Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 20, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GLT | ||
Entity Registrant Name | GLATFELTER P H CO | ||
Entity Central Index Key | 41,719 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 44,014,253 | ||
Entity Public Float | $ 834.8 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net sales | $ 866,286 | $ 800,362 | $ 761,216 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Costs of products sold | $ 735,879 | $ 656,773 | $ 629,467 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Gross profit | $ 130,407 | $ 143,589 | $ 131,749 |
Selling, general and administrative expenses | 111,721 | 110,534 | 153,153 |
Losses (gains) on dispositions of plant, equipment and timberlands, net | (3,256) | (197) | 116 |
Operating income (loss) | 21,942 | 33,252 | (21,520) |
Non-operating income (expense) | |||
Interest expense | (15,609) | (13,317) | (13,850) |
Interest income | 559 | 237 | 206 |
Other, net | 383 | (705) | (7,418) |
Total non-operating expense | (14,667) | (13,785) | (21,062) |
Income (loss) before income taxes | 7,275 | 19,467 | (42,582) |
Income tax provision (benefit) | 7,723 | 25,079 | (28,405) |
Loss from continuing operations | (448) | (5,612) | (14,177) |
Discontinued operations: | |||
Income (loss) before income taxes | (207,242) | 19,868 | 53,388 |
Income tax provision (benefit) | (30,086) | 6,342 | 17,657 |
Income (loss) from discontinued operations | (177,156) | 13,526 | 35,731 |
Net income (loss) | $ (177,604) | $ 7,914 | $ 21,554 |
Basic earnings (loss) per share | |||
Income (loss) from continuing operations | $ (0.01) | $ (0.13) | $ (0.33) |
Income (loss) from discontinued operations | (4.05) | 0.31 | 0.82 |
Basic earnings (loss) per share | (4.06) | 0.18 | 0.49 |
Diluted earnings (loss) per share | |||
Income (loss) from continuing operations | (0.01) | (0.13) | (0.32) |
Income (loss) from discontinued operations | (4.05) | 0.30 | 0.81 |
Diluted earnings (loss) per share | $ (4.06) | $ 0.18 | $ 0.49 |
Weighted average shares outstanding | |||
Basic | 43,768 | 43,609 | 43,558 |
Diluted | 43,768 | 44,439 | 44,129 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ (177,604) | $ 7,914 | $ 21,554 |
Foreign currency translation adjustments | (27,783) | 58,609 | (27,407) |
Net change in: | |||
Deferred gains (losses) on cash flow hedges, net of taxes of $(2,353), $1,930 and $(335), respectively | 6,291 | (5,592) | 1,725 |
Unrecognized retirement obligations, net of taxes of $(13,898), $(6,293) and $(7,247), respectively | 47,025 | 10,914 | 11,562 |
Other comprehensive income (loss) | 25,533 | 63,931 | (14,120) |
Comprehensive income (loss) | $ (152,071) | $ 71,845 | $ 7,434 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Taxes on deferred gains (losses) on cash flow hedges | $ (2,353) | $ 1,930 | $ (335) |
Taxes on unrecognized retirement obligations | $ (13,898) | $ (6,293) | $ (7,247) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 142,685 | $ 116,219 |
Accounts receivable (less allowance for doubtful accounts: 2018 - $1,661; 2017 - $1,761) | 119,772 | 110,586 |
Inventories | 173,411 | 136,201 |
Prepaid expenses and other current assets | 33,418 | 32,013 |
Current assets held for sale | 189,952 | |
Total current assets | 469,286 | 584,971 |
Plant, equipment and timberlands, net | 556,044 | 515,183 |
Goodwill | 153,463 | 82,744 |
Intangible assets, net | 93,614 | 58,859 |
Other assets | 67,347 | 81,127 |
Noncurrent assets held for sale | 407,911 | |
Total assets | 1,339,754 | 1,730,795 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 10,785 | 11,298 |
Accounts payable | 120,701 | 113,212 |
Dividends payable | 5,719 | 5,678 |
Environmental liabilities | 23,000 | 28,500 |
Other current liabilities | 72,597 | 75,668 |
Current liabilities held for sale | 112,820 | |
Total current liabilities | 232,802 | 347,176 |
Long-term debt | 400,962 | 470,098 |
Deferred income taxes | 78,651 | 83,571 |
Other long-term liabilities | 88,441 | 79,649 |
Long-term liabilities held for sale | 41,373 | |
Total liabilities | 800,856 | 1,021,867 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common stock | 544 | 544 |
Capital in excess of par value | 62,239 | 62,594 |
Retained earnings | 770,305 | 948,411 |
Accumulated other comprehensive loss | (137,440) | (140,675) |
Shareholders' equity before treasury stock | 695,648 | 870,874 |
Less cost of common stock in treasury | (156,750) | (161,946) |
Total shareholders’ equity | 538,898 | 708,928 |
Total liabilities and shareholders’ equity | $ 1,339,754 | $ 1,730,795 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,661 | $ 1,761 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 54,361,980 | 54,361,980 |
Treasury stock, shares | 10,403,296 | 10,748,127 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities | |||
Net income (loss) | $ (177,604) | $ 7,914 | $ 21,554 |
(Income) loss from discontinued operations, net of tax benefits | 177,156 | (13,526) | (35,731) |
Adjustments to reconcile to net cash provided by operations: | |||
Depreciation, depletion and amortization | 47,525 | 42,078 | 39,287 |
Amortization of debt issue costs and original issue discount | 1,159 | 1,157 | 1,153 |
Deferred income tax benefit (provision) | (7,704) | 12,003 | (38,160) |
(Gains) losses on dispositions of plant, equipment and timberlands, net | (3,256) | (197) | 116 |
Share-based compensation | 6,288 | 5,494 | 5,482 |
Change in operating assets and liabilities | |||
Accounts receivable | (621) | (4,148) | (2,155) |
Inventories | (32,138) | 1,522 | (4,992) |
Prepaid and other current assets | (3,372) | (910) | (1,272) |
Accounts payable | 13,774 | 20,361 | (544) |
Accruals and other current liabilities | (23,984) | (16,690) | 40,245 |
Other | (3,175) | (1,824) | 6,095 |
Net cash (used) provided by operating activities | (5,952) | 53,234 | 31,078 |
Investing activities | |||
Expenditures for purchases of plant, equipment and timberlands | (42,129) | (80,783) | (61,162) |
Proceeds from disposals of plant, equipment and timberlands, net | 3,462 | 218 | 29 |
Acquisition, net of cash acquired | (178,905) | ||
Other investing | (68) | (243) | (800) |
Net cash used by investing activities | (217,640) | (80,808) | (61,933) |
Financing activities | |||
Net borrowings (repayments) under revolving credit facility | (55,446) | 109,436 | 2,891 |
Payments of borrowing costs | (136) | ||
Proceeds from term loans | 19,428 | ||
Repayment of term loans | (11,069) | (9,771) | (8,205) |
Payments of dividends | (22,760) | (22,480) | (21,589) |
Proceeds from government grants | 2,000 | ||
Payments related to share-based compensation awards and other | (2,151) | (472) | (990) |
Net cash provided (used) by financing activities | (91,426) | 76,713 | (6,601) |
Effect of exchange rate changes on cash | (5,564) | 7,244 | (2,063) |
Net increase (decrease) in cash and cash equivalents | (320,582) | 56,383 | (39,519) |
Change in cash and cash equivalents from discontinued operations | 347,048 | 4,392 | (10,341) |
Cash and cash equivalents at the beginning of period | 116,219 | 55,444 | 105,304 |
Cash and cash equivalents at the end of period | 142,685 | 116,219 | 55,444 |
Cash paid for: | |||
Interest, net of amounts capitalized | 15,760 | 13,934 | 13,235 |
Income taxes, net | $ 15,171 | $ 9,336 | $ 14,020 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2015 | $ 663,247 | $ 544 | $ 54,912 | $ 963,143 | $ (190,486) | $ (164,866) |
Net income (loss) | 21,554 | 21,554 | ||||
Other comprehensive income (loss) | (14,120) | (14,120) | ||||
Comprehensive income (loss) | 7,434 | |||||
Tax effect on exercise of stock awards | 58 | 58 | ||||
Cash dividends declared | (21,813) | (21,813) | ||||
Share-based compensation expense | 5,889 | 5,889 | ||||
Delivery of treasury shares | ||||||
RSUs and PSAs | (751) | (2,375) | 1,624 | |||
Employee stock options exercised — net | (238) | (567) | 329 | |||
Ending Balance at Dec. 31, 2016 | 653,826 | 544 | 57,917 | 962,884 | (204,606) | (162,913) |
Previously unrecognized excess tax benefit onexercise of stock awards | 317 | 317 | ||||
Net income (loss) | 7,914 | 7,914 | ||||
Other comprehensive income (loss) | 63,931 | 63,931 | ||||
Comprehensive income (loss) | 71,845 | |||||
Cash dividends declared | (22,704) | (22,704) | ||||
Share-based compensation expense | 6,214 | 6,214 | ||||
Delivery of treasury shares | ||||||
RSUs and PSAs | (114) | (535) | 421 | |||
Employee stock options exercised — net | (456) | (1,002) | 546 | |||
Ending Balance at Dec. 31, 2017 | 708,928 | 544 | 62,594 | 948,411 | (140,675) | (161,946) |
Reclassisfication pursuant to ASU No. 2018-02 | 22,298 | (22,298) | ||||
Net income (loss) | (177,604) | (177,604) | ||||
Other comprehensive income (loss) | 25,533 | 25,533 | ||||
Comprehensive income (loss) | (152,071) | |||||
Tax effect on exercise of stock awards | (7) | (7) | ||||
Cash dividends declared | (22,800) | (22,800) | ||||
Share-based compensation expense | 7,000 | 7,000 | ||||
Delivery of treasury shares | ||||||
RSUs and PSAs | (1,626) | (6,201) | 4,575 | |||
Employee stock options exercised — net | (526) | (1,147) | 621 | |||
Ending Balance at Dec. 31, 2018 | $ 538,898 | $ 544 | $ 62,239 | $ 770,305 | $ (137,440) | $ (156,750) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retained Earnings [Member] | |||
Per share amount of cash dividends declared | $ 0.52 | $ 0.52 | $ 0.50 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. P. H. Glatfelter Company and subsidiaries (“Glatfelter”) is a leading global supplier of engineered materials. Its high-quality, innovative and customizable solutions are found in tea and single-serve coffee filtration, personal hygiene and packaging products as well as home improvement and industrial applications. We are headquartered in York, PA, and operate facilities in the United States, Canada, Germany, France, the United Kingdom and the Philippines. We have sales and distribution offices in the U.S., Europe, Russia and China and our products are marketed worldwide, either directly to customers or through brokers and agents. The terms “we,” “us,” “our,” “the Company,” or “Glatfelter,” refer to P. H. Glatfelter Company and subsidiaries unless the context indicates otherwise. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Accounting Policies | 2. Principles of Consolidation The consolidated financial statements include the accounts of Glatfelter and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Management believes the estimates and assumptions used in the preparation of these consolidated financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes that actual results may differ from those estimates and assumptions. Discontinued Operations The results of operations for the Specialty Papers Business Unit have been classified as discontinued operations for all periods presented in the consolidated statements of income (loss). In addition, the related assets and liabilities of this business unit have been classified as held for sale in the consolidated balance sheets for December 31, 2017. Cash and Cash Equivalents Inventories Inventories are stated at the lower of cost or market. Raw materials, in-process and finished goods inventories are valued principally using the average-cost method. Plant, Equipment and Timberlands For financial reporting purposes, depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. The range of estimated service lives used to calculate financial reporting depreciation for principal items of plant and equipment are as follows: Buildings 15 – 45 Years Machinery and equipment 5 – 40 Years Other 3 – 25 Years Maintenance and Repairs Maintenance and repairs costs are charged to income and major renewals and betterments are capitalized. At the time property is retired or sold, the net carrying value is eliminated and any resultant gain or loss is included in income. Valuation of Long-lived Assets, Intangible Assets and Goodwill We evaluate long-lived assets for impairment when a specific event indicates that the carrying value of an asset may not be recoverable. Recoverability is assessed based on estimates of future cash flows expected to result from the use and eventual disposition of the asset. If the sum of expected undiscounted cash flows is less than the carrying value of the asset, the asset’s fair value is estimated and an impairment loss is recognized for the amount by which the carrying value exceeds the estimated fair value. Goodwill and non-amortizing tradename intangible assets are reviewed for impairment during the third quarter of each year or more frequently if impairment indicators are present. The fair value of Goodwill is determined using market approach and a discounted cash flow model. The fair value of non-amortizing tradename intangible assets is determined using a discounted cash flow model. For Goodwill, impairment losses, if any, are recognized for the amount by which the carrying value of the reporting unit exceeds its fair value. The carrying value of a reporting unit is defined using an enterprise premise which is generally determined by the difference between the unit’s assets and operating liabilities. With respect to non-amortizing tradenames, impairment losses, if any, are recognized for the amount by which the carrying value of the tradename exceeds its fair value. Income Taxes Income taxes are determined using the asset and liability method of accounting for income taxes in accordance with FASB ASC 740 Income Taxes (“ASC 740”). Under ASC 740, tax expense includes U.S. and international income taxes plus the provision for U.S. taxes on undistributed earnings of international subsidiaries not deemed to be permanently invested. Tax credits and other incentives reduce tax expense in the year the credits are claimed. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effect of such temporary differences is reported in deferred income taxes. Deferred tax assets are recognized if it is more likely than not that the assets will be realized in future years. We establish a valuation allowance for deferred tax assets for which realization is not more likely than not. Significant judgment is required in determining our worldwide provision for income taxes and recording the related assets and liabilities. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is less than certain. We and our subsidiaries are examined by various Federal, State, and foreign tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. We continually assess the likelihood and amount of potential adjustments and record any necessary adjustments in the period in which the facts that give rise to a revision become known. Investment tax credits are accounted for by the flow-through method, which results in recognition of the benefit in the year in which the credit become available. Treasury Stock Common stock purchased for treasury is recorded at cost. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock on the weighted-average cost basis. Foreign Currency Translation Foreign currency translation gains and losses and the effect of exchange rate changes on transactions designated as hedges of net foreign investments are included as a component of other comprehensive income (loss). Transaction gains and losses are included in income in the period in which they occur. Revenue Recognition We 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 6 for additional information about the disaggregation of our net sales. Our revenue is earned primarily from the manufacture and sale of 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. Environmental Liabilities Accruals for losses associated with environmental obligations are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on existing legislation and remediation technologies. These accruals are adjusted periodically as assessment and remediation actions continue and/or further legal or technical information develops. Such undiscounted liabilities are exclusive of any insurance or other claims against third parties. Environmental costs are capitalized if the costs extend the life of the asset, increase its capacity and/or mitigate or prevent contamination from future operations. Recoveries of environmental remediation costs from other parties, including insurance carriers, are recorded as assets when their receipt is assured beyond a reasonable doubt. Earnings Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average common shares outstanding during the respective periods. Diluted earnings per share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. In periods in which there is a net loss, diluted loss per share is equal to basic loss per share. The dilutive effect of common share equivalents is considered in the diluted earnings per share computation using the treasury stock method. Financial Derivatives and Hedging Activities We use financial derivatives to manage exposure to changes in foreign currencies. In accordance with FASB ASC 815 Derivatives and Hedging (“ASC 815”), we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The effective portion of the gain or loss on those derivative instruments designated and qualifying as a hedge of the exposure to variability in expected future cash flows related to forecasted transactions is deferred and reported as a component of accumulated other comprehensive income (loss). Deferred gains or losses are reclassified to our results of operations at the time the hedged forecasted transaction is recorded in our results of operations. The effectiveness of cash flow hedges is assessed at inception and quarterly thereafter. If the instrument becomes ineffective or it becomes probable that the originally forecasted transaction will not occur, the related change in fair value of the derivative instrument is also reclassified from accumulated other comprehensive income (loss) and recognized in earnings. Fair Value of Financial Instruments Under the accounting for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Recently Issued Accounting Pronouncements In 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 March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities" In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition | 3. On October 1, 2018, we completed the acquisition of Georgia-Pacific’s European nonwovens business based in Steinfurt, Germany (“Steinfurt”) for $186 million including a working capital adjustment and subject to customary post-closing purchase price adjustments. The acquisition consisted of Georgia-Pacific’s operations located in Steinfurt along with sales offices located in France and Italy. The Steinfurt facility produces high-quality airlaid products for the table-top, wipes, hygiene, food pad, and other nonwoven materials markets, competing in the marketplace with nonwoven technologies and substrates, as well as other materials focused primarily on consumer based end-use applications. The facility is a state-of-the-art, 32,000-metric-ton-capacity manufacturing facility that employs approximately 220 people. Steinfurt’s results are reported prospectively from the acquisition date as part of our Advanced Airlaid Materials business unit. We financed the transaction through a combination of cash on hand and borrowings under our revolving credit facility. The preliminary purchase price allocation set forth in the following table is based on all information available to us at the present time and is subject to change. In the event new information, primarily related to the finalization of working capital adjustments, becomes available, the measurement of the amounts of goodwill reflected may be affected. The preliminary allocation of the purchase price to assets acquired and liabilities assumed is as follows: In thousands Preliminary Allocation Assets Cash and cash equivalents $ 7,540 Accounts receivable 13,277 Inventory 11,133 Prepaid and other current assets 290 Plant, equipment and timberlands 66,167 Intangible assets 43,573 Goodwill 75,317 Total assets 217,297 Liabilities Accounts payable 8,577 Deferred tax liabilities 19,119 Other long term liabilities 1,162 Total liabilities 28,858 Total 188,439 less cash acquired (7,540 ) Total purchase price $ 180,899 For purposes of allocating the total purchase price, assets acquired and liabilities assumed are recorded at their estimated fair market value. The allocation set forth above is based on management’s estimate of the fair value using valuation techniques such as discounted cash flow models, appraisals and similar methodologies. The amount allocated to intangible assets represents the estimated value of customer relationships, technological know-how and trade name. In connection with the Steinfurt acquisition we recorded $75.3 million of goodwill and $43.6 million of intangible assets. The goodwill arising from the acquisition largely relates to strategic benefits, product and market diversification, assembled workforce, and similar factors. For tax purposes, none of the goodwill is deductible. Intangible assets consist of technology, customer relationships and tradename. Acquired property, plant and equipment are being depreciated on a straight-line basis with estimated remaining lives ranging from 5 years to 25 years. Intangible assets are being amortized on a straight-line basis over an average estimated remaining life of 13 years reflecting the expected future value. Revenue and operating income of Steinfurt included in our consolidated results of operations for 2018 totaled $23.1 million and $2.4 million, respectively. The following table summarizes unaudited pro forma financial information as if the acquisition occurred as of January 1, 2017: Year ended December 31 (Unaudited) In thousands, except per share 2018 2017 Pro forma Net sales $ 937,043 $ 904,430 Income from continuing operations 1,585 1,396 Income per share from continuing operations 0.04 0.03 During 2018, we incurred legal, professional and advisory costs directly related to the Steinfurt acquisition totaling $5.1 million. For purposes of presenting the above pro forma financial information, such costs have been eliminated. All such costs are presented under the caption “Selling, general and administrative expenses” in the accompanying consolidated statements of income (loss). This unaudited pro forma financial information presented in this section is not necessarily indicative of what the operating results would have been had the acquisition been completed at the beginning of the respective period nor is it indicative of future results. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 4. On October 31, 2018, we completed the sale of the Specialty Papers Business Unit on a cash free and debt free basis to Pixelle Specialty Solutions LLC, an affiliate of Lindsay Goldberg (the “Purchaser”) for $360 million. The sale of the business unit was in connection with the strategic focus on our more growth oriented Composite Fibers and Advanced Airlaid Materials. Cash proceeds from the sale were approximately $323 million reflecting estimated purchase price adjustments as of the closing date and the assumption by the Purchaser of approximately $38 million in retiree healthcare liabilities. In addition, the Purchaser assumed approximately $210 million of pension liabilities relating to Specialty Papers’ employees and will receive approximately $280 million of related assets from the Company’s existing pension plan. We recognized a $144.1 million pre-tax loss, presented below as an “Impairment charge” for the amount by which Specialty Papers’ carrying value exceeded net proceeds from the sale. In connection with the sale of Specialty Papers, we entered into a Transition Services Agreement with Purchaser pursuant to which we agreed to provide various back-office and information technology support until the business is fully separated from us. The following table sets forth a summary of discontinued operations included in the condensed consolidated statements of income (loss): Year ended December 31 In thousands 2018 2017 2016 Net sales $ 661,186 $ 790,935 $ 843,582 Energy and related sales, net 3,388 5,126 6,141 Total revenues 664,574 796,061 849,723 Costs of products sold 637,472 751,135 767,320 Gross profit 27,102 44,926 82,403 Selling, general and administrative expenses 32,465 22,538 29,701 (Gains) losses on dispositions of plant, equipment and timberlands, net (423 ) 219 101 Operating income (loss) (4,940 ) 22,169 52,601 Non-operating income (expense) Interest expense (6,942 ) (4,455 ) (1,972 ) Other, net (51,236 ) 2,154 2,759 Impairment charge (144,124 ) — — Income (loss) before income taxes (207,242 ) 19,868 53,388 Income tax provision (benefit) (30,086 ) 6,342 17,657 Income (loss) from discontinued operations $ (177,156 ) $ 13,526 $ 35,731 The amounts presented above are derived from the segment reporting for Specialty Papers adjusted to include certain retirement benefit costs and to exclude corporate shared services costs which are required to remain in continuing operations. Interest expense was allocated to discontinued operations based on borrowings under the revolving credit facility required to be repaid with proceeds from the sale of Specialty Papers. The amounts set forth above in 2018 under the caption “Other, net” include the recognition of a $54.0 million, pre-tax, curtailment and settlement charge for pension and other post-employment benefits related to the transfer and discontinuance of future service of Specialty Papers’ employees. The following table sets forth the carrying amounts of Specialty Papers’ major asset and liabilities, which were classified as held for sale in the consolidated balance sheet as of the end of 2017: December 31 In thousands 2017 Assets Accounts receivable, net $ 63,567 Inventories 115,858 Prepaid expenses and other current assets 10,527 Current assets held for sale $ 189,952 Plant, equipment and timberlands, net 350,560 Other assets 57,351 Noncurrent assets held for sale $ 407,911 Liabilities Accounts payable $ 77,266 Other current liabilities 35,554 Current liabilities held for sales $ 112,820 Long-term liabilities held for sale $ 41,373 The following table sets forth a summary of cash flows from discontinued operations which is included in the consolidated statements of cash flows: Year ended December 31 In thousands 2018 2017 2016 Net cash provided by operating activities $ 38,803 $ 51,028 $ 85,032 Net cash provided by (used in) investing activities 308,120 (51,511 ) (98,955 ) Net cash provided by financing activities 125 4,875 3,582 Change in cash and cash equivalents from discontinued operations $ 347,048 $ 4,392 $ (10,341 ) |
Gain on Dispositions of Plant,
Gain on Dispositions of Plant, Equipment and Timberlands | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Gain on Dispositions of Plant, Equipment and Timberlands | 5. During 2018, 2017 and 2016, we completed the following sales of assets: Dollars in thousands Acres Proceeds Gain (loss) 2018 Timberlands 1,918 $ 3,414 $ 3,225 Other n/a 48 31 Total $ 3,462 $ 3,256 2017 Timberlands 332 $ 209 $ 188 Other n/a 9 9 Total $ 218 $ 197 2016 Timberlands — $ - $ - Other n/a 29 (116 ) Total $ 29 $ (116 ) |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Disaggregation Of Revenue [Abstract] | |
