338,696 | 347,176 |
Long-term debt | 494,131 | 470,098 |
Deferred income taxes | 85,025 | 83,571 |
Other long-term liabilities | 122,768 | 121,022 |
Total liabilities | 1,040,620 | 1,021,867 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common stock | 544 | 544 |
Capital in excess of par value | 62,359 | 62,594 |
Retained earnings | 970,736 | 948,411 |
Accumulated other comprehensive loss | (148,953) | (140,675) |
Shareholders' equity before treasury stock | 884,686 | 870,874 |
Less cost of common stock in treasury | (160,694) | (161,946) |
Total shareholders’ equity | 723,992 | 708,928 |
Total liabilities and shareholders’ equity | $ 1,764,612 | $ 1,730,795 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities | ||
Net income | $ 5,716 | $ 11,603 |
Adjustments to reconcile to net cash provided by operations: | ||
Depreciation, depletion and amortization | 19,431 | 17,282 |
Amortization of debt issue costs and original issue discount | 290 | 289 |
Pension expense, net of unfunded benefits paid | 1,298 | 928 |
Deferred income tax provision (benefit) | (2,244) | 1,704 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | (1,554) | 32 |
Share-based compensation | 1,983 | 1,648 |
Change in operating assets and liabilities | ||
Accounts receivable | (6,550) | (11,462) |
Inventories | (7,795) | (9,907) |
Prepaid and other current assets | (3,192) | 1,670 |
Accounts payable | 4,111 | 2,903 |
Accruals and other current liabilities | (5,286) | (8,874) |
Other | 1,451 | (255) |
Net cash provided by operating activities | 7,659 | 7,561 |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (26,568) | (36,783) |
Proceeds from disposals of plant, equipment and timberlands, net | 1,695 | |
Other | (28) | |
Net cash used by investing activities | (24,901) | (36,783) |
Financing activities | ||
Net borrowings under revolving credit facility | 25,388 | 38,236 |
Repayment of term loans | (2,902) | (2,190) |
Payments of dividends | (5,679) | (5,455) |
Payments related to share-based compensation awards and other | (965) | (112) |
Net cash provided by financing activities | 15,842 | 30,479 |
Effect of exchange rate changes on cash | 2,458 | 526 |
Net increase in cash and cash equivalents | 1,058 | 1,783 |
Cash and cash equivalents at the beginning of period | 116,219 | 55,444 |
Cash and cash equivalents at the end of period | 117,277 | 57,227 |
Cash paid for: | ||
Interest, net of amounts capitalized | 1,496 | 293 |
Income taxes, net | $ 2,956 | $ 2,194 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2018 | |
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 Fort Smith, AR, 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 the U.S., 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 | 3 Months Ended |
Mar. 31, 2018 | |
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 2017 Annual Report on Form 10-K. Reclassification As a result of adopting the provisions of Accounting Standards Update (“ASU”) No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Cost we reclassified certain amounts of periodic benefit expense for previously reported periods from Cost of products sold and Selling, general and administrative expense to Non Operating Expense. As a result of applying the ASU, Costs of products sold for the first quarter of 2017 was increased by $1.3 million and Selling, general and administrative expenses were reduced by $0.2 million and the offsetting net reclassification reduced Non-operating expense by $1.1 million. 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. Revenue Recognition We adopted ASU No. 2014-09, Revenue from Contracts with Customers in the first quarter of 2018. This ASU clarifies the principles for recognizing revenue and establishes expanded disclosure requirements; however, the adoption of ASU No. 2014-09 had no impact on the timing or amount of revenue recognized for any period presented. Refer to Note 3 for additional information about the disaggregation of our net sales. Our revenue is earned primarily from the manufacture and sale of specialty papers and engineered materials (“product sales”). Revenue is earned pursuant to contracts, supply agreements and other arrangements with a wide variety of customers. Our performance obligation is to produce a specified product according to technical specifications and, in substantially all instances, to deliver the product. Revenue from product sales is earned at a point in time. We recognize revenue on product sales when we have satisfied our performance obligation and control of the product has passed to the customer thereby entitling us to payment. With respect to substantially all arrangements for product sales, this is deemed to occur when title transfers in accordance with specified shipping terms. The prices are fixed at the time the sales arrangement is entered into and payment terms are customary for similar arrangements in our industry. Many of our agreements include customary provisions for volume rebates, discounts and similar incentives. In addition, we are obligated for products that fail to meet agreed upon specification. Provisions for such items are estimated and recorded as sales deductions in the period in which the related revenue is recognized. Revenue from power sales and renewable energy credits is recorded under the caption “Energy and related sales, net” in the condensed consolidated statements of income and is recognized upon fulfillment of our performance obligation which is generally upon meeting capacity commitments or delivery of REC certificates. Revenue from energy sales is recognized when electricity is delivered to the customer. Prices for power sales and renewable energy credits are fixed at the time of sale and payment is generally due within normal terms and conditions customary for the industry. Certain costs associated with the production of electricity, such as fuel, labor, depreciation and maintenance are netted against energy sales for presentation on the condensed consolidated statements of income. Recently Issued Accounting Pronouncements In February 2018, the FASB issued ASU No. 2018-02, “Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income. (“ASU No. 2018-02” ).” In December 2017, Tax Cuts and Jobs Act (“TCJA”) was passed into law and, among other provisions, reduced the statutory federal tax rate from 35% to 21%. The change in the tax rate impacted the carrying value of deferred tax assets and liabilities. ASU No. 2018-02 allows a reclassification from accumulated other comprehensive income (“AOCI”) to retained earnings for stranded tax effects resulting from the TCJA. We elected to adopt ASU No. 2018-02 in the first quarter of 2018, and we reclassified $22.3 million of net deferred tax benefits from AOCI to retained earnings. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities" |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2018 | |
Disaggregation Of Revenue [Abstract] | |
Revenue | 3. REVENUE The following tables set forth disaggregated information pertaining to our net sales: Three months ended March 31 In thousands 2018 2017 Composite Fibers Food & beverage $ 70,397 $ 62,602 Wallcovering 28,132 22,455 Technical specialties 20,958 17,707 Composite laminates 9,398 8,839 Metallized 12,713 13,500 141,598 125,103 Advanced Airlaid Materials Feminine hygiene 48,473 42,424 Specialty wipes 7,767 6,050 Adult incontinence 4,432 3,644 Home care 4,027 2,758 Other 4,910 4,962 69,609 59,838 Specialty Papers Carbonless & forms 71,870 77,072 Engineered products 49,951 48,162 Envelope & converting 37,905 42,857 Book publishing 38,558 37,173 Other 1,156 508 199,440 205,772 TOTAL $ 410,647 $ 390,713 Three months ended March 31 In thousands 2018 2017 Composite Fibers Europe, Middle East and Africa $ 94,782 $ 83,547 Americas 24,048 23,059 Asia Pacific 22,768 18,497 141,598 125,103 Advanced Airlaid Materials Europe, Middle East and Africa 36,228 29,729 Americas 32,815 29,921 Asia Pacific 566 188 69,609 59,838 Specialty Papers Americas 197,829 204,774 Other 1,611 998 199,440 205,772 TOTAL $ 410,647 $ 390,713 |
Gains (Losses) on Dispositions
Gains (Losses) on Dispositions of Plant, Equipment and Timberlands | 3 Months Ended |
Mar. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Gains (Losses) on Dispositions of Plant, Equipment and Timberlands | 4. GAINS (LOSSES) ON DISPOSITION OF PLANT, EQUIPMENT AND TIMBERLANDS During the three months ended March 31, 2018 and 2017 we completed the following sales of assets: Dollars in thousands Acres Proceeds Gain (loss) 2018 Timberlands 426 $ 1,156 $ 1,115 Other n/a 539 439 Total $ 1,695 $ 1,554 2017 Other n/a $ - $ (32 ) Total $ - $ (32 ) |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 5. EARNINGS PER SHARE The following table sets forth the details of basic and diluted earnings per share (“EPS”): Three months ended March 31 In thousands, except per share 2018 2017 Net income $ 5,716 $ 11,603 Weighted average common shares outstanding used in basic EPS 43,700 43,583 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs 867 910 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,567 44,493 Earnings per share Basic $ 0.13 $ 0.27 Diluted 0.13 0.26 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: March 31 In thousands 2018 2017 Three months ended 587 592 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 6. ACCUMULATED OTHER COMPREHENSIVE INCOME The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three months ended March 31, 2018 and 2017. 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, 2018 $ (41,839 ) $ (4,092 ) $ (98,295 ) $ 3,551 $ (140,675 ) Amount reclassified for adoption of ASU No. 2018-02 (23,297 ) 999 (22,298 ) Balance as adjusted at January 1, 2018 (41,839 ) (4,092 ) (121,592 ) 4,550 (162,973 ) Other comprehensive income before reclassifications (net of tax) 12,747 (3,217 ) — — 9,530 Amounts reclassified from accumulated other comprehensive income (net of tax) — 1,415 3,164 (89 ) 4,490 Net current period other comprehensive income (loss) 12,747 (1,802 ) 3,164 (89 ) 14,020 Balance at March 31, 2018 $ (29,092 ) $ (5,894 ) $ (118,428 ) $ 4,461 $ (148,953 ) Balance at January 1, 2017 $ (100,448 ) $ 1,500 $ (110,656 ) $ 4,998 $ (204,606 ) Other comprehensive income before reclassifications (net of tax) 6,065 (255 ) — — 5,810 Amounts reclassified from accumulated other comprehensive income (net of tax) — (691 ) 2,190 (116 ) 1,383 Net current period other comprehensive income (loss) 6,065 (946 ) 2,190 (116 ) 7,193 Balance at March 31, 2017 $ (94,383 ) $ 554 $ (108,466 ) $ 4,882 $ (197,413 ) Reclassifications out of accumulated other comprehensive income and into the condensed consolidated statements of income were as follows: Three months ended March 31 In thousands 2018 2017 Description Line Item in Statements of Income Cash flow hedges (Note 13) (Gains) losses on cash flow hedges $ 1,959 $ (931 ) Costs of products sold Tax expense (benefit) (544 ) 240 Income tax provision Net of tax 1,415 (691 ) Retirement plan obligations (Note 8) Amortization of deferred benefit pension plans Prior service costs 780 704 Other, net Actuarial losses 3,390 2,822 Other, net 4,170 3,526 Tax benefit (1,006 ) (1,336 ) Income tax provision Net of tax 3,164 2,190 Amortization of deferred benefit other plans Prior service costs (45 ) (45 ) Other, net Actuarial gains (73 ) (143 ) Other, net (118 ) (188 ) Tax expense 29 72 Income tax provision Net of tax (89 ) (116 ) Total reclassifications, net of tax $ 4,490 $ 1,383 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES Effects of the Tax Cuts and Jobs Act On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (“TCJA”) was signed into U.S. law. Among other things, the TCJA reduces the U.S. federal corporate tax rate from 35% to 21% beginning in 2018 and requires companies to pay a one-time transition tax on previously unremitted earnings of non-U.S. subsidiaries that were previously tax deferred. ASC Topic 740, Accounting for Income Taxes, requires companies to recognize the effect of tax law changes in the period of enactment even though the effective date for most provisions is for tax years beginning after December 31, 2017. Given the significance of the legislation, the U.S. Securities and Exchange Commission (the "SEC") staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which allows registrants to record provisional amounts during a one year “measurement period” similar to that used when accounting for business combinations. However, the measurement period is deemed to have ended earlier when the registrant has obtained, prepared, and analyzed the information necessary to finalize its accounting. During the measurement period, impacts of the law are expected to be recorded at the time a reasonable estimate for all or a portion of the effects can be made, and provisional amounts can be recognized and adjusted as information becomes available, prepared, or analyzed. Our accounting for certain elements of the TCJA was incomplete as of December 31, 2017 and remains incomplete as of March 31, 2018. However, we were able to make reasonable estimates of the effects and therefore, recorded provisional estimates for these items. During early 2018, the Internal Revenue Service issued additional guidance affecting the computation of our 2017 federal income tax liability. As a result of this and additional analysis, we revised our prior estimates and recorded $0.2 million of additional tax benefits. The ultimate impact of the TCJA may differ from current estimates, and such differences could be material, due to changes in interpretations or assumptions. While the TCJA provides for a territorial tax system, beginning in 2018, it includes the global intangible low-taxed income (“GILTI”) provision. We elected to account for GILTI tax in the period in which it is incurred. The GILTI provisions require entities to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. For the three months ended March 31, 2018, our effective tax rate increased by approximately 10% as a result of the GILTI provisions due to our utilization of U.S. federal tax loss carryforward, which restricts our ability to recognize the associated foreign tax credits and a deduction of up to 50% of the GILTI income. Since we are using U.S. federal tax loss carryforwards, there is no impact to cash taxes related to the GILTI provisions. 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 March 31, 2018 and December 31, 2017, we had $27.8 million and $26.9 million of gross unrecognized tax benefits. As of March 31, 2018, if such benefits were to be recognized, approximately $17.6 million would be recorded as a component of income tax expense, thereby affecting our effective tax rate. We, or one of our subsidiaries, file income tax returns with the United States Internal Revenue Service, as well as various state and foreign authorities. The following table summarizes, by major jurisdiction, tax years that remain subject to examination: Open Tax Years Jurisdiction Examinations not yet initiated Examination in progress United States Federal 2014 - 2017 N/A State 2013 - 2017 2014 – 2016 Canada (1) 2010-2013; 2017 2014 – 2016 Germany (1) 2016 - 2017 2011 – 2015 France 2015 - 2017 2012 United Kingdom 2016 - 2017 N/A Philippines 2015, 2017 2016 (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 $4.9 million. Substantially all of this range relates to tax positions taken in Germany and the U.S. 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: Three months ended March 31 In millions 2018 2017 Interest expense (income) $ 0.1 $ 0.1 Penalties — — March 31 December 31 2018 2017 Accrued interest payable $ 0.9 $ 0.8 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. 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 to members of management and vesting is based on achievement of cumulative financial performance targets covering a two year period followed by an additional one-year service period. 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. In addition, beginning in 2018, PSA awards include a modifier based on the three-year total shareholder return relative to a broad market index. For RSUs the grant date fair value of the awards, or the closing price per common share on the date of the award, is used to determine the amount of expense to be recognized over the applicable service period. For PSAs, the grant date fair value is estimated using a lattice model. The significant inputs include the stock price, volatility, dividend yield, and risk free rate of return. Settlement of RSUs and PSAs will be made in shares of our common stock currently held in treasury. The following table summarizes RSU and PSA activity during periods indicated: Units 2018 2017 Balance at January 1, 929,386 679,038 Granted 312,555 290,880 Forfeited (70,719 ) (90,801 ) Shares delivered (69,372 ) — Balance at March 31, 1,101,850 879,117 The amount granted in 2018 and 2017 includes 181,653 and 157,064, respectively, of PSAs exclusive of reinvested dividends. The following table sets forth aggregate RSU and PSA compensation expense for the periods indicated: March 31 In thousands 2018 2017 Three months ended $ 1,804 $ 1,039 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. No SOSARs were awarded during the first quarters of 2018 or 2017. The following table sets forth information related to outstanding SOSARS for the three months ended March 31; 2018 2017 SOSARS Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 2,561,846 $ 17.87 2,736,616 $ 17.64 Granted — — — — Exercised (138,423 ) 12.98 (33,050 ) 14.65 Canceled / forfeited (20,994 ) 18.76 (17,420 ) 18.38 Outstanding at March 31, 2,402,429 $ 18.14 2,686,146 $ 17.67 The following table sets forth SOSAR compensation expense for the periods indicated: March 31 In thousands 2018 2017 Three months ended $ 179 $ 609 |
Retirement Plans and Other Post
Retirement Plans and Other Post-Retirement Benefits | 3 Months Ended |
Mar. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans and Other Post-Retirement Benefits | 9. 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 March 31 In thousands 2018 2017 Pension Benefits Service cost $ 2,859 $ 2,721 Interest cost 5,589 5,907 Expected return on plan assets (10,839 ) (10,831 ) Amortization of prior service cost 780 704 Amortization of unrecognized loss 3,390 2,822 Total net periodic benefit cost $ 1,779 $ 1,323 Other Benefits Service cost $ 307 $ 295 Interest cost 451 485 Amortization of prior service credit (45 ) (45 ) Amortization of actuarial gain (73 ) (143 ) Total net periodic benefit cost $ 640 $ 592 In the first quarter of 2018, we adopted the provisions of ASU No. 2017-07 which requires entities to present the service cost component of net periodic benefit costs in operating profit along with other employee compensation costs. All other components of net periodic benefit costs are to be presented below the determination of operating income in “Other, net”. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 10. INVENTORIES Inventories, net of reserves, were as follows: March 31 December 31 In thousands 2018 2017 Raw materials $ 63,024 $ 60,806 In-process and finished 122,432 116,678 Supplies 77,491 74,580 Total $ 262,947 $ 252,064 |
Capitalized Interest
Capitalized Interest | 3 Months Ended |
Mar. 31, 2018 | |
Interest Expense [Abstract] | |
Capitalized Interest | 11. CAPITALIZED INTEREST The following table sets forth details of interest incurred, capitalized and expensed: Three months ended March 31 In thousands 2018 2017 Interest cost incurred $ 5,591 $ 4,597 Interest capitalized 396 589 Interest expense $ 5,195 $ 4,008 Capitalized interest primarily relates to spending for the Airlaid capacity expansion project in 2017 and 2018 and the Specialty Papers’ environmental compliance project in 2017. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 12. LONG-TERM DEBT Long-term debt is summarized as follows: March 31 December 31 In thousands 2018 2017 Revolving credit facility, due Mar. 2020 $ 196,588 $ 171,200 5.375% Notes, due Oct. 2020 250,000 250,000 2.40% Term Loan, due Jun. 2022 7,481 7,710 2.05% Term Loan, due Mar. 2023 32,883 33,607 1.30% Term Loan, due Jun. 2023 9,241 9,423 1.55% Term Loan, due Sep. 2025 11,324 11,390 Total long-term debt 507,517 483,330 Less current portion (11,607 ) (11,298 ) Unamortized deferred issuance costs (1,779 ) (1,934 ) Long-term debt, net of current portion $ 494,131 $ 470,098 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. On February 1, 2017, the Revolving Credit Facility was further amended to, among other things, change the definition of earnings before interest, taxes, depreciation and amortization (“EBITDA”) for purposes of calculating covenant compliance. 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 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 March 31, 2018, the leverage ratio, as calculated in accordance with the definition in our amended credit agreement, was 2.8x. 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 Facility at maturity or a default under the Revolving Credit Facility that accelerates the debt outstanding thereunder. As of March 31, 2018, 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 Apr. 26, 2016 10,000 1.30 % Jun. 2023 May 4, 2016 7,195 1.55 % Sep. 2025 Each of the borrowings require quarterly repayments of principal and interest and provide for representations, warranties and covenants customary for financings of these types. The financial covenants contained in each of the IKB loans, which relate to the minimum ratio of consolidated EBITDA to consolidated interest expense and the maximum ratio of consolidated total net debt to consolidated adjusted EBITDA, are calculated by reference to our Revolving Credit Facility. 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 $5.2 million as of March 31, 2018 and December 31, 2017. 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 | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 13. 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: March 31, 2018 December 31, 2017 In thousands Carrying Value Fair Value Carrying Value Fair Value Variable rate debt $ 196,588 $ 196,588 $ 171,200 $ 171,200 Fixed-rate bonds 250,000 253,980 250,000 253,823 2.40% Term loan 7,481 7,637 7,710 7,889 2.05% Term loan 32,883 33,318 33,607 34,122 1.30% Term Loan 9,241 9,177 9,423 9,370 1.55% Term loan 11,324 11,229 11,390 11,320 Total $ 507,517 $ 511,929 $ 483,330 $ 487,724 As of March 31, 2018, and December 31, 2017, we had $250.0 million of 5.375% fixed rate bonds. These bonds are publicly registered, but thinly traded. The fair value of financial derivatives is set forth below in Note 14. |
Financial Derivatives and Hedgi
Financial Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Derivatives and Hedging Activities | 14. 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 March 31, 2018, the maturity of currency forward contracts ranged from one month to 18 months. We designate certain currency forward contracts as cash flow hedges of forecasted raw material purchases, certain production costs or capital expenditures with exposure to changes in foreign currency exchange rates. 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 March 31 2018 December 31 2017 Derivative Sell/Buy - sell notional Philippine Peso / British Pound — 19,047 Euro / British Pound 12,887 13,586 Euro / U.S. Dollar — 1,048 U.S. Dollar / Euro 248 946 Sell/Buy - buy notional Euro / Philippine Peso 902,076 890,096 British Pound / Philippine Peso 785,659 797,496 U.S. Dollar / Euro 1,390 4,253 Euro / U.S. Dollar 64,098 60,519 U.S. Dollar / Canadian Dollar 32,152 32,265 British Pound / Euro — 335 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 March 31 2018 December 31 2017 Derivative Sell/Buy - sell notional U.S. Dollar / Euro - - U.S. Dollar / British Pound 17,500 17,500 British Pound / Euro 1,000 1,000 Canadian / U.S. dollar 2,500 - Sell/Buy - buy notional Euro / U.S. Dollar 4,000 4,500 British Pound / Euro 9,000 13,000 These contracts have maturities of one month from the date originally entered into. Fair Value Measurements The following table summarizes the fair values of derivative instruments for the period indicated and the line items in the accompanying condensed consolidated balance sheets where the instruments are recorded: In thousands March 31 2018 December 31 2017 March 31 2018 December 31 2017 Prepaid Expenses and Other Other Balance sheet caption Current Assets Current Liabilities Designated as hedging: Forward foreign currency exchange contracts $ 138 $ 1,066 $ 5,955 $ 4,787 Not designated as hedging: Forward foreign currency exchange contracts $ 276 $ 151 $ 147 $ 43 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 March 31 In thousands 2018 2017 Designated as hedging: Forward foreign currency exchange contracts: Effective portion – cost of products sold $ (1,959 ) $ 931 Ineffective portion – other – net (322 ) 50 Not designated as hedging: Forward foreign currency exchange contracts: Other – net $ 297 $ 21 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 2018 2017 Balance at January 1, $ (5,640 ) $ 1,882 Deferred (losses) gains on cash flow hedges (4,344 ) (303 ) Reclassified to earnings 1,959 (931 ) Balance at March 31, $ (8,025 ) $ 648 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 12 to 18 months and the amount ultimately recognized will vary depending on actual market rates. Credit risk related to derivative activity arises in the event the counterparty fails to meet its obligations to us. This exposure is generally limited to the amounts, if any, by which the counterparty’s obligations exceed our obligation to them. Our policy is to enter into contracts only with financial institutions which meet certain minimum credit ratings. |
Commitments, Contingencies and