Revenue | 6. The following tables set forth disaggregated information pertaining to our net sales: Year ended December 31 In thousands 2018 2017 2016 Composite Fibers Food & beverage $ 279,515 $ 268,474 $ 258,463 Wallcovering 103,686 103,011 90,767 Technical specialties and other 81,281 76,991 71,558 Metallized 52,174 57,088 61,059 Composite laminates 38,213 38,696 35,107 554,869 544,260 516,954 Advanced Airlaid Materials Feminine hygiene 195,686 179,671 173,902 Specialty wipes 45,375 29,519 25,206 Table top 21,600 6,707 6,718 Adult incontinence 19,734 14,425 12,281 Home care 16,010 13,029 12,630 Other 13,012 12,751 13,525 311,417 256,102 244,262 TOTAL $ 866,286 $ 800,362 $ 761,216 Year ended December 31 In thousands 2018 2017 2016 Composite Fibers Europe, Middle East and Africa $ 354,978 $ 349,336 $ 341,334 Americas 113,546 107,064 97,441 Asia Pacific 86,345 87,860 78,179 554,869 544,260 516,954 Advanced Airlaid Materials Europe, Middle East and Africa 163,157 132,480 125,818 Americas 144,913 122,379 116,895 Asia Pacific 3,347 1,243 1,549 311,417 256,102 244,262 TOTAL $ 866,286 $ 800,362 $ 761,216 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 7. The following table sets forth the details of basic and diluted earnings (loss) per share (EPS): Year ended December 31 In thousands, except per share 2018 2017 2016 Net income (loss) $ (177,604 ) $ 7,914 $ 21,554 Weighted average common shares outstanding used in basic EPS 43,768 43,609 43,558 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs — 830 571 Weighted average common shares outstanding and common share equivalents used in diluted EPS 43,768 44,439 44,129 Income (loss) per share Continuing operations $ (0.01 ) $ (0.13 ) $ (0.32 ) Discontinued operations (4.05 ) 0.30 0.81 The following table sets forth the potential common shares outstanding for stock options that were not included in the computation of diluted EPS for the period indicated, because their effect would be anti-dilutive: Year ended December 31 In thousands 2018 2017 2016 Potential common shares 1,379 610 596 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 8. The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three years ended December 31, 2018, 2017 and 2016. 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 (loss) before reclassifications (net of tax) (27,783 ) 2,641 (9,267 ) 2,979 (31,430 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 3,650 59,428 (6,115 ) 56,963 Net current period other comprehensive income (loss) (27,783 ) 6,291 50,161 (3,136 ) 25,533 Balance at December 31, 2018 $ (69,622 ) $ 2,199 $ (71,431 ) $ 1,414 $ (137,440 ) Balance at January 1, 2017 $ (100,448 ) $ 1,500 $ (110,656 ) $ 4,998 $ (204,606 ) Other comprehensive income (loss) before reclassifications (net of tax) 58,609 (5,182 ) 2,981 (1,099 ) 55,309 Amounts reclassified from accumulated other comprehensive income (net of tax) — (410 ) 9,380 (348 ) 8,622 Net current period other comprehensive income (loss) 58,609 (5,592 ) 12,361 (1,447 ) 63,931 Balance at December 31, 2017 $ (41,839 ) $ (4,092 ) $ (98,295 ) $ 3,551 $ (140,675 ) Balance at January 1, 2016 $ (73,041 ) $ (225 ) $ (120,714 ) $ 3,494 $ (190,486 ) Other comprehensive income (loss) before reclassifications (net of tax) (27,407 ) 1,247 (4,334 ) 2,086 (28,408 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 478 14,392 (582 ) 14,288 Net current period other comprehensive income (loss) (27,407 ) 1,725 10,058 1,504 (14,120 ) Balance at December 31, 2016 $ (100,448 ) $ 1,500 $ (110,656 ) $ 4,998 $ (204,606 ) The following table sets forth the amounts reclassified from accumulated other comprehensive income (losses) for the years indicated. Year ended December 31 In thousands 2018 2017 2016 Description Line Item in Statements of Income Cash flow hedges (Note 19) (Gains) losses on cash flow hedges $ 5,020 $ (532 ) $ 551 Costs of products sold Tax expense (benefit) (1,370 ) 122 (73 ) Income tax provision (benefit) Net of tax 3,650 (410 ) 478 Retirement plan obligations (Note 11) Amortization of defined benefit pension plan items Prior service costs 39 21 21 Other, net Actuarial losses 7,050 7,109 7,582 Other, net Discontinued operations amortization of defined benefit pension plans 6,990 7,975 8,266 Discontinued operations Pension curtailment and settlement 61,917 — — Discontinued operations Pension settlement — — 7,306 Selling, general and administrative 75,996 15,105 23,175 Tax benefit (16,568 ) (5,725 ) (8,783 ) Income tax provision (benefit) Net of tax 59,428 9,380 14,392 Amortization of defined benefit other plan items Actuarial losses (261 ) (13 ) (58 ) Other, net Discontinued operations amortization of defined benefit other plans (575 ) (547 ) (879 ) Discontinued operations Other benefit plan settlement (7,949 ) — — Discontinued operations (8,785 ) (560 ) (937 ) Tax expense 2,670 212 355 Income tax provision (benefit) Net of tax (6,115 ) (348 ) (582 ) Total reclassifications, net of tax $ 56,963 $ 8,622 $ 14,288 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. On December 22, 2017, the TCJA was signed into U.S. law. Among other things, the TCJA reduced the U.S. federal corporate tax rate from 35% to 21% beginning in 2018 and required 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 The TCJA included a one-time mandatory repatriation transition tax on the net accumulated earnings and profits of a U.S. taxpayer’s foreign subsidiaries. Given the significance of the legislation, the U.S. Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 118, which allowed registrants to record provisional amounts during a one year “measurement period” similar to that used when accounting for business combinations. We performed an earnings and profits analysis which resulted in us recording in 2017 a provisional U.S. federal income tax expense of $41.8 million associated with the repatriation transition tax, and $3.8 million of non-US taxes and $0.3 million of state taxes associated with the repatriation of such earnings and profits. Our accounting for all provisions of the TCJA was completed as of December 31, 2018. We filed our 2017 U.S. federal income tax return during the third quarter of 2018 and reported the mandatory repatriation transition tax on the net earnings and profits of our foreign subsidiaries. As a result, we recorded a net benefit of $0.5 million to adjust the provisional amounts previously recorded in 2017 in connection with the repatriation provision. While the TCJA provided 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 subsidiaries’ tangible assets. For the year ended December 31, 2018, our income tax expense increased by approximately $2.5 million as a result of the GILTI provisions which, due to our utilization of U.S. federal tax loss carryforward, 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. The provision for (benefit from) income taxes from continuing operations consisted of the following: Year ended December 31 In thousands 2018 2017 2016 Current taxes Federal $ $ (1,323 ) $ (763 ) State 442 107 315 Foreign 14,985 14,292 10,203 15,427 13,076 9,755 Deferred taxes and other Federal (9,242 ) 5,375 (38,811 ) State 251 2,652 (3,428 ) Foreign 1,287 3,976 4,079 (7,704 ) 12,003 (38,160 ) Income tax provision (benefit) $ 7,723 $ 25,079 $ (28,405 ) The following are the domestic and foreign components of pretax income (loss) from continuing operations: Year ended December 31 In thousands 2018 2017 2016 United States $ (59,264 ) $ (60,788 ) $ (116,703 ) Foreign 66,539 80,255 74,121 Total pretax income (loss) $ 7,275 $ 19,467 $ (42,582 ) The following table sets forth a reconciliation of the statutory federal income tax rate to our actual effective tax rate for continuing operations. Year ended December 31 2018 2017 2016 Federal income tax provision at statutory rate 21.0 % 35.0 % 35.0 % State income taxes, net of federal income tax benefit (15.9 ) (1.8 ) 7.0 Foreign income tax rate differential (18.9 ) (58.0 ) 24.4 Tax effect of tax credits 1.3 (20.1 ) — Provision for (resolution of) tax matters 46.5 27.8 0.4 Rate changes due to enacted legislation 7.2 (1.3 ) 1.9 State benefit due to enacted legislation — (8.2 ) — Effect of U.S. tax law change (1) (7.5 ) 107.5 — Global Intangible Low-taxed Income 33.8 — — Stock-based compensation 10.0 (0.2 ) 0.2 Nondeductible officer's compensation 5.2 — — Valuation allowance 15.7 47.0 (1.8 ) Other 7.8 1.1 (0.4 ) Actual tax rate 106.2 % 128.8 % 66.7 % (1) Due to the TCJA which was enacted in December 2017, provisional mandatory transition tax on accumulated foreign earnings was accrued as of December 31, 2017. Our U.S. deferred tax assets and liabilities as of December 31, 2017 were re-measured from 35% to 21%. The provisional effects of the TCJA for the year ended December 31, 2017, are $39.0 million of deferred income tax expense, including a $6.8 million reversal of a valuation allowance, and $18.1 million of deferred income tax benefit. The sources of deferred income taxes were as follows at December 31: In thousands 2018 2017 Reserves $ 3,720 $ 3,145 Environmental 10,795 11,189 Compensation 3,957 6,782 Post-retirement benefits 2,133 12,570 Research & development expenses — 6,787 Inventories (35 ) 1,891 Tax carryforwards 21,843 21,988 Other 3,506 2,106 Deferred tax assets 45,919 66,458 Valuation allowance (30,029 ) (7,405 ) Net deferred tax assets 15,890 59,053 Property (66,426 ) (98,809 ) Intangible assets (22,231 ) (17,647 ) Pension (3,890 ) (21,941 ) Other (1,935 ) (4,110 ) Deferred tax liabilities (94,482 ) (142,507 ) Net deferred tax liabilities $ (78,592 ) $ (83,454 ) Non-current deferred tax assets and liabilities are included in the following balance sheet captions: December 31 In thousands 2018 2017 Other assets $ 59 $ 117 Deferred income taxes 78,651 83,571 At December 31, 2018 we had federal, state and foreign tax net operating loss (“NOL”) carryforwards of $37.6 million, $201.7 million and $2.7 million, respectively. These NOL carryforwards are available to offset future taxable income, if any. All federal NOL carryforwards expire in 2037. The state NOL carryforwards expire at various times and in various amounts beginning in 2019 and through 2038. Certain foreign NOL carryforwards begin to expire after 2023. The federal, state and foreign NOL carryforwards on the income tax returns filed included unrecognized tax benefits taken in prior years. The NOLs for which a deferred tax asset is recognized for financial statement purposes in accordance with ASC 740 are presented net of these unrecognized tax benefits. In addition, we had various federal tax credit carryforwards totaling $11.2 million which begin to expire after 2036, state tax credit carryforwards totaling $0.2 million, which begin to expire in 2019, and foreign investment tax credits of $2.4 million which begin to expire after 2027. As of December 31, 2018 and 2017, we had a valuation allowance of $30.0 million and $7.4 million, respectively, against net deferred tax assets, primarily due to uncertainty regarding the ability to utilize federal, state and foreign tax NOL carryforwards and certain state tax credits. In assessing the need for a valuation allowance, management considers all available positive and negative evidence in its analysis. Based on this analysis, we recorded a valuation allowance for the portion of deferred tax assets where the weight of available evidence indicated it is more likely than not that the deferred tax assets will not be realized. Tax credits and other incentives reduce tax expense in the year the credits are claimed. We recorded tax credits of $(0.1) million, $3.9 million and $0.0 million in 2018, 2017 and 2016, respectively, related to research and development credits. At December 31, 2018 and 2017, unremitted earnings of subsidiaries outside the United States deemed to be indefinitely reinvested totaled $29.0 million and $0.0 million, respectively. Because the unremitted earnings of subsidiaries are deemed to be indefinitely reinvested as of December 31, 2018 and because we have no need for or plans to repatriate such earnings, no deferred tax liability has been recognized in our consolidated financial statements. As of December 31, 2018, 2017 and 2016, we had $29.6 million, $26.9 million and $14.2 million of gross unrecognized tax benefits, respectively. As of December 31, 2018, if such benefits were to be recognized, approximately $19.8 million would be recorded as a component of income tax expense, thereby affecting our effective tax rate. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: In millions 2018 2017 2016 Balance at January 1 $ 26.9 $ 14.2 $ 12.2 Increases in tax positions for prior years 0.3 1.7 2.0 Decreases in tax positions for prior years (1.0 ) — (1.4 ) Acquisition related: Purchase Accounting 0.3 — — Increases in tax positions for current year 4.0 11.9 1.9 Settlements (0.2 ) — (0.2 ) Lapse in statutes of limitation (0.7 ) (0.9 ) (0.3 ) Balance at December 31 $ 29.6 $ 26.9 $ 14.2 We, or one of our subsidiaries, file income tax returns with the United States Internal Revenue Service, as well as various state and foreign authorities. The following table summarizes tax years that remain subject to examination by major jurisdiction: Open Tax Years Jurisdiction Examinations not yet initiated Examination in progress United States Federal 2015 - 2018 N/A State 2014 - 2018 N/A Canada ( 1) 2011-2013; 2018 2014 - 2017 Germany ( 1) 2016 - 2018 2011 - 2015 France 2018 2015-2017 United Kingdom 2017 - 2018 N/A Philippines 2015, 2018 2016, 2017 (1) Includes provincial or similar local jurisdictions, as applicable. The amount of income taxes we pay is subject to ongoing audits by federal, state and foreign tax authorities, which often result in proposed assessments. Management performs a comprehensive review of its global tax positions on a quarterly basis and accrues amounts for uncertain tax positions. Based on these reviews and the result of discussions and resolutions of matters with certain tax authorities and the closure of tax years subject to tax audit, reserves are adjusted as necessary. However, future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are determined or resolved or as such statutes are closed. Due to potential for resolution of federal, state and foreign examinations, and the expiration of various statutes of limitation, it is reasonably possible our gross unrecognized tax benefits balance may decrease within the next twelve months by a range of zero to $6.5 million. The majority 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: As of or for the year ended December 31, In millions 2018 2017 2016 Accrued interest payable $ 1.1 $ 0.8 $ 0.5 Interest expense (income) 0.3 0.3 (0.1 ) Penalties – – – |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 10. The P. H. Glatfelter Amended and Restated Long Term Incentive Plan (the “LTIP”) provides for the issuance of Glatfelter common stock to eligible participants in the form of restricted stock units, restricted stock awards, non-qualified stock options, performance shares, incentive stock options and performance units. As of December 31, 2018, there were 1,990,742 shares of common stock available for future issuance under the LTIP. Pursuant to the terms of the LTIP, we have issued to eligible participants restricted stock units, performance share awards and stock only stock appreciation rights (“SOSARs”). Restricted Stock Units (“RSUs”) and Performance Share Awards (“PSAs”) Awards of RSUs and PSAs are made under our LTIP. The vesting of RSUs is generally based on the passage of time, generally over a three -year period or in certain instances the RSUs were issued with fiver 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 the past three years: Units 2018 2017 2016 Balance at January 1, 929,386 679,038 674,523 Granted 435,542 375,435 302,722 Forfeited (112,501 ) (96,306 ) (148,232 ) Shares delivered (495,641 ) (28,781 ) (149,975 ) Balance at December 31, 756,786 929,386 679,038 2018 2017 2016 Compensation expense $ 5,971 $ 4,228 $ 2,875 The amount granted in 2018, 2017 and 2016 includes 184,834, 163,274 and 199,693 PSAs, respectively, exclusive of reinvested dividends. The weighted average grant date fair value per unit for awards in 2018, 2017 and 2016 was $20.20, $22.32 and $18.08, respectively. As of December 31, 2018, unrecognized compensation expense for outstanding RSUs and PSAs totaled $5.2 million. The weighted average remaining period over which the expense will be recognized is 1.3 years. Stock Only Stock Appreciation Rights The following table sets forth information related to outstanding SOSARS: 2018 2017 2016 SOSARS Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 2,561,846 $ 17.87 2,736,616 $ 17.64 2,199,742 $ 17.82 Granted — — — — 743,925 17.54 Exercised (158,545 ) 13.31 (157,140 ) 13.76 (61,190 ) 10.70 Canceled / forfeited (68,559 ) 21.09 (17,630 ) 18.46 (145,861 ) 22.80 Outstanding at December 31, 2,334,742 $ 18.08 2,561,846 $ 17.87 2,736,616 $ 17.64 Exercisable at December 31, 2,134,297 18.13 2,011,075 17.56 1,740,591 16.19 Vested and expected to vest 2,334,742 2,561,846 2,725,611 SOSAR Grants Weighted average grant date fair value per share — — $ 4.07 Aggregate grant date fair value (in thousands) — — $ 3,013 Black-Scholes assumptions Dividend yield — — 2.85 % Risk free rate of return — — 1.34 % Volatility — — 31.97 % Expected life — — 6 Compensation expense (in thousands) $ 317 $ 1,266 $ 2,607 Under terms of the SOSAR, the recipients receive the right to receive a payment in the form of shares of common stock equal to the difference, if any, in the fair market value of one share of common stock at the time of exercising the SOSAR and the exercise price. The SOSARs vest ratably over a three year period. No SOSARs were issued during 2018 or 2017. As of December 31, 2018, the intrinsic value of SOSARs vested and expected to vest totaled $0 million and the remaining weighted average contractual life of outstanding SOSARs was 4.7 years. |
Retirement Plans and Other Post
Retirement Plans and Other Post-Retirement Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans and Other Post-Retirement Benefits | 11. We provide non-contributory retirement benefits under both funded and unfunded plans to all U.S. employees and to certain non-U.S. employees in Germany. Participation and benefits under the plans are based upon the employees’ date of hire and the covered group in which that employee falls. U.S. benefits are based on either a unit-benefit formula for bargained hourly employees, or a final average pay formula or cash balance formula for salaried employees. Non-U.S. benefits are based, in the case of certain plans, on average salary and years of service and, in the case of other plans, on a fixed amount for each year of service. U.S. plan provisions and funding meet the requirements of the Employee Retirement Income Security Act of 1974. We use a December 31-measurement date for all of our defined benefit plans. We also provide certain health care benefits to eligible U.S.-based retired employees. Participation in the plan is closed to any salaried employees hired after December 31, 2006. These benefits include a comprehensive medical plan for retirees prior to age 65 and a fixed payment to certain retirees over age 65 to help defray the costs of Medicare. Claims are paid as reported. In connection with the sale of the Specialty Papers business unit, the buyer assumed $210 million of pension liabilities for all employees active as of October 31, 2018, and we agreed to transfer pension assets of approximately $280 million, subject to final actuarial determination. In addition, the buyers assumed $38 million of retiree healthcare liabilities related to employees active as of the October 31, 2018. We retained the pension retiree healthcare liabilities for all retired and deferred vested Specialty Paper employees. All information presented in the following tables represents amounts attributable to continuing operations and all prior year data has been restated. Pension Benefits Other Benefits In millions 2018 2017 2018 2017 Change in Benefit Obligation Balance at beginning of year $ 347.0 $ 311.5 $ 9.7 $ 9.2 Service cost 2.3 2.0 0.1 0.1 Interest cost 13.3 13.7 0.5 0.4 Plan amendments 0.1 4.1 — — Participant contributions — — 1.2 1.1 Transfers from Discontinued Operations 25.7 27.9 4.3 2.5 Actuarial (gain)/loss (10.6 ) 23.1 (3.1 ) (0.6 ) Benefits paid (45.1 ) (36.5 ) (3.5 ) (3.0 ) Effect of currency rate changes (0.5 ) 1.2 — — Balance at end of year $ 332.2 $ 347.0 $ 9.2 $ 9.7 Change in Plan Assets Fair value of plan assets at beginning of year $ 372.8 $ 327.4 $ — $ — Actual return on plan assets (22.4 ) 51.9 — — Total contributions 2.2 2.1 3.5 3.0 Transfers from Discontinued Operations 25.7 27.9 — — Benefits paid (45.1 ) (36.5 ) (3.5 ) (3.0 ) Fair value of plan assets at end of year 333.2 372.8 — — Funded status at end of year $ 1.0 $ 25.8 $ (9.2 ) $ (9.7 ) Amounts presented under the caption “transfers from discontinued operations” represent the impact of employees changing their status from what was originally assumed for purposes of accounting for discontinued operations to the final determination at the time the sale was completed. Amounts recognized in the consolidated balance sheets consist of the following as of December 31: Pension Benefits Other Benefits In millions 2018 2017 2018 2017 Other assets $ 43.3 $ 66.4 $ — $ — Current liabilities (2.1 ) (2.2 ) (2.4 ) (3.5 ) Other long-term liabilities (40.2 ) (38.4 ) (6.8 ) (6.2 ) Net amount recognized $ 1.0 $ 25.8 $ (9.2 ) $ (9.7 ) The components of amounts recognized as “Accumulated other comprehensive income” consist of the following on a pre-tax basis: Pension Benefits Other Benefits In millions 2018 2017 2018 2017 Prior service cost/(credit) $ 0.5 $ 16.1 $ — $ (0.5 ) Net actuarial loss 90.9 145.6 1.9 (5.6 ) The accumulated benefit obligation for all defined benefit pension plans was $324.0 million and $320.7 million at December 31, 2018 and 2017, respectively. The weighted-average assumptions used in computing the benefit obligations above were as follows: Pension Benefits Other Benefits 2018 2017 2018 2017 Discount rate – benefit obligation 4.34 % 3.85 % 4.19 % 3.68 % Future compensation growth rate 2.50 3.00 — — The discount rates set forth above were estimated based on the modeling of expected cash flows for each of our benefit plans and selecting a portfolio of high-quality debt instruments with maturities matching the respective cash flows of each plan. The resulting discount rates as of December 31, 2018 ranged from 2.05% to 4.54% for pension plans and from 4.11% to 4.22% for other benefit plans. Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: In millions 2018 2017 Projected benefit obligation $ 42.2 $ 40.9 Accumulated benefit obligation 36.6 36.7 Fair value of plan assets — — Net periodic benefit cost includes the following components: Year Ended December 31 In millions 2018 2017 2016 Pension Benefits Service cost $ 2.3 $ 2.0 $ 1.8 Interest cost 13.3 13.7 14.0 Expected return on plan assets (21.1 ) (22.2 ) (23.3 ) Amortization of actuarial loss 7.1 7.1 7.6 One-time settlement charge — — 7.3 Total net periodic benefit cost $ 1.6 $ 0.6 $ 7.4 Other Benefits Service cost $ 0.1 $ 0.1 $ 0.1 Interest cost 0.5 0.4 0.4 Amortization of actuarial loss (0.3 ) — (0.1 ) Total net periodic benefit cost $ 0.3 $ 0.5 $ 0.4 In 2016, we recorded a pension settlement charge of $7.3 million and settled $24.2 million of benefits in connection with a voluntary program offered to deferred vested terminated participants. Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: Year Ended December 31 In millions 2018 2017 Pension Benefits Actuarial (gain) loss $ 32.9 $ (6.8 ) Plan amendments 0.1 4.1 Recognized actuarial losses (7.1 ) (7.1 ) Total recognized in other comprehensive loss 25.9 (9.8 ) Total recognized in net periodic benefit cost and other comprehensive loss $ 27.5 $ (9.2 ) Other Benefits Actuarial (gain) loss $ (3.1 ) $ (0.6 ) Amortization of actuarial losses 0.3 — Total recognized in other comprehensive (income) loss (2.8 ) (0.6 ) Total recognized in net periodic benefit cost and other comprehensive (income) loss $ (2.5 ) $ (0.1 ) The weighted-average assumptions used in computing the net periodic benefit cost information above were as follows: Year Ended December 31 2018 2017 2016 Pension Benefits Discount rate – benefit expense 3.85 % 4.44 % 4.65 % Future compensation growth rate 3.00 3.00 3.50 Expected long-term rate of return on plan assets 7.25 7.25 7.75 Other Benefits Discount rate – benefit expense 3.68 % 4.18 % 4.38 % To develop the expected long-term rate of return assumption, we considered the historical returns and the future expected returns for each asset class, as well as the target asset allocation of the pension portfolio. Assumed health care cost trend rates used to determine benefit obligations at December 31 were as follows: 2018 2017 Health care cost trend rate assumed for next year 5.90 % 6.20 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 4.50 Year that the rate reaches the ultimate rate 2037 2037 Plan Assets All pension plan assets in the U.S. are invested through a single master trust fund. The strategic asset allocation for this trust fund is selected by management, reflecting the results of comprehensive asset and liability modeling. The general principles guiding U.S. pension asset investment policies are those embodied in the Employee Retirement Income Security Act of 1974 (ERISA). These principles include discharging our investment responsibilities for the exclusive benefit of plan participants and in accordance with the “prudent expert” standard and other ERISA rules and regulations. We establish strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. Investments and decisions will be made solely in the interest of the Plan’s participants and beneficiaries, and for the exclusive purpose of providing benefits accrued thereunder. The primary goal of the Plan is to ensure the solvency of the Plan over time and thereby meet its distribution objectives. All investments in the Plan will be made in accordance with ERISA and other applicable statutes. Diversification of plan assets is achieved by setting targets for duration of fixed income securities, maintaining a certain level of credit quality, and limiting the amount of investment in a single security and in non-investment grade paper. As of December 31, 2018, the targeted range of investment allocations of Plan assets is 80% to 100% fixed income and the balance in cash and cash equivalents. A formal asset allocation review is done periodically to ensure that the Plan has an appropriate asset allocation based on the Plan’s projected benefit obligations. It is expected that asset class performance will meet or exceed that of the assigned indices and be at least at the median relative to other professionally managed accounts in its peer group. The target return for cash and cash equivalents is a return that at least equals that of the 90-day T-bills. The Investment Policy statement lists specific categories of securities or activities that are prohibited including options, futures, commodities, hedge funds, limited partnerships, and our stock. The table below presents the fair values of our benefit plan assets by level within the fair value hierarchy, as described in Note 2: December 31, 2018 In millions Total Level 1 Level 2 Level 3 Fixed income $ 330.9 $ 41.8 $ 289.1 $ — Cash and equivalents 2.3 — 2.3 — Total $ 333.2 $ 41.8 $ 291.4 $ — December 31, 2017 In millions Total Level 1 Level 2 Level 3 Domestic Equity Large cap $ 119.0 $ 6.9 $ 112.1 $ — Small and mid cap 25.6 25.6 — — International equity 45.1 4.0 41.1 — REIT 15.3 15.3 — — Fixed income 161.1 13.3 147.8 — Cash and equivalents 6.7 0.1 6.6 — Total $ 372.8 $ 65.2 $ 307.6 $ — Cash Flow We were not required to make contributions to our qualified pension plan in 2018 nor do we expect to make any to this plan in 2019. Benefit payments expected to be made in 2019 under our non-qualified pension plans and other benefit plans are summarized below: In thousands Nonqualified pension plans $ 2,126 Other benefit plans 2,364 The following benefit payments under all pension and other benefit plans, and giving effect to expected future service, as appropriate, are expected to be paid: In thousands Pension Benefits Other Benefits 2019 $ 26,252 $ 2,364 2020 22,358 1,732 2021 22,009 1,264 2022 22,005 885 2023 21,344 665 2024 through 2028 101,499 1,992 Defined Contribution Plans We maintain 401(k) plans for certain hourly and salaried employees. Employees may contribute up to 50% of their earnings, subject to certain restrictions. Company matches are made in cash. The expense associated with our 401(k) match was $0.4 million, $0.3 million and $0.2 million in 2018, 2017 and 2016, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 12. Inventories, net of reserves were as follows: December 31 In thousands 2018 2017 Raw materials $ 50,205 $ 39,797 In-process and finished 84,894 65,277 Supplies 38,312 31,127 Total $ 173,411 $ 136,201 |
Plant, Equipment and Timberland