Commitments, Contingencies and Legal Proceedings | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Legal Proceedings | 15. 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 Site has been subject to certain studies, demonstration projects and interim cleanups. The permanent cleanup, known as a “remedial action” under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), 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 originally notified several entities that they were potentially responsible parties (“PRPs”); however, after giving effect to settlements reached with the Governments, the remaining PRPs exposed to continuing obligations to implement the remainder of the cleanup consist of us, Georgia Pacific Consumer Products, L.P. (“Georgia Pacific”) and NCR Corporation (“NCR”). 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 (“WTM I”), one of the PRPs, 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. We and WTM I have recently executed documents for the withdrawal of WTM I from the entity we jointly formed for the performance of the OU1 work and releasing all claims between us related to the Site, subject to approval of the court overseeing WTM I’s bankruptcy. 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 majority of that work to date has been funded or conducted by parties other than us. Prior to the UAO, we contributed to a project in that area. Since the issuance of the UAO we have conducted about $13.4 million of cleanup work under the UAO in 2015 and 2016. The cleanup is expected to continue through 2019. However, as discussed below, under a consent decree between the United States, Wisconsin, NCR and Appvion, we are not responsible for any additional cleanup at the Site. Litigation and Settlement . In 2008, in an allocation action, NCR and Appvion sued us and many other defendants in an effort to allocate among the liable parties the costs of cleaning up this Site and compensating the Governments for their costs and the natural resource trustees for NRDs. This case has been called 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. On appeal, the United States Court of Appeals for the Seventh Circuit affirmed the district court’s ruling, 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 to something less than 100% to NCR. In 2010, in an enforcement action, the Governments sued us and other defendants for (a) an injunction to require implementation of the cleanup ordered by the 2007 UAO, (b) recovery of the Governments’ past and future costs of response, (c) recovery of NRDs, and (d) recovery of a declaration of liability for the Site. After appeals, the Governments did not obtain an injunction and they withdrew their claims for NRDs. The Governments obtained a declaration of our liability to comply with the 2007 UAO. The Governments’ costs claims remained pending. On January 17, 2017, the United States filed a consent decree with the federal district court among the United States, Wisconsin, NCR, and Appvion (the “NCR/Appvion consent decree”) under which NCR would agree to complete the remaining cleanup and both NCR and Appvion would agree not to seek to recover from us or anyone else any amounts they have spent or will spend, and we and others would be barred from seeking claims against NCR or Appvion. On March 29, 2017, the United States moved for entry of a somewhat revised version of the NCR/Appvion consent decree, which the federal district court entered on August 23, 2017. Under the consent decree, if it were to withstand appeal, we would only face exposure to: (i) government past oversight costs, (ii) government future oversight costs, (iii) long term monitoring and maintenance, and (iv) depending on the reason, a further remedy if necessary in the event the currently ordered remedy fails, over 30 or more years, to achieve its objectives. As the result of earlier settlements, Georgia Pacific is only jointly liable with us to the Governments for monitoring and maintenance costs incurred in the most downstream three miles of the river (“OU4b”) and the bay of Green Bay (“OU5”). In addition, we and Georgia Pacific had claims against each other to reallocate the costs that we have each incurred or will incur. We have settled those claims. Under this settlement, Georgia Pacific has agreed to implement the monitoring and maintenance in OU4b and OU5 and we would be responsible for monitoring and maintenance of all other upstream Operable Units. We paid Georgia Pacific $9.5 million in August 2017. The NCR/Appvion consent decree and our settlement with Georgia Pacific resulted in all claims among the responsible parties being barred, waived, or withdrawn. Accordingly, on October 10, 2017, the federal district court approved a stipulation dismissing all remaining claims in the Whiting litigation. Therefore, unless certain limited circumstances occur permitting reassertion of claims, we are not subject to claims for reallocation of costs or damages incurred by any of the other parties and we cannot seek contribution or reallocation from them. On October 20, 2017, we appealed the district court’s approval of the NCR/Appvion consent decree. We contend that the court did not do what was required to properly conclude that the NCR/Appvion consent decree was substantially fair to us. We contend that the consent decree was unfair to us because the costs we have already incurred and the costs that we would have to incur were the NCR/Appvion consent decree to remain in effect would exceed our fair share of costs for this site. If we prevail on appeal, the circumstances that caused us to prevail would lead us to anticipate that, while all costs would again be subject to reallocation, that reallocation would be in our favor. Cost estimates. The proposed NCR/Appvion consent decree, as revised, states that all parties combined have spent more than $1 billion through March 2017 towards remedial actions and NRDs, of which we have contributed approximately $75 million. In addition, work to complete the remaining site remedy under the UAO was anticipated to cost approximately $200 million at the beginning of the 2017 remediation season. We believe NCR to have completed a full season of work in 2017 and to be commencing work for the 2018 season. So long as the NCR/Appvion consent decree remains in effect, we are not exposed to reallocation of any of those amounts, and no other party will be exposed to reallocation of any of the amounts that we have incurred or may incur in the future. So long as the NCR/Appvion consent decree remains in effect, we (and not NCR) would remain responsible for the Governments’ unreimbursed past costs. Many parties have entered into settlements with the Governments over time, including us, that have called for payments of cash or in-kind provision of natural resource restoration projects. Certain amounts were allocated to the United States and the State to reimburse their costs, and other amounts were allocated to the Natural Resource Damages Assessment and Restoration (“NRDAR”) Fund to pay for natural resource damages assessment, if any, and restoration projects. The Governments may not recover costs from us that anyone has reimbursed previously. As of the end of 2015, the United States claims to have incurred about $32.7 million in unreimbursed recoverable costs including prejudgment interest, an amount that we dispute. The State had no unreimbursed recoverable costs, and now claims to have had on hand approximately $4.6 million of unspent settlement money, a claim that we also dispute. Further, the NRDAR Fund had received what the Governments claim to have been approximately $105 million in settlement payments, of which more than $60 million remained unspent. On February 5, 2018, the district court decided that the Governments’ recovery of costs would be reduced by the funds held by the State at the end of 2015 and by any amount by which the Governments had applied settlement payments to natural resource damages in excess of the actual amount of natural resource damages. We contend that the natural resource restoration projects already constructed fully compensate the public for any natural resource damages, and therefore that the entire unspent balance in the NRDAR Fund remains as an off-set, an amount likely to exceed all of the Governments’ past and future costs of response. The Governments have sought reconsideration of that decision. No date has yet been set for trial of the issue. If at trial the actual amount of NRDs were determined to be more than the Governments have collected in settlements, we might be exposed to that shortfall. So long as the NCR/Appvion consent decree remains in effect, we would also remain subject to our remaining obligations under the OU1 consent decree, which now consist of long term monitoring and maintenance that we expect earlier contributions to the OU1 escrow account to fund these costs. Furthermore, we, along with Georgia Pacific, but not NCR, would be responsible for long term monitoring and maintenance required pursuant to the Lower Fox River 100% Remedial Design Report dated December 2009 – Long Term Monitoring Plan (the “Plan”). The Plan requires long term monitoring of each of OU2 through OU5 over a period of at least 30 years. The monitoring activities consist of, among others, testing fish tissue, sampling water quality and sediment, and inspections of the engineered caps. Each operable unit is required to be monitored; however, because of our settlement with Georgia Pacific, our obligations are in OU1-OU4a. In the first quarter of 2018, we entered into a fixed-price, 30 year agreement with a third party for the performance of all of our monitoring and maintenance obligations in OU1 through the upper four miles of OU4 (“OU4a”) with limited exceptions, such as, for extraordinary amounts of cap maintenance or replacement. Our obligation under this agreement is included in our total reserve for the Site. The portion of this agreement that pertains to OU1 will be paid out of the previously funded OU1 escrow account. Reserves for the Site. Our reserve for all remaining claims against us relating to PCB contamination is set forth below: Three months ended March 31 In thousands 2018 2017 Balance at January 1, $ 43,144 $ 52,788 Payments (2,536 ) (85 ) Accruals - - Balance at March 31, $ 40,608 $ 52,703 The payments set forth above primarily represent cash paid under the recently-entered long-term monitoring and maintenance agreement. Of our total reserve for the Fox River, $26.0 million is recorded in the accompanying March 31, 2018 condensed consolidated balance sheet under the caption “Environmental liabilities” and the remaining $14.6 million is recorded under the caption “Other long term liabilities.” 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, discussions with legal counsel, cost estimates for future monitoring and maintenance and other post-remediation costs to be performed at the Site, we believe it is reasonably possible that our costs associated with the Fox River matter could exceed the aggregate amounts accrued by amounts ranging from insignificant to approximately $30 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. 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 material adverse effect on our consolidated financial position, liquidity or results of operations and might result in a default under our loan covenants |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 16. SEGMENT INFORMATION The following tables set forth financial and other information by business unit for the period indicated: Three months ended March 31 Advanced Airlaid Other and Dollars in millions Composite Fibers Materials Specialty Papers Unallocated Total 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Net sales $ 141.6 $ 125.1 $ 69.6 $ 59.8 $ 199.4 $ 205.8 $ — $ — $ 410.6 $ 390.7 Energy and related sales, net — — — — 1.4 1.1 — — 1.4 1.1 Total revenue 141.6 125.1 69.6 59.8 200.8 206.9 — — 412.1 391.8 Cost of products sold 114.7 99.6 59.7 50.5 186.5 179.9 2.3 6.2 363.2 336.2 Gross profit (loss) 26.9 25.5 9.9 9.3 14.3 27.0 (2.3 ) (6.2 ) 48.9 55.6 SG&A 11.6 11.1 2.7 2.2 11.9 13.5 10.9 8.1 37.1 34.9 (Gains) losses on dispositions of plant, equipment and timberlands, net — — — — — — (1.6 ) — (1.6 ) — Total operating income (loss) 15.3 14.4 7.2 7.1 2.4 13.5 (11.6 ) (14.3 ) 13.4 20.7 Non-operating expense — — — — — — (4.9 ) (3.1 ) (4.9 ) (3.1 ) Income (loss) before income taxes $ 15.3 $ 14.4 $ 7.2 $ 7.1 $ 2.4 $ 13.5 $ (16.5 ) $ (17.4 ) $ 8.5 $ 17.6 Supplementary Data Net tons sold (thousands) 40.0 38.8 26.3 24.8 188.4 197.2 — — 254.8 260.8 Depreciation, depletion and amortization $ 7.4 $ 6.8 $ 2.8 $ 2.3 $ 8.1 $ 7.2 $ 1.1 $ 1.0 $ 19.4 $ 17.3 Capital expenditures 5.1 4.7 13.2 10.6 6.5 18.3 1.8 3.2 26.6 36.8 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 retirement expenses, 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 | 3 Months Ended |
Mar. 31, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Statements | 17. 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 ended March 31, 2018 and 2017, our condensed consolidating balance sheets as of March 31, 2018 and December 31, 2017, and our condensed consolidating cash flows for the three months ended March 31, 2018 and 2017. Condensed Consolidating Statement of Income for the three months ended March 31, 2018 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 199,439 $ 20,013 $ 216,135 $ (24,940 ) $ 410,647 Energy and related sales, net 1,428 — — — 1,428 Total revenues 200,867 20,013 216,135 (24,940 ) 412,075 Costs of products sold 191,165 18,265 178,679 (24,940 ) 363,169 Gross profit 9,702 1,748 37,456 — 48,906 Selling, general and administrative expenses 20,437 2,005 14,621 — 37,063 Gain on dispositions of plant equipment and timberlands, net (438 ) (1,115 ) (1 ) — (1,554 ) Operating income (loss) (10,297 ) 858 22,836 — 13,397 Other non-operating income (expense) Interest expense (5,682 ) (455 ) (428 ) 1,370 (5,195 ) Interest income 146 1,244 34 (1,370 ) 54 Equity in earnings of subsidiaries 21,233 22,255 — (43,488 ) — Other, net (2,413 ) (3,263 ) 5,905 — 229 Total other non-operating income (expense) 13,284 19,781 5,511 (43,488 ) (4,912 ) Income before income taxes 2,987 20,639 28,347 (43,488 ) 8,485 Income tax provision (benefit) (2,729 ) (594 ) 6,092 — 2,769 Net income 5,716 21,233 22,255 (43,488 ) 5,716 Other comprehensive income 14,020 11,036 12,035 (23,071 ) 14,020 Comprehensive income $ 19,736 $ 32,269 $ 34,290 $ (66,559 ) $ 19,736 Condensed Consolidating Statement of Income for the three months ended March 31, 2017 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 205,771 $ 19,533 $ 185,887 $ (20,478 ) $ 390,713 Energy and related sales, net 1,129 — — — 1,129 Total revenues 206,900 19,533 185,887 (20,478 ) 391,842 Costs of products sold 185,246 18,586 152,859 (20,478 ) 336,213 Gross profit 21,654 947 33,028 — 55,629 Selling, general and administrative expenses 20,162 74 14,641 — 34,877 Loss on dispositions of plant equipment and timberlands, net 32 — — — 32 Operating income 1,460 873 18,387 — 20,720 Other non-operating income (expense) Interest expense (4,661 ) (113 ) (504 ) 1,270 (4,008 ) Interest income 149 1,161 73 (1,270 ) 113 Equity in earnings of subsidiaries 13,617 13,852 — (27,469 ) — Other, net 1,584 (2,206 ) 1,434 — 812 Total other non-operating income (expense) 10,689 12,694 1,003 (27,469 ) (3,083 ) Income before income taxes 12,149 13,567 19,390 (27,469 ) 17,637 Income tax provision (benefit) 546 (50 ) 5,538 — 6,034 Net income 11,603 13,617 13,852 (27,469 ) 11,603 Other comprehensive income 7,193 5,102 5,014 (10,116 ) 7,193 Comprehensive income $ 18,796 $ 18,719 $ 18,866 $ (37,585 ) $ 18,796 Condensed Consolidating Balance Sheet as of March 31, 2018 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Assets Cash and cash equivalents $ 1,022 $ 1,266 $ 114,989 $ - $ 117,277 Other current assets 250,524 237,841 296,093 (293,035 ) 491,423 Plant, equipment and timberlands, net 370,669 87,000 413,065 — 870,734 Investments in subsidiaries 842,154 667,419 — (1,509,573 ) — Other assets 142,088 — 143,090 — 285,178 Total assets $ 1,606,457 $ 993,526 $ 967,237 $ (1,802,608 ) $ 1,764,612 Liabilities and Shareholders' Equity Current liabilities $ 398,152 $ 67,660 $ 165,919 $ (293,035 ) $ 338,696 Long-term debt 371,036 65,000 58,095 — 494,131 Deferred income taxes 12,049 18,209 54,767 — 85,025 Other long-term liabilities 101,228 503 21,037 — 122,768 Total liabilities 882,465 151,372 299,818 (293,035 ) 1,040,620 Shareholders’ equity 723,992 842,154 667,419 (1,509,573 ) 723,992 Total liabilities and shareholders’ equity $ 1,606,457 $ 993,526 $ 967,237 $ (1,802,608 ) $ 1,764,612 Condensed Consolidating Balance Sheet as of December 31, 2017 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Assets Cash and cash equivalents $ 1,292 $ 720 $ 114,207 $ - $ 116,219 Other current assets 249,293 217,822 279,626 (277,989 ) 468,752 Plant, equipment and timberlands, net 375,231 80,992 409,520 — 865,743 Investments in subsidiaries 829,895 653,128 — (1,483,023 ) — Other assets 139,552 — 140,529 — 280,081 Total assets $ 1,595,263 $ 952,662 $ 943,882 $ (1,761,012 ) $ 1,730,795 Liabilities and Shareholders' Equity Current liabilities $ 402,787 $ 54,640 $ 167,738 $ (277,989 ) $ 347,176 Long-term debt 368,496 51,000 50,602 — 470,098 Deferred income taxes 14,081 16,814 52,676 — 83,571 Other long-term liabilities 100,971 313 19,738 — 121,022 Total liabilities 886,335 122,767 290,754 (277,989 ) 1,021,867 Shareholders’ equity 708,928 829,895 653,128 (1,483,023 ) 708,928 Total liabilities and shareholders’ equity $ 1,595,263 $ 952,662 $ 943,882 $ (1,761,012 ) $ 1,730,795 Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2018 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ (10,584 ) $ (980 ) $ 19,223 $ - $ 7,659 Investing activities Expenditures for purchases of plant, equipment and timberlands (8,251 ) (11,320 ) (6,997 ) — (26,568 ) Proceeds from disposals of plant, equipment and timberlands, net 539 1,156 — — 1,695 Advances of intercompany loans — (2,310 ) — 2,310 — Intercompany capital contributed — 20,000 (20,000 ) — — Other (28 ) — — — (28 ) Total investing activities (7,740 ) 7,526 (26,997 ) 2,310 (24,901 ) Financing activities Net (repayments) borrowings of long-term debt 2,388 14,000 6,098 — 22,486 Payment of dividends to shareholders (5,679 ) — — — (5,679 ) Borrowings of intercompany loans 2,310 — — (2,310 ) — Payment of intercompany dividend 20,000 (20,000 ) — — — Payments related to share-based compensation awards and other (965 ) — — — (965 ) Total financing activities 18,054 (6,000 ) 6,098 (2,310 ) 15,842 Effect of exchange rate on cash — — 2,458 — 2,458 Net increase (decrease) in cash (270 ) 546 782 — 1,058 Cash at the beginning of period 1,292 720 114,207 — 116,219 Cash at the end of period $ 1,022 $ 1,266 $ 114,989 $ — $ 117,277 Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2017 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ (19,330 ) $ (307 ) $ 27,839 $ (641 ) $ 7,561 Investing activities Expenditures for purchases of plant, equipment and timberlands (21,515 ) (9,551 ) (5,717 ) — (36,783 ) Repayments from intercompany loans — 8,000 — (8,000 ) — Advances of intercompany loans — (8,550 ) — 8,550 — Intercompany capital contributed — (400 ) — 400 — Total investing activities (21,515 ) (10,501 ) (5,717 ) 950 (36,783 ) Financing activities Net (repayments) borrowings of long-term debt 38,000 12,000 (13,954 ) — 36,046 Payment of dividends to shareholders (5,455 ) — — — (5,455 ) Repayments of intercompany loans — — (8,000 ) 8,000 — Borrowings of intercompany loans 8,550 — — (8,550 ) — Intercompany capital received — — 400 (400 ) — Payment of intercompany dividend — — (641 ) 641 — Payments related to share-based compensation awards and other (112 ) — — — (112 ) Total financing activities 40,983 12,000 (22,195 ) (309 ) 30,479 Effect of exchange rate on cash — — 526 — 526 Net increase in cash 138 1,192 453 — 1,783 Cash at the beginning of period 5,082 1,461 48,901 — 55,444 Cash at the end of period $ 5,220 $ 2,653 $ 49,354 $ — $ 57,227 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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 2017 Annual Report on Form 10-K. |
Reclassification | Reclassification As a result of adopting the provisions of Accounting Standards Update (“ASU”) No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Cost we reclassified certain amounts of periodic benefit expense for previously reported periods from Cost of products sold and Selling, general and administrative expense to Non Operating Expense. As a result of applying the ASU, Costs of products sold for the first quarter of 2017 was increased by $1.3 million and Selling, general and administrative expenses were reduced by $0.2 million and the offsetting net reclassification reduced Non-operating expense by $1.1 million. |
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. |
Revenue Recognition | Revenue Recognition We adopted ASU No. 2014-09, Revenue from Contracts with Customers in the first quarter of 2018. This ASU clarifies the principles for recognizing revenue and establishes expanded disclosure requirements; however, the adoption of ASU No. 2014-09 had no impact on the timing or amount of revenue recognized for any period presented. Refer to Note 3 for additional information about the disaggregation of our net sales. Our revenue is earned primarily from the manufacture and sale of specialty papers and engineered materials (“product sales”). Revenue is earned pursuant to contracts, supply agreements and other arrangements with a wide variety of customers. Our performance obligation is to produce a specified product according to technical specifications and, in substantially all instances, to deliver the product. Revenue from product sales is earned at a point in time. We recognize revenue on product sales when we have satisfied our performance obligation and control of the product has passed to the customer thereby entitling us to payment. With respect to substantially all arrangements for product sales, this is deemed to occur when title transfers in accordance with specified shipping terms. The prices are fixed at the time the sales arrangement is entered into and payment terms are customary for similar arrangements in our industry. Many of our agreements include customary provisions for volume rebates, discounts and similar incentives. In addition, we are obligated for products that fail to meet agreed upon specification. Provisions for such items are estimated and recorded as sales deductions in the period in which the related revenue is recognized. Revenue from power sales and renewable energy credits is recorded under the caption “Energy and related sales, net” in the condensed consolidated statements of income and is recognized upon fulfillment of our performance obligation which is generally upon meeting capacity commitments or delivery of REC certificates. Revenue from energy sales is recognized when electricity is delivered to the customer. Prices for power sales and renewable energy credits are fixed at the time of sale and payment is generally due within normal terms and conditions customary for the industry. Certain costs associated with the production of electricity, such as fuel, labor, depreciation and maintenance are netted against energy sales for presentation on the condensed consolidated statements of income. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2018, the FASB issued ASU No. 2018-02, “Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income. (“ASU No. 2018-02” ).” In December 2017, Tax Cuts and Jobs Act (“TCJA”) was passed into law and, among other provisions, reduced the statutory federal tax rate from 35% to 21%. The change in the tax rate impacted the carrying value of deferred tax assets and liabilities. ASU No. 2018-02 allows a reclassification from accumulated other comprehensive income (“AOCI”) to retained earnings for stranded tax effects resulting from the TCJA. We elected to adopt ASU No. 2018-02 in the first quarter of 2018, and we reclassified $22.3 million of net deferred tax benefits from AOCI to retained earnings. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities" |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disaggregation Of Revenue [Abstract] | |
Summary of Disaggregated Information Pertaining to Net Sales | The following tables set forth disaggregated information pertaining to our net sales: Three months ended March 31 In thousands 2018 2017 Composite Fibers Food & beverage $ 70,397 $ 62,602 Wallcovering 28,132 22,455 Technical specialties 20,958 17,707 Composite laminates 9,398 8,839 Metallized 12,713 13,500 141,598 125,103 Advanced Airlaid Materials Feminine hygiene 48,473 42,424 Specialty wipes 7,767 6,050 Adult incontinence 4,432 3,644 Home care 4,027 2,758 Other 4,910 4,962 69,609 59,838 Specialty Papers Carbonless & forms 71,870 77,072 Engineered products 49,951 48,162 Envelope & converting 37,905 42,857 Book publishing 38,558 37,173 Other 1,156 508 199,440 205,772 TOTAL $ 410,647 $ 390,713 Three months ended March 31 In thousands 2018 2017 Composite Fibers Europe, Middle East and Africa $ 94,782 $ 83,547 Americas 24,048 23,059 Asia Pacific 22,768 18,497 141,598 125,103 Advanced Airlaid Materials Europe, Middle East and Africa 36,228 29,729 Americas 32,815 29,921 Asia Pacific 566 188 69,609 59,838 Specialty Papers Americas 197,829 204,774 Other 1,611 998 199,440 205,772 TOTAL $ 410,647 $ 390,713 |
Gains (Losses) on Disposition26
Gains (Losses) on Dispositions of Plant, Equipment and Timberlands (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Summary for Sale of Timberlands and Other Assets | During the three months ended March 31, 2018 and 2017 we completed the following sales of assets: Dollars in thousands Acres Proceeds Gain (loss) 2018 Timberlands 426 $ 1,156 $ 1,115 Other n/a 539 439 Total $ 1,695 $ 1,554 2017 Other n/a $ - $ (32 ) Total $ - $ (32 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31 In thousands, except per share 2018 2017 Net income $ 5,716 $ 11,603 Weighted average common shares outstanding used in basic EPS 43,700 43,583 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs 867 910 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,567 44,493 Earnings per share Basic $ 0.13 $ 0.27 Diluted 0.13 0.26 |
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: March 31 In thousands 2018 2017 Three months ended 587 592 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Losses) | The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three months ended March 31, 2018 and 2017. 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, 2018 $ (41,839 ) $ (4,092 ) $ (98,295 ) $ 3,551 $ (140,675 ) Amount reclassified for adoption of ASU No. 2018-02 (23,297 ) 999 (22,298 ) Balance as adjusted at January 1, 2018 (41,839 ) (4,092 ) (121,592 ) 4,550 (162,973 ) Other comprehensive income before reclassifications (net of tax) 12,747 (3,217 ) — — 9,530 Amounts reclassified from accumulated other comprehensive income (net of tax) — 1,415 3,164 (89 ) 4,490 Net current period other comprehensive income (loss) 12,747 (1,802 ) 3,164 (89 ) 14,020 Balance at March 31, 2018 $ (29,092 ) $ (5,894 ) $ (118,428 ) $ 4,461 $ (148,953 ) Balance at January 1, 2017 $ (100,448 ) $ 1,500 $ (110,656 ) $ 4,998 $ (204,606 ) Other comprehensive income before reclassifications (net of tax) 6,065 (255 ) — — 5,810 Amounts reclassified from accumulated other comprehensive income (net of tax) — (691 ) 2,190 (116 ) 1,383 Net current period other comprehensive income (loss) 6,065 (946 ) 2,190 (116 ) 7,193 Balance at March 31, 2017 $ (94,383 ) $ 554 $ (108,466 ) $ 4,882 $ (197,413 ) |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income and Into the Condensed Consolidated Statements of Income | Reclassifications out of accumulated other comprehensive income and into the condensed consolidated statements of income were as follows: Three months ended March 31 In thousands 2018 2017 Description Line Item in Statements of Income Cash flow hedges (Note 13) (Gains) losses on cash flow hedges $ 1,959 $ (931 ) Costs of products sold Tax expense (benefit) (544 ) 240 Income tax provision Net of tax 1,415 (691 ) Retirement plan obligations (Note 8) Amortization of deferred benefit pension plans Prior service costs 780 704 Other, net Actuarial losses 3,390 2,822 Other, net 4,170 3,526 Tax benefit (1,006 ) (1,336 ) Income tax provision Net of tax 3,164 2,190 Amortization of deferred benefit other plans Prior service costs (45 ) (45 ) Other, net Actuarial gains (73 ) (143 ) Other, net (118 ) (188 ) Tax expense 29 72 Income tax provision Net of tax (89 ) (116 ) Total reclassifications, net of tax $ 4,490 $ 1,383 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 2014 - 2017 N/A State 2013 - 2017 2014 – 2016 Canada (1) 2010-2013; 2017 2014 – 2016 Germany (1) 2016 - 2017 2011 – 2015 France 2015 - 2017 2012 United Kingdom 2016 - 2017 N/A Philippines 2015, 2017 2016 (1) includes provincial or similar local jurisdictions, as applicable |