Plant, Equipment and Timberlands | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Plant, Equipment and Timberlands | 13. Plant, equipment and timberlands at December 31 were as follows: In thousands 2018 2017 Land and buildings $ 164,002 $ 126,980 Machinery and equipment 676,501 591,220 Furniture, fixtures, and other 152,121 137,870 Accumulated depreciation (458,567 ) (435,231 ) 534,057 420,839 Construction in progress 21,946 94,149 Timberlands, less depletion 41 195 Total $ 556,044 $ 515,183 As of December 31, 2018 and 2017, we had $4.8 million and $13.7 million, respectively, of accrued capital expenditures. The following table sets forth amounts of interest expense capitalized in connection with major capital projects: Year Ended December 31 2018 2017 2016 Interest cost incurred $ 16,005 $ 15,066 $ 14,169 Interest capitalized 396 1,749 319 Interest expense $ 15,609 $ 13,317 $ 13,850 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 14. The following table sets forth information with respect to goodwill and other intangible assets: December 31 In thousands 2018 2017 Goodwill Composite Fibers $ 79,024 $ 82,744 Advanced Airlaid Materials 74,439 — Total Goodwill 153,463 82,744 Other Intangible Assets Composite Fibers Tradename - nonamortizing 4,556 4,773 Technology and related 38,813 40,686 Customer relationships and related 35,029 36,705 Advanced Airlaid Materials Tradename 4,534 — Technology and related 18,014 1,488 Customer relationships and related 24,853 3,001 Total intangibles 125,799 86,653 Accumulated amortization (32,185 ) (27,794 ) Net intangibles $ 93,614 $ 58,859 The change in the gross value of goodwill and intangible assets was primarily due to additional amounts recorded in connection with the Steinfurt acquisition and due to currency translation adjustments. Other than goodwill and an indefinite-lived tradename, intangible assets are amortized on a straight-line basis. Customer relationships are amortized over periods ranging from 10 years to 14 years and technology and related intangible assets are amortized over periods ranging from 14 years to 20 years. The following table sets forth information pertaining to amortization of intangible assets: In thousands 2018 2017 2016 Aggregate amortization expense: $ 5,860 $ 4,773 $ 4,852 Estimated amortization expense: 2019 8,416 2020 8,289 2021 7,887 2022 7,767 2023 7,767 The remaining weighted average useful life of intangible assets was 11.4 years at December 31, 2018. |
Other Long-Term Assets
Other Long-Term Assets | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets Noncurrent [Abstract] | |
Other Long-Term Assets | 15. Other long-term assets consist of the following: December 31 In thousands 2018 2017 Pension $ 43,341 $ 66,382 Other 24,006 14,745 Total $ 67,347 $ 81,127 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | 16. Other current liabilities consist of the following: December 31 In thousands 2018 2017 Accrued payroll and benefits $ 15,898 $ 29,255 Other accrued compensation and retirement benefits 6,064 7,864 Income taxes payable 2,147 1,927 Accrued rebates 2,889 3,261 Other accrued expenses 45,599 33,361 Total $ 72,597 $ 75,668 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 17. Long-term debt is summarized as follows: December 31 In thousands 2018 2017 Revolving credit facility, due Mar. 2020 $ 114,495 $ 171,200 5.375% Notes, due Oct. 2020 250,000 250,000 2.40% Term Loan, due Jun. 2022 5,725 7,710 2.05% Term Loan, due Mar. 2023 25,972 33,607 1.30% Term Loan, due Jun. 2023 7,361 9,423 1.55% Term Loan, due Sep. 2025 9,470 11,390 Total long-term debt 413,023 483,330 Less current portion (10,785 ) (11,298 ) Unamortized deferred issuance costs (1,276 ) (1,934 ) Long-term debt, net of current portion $ 400,962 $ 470,098 Our revolving credit agreement with a consortium of banks (the “Revolving Credit Facility”) provides for borrowing up to $400 million, and matures March 12, 2020. On February 1, 2017, and September 7, 2018, the Revolving Credit Facility was further amended to, among other, (a) increase the maximum leverage ratio financial covenant to 4.0x and (b) 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 4.5x reducing 4.0x at the end of 2019. As of December 31, 2018, the leverage ratio, as calculated in accordance with the definition in our amended credit agreement was 2.9x. A breach of these requirements would give rise to certain remedies under the Revolving Credit Facility, among which are the termination of the agreement and accelerated repayment of the outstanding borrowings plus accrued and unpaid interest under the credit facility. On October 3, 2012, we completed a private placement offering of $250.0 million aggregate principal amount of 5.375% Senior Notes due 2020 (the “5.375% Notes”). The 5.375% Notes, which are now publicly 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., Inc., and Glatfelter Holdings, LLC (the “Guarantors”). Interest on the 5.375% Notes is payable semiannually in arrears on April 15 and October 15. The 5.375% Notes are redeemable, in whole or in part, at any time on or after October 15, 2016 at the redemption prices specified in the applicable Indenture. These Notes and the guarantees of the notes are senior obligations of the Company and the Guarantors, respectively, rank equally in right of payment with future senior indebtedness of the Company and the Guarantors and will mature on October 15, 2020. The 5.375% Notes contain various covenants customary to indebtedness of this nature including limitations on i) the amount of indebtedness that may be incurred; ii) certain restricted payments including common stock dividends; iii) distributions from certain subsidiaries; iv) sales of assets; v) transactions amongst subsidiaries; and vi) incurrence of liens on assets. In addition, the 5.375% Notes contain cross default provisions that could result in all such notes becoming due and payable in the event of a failure to repay debt outstanding under the Revolving Credit Agreement at maturity or a default under the Revolving Credit Agreement that accelerates the debt outstanding thereunder. As of December 31, 2018, we met all of the requirements of our debt covenants. On February 8, 2019, we refinanced the Revolving Credit Facility with a new credit facility consisting of a five-year €220 million term loan and a $400 million revolving credit facility (the “2019 Credit Facility”). The 2019 Credit Facility contains pricing, covenants and terms and conditions substantially identical to the Revolving Credit Facility which it refinanced. In addition, in January 2019 we issued a redemption notice for all outstanding 5.375% Notes. The redemption of these Notes, at par, will be completed using proceeds under the term loan and is expected to be completed on February 28, 2019. 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, will be calculated by reference to our Revolving Credit Agreement. Aggregated unamortized deferred debt issuance costs incurred in connection with all of our outstanding debt totaled $1.9 million at December 31, 2018. The deferred costs are being amortized on a straight-line basis over the life of the underlying instruments. Amortization expense related to deferred debt issuance costs totaled $1.1 million in 2018. The following schedule sets forth the amortization of our term loan agreements together with the maturity of our other long-term debt during the indicated year. In thousands 2019 $ 10,785 2020 375,281 2021 10,786 2022 9,968 2023 3,749 Thereafter 2,454 P. H. Glatfelter Company guarantees all debt obligations of its subsidiaries. All such obligations are recorded in these consolidated financial statements. As of December 31, 2018 and 2017, we had $5.2 million and $5.2 million, respectively, of letters of credit issued to us by certain financial institutions. The letters of credit, which reduce amounts available under our revolving credit facility, primarily provide financial assurances for the benefit of certain state workers compensation insurance agencies in conjunction with our self-insurance program. We bear the credit risk on this amount to the extent that we do not comply with the provisions of certain agreements. No amounts are outstanding under the letters of credit. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 18. The amounts reported on the consolidated balance sheets for cash and cash equivalents, accounts receivable and short-term debt approximate fair value. The following table sets forth the carrying value and fair value of long-term debt as of December 31: 2018 2017 In thousands Carrying Value Fair Value Carrying Value Fair Value Variable rate debt $ 114,495 $ 114,495 $ 171,200 $ 171,200 Fixed-rate bonds 250,000 249,010 250,000 253,823 2.40% Term loan 5,725 5,836 7,710 7,889 2.05% Term loan 25,972 26,346 33,607 34,122 1.30% Term Loan 7,361 7,341 9,423 9,370 1.55% Term loan 9,470 9,453 11,390 11,320 Total $ 413,023 $ 412,481 $ 483,330 $ 487,724 As of December 31, 2018 and 2017, we had $250.0 million of 5.375% fixed rate bonds. These bonds are publicly registered, but thinly traded. Accordingly, the values set forth above for the bonds, as well as our other debt instruments, are based on observable inputs and other relevant market data (Level 2). The fair value of financial derivatives is set forth below in Note 19. |
Financial Derivatives and Hedgi
Financial Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Derivatives and Hedging Activities | 19. 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 over a maximum of eighteen months. Currency forward contracts involve fixing the EUR-USD exchange rate or USD-CAD for delivery of a specified amount of foreign currency on a specified date. We designate certain currency forward contracts as cash flow hedges of forecasted raw material purchases, 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 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 consolidated statements of income (loss) as non-operating income (expense) under the caption “Other-net.” We had the following outstanding derivatives that were used to hedge foreign exchange risks associated with forecasted transactions and designated as hedging instruments: December 31 In thousands 2018 2017 Derivative Sell/Buy - sell notional Philippine Peso / British Pound 13,140 19,047 Euro / British Pound 15,250 13,586 Philippine Peso / Euro 16,446 — Euro / U.S. Dollar — 1,048 U.S. Dollar / Euro 88 946 Sell/Buy - buy notional Euro / Philippine Peso 1,069,006 890,096 British Pound / Philippine Peso 980,137 797,496 Euro / U.S. Dollar 76,417 60,519 U.S. Dollar / Canadian Dollar 35,154 32,265 British Pound / Euro 216 335 U.S. Dollar / Euro — 4,253 These contracts have maturities of eighteen months or less. Derivatives Not Designated as Hedging Instruments - Foreign Currency Hedges We also enter into forward foreign exchange contracts to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities. None of these contracts are designated as hedges for financial accounting purposes and, accordingly, changes in value of the foreign exchange forward contracts and in the offsetting underlying on-balance-sheet transactions are reflected in the accompanying consolidated statements of income (loss) under the caption “Other, net.” December 31 In thousands 2018 2017 Derivative Sell/Buy - sell notional U.S. Dollar / British Pound 25,500 17,500 British Pound / Euro 2,000 1,000 Sell/Buy - buy notional Euro / U.S. Dollar 11,000 4,500 British Pound / Euro 8,000 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 as of December 31 for the year indicated and the line items in the accompanying consolidated balance sheets where the instruments are recorded: December 31 December 31 In thousands 2018 2017 2018 2017 Prepaid Expenses and Other Other Current Balance sheet caption Current Assets Liabilities Designated as hedging: Forward foreign currency exchange contracts $ 4,381 $ 1,066 $ 1,548 $ 4,787 Not designated as hedging: Forward foreign currency exchange contracts $ 103 $ 151 $ 122 $ 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 following table summarizes the amount of income or loss from derivative instruments recognized in our results of operations for the periods indicated and the line items in the accompanying consolidated statements of income (loss) where the results are recorded: Year ended December 31 In thousands 2018 2017 2016 Designated as hedging: Forward foreign currency exchange contracts: Effective portion – cost of products sold $ (5,020 ) $ 532 $ (551 ) Ineffective portion – other – net 138 182 (166 ) Not designated as hedging : Forward foreign currency exchange contracts: Other – net $ (1,419 ) $ 882 $ 806 The impact of activity not designated as hedging was substantially all offset by the remeasurement of the underlying on-balance sheet item. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described in Note 2. The fair values of the foreign exchange forward contracts are considered to be Level 2. Foreign currency forward contracts are valued using foreign currency forward and interest rate curves. The fair value of each contract is determined by comparing the contract rate to the forward rate and discounting to present value. Contracts in a gain position are recorded in the accompanying consolidated balance sheets under the caption “Prepaid expenses and other current assets” and the value of contracts in a loss position is recorded under the caption “Other current liabilities.” A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income is as follows: In thousands 2018 2017 Balance at January 1, $ (5,640 ) $ 1,882 Deferred (losses) gains on cash flow hedges 3,624 (6,990 ) Reclassified to earnings 5,020 (532 ) Balance at December 31, $ 3,004 $ (5,640 ) We expect substantially all of the amounts recorded as a component of accumulated other comprehensive income will be realized in results of operations within the next twelve to eighteen months and the amount ultimately recognized will vary depending on actual market rates. Credit risk related to derivative activity arises in the event a counterparty fails to meet its obligations to us. This exposure is generally limited to the amounts, if any, by which the counterparty’s obligations exceed our obligation to them. Our policy is to enter into contracts only with financial institutions which meet certain minimum credit ratings. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | 20 . The following table summarizes outstanding shares of common stock: Year ended December 31 In thousands 2018 2017 2016 Shares outstanding at beginning of year 43,614 43,550 43,420 Treasury shares issued for: Restricted stock awards 304 28 108 Employee stock options exercised 41 36 22 Shares outstanding at end of year 43,959 43,614 43,550 |
Commitments, Contingencies and
Commitments, Contingencies and Legal Proceedings | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Legal Proceedings | 21. Contractual Commitments The following table summarizes the minimum annual payments due on noncancelable operating leases and other similar contractual obligations having initial or remaining terms in excess of one year: In thousands Leases Other 2019 $ 5,020 $ 84,451 2020 3,861 22,249 2021 2,515 2,483 2022 1,426 306 2023 584 49 Thereafter 383 2 Other contractual obligations primarily represent minimum purchase commitments under energy supply contracts and other purchase obligations. At December 31, 2018, required minimum annual payments due under operating leases and other similar contractual obligations aggregated $13.8 million and $109.5 million, respectively. Fox River - Neenah, Wisconsin Background. We have previously reported that we face 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”). Subject to certain procedural steps and court approvals, we have resolved many of those uncertainties as described below. Since the early 1990s, the United States, the State of Wisconsin and two Indian tribes (collectively, the “Governments”) have pursued a cleanup of a 39-mile stretch of river from Little Lake Butte des Morts into Green Bay and natural resource damages (“NRDs”). The United States 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, with contributions of certain other PRPs, implemented the remedial action in OU1 under a consent decree with the Governments. That work is complete, other than on-going monitoring and maintenance. For OU2-5, work has proceeded primarily under a Unilateral Administrative Order (“UAO”) issued in November 2007 by the EPA to us and seven other respondents. The majority of the work in OU 2-5 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 at least through 2019 and decommissioning thereafter. 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.” 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’ cost 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. The federal district court entered a somewhat revised version of the NCR/Appvion consent decree on August 23, 2017. Under the consent decree, if it were to withstand appeal, we faced 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”). 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 are 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 and the governments to recover their full claims would exceed our fair share of costs for this site. In January 2019, we reached an agreement with the United States, the State of Wisconsin, and Georgia-Pacific to resolve all remaining claims among those parties. A consent decree (“Glatfelter consent decree”) documenting that agreement was lodged in the federal district court on January 3, 2019. After an opportunity for public comment, the United States may move for entry of that consent decree. If entered, all litigation, including our appeal from entry of the NCR/Appvion consent decree would be concluded. Under the Glatfelter consent decree, we have settled the United States’ and Wisconsin’s claims for response costs paid by them before October 2018 and for NRDs. In addition, we are primarily responsible for long-term monitoring and maintenance in OU2-OU4a and for reimbursement of government oversight costs paid after October 2018. Finally, we remain responsible for our obligation to continue long-term monitoring and maintenance under our OU1 consent decree. Cost estimates. The Glatfelter consent decree calls for payment of $20.5 million to the United States in satisfaction of the governments’ claims for costs incurred prior to October 2018, and NRDs. In January 2019, we paid that amount into a court registry account, as required under the consent decree, and that amount will be disbursed to various government funds upon request of the United States should the decree be entered. We remain subject to our remaining obligations under the OU1 consent decree, which now consist of long-term monitoring and maintenance. Furthermore, assuming that the Glatfelter consent decree is entered we are primarily responsible for long term monitoring and maintenance in OU2-OU4a 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. 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 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. If the Glatfelter consent decree is entered, we will be permitted to pay for this contract using the remaining balance of the escrow account established by us and WTM I Company (“WTM I”) another PRP, under the OU1 consent decree during any period that the balance in that account exceeds the amount due under our fixed-price contract. We are obligated to make the regular payments under that fixed-price contract until the remaining amount due is paid down to below the OU1 escrow account balance. The difference at present is approximately $2 million. We are also required to secure the payment of that difference with a renewal letter of credit or another instrument in the interim. We and WTM I executed documents for the withdrawal of WTM I from the entity we jointly formed for the performance of the OU1 work and for the release of all claims between us related to the Site. The court overseeing WTM I’s bankruptcy approved this action in May 2018. As a result, we assumed WTM I’s portion of the OU1 escrow account totaling approximately $4.7 million, and have recorded a corresponding increase of the same amount to our Fox River reserve for potential liabilities associated with the river that we believe may ultimately be satisfied with funds from the escrow account. At December 31, 2018, the combined account balance totaled $8.9 million which is included in the consolidated balance sheet under the caption “other assets” Under the consent decree, we will be responsible for reimbursement of government oversight costs paid from October 2018 and later over approximately the next 30 years. We anticipate that a significant portion of the oversight costs will be incurred in the next few years until such time as remediation is completed. Once completed, costs will be an order of magnitude lower in most years during the period of long-term monitoring and maintenance. Reserves for the Site. Our reserve for past and future government oversight costs and long-term monitoring and maintenance is set forth below: Year ended December 31 In thousands 2018 2017 Balance at January 1, $ 43,144 $ 52,788 Payments (3,054 ) (9,644 ) Assumption of WTM I escrow 4,746 - Accretion 165 - Balance at December 31, $ 45,001 $ 43,144 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, $23.0 million is recorded in the accompanying December 31, 2018 consolidated balance sheet under the caption “Environmental liabilities” and the remaining $22.0 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 do not believe that our costs associated with the Fox River matter could exceed the aggregate amounts accrued by a material amount. Summary . Our current assessment is that we expect the Glatfelter consent decree will be entered by the federal district court and therefore, the Fox River matter will not have a material adverse impact on us. However, if the consent decree is not entered by the district court, there can be no assurances our reserves will be adequate to provide for future obligations related to this matter. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 22. The following tables set forth profitability and other information by business unit: For the year ended December 31, 2018 Composite Advanced Airlaid Other and In millions Fibers Materials Unallocated Total Net sales $ 554.9 $ 311.4 $ — $ 866.3 Cost of products sold 462.3 269.3 4.3 735.9 Gross profit (loss) 92.6 42.1 (4.3 ) 130.4 SG&A 44.2 12.2 55.3 111.7 Gains on dispositions of plant, equipment and timberlands, net — — (3.3 ) (3.3 ) Total operating income (loss) 48.4 29.9 (56.3 ) 21.9 Non-operating expense — — (14.7 ) (14.7 ) Income (loss) before income taxes $ 48.4 $ 29.9 $ (71.0 ) $ 7.3 Supplementary Data Plant, equipment and timberlands, net $ 233.2 $ 298.2 $ 24.6 $ 556.0 Depreciation, depletion and amortization 28.3 14.9 4.3 47.5 Capital expenditures 15.7 21.6 4.8 42.1 For the year ended December 31, 2017 Composite Advanced Airlaid Other and In millions Fibers Materials Unallocated Total Net sales $ 544.3 $ 256.1 $ — $ 800.4 Cost of products sold 437.6 216.7 2.5 656.8 Gross profit (loss) 106.7 39.4 (2.5 ) 143.6 SG&A 44.4 9.3 56.8 110.5 Gains on dispositions of plant, equipment and timberlands, net — — (0.2 ) (0.2 ) Total operating income (loss) 62.3 30.1 (59.1 ) 33.3 Non-operating expense — — (13.8 ) (13.8 ) Income (loss) before income taxes $ 62.3 $ 30.1 $ (72.9 ) $ 19.5 Supplementary Data Plant, equipment and timberlands, net $ 254.0 $ 235.6 $ 25.6 $ 515.2 Depreciation, depletion and amortization 28.3 9.6 4.2 42.1 Capital expenditures 15.9 50.6 14.3 80.8 For the year ended December 31, 2016 Composite Advanced Airlaid Other and In millions Fibers Materials Unallocated Total Net sales $ 517.0 $ 244.3 $ — $ 761.2 Cost of products sold 416.4 209.5 3.6 629.5 Gross profit (loss) 100.6 34.8 (3.6 ) 131.7 SG&A 46.3 8.4 98.4 153.2 Loss on dispositions of plant, equipment and timberlands, net — — 0.1 0.1 Total operating income (loss) 54.3 26.4 (102.1 ) (21.5 ) Non-operating expense — — (21.1 ) (21.1 ) Income (loss) before income taxes $ 54.3 $ 26.4 $ (123.2 ) $ (42.6 ) Supplementary Data Plant, equipment and timberlands, net $ 235.1 $ 179.3 $ 14.4 $ 428.8 Depreciation, depletion and amortization 27.8 9.0 2.5 39.3 Capital expenditures 18.8 36.8 5.6 61.2 The sum of individual amounts set forth above may not agree to the consolidated financial statements included herein due to rounding. Results of individual business units are presented based on our management accounting practices and management structure. There is no comprehensive, authoritative body of guidance for management accounting equivalent to accounting principles generally accepted in the United States of America; therefore, the financial results of individual business units are not necessarily comparable with similar information for any other company. The management accounting process uses assumptions and allocations to measure performance of the business units. Methodologies are refined from time to time as management accounting practices are enhanced and businesses change. The costs incurred by support areas not directly aligned with the business unit are allocated primarily based on an estimated utilization of support area services. Management evaluates results of operations of the business units before pension expense, certain corporate level costs, and the effects of certain gains or losses not considered to be related to the core business operations. Management believes that this is a more meaningful representation of the operating performance of its core businesses, the profitability of business units and the extent of cash flow generated from these core operations. Such amounts are presented under the caption “Other and Unallocated.” In the evaluation of business unit results, management does not use any measures of total assets. This presentation is aligned with the management and operating structure of our company. It is also on this basis that the Company’s performance is evaluated internally and by the Company’s Board of Directors. Our Composite Fibers business unit serves customers globally and focuses on higher value-added products in the following markets: • Food & Beverage filtration paper primarily used for single-serve coffee and tea products; • Wallcovering base materials used by the world’s largest wallpaper manufacturers; • Technical Specialties a diverse line of special paper products used in applications such as electrical energy storage, transport and transmission, wipes, and other highly-engineered fiber-based applications; • Composite Laminate paper used in production of decorative laminates, furniture, and flooring applications; and • Metallized products used in labels, packaging liners, gift wrap, and other consumer product applications. The Advanced Airlaid Materials business unit is a leading global supplier of highly absorbent cellulose-based airlaid nonwoven materials used in: • feminine hygiene; • specialty wipes; • table top; • adult incontinence; • home care; and • other consumer products. Disaggregated revenue by market segment and geographic region for Composite Fibers and Advanced Airlaid Materials is presented in Item 8 Financial Statements and Supplementary Data, Note 6 – Revenue. Approximately 16% of our consolidated net revenue in 2018, 2017 and 2016, were from sales to Procter & Gamble Company, a customer of the Advanced Airlaid Materials business unit. Our net sales to external customers and location of net plant, equipment and timberlands are summarized below. Net sales are attributed to countries based upon origin of shipment. 2018 2017 2016 In thousands Net sales Plant, Equipment and Timberlands – Net Net sales Plant, Equipment and Timberlands – Net Net sales Plant, Equipment and Timberlands – Net United States $ 124,690 $ 109,797 $ 89,773 $ 105,663 $ 74,986 $ 44,851 Germany 483,628 286,839 450,668 240,932 427,520 220,380 United Kingdom 76,053 50,483 76,594 55,494 78,759 51,903 Canada 114,877 74,448 120,433 78,220 115,901 79,727 Other 67,038 34,477 62,894 34,874 64,050 31,911 Total $ 866,286 $ 556,044 $ 800,362 $ 515,183 $ 761,216 $ 428,772 |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Statements | 23. 