Summary of Information Related to Interest and Penalties on Uncertain Tax Positions | The following table summarizes information related to interest and penalties on uncertain tax positions: Three months ended March 31 In millions 2018 2017 Interest expense (income) $ 0.1 $ 0.1 Penalties — — March 31 December 31 2018 2017 Accrued interest payable $ 0.9 $ 0.8 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | |
Summary of Share Based Compensation Activity | The following table summarizes RSU and PSA activity during periods indicated: Units 2018 2017 Balance at January 1, 929,386 679,038 Granted 312,555 290,880 Forfeited (70,719 ) (90,801 ) Shares delivered (69,372 ) — Balance at March 31, 1,101,850 879,117 |
Compensation Expense for Stock Option Activity | The following table sets forth aggregate RSU and PSA compensation expense for the periods indicated: March 31 In thousands 2018 2017 Three months ended $ 1,804 $ 1,039 |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |
Summary of Share Based Compensation Activity | The following table sets forth information related to outstanding SOSARS for the three months ended March 31; 2018 2017 SOSARS Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 2,561,846 $ 17.87 2,736,616 $ 17.64 Granted — — — — Exercised (138,423 ) 12.98 (33,050 ) 14.65 Canceled / forfeited (20,994 ) 18.76 (17,420 ) 18.38 Outstanding at March 31, 2,402,429 $ 18.14 2,686,146 $ 17.67 |
Compensation Expense for Stock Option Activity | The following table sets forth SOSAR compensation expense for the periods indicated: March 31 In thousands 2018 2017 Three months ended $ 179 $ 609 |
Retirement Plans and Other Po31
Retirement Plans and Other Post-Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31 In thousands 2018 2017 Pension Benefits Service cost $ 2,859 $ 2,721 Interest cost 5,589 5,907 Expected return on plan assets (10,839 ) (10,831 ) Amortization of prior service cost 780 704 Amortization of unrecognized loss 3,390 2,822 Total net periodic benefit cost $ 1,779 $ 1,323 Other Benefits Service cost $ 307 $ 295 Interest cost 451 485 Amortization of prior service credit (45 ) (45 ) Amortization of actuarial gain (73 ) (143 ) Total net periodic benefit cost $ 640 $ 592 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories, Net of Reserves | Inventories, net of reserves, were as follows: March 31 December 31 In thousands 2018 2017 Raw materials $ 63,024 $ 60,806 In-process and finished 122,432 116,678 Supplies 77,491 74,580 Total $ 262,947 $ 252,064 |
Capitalized Interest (Tables)
Capitalized Interest (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Interest Expense [Abstract] | |
Summary of Interest Incurred, Capitalized and Expensed | The following table sets forth details of interest incurred, capitalized and expensed: Three months ended March 31 In thousands 2018 2017 Interest cost incurred $ 5,591 $ 4,597 Interest capitalized 396 589 Interest expense $ 5,195 $ 4,008 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt is summarized as follows: March 31 December 31 In thousands 2018 2017 Revolving credit facility, due Mar. 2020 $ 196,588 $ 171,200 5.375% Notes, due Oct. 2020 250,000 250,000 2.40% Term Loan, due Jun. 2022 7,481 7,710 2.05% Term Loan, due Mar. 2023 32,883 33,607 1.30% Term Loan, due Jun. 2023 9,241 9,423 1.55% Term Loan, due Sep. 2025 11,324 11,390 Total long-term debt 507,517 483,330 Less current portion (11,607 ) (11,298 ) Unamortized deferred issuance costs (1,779 ) (1,934 ) Long-term debt, net of current portion $ 494,131 $ 470,098 |
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 Apr. 26, 2016 10,000 1.30 % Jun. 2023 May 4, 2016 7,195 1.55 % Sep. 2025 |
Fair Value of Financial Instr35
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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: March 31, 2018 December 31, 2017 In thousands Carrying Value Fair Value Carrying Value Fair Value Variable rate debt $ 196,588 $ 196,588 $ 171,200 $ 171,200 Fixed-rate bonds 250,000 253,980 250,000 253,823 2.40% Term loan 7,481 7,637 7,710 7,889 2.05% Term loan 32,883 33,318 33,607 34,122 1.30% Term Loan 9,241 9,177 9,423 9,370 1.55% Term loan 11,324 11,229 11,390 11,320 Total $ 507,517 $ 511,929 $ 483,330 $ 487,724 |
Financial Derivatives and Hed36
Financial Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Values of Derivative Instruments | Fair Value Measurements The following table summarizes the fair values of derivative instruments for the period indicated and the line items in the accompanying condensed consolidated balance sheets where the instruments are recorded: In thousands March 31 2018 December 31 2017 March 31 2018 December 31 2017 Prepaid Expenses and Other Other Balance sheet caption Current Assets Current Liabilities Designated as hedging: Forward foreign currency exchange contracts $ 138 $ 1,066 $ 5,955 $ 4,787 Not designated as hedging: Forward foreign currency exchange contracts $ 276 $ 151 $ 147 $ 43 |
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 March 31 In thousands 2018 2017 Designated as hedging: Forward foreign currency exchange contracts: Effective portion – cost of products sold $ (1,959 ) $ 931 Ineffective portion – other – net (322 ) 50 Not designated as hedging: Forward foreign currency exchange contracts: Other – net $ 297 $ 21 |
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 2018 2017 Balance at January 1, $ (5,640 ) $ 1,882 Deferred (losses) gains on cash flow hedges (4,344 ) (303 ) Reclassified to earnings 1,959 (931 ) Balance at March 31, $ (8,025 ) $ 648 |
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 March 31 2018 December 31 2017 Derivative Sell/Buy - sell notional Philippine Peso / British Pound — 19,047 Euro / British Pound 12,887 13,586 Euro / U.S. Dollar — 1,048 U.S. Dollar / Euro 248 946 Sell/Buy - buy notional Euro / Philippine Peso 902,076 890,096 British Pound / Philippine Peso 785,659 797,496 U.S. Dollar / Euro 1,390 4,253 Euro / U.S. Dollar 64,098 60,519 U.S. Dollar / Canadian Dollar 32,152 32,265 British Pound / Euro — 335 |
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 March 31 2018 December 31 2017 Derivative Sell/Buy - sell notional U.S. Dollar / Euro - - U.S. Dollar / British Pound 17,500 17,500 British Pound / Euro 1,000 1,000 Canadian / U.S. dollar 2,500 - Sell/Buy - buy notional Euro / U.S. Dollar 4,000 4,500 British Pound / Euro 9,000 13,000 |
Commitments, Contingencies an37
Commitments, Contingencies and Legal Proceedings (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Reserves | Reserves for the Site. Our reserve for all remaining claims against us relating to PCB contamination is set forth below: Three months ended March 31 In thousands 2018 2017 Balance at January 1, $ 43,144 $ 52,788 Payments (2,536 ) (85 ) Accruals - - Balance at March 31, $ 40,608 $ 52,703 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31 Advanced Airlaid Other and Dollars in millions Composite Fibers Materials Specialty Papers Unallocated Total 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Net sales $ 141.6 $ 125.1 $ 69.6 $ 59.8 $ 199.4 $ 205.8 $ — $ — $ 410.6 $ 390.7 Energy and related sales, net — — — — 1.4 1.1 — — 1.4 1.1 Total revenue 141.6 125.1 69.6 59.8 200.8 206.9 — — 412.1 391.8 Cost of products sold 114.7 99.6 59.7 50.5 186.5 179.9 2.3 6.2 363.2 336.2 Gross profit (loss) 26.9 25.5 9.9 9.3 14.3 27.0 (2.3 ) (6.2 ) 48.9 55.6 SG&A 11.6 11.1 2.7 2.2 11.9 13.5 10.9 8.1 37.1 34.9 (Gains) losses on dispositions of plant, equipment and timberlands, net — — — — — — (1.6 ) — (1.6 ) — Total operating income (loss) 15.3 14.4 7.2 7.1 2.4 13.5 (11.6 ) (14.3 ) 13.4 20.7 Non-operating expense — — — — — — (4.9 ) (3.1 ) (4.9 ) (3.1 ) Income (loss) before income taxes $ 15.3 $ 14.4 $ 7.2 $ 7.1 $ 2.4 $ 13.5 $ (16.5 ) $ (17.4 ) $ 8.5 $ 17.6 Supplementary Data Net tons sold (thousands) 40.0 38.8 26.3 24.8 188.4 197.2 — — 254.8 260.8 Depreciation, depletion and amortization $ 7.4 $ 6.8 $ 2.8 $ 2.3 $ 8.1 $ 7.2 $ 1.1 $ 1.0 $ 19.4 $ 17.3 Capital expenditures 5.1 4.7 13.2 10.6 6.5 18.3 1.8 3.2 26.6 36.8 |
Condensed Consolidating Finan39
Condensed Consolidating Financial Statements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Statement of Income | Condensed Consolidating Statement of Income for the three months ended March 31, 2018 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 199,439 $ 20,013 $ 216,135 $ (24,940 ) $ 410,647 Energy and related sales, net 1,428 — — — 1,428 Total revenues 200,867 20,013 216,135 (24,940 ) 412,075 Costs of products sold 191,165 18,265 178,679 (24,940 ) 363,169 Gross profit 9,702 1,748 37,456 — 48,906 Selling, general and administrative expenses 20,437 2,005 14,621 — 37,063 Gain on dispositions of plant equipment and timberlands, net (438 ) (1,115 ) (1 ) — (1,554 ) Operating income (loss) (10,297 ) 858 22,836 — 13,397 Other non-operating income (expense) Interest expense (5,682 ) (455 ) (428 ) 1,370 (5,195 ) Interest income 146 1,244 34 (1,370 ) 54 Equity in earnings of subsidiaries 21,233 22,255 — (43,488 ) — Other, net (2,413 ) (3,263 ) 5,905 — 229 Total other non-operating income (expense) 13,284 19,781 5,511 (43,488 ) (4,912 ) Income before income taxes 2,987 20,639 28,347 (43,488 ) 8,485 Income tax provision (benefit) (2,729 ) (594 ) 6,092 — 2,769 Net income 5,716 21,233 22,255 (43,488 ) 5,716 Other comprehensive income 14,020 11,036 12,035 (23,071 ) 14,020 Comprehensive income $ 19,736 $ 32,269 $ 34,290 $ (66,559 ) $ 19,736 Condensed Consolidating Statement of Income for the three months ended March 31, 2017 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 205,771 $ 19,533 $ 185,887 $ (20,478 ) $ 390,713 Energy and related sales, net 1,129 — — — 1,129 Total revenues 206,900 19,533 185,887 (20,478 ) 391,842 Costs of products sold 185,246 18,586 152,859 (20,478 ) 336,213 Gross profit 21,654 947 33,028 — 55,629 Selling, general and administrative expenses 20,162 74 14,641 — 34,877 Loss on dispositions of plant equipment and timberlands, net 32 — — — 32 Operating income 1,460 873 18,387 — 20,720 Other non-operating income (expense) Interest expense (4,661 ) (113 ) (504 ) 1,270 (4,008 ) Interest income 149 1,161 73 (1,270 ) 113 Equity in earnings of subsidiaries 13,617 13,852 — (27,469 ) — Other, net 1,584 (2,206 ) 1,434 — 812 Total other non-operating income (expense) 10,689 12,694 1,003 (27,469 ) (3,083 ) Income before income taxes 12,149 13,567 19,390 (27,469 ) 17,637 Income tax provision (benefit) 546 (50 ) 5,538 — 6,034 Net income 11,603 13,617 13,852 (27,469 ) 11,603 Other comprehensive income 7,193 5,102 5,014 (10,116 ) 7,193 Comprehensive income $ 18,796 $ 18,719 $ 18,866 $ (37,585 ) $ 18,796 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet as of March 31, 2018 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Assets Cash and cash equivalents $ 1,022 $ 1,266 $ 114,989 $ - $ 117,277 Other current assets 250,524 237,841 296,093 (293,035 ) 491,423 Plant, equipment and timberlands, net 370,669 87,000 413,065 — 870,734 Investments in subsidiaries 842,154 667,419 — (1,509,573 ) — Other assets 142,088 — 143,090 — 285,178 Total assets $ 1,606,457 $ 993,526 $ 967,237 $ (1,802,608 ) $ 1,764,612 Liabilities and Shareholders' Equity Current liabilities $ 398,152 $ 67,660 $ 165,919 $ (293,035 ) $ 338,696 Long-term debt 371,036 65,000 58,095 — 494,131 Deferred income taxes 12,049 18,209 54,767 — 85,025 Other long-term liabilities 101,228 503 21,037 — 122,768 Total liabilities 882,465 151,372 299,818 (293,035 ) 1,040,620 Shareholders’ equity 723,992 842,154 667,419 (1,509,573 ) 723,992 Total liabilities and shareholders’ equity $ 1,606,457 $ 993,526 $ 967,237 $ (1,802,608 ) $ 1,764,612 Condensed Consolidating Balance Sheet as of December 31, 2017 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Assets Cash and cash equivalents $ 1,292 $ 720 $ 114,207 $ - $ 116,219 Other current assets 249,293 217,822 279,626 (277,989 ) 468,752 Plant, equipment and timberlands, net 375,231 80,992 409,520 — 865,743 Investments in subsidiaries 829,895 653,128 — (1,483,023 ) — Other assets 139,552 — 140,529 — 280,081 Total assets $ 1,595,263 $ 952,662 $ 943,882 $ (1,761,012 ) $ 1,730,795 Liabilities and Shareholders' Equity Current liabilities $ 402,787 $ 54,640 $ 167,738 $ (277,989 ) $ 347,176 Long-term debt 368,496 51,000 50,602 — 470,098 Deferred income taxes 14,081 16,814 52,676 — 83,571 Other long-term liabilities 100,971 313 19,738 — 121,022 Total liabilities 886,335 122,767 290,754 (277,989 ) 1,021,867 Shareholders’ equity 708,928 829,895 653,128 (1,483,023 ) 708,928 Total liabilities and shareholders’ equity $ 1,595,263 $ 952,662 $ 943,882 $ (1,761,012 ) $ 1,730,795 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2018 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ (10,584 ) $ (980 ) $ 19,223 $ - $ 7,659 Investing activities Expenditures for purchases of plant, equipment and timberlands (8,251 ) (11,320 ) (6,997 ) — (26,568 ) Proceeds from disposals of plant, equipment and timberlands, net 539 1,156 — — 1,695 Advances of intercompany loans — (2,310 ) — 2,310 — Intercompany capital contributed — 20,000 (20,000 ) — — Other (28 ) — — — (28 ) Total investing activities (7,740 ) 7,526 (26,997 ) 2,310 (24,901 ) Financing activities Net (repayments) borrowings of long-term debt 2,388 14,000 6,098 — 22,486 Payment of dividends to shareholders (5,679 ) — — — (5,679 ) Borrowings of intercompany loans 2,310 — — (2,310 ) — Payment of intercompany dividend 20,000 (20,000 ) — — — Payments related to share-based compensation awards and other (965 ) — — — (965 ) Total financing activities 18,054 (6,000 ) 6,098 (2,310 ) 15,842 Effect of exchange rate on cash — — 2,458 — 2,458 Net increase (decrease) in cash (270 ) 546 782 — 1,058 Cash at the beginning of period 1,292 720 114,207 — 116,219 Cash at the end of period $ 1,022 $ 1,266 $ 114,989 $ — $ 117,277 Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2017 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ (19,330 ) $ (307 ) $ 27,839 $ (641 ) $ 7,561 Investing activities Expenditures for purchases of plant, equipment and timberlands (21,515 ) (9,551 ) (5,717 ) — (36,783 ) Repayments from intercompany loans — 8,000 — (8,000 ) — Advances of intercompany loans — (8,550 ) — 8,550 — Intercompany capital contributed — (400 ) — 400 — Total investing activities (21,515 ) (10,501 ) (5,717 ) 950 (36,783 ) Financing activities Net (repayments) borrowings of long-term debt 38,000 12,000 (13,954 ) — 36,046 Payment of dividends to shareholders (5,455 ) — — — (5,455 ) Repayments of intercompany loans — — (8,000 ) 8,000 — Borrowings of intercompany loans 8,550 — — (8,550 ) — Intercompany capital received — — 400 (400 ) — Payment of intercompany dividend — — (641 ) 641 — Payments related to share-based compensation awards and other (112 ) — — — (112 ) Total financing activities 40,983 12,000 (22,195 ) (309 ) 30,479 Effect of exchange rate on cash — — 526 — 526 Net increase in cash 138 1,192 453 — 1,783 Cash at the beginning of period 5,082 1,461 48,901 — 55,444 Cash at the end of period $ 5,220 $ 2,653 $ 49,354 $ — $ 57,227 |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Federal income tax rate | 21.00% | 35.00% | |
Reclassification of net deferred tax benefits from AOCI to retained earnings | $ 22,298 | ||
Accounting Standards Update 2017-07 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
New accounting pronouncement, effect of change on operating income | $ (1,100) | ||
Accounting Standards Update 2017-07 [Member] | Costs of Products Sold [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
New accounting pronouncement, effect of change on operating income | 1,300 | ||
Accounting Standards Update 2017-07 [Member] | Selling, General and Administrative Expenses [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
New accounting pronouncement, effect of change on operating income | $ (200) | ||
Accounting Standards Update 2018-02 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Federal income tax rate | 21.00% | 35.00% | |
Reclassification of net deferred tax benefits from AOCI to retained earnings | $ 22,300 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregated Information Pertaining to Net Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 410,647 | $ 390,713 |
Composite Fibers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 141,598 | 125,103 |
Composite Fibers [Member] | Europe, Middle East and Africa [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 94,782 | 83,547 |
Composite Fibers [Member] | Asia Pacific [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 22,768 | 18,497 |
Composite Fibers [Member] | Americas [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 24,048 | 23,059 |
Composite Fibers [Member] | Food & Beverage [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 70,397 | 62,602 |
Composite Fibers [Member] | Wallcovering [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 28,132 | 22,455 |
Composite Fibers [Member] | Technical Specialties [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 20,958 | 17,707 |
Composite Fibers [Member] | Composite Laminates [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 9,398 | 8,839 |
Composite Fibers [Member] | Metallized [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 12,713 | 13,500 |
Advanced Airlaid Materials [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 69,609 | 59,838 |
Advanced Airlaid Materials [Member] | Europe, Middle East and Africa [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 36,228 | 29,729 |
Advanced Airlaid Materials [Member] | Asia Pacific [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 566 | 188 |
Advanced Airlaid Materials [Member] | Americas [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 32,815 | 29,921 |
Advanced Airlaid Materials [Member] | Feminine Hygiene [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 48,473 | 42,424 |
Advanced Airlaid Materials [Member] | Specialty Wipes [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 7,767 | 6,050 |
Advanced Airlaid Materials [Member] | Adult Incontinence [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 4,432 | 3,644 |
Advanced Airlaid Materials [Member] | Home Care [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 4,027 | 2,758 |
Advanced Airlaid Materials [Member] | Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 4,910 | 4,962 |
Specialty Papers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 199,440 | 205,772 |
Specialty Papers [Member] | Americas [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 197,829 | 204,774 |
Specialty Papers [Member] | Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 1,611 | 998 |
Specialty Papers [Member] | Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 1,156 | 508 |
Specialty Papers [Member] | Carbonless & Forms [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 71,870 | 77,072 |
Specialty Papers [Member] | Engineered Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 49,951 | 48,162 |
Specialty Papers [Member] | Envelope & Converting [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 37,905 | 42,857 |
Specialty Papers [Member] | Book Publishing [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 38,558 | $ 37,173 |
Gains (Losses) on Disposition42
Gains (Losses) on Dispositions of Plant, Equipment and Timberlands (Summary for Sale of Timberlands and Other Assets) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)a | Mar. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Proceeds | $ 1,695 | |
Gain (loss) | $ 1,554 | $ (32) |
Timberlands [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acres | a | 426 | |
Proceeds | $ 1,156 | |
Gain (loss) | 1,115 | |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Proceeds | 539 | |
Gain (loss) | $ 439 | $ (32) |
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net income | $ 5,716 | $ 11,603 |
Weighted average common shares outstanding used in basic EPS | 43,700 | 43,583 |
Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs | 867 | 910 |
Weighted average common shares outstanding and common share equivalents used in diluted EPS | 44,567 | 44,493 |
Earnings per share | ||
Basic | $ 0.13 | $ 0.27 |
Diluted | $ 0.13 | $ 0.26 |
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Potential common shares | 587 | 592 |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Losses) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (140,675) | $ (204,606) | |
Amount reclassified for adoption of ASU No. 2018-02 | $ (22,298) | ||
Balance as adjusted at January 1, 2018 | (162,973) | ||
Other comprehensive income before reclassifications (net of tax) | 9,530 | 5,810 | |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 4,490 | 1,383 | |
Net current period other comprehensive income (loss) | 14,020 | 7,193 | |
Ending Balance | (148,953) | (197,413) | |
Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (41,839) | (100,448) | |
Balance as adjusted at January 1, 2018 | (41,839) | ||
Other comprehensive income before reclassifications (net of tax) | 12,747 | 6,065 | |
Net current period other comprehensive income (loss) | 12,747 | 6,065 | |
Ending Balance | (29,092) | (94,383) | |
Unrealized Gain (Loss) on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (4,092) | 1,500 | |
Balance as adjusted at January 1, 2018 | (4,092) | ||
Other comprehensive income before reclassifications (net of tax) | (3,217) | (255) | |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 1,415 | (691) | |
Net current period other comprehensive income (loss) | (1,802) | (946) | |
Ending Balance | (5,894) | 554 | |
Change in Pensions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (98,295) | (110,656) | |
Amount reclassified for adoption of ASU No. 2018-02 | (23,297) | ||
Balance as adjusted at January 1, 2018 | (121,592) | ||
Amounts reclassified from accumulated other comprehensive income (net of tax) | 3,164 | 2,190 | |
Net current period other comprehensive income (loss) | 3,164 | 2,190 | |
Ending Balance | (118,428) | (108,466) | |
Change in Other Postretirement Defined Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 3,551 | 4,998 | |
Amount reclassified for adoption of ASU No. 2018-02 | $ 999 | ||
Balance as adjusted at January 1, 2018 | 4,550 | ||
Amounts reclassified from accumulated other comprehensive income (net of tax) | (89) | (116) | |
Net current period other comprehensive income (loss) | (89) | (116) | |
Ending Balance | $ 4,461 | $ 4,882 |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive Income - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income and Into the Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Costs of products sold | $ (363,169) | $ (336,213) |
Other, net | (229) | (812) |
Income tax provision | (2,769) | (6,034) |
Net income | 5,716 | 11,603 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net income | 4,490 | 1,383 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Income tax provision | (1,006) | (1,336) |
Net income | 3,164 | 2,190 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Prior Service Costs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other, net | 780 | 704 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Actuarial Losses [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other, net | 3,390 | 2,822 |
Costs and Expenses | 4,170 | 3,526 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Amortization of Deferred Benefit Other Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Income tax provision | 29 | 72 |
Net income | (89) | (116) |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Amortization of Deferred Benefit Other Plans [Member] | Prior Service Costs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other, net | (45) | (45) |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Amortization of Deferred Benefit Other Plans [Member] | Actuarial Losses [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other, net | (73) | (143) |
Costs and Expenses | (118) | (188) |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges [Member] | Accumulated Net (Gain) Loss from Cash Flow Hedges Attributable to Parent | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Costs of products sold | 1,959 | (931) |
Income tax provision | (544) | 240 |
Net income | $ 1,415 | $ (691) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | ||
Federal income tax rate | 21.00% | 35.00% |
Increase in effective tax rate due to GILTI provisions | 10.00% | |
Gross unrecognized tax benefits | $ 27.8 | $ 26.9 |
Unrecognized tax benefits that would impact effective tax rate | $ 17.6 | |
Maximum [Member] | ||
Income Tax Contingency [Line Items] | ||
Percentage of deduction in GILTI Income | 50.00% | |
Gross unrecognized tax benefits balance may decrease within the next twelve months | $ 4.9 | |
Minimum [Member] | ||
Income Tax Contingency [Line Items] | ||
Gross unrecognized tax benefits balance may decrease within the next twelve months | 0 | |
Internal Revenue Service [Member] | ||
Income Tax Contingency [Line Items] | ||
Additional income tax benefits | $ 0.2 |
Income Taxes - Summary of Tax Y
Income Taxes - Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction (Detail) | 3 Months Ended |
Mar. 31, 2018 | |
Foreign Tax Authority [Member] | Canada [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,017 |
Foreign Tax Authority [Member] | France [Member] | |
Income Tax Examination [Line Items] | |
Examination in progress | 2,012 |
Foreign Tax Authority [Member] | Philippines [Member] | |
Income Tax Examination [Line Items] | |
Examination in progress | 2,016 |
Minimum [Member] | United States - Federal [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,014 |
Minimum [Member] | United States - State [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,013 |
Examination in progress | 2,014 |
Minimum [Member] | Foreign Tax Authority [Member] | Canada [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,010 |
Examination in progress | 2,014 |
Minimum [Member] | Foreign Tax Authority [Member] | Germany [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,016 |
Examination in progress | 2,011 |
Minimum [Member] | Foreign Tax Authority [Member] | France [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,015 |
Minimum [Member] | Foreign Tax Authority [Member] | United Kingdom [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,016 |
Minimum [Member] | Foreign Tax Authority [Member] | Philippines [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,015 |
Maximum [Member] | United States - Federal [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,017 |
Maximum [Member] | United States - State [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,017 |
Examination in progress | 2,016 |
Maximum [Member] | Foreign Tax Authority [Member] | Canada [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,013 |
Examination in progress | 2,016 |
Maximum [Member] | Foreign Tax Authority [Member] | Germany [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,017 |
Examination in progress | 2,015 |
Maximum [Member] | Foreign Tax Authority [Member] | France [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,017 |
Maximum [Member] | Foreign Tax Authority [Member] | United Kingdom [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,017 |
Maximum [Member] | Foreign Tax Authority [Member] | Philippines [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,017 |
Income Taxes - Summary of Infor