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., Glatfelter Advance Materials N.A., Inc., and Glatfelter Holdings, LLC. The guarantees are subject to certain customary release provisions including i) the designation of such subsidiary as an unrestricted or excluded subsidiary; (ii) in connection with any sale or disposition of the capital stock of the subsidiary guarantor; and (iii) upon our exercise of our legal defeasance option or our covenant defeasance option, all of which are more fully described in the Indenture dated as of October 3, 2012 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 (loss), including comprehensive income (loss), and cash flows for the years ended December 31, 2018, 2017 and 2016 and our condensed consolidating balance sheets as of December 31, 2018 and 2017. Condensed Consolidating Statement of Income (Loss) for the year ended December 31, 2018 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ - $ 124,716 $ 844,005 $ (102,435 ) $ 866,286 Costs of products sold 3,746 117,867 716,701 (102,435 ) 735,879 Gross profit (loss) (3,746 ) 6,849 127,304 — 130,407 Selling, general and administrative expenses 45,491 1,856 64,374 — 111,721 Gain on dispositions of plant equipment and timberlands, net (16 ) (3,225 ) (15 ) — (3,256 ) Operating income (loss) (49,221 ) 8,218 62,945 — 21,942 Other non-operating income (expense) Interest expense (23,527 ) (2,784 ) (2,664 ) 13,366 (15,609 ) Interest income 7,070 6,238 617 (13,366 ) 559 Equity in earnings of subsidiaries 53,684 51,721 — (105,405 ) — Other, net (714 ) (6,862 ) 7,959 — 383 Total other non-operating income (expense) 36,513 48,313 5,912 (105,405 ) (14,667 ) Income (loss) before income taxes (12,708 ) 56,531 68,857 (105,405 ) 7,275 Income tax provision (benefit) (12,260 ) 3,079 16,904 — 7,723 Income (loss) from continuing operations (448 ) 53,452 51,953 (105,405 ) (448 ) Discontinued operations: Income (loss) from discontinued operations before income taxes (207,242 ) — — — (207,242 ) Income tax provision (benefit) (30,086 ) — — — (30,086 ) Income (loss) from discontinued operations (177,156 ) — — — (177,156 ) Net income (loss) (177,604 ) 53,452 51,953 (105,405 ) (177,604 ) Other comprehensive income (loss) 25,533 (22,411 ) (23,214 ) 45,625 25,533 Comprehensive income (loss) $ (152,071 ) $ 31,041 $ 28,739 $ (59,780 ) $ (152,071 ) Condensed Consolidating Statement of Income for the year ended December 31, 2017 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ - $ 89,787 $ 798,603 $ (88,028 ) $ 800,362 Costs of products sold 598 85,196 659,007 (88,028 ) 656,773 Gross profit (598 ) 4,591 139,596 — 143,589 Selling, general and administrative expenses 45,623 2,598 62,313 — 110,534 Gain on dispositions of plant equipment and timberlands, net — (188 ) (9 ) — (197 ) Operating income (loss) (46,221 ) 2,181 77,292 — 33,252 Other non-operating income (expense) Interest expense (15,939 ) (971 ) (1,801 ) 5,394 (13,317 ) Interest income 599 4,947 85 (5,394 ) 237 Equity in earnings of subsidiaries 18,864 60,871 — (79,735 ) — Other, net 2,756 (6,776 ) 3,315 — (705 ) Total other non-operating income (expense) 6,280 58,071 1,599 (79,735 ) (13,785 ) Income (loss) before income taxes (39,941 ) 60,252 78,891 (79,735 ) 19,467 Income tax provision (benefit) (34,329 ) 41,388 18,020 — 25,079 Income (loss) from continuing operations (5,612 ) 18,864 60,871 (79,735 ) (5,612 ) Discontinued operations: Income from discontinued operations before income taxes 19,868 — — — 19,868 Income tax provision 6,342 — — — 6,342 Income from discontinued operations 13,526 — — — 13,526 Net income 7,914 18,864 60,871 (79,735 ) 7,914 Other comprehensive income 63,931 52,290 51,828 (104,118 ) 63,931 Comprehensive income $ 71,845 $ 71,154 $ 112,699 $ (183,853 ) $ 71,845 Condensed Consolidating Statement of Income for the year ended December 31, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ - $ 75,000 $ 755,860 $ (69,644 ) $ 761,216 Costs of products sold 240 70,991 627,880 (69,644 ) 629,467 Gross profit (loss) (240 ) 4,009 127,980 — 131,749 Selling, general and administrative Expenses 95,846 (156 ) 57,463 — 153,153 Loss on dispositions of plant equipment and timberlands, net 77 — 39 — 116 Operating income (loss) (96,163 ) 4,165 70,478 — (21,520 ) Other non-operating income (expense) Interest expense (15,464 ) (41 ) (3,060 ) 4,715 (13,850 ) Interest income 687 4,177 57 (4,715 ) 206 Equity in earnings of subsidiaries 61,007 58,347 — (119,354 ) — Other, net (8,459 ) (3,966 ) 5,007 — (7,418 ) Total other non-operating income (expense) 37,771 58,517 2,004 (119,354 ) (21,062 ) Income (loss) before income taxes (58,392 ) 62,682 72,482 (119,354 ) (42,582 ) Income tax provision (benefit) (44,215 ) 1,675 14,135 — (28,405 ) Income (loss) from continuing operations (14,177 ) 61,007 58,347 — (14,177 ) Discontinued operations: Income from discontinued operations before income taxes 53,388 — — — 53,388 Income tax provision 17,657 — — — 17,657 Income from discontinued operations 35,731 — — — 35,731 Net income 21,554 61,007 58,347 — 21,554 Other comprehensive income (loss) (14,120 ) (25,916 ) (25,176 ) 51,092 (14,120 ) Comprehensive income $ 7,434 $ 35,091 $ 33,171 $ 51,092 $ 7,434 Condensed Consolidating Balance Sheet as of December 31, 2018 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Assets Cash and cash equivalents $ 69,574 $ 2,924 $ 70,187 $ — $ 142,685 Other current assets 113,809 162,065 306,575 (255,848 ) 326,601 Current assets held for sale — — — — — Plant, equipment and timberlands, net 23,943 85,854 446,247 — 556,044 Investments in subsidiaries 789,958 651,873 — (1,441,831 ) — Other assets 59,252 — 255,172 — 314,424 Noncurrent assets held for sale — — — — — Total assets $ 1,056,536 $ 902,716 $ 1,078,181 $ (1,697,679 ) $ 1,339,754 Liabilities and Shareholders' Equity Current liabilities $ 212,625 $ 105,603 $ 170,422 $ (255,848 ) $ 232,802 Current liabilities held for sale — — — — — Long-term debt 248,906 — 152,056 — 400,962 Deferred income taxes (11,024 ) 15,891 73,784 — 78,651 Other long-term liabilities 67,131 107 21,203 — 88,441 Long-term liabilities held for sale — — — — — Total liabilities 517,638 121,601 417,465 (255,848 ) 800,856 Shareholders’ equity 538,898 781,115 660,716 (1,441,831 ) 538,898 Total liabilities and shareholders’ equity $ 1,056,536 $ 902,716 $ 1,078,181 $ (1,697,679 ) $ 1,339,754 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 59,341 217,822 279,626 (277,989 ) 278,800 Current assets held for sale 189,952 — — — $ 189,952 Plant, equipment and timberlands, net 24,671 80,992 409,520 — 515,183 Investments in subsidiaries 829,895 653,128 — (1,483,023 ) — Other assets 82,201 — 140,529 — 222,730 Noncurrent assets held for sale 407,911 — — — 407,911 Total assets $ 1,595,263 $ 952,662 $ 943,882 $ (1,761,012 ) $ 1,730,795 Liabilities and Shareholders' Equity Current liabilities $ 289,967 $ 54,640 $ 167,738 $ (277,989 ) $ 234,356 Current liabilities held for sale 112,820 — — — 112,820 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 59,598 313 19,738 — 79,649 Long-term liabilities held for sale 41,373 — — — 41,373 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 year ended December 31, 2018 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ (61,355 ) $ 14,707 $ 81,131 $ (40,435 ) $ (5,952 ) Investing activities Expenditures for purchases of plant, equipment and timberlands (4,799 ) (14,929 ) (22,401 ) — (42,129 ) Proceeds from disposals of plant, equipment and timberlands, net 17 3,416 29 — 3,462 Advances of intercompany loans (75,500 ) (8,050 ) — 83,550 — Intercompany capital contributed — (315 ) — 315 — Intercompany capital returned — 20,000 — (20,000 ) — Acquisitions, net of cash acquired — — (178,905 ) — (178,905 ) Other (68 ) — — — (68 ) Total investing activities (80,350 ) 122 (201,277 ) 63,865 (217,640 ) Financing activities Net borrowings (repayments) of long-term debt (120,200 ) (51,000 ) 104,685 — (66,515 ) Payment of dividends to shareholders (22,760 ) — — — (22,760 ) Borrowings of intercompany loans 8,050 68,500 7,000 (83,550 ) — Intercompany capital received — — 315 (315 ) — Intercompany capital returned — — (20,000 ) 20,000 — Payment of intercompany dividend — (30,125 ) (10,310 ) 40,435 — Payments related to share-based compensation awards and other (2,151 ) — — — (2,151 ) Total financing activities (137,061 ) (12,625 ) 81,690 (23,430 ) (91,426 ) Effect of exchange rate on cash — — (5,564 ) — (5,564 ) Net increase (decrease) in cash (278,766 ) 2,204 (44,020 ) — (320,582 ) Change in cash from discontinued operations 347,048 — — — 347,048 Cash at the beginning of period 1,292 720 114,207 — 116,219 Cash at the end of period $ 69,574 $ 2,924 $ 70,187 $ — $ 142,685 Condensed Consolidating Statement of Cash Flows for the ended December 31, 2017 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ (55,287 ) $ (3,506 ) $ 112,027 $ — $ 53,234 Investing activities Expenditures for purchases of plant, equipment and timberlands (14,301 ) (45,644 ) (20,838 ) — (80,783 ) Proceeds from disposals of plant, equipment and timberlands, net 1 209 8 — 218 Repayments from intercompany loans — 12,000 — (12,000 ) — Advances of intercompany loans — (14,400 ) — 14,400 — Intercompany capital contributed (14,000 ) (400 ) — 14,400 — Intercompany capital returned — — — — — Other (243 ) — — — (243 ) Total investing activities (28,543 ) (48,235 ) (20,830 ) 16,800 (80,808 ) Financing activities Net borrowings (repayments) of long-term debt 84,200 37,000 (21,535 ) — 99,665 Payment of dividends to shareholders (22,480 ) — — — (22,480 ) Repayments of intercompany loans — — (12,000 ) 12,000 — Borrowings of intercompany loans 14,400 — — (14,400 ) — Intercompany capital received — 14,000 400 (14,400 ) — Payments related to share-based compensation awards and other (472 ) — — — (472 ) Total financing activities 75,648 51,000 (33,135 ) (16,800 ) 76,713 Effect of exchange rate on cash — — 7,244 — 7,244 Net increase (decrease) in cash (8,182 ) (741 ) 65,306 — 56,383 Change in cash from discontinued operations 4,392 — — — 4,392 Cash at the beginning of period 5,082 1,461 48,901 — 55,444 Cash at the end of period $ 1,292 $ 720 $ 114,207 $ — $ 116,219 Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ (51,923 ) $ 1,275 $ 81,726 $ — $ 31,078 Investing activities Expenditures for purchases of plant, equipment and timberlands (5,599 ) (30,682 ) (24,881 ) — (61,162 ) Proceeds from disposals of plant, equipment and timberlands, net — — 29 — 29 Repayments from intercompany loans — 15,601 — (15,601 ) — Advances of intercompany loans — (18,330 ) — 18,330 — Intercompany capital contributed (17,000 ) (500 ) — 17,500 — Acquisitions, net of cash acquired — — — — — Other (800 ) — — — (800 ) Total investing activities (23,399 ) (33,911 ) (24,852 ) 20,229 (61,933 ) Financing activities Net borrowings (repayments) of long-term debt 36,000 14,000 (35,886 ) — 14,114 Payments of borrowing costs (136 ) — — — (136 ) Payment of dividends to shareholders (21,589 ) — — — (21,589 ) Repayments of intercompany loans — — (15,601 ) 15,601 — Borrowings of intercompany loans 18,330 — — (18,330 ) — Intercompany capital received — 17,000 500 (17,500 ) — Payment of intercompany dividend — 632 (632 ) — Proceeds from government grants — 2,000 — — 2,000 Payments related to share-based compensation awards and other (990 ) — — — (990 ) Total financing activities 31,615 33,632 (51,619 ) (20,229 ) (6,601 ) Effect of exchange rate on cash — — (2,063 ) — (2,063 ) Net increase (decrease) in cash (43,707 ) 996 3,192 — (39,519 ) Change in cash from discontinued operations (10,341 ) (10,341 ) Cash at the beginning of period 59,130 465 45,709 — 105,304 Cash at the end of period $ 5,082 $ 1,461 $ 48,901 $ — $ 55,444 |
Quarterly Results
Quarterly Results | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results | 24. In thousands, Net sales Gross Profit Income (loss) from continuing operations Earnings (loss) per share except per share 2018 2017 2018 2017 2018 2017 2018 2017 First $ 211,209 $ 184,941 $ 36,561 $ 32,781 $ 2,268 $ 1,701 $ 0.05 $ 0.04 Second 215,742 195,974 33,300 35,096 1,278 2,341 0.03 0.05 Third 209,855 210,120 29,872 37,375 (705 ) 5,045 (0.02 ) 0.11 Fourth 229,480 209,327 30,674 38,337 (3,289 ) (14,699 ) (0.08 ) (0.34 ) |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | P. H. GLATFELTER COMPANY AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL STATEMENT SCHEDULE For each of the three years ended December 31, 2018 Valuation and Qualifying Accounts Allowance for In thousands Doubtful Accounts Sales Discounts and Deductions 2018 2017 2016 2018 2017 2016 Balance, beginning of year $ 1,761 $ 1,695 $ 2,081 $ 1,029 $ 925 $ 1,301 Provision 695 (152 ) 32 2,075 1,191 690 Write-offs, recoveries and discounts allowed (688 ) — (363 ) (2,294 ) (1,159 ) (1,054 ) Other (a) (107 ) 218 (55 ) 22 72 (12 ) Balance, end of year $ 1,661 $ 1,761 $ 1,695 $ 832 $ 1,029 $ 925 The provision for doubtful accounts is included in selling, general and administrative expense and the provision for sales discounts and deductions is deducted from sales. The related allowances are deducted from accounts receivable. (a) Relates primarily to changes in currency exchange rates. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Glatfelter and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Management believes the estimates and assumptions used in the preparation of these consolidated financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes that actual results may differ from those estimates and assumptions. |
Discontinued Operations | Discontinued Operations The results of operations for the Specialty Papers Business Unit have been classified as discontinued operations for all periods presented in the consolidated statements of income (loss). In addition, the related assets and liabilities of this business unit have been classified as held for sale in the consolidated balance sheets for December 31, 2017. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Inventories | Inventories Inventories are stated at the lower of cost or market. Raw materials, in-process and finished goods inventories are valued principally using the average-cost method. |
Plant, Equipment and Timberlands | Plant, Equipment and Timberlands For financial reporting purposes, depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. The range of estimated service lives used to calculate financial reporting depreciation for principal items of plant and equipment are as follows: Buildings 15 – 45 Years Machinery and equipment 5 – 40 Years Other 3 – 25 Years |
Maintenance and Repairs | Maintenance and Repairs Maintenance and repairs costs are charged to income and major renewals and betterments are capitalized. At the time property is retired or sold, the net carrying value is eliminated and any resultant gain or loss is included in income. |
Valuation of Long-lived Assets, Intangible Assets and Goodwill | Valuation of Long-lived Assets, Intangible Assets and Goodwill We evaluate long-lived assets for impairment when a specific event indicates that the carrying value of an asset may not be recoverable. Recoverability is assessed based on estimates of future cash flows expected to result from the use and eventual disposition of the asset. If the sum of expected undiscounted cash flows is less than the carrying value of the asset, the asset’s fair value is estimated and an impairment loss is recognized for the amount by which the carrying value exceeds the estimated fair value. Goodwill and non-amortizing tradename intangible assets are reviewed for impairment during the third quarter of each year or more frequently if impairment indicators are present. The fair value of Goodwill is determined using market approach and a discounted cash flow model. The fair value of non-amortizing tradename intangible assets is determined using a discounted cash flow model. For Goodwill, impairment losses, if any, are recognized for the amount by which the carrying value of the reporting unit exceeds its fair value. The carrying value of a reporting unit is defined using an enterprise premise which is generally determined by the difference between the unit’s assets and operating liabilities. With respect to non-amortizing tradenames, impairment losses, if any, are recognized for the amount by which the carrying value of the tradename exceeds its fair value. |
Income Taxes | Income Taxes Income taxes are determined using the asset and liability method of accounting for income taxes in accordance with FASB ASC 740 Income Taxes (“ASC 740”). Under ASC 740, tax expense includes U.S. and international income taxes plus the provision for U.S. taxes on undistributed earnings of international subsidiaries not deemed to be permanently invested. Tax credits and other incentives reduce tax expense in the year the credits are claimed. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effect of such temporary differences is reported in deferred income taxes. Deferred tax assets are recognized if it is more likely than not that the assets will be realized in future years. We establish a valuation allowance for deferred tax assets for which realization is not more likely than not. Significant judgment is required in determining our worldwide provision for income taxes and recording the related assets and liabilities. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is less than certain. We and our subsidiaries are examined by various Federal, State, and foreign tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. We continually assess the likelihood and amount of potential adjustments and record any necessary adjustments in the period in which the facts that give rise to a revision become known. Investment tax credits are accounted for by the flow-through method, which results in recognition of the benefit in the year in which the credit become available. |
Treasury Stock | Treasury Stock Common stock purchased for treasury is recorded at cost. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock on the weighted-average cost basis. |
Foreign Currency Translation | Foreign Currency Translation Foreign currency translation gains and losses and the effect of exchange rate changes on transactions designated as hedges of net foreign investments are included as a component of other comprehensive income (loss). Transaction gains and losses are included in income in the period in which they occur. |
Revenue Recognition | Revenue Recognition We 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 6 for additional information about the disaggregation of our net sales. Our revenue is earned primarily from the manufacture and sale of 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. |
Environmental Liabilities | Environmental Liabilities Accruals for losses associated with environmental obligations are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on existing legislation and remediation technologies. These accruals are adjusted periodically as assessment and remediation actions continue and/or further legal or technical information develops. Such undiscounted liabilities are exclusive of any insurance or other claims against third parties. Environmental costs are capitalized if the costs extend the life of the asset, increase its capacity and/or mitigate or prevent contamination from future operations. Recoveries of environmental remediation costs from other parties, including insurance carriers, are recorded as assets when their receipt is assured beyond a reasonable doubt. |
Earnings Per Share | Earnings Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average common shares outstanding during the respective periods. Diluted earnings per share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. In periods in which there is a net loss, diluted loss per share is equal to basic loss per share. The dilutive effect of common share equivalents is considered in the diluted earnings per share computation using the treasury stock method. |
Financial Derivatives and Hedging Activities | Financial Derivatives and Hedging Activities We use financial derivatives to manage exposure to changes in foreign currencies. In accordance with FASB ASC 815 Derivatives and Hedging (“ASC 815”), we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The effective portion of the gain or loss on those derivative instruments designated and qualifying as a hedge of the exposure to variability in expected future cash flows related to forecasted transactions is deferred and reported as a component of accumulated other comprehensive income (loss). Deferred gains or losses are reclassified to our results of operations at the time the hedged forecasted transaction is recorded in our results of operations. The effectiveness of cash flow hedges is assessed at inception and quarterly thereafter. If the instrument becomes ineffective or it becomes probable that the originally forecasted transaction will not occur, the related change in fair value of the derivative instrument is also reclassified from accumulated other comprehensive income (loss) and recognized in earnings. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Under the accounting for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In 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 March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities" In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Range of Estimated Service Lives | The range of estimated service lives used to calculate financial reporting depreciation for principal items of plant and equipment are as follows: Buildings 15 – 45 Years Machinery and equipment 5 – 40 Years Other 3 – 25 Years |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Summary of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The preliminary allocation of the purchase price to assets acquired and liabilities assumed is as follows: In thousands Preliminary Allocation Assets Cash and cash equivalents $ 7,540 Accounts receivable 13,277 Inventory 11,133 Prepaid and other current assets 290 Plant, equipment and timberlands 66,167 Intangible assets 43,573 Goodwill 75,317 Total assets 217,297 Liabilities Accounts payable 8,577 Deferred tax liabilities 19,119 Other long term liabilities 1,162 Total liabilities 28,858 Total 188,439 less cash acquired (7,540 ) Total purchase price $ 180,899 |
Summary of Unaudited Pro Forma Financial Information | The following table summarizes unaudited pro forma financial information as if the acquisition occurred as of January 1, 2017: Year ended December 31 (Unaudited) In thousands, except per share 2018 2017 Pro forma Net sales $ 937,043 $ 904,430 Income from continuing operations 1,585 1,396 Income per share from continuing operations 0.04 0.03 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Discontinued Operations Included in Condensed Consolidated Statements of Income (Loss) | The following table sets forth a summary of discontinued operations included in the condensed consolidated statements of income (loss): Year ended December 31 In thousands 2018 2017 2016 Net sales $ 661,186 $ 790,935 $ 843,582 Energy and related sales, net 3,388 5,126 6,141 Total revenues 664,574 796,061 849,723 Costs of products sold 637,472 751,135 767,320 Gross profit 27,102 44,926 82,403 Selling, general and administrative expenses 32,465 22,538 29,701 (Gains) losses on dispositions of plant, equipment and timberlands, net (423 ) 219 101 Operating income (loss) (4,940 ) 22,169 52,601 Non-operating income (expense) Interest expense (6,942 ) (4,455 ) (1,972 ) Other, net (51,236 ) 2,154 2,759 Impairment charge (144,124 ) — — Income (loss) before income taxes (207,242 ) 19,868 53,388 Income tax provision (benefit) (30,086 ) 6,342 17,657 Income (loss) from discontinued operations $ (177,156 ) $ 13,526 $ 35,731 |
Summary of Carrying Amounts of Major Asset and Liabilities Classified as Held for Sale in Consolidated Balance Sheet | The following table sets forth the carrying amounts of Specialty Papers’ major asset and liabilities, which were classified as held for sale in the consolidated balance sheet as of the end of 2017: December 31 In thousands 2017 Assets Accounts receivable, net $ 63,567 Inventories 115,858 Prepaid expenses and other current assets 10,527 Current assets held for sale $ 189,952 Plant, equipment and timberlands, net 350,560 Other assets 57,351 Noncurrent assets held for sale $ 407,911 Liabilities Accounts payable $ 77,266 Other current liabilities 35,554 Current liabilities held for sales $ 112,820 Long-term liabilities held for sale $ 41,373 |
Summary of Cash Flows from Discontinued Operations Included in Consolidated Statements of Cash Flows | The following table sets forth a summary of cash flows from discontinued operations which is included in the consolidated statements of cash flows: Year ended December 31 In thousands 2018 2017 2016 Net cash provided by operating activities $ 38,803 $ 51,028 $ 85,032 Net cash provided by (used in) investing activities 308,120 (51,511 ) (98,955 ) Net cash provided by financing activities 125 4,875 3,582 Change in cash and cash equivalents from discontinued operations $ 347,048 $ 4,392 $ (10,341 ) |
Gain on Dispositions of Plant_2
Gain on Dispositions of Plant, Equipment and Timberlands (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Summary for Sale of Timberlands and Other Assets | During 2018, 2017 and 2016, we completed the following sales of assets: Dollars in thousands Acres Proceeds Gain (loss) 2018 Timberlands 1,918 $ 3,414 $ 3,225 Other n/a 48 31 Total $ 3,462 $ 3,256 2017 Timberlands 332 $ 209 $ 188 Other n/a 9 9 Total $ 218 $ 197 2016 Timberlands — $ - $ - Other n/a 29 (116 ) Total $ 29 $ (116 ) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 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: Year ended December 31 In thousands 2018 2017 2016 Composite Fibers Food & beverage $ 279,515 $ 268,474 $ 258,463 Wallcovering 103,686 103,011 90,767 Technical specialties and other 81,281 76,991 71,558 Metallized 52,174 57,088 61,059 Composite laminates 38,213 38,696 35,107 554,869 544,260 516,954 Advanced Airlaid Materials Feminine hygiene 195,686 179,671 173,902 Specialty wipes 45,375 29,519 25,206 Table top 21,600 6,707 6,718 Adult incontinence 19,734 14,425 12,281 Home care 16,010 13,029 12,630 Other 13,012 12,751 13,525 311,417 256,102 244,262 TOTAL $ 866,286 $ 800,362 $ 761,216 Year ended December 31 In thousands 2018 2017 2016 Composite Fibers Europe, Middle East and Africa $ 354,978 $ 349,336 $ 341,334 Americas 113,546 107,064 97,441 Asia Pacific 86,345 87,860 78,179 554,869 544,260 516,954 Advanced Airlaid Materials Europe, Middle East and Africa 163,157 132,480 125,818 Americas 144,913 122,379 116,895 Asia Pacific 3,347 1,243 1,549 311,417 256,102 244,262 TOTAL $ 866,286 $ 800,362 $ 761,216 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 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 (loss) per share (EPS): Year ended December 31 In thousands, except per share 2018 2017 2016 Net income (loss) $ (177,604 ) $ 7,914 $ 21,554 Weighted average common shares outstanding used in basic EPS 43,768 43,609 43,558 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs — 830 571 Weighted average common shares outstanding and common share equivalents used in diluted EPS 43,768 44,439 44,129 Income (loss) per share Continuing operations $ (0.01 ) $ (0.13 ) $ (0.32 ) Discontinued operations (4.05 ) 0.30 0.81 |
Number of Potential Common Shares that have been Excluded from Computation of Diluted Earnings Per Share for Indicated Period Due to Their Anti-Dilutive Nature | The following table sets forth the potential common shares outstanding for stock options that were not included in the computation of diluted EPS for the period indicated, because their effect would be anti-dilutive: Year ended December 31 In thousands 2018 2017 2016 Potential common shares 1,379 610 596 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 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 years ended December 31, 2018, 2017 and 2016. 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 (loss) before reclassifications (net of tax) (27,783 ) 2,641 (9,267 ) 2,979 (31,430 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 3,650 59,428 (6,115 ) 56,963 Net current period other comprehensive income (loss) (27,783 ) 6,291 50,161 (3,136 ) 25,533 Balance at December 31, 2018 $ (69,622 ) $ 2,199 $ (71,431 ) $ 1,414 $ (137,440 ) Balance at January 1, 2017 $ (100,448 ) $ 1,500 $ (110,656 ) $ 4,998 $ (204,606 ) Other comprehensive income (loss) before reclassifications (net of tax) 58,609 (5,182 ) 2,981 (1,099 ) 55,309 Amounts reclassified from accumulated other comprehensive income (net of tax) — (410 ) 9,380 (348 ) 8,622 Net current period other comprehensive income (loss) 58,609 (5,592 ) 12,361 (1,447 ) 63,931 Balance at December 31, 2017 $ (41,839 ) $ (4,092 ) $ (98,295 ) $ 3,551 $ (140,675 ) Balance at January 1, 2016 $ (73,041 ) $ (225 ) $ (120,714 ) $ 3,494 $ (190,486 ) Other comprehensive income (loss) before reclassifications (net of tax) (27,407 ) 1,247 (4,334 ) 2,086 (28,408 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 478 14,392 (582 ) 14,288 Net current period other comprehensive income (loss) (27,407 ) 1,725 10,058 1,504 (14,120 ) Balance at December 31, 2016 $ (100,448 ) $ 1,500 $ (110,656 ) $ 4,998 $ (204,606 ) |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | The following table sets forth the amounts reclassified from accumulated other comprehensive income (losses) for the years indicated. Year ended December 31 In thousands 2018 2017 2016 Description Line Item in Statements of Income Cash flow hedges (Note 19) (Gains) losses on cash flow hedges $ 5,020 $ (532 ) $ 551 Costs of products sold Tax expense (benefit) (1,370 ) 122 (73 ) Income tax provision (benefit) Net of tax 3,650 (410 ) 478 Retirement plan obligations (Note 11) Amortization of defined benefit pension plan items Prior service costs 39 21 21 Other, net Actuarial losses 7,050 7,109 7,582 Other, net Discontinued operations amortization of defined benefit pension plans 6,990 7,975 8,266 Discontinued operations Pension curtailment and settlement 61,917 — — Discontinued operations Pension settlement — — 7,306 Selling, general and administrative 75,996 15,105 23,175 Tax benefit (16,568 ) (5,725 ) (8,783 ) Income tax provision (benefit) Net of tax 59,428 9,380 14,392 Amortization of defined benefit other plan items Actuarial losses (261 ) (13 ) (58 ) Other, net Discontinued operations amortization of defined benefit other plans (575 ) (547 ) (879 ) Discontinued operations Other benefit plan settlement (7,949 ) — — Discontinued operations (8,785 ) (560 ) (937 ) Tax expense 2,670 212 355 Income tax provision (benefit) Net of tax (6,115 ) (348 ) (582 ) Total reclassifications, net of tax $ 56,963 $ 8,622 $ 14,288 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Benefit from Income Taxes from Continuing Operations | The provision for (benefit from) income taxes from continuing operations consisted of the following: Year ended December 31 In thousands 2018 2017 2016 Current taxes Federal $ $ (1,323 ) $ (763 ) State 442 107 315 Foreign 14,985 14,292 10,203 15,427 13,076 9,755 Deferred taxes and other Federal (9,242 ) 5,375 (38,811 ) State 251 2,652 (3,428 ) Foreign 1,287 3,976 4,079 (7,704 ) 12,003 (38,160 ) Income tax provision (benefit) $ 7,723 $ 25,079 $ (28,405 ) |