Income Taxes - Summary of Information Related to Interest and Penalties on Uncertain Tax Positions (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Interest expense (income) | $ 0.1 | $ 0.1 | |
Accrued interest payable | $ 0.9 | $ 0.8 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
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] | ||
Cumulative performance targets | 2 years | |
Additional service period | 1 year | |
Grants under performance share awards | 181,653 | 157,064 |
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 | |
Share-based payment award, shares issued in period | 0 | 0 |
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 | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning Balance | 929,386 | 679,038 |
Granted | 312,555 | 290,880 |
Forfeited | (70,719) | (90,801) |
Shares delivered | (69,372) | |
Ending Balance | 1,101,850 | 879,117 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense for Periods (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 1,804 | $ 1,039 |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 179 | $ 609 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Information Related to Outstanding SOSARS (Detail) - Stock Only Stock Appreciation Rights (SOSARs) [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning Balance, Outstanding | 2,561,846 | 2,736,616 |
Exercised | (138,423) | (33,050) |
Canceled / forfeited | (20,994) | (17,420) |
Ending Balance, Outstanding | 2,402,429 | 2,686,146 |
Beginning Balance, Weighted Average Exercise Price, Outstanding | $ 17.87 | $ 17.64 |
Weighted Average Exercise Price, Exercised | 12.98 | 14.65 |
Weighted Average Exercise Price, Canceled / forfeited | 18.76 | 18.38 |
Ending Balance, Weighted Average Exercise Price, Outstanding | $ 18.14 | $ 17.67 |
Retirement Plans and Other Po54
Retirement Plans and Other Post-Retirement Benefits - Schedule of Net Periodic Costs of Pension and Post Retirement Medical Benefit Plans (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 2,859 | $ 2,721 |
Interest cost | 5,589 | 5,907 |
Expected return on plan assets | (10,839) | (10,831) |
Amortization of prior service cost/(credit) | 780 | 704 |
Amortization of unrecognized/actuarial loss (gain) | 3,390 | 2,822 |
Total net periodic benefit cost | 1,779 | 1,323 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 307 | 295 |
Interest cost | 451 | 485 |
Amortization of prior service cost/(credit) | (45) | (45) |
Amortization of unrecognized/actuarial loss (gain) | (73) | (143) |
Total net periodic benefit cost | $ 640 | $ 592 |
Inventories - Inventories, Net
Inventories - Inventories, Net of Reserves (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 63,024 | $ 60,806 |
In-process and finished | 122,432 | 116,678 |
Supplies | 77,491 | 74,580 |
Total | $ 262,947 | $ 252,064 |
Capitalized Interest - Summary
Capitalized Interest - Summary of Interest Incurred, Capitalized and Expensed (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest Expense [Abstract] | ||
Interest cost incurred | $ 5,591 | $ 4,597 |
Interest capitalized | 396 | 589 |
Interest expense | $ 5,195 | $ 4,008 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 507,517 | $ 483,330 |
Less current portion | (11,607) | (11,298) |
Unamortized deferred issuance costs | (1,779) | (1,934) |
Long-term debt, net of current portion | 494,131 | 470,098 |
Revolving Credit Facility, Due Mar. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 196,588 | 171,200 |
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 | 7,481 | 7,710 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 32,883 | 33,607 |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 9,241 | 9,423 |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 11,324 | $ 11,390 |
Long-Term Debt - Summary of L58
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
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 ($) | 3 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2017 | 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 | 2.8 | |||
5.375% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, maturity date | Oct. 15, 2020 | |||
Aggregate principal amount | $ 250,000,000 | |||
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 | $ 5,200,000 | $ 5,200,000 | ||
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 Instr61
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 507,517 | $ 483,330 |
Fair Value | 511,929 | 487,724 |
Revolving Credit Facility Due Mar. 2020 And Nov. 2016 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 196,588 | 171,200 |
Fair Value | 196,588 | 171,200 |
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 | 253,980 | 253,823 |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 7,481 | 7,710 |
Fair Value | 7,637 | 7,889 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 32,883 | 33,607 |
Fair Value | 33,318 | 34,122 |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 9,241 | 9,423 |
Fair Value | 9,177 | 9,370 |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 11,324 | 11,390 |
Fair Value | $ 11,229 | $ 11,320 |
Fair Value of Financial Instr62
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Parenthetical) (Detail) | Mar. 31, 2018 | Dec. 31, 2017 |
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 Instr63
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amount of fixed rate debt | $ 494,131 | $ 470,098 |
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 Hed64
Financial Derivatives and Hedging Activities - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018 | |
Maximum [Member] | Fair Value, Measurements [Member] | |
Derivative [Line Items] | |
Accumulated other comprehensive income realization period | 18 months |
Minimum [Member] | Fair Value, Measurements [Member] | |
Derivative [Line Items] | |
Accumulated other comprehensive income realization period | 12 months |
Designated as Hedging [Member] | Cash Flow Hedges [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Maturities of foreign currency derivative contracts | 18 months |
Designated as Hedging [Member] | Cash Flow Hedges [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 |
Financial Derivatives and Hed65
Financial Derivatives and Hedging Activities - Outstanding Derivatives Used to Hedge Foreign Exchange Risks (Detail) | Mar. 31, 2018USD ($) | Mar. 31, 2018EUR (€) | Mar. 31, 2018PHP (₱) | Mar. 31, 2018CAD ($) | Mar. 31, 2018GBP (£) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017PHP (₱) | Dec. 31, 2017CAD ($) | Dec. 31, 2017GBP (£) |
Cash Flow Hedges [Member] | Philippine Peso / British Pound [Member] | Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | ₱ | ₱ 19,047,000 | |||||||||
Cash Flow Hedges [Member] | Euro / British Pound [Member] | Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | € 12,887,000 | € 13,586,000 | ||||||||
Cash Flow Hedges [Member] | Euro / U.S. Dollar [Member] | Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 1,048,000 | |||||||||
Cash Flow Hedges [Member] | Euro / U.S. Dollar [Member] | Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | $ | $ 64,098,000 | $ 60,519,000 | ||||||||
Cash Flow Hedges [Member] | Euro / Philippine Peso [Member] | Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | ₱ | ₱ 902,076,000 | 890,096,000 | ||||||||
Cash Flow Hedges [Member] | British Pound / Philippine Peso [Member] | Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | ₱ | ₱ 785,659,000 | ₱ 797,496,000 | ||||||||
Cash Flow Hedges [Member] | U.S. Dollar / Canadian Dollar [Member] | Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | $ | $ 32,152,000 | $ 32,265,000 | ||||||||
Cash Flow Hedges [Member] | U.S Dollar / Euro [Member] | Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 248,000 | 946,000 | ||||||||
Cash Flow Hedges [Member] | U.S Dollar / Euro [Member] | Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 1,390,000 | 4,253,000 | ||||||||
Cash Flow Hedges [Member] | British Pound / Euro [Member] | Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 335,000 | |||||||||
Foreign Currency Hedges [Member] | Euro / U.S. Dollar [Member] | Not Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | $ | 4,000,000 | 4,500,000 | ||||||||
Foreign Currency Hedges [Member] | British Pound / Euro [Member] | Not Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | £ | £ 1,000,000 | £ 1,000,000 | ||||||||
Foreign Currency Hedges [Member] | British Pound / Euro [Member] | Not Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | € 9,000,000 | € 13,000,000 | ||||||||
Foreign Currency Hedges [Member] | U.S. Dollar / British Pound [Member] | Not Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | $ | $ 17,500,000 | $ 17,500,000 | ||||||||
Foreign Currency Hedges [Member] | Canadian / U.S. dollar [Member] | Not Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | $ | $ 2,500,000 |
Financial Derivatives and Hed66
Financial Derivatives and Hedging Activities - Fair Values of Derivative Instruments (Detail) - Forward Foreign Currency Exchange Contracts [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | $ 138 | $ 1,066 |
Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | 5,955 | 4,787 |
Not Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | 276 | 151 |
Not Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | $ 147 | $ 43 |
Financial Derivatives and Hed67
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Costs of Products Sold [Member] | Designated as Hedging [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Effective portion of derivative instruments, gain (loss) | $ (1,959) | $ 931 |
Other - Net [Member] | Designated as Hedging [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Ineffective portion of derivative instruments, gain (loss) | (322) | 50 |
Other - Net [Member] | Not Designated as Hedging [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Derivative instruments, gain (loss) | $ 297 | $ 21 |
Financial Derivatives and Hed68
Financial Derivatives and Hedging Activities - Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Balance at January 1, | $ (5,640) | $ 1,882 |
Deferred (losses) gains on cash flow hedges | (4,344) | (303) |
Reclassified to earnings | 1,959 | (931) |
Balance at March 31, | $ (8,025) | $ 648 |
Commitments, Contingencies an69
Commitments, Contingencies and Legal Proceedings - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018USD ($)Operable_Unit | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($) | |
Commitments Contingencies And Litigation [Line Items] | ||||
Number of operable units | Operable_Unit | 5 | |||
Term of agreement wih third party for monitoring and maintenance in OU1-OU4a | 30 years | |||
Reserve for Environmental liabilities, current portion | $ 26,000,000 | $ 28,500,000 | ||
Other Long-Term Liabilities [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
Reserve for Environmental liabilities, remaining portion | 14,600,000 | |||
NCR/Appvion Consent Decree [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
Contribution payment towards remedial action and natural resource damages | 75,000,000 | |||
Anticipated cost to complete work for remaining site remedy | 200,000,000 | |||
Expected payments for governments unreimbursed past costs which are under dispute | $ 32,700,000 | |||
Unreimbursed recoverable cost | 0 | |||
Unspent settlement money | 4,600,000 | |||
NADAR [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
Expected payments for governments unreimbursed past costs which are under dispute | 105,000,000 | |||
Unspent settlement money | 60,000,000 | |||
Georgia Pacific [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
Settlement payable amount | $ 9,500,000 | |||
Payment due date | 2017-08 | |||
Maximum [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
NCR costs and damages percentage | 100.00% | |||
Maximum [Member] | NCR/Appvion Consent Decree [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
Estimated cost related to Fox River matter | $ 30,000,000 | |||
Minimum [Member] | December 2009 - Long Term Monitoring Plan [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
Period over which cash expenditure to be incurred for monitoring activities | 30 years | |||
Minimum [Member] | GLT, GP and NCR [Member] | NCR/Appvion Consent Decree [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
Contribution payment towards remedial action and natural resource damages | $ 1,000,000,000 | |||
OU2-5 [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
Estimated future cost of cleanup work | $ 13,400,000 | $ 13,400,000 | ||
Expected cleanup work continuation year | through 2,019 | |||
NCR costs and damages percentage | 100.00% | |||
OU2-5 [Member] | Whiting Litigation [Member] | ||||
Commitments Contingencies And Litigation [Line Items] | ||||
NCR costs and damages percentage | 100.00% |
Commitments, Contingencies an70
Commitments, Contingencies and Legal Proceedings - Schedule of Reserves (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Environmental Remediation Obligations [Abstract] | ||
Beginning balance | $ 43,144 | $ 52,788 |
Payments | (2,536) | (85) |
Ending balance | $ 40,608 | $ 52,703 |
Segment Information - Schedule
Segment Information - Schedule of Financial and Other Information by Business Unit (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)T | Mar. 31, 2017USD ($)T | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 410,647 | $ 390,713 |
Energy and related sales, net | 1,428 | 1,129 |
Total revenues | 412,075 | 391,842 |
Cost of products sold | 363,169 | 336,213 |
Gross profit | 48,906 | 55,629 |
SG&A | 37,063 | 34,877 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | (1,554) | 32 |
Operating income | 13,397 | 20,720 |
Non-operating expense | (4,912) | (3,083) |
Income before income taxes | $ 8,485 | $ 17,637 |