Schedule of Domestic and Foreign Components of Pretax Income (Loss) from Operations | The following are the domestic and foreign components of pretax income (loss) from continuing operations: Year ended December 31 In thousands 2018 2017 2016 United States $ (59,264 ) $ (60,788 ) $ (116,703 ) Foreign 66,539 80,255 74,121 Total pretax income (loss) $ 7,275 $ 19,467 $ (42,582 ) |
Schedule of Reconciliation of Federal Statutory Rate to Company's Effective Tax Rate | The following table sets forth a reconciliation of the statutory federal income tax rate to our actual effective tax rate for continuing operations. Year ended December 31 2018 2017 2016 Federal income tax provision at statutory rate 21.0 % 35.0 % 35.0 % State income taxes, net of federal income tax benefit (15.9 ) (1.8 ) 7.0 Foreign income tax rate differential (18.9 ) (58.0 ) 24.4 Tax effect of tax credits 1.3 (20.1 ) — Provision for (resolution of) tax matters 46.5 27.8 0.4 Rate changes due to enacted legislation 7.2 (1.3 ) 1.9 State benefit due to enacted legislation — (8.2 ) — Effect of U.S. tax law change (1) (7.5 ) 107.5 — Global Intangible Low-taxed Income 33.8 — — Stock-based compensation 10.0 (0.2 ) 0.2 Nondeductible officer's compensation 5.2 — — Valuation allowance 15.7 47.0 (1.8 ) Other 7.8 1.1 (0.4 ) Actual tax rate 106.2 % 128.8 % 66.7 % (1) Due to the TCJA which was enacted in December 2017, provisional mandatory transition tax on accumulated foreign earnings was accrued as of December 31, 2017. Our U.S. deferred tax assets and liabilities as of December 31, 2017 were re-measured from 35% to 21%. The provisional effects of the TCJA for the year ended December 31, 2017, are $39.0 million of deferred income tax expense, including a $6.8 million reversal of a valuation allowance, and $18.1 million of deferred income tax benefit. |
Schedule of Deferred Tax Assets and Liabilities | The sources of deferred income taxes were as follows at December 31: In thousands 2018 2017 Reserves $ 3,720 $ 3,145 Environmental 10,795 11,189 Compensation 3,957 6,782 Post-retirement benefits 2,133 12,570 Research & development expenses — 6,787 Inventories (35 ) 1,891 Tax carryforwards 21,843 21,988 Other 3,506 2,106 Deferred tax assets 45,919 66,458 Valuation allowance (30,029 ) (7,405 ) Net deferred tax assets 15,890 59,053 Property (66,426 ) (98,809 ) Intangible assets (22,231 ) (17,647 ) Pension (3,890 ) (21,941 ) Other (1,935 ) (4,110 ) Deferred tax liabilities (94,482 ) (142,507 ) Net deferred tax liabilities $ (78,592 ) $ (83,454 ) |
Schedule of Non-Current Deferred Tax Assets and Liabilities Balance Sheet Captions | Non-current deferred tax assets and liabilities are included in the following balance sheet captions: December 31 In thousands 2018 2017 Other assets $ 59 $ 117 Deferred income taxes 78,651 83,571 |
Schedule of Unrecognized Tax Benefit | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: In millions 2018 2017 2016 Balance at January 1 $ 26.9 $ 14.2 $ 12.2 Increases in tax positions for prior years 0.3 1.7 2.0 Decreases in tax positions for prior years (1.0 ) — (1.4 ) Acquisition related: Purchase Accounting 0.3 — — Increases in tax positions for current year 4.0 11.9 1.9 Settlements (0.2 ) — (0.2 ) Lapse in statutes of limitation (0.7 ) (0.9 ) (0.3 ) Balance at December 31 $ 29.6 $ 26.9 $ 14.2 |
Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction | The following table summarizes tax years that remain subject to examination by major jurisdiction: Open Tax Years Jurisdiction Examinations not yet initiated Examination in progress United States Federal 2015 - 2018 N/A State 2014 - 2018 N/A Canada ( 1) 2011-2013; 2018 2014 - 2017 Germany ( 1) 2016 - 2018 2011 - 2015 France 2018 2015-2017 United Kingdom 2017 - 2018 N/A Philippines 2015, 2018 2016, 2017 (1) Includes provincial or similar local jurisdictions, as applicable. |
Summary of Information Related to Interest and Penalties on Uncertain Tax Positions | The following table summarizes information related to interest and penalties on uncertain tax positions: As of or for the year ended December 31, In millions 2018 2017 2016 Accrued interest payable $ 1.1 $ 0.8 $ 0.5 Interest expense (income) 0.3 0.3 (0.1 ) Penalties – – – |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 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 the past three years: Units 2018 2017 2016 Balance at January 1, 929,386 679,038 674,523 Granted 435,542 375,435 302,722 Forfeited (112,501 ) (96,306 ) (148,232 ) Shares delivered (495,641 ) (28,781 ) (149,975 ) Balance at December 31, 756,786 929,386 679,038 |
Compensation Expense for Stock Option Activity | 2018 2017 2016 Compensation expense $ 5,971 $ 4,228 $ 2,875 |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |
Summary of Share Based Compensation Activity | The following table sets forth information related to outstanding SOSARS: 2018 2017 2016 SOSARS Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 2,561,846 $ 17.87 2,736,616 $ 17.64 2,199,742 $ 17.82 Granted — — — — 743,925 17.54 Exercised (158,545 ) 13.31 (157,140 ) 13.76 (61,190 ) 10.70 Canceled / forfeited (68,559 ) 21.09 (17,630 ) 18.46 (145,861 ) 22.80 Outstanding at December 31, 2,334,742 $ 18.08 2,561,846 $ 17.87 2,736,616 $ 17.64 Exercisable at December 31, 2,134,297 18.13 2,011,075 17.56 1,740,591 16.19 Vested and expected to vest 2,334,742 2,561,846 2,725,611 SOSAR Grants Weighted average grant date fair value per share — — $ 4.07 Aggregate grant date fair value (in thousands) — — $ 3,013 Black-Scholes assumptions Dividend yield — — 2.85 % Risk free rate of return — — 1.34 % Volatility — — 31.97 % Expected life — — 6 Compensation expense (in thousands) $ 317 $ 1,266 $ 2,607 |
Retirement Plans and Other Po_2
Retirement Plans and Other Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Change in Benefit Obligation and Plan Assets | Pension Benefits Other Benefits In millions 2018 2017 2018 2017 Change in Benefit Obligation Balance at beginning of year $ 347.0 $ 311.5 $ 9.7 $ 9.2 Service cost 2.3 2.0 0.1 0.1 Interest cost 13.3 13.7 0.5 0.4 Plan amendments 0.1 4.1 — — Participant contributions — — 1.2 1.1 Transfers from Discontinued Operations 25.7 27.9 4.3 2.5 Actuarial (gain)/loss (10.6 ) 23.1 (3.1 ) (0.6 ) Benefits paid (45.1 ) (36.5 ) (3.5 ) (3.0 ) Effect of currency rate changes (0.5 ) 1.2 — — Balance at end of year $ 332.2 $ 347.0 $ 9.2 $ 9.7 Change in Plan Assets Fair value of plan assets at beginning of year $ 372.8 $ 327.4 $ — $ — Actual return on plan assets (22.4 ) 51.9 — — Total contributions 2.2 2.1 3.5 3.0 Transfers from Discontinued Operations 25.7 27.9 — — Benefits paid (45.1 ) (36.5 ) (3.5 ) (3.0 ) Fair value of plan assets at end of year 333.2 372.8 — — Funded status at end of year $ 1.0 $ 25.8 $ (9.2 ) $ (9.7 ) |
Summary of Amounts Recognized in Consolidated Balance Sheets | Amounts presented under the caption “transfers from discontinued operations” represent the impact of employees changing their status from what was originally assumed for purposes of accounting for discontinued operations to the final determination at the time the sale was completed. Amounts recognized in the consolidated balance sheets consist of the following as of December 31: Pension Benefits Other Benefits In millions 2018 2017 2018 2017 Other assets $ 43.3 $ 66.4 $ — $ — Current liabilities (2.1 ) (2.2 ) (2.4 ) (3.5 ) Other long-term liabilities (40.2 ) (38.4 ) (6.8 ) (6.2 ) Net amount recognized $ 1.0 $ 25.8 $ (9.2 ) $ (9.7 ) |
Components of Amounts Recognized as Accumulated Other Comprehensive Income on Pre-Tax Basis | The components of amounts recognized as “Accumulated other comprehensive income” consist of the following on a pre-tax basis: Pension Benefits Other Benefits In millions 2018 2017 2018 2017 Prior service cost/(credit) $ 0.5 $ 16.1 $ — $ (0.5 ) Net actuarial loss 90.9 145.6 1.9 (5.6 ) |
Weighted-Average Assumptions Used in Computing Benefit Obligations | The weighted-average assumptions used in computing the benefit obligations above were as follows: Pension Benefits Other Benefits 2018 2017 2018 2017 Discount rate – benefit obligation 4.34 % 3.85 % 4.19 % 3.68 % Future compensation growth rate 2.50 3.00 — — |
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: In millions 2018 2017 Projected benefit obligation $ 42.2 $ 40.9 Accumulated benefit obligation 36.6 36.7 Fair value of plan assets — — |
Schedule of Net Periodic Benefit Cost of Pension and Other Benefits | Net periodic benefit cost includes the following components: Year Ended December 31 In millions 2018 2017 2016 Pension Benefits Service cost $ 2.3 $ 2.0 $ 1.8 Interest cost 13.3 13.7 14.0 Expected return on plan assets (21.1 ) (22.2 ) (23.3 ) Amortization of actuarial loss 7.1 7.1 7.6 One-time settlement charge — — 7.3 Total net periodic benefit cost $ 1.6 $ 0.6 $ 7.4 Other Benefits Service cost $ 0.1 $ 0.1 $ 0.1 Interest cost 0.5 0.4 0.4 Amortization of actuarial loss (0.3 ) — (0.1 ) Total net periodic benefit cost $ 0.3 $ 0.5 $ 0.4 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: Year Ended December 31 In millions 2018 2017 Pension Benefits Actuarial (gain) loss $ 32.9 $ (6.8 ) Plan amendments 0.1 4.1 Recognized actuarial losses (7.1 ) (7.1 ) Total recognized in other comprehensive loss 25.9 (9.8 ) Total recognized in net periodic benefit cost and other comprehensive loss $ 27.5 $ (9.2 ) Other Benefits Actuarial (gain) loss $ (3.1 ) $ (0.6 ) Amortization of actuarial losses 0.3 — Total recognized in other comprehensive (income) loss (2.8 ) (0.6 ) Total recognized in net periodic benefit cost and other comprehensive (income) loss $ (2.5 ) $ (0.1 ) |
Schedule of Defined Benefit Plan Weighted-Average Assumptions Used in Computing Net Periodic Benefit Cost | The weighted-average assumptions used in computing the net periodic benefit cost information above were as follows: Year Ended December 31 2018 2017 2016 Pension Benefits Discount rate – benefit expense 3.85 % 4.44 % 4.65 % Future compensation growth rate 3.00 3.00 3.50 Expected long-term rate of return on plan assets 7.25 7.25 7.75 Other Benefits Discount rate – benefit expense 3.68 % 4.18 % 4.38 % |
Schedule of Health Care Cost Trend Rates Used in Calculating Benefit Obligations | Assumed health care cost trend rates used to determine benefit obligations at December 31 were as follows: 2018 2017 Health care cost trend rate assumed for next year 5.90 % 6.20 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 4.50 Year that the rate reaches the ultimate rate 2037 2037 |
Schedule of Fair Value of Benefit Plan Assets | The table below presents the fair values of our benefit plan assets by level within the fair value hierarchy, as described in Note 2: December 31, 2018 In millions Total Level 1 Level 2 Level 3 Fixed income $ 330.9 $ 41.8 $ 289.1 $ — Cash and equivalents 2.3 — 2.3 — Total $ 333.2 $ 41.8 $ 291.4 $ — December 31, 2017 In millions Total Level 1 Level 2 Level 3 Domestic Equity Large cap $ 119.0 $ 6.9 $ 112.1 $ — Small and mid cap 25.6 25.6 — — International equity 45.1 4.0 41.1 — REIT 15.3 15.3 — — Fixed income 161.1 13.3 147.8 — Cash and equivalents 6.7 0.1 6.6 — Total $ 372.8 $ 65.2 $ 307.6 $ — |
Benefit Payments Expected to be Made under Non-Qualified Pension Plans and Other Benefit Plans | Benefit payments expected to be made in 2019 under our non-qualified pension plans and other benefit plans are summarized below: In thousands Nonqualified pension plans $ 2,126 Other benefit plans 2,364 |
Summary of Benefit Expected to be Paid Out | The following benefit payments under all pension and other benefit plans, and giving effect to expected future service, as appropriate, are expected to be paid: In thousands Pension Benefits Other Benefits 2019 $ 26,252 $ 2,364 2020 22,358 1,732 2021 22,009 1,264 2022 22,005 885 2023 21,344 665 2024 through 2028 101,499 1,992 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories, Net of Reserves | Inventories, net of reserves were as follows: December 31 In thousands 2018 2017 Raw materials $ 50,205 $ 39,797 In-process and finished 84,894 65,277 Supplies 38,312 31,127 Total $ 173,411 $ 136,201 |
Plant, Equipment and Timberla_2
Plant, Equipment and Timberlands (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Summary of Plant, Equipment and Timberlands | Plant, equipment and timberlands at December 31 were as follows: In thousands 2018 2017 Land and buildings $ 164,002 $ 126,980 Machinery and equipment 676,501 591,220 Furniture, fixtures, and other 152,121 137,870 Accumulated depreciation (458,567 ) (435,231 ) 534,057 420,839 Construction in progress 21,946 94,149 Timberlands, less depletion 41 195 Total $ 556,044 $ 515,183 |
Summary of Interest Expense Capitalized | The following table sets forth amounts of interest expense capitalized in connection with major capital projects: Year Ended December 31 2018 2017 2016 Interest cost incurred $ 16,005 $ 15,066 $ 14,169 Interest capitalized 396 1,749 319 Interest expense $ 15,609 $ 13,317 $ 13,850 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | The following table sets forth information with respect to goodwill and other intangible assets: December 31 In thousands 2018 2017 Goodwill Composite Fibers $ 79,024 $ 82,744 Advanced Airlaid Materials 74,439 — Total Goodwill 153,463 82,744 Other Intangible Assets Composite Fibers Tradename - nonamortizing 4,556 4,773 Technology and related 38,813 40,686 Customer relationships and related 35,029 36,705 Advanced Airlaid Materials Tradename 4,534 — Technology and related 18,014 1,488 Customer relationships and related 24,853 3,001 Total intangibles 125,799 86,653 Accumulated amortization (32,185 ) (27,794 ) Net intangibles $ 93,614 $ 58,859 |
Summary of Amortization of Intangible Assets | The following table sets forth information pertaining to amortization of intangible assets: In thousands 2018 2017 2016 Aggregate amortization expense: $ 5,860 $ 4,773 $ 4,852 Estimated amortization expense: 2019 8,416 2020 8,289 2021 7,887 2022 7,767 2023 7,767 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets Noncurrent [Abstract] | |
Summary of Other Long-Term Assets | Other long-term assets consist of the following: December 31 In thousands 2018 2017 Pension $ 43,341 $ 66,382 Other 24,006 14,745 Total $ 67,347 $ 81,127 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Current Liabilities | Other current liabilities consist of the following: December 31 In thousands 2018 2017 Accrued payroll and benefits $ 15,898 $ 29,255 Other accrued compensation and retirement benefits 6,064 7,864 Income taxes payable 2,147 1,927 Accrued rebates 2,889 3,261 Other accrued expenses 45,599 33,361 Total $ 72,597 $ 75,668 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt is summarized as follows: December 31 In thousands 2018 2017 Revolving credit facility, due Mar. 2020 $ 114,495 $ 171,200 5.375% Notes, due Oct. 2020 250,000 250,000 2.40% Term Loan, due Jun. 2022 5,725 7,710 2.05% Term Loan, due Mar. 2023 25,972 33,607 1.30% Term Loan, due Jun. 2023 7,361 9,423 1.55% Term Loan, due Sep. 2025 9,470 11,390 Total long-term debt 413,023 483,330 Less current portion (10,785 ) (11,298 ) Unamortized deferred issuance costs (1,276 ) (1,934 ) Long-term debt, net of current portion $ 400,962 $ 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 |
Amortization of Term Loan Agreements Together with Maturities of Other Long-term Debt | The following schedule sets forth the amortization of our term loan agreements together with the maturity of our other long-term debt during the indicated year. In thousands 2019 $ 10,785 2020 375,281 2021 10,786 2022 9,968 2023 3,749 Thereafter 2,454 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Fair Value of Long-Term Debt | The following table sets forth the carrying value and fair value of long-term debt as of December 31: 2018 2017 In thousands Carrying Value Fair Value Carrying Value Fair Value Variable rate debt $ 114,495 $ 114,495 $ 171,200 $ 171,200 Fixed-rate bonds 250,000 249,010 250,000 253,823 2.40% Term loan 5,725 5,836 7,710 7,889 2.05% Term loan 25,972 26,346 33,607 34,122 1.30% Term Loan 7,361 7,341 9,423 9,370 1.55% Term loan 9,470 9,453 11,390 11,320 Total $ 413,023 $ 412,481 $ 483,330 $ 487,724 |
Financial Derivatives and Hed_2
Financial Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Values of Derivative Instruments | Fair Value Measurements The following table summarizes the fair values of derivative instruments as of December 31 for the year indicated and the line items in the accompanying consolidated balance sheets where the instruments are recorded: December 31 December 31 In thousands 2018 2017 2018 2017 Prepaid Expenses and Other Other Current Balance sheet caption Current Assets Liabilities Designated as hedging: Forward foreign currency exchange contracts $ 4,381 $ 1,066 $ 1,548 $ 4,787 Not designated as hedging: Forward foreign currency exchange contracts $ 103 $ 151 $ 122 $ 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 consolidated statements of income (loss) where the results are recorded: Year ended December 31 In thousands 2018 2017 2016 Designated as hedging: Forward foreign currency exchange contracts: Effective portion – cost of products sold $ (5,020 ) $ 532 $ (551 ) Ineffective portion – other – net 138 182 (166 ) Not designated as hedging : Forward foreign currency exchange contracts: Other – net $ (1,419 ) $ 882 $ 806 |
Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income | A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income is as follows: In thousands 2018 2017 Balance at January 1, $ (5,640 ) $ 1,882 Deferred (losses) gains on cash flow hedges 3,624 (6,990 ) Reclassified to earnings 5,020 (532 ) Balance at December 31, $ 3,004 $ (5,640 ) |
Designated as Hedging [Member] | |
Outstanding Derivatives Used to Hedge Foreign Exchange Risks | We had the following outstanding derivatives that were used to hedge foreign exchange risks associated with forecasted transactions and designated as hedging instruments: December 31 In thousands 2018 2017 Derivative Sell/Buy - sell notional Philippine Peso / British Pound 13,140 19,047 Euro / British Pound 15,250 13,586 Philippine Peso / Euro 16,446 — Euro / U.S. Dollar — 1,048 U.S. Dollar / Euro 88 946 Sell/Buy - buy notional Euro / Philippine Peso 1,069,006 890,096 British Pound / Philippine Peso 980,137 797,496 Euro / U.S. Dollar 76,417 60,519 U.S. Dollar / Canadian Dollar 35,154 32,265 British Pound / Euro 216 335 U.S. Dollar / Euro — 4,253 |
Not Designated as Hedging [Member] | |
Outstanding Derivatives Used to Hedge Foreign Exchange Risks | December 31 In thousands 2018 2017 Derivative Sell/Buy - sell notional U.S. Dollar / British Pound 25,500 17,500 British Pound / Euro 2,000 1,000 Sell/Buy - buy notional Euro / U.S. Dollar 11,000 4,500 British Pound / Euro 8,000 13,000 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Summary of Outstanding Shares of Common Stock | The following table summarizes outstanding shares of common stock: Year ended December 31 In thousands 2018 2017 2016 Shares outstanding at beginning of year 43,614 43,550 43,420 Treasury shares issued for: Restricted stock awards 304 28 108 Employee stock options exercised 41 36 22 Shares outstanding at end of year 43,959 43,614 43,550 |
Commitments, Contingencies an_2
Commitments, Contingencies and Legal Proceedings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Minimum Annual Payment Due on Noncancelable Operating Lease | The following table summarizes the minimum annual payments due on noncancelable operating leases and other similar contractual obligations having initial or remaining terms in excess of one year: In thousands Leases Other 2019 $ 5,020 $ 84,451 2020 3,861 22,249 2021 2,515 2,483 2022 1,426 306 2023 584 49 Thereafter 383 2 |
Schedule of Reserves | Reserves for the Site. Our reserve for past and future government oversight costs and long-term monitoring and maintenance is set forth below: Year ended December 31 In thousands 2018 2017 Balance at January 1, $ 43,144 $ 52,788 Payments (3,054 ) (9,644 ) Assumption of WTM I escrow 4,746 - Accretion 165 - Balance at December 31, $ 45,001 $ 43,144 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Financial and Other Information by Business Unit | The following tables set forth profitability and other information by business unit: For the year ended December 31, 2018 Composite Advanced Airlaid Other and In millions Fibers Materials Unallocated Total Net sales $ 554.9 $ 311.4 $ — $ 866.3 Cost of products sold 462.3 269.3 4.3 735.9 Gross profit (loss) 92.6 42.1 (4.3 ) 130.4 SG&A 44.2 12.2 55.3 111.7 Gains on dispositions of plant, equipment and timberlands, net — — (3.3 ) (3.3 ) Total operating income (loss) 48.4 29.9 (56.3 ) 21.9 Non-operating expense — — (14.7 ) (14.7 ) Income (loss) before income taxes $ 48.4 $ 29.9 $ (71.0 ) $ 7.3 Supplementary Data Plant, equipment and timberlands, net $ 233.2 $ 298.2 $ 24.6 $ 556.0 Depreciation, depletion and amortization 28.3 14.9 4.3 47.5 Capital expenditures 15.7 21.6 4.8 42.1 For the year ended December 31, 2017 Composite Advanced Airlaid Other and In millions Fibers Materials Unallocated Total Net sales $ 544.3 $ 256.1 $ — $ 800.4 Cost of products sold 437.6 216.7 2.5 656.8 Gross profit (loss) 106.7 39.4 (2.5 ) 143.6 SG&A 44.4 9.3 56.8 110.5 Gains on dispositions of plant, equipment and timberlands, net — — (0.2 ) (0.2 ) Total operating income (loss) 62.3 30.1 (59.1 ) 33.3 Non-operating expense — — (13.8 ) (13.8 ) Income (loss) before income taxes $ 62.3 $ 30.1 $ (72.9 ) $ 19.5 Supplementary Data Plant, equipment and timberlands, net $ 254.0 $ 235.6 $ 25.6 $ 515.2 Depreciation, depletion and amortization 28.3 9.6 4.2 42.1 Capital expenditures 15.9 50.6 14.3 80.8 For the year ended December 31, 2016 Composite Advanced Airlaid Other and In millions Fibers Materials Unallocated Total Net sales $ 517.0 $ 244.3 $ — $ 761.2 Cost of products sold 416.4 209.5 3.6 629.5 Gross profit (loss) 100.6 34.8 (3.6 ) 131.7 SG&A 46.3 8.4 98.4 153.2 Loss on dispositions of plant, equipment and timberlands, net — — 0.1 0.1 Total operating income (loss) 54.3 26.4 (102.1 ) (21.5 ) Non-operating expense — — (21.1 ) (21.1 ) Income (loss) before income taxes $ 54.3 $ 26.4 $ (123.2 ) $ (42.6 ) Supplementary Data Plant, equipment and timberlands, net $ 235.1 $ 179.3 $ 14.4 $ 428.8 Depreciation, depletion and amortization 27.8 9.0 2.5 39.3 Capital expenditures 18.8 36.8 5.6 61.2 |
Schedule of Net Sales to External Customers and Location of Net Plant, Equipment and Timberlands | Our net sales to external customers and location of net plant, equipment and timberlands are summarized below. Net sales are attributed to countries based upon origin of shipment. 2018 2017 2016 In thousands Net sales Plant, Equipment and Timberlands – Net Net sales Plant, Equipment and Timberlands – Net Net sales Plant, Equipment and Timberlands – Net United States $ 124,690 $ 109,797 $ 89,773 $ 105,663 $ 74,986 $ 44,851 Germany 483,628 286,839 450,668 240,932 427,520 220,380 United Kingdom 76,053 50,483 76,594 55,494 78,759 51,903 Canada 114,877 74,448 120,433 78,220 115,901 79,727 Other 67,038 34,477 62,894 34,874 64,050 31,911 Total $ 866,286 $ 556,044 $ 800,362 $ 515,183 $ 761,216 $ 428,772 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Statement of Income | Condensed Consolidating Statement of Income (Loss) for the year ended December 31, 2018 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ - $ 124,716 $ 844,005 $ (102,435 ) $ 866,286 Costs of products sold 3,746 117,867 716,701 (102,435 ) 735,879 Gross profit (loss) (3,746 ) 6,849 127,304 — 130,407 Selling, general and administrative expenses 45,491 1,856 64,374 — 111,721 Gain on dispositions of plant equipment and timberlands, net (16 ) (3,225 ) (15 ) — (3,256 ) Operating income (loss) (49,221 ) 8,218 62,945 — 21,942 Other non-operating income (expense) Interest expense (23,527 ) (2,784 ) (2,664 ) 13,366 (15,609 ) Interest income 7,070 6,238 617 (13,366 ) 559 Equity in earnings of subsidiaries 53,684 51,721 — (105,405 ) — Other, net (714 ) (6,862 ) 7,959 — 383 Total other non-operating income (expense) 36,513 48,313 5,912 (105,405 ) (14,667 ) Income (loss) before income taxes (12,708 ) 56,531 68,857 (105,405 ) 7,275 Income tax provision (benefit) (12,260 ) 3,079 16,904 — 7,723 Income (loss) from continuing operations (448 ) 53,452 51,953 (105,405 ) (448 ) Discontinued operations: Income (loss) from discontinued operations before income taxes (207,242 ) — — — (207,242 ) Income tax provision (benefit) (30,086 ) — — — (30,086 ) Income (loss) from discontinued operations (177,156 ) — — — (177,156 ) Net income (loss) (177,604 ) 53,452 51,953 (105,405 ) (177,604 ) Other comprehensive income (loss) 25,533 (22,411 ) (23,214 ) 45,625 25,533 Comprehensive income (loss) $ (152,071 ) $ 31,041 $ 28,739 $ (59,780 ) $ (152,071 ) Condensed Consolidating Statement of Income for the year ended December 31, 2017 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ - $ 89,787 $ 798,603 $ (88,028 ) $ 800,362 Costs of products sold 598 85,196 659,007 (88,028 ) 656,773 Gross profit (598 ) 4,591 139,596 — 143,589 Selling, general and administrative expenses 45,623 2,598 62,313 — 110,534 Gain on dispositions of plant equipment and timberlands, net — (188 ) (9 ) — (197 ) Operating income (loss) (46,221 ) 2,181 77,292 — 33,252 Other non-operating income (expense) Interest expense (15,939 ) (971 ) (1,801 ) 5,394 (13,317 ) Interest income 599 4,947 85 (5,394 ) 237 Equity in earnings of subsidiaries 18,864 60,871 — (79,735 ) — Other, net 2,756 (6,776 ) 3,315 — (705 ) Total other non-operating income (expense) 6,280 58,071 1,599 (79,735 ) (13,785 ) Income (loss) before income taxes (39,941 ) 60,252 78,891 (79,735 ) 19,467 Income tax provision (benefit) (34,329 ) 41,388 18,020 — 25,079 Income (loss) from continuing operations (5,612 ) 18,864 60,871 (79,735 ) (5,612 ) Discontinued operations: Income from discontinued operations before income taxes 19,868 — — — 19,868 Income tax provision 6,342 — — — 6,342 Income from discontinued operations 13,526 — — — 13,526 Net income 7,914 18,864 60,871 (79,735 ) 7,914 Other comprehensive income 63,931 52,290 51,828 (104,118 ) 63,931 Comprehensive income $ 71,845 $ 71,154 $ 112,699 $ (183,853 ) $ 71,845 Condensed Consolidating Statement of Income for the year ended December 31, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ - $ 75,000 $ 755,860 $ (69,644 ) $ 761,216 Costs of products sold 240 70,991 627,880 (69,644 ) 629,467 Gross profit (loss) (240 ) 4,009 127,980 — 131,749 Selling, general and administrative Expenses 95,846 (156 ) 57,463 — 153,153 Loss on dispositions of plant equipment and timberlands, net 77 — 39 — 116 Operating income (loss) (96,163 ) 4,165 70,478 — (21,520 ) Other non-operating income (expense) Interest expense (15,464 ) (41 ) (3,060 ) 4,715 (13,850 ) Interest income 687 4,177 57 (4,715 ) 206 Equity in earnings of subsidiaries 61,007 58,347 — (119,354 ) — Other, net (8,459 ) (3,966 ) 5,007 — (7,418 ) Total other non-operating income (expense) 37,771 58,517 2,004 (119,354 ) (21,062 ) Income (loss) before income taxes (58,392 ) 62,682 72,482 (119,354 ) (42,582 ) Income tax provision (benefit) (44,215 ) 1,675 14,135 — (28,405 ) Income (loss) from continuing operations (14,177 ) 61,007 58,347 — (14,177 ) Discontinued operations: Income from discontinued operations before income taxes 53,388 — — — 53,388 Income tax provision 17,657 — — — 17,657 Income from discontinued operations 35,731 — — — 35,731 Net income 21,554 61,007 58,347 — 21,554 Other comprehensive income (loss) (14,120 ) (25,916 ) (25,176 ) 51,092 (14,120 ) Comprehensive income $ 7,434 $ 35,091 $ 33,171 $ 51,092 $ 7,434 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet as of December 31, 2018 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Assets Cash and cash equivalents $ 69,574 $ 2,924 $ 70,187 $ — $ 142,685 Other current assets 113,809 162,065 306,575 (255,848 ) 326,601 Current assets held for sale — — — — — Plant, equipment and timberlands, net 23,943 85,854 446,247 — 556,044 Investments in subsidiaries 789,958 651,873 — (1,441,831 ) — Other assets 59,252 — 255,172 — 314,424 Noncurrent assets held for sale — — — — — Total assets $ 1,056,536 $ 902,716 $ 1,078,181 $ (1,697,679 ) $ 1,339,754 Liabilities and Shareholders' Equity Current liabilities $ 212,625 $ 105,603 $ 170,422 $ (255,848 ) $ 232,802 Current liabilities held for sale — — — — — Long-term debt 248,906 — 152,056 — 400,962 Deferred income taxes (11,024 ) 15,891 73,784 — 78,651 Other long-term liabilities 67,131 107 21,203 — 88,441 Long-term liabilities held for sale — — — — — Total liabilities 517,638 121,601 417,465 (255,848 ) 800,856 Shareholders’ equity 538,898 781,115 660,716 (1,441,831 ) 538,898 Total liabilities and shareholders’ equity $ 1,056,536 $ 902,716 $ 1,078,181 $ (1,697,679 ) $ 1,339,754 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 59,341 217,822 279,626 (277,989 ) 278,800 Current assets held for sale 189,952 — — — $ 189,952 Plant, equipment and timberlands, net 24,671 80,992 409,520 — 515,183 Investments in subsidiaries 829,895 653,128 — (1,483,023 ) — Other assets 82,201 — 140,529 — 222,730 Noncurrent assets held for sale 407,911 — — — 407,911 Total assets $ 1,595,263 $ 952,662 $ 943,882 $ (1,761,012 ) $ 1,730,795 Liabilities and Shareholders' Equity Current liabilities $ 289,967 $ 54,640 $ 167,738 $ (277,989 ) $ 234,356 Current liabilities held for sale 112,820 — — — 112,820 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 59,598 313 19,738 — 79,649 Long-term liabilities held for sale 41,373 — — — 41,373 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 year ended December 31, 2018 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ (61,355 ) $ 14,707 $ 81,131 $ (40,435 ) $ (5,952 ) Investing activities Expenditures for purchases of plant, equipment and timberlands (4,799 ) (14,929 ) (22,401 ) — (42,129 ) Proceeds from disposals of plant, equipment and timberlands, net 17 3,416 29 — 3,462 Advances of intercompany loans (75,500 ) (8,050 ) — 83,550 — Intercompany capital contributed — (315 ) — 315 — Intercompany capital returned — 20,000 — (20,000 ) — Acquisitions, net of cash acquired — — (178,905 ) — (178,905 ) Other (68 ) — — — (68 ) Total investing activities (80,350 ) 122 (201,277 ) 63,865 (217,640 ) Financing activities Net borrowings (repayments) of long-term debt (120,200 ) (51,000 ) 104,685 — (66,515 ) Payment of dividends to shareholders (22,760 ) — — — (22,760 ) Borrowings of intercompany loans 8,050 68,500 7,000 (83,550 ) — Intercompany capital received — — 315 (315 ) — Intercompany capital returned — — (20,000 ) 20,000 — Payment of intercompany dividend — (30,125 ) (10,310 ) 40,435 — Payments related to share-based compensation awards and other (2,151 ) — — — (2,151 ) Total financing activities (137,061 ) (12,625 ) 81,690 (23,430 ) (91,426 ) Effect of exchange rate on cash — — (5,564 ) — (5,564 ) Net increase (decrease) in cash (278,766 ) 2,204 (44,020 ) — (320,582 ) Change in cash from discontinued operations 347,048 — — — 347,048 Cash at the beginning of period 1,292 720 114,207 — 116,219 Cash at the end of period $ 69,574 $ 2,924 $ 70,187 $ — $ 142,685 Condensed Consolidating Statement of Cash Flows for the ended December 31, 2017 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ (55,287 ) $ (3,506 ) $ 112,027 $ — $ 53,234 Investing activities Expenditures for purchases of plant, equipment and timberlands (14,301 ) (45,644 ) (20,838 ) — (80,783 ) Proceeds from disposals of plant, equipment and timberlands, net 1 209 8 — 218 Repayments from intercompany loans — 12,000 — (12,000 ) — Advances of intercompany loans — (14,400 ) — 14,400 — Intercompany capital contributed (14,000 ) (400 ) — 14,400 — Intercompany capital returned — — — — — Other (243 ) — — — (243 ) Total investing activities (28,543 ) (48,235 ) (20,830 ) 16,800 (80,808 ) Financing activities Net borrowings (repayments) of long-term debt 84,200 37,000 (21,535 ) — 99,665 Payment of dividends to shareholders (22,480 ) — — — (22,480 ) Repayments of intercompany loans — — (12,000 ) 12,000 — Borrowings of intercompany loans 14,400 — — (14,400 ) — Intercompany capital received — 14,000 400 (14,400 ) — Payments related to share-based compensation awards and other (472 ) — — — (472 ) Total financing activities 75,648 51,000 (33,135 ) (16,800 ) 76,713 Effect of exchange rate on cash — — 7,244 — 7,244 Net increase (decrease) in cash (8,182 ) (741 ) 65,306 — 56,383 Change in cash from discontinued operations 4,392 — — — 4,392 Cash at the beginning of period 5,082 1,461 48,901 — 55,444 Cash at the end of period $ 1,292 $ 720 $ 114,207 $ — $ 116,219 Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ (51,923 ) $ 1,275 $ 81,726 $ — $ 31,078 Investing activities Expenditures for purchases of plant, equipment and timberlands (5,599 ) (30,682 ) (24,881 ) — (61,162 ) Proceeds from disposals of plant, equipment and timberlands, net — — 29 — 29 Repayments from intercompany loans — 15,601 — (15,601 ) — Advances of intercompany loans — (18,330 ) — 18,330 — Intercompany capital contributed (17,000 ) (500 ) — 17,500 — Acquisitions, net of cash acquired — — — — — Other (800 ) — — — (800 ) Total investing activities (23,399 ) (33,911 ) (24,852 ) 20,229 (61,933 ) Financing activities Net borrowings (repayments) of long-term debt 36,000 14,000 (35,886 ) — 14,114 Payments of borrowing costs (136 ) — — — (136 ) Payment of dividends to shareholders (21,589 ) — — — (21,589 ) Repayments of intercompany loans — — (15,601 ) 15,601 — Borrowings of intercompany loans 18,330 — — (18,330 ) — Intercompany capital received — 17,000 500 (17,500 ) — Payment of intercompany dividend — 632 (632 ) — Proceeds from government grants — 2,000 — — 2,000 Payments related to share-based compensation awards and other (990 ) — — — (990 ) Total financing activities 31,615 33,632 (51,619 ) (20,229 ) (6,601 ) Effect of exchange rate on cash — — (2,063 ) — (2,063 ) Net increase (decrease) in cash (43,707 ) 996 3,192 — (39,519 ) Change in cash from discontinued operations (10,341 ) (10,341 ) Cash at the beginning of period 59,130 465 45,709 — 105,304 Cash at the end of period $ 5,082 $ 1,461 $ 48,901 $ — $ 55,444 |
Quarterly Results (Tables)
Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Income (Loss) from Continuing Operations and Earnings (Loss) Per Share | In thousands, Net sales Gross Profit Income (loss) from continuing operations Earnings (loss) per share except per share 2018 2017 2018 2017 2018 2017 2018 2017 First $ 211,209 $ 184,941 $ 36,561 $ 32,781 $ 2,268 $ 1,701 $ 0.05 $ 0.04 Second 215,742 195,974 33,300 35,096 1,278 2,341 0.03 0.05 Third 209,855 210,120 29,872 37,375 (705 ) 5,045 (0.02 ) 0.11 Fourth 229,480 209,327 30,674 38,337 (3,289 ) (14,699 ) (0.08 ) (0.34 ) |
Accounting Policies - Schedule
Accounting Policies - Schedule of Range of Estimated Service Lives (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 15 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 5 years |
Minimum [Member] | Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 3 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 45 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 40 years |
Maximum [Member] | Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 25 years |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Federal income tax rate | 21.00% | 35.00% | 35.00% |
Reclassification of net deferred tax benefits from AOCI to retained earnings | $ 22,298 | ||
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 |
Acquisition - Additional Inform
Acquisition - Additional Information (Details) | Oct. 01, 2018USD ($)Employeet | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||||||||||
Goodwill | $ 153,463,000 | $ 82,744,000 | $ 153,463,000 | $ 82,744,000 | ||||||||
Intangible assets, net | 93,614,000 | 58,859,000 | 93,614,000 | 58,859,000 | ||||||||
Net sales | 229,480,000 | $ 209,855,000 | $ 215,742,000 | $ 211,209,000 | $ 209,327,000 | $ 210,120,000 | $ 195,974,000 | $ 184,941,000 | 866,286,000 | 800,362,000 | $ 761,216,000 | |
Operating income | 21,942,000 | 33,252,000 | (21,520,000) | |||||||||
Selling, general and administrative expenses | 111,721,000 | $ 110,534,000 | $ 153,153,000 | |||||||||
G P Business [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business acquisition purchase price | $ 186,000,000 | |||||||||||
Business acquisition, date of completion | Oct. 1, 2018 | |||||||||||
Annual production capacity | t | 32,000 | |||||||||||
Number of employees at manufacturing facility | Employee | 220 | |||||||||||
Goodwill | 75,317,000 | 75,317,000 | ||||||||||
Intangible assets, net | 43,600,000 | 43,600,000 | ||||||||||
Goodwill deductible for tax purposes | $ 0 | $ 0 | ||||||||||
Acquired intangible assets estimated remaining life | 13 years | |||||||||||
Net sales | $ 23,100,000 | |||||||||||
Operating income | 2,400,000 | |||||||||||
Selling, general and administrative expenses | $ 5,100,000 | |||||||||||
G P Business [Member] | Minimum [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquired property, plant and equipment, estimated remaining lives | 5 years | |||||||||||
G P Business [Member] | Maximum [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquired property, plant and equipment, estimated remaining lives | 25 years |
Acquisition - Summary of Prelim
Acquisition - Summary of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Goodwill | $ 153,463 | $ 82,744 |
G P Business [Member] | ||
Assets | ||
Cash and cash equivalents | 7,540 | |
Accounts receivable | 13,277 | |
Inventory | 11,133 | |
Prepaid and other current assets | 290 | |
Plant, equipment and timberlands | 66,167 | |
Intangible assets | 43,573 | |
Goodwill | 75,317 | |
Total assets | 217,297 | |
Liabilities | ||
Accounts payable | 8,577 | |
Deferred tax liabilities | 19,119 | |
Other long term liabilities | 1,162 | |
Total liabilities | 28,858 | |
Total | 188,439 | |
less cash acquired | (7,540) | |
Total purchase price | $ 180,899 |
Acquisition - Summary of Unaudi
Acquisition - Summary of Unaudited Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition Pro Forma Information [Abstract] | ||
Net sales | $ 937,043 | $ 904,430 |
Income from continuing operations | $ 1,585 | $ 1,396 |
Income per share from continuing operations | $ 0.04 | $ 0.03 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Income (loss) | $ (177,156) | $ 13,526 | $ 35,731 | ||
Pension Benefits [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Related assets transferred from existing pension plan | 25,700 | 27,900 | |||
Pension Benefits [Member] | Reclassifications Out of Accumulated Other Comprehensive Income [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Income (loss) | 75,996 | 15,105 | 23,175 | ||
Pension Benefits [Member] | Curtailment and Settlement Recognition [Member] | Reclassifications Out of Accumulated Other Comprehensive Income [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Income (loss) | 54,000 | ||||
Specialty Papers [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Selling price of business unit | $ 360,000 | $ 360,000 | |||
Cash proceeds from divestiture of business | 323,000 | ||||
Retiree healthcare liabilities | 38,000 | 38,000 | |||
Pension liabilities assumed | 210,000 | 210,000 | |||
Related assets transferred from existing pension plan | $ 280,000 | $ 280,000 | |||
Impairment charge | 144,124 | ||||
Income (loss) | $ (177,156) | $ 13,526 | $ 35,731 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Discontinued Operations included in Condensed Consolidated Statements of Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Non-operating income (expense) | |||
Income (loss) before income taxes | $ (207,242) | $ 19,868 | $ 53,388 |
Income tax provision (benefit) | (30,086) | 6,342 | 17,657 |
Income (loss) from discontinued operations | (177,156) | 13,526 | 35,731 |
Specialty Papers [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total revenues | 664,574 | 796,061 | 849,723 |
Costs of products sold | 637,472 | 751,135 | 767,320 |
Gross profit | 27,102 | 44,926 | 82,403 |
Selling, general and administrative expenses | 32,465 | 22,538 | 29,701 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | (423) | 219 | 101 |
Operating income (loss) | (4,940) | 22,169 | 52,601 |
Non-operating income (expense) | |||
Interest expense | (6,942) | (4,455) | (1,972) |
Other, net | (51,236) | 2,154 | 2,759 |
Impairment charge | (144,124) | ||
Income (loss) before income taxes | (207,242) | 19,868 | 53,388 |
Income tax provision (benefit) | (30,086) | 6,342 | 17,657 |
Income (loss) from discontinued operations | (177,156) | 13,526 | 35,731 |
Specialty Papers [Member] | Product [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total revenues | 661,186 | 790,935 | 843,582 |
Specialty Papers [Member] | Energy and Related Sales Net [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total revenues | $ 3,388 | $ 5,126 | $ 6,141 |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Carrying Amounts of Major Asset and Liabilities Classified as Held for Sale in Consolidated Balance Sheet (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Assets | |
Current assets held for sale | $ 189,952 |
Noncurrent assets held for sale | 407,911 |
Liabilities | |
Current liabilities held for sales | 112,820 |
Long-term liabilities held for sale | 41,373 |
Specialty Papers [Member] | |
Assets | |
Accounts receivable, net | 63,567 |
Inventories | 115,858 |
Prepaid expenses and other current assets | 10,527 |
Current assets held for sale | 189,952 |
Plant, equipment and timberlands, net | 350,560 |
Other assets | 57,351 |
Noncurrent assets held for sale | 407,911 |
Liabilities | |
Accounts payable | 77,266 |
Other current liabilities | 35,554 |
Current liabilities held for sales | 112,820 |
Long-term liabilities held for sale | $ 41,373 |
Discontinued Operations - Sum_3
Discontinued Operations - Summary of Cash Flows from Discontinued Operations Included in Consolidated Statements of Cash Flows (Detail) - Specialty Papers [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Net cash provided by operating activities | $ 38,803 | $ 51,028 | $ 85,032 |
Net cash provided by (used in) investing activities | 308,120 | (51,511) | (98,955) |
Net cash provided by financing activities | 125 | 4,875 | 3,582 |
Change in cash and cash equivalents from discontinued operations | $ 347,048 | $ 4,392 | $ (10,341) |
Gain on Dispositions of Plant_3
Gain on Dispositions of Plant, Equipment and Timberlands - Summary for Sale of Timberlands and Other Assets (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)a | Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Proceeds | $ 3,462 | $ 218 | $ 29 |
Gain (loss) | $ 3,256 | $ 197 | (116) |
Timberlands [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Acres | a | 1,918 | 332 | |
Proceeds | $ 3,414 | $ 209 | |
Gain (loss) | 3,225 | 188 | |
Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds | 48 | 9 | 29 |
Gain (loss) | $ 31 | $ 9 | $ (116) |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregated Information Pertaining to Net Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | $ 229,480 | $ 209,855 | $ 215,742 | $ 211,209 | $ 209,327 | $ 210,120 | $ 195,974 | $ 184,941 | $ 866,286 | $ 800,362 | $ 761,216 |
Americas [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 124,690 | 89,773 | 74,986 | ||||||||
Product [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 866,286 | 800,362 | 761,216 | ||||||||
Composite Fibers [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 554,869 | 544,260 | 516,954 | ||||||||
Composite Fibers [Member] | Europe, Middle East and Africa [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 354,978 | 349,336 | 341,334 | ||||||||
Composite Fibers [Member] | Americas [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 113,546 | 107,064 | 97,441 | ||||||||
Composite Fibers [Member] | Asia Pacific [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 86,345 | 87,860 | 78,179 | ||||||||
Composite Fibers [Member] | Food & Beverage [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 279,515 | 268,474 | 258,463 | ||||||||
Composite Fibers [Member] | Wallcovering [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 103,686 | 103,011 | 90,767 | ||||||||
Composite Fibers [Member] | Technical Specialties and Other [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 81,281 | 76,991 | 71,558 | ||||||||
Composite Fibers [Member] | Metallized [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 52,174 | 57,088 | 61,059 | ||||||||
Composite Fibers [Member] | Composite Laminates [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 38,213 | 38,696 | 35,107 | ||||||||
Advanced Airlaid Materials [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 311,417 | 256,102 | 244,262 | ||||||||
Advanced Airlaid Materials [Member] | Europe, Middle East and Africa [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 163,157 | 132,480 | 125,818 | ||||||||
Advanced Airlaid Materials [Member] | Americas [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 144,913 | 122,379 | 116,895 | ||||||||
Advanced Airlaid Materials [Member] | Asia Pacific [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 3,347 | 1,243 | 1,549 | ||||||||
Advanced Airlaid Materials [Member] | Feminine Hygiene [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 195,686 | 179,671 | 173,902 | ||||||||
Advanced Airlaid Materials [Member] | Specialty Wipes [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 45,375 | 29,519 | 25,206 | ||||||||
Advanced Airlaid Materials [Member] | Table Top [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 21,600 | 6,707 | 6,718 | ||||||||
Advanced Airlaid Materials [Member] | Adult Incontinence [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 19,734 | 14,425 | 12,281 | ||||||||
Advanced Airlaid Materials [Member] | Home Care [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 16,010 | 13,029 | 12,630 | ||||||||
Advanced Airlaid Materials [Member] | Other [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | $ 13,012 | $ 12,751 | $ 13,525 |
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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Net income (loss) | $ (177,604) | $ 7,914 | $ 21,554 |
Weighted average common shares outstanding used in basic EPS | 43,768 | 43,609 | 43,558 |
Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs | 830 | 571 | |
Weighted average common shares outstanding and common share equivalents used in diluted EPS | 43,768 | 44,439 | 44,129 |
Income (loss) per share | |||
Continuing operations | $ (0.01) | $ (0.13) | $ (0.32) |
Discontinued operations | $ (4.05) | $ 0.30 | $ 0.81 |
Earnings Per Share - Number of
Earnings Per Share - Number of Potential Common Shares that have been Excluded from Computation of Diluted Earnings Per Share for Indicated Period Due to Their Anti-Dilutive Nature (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Potential common shares | 1,379 | 610 | 596 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Losses) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (140,675) | $ (204,606) | $ (190,486) |
Amount reclassified for Adoption of ASU No. 2018-02 | (22,298) | ||
Balance as adjusted at January 1, 2018 | (162,973) | ||
Other comprehensive income (loss) before reclassifications (net of tax) | (31,430) | 55,309 | (28,408) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 56,963 | 8,622 | 14,288 |
Net current period other comprehensive income (loss) | 25,533 | 63,931 | (14,120) |
Ending Balance | (137,440) | (140,675) | (204,606) |
Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (41,839) | (100,448) | (73,041) |
Balance as adjusted at January 1, 2018 | (41,839) | ||
Other comprehensive income (loss) before reclassifications (net of tax) | (27,783) | 58,609 | (27,407) |
Net current period other comprehensive income (loss) | (27,783) | 58,609 | (27,407) |
Ending Balance | (69,622) | (41,839) | (100,448) |
Unrealized Gain (Loss) on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (4,092) | 1,500 | (225) |
Balance as adjusted at January 1, 2018 | (4,092) | ||
Other comprehensive income (loss) before reclassifications (net of tax) | 2,641 | (5,182) | 1,247 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 3,650 | (410) | 478 |
Net current period other comprehensive income (loss) | 6,291 | (5,592) | 1,725 |
Ending Balance | 2,199 | (4,092) | 1,500 |
Change in Pensions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (98,295) | (110,656) | (120,714) |
Amount reclassified for Adoption of ASU No. 2018-02 | (23,297) | ||
Balance as adjusted at January 1, 2018 | (121,592) | ||
Other comprehensive income (loss) before reclassifications (net of tax) | (9,267) | 2,981 | (4,334) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 59,428 | 9,380 | 14,392 |
Net current period other comprehensive income (loss) | 50,161 | 12,361 | 10,058 |
Ending Balance | (71,431) | (98,295) | (110,656) |
Change in Other Postretirement Defined Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 3,551 | 4,998 | 3,494 |
Amount reclassified for Adoption of ASU No. 2018-02 | 999 | ||
Balance as adjusted at January 1, 2018 | 4,550 | ||
Other comprehensive income (loss) before reclassifications (net of tax) | 2,979 | (1,099) | 2,086 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (6,115) | (348) | (582) |
Net current period other comprehensive income (loss) | (3,136) | (1,447) | 1,504 |
Ending Balance | $ 1,414 | $ 3,551 | $ 4,998 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Losses) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | $ (735,879) | $ (656,773) | $ (629,467) |
Other, net | (383) | 705 | 7,418 |
Income tax provision (benefit) | 7,723 | 25,079 | (28,405) |
Net income (loss) | (177,604) | 7,914 | 21,554 |
Income (loss) | (177,156) | 13,526 | 35,731 |
Selling, general and administrative | (111,721) | (110,534) | (153,153) |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net income (loss) | 56,963 | 8,622 | 14,288 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Income tax provision (benefit) | (16,568) | (5,725) | (8,783) |
Net income (loss) | 59,428 | 9,380 | 14,392 |
Income (loss) | 75,996 | 15,105 | 23,175 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Prior Service Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other, net | 39 | 21 | 21 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Actuarial Losses [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other, net | 7,050 | 7,109 | 7,582 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Discontinued Operations Amortization of Deferred Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Income (loss) | 6,990 | 7,975 | 8,266 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Pension Curtailment and Settlement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Income (loss) | 61,917 | ||
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Pension Settlement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Selling, general and administrative | 7,306 | ||
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Other Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other, net | (8,785) | (560) | (937) |
Income tax provision (benefit) | 2,670 | 212 | 355 |
Net income (loss) | (6,115) | (348) | (582) |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Other Pension Plan | Actuarial Losses [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other, net | (261) | (13) | (58) |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Other Pension Plan | Discontinued Operations Amortization of Deferred Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Income (loss) | (575) | (547) | (879) |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Other Pension Plan | Other Benefit Plan Settlement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Income (loss) | (7,949) | ||
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges [Member] | Accumulated Net (Gain) Loss from Cash Flow Hedges Attributable to Parent [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | 5,020 | (532) | 551 |
Income tax provision (benefit) | (1,370) | 122 | (73) |
Net income (loss) | $ 3,650 | $ (410) | $ 478 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | ||||
Federal income tax rate | 21.00% | 35.00% | 35.00% | |
Tax cuts and jobs act of 2017, change in tax rate, income tax expense (benefit) | $ 18,100,000 | |||
Income tax benefit related to repatriation provision | 500,000 | |||
Increase in income taxes | $ 2,500,000 | |||
Tax cuts and jobs act of 2017, change in tax rate, deferred income tax expense | 39,000,000 | |||
Tax cuts and jobs act of 2017, reversal of valuation allowance | 6,800,000 | |||
Tax cuts and jobs act of 2017, change in tax rate, deferred income tax benefit | 18,100,000 | |||
Valuation allowance | 30,029,000 | 7,405,000 | ||
Research and development, tax credit | (100,000) | 3,900,000 | $ 0 | |
Unremitted earnings of subsidiaries outside the United States, reinvested | 29,000,000 | 0 | ||
Deferred tax liability | 0 | |||
Gross unrecognized tax benefits | 29,600,000 | 26,900,000 | $ 14,200,000 | $ 12,200,000 |
Unrecognized tax benefits that would impact effective tax rate | $ 19,800,000 | |||
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 | $ 6,500,000 | |||
Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Gross unrecognized tax benefits balance may decrease within the next twelve months | 0 | |||
United States - Federal [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax Cuts and Jobs Act of 2017, incomplete accounting, transition tax for accumulated foreign earnings, provisional income tax expense | 41,800,000 | |||
Net operating loss carryforwards | $ 37,600,000 | |||
Net operating loss carryforwards expiration year | 2,037 | |||
Tax credit carryforwards | $ 11,200,000 | |||
Tax credit carryforwards expiration year | 2,036 | |||
Foreign Tax Authority [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax Cuts and Jobs Act of 2017, incomplete accounting, transition tax for accumulated foreign earnings, provisional income tax expense | 3,800,000 | |||
Net operating loss carryforwards | $ 2,700,000 | |||
Net operating loss carryforwards expiration year | 2,023 | |||
Tax credit carryforwards | $ 2,400,000 | |||
Tax credit carryforwards expiration year | 2,027 | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax Cuts and Jobs Act of 2017, incomplete accounting, transition tax for accumulated foreign earnings, provisional income tax expense | $ 300,000 | |||
Net operating loss carryforwards | $ 201,700,000 | |||
Tax credit carryforwards | $ 200,000 | |||
Tax credit carryforwards expiration year | 2,019 | |||
State and Local Jurisdiction [Member] | Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards expiration year | 2,038 | |||
State and Local Jurisdiction [Member] | Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards expiration year | 2,019 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Benefit from Income Taxes from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current taxes | |||
Federal | $ (1,323) | $ (763) | |
State | $ 442 | 107 | 315 |
Foreign | 14,985 | 14,292 | 10,203 |
Total current taxes | 15,427 | 13,076 | 9,755 |
Deferred taxes and other | |||