Supplementary Data | ||
Net tons sold | T | 254,800 | 260,800 |
Depreciation, depletion and amortization | $ 19,431 | $ 17,282 |
Capital expenditures | 26,600 | 36,800 |
Composite Fibers [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 141,600 | 125,100 |
Total revenues | 141,600 | 125,100 |
Cost of products sold | 114,700 | 99,600 |
Gross profit | 26,900 | 25,500 |
SG&A | 11,600 | 11,100 |
Operating income | 15,300 | 14,400 |
Income before income taxes | $ 15,300 | $ 14,400 |
Supplementary Data | ||
Net tons sold | T | 40,000 | 38,800 |
Depreciation, depletion and amortization | $ 7,400 | $ 6,800 |
Capital expenditures | 5,100 | 4,700 |
Advanced Airlaid Materials [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 69,600 | 59,800 |
Total revenues | 69,600 | 59,800 |
Cost of products sold | 59,700 | 50,500 |
Gross profit | 9,900 | 9,300 |
SG&A | 2,700 | 2,200 |
Operating income | 7,200 | 7,100 |
Income before income taxes | $ 7,200 | $ 7,100 |
Supplementary Data | ||
Net tons sold | T | 26,300 | 24,800 |
Depreciation, depletion and amortization | $ 2,800 | $ 2,300 |
Capital expenditures | 13,200 | 10,600 |
Specialty Papers [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 199,400 | 205,800 |
Energy and related sales, net | 1,400 | 1,100 |
Total revenues | 200,800 | 206,900 |
Cost of products sold | 186,500 | 179,900 |
Gross profit | 14,300 | 27,000 |
SG&A | 11,900 | 13,500 |
Operating income | 2,400 | 13,500 |
Income before income taxes | $ 2,400 | $ 13,500 |
Supplementary Data | ||
Net tons sold | T | 188,400 | 197,200 |
Depreciation, depletion and amortization | $ 8,100 | $ 7,200 |
Capital expenditures | 6,500 | 18,300 |
Other and Unallocated [Member] | ||
Segment Reporting Information [Line Items] | ||
Cost of products sold | 2,300 | 6,200 |
Gross profit | (2,300) | (6,200) |
SG&A | 10,900 | 8,100 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | (1,600) | |
Operating income | (11,600) | (14,300) |
Non-operating expense | (4,900) | (3,100) |
Income before income taxes | (16,500) | (17,400) |
Supplementary Data | ||
Depreciation, depletion and amortization | 1,100 | 1,000 |
Capital expenditures | $ 1,800 | $ 3,200 |
Condensed Consolidating Finan72
Condensed Consolidating Financial Statements - Additional Information (Detail) | Mar. 31, 2018 | 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 Finan73
Condensed Consolidating Financial Statements - Condensed Consolidating Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Condensed Income Statements, Captions [Line Items] | ||
Net sales | $ 410,647 | $ 390,713 |
Energy and related sales, net | 1,428 | 1,129 |
Total revenues | 412,075 | 391,842 |
Costs of products sold | 363,169 | 336,213 |
Gross profit | 48,906 | 55,629 |
Selling, general and administrative expenses | 37,063 | 34,877 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | (1,554) | 32 |
Operating income | 13,397 | 20,720 |
Other non-operating income (expense) | ||
Interest expense | (5,195) | (4,008) |
Interest income | 54 | 113 |
Other, net | 229 | 812 |
Total non-operating expense | (4,912) | (3,083) |
Income before income taxes | 8,485 | 17,637 |
Income tax provision (benefit) | 2,769 | 6,034 |
Net income | 5,716 | 11,603 |
Other comprehensive income | 14,020 | 7,193 |
Comprehensive income | 19,736 | 18,796 |
Adjustments/ Eliminations [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | (24,940) | (20,478) |
Total revenues | (24,940) | (20,478) |
Costs of products sold | (24,940) | (20,478) |
Other non-operating income (expense) | ||
Interest expense | 1,370 | 1,270 |
Interest income | (1,370) | (1,270) |
Equity in earnings of subsidiaries | (43,488) | (27,469) |
Total non-operating expense | (43,488) | (27,469) |
Income before income taxes | (43,488) | (27,469) |
Net income | (43,488) | (27,469) |
Other comprehensive income | (23,071) | (10,116) |
Comprehensive income | (66,559) | (37,585) |
Parent Company [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 199,439 | 205,771 |
Energy and related sales, net | 1,428 | 1,129 |
Total revenues | 200,867 | 206,900 |
Costs of products sold | 191,165 | 185,246 |
Gross profit | 9,702 | 21,654 |
Selling, general and administrative expenses | 20,437 | 20,162 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | (438) | 32 |
Operating income | (10,297) | 1,460 |
Other non-operating income (expense) | ||
Interest expense | (5,682) | (4,661) |
Interest income | 146 | 149 |
Equity in earnings of subsidiaries | 21,233 | 13,617 |
Other, net | (2,413) | 1,584 |
Total non-operating expense | 13,284 | 10,689 |
Income before income taxes | 2,987 | 12,149 |
Income tax provision (benefit) | (2,729) | 546 |
Net income | 5,716 | 11,603 |
Other comprehensive income | 14,020 | 7,193 |
Comprehensive income | 19,736 | 18,796 |
Guarantors [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 20,013 | 19,533 |
Total revenues | 20,013 | 19,533 |
Costs of products sold | 18,265 | 18,586 |
Gross profit | 1,748 | 947 |
Selling, general and administrative expenses | 2,005 | 74 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | (1,115) | |
Operating income | 858 | 873 |
Other non-operating income (expense) | ||
Interest expense | (455) | (113) |
Interest income | 1,244 | 1,161 |
Equity in earnings of subsidiaries | 22,255 | 13,852 |
Other, net | (3,263) | (2,206) |
Total non-operating expense | 19,781 | 12,694 |
Income before income taxes | 20,639 | 13,567 |
Income tax provision (benefit) | (594) | (50) |
Net income | 21,233 | 13,617 |
Other comprehensive income | 11,036 | 5,102 |
Comprehensive income | 32,269 | 18,719 |
Non Guarantors [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 216,135 | 185,887 |
Total revenues | 216,135 | 185,887 |
Costs of products sold | 178,679 | 152,859 |
Gross profit | 37,456 | 33,028 |
Selling, general and administrative expenses | 14,621 | 14,641 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | (1) | |
Operating income | 22,836 | 18,387 |
Other non-operating income (expense) | ||
Interest expense | (428) | (504) |
Interest income | 34 | 73 |
Other, net | 5,905 | 1,434 |
Total non-operating expense | 5,511 | 1,003 |
Income before income taxes | 28,347 | 19,390 |
Income tax provision (benefit) | 6,092 | 5,538 |
Net income | 22,255 | 13,852 |
Other comprehensive income | 12,035 | 5,014 |
Comprehensive income | $ 34,290 | $ 18,866 |
Condensed Consolidating Finan74
Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Cash and cash equivalents | $ 117,277 | $ 116,219 | $ 57,227 | $ 55,444 |
Other current assets | 491,423 | 468,752 | ||
Plant, equipment and timberlands, net | 870,734 | 865,743 | ||
Other assets | 285,178 | 280,081 | ||
Total assets | 1,764,612 | 1,730,795 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 338,696 | 347,176 | ||
Long-term debt | 494,131 | 470,098 | ||
Deferred income taxes | 85,025 | 83,571 | ||
Other long-term liabilities | 122,768 | 121,022 | ||
Total liabilities | 1,040,620 | 1,021,867 | ||
Shareholders’ equity | 723,992 | 708,928 | ||
Total liabilities and shareholders’ equity | 1,764,612 | 1,730,795 | ||
Adjustments/ Eliminations [Member] | ||||
Assets | ||||
Other current assets | (293,035) | (277,989) | ||
Investments in subsidiaries | (1,509,573) | (1,483,023) | ||
Total assets | (1,802,608) | (1,761,012) | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | (293,035) | (277,989) | ||
Total liabilities | (293,035) | (277,989) | ||
Shareholders’ equity | (1,509,573) | (1,483,023) | ||
Total liabilities and shareholders’ equity | (1,802,608) | (1,761,012) | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 1,022 | 1,292 | 5,220 | 5,082 |
Other current assets | 250,524 | 249,293 | ||
Plant, equipment and timberlands, net | 370,669 | 375,231 | ||
Investments in subsidiaries | 842,154 | 829,895 | ||
Other assets | 142,088 | 139,552 | ||
Total assets | 1,606,457 | 1,595,263 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 398,152 | 402,787 | ||
Long-term debt | 371,036 | 368,496 | ||
Deferred income taxes | 12,049 | 14,081 | ||
Other long-term liabilities | 101,228 | 100,971 | ||
Total liabilities | 882,465 | 886,335 | ||
Shareholders’ equity | 723,992 | 708,928 | ||
Total liabilities and shareholders’ equity | 1,606,457 | 1,595,263 | ||
Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 1,266 | 720 | 2,653 | 1,461 |
Other current assets | 237,841 | 217,822 | ||
Plant, equipment and timberlands, net | 87,000 | 80,992 | ||
Investments in subsidiaries | 667,419 | 653,128 | ||
Total assets | 993,526 | 952,662 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 67,660 | 54,640 | ||
Long-term debt | 65,000 | 51,000 | ||
Deferred income taxes | 18,209 | 16,814 | ||
Other long-term liabilities | 503 | 313 | ||
Total liabilities | 151,372 | 122,767 | ||
Shareholders’ equity | 842,154 | 829,895 | ||
Total liabilities and shareholders’ equity | 993,526 | 952,662 | ||
Non Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 114,989 | 114,207 | $ 49,354 | $ 48,901 |
Other current assets | 296,093 | 279,626 | ||
Plant, equipment and timberlands, net | 413,065 | 409,520 | ||
Other assets | 143,090 | 140,529 | ||
Total assets | 967,237 | 943,882 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 165,919 | 167,738 | ||
Long-term debt | 58,095 | 50,602 | ||
Deferred income taxes | 54,767 | 52,676 | ||
Other long-term liabilities | 21,037 | 19,738 | ||
Total liabilities | 299,818 | 290,754 | ||
Shareholders’ equity | 667,419 | 653,128 | ||
Total liabilities and shareholders’ equity | $ 967,237 | $ 943,882 |
Condensed Consolidating Finan75
Condensed Consolidating Financial Statements - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided (used) by Operating activities | $ 7,659 | $ 7,561 |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (26,568) | (36,783) |
Proceeds from disposals of plant, equipment and timberlands, net | 1,695 | |
Other | (28) | |
Net cash used by investing activities | (24,901) | (36,783) |
Financing activities | ||
Net (repayments) borrowings of long-term debt | 22,486 | 36,046 |
Payment of dividends to shareholders | (5,679) | (5,455) |
Payments related to share-based compensation awards and other | (965) | (112) |
Net cash provided by financing activities | 15,842 | 30,479 |
Effect of exchange rate on cash | 2,458 | 526 |
Net increase in cash and cash equivalents | 1,058 | 1,783 |
Cash and cash equivalents at the beginning of period | 116,219 | 55,444 |
Cash and cash equivalents at the end of period | 117,277 | 57,227 |
Adjustments/ Eliminations [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided (used) by Operating activities | (641) | |
Investing activities | ||
Repayments from intercompany loans | (8,000) | |
Advances of intercompany loans | 2,310 | 8,550 |
Intercompany capital (contributed) returned | 400 | |
Net cash used by investing activities | 2,310 | 950 |
Financing activities | ||
Borrowings of intercompany loans | (2,310) | (8,550) |
Payment of intercompany dividend | 641 | |
Net cash provided by financing activities | (2,310) | (309) |
Repayments of intercompany loans | 8,000 | |
Intercompany capital received | (400) | |
Parent Company [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided (used) by Operating activities | (10,584) | (19,330) |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (8,251) | (21,515) |
Proceeds from disposals of plant, equipment and timberlands, net | 539 | |
Other | (28) | |
Net cash used by investing activities | (7,740) | (21,515) |
Financing activities | ||
Net (repayments) borrowings of long-term debt | 2,388 | 38,000 |
Payment of dividends to shareholders | (5,679) | (5,455) |
Borrowings of intercompany loans | 2,310 | 8,550 |
Payment of intercompany dividend | 20,000 | |
Payments related to share-based compensation awards and other | (965) | (112) |
Net cash provided by financing activities | 18,054 | 40,983 |
Net increase in cash and cash equivalents | (270) | 138 |
Cash and cash equivalents at the beginning of period | 1,292 | 5,082 |
Cash and cash equivalents at the end of period | 1,022 | 5,220 |
Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided (used) by Operating activities | (980) | (307) |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (11,320) | (9,551) |
Proceeds from disposals of plant, equipment and timberlands, net | 1,156 | |
Repayments from intercompany loans | 8,000 | |
Advances of intercompany loans | (2,310) | (8,550) |
Intercompany capital (contributed) returned | 20,000 | (400) |
Net cash used by investing activities | 7,526 | (10,501) |
Financing activities | ||
Net (repayments) borrowings of long-term debt | 14,000 | 12,000 |
Payment of intercompany dividend | (20,000) | |
Net cash provided by financing activities | (6,000) | 12,000 |
Net increase in cash and cash equivalents | 546 | 1,192 |
Cash and cash equivalents at the beginning of period | 720 | 1,461 |
Cash and cash equivalents at the end of period | 1,266 | 2,653 |
Non Guarantors [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided (used) by Operating activities | 19,223 | 27,839 |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (6,997) | (5,717) |
Intercompany capital (contributed) returned | (20,000) | |
Net cash used by investing activities | (26,997) | (5,717) |
Financing activities | ||
Net (repayments) borrowings of long-term debt | 6,098 | (13,954) |
Payment of intercompany dividend | (641) | |
Net cash provided by financing activities | 6,098 | (22,195) |
Repayments of intercompany loans | (8,000) | |
Intercompany capital received | 400 | |
Effect of exchange rate on cash | 2,458 | 526 |
Net increase in cash and cash equivalents | 782 | 453 |
Cash and cash equivalents at the beginning of period | 114,207 | 48,901 |
Cash and cash equivalents at the end of period | $ 114,989 | $ 49,354 |