Federal | (9,242) | 5,375 | (38,811) |
State | 251 | 2,652 | (3,428) |
Foreign | 1,287 | 3,976 | 4,079 |
Total deferred taxes and other | (7,704) | 12,003 | (38,160) |
Income tax provision (benefit) | $ 7,723 | $ 25,079 | $ (28,405) |
Income Taxes - Schedule of Dome
Income Taxes - Schedule of Domestic and Foreign Components of Pretax Income (Loss) from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (59,264) | $ (60,788) | $ (116,703) |
Foreign | 66,539 | 80,255 | 74,121 |
Income (loss) before income taxes | $ 7,275 | $ 19,467 | $ (42,582) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Federal Statutory Rate to Company's Effective Tax Rate (Detail) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Income Tax Disclosure [Abstract] | ||||
Federal income tax provision at statutory rate | 21.00% | 35.00% | 35.00% | |
State income taxes, net of federal income tax benefit | (15.90%) | (1.80%) | 7.00% | |
Foreign income tax rate differential | (18.90%) | (58.00%) | 24.40% | |
Tax effect of tax credits | 1.30% | (20.10%) | ||
Provision for (resolution of) tax matters | 46.50% | 27.80% | 0.40% | |
Rate changes due to enacted legislation | 7.20% | (1.30%) | 1.90% | |
State benefit due to enacted legislation | (8.20%) | |||
Effect of U.S. tax law change | [1] | (7.50%) | 107.50% | |
Global Intangible Low-taxed Income | 33.80% | |||
Stock-based compensation | 10.00% | (0.20%) | 0.20% | |
Nondeductible officer's compensation | 5.20% | |||
Valuation allowance | 15.70% | 47.00% | (1.80%) | |
Other | 7.80% | 1.10% | (0.40%) | |
Actual tax rate | 106.20% | 128.80% | 66.70% | |
[1] | Due to the TCJA which was enacted in December 2017, provisional mandatory transition tax on accumulated foreign earnings was accrued as of December 31, 2017. Our U.S. deferred tax assets and liabilities as of December 31, 2017 were re-measured from 35% to 21%. |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Federal Statutory Rate to Company's Effective Tax Rate (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax provision at statutory rate | 21.00% | 35.00% | 35.00% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Reserves | $ 3,720 | $ 3,145 |
Environmental | 10,795 | 11,189 |
Compensation | 3,957 | 6,782 |
Post-retirement benefits | 2,133 | 12,570 |
Research & development expenses | 6,787 | |
Inventories | (35) | 1,891 |
Tax carryforwards | 21,843 | 21,988 |
Other | 3,506 | 2,106 |
Deferred tax assets | 45,919 | 66,458 |
Valuation allowance | (30,029) | (7,405) |
Net deferred tax assets | 15,890 | 59,053 |
Property | (66,426) | (98,809) |
Intangible assets | (22,231) | (17,647) |
Pension | (3,890) | (21,941) |
Other | (1,935) | (4,110) |
Deferred tax liabilities | (94,482) | (142,507) |
Net deferred tax liabilities | $ (78,592) | $ (83,454) |
Income Taxes - Schedule of Non-
Income Taxes - Schedule of Non-Current Deferred Tax Assets and Liabilities Balance Sheet Captions (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Other assets | $ 59 | $ 117 |
Deferred income taxes | $ 78,651 | $ 83,571 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefit (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 26.9 | $ 14.2 | $ 12.2 |
Increases in tax positions for prior years | 0.3 | 1.7 | 2 |
Decreases in tax positions for prior years | (1) | (1.4) | |
Purchase Accounting | 0.3 | ||
Increases in tax positions for current year | 4 | 11.9 | 1.9 |
Settlements | (0.2) | (0.2) | |
Lapse in statutes of limitation | (0.7) | (0.9) | (0.3) |
Ending balance | $ 29.6 | $ 26.9 | $ 14.2 |
Income Taxes - Summary of Tax Y
Income Taxes - Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Canada [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,018 |
France [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,018 |
Minimum [Member] | Americas [Member] | United States - Federal [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,015 |
Minimum [Member] | Americas [Member] | United States - State [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,014 |
Minimum [Member] | Canada [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,011 |
Examination in progress | 2,014 |
Minimum [Member] | Germany [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,016 |
Examination in progress | 2,011 |
Minimum [Member] | France [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examination in progress | 2,015 |
Minimum [Member] | United Kingdom [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,017 |
Minimum [Member] | Philippines [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,015 |
Examination in progress | 2,016 |
Maximum [Member] | Americas [Member] | United States - Federal [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,018 |
Maximum [Member] | Americas [Member] | United States - State [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,018 |
Maximum [Member] | Canada [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,013 |
Examination in progress | 2,017 |
Maximum [Member] | Germany [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,018 |
Examination in progress | 2,015 |
Maximum [Member] | France [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examination in progress | 2,017 |
Maximum [Member] | United Kingdom [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,018 |
Maximum [Member] | Philippines [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,018 |
Examination in progress | 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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Accrued interest payable | $ 1.1 | $ 0.8 | $ 0.5 |
Interest expense (income) | $ 0.3 | $ 0.3 | $ (0.1) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Stock Units (RSU) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
The vesting graded scale | The vesting of RSUs is generally based on the passage of time, generally over a three -year period or in certain instances the RSUs were issued with fiver year cliff vesting. | ||
Performance Share Awards (PSAs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants under performance share awards | 184,834 | 163,274 | 199,693 |
Weighted average grant date fair value | $ 20.20 | $ 22.32 | $ 18.08 |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants under performance share awards | 435,542 | 375,435 | 302,722 |
Unrecognized compensation expense for outstanding RSUs and PSAs | $ 5.2 | ||
The weighted average remaining period over which the expense will be recognized | 1 year 3 months 18 days | ||
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of stock | 3 years | ||
Share-based payment award, shares issued in period | 0 | 0 | |
Intrinsic value of SOSARs vested and expected to vest | $ 0 | ||
The remaining weighted average contractual life of outstanding SOSARs | 4 years 8 months 12 days | ||
Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock available for future issuance | 1,990,742 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSU and PSA Activity (Detail) - Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance | 929,386 | 679,038 | 674,523 |
Granted | 435,542 | 375,435 | 302,722 |
Forfeited | (112,501) | (96,306) | (148,232) |
Shares delivered | (495,641) | (28,781) | (149,975) |
Ending Balance | 756,786 | 929,386 | 679,038 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense for Periods (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 5,971 | $ 4,228 | $ 2,875 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Information Related to Outstanding SOSARS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercised | (41,000) | (36,000) | (22,000) |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance, Outstanding | 2,561,846 | 2,736,616 | 2,199,742 |
Granted | 743,925 | ||
Exercised | (158,545) | (157,140) | (61,190) |
Canceled / forfeited | (68,559) | (17,630) | (145,861) |
Ending Balance, Outstanding | 2,334,742 | 2,561,846 | 2,736,616 |
Exercisable at December 31 | 2,134,297 | 2,011,075 | 1,740,591 |
Vested and expected to vest | 2,334,742 | 2,561,846 | 2,725,611 |
Beginning Balance, Weighted Average Exercise Price, Outstanding | $ 17.87 | $ 17.64 | $ 17.82 |
Weighted Average Exercise Price, Granted | 17.54 | ||
Weighted Average Exercise Price, Exercised | 13.31 | 13.76 | 10.70 |
Weighted Average Exercise Price, Canceled / forfeited | 21.09 | 18.46 | 22.80 |
Ending Balance, Weighted Average Exercise Price, Outstanding | 18.08 | 17.87 | 17.64 |
Weighted Average Exercise Price, Exercisable at December 31, | $ 18.13 | $ 17.56 | 16.19 |
Weighted average grant date fair value per share | $ 4.07 | ||
Aggregate grant date fair value | $ 3,013 | ||
Black-Scholes assumptions | |||
Dividend yield | 2.85% | ||
Risk free rate of return | 1.34% | ||
Volatility | 31.97% | ||
Expected life | 6 years | ||
Compensation expense | $ 317 | $ 1,266 | $ 2,607 |
Retirement Plans and Other Po_3
Retirement Plans and Other Post-Retirement Benefits - Additional Information (Detail) $ in Millions | Oct. 31, 2018USD ($) | Oct. 31, 2018USD ($) | Dec. 31, 2018USD ($)Age | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |||||
Comprehensive medical plan for retiree employees eligible age to participate in health care benefit plan | Age | 65 | ||||
Comprehensive medical plan for retiree employees eligible age for avail defray costs of Medicare | Age | 65 | ||||
Accumulated benefit obligation for all defined benefit pension plans | $ 324 | $ 320.7 | |||
Defined contribution plans Employees contribution | 50.00% | ||||
Expense associated with Defined Contribution Plans | $ 0.4 | 0.3 | $ 0.2 | ||
Minimum [Member] | Fixed Income, Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation for the plan assets | 80.00% | ||||
Maximum [Member] | Fixed Income, Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation for the plan assets | 100.00% | ||||
Pension Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Related assets transferred from existing pension plan | $ 25.7 | $ 27.9 | |||
Discount rates | 4.34% | 3.85% | |||
Pension settlement charge | 7.3 | ||||
Pension settlement charge settled | $ 24.2 | ||||
Pension Benefits [Member] | Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rates | 2.05% | ||||
Pension Benefits [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rates | 4.54% | ||||
Other Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rates | 4.19% | 3.68% | |||
Other Benefits [Member] | Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rates | 4.11% | ||||
Other Benefits [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rates | 4.22% | ||||
Specialty Papers [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension liabilities assumed | $ 210 | $ 210 | |||
Retiree healthcare liabilities | 38 | 38 | |||
Related assets transferred from existing pension plan | $ 280 | $ 280 |
Retirement Plans and Other Po_4
Retirement Plans and Other Post-Retirement Benefits - Schedule of Change in Benefit Obligation and Plan Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | $ 372.8 | ||
Fair value of plan assets at end of year | 333.2 | $ 372.8 | |
Pension Benefits [Member] | |||
Change in Benefit Obligation | |||
Balance at beginning of year | 347 | 311.5 | |
Service cost | 2.3 | 2 | $ 1.8 |
Interest cost | 13.3 | 13.7 | 14 |
Plan amendments | 0.1 | 4.1 | |
Transfers from Discontinued Operations | 25.7 | 27.9 | |
Actuarial (gain)/loss | (10.6) | 23.1 | |
Benefits paid | (45.1) | (36.5) | |
Effect of currency rate changes | (0.5) | 1.2 | |
Balance at end of year | 332.2 | 347 | 311.5 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | 372.8 | 327.4 | |
Actual return on plan assets | (22.4) | 51.9 | |
Total contributions | 2.2 | 2.1 | |
Related assets transferred from existing pension plan | 25.7 | 27.9 | |
Benefits paid | (45.1) | (36.5) | |
Fair value of plan assets at end of year | 333.2 | 372.8 | 327.4 |
Funded status at end of year | 1 | 25.8 | |
Other Benefits [Member] | |||
Change in Benefit Obligation | |||
Balance at beginning of year | 9.7 | 9.2 | |
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.5 | 0.4 | 0.4 |
Participant contributions | 1.2 | 1.1 | |
Transfers from Discontinued Operations | 4.3 | 2.5 | |
Actuarial (gain)/loss | (3.1) | (0.6) | |
Benefits paid | (3.5) | (3) | |
Balance at end of year | 9.2 | 9.7 | $ 9.2 |
Change in Plan Assets | |||
Total contributions | 3.5 | 3 | |
Benefits paid | (3.5) | (3) | |
Funded status at end of year | $ (9.2) | $ (9.7) |
Retirement Plans and Other Po_5
Retirement Plans and Other Post-Retirement Benefits - Summary of Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | $ 1 | $ 25.8 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | (9.2) | (9.7) |
Other Assets [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | 43.3 | 66.4 |
Current Liabilities [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | (2.1) | (2.2) |
Current Liabilities [Member] | Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | (2.4) | (3.5) |
Other Long-Term Liabilities [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | (40.2) | (38.4) |
Other Long-Term Liabilities [Member] | Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | $ (6.8) | $ (6.2) |
Retirement Plans and Other Po_6
Retirement Plans and Other Post-Retirement Benefits - Components of Amounts Recognized as Accumulated Other Comprehensive Income on Pre-Tax Basis (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost/(credit) | $ 0.5 | $ 16.1 |
Net actuarial loss | 90.9 | 145.6 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost/(credit) | (0.5) | |
Net actuarial loss | $ 1.9 | $ (5.6) |
Retirement Plans and Other Po_7
Retirement Plans and Other Post-Retirement Benefits - Weighted-Average Assumptions Used in Computing Benefit Obligations (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate - benefit obligation | 4.34% | 3.85% |
Future compensation growth rate | 2.50% | 3.00% |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate - benefit obligation | 4.19% | 3.68% |
Retirement Plans and Other Po_8
Retirement Plans and Other Post-Retirement Benefits - Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 42.2 | $ 40.9 |
Accumulated benefit obligation | $ 36.6 | $ 36.7 |
Retirement Plans and Other Po_9
Retirement Plans and Other Post-Retirement Benefits - Schedule of Net Periodic Benefit Cost of Pension and Other Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 2.3 | $ 2 | $ 1.8 |
Interest cost | 13.3 | 13.7 | 14 |
Expected return on plan assets | (21.1) | (22.2) | (23.3) |
Amortization of actuarial loss | 7.1 | 7.1 | 7.6 |
One-time settlement charge | 7.3 | ||
Total net periodic benefit cost | 1.6 | 0.6 | 7.4 |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.5 | 0.4 | 0.4 |
Amortization of actuarial loss | (0.3) | (0.1) | |
Total net periodic benefit cost | $ 0.3 | $ 0.5 | $ 0.4 |
Retirement Plans and Other P_10
Retirement Plans and Other Post-Retirement Benefits - Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial (gain) loss | $ 32.9 | $ (6.8) |
Plan amendments | 0.1 | 4.1 |
Recognized actuarial losses | (7.1) | (7.1) |
Total recognized in other comprehensive (income) loss | 25.9 | (9.8) |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | 27.5 | (9.2) |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial (gain) loss | (3.1) | (0.6) |
Recognized actuarial losses | 0.3 | |
Total recognized in other comprehensive (income) loss | (2.8) | (0.6) |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ (2.5) | $ (0.1) |
Retirement Plans and Other P_11
Retirement Plans and Other Post-Retirement Benefits - Schedule of Defined Benefit Plan Weighted-Average Assumptions Used in Computing Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate - benefit expense | 3.85% | 4.44% | 4.65% |
Future compensation growth rate | 3.00% | 3.00% | 3.50% |
Expected long-term rate of return on plan assets | 7.25% | 7.25% | 7.75% |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate - benefit expense | 3.68% | 4.18% | 4.38% |
Retirement Plans and Other P_12
Retirement Plans and Other Post-Retirement Benefits - Schedule of Health Care Cost Trend Rates Used in Calculating Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate assumed for next year | 5.90% | 6.20% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reaches the ultimate rate | 2,037 | 2,037 |
Retirement Plans and Other P_13
Retirement Plans and Other Post-Retirement Benefits - Schedule of Fair Value of Benefit Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 333.2 | $ 372.8 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 41.8 | 65.2 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 291.4 | 307.6 |
Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 330.9 | 161.1 |
Fixed Income [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 41.8 | 13.3 |
Fixed Income [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 289.1 | 147.8 |
Cash and Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2.3 | 6.7 |
Cash and Equivalents [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.1 | |
Cash and Equivalents [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 2.3 | 6.6 |
Large Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 119 | |
Large Cap [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6.9 | |
Large Cap [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 112.1 | |
Small and Mid Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 25.6 | |
Small and Mid Cap [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 25.6 | |
International Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 45.1 | |
International Equity [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4 | |
International Equity [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 41.1 | |
Real Estate Investment Trusts (REIT) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 15.3 | |
Real Estate Investment Trusts (REIT) [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 15.3 |
Retirement Plans and Other P_14
Retirement Plans and Other Post-Retirement Benefits - Benefit Payments Expected to be Made under Non-Qualified Pension Plans and Other Benefit Plans (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Nonqualified Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit payments expected | $ 2,126 |
Other Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit payments expected | $ 2,364 |
Retirement Plans and Other P_15
Retirement Plans and Other Post-Retirement Benefits - Summary of Benefit Expected to be Paid Out (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 26,252 |
2,020 | 22,358 |
2,021 | 22,009 |
2,022 | 22,005 |
2,023 | 21,344 |
2024 through 2028 | 101,499 |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 2,364 |
2,020 | 1,732 |
2,021 | 1,264 |
2,022 | 885 |
2,023 | 665 |
2024 through 2028 | $ 1,992 |
Inventories - Inventories, Net
Inventories - Inventories, Net of Reserves (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 50,205 | $ 39,797 |
In-process and finished | 84,894 | 65,277 |
Supplies | 38,312 | 31,127 |
Total | $ 173,411 | $ 136,201 |
Plant, Equipment and Timberla_3
Plant, Equipment and Timberlands - Summary of Plant, Equipment and Timberlands (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation | $ (458,567) | $ (435,231) | |
Subtotal | 534,057 | 420,839 | |
Construction in progress | 21,946 | 94,149 | |
Timberlands, less depletion | 41 | 195 | |
Total | 556,044 | 515,183 | $ 428,772 |
Land and Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 164,002 | 126,980 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 676,501 | 591,220 | |
Furniture, Fixtures, and Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 152,121 | $ 137,870 |
Plant, Equipment and Timberla_4
Plant, Equipment and Timberlands - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | ||
Accrued capital expenditures | $ 4.8 | $ 13.7 |
Plant, Equipment and Timberla_5
Plant, Equipment and Timberlands - Summary of Interest Expense Capitalized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Expense [Abstract] | |||
Interest cost incurred | $ 16,005 | $ 15,066 | $ 14,169 |
Interest capitalized | 396 | 1,749 | 319 |
Interest expense | $ 15,609 | $ 13,317 | $ 13,850 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Total Goodwill | $ 153,463 | $ 82,744 |
Total intangibles | 125,799 | 86,653 |
Accumulated amortization | (32,185) | (27,794) |
Net intangibles | 93,614 | 58,859 |
Composite Fibers [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total Goodwill | 79,024 | 82,744 |
Composite Fibers [Member] | Technology and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 38,813 | 40,686 |
Composite Fibers [Member] | Tradename Nonamortizing | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 4,556 | 4,773 |
Composite Fibers [Member] | Customer Relationships and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 35,029 | 36,705 |
Advanced Airlaid Materials [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total Goodwill | 74,439 | |
Advanced Airlaid Materials [Member] | Tradename [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 4,534 | |
Advanced Airlaid Materials [Member] | Technology and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 18,014 | 1,488 |
Advanced Airlaid Materials [Member] | Customer Relationships and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | $ 24,853 | $ 3,001 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 11 years 4 months 24 days |
Customer Relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 10 years |
Customer Relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 14 years |
Technology and Related [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 14 years |
Technology and Related [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 20 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract] | |||
Aggregate amortization expense: | $ 5,860 | $ 4,773 | $ 4,852 |
2,019 | 8,416 | ||
2,020 | 8,289 | ||
2,021 | 7,887 | ||
2,022 | 7,767 | ||
2,023 | $ 7,767 |
Other Long-Term Assets - Summar
Other Long-Term Assets - Summary of Other Long-Term Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets Noncurrent [Abstract] | ||
Pension | $ 43,341 | $ 66,382 |
Other | 24,006 | 14,745 |
Total | $ 67,347 | $ 81,127 |
Other Current Liabilities - Sum
Other Current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Current [Abstract] | ||
Accrued payroll and benefits | $ 15,898 | $ 29,255 |
Other accrued compensation and retirement benefits | 6,064 | 7,864 |
Income taxes payable | 2,147 | 1,927 |
Accrued rebates | 2,889 | 3,261 |
Other accrued expenses | 45,599 | 33,361 |
Total | $ 72,597 | $ 75,668 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 413,023 | $ 483,330 |
Less current portion | (10,785) | (11,298) |
Unamortized deferred issuance costs | (1,276) | (1,934) |
Long-term debt, net of current portion | 400,962 | 470,098 |
Revolving Credit Facility, Due Mar. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 114,495 | 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 | 5,725 | 7,710 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 25,972 | 33,607 |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 7,361 | 9,423 |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 9,470 | $ 11,390 |
Long-Term Debt - Summary of L_2
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 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) | Feb. 08, 2019USD ($) | Sep. 07, 2018 | Feb. 01, 2017 | Dec. 31, 2019 | Dec. 31, 2018USD ($) | Jan. 31, 2019 | Dec. 31, 2017USD ($) | Oct. 03, 2012USD ($) |
Debt Instrument [Line Items] | ||||||||
Debt instrument covenant compliance leverage ratio, threshold | 4.5 | |||||||
Debt instrument covenant compliance leverage ratio, actual | 2.9 | |||||||
Amortization expense related to deferred debt issuance costs | $ 1,100,000 | |||||||
Other Assets [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized deferred debt issuance costs | $ 1,900,000 | |||||||
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. | |||||||
Debt instrument redemption date | Feb. 28, 2019 | |||||||
5.375% Notes [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate on debt | 5.375% | |||||||
Five-year Term Loan [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 220,000,000 | |||||||
Debt Instrument, Term | 5 years | |||||||
Scenario, Forecast [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument covenant compliance leverage ratio, threshold | 4 | |||||||
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 | |||||||
Debt instrument covenant compliance leverage ratio, threshold | 4 | 4 | ||||||
Federal fund rate spread | 1.00% | |||||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 | |||||||
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 |
Long-Term Debt - Amortization o
Long-Term Debt - Amortization of Term Loan Agreements Together with Maturities of Other Long-term Debt (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Maturities Of Long Term Debt [Abstract] | |
2,019 | $ 10,785 |
2,020 | 375,281 |
2,021 | 10,786 |
2,022 | 9,968 |
2,023 | 3,749 |
Thereafter | $ 2,454 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 413,023 | $ 483,330 |
Fair Value | 412,481 | 487,724 |
Revolving Credit Facility Due Mar. 2020 And Nov. 2016 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 114,495 | 171,200 |
Fair Value | 114,495 | 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 | 249,010 | 253,823 |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 5,725 | 7,710 |
Fair Value | 5,836 | 7,889 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 25,972 | 33,607 |
Fair Value | 26,346 | 34,122 |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 7,361 | 9,423 |
Fair Value | 7,341 | 9,370 |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 9,470 | 11,390 |
Fair Value | $ 9,453 | $ 11,320 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Parenthetical) (Detail) | Dec. 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 Instr_5
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amount of fixed rate debt | $ 400,962 | $ 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 Hed_3
Financial Derivatives and Hedging Activities - Additional Information (Detail) | 12 Months Ended |
Dec. 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] | Foreign Exchange [Member] | |
Derivative [Line Items] | |
Maturities of foreign currency derivative contracts | 18 months |
Designated as Hedging [Member] | Cash Flow Hedges [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Period of production costs expected to be incurred | 18 months |
Not Designated as Hedging [Member] | |
Derivative [Line Items] | |
Maturities of foreign currency derivative contracts | 1 month |
Financial Derivatives and Hed_4
Financial Derivatives and Hedging Activities - Outstanding Derivatives Used to Hedge Foreign Exchange Risks (Detail) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018PHP (₱) | Dec. 31, 2018CAD ($) | Dec. 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 | ₱ | ₱ 13,140,000 | ₱ 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 | € 15,250,000 | € 13,586,000 | ||||||||
Cash Flow Hedges [Member] | Philippine Peso / Euro [Member] | Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 16,446,000 | |||||||||
Cash Flow Hedges [Member] | Philippine Peso / Euro [Member] | Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | ₱ | 1,069,006,000 | 890,096,000 | ||||||||
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 | $ | $ 76,417,000 | $ 60,519,000 | ||||||||
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 | $ | 88,000 | 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 | 4,253,000 | |||||||||
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 | ₱ | ₱ 980,137,000 | ₱ 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 | $ | $ 35,154,000 | $ 32,265,000 | ||||||||
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 | 216,000 | 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 | $ | 11,000,000 | 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 | £ | £ 2,000,000 | £ 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 | € 8,000,000 | € 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 | $ | $ 25,500,000 | $ 17,500,000 |
Financial Derivatives and Hed_5
Financial Derivatives and Hedging Activities - Fair Values of Derivative Instruments (Detail) - Forward Foreign Currency Exchange Contracts [Member] - USD ($) $ in Thousands | Dec. 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 | $ 4,381 | $ 1,066 |
Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | 1,548 | 4,787 |
Not Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | 103 | 151 |
Not Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | $ 122 | $ 43 |
Financial Derivatives and Hed_6
Financial Derivatives and Hedging Activities - Income or (Loss) from Derivative Instruments Recognized in Results of Operations (Detail) - Forward Foreign Currency Exchange Contracts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Costs of Products Sold [Member] | Designated as Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Effective portion of derivative instruments, gain (loss) | $ (5,020) | $ 532 | $ (551) |
Other - Net [Member] | Designated as Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Ineffective portion of derivative instruments, gain (loss) | 138 | 182 | (166) |
Other - Net [Member] | Not Designated as Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Derivative instruments, gain (loss) | $ (1,419) | $ 882 | $ 806 |
Financial Derivatives and Hed_7
Financial Derivatives and Hedging Activities - Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Balance at January 1, | $ (5,640) | $ 1,882 |
Deferred (losses) gains on cash flow hedges | 3,624 | (6,990) |
Reclassified to earnings | 5,020 | (532) |
Balance at December 31, | $ 3,004 | $ (5,640) |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Outstanding Shares of Common Stock (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Shares outstanding at beginning of year | 43,614 | 43,550 | 43,420 |
Treasury shares issued for: | |||
Restricted stock awards | 304 | 28 | 108 |
Employee stock options exercised | 41 | 36 | 22 |
Shares outstanding at end of year | 43,959 | 43,614 | 43,550 |
Commitments, Contingencies an_3
Commitments, Contingencies and Legal Proceedings - Summary of Minimum Annual Payment Due on Noncancelable Operating Lease (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Member] | |
Operating Leased Assets [Line Items] | |
2,019 | $ 5,020 |
2,020 | 3,861 |
2,021 | 2,515 |
2,022 | 1,426 |
2,023 | 584 |
Thereafter | 383 |
Other [Member] | |
Operating Leased Assets [Line Items] | |
2,019 | 84,451 |
2,020 | 22,249 |
2,021 | 2,483 |
2,022 | 306 |
2,023 | 49 |
Thereafter | $ 2 |
Commitments, Contingencies an_4
Commitments, Contingencies and Legal Proceedings - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2019USD ($) | Dec. 31, 2018USD ($)Operable_Unit | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($) | |
Commitments Contingencies And Litigation [Line Items] | |||||
Annual payments due under operating leases | $ 13,800 | ||||
Aggregate contractual obligation | $ 109,500 | ||||
Number of operable units | Operable_Unit | 5 | ||||
Term of agreement wih third party for monitoring and maintenance in OU1-OU4a | 30 years | ||||
Difference recorded in escrow account | $ 2,000 | ||||
Assumption of escrow | 4,746 | ||||
Total amount available in escrow account | 8,900 | ||||
Reserve for Environmental liabilities, current portion | 23,000 | $ 28,500 | |||
Other Long-Term Liabilities [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Reserve for Environmental liabilities, remaining portion | $ 22,000 | ||||
Minimum [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Period over which cash expenditure to be incurred for monitoring activities | 30 years | ||||
Glatfelter Consent Decree [Member] | Subsequent Event [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Payments for governments unreimbursed past costs | $ 20,500 | ||||
Georgia Pacific [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Settlement payable amount | $ 9,500 | ||||
Payment due date | 2017-08 | ||||
OU2-5 [Member] | |||||
Commitments Contingencies And Litigation [Line Items] | |||||
Estimated future cost of cleanup work | $ 13,400 | $ 13,400 | |||
Expected cleanup work continuation year | through 2,019 |
Commitments, Contingencies an_5
Commitments, Contingencies and Legal Proceedings - Schedule of Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Environmental Remediation Obligations [Abstract] | ||
Beginning balance | $ 43,144 | $ 52,788 |
Payments | (3,054) | (9,644) |
Assumption of WTM I escrow | 4,746 | |
Accretion | 165 | |
Ending balance | $ 45,001 | $ 43,144 |
Segment and Geographic Inform_3
Segment and Geographic Information - Schedule of Financial and Other Information by Business Unit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 229,480 | $ 209,855 | $ 215,742 | $ 211,209 | $ 209,327 | $ 210,120 | $ 195,974 | $ 184,941 | $ 866,286 | $ 800,362 | $ 761,216 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Cost of products sold | $ 735,879 | $ 656,773 | $ 629,467 | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Gross profit | $ 30,674 | $ 29,872 | $ 33,300 | $ 36,561 | $ 38,337 | $ 37,375 | $ 35,096 | $ 32,781 | $ 130,407 | $ 143,589 | $ 131,749 |
SG&A | 111,721 | 110,534 | 153,153 | ||||||||
(Gains) losses on dispositions of plant, equipment and timberlands, net | (3,256) | (197) | 116 | ||||||||
Operating income (loss) | 21,942 | 33,252 | (21,520) | ||||||||
Non-operating expense | (14,667) | (13,785) | (21,062) | ||||||||
Income (loss) before income taxes | 7,275 | 19,467 | (42,582) | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 556,044 | 515,183 | 556,044 | 515,183 | 428,772 | ||||||
Depreciation, depletion and amortization | 47,525 | 42,078 | 39,287 | ||||||||
Capital expenditures | 42,100 | 80,800 | 61,200 | ||||||||
Composite Fibers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 554,900 | $ 544,300 | $ 517,000 | ||||||||
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Cost of products sold | $ 462,300 | $ 437,600 | $ 416,400 | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Gross profit | $ 92,600 | $ 106,700 | $ 100,600 | ||||||||
SG&A | 44,200 | 44,400 | 46,300 | ||||||||
Operating income (loss) | 48,400 | 62,300 | 54,300 | ||||||||
Income (loss) before income taxes | 48,400 | 62,300 | 54,300 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 233,200 | 254,000 | 233,200 | 254,000 | 235,100 | ||||||
Depreciation, depletion and amortization | 28,300 | 28,300 | 27,800 | ||||||||
Capital expenditures | 15,700 | 15,900 | 18,800 | ||||||||
Advanced Airlaid Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 311,400 | $ 256,100 | $ 244,300 | ||||||||
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Cost of products sold | $ 269,300 | $ 216,700 | $ 209,500 | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Gross profit | $ 42,100 | $ 39,400 | $ 34,800 | ||||||||
SG&A | 12,200 | 9,300 | 8,400 | ||||||||
Operating income (loss) | 29,900 | 30,100 | 26,400 | ||||||||
Income (loss) before income taxes | 29,900 | 30,100 | 26,400 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 298,200 | 235,600 | 298,200 | 235,600 | 179,300 | ||||||
Depreciation, depletion and amortization | 14,900 | 9,600 | 9,000 | ||||||||
Capital expenditures | $ 21,600 | $ 50,600 | $ 36,800 | ||||||||
Other and Unallocated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Cost of products sold | $ 4,300 | $ 2,500 | $ 3,600 | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Gross profit | $ (4,300) | $ (2,500) | $ (3,600) | ||||||||
SG&A | 55,300 | 56,800 | 98,400 | ||||||||
(Gains) losses on dispositions of plant, equipment and timberlands, net | (3,300) | (200) | 100 | ||||||||
Operating income (loss) | (56,300) | (59,100) | (102,100) | ||||||||
Non-operating expense | (14,700) | (13,800) | (21,100) | ||||||||
Income (loss) before income taxes | (71,000) | (72,900) | (123,200) | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | $ 24,600 | $ 25,600 | 24,600 | 25,600 | 14,400 | ||||||
Depreciation, depletion and amortization | 4,300 | 4,200 | 2,500 | ||||||||
Capital expenditures | $ 4,800 | $ 14,300 | $ 5,600 |
Segment and Geographic Inform_4
Segment and Geographic Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Procter & Gamble Company [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Segment Reporting Revenue Reconciling Item [Line Items] | |||
Concentration risk, percentage | 16.00% | 16.00% | 16.00% |
Segment and Geographic Inform_5
Segment and Geographic Information - Schedule of Net Sales to External Customers and Location of Net Plant, Equipment and Timberlands (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 229,480 | $ 209,855 | $ 215,742 | $ 211,209 | $ 209,327 | $ 210,120 | $ 195,974 | $ 184,941 | $ 866,286 | $ 800,362 | $ 761,216 |
Plant, Equipment and Timberlands – Net | 556,044 | 515,183 | 556,044 | 515,183 | 428,772 | ||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 124,690 | 89,773 | 74,986 | ||||||||
Plant, Equipment and Timberlands – Net | 109,797 | 105,663 | 109,797 | 105,663 | 44,851 | ||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 483,628 | 450,668 | 427,520 | ||||||||
Plant, Equipment and Timberlands – Net | 286,839 | 240,932 | 286,839 | 240,932 | 220,380 | ||||||
United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 76,053 | 76,594 | 78,759 | ||||||||
Plant, Equipment and Timberlands – Net | 50,483 | 55,494 | 50,483 | 55,494 | 51,903 | ||||||
Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 114,877 | 120,433 | 115,901 | ||||||||
Plant, Equipment and Timberlands – Net | 74,448 | 78,220 | 74,448 | 78,220 | 79,727 | ||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 67,038 | 62,894 | 64,050 | ||||||||
Plant, Equipment and Timberlands – Net | $ 34,477 | $ 34,874 | $ 34,477 | $ 34,874 | $ 31,911 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Statements - Additional Information (Detail) | Dec. 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 Finan_4
Condensed Consolidating Financial Statements - Condensed Consolidating Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | $ 229,480 | $ 209,855 | $ 215,742 | $ 211,209 | $ 209,327 | $ 210,120 | $ 195,974 | $ 184,941 | $ 866,286 | $ 800,362 | $ 761,216 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Costs of products sold | $ 735,879 | $ 656,773 | $ 629,467 | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Gross profit | $ 30,674 | $ 29,872 | $ 33,300 | $ 36,561 | $ 38,337 | $ 37,375 | $ 35,096 | $ 32,781 | $ 130,407 | $ 143,589 | $ 131,749 |
Selling, general and administrative expenses | 111,721 | 110,534 | 153,153 | ||||||||
Losses (gains) on dispositions of plant, equipment and timberlands, net | (3,256) | (197) | 116 | ||||||||
Operating income (loss) | 21,942 | 33,252 | (21,520) | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | (15,609) | (13,317) | (13,850) | ||||||||
Interest income | 559 | 237 | 206 | ||||||||
Other, net | 383 | (705) | (7,418) | ||||||||
Total non-operating expense | (14,667) | (13,785) | (21,062) | ||||||||
Income (loss) before income taxes | 7,275 | 19,467 | (42,582) | ||||||||
Income tax provision (benefit) | 7,723 | 25,079 | (28,405) | ||||||||
Loss from continuing operations | $ (3,289) | $ (705) | $ 1,278 | $ 2,268 | $ (14,699) | $ 5,045 | $ 2,341 | $ 1,701 | (448) | (5,612) | (14,177) |
Discontinued operations: | |||||||||||
Income (loss) before income taxes | (207,242) | 19,868 | 53,388 | ||||||||
Income tax provision (benefit) | (30,086) | 6,342 | 17,657 | ||||||||
Income (loss) from discontinued operations | (177,156) | 13,526 | 35,731 | ||||||||
Net income (loss) | (177,604) | 7,914 | 21,554 | ||||||||
Other comprehensive income (loss) | 25,533 | 63,931 | (14,120) | ||||||||
Comprehensive income (loss) | (152,071) | 71,845 | 7,434 | ||||||||
Income tax provision | (30,086) | 6,342 | 17,657 | ||||||||
Adjustments/ Eliminations [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | $ (102,435) | $ (88,028) | $ (69,644) | ||||||||
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Costs of products sold | $ (102,435) | $ (88,028) | $ (69,644) | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | $ 13,366 | $ 5,394 | $ 4,715 | ||||||||
Interest income | (13,366) | (5,394) | (4,715) | ||||||||
Equity in earnings of subsidiaries | (105,405) | (79,735) | (119,354) | ||||||||
Total non-operating expense | (105,405) | (79,735) | (119,354) | ||||||||
Income (loss) before income taxes | (105,405) | (79,735) | (119,354) | ||||||||
Loss from continuing operations | (105,405) | (79,735) | |||||||||
Discontinued operations: | |||||||||||
Net income (loss) | (105,405) | (79,735) | |||||||||
Other comprehensive income (loss) | 45,625 | (104,118) | 51,092 | ||||||||
Comprehensive income (loss) | $ (59,780) | $ (183,853) | $ 51,092 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Costs of products sold | $ 3,746 | $ 598 | $ 240 | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Gross profit | $ (3,746) | $ (598) | $ (240) | ||||||||
Selling, general and administrative expenses | 45,491 | 45,623 | 95,846 | ||||||||
Losses (gains) on dispositions of plant, equipment and timberlands, net | (16) | 77 | |||||||||
Operating income (loss) | (49,221) | (46,221) | (96,163) | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | (23,527) | (15,939) | (15,464) | ||||||||
Interest income | 7,070 | 599 | 687 | ||||||||
Equity in earnings of subsidiaries | 53,684 | 18,864 | 61,007 | ||||||||
Other, net | (714) | 2,756 | (8,459) | ||||||||
Total non-operating expense | 36,513 | 6,280 | 37,771 | ||||||||
Income (loss) before income taxes | (12,708) | (39,941) | (58,392) | ||||||||
Income tax provision (benefit) | (12,260) | (34,329) | (44,215) | ||||||||
Loss from continuing operations | (448) | (5,612) | (14,177) | ||||||||
Discontinued operations: | |||||||||||
Income (loss) before income taxes | (207,242) | 19,868 | 53,388 | ||||||||
Income tax provision (benefit) | (30,086) | 6,342 | 17,657 | ||||||||
Income (loss) from discontinued operations | (177,156) | 13,526 | 35,731 | ||||||||
Net income (loss) | (177,604) | 7,914 | 21,554 | ||||||||
Other comprehensive income (loss) | 25,533 | 63,931 | (14,120) | ||||||||
Comprehensive income (loss) | (152,071) | 71,845 | 7,434 | ||||||||
Income tax provision | (30,086) | 6,342 | 17,657 | ||||||||
Guarantors [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | $ 124,716 | $ 89,787 | $ 75,000 | ||||||||
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Costs of products sold | $ 117,867 | $ 85,196 | $ 70,991 | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Gross profit | $ 6,849 | $ 4,591 | $ 4,009 | ||||||||
Selling, general and administrative expenses | 1,856 | 2,598 | 156 | ||||||||
Losses (gains) on dispositions of plant, equipment and timberlands, net | (3,225) | (188) | |||||||||
Operating income (loss) | 8,218 | 2,181 | 4,165 | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | (2,784) | (971) | (41) | ||||||||
Interest income | 6,238 | 4,947 | 4,177 | ||||||||
Equity in earnings of subsidiaries | 51,721 | 60,871 | 58,347 | ||||||||
Other, net | (6,862) | (6,776) | (3,966) | ||||||||
Total non-operating expense | 48,313 | 58,071 | 58,517 | ||||||||
Income (loss) before income taxes | 56,531 | 60,252 | 62,682 | ||||||||
Income tax provision (benefit) | 3,079 | 41,388 | 1,675 | ||||||||
Loss from continuing operations | 53,452 | 18,864 | 61,007 | ||||||||
Discontinued operations: | |||||||||||
Net income (loss) | 53,452 | 18,864 | 61,007 | ||||||||
Other comprehensive income (loss) | (22,411) | 52,290 | (25,916) | ||||||||
Comprehensive income (loss) | 31,041 | 71,154 | 35,091 | ||||||||
Non Guarantors [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | $ 844,005 | $ 798,603 | $ 755,860 | ||||||||
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Costs of products sold | $ 716,701 | $ 659,007 | $ 627,880 | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Gross profit | $ 127,304 | $ 139,596 | $ 127,980 | ||||||||
Selling, general and administrative expenses | 64,374 | 62,313 | 57,463 | ||||||||
Losses (gains) on dispositions of plant, equipment and timberlands, net | (15) | (9) | 39 | ||||||||
Operating income (loss) | 62,945 | 77,292 | 70,478 | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | (2,664) | (1,801) | (3,060) | ||||||||
Interest income | 617 | 85 | 57 | ||||||||
Other, net | 7,959 | 3,315 | 5,007 | ||||||||
Total non-operating expense | 5,912 | 1,599 | 2,004 | ||||||||
Income (loss) before income taxes | 68,857 | 78,891 | 72,482 | ||||||||
Income tax provision (benefit) | 16,904 | 18,020 | 14,135 | ||||||||
Loss from continuing operations | 51,953 | 60,871 | 58,347 | ||||||||
Discontinued operations: | |||||||||||
Net income (loss) | 51,953 | 60,871 | 58,347 | ||||||||
Other comprehensive income (loss) | (23,214) | 51,828 | (25,176) | ||||||||
Comprehensive income (loss) | $ 28,739 | $ 112,699 | $ 33,171 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||||
Cash and cash equivalents | $ 142,685 | $ 116,219 | $ 55,444 | $ 105,304 |
Other current assets | 326,601 | 278,800 | ||
Current assets held for sale | 189,952 | |||
Plant, equipment and timberlands, net | 556,044 | 515,183 | 428,772 | |
Other assets | 314,424 | 222,730 | ||
Noncurrent assets held for sale | 407,911 | |||
Total assets | 1,339,754 | 1,730,795 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 232,802 | 234,356 | ||
Current liabilities held for sale | 112,820 | |||
Long-term debt | 400,962 | 470,098 | ||
Deferred income taxes | 78,651 | 83,571 | ||
Other long-term liabilities | 88,441 | 79,649 | ||
Long-term liabilities held for sale | 41,373 | |||
Total liabilities | 800,856 | 1,021,867 | ||
Shareholders’ equity | 538,898 | 708,928 | 653,826 | 663,247 |
Total liabilities and shareholders’ equity | 1,339,754 | 1,730,795 | ||
Adjustments/ Eliminations [Member] | ||||
Assets | ||||
Other current assets | (255,848) | (277,989) | ||
Investments in subsidiaries | (1,441,831) | (1,483,023) | ||
Total assets | (1,697,679) | (1,761,012) | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | (255,848) | (277,989) | ||
Total liabilities | (255,848) | (277,989) | ||
Shareholders’ equity | (1,441,831) | (1,483,023) | ||
Total liabilities and shareholders’ equity | (1,697,679) | (1,761,012) | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 69,574 | 1,292 | 5,082 | 59,130 |
Other current assets | 113,809 | 59,341 | ||
Current assets held for sale | 189,952 | |||
Plant, equipment and timberlands, net | 23,943 | 24,671 | ||
Investments in subsidiaries | 789,958 | 829,895 | ||
Other assets | 59,252 | 82,201 | ||
Noncurrent assets held for sale | 407,911 | |||
Total assets | 1,056,536 | 1,595,263 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 212,625 | 289,967 | ||
Current liabilities held for sale | 112,820 | |||
Long-term debt | 248,906 | 368,496 | ||
Deferred income taxes | (11,024) | 14,081 | ||
Other long-term liabilities | 67,131 | 59,598 | ||
Long-term liabilities held for sale | 41,373 | |||
Total liabilities | 517,638 | 886,335 | ||
Shareholders’ equity | 538,898 | 708,928 | ||
Total liabilities and shareholders’ equity | 1,056,536 | 1,595,263 | ||
Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 2,924 | 720 | 1,461 | 465 |
Other current assets | 162,065 | 217,822 | ||
Plant, equipment and timberlands, net | 85,854 | 80,992 | ||
Investments in subsidiaries | 651,873 | 653,128 | ||
Total assets | 902,716 | 952,662 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 105,603 | 54,640 | ||
Long-term debt | 51,000 | |||
Deferred income taxes | 15,891 | (16,814) | ||
Other long-term liabilities | 107 | 313 | ||
Total liabilities | 121,601 | 122,767 | ||
Shareholders’ equity | 781,115 | 829,895 | ||
Total liabilities and shareholders’ equity | 902,716 | 952,662 | ||
Non Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 70,187 | 114,207 | $ 48,901 | $ 45,709 |
Other current assets | 306,575 | 279,626 | ||
Plant, equipment and timberlands, net | 446,247 | 409,520 | ||
Other assets | 255,172 | 140,529 | ||
Total assets | 1,078,181 | 943,882 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 170,422 | 167,738 | ||
Long-term debt | 152,056 | 50,602 | ||
Deferred income taxes | 73,784 | 52,676 | ||
Other long-term liabilities | 21,203 | 19,738 | ||
Total liabilities | 417,465 | 290,754 | ||
Shareholders’ equity | 660,716 | 653,128 | ||
Total liabilities and shareholders’ equity | $ 1,078,181 | $ 943,882 |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Statements - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | $ (5,952) | $ 53,234 | $ 31,078 |
Investing activities | |||
Expenditures for purchases of plant, equipment and timberlands | (42,129) | (80,783) | (61,162) |
Proceeds from disposals of plant, equipment and timberlands, net | 3,462 | 218 | 29 |
Acquisition, net of cash acquired | (178,905) | ||
Other investing | (68) | (243) | (800) |
Net cash used by investing activities | (217,640) | (80,808) | (61,933) |
Net borrowings (repayments) of long-term debt | (66,515) | 99,665 | 14,114 |
Payments of borrowing costs | (136) | ||
Payments of dividends | (22,760) | (22,480) | (21,589) |
Proceeds from government grants | 2,000 | ||
Payments related to share-based compensation awards and other | (2,151) | (472) | (990) |
Net cash provided (used) by financing activities | (91,426) | 76,713 | (6,601) |
Net borrowings (repayments) of long-term debt | (66,515) | 99,665 | 14,114 |
Payments of dividends | (22,760) | (22,480) | (21,589) |
Payments related to share-based compensation awards and other | (2,151) | (472) | (990) |
Net cash provided (used) by financing activities | (91,426) | 76,713 | (6,601) |
Financing activities | |||
Effect of exchange rate on cash | (5,564) | 7,244 | (2,063) |
Net increase (decrease) in cash and cash equivalents | (320,582) | 56,383 | (39,519) |
Change in cash from discontinued operations | 347,048 | 4,392 | (10,341) |
Cash at the beginning of period | 116,219 | 55,444 | 105,304 |
Cash at the end of period | 142,685 | 116,219 | 55,444 |
Adjustments/ Eliminations [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | (40,435) | ||
Investing activities | |||
Repayments from intercompany loans | 12,000 | 15,601 | |
Advances of intercompany loans | 83,550 | 14,400 | 18,330 |
Intercompany capital contributed | 315 | ||
Intercompany capital returned | (20,000) | 14,400 | (17,500) |
Net cash used by investing activities | 63,865 | 16,800 | 20,229 |
Repayments from intercompany loans | (12,000) | (15,601) | |
Repayments of intercompany loans | 12,000 | 15,601 | |
Borrowings of intercompany loans | (83,550) | (14,400) | (18,330) |
Intercompany capital received | (315) | ||
Intercompany capital returned | (20,000) | ||
Payment of intercompany dividend | (40,435) | ||
Net cash provided (used) by financing activities | (23,430) | (16,800) | (20,229) |
Intercompany capital received | (14,400) | (17,500) | |
Payment of intercompany dividend | 40,435 | ||
Repayments of intercompany loans | 12,000 | 15,601 | |
Borrowings of intercompany loans | (83,550) | (14,400) | (18,330) |
Intercompany capital received | (14,400) | (17,500) | |
Net cash provided (used) by financing activities | (23,430) | (16,800) | (20,229) |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | (61,355) | (55,287) | (51,923) |
Investing activities | |||
Expenditures for purchases of plant, equipment and timberlands | (4,799) | (14,301) | (5,599) |
Proceeds from disposals of plant, equipment and timberlands, net | 17 | 1 | |
Advances of intercompany loans | (75,500) | ||
Intercompany capital returned | (14,000) | 17,000 | |
Other investing | (68) | (243) | (800) |
Net cash used by investing activities | (80,350) | (28,543) | (23,399) |
Net borrowings (repayments) of long-term debt | (120,200) | 84,200 | 36,000 |
Payments of borrowing costs | (136) | ||
Payments of dividends | (22,760) | (22,480) | (21,589) |
Borrowings of intercompany loans | 8,050 | 14,400 | 18,330 |
Payments related to share-based compensation awards and other | (2,151) | (472) | (990) |
Net cash provided (used) by financing activities | (137,061) | 75,648 | 31,615 |
Net borrowings (repayments) of long-term debt | (120,200) | 84,200 | 36,000 |
Payments of dividends | (22,760) | (22,480) | (21,589) |
Borrowings of intercompany loans | 8,050 | 14,400 | 18,330 |
Payments related to share-based compensation awards and other | (2,151) | (472) | (990) |
Net cash provided (used) by financing activities | (137,061) | 75,648 | 31,615 |
Financing activities | |||
Net increase (decrease) in cash and cash equivalents | (278,766) | (8,182) | (43,707) |
Change in cash from discontinued operations | 347,048 | 4,392 | (10,341) |
Cash at the beginning of period | 1,292 | 5,082 | 59,130 |
Cash at the end of period | 69,574 | 1,292 | 5,082 |
Guarantors [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | 14,707 | (3,506) | 1,275 |
Investing activities | |||
Expenditures for purchases of plant, equipment and timberlands | (14,929) | (45,644) | (30,682) |
Proceeds from disposals of plant, equipment and timberlands, net | 3,416 | 209 | |
Repayments from intercompany loans | (12,000) | (15,601) | |
Advances of intercompany loans | (8,050) | (14,400) | (18,330) |
Intercompany capital contributed | (315) | ||
Intercompany capital returned | 20,000 | (400) | 500 |
Net cash used by investing activities | 122 | (48,235) | (33,911) |
Repayments from intercompany loans | 12,000 | 15,601 | |
Net borrowings (repayments) of long-term debt | (51,000) | 37,000 | 14,000 |
Borrowings of intercompany loans | 68,500 | ||
Payment of intercompany dividend | 30,125 | (632) | |
Proceeds from government grants | 2,000 | ||
Net cash provided (used) by financing activities | (12,625) | 51,000 | 33,632 |
Intercompany capital received | 14,000 | 17,000 | |
Payment of intercompany dividend | (30,125) | 632 | |
Net borrowings (repayments) of long-term debt | (51,000) | 37,000 | 14,000 |
Borrowings of intercompany loans | 68,500 | ||
Intercompany capital received | 14,000 | 17,000 | |
Net cash provided (used) by financing activities | (12,625) | 51,000 | 33,632 |
Financing activities | |||
Net increase (decrease) in cash and cash equivalents | 2,204 | (741) | 996 |
Cash at the beginning of period | 720 | 1,461 | 465 |
Cash at the end of period | 2,924 | 720 | 1,461 |
Non Guarantors [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | 81,131 | 112,027 | 81,726 |
Investing activities | |||
Expenditures for purchases of plant, equipment and timberlands | (22,401) | (20,838) | (24,881) |
Proceeds from disposals of plant, equipment and timberlands, net | 29 | 8 | 29 |
Acquisition, net of cash acquired | (178,905) | ||
Net cash used by investing activities | (201,277) | (20,830) | (24,852) |
Net borrowings (repayments) of long-term debt | 104,685 | (21,535) | (35,886) |
Repayments of intercompany loans | (12,000) | (15,601) | |
Borrowings of intercompany loans | 7,000 | ||
Intercompany capital received | 315 | ||
Intercompany capital returned | 20,000 | ||
Payment of intercompany dividend | 10,310 | 632 | |
Net cash provided (used) by financing activities | 81,690 | (33,135) | (51,619) |
Intercompany capital received | 400 | 500 | |
Payment of intercompany dividend | (10,310) | (632) | |
Net borrowings (repayments) of long-term debt | 104,685 | (21,535) | (35,886) |
Repayments of intercompany loans | (12,000) | (15,601) | |
Borrowings of intercompany loans | 7,000 | ||
Intercompany capital received | 400 | 500 | |
Net cash provided (used) by financing activities | 81,690 | (33,135) | (51,619) |
Financing activities | |||
Effect of exchange rate on cash | (5,564) | 7,244 | (2,063) |
Net increase (decrease) in cash and cash equivalents | (44,020) | 65,306 | 3,192 |
Cash at the beginning of period | 114,207 | 48,901 | 45,709 |
Cash at the end of period | $ 70,187 | $ 114,207 | $ 48,901 |
Quarterly Results - Schedule of
Quarterly Results - Schedule of Income (Loss) from Continuing Operations and Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $ 229,480 | $ 209,855 | $ 215,742 | $ 211,209 | $ 209,327 | $ 210,120 | $ 195,974 | $ 184,941 | $ 866,286 | $ 800,362 | $ 761,216 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Gross Profit | $ 30,674 | $ 29,872 | $ 33,300 | $ 36,561 | $ 38,337 | $ 37,375 | $ 35,096 | $ 32,781 | $ 130,407 | $ 143,589 | $ 131,749 |
Income (loss) from continuing operations | $ (3,289) | $ (705) | $ 1,278 | $ 2,268 | $ (14,699) | $ 5,045 | $ 2,341 | $ 1,701 | $ (448) | $ (5,612) | $ (14,177) |
Earnings (loss) per share | $ (0.08) | $ (0.02) | $ 0.03 | $ 0.05 | $ (0.34) | $ 0.11 | $ 0.05 | $ 0.04 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | $ 1,761 | $ 1,695 | $ 2,081 |
Provision | 695 | (152) | 32 |
Write-offs, recoveries and discounts allowed | (688) | (363) | |
Other | (107) | 218 | (55) |
Balance, end of year | 1,661 | 1,761 | 1,695 |
Allowance for Sales Discounts and Deductions [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | 1,029 | 925 | 1,301 |
Provision | 2,075 | 1,191 | 690 |
Write-offs, recoveries and discounts allowed | (2,294) | (1,159) | (1,054) |
Other | 22 | 72 | (12) |
Balance, end of year | $ 832 | $ 1,029 | $ 925 |