Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 24, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | GLT | |
Entity Registrant Name | GLATFELTER P H CO | |
Entity Central Index Key | 0000041719 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 1-03560 | |
Entity Tax Identification Number | 230628360 | |
Entity Address, Address Line One | 96 South George Street | |
Entity Address, Address Line Two | Suite 520 | |
Entity Address, City or Town | York | |
Entity Address, State or Province | Pennsylvania | |
Entity Address, Postal Zip Code | 17401 | |
City Area Code | 717 | |
Local Phone Number | 850-0170 | |
Entity Common Stock, Shares Outstanding | 44,171,151 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 235,053 | $ 215,742 | $ 464,186 | $ 426,949 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Costs of products sold | $ 197,553 | $ 182,443 | $ 391,069 | $ 357,090 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Gross profit | $ 37,500 | $ 33,299 | $ 73,117 | $ 69,859 |
Selling, general and administrative expenses | 22,800 | 26,185 | 47,422 | 56,116 |
Gains on dispositions of plant, equipment and timberlands, net | (423) | (574) | (1,092) | (1,690) |
Operating income | 15,123 | 7,688 | 26,787 | 15,433 |
Non-operating income (expense) | ||||
Interest expense | (1,865) | (3,822) | (6,611) | (7,272) |
Interest income | 241 | 26 | 746 | 80 |
Other, net | (1,551) | (799) | (2,513) | (1,122) |
Total non-operating expense | (3,175) | (4,595) | (8,378) | (8,314) |
Income from continuing operations before income taxes | 11,948 | 3,093 | 18,409 | 7,119 |
Income tax provision | 5,655 | 1,813 | 7,513 | 3,575 |
Income from continuing operations | 6,293 | 1,280 | 10,896 | 3,544 |
Discontinued operations: | ||||
Income (loss) before income taxes | (485) | (18,517) | 229 | (14,058) |
Income tax provision (benefit) | (23) | (9,838) | 8 | (8,831) |
Income (loss) from discontinued operations | (462) | (8,679) | 221 | (5,227) |
Net income (loss) | $ 5,831 | $ (7,399) | $ 11,117 | $ (1,683) |
Basic earnings per share | ||||
Income from continuing operations | $ 0.14 | $ 0.03 | $ 0.25 | $ 0.08 |
Income (loss) from discontinued operations | (0.01) | (0.20) | 0.01 | (0.12) |
Basic earnings (loss) per share | 0.13 | (0.17) | 0.26 | (0.04) |
Diluted earnings (loss) per share | ||||
Income from continuing operations | 0.14 | 0.03 | 0.25 | 0.08 |
Income (loss) from discontinued operations | (0.01) | (0.20) | (0.12) | |
Diluted earnings (loss) per share | 0.13 | (0.17) | 0.25 | (0.04) |
Cash dividends declared per common share | $ 0.13 | $ 0.13 | $ 0.26 | $ 0.26 |
Weighted average shares outstanding | ||||
Basic | 44,140 | 43,770 | 44,084 | 43,735 |
Diluted | 44,382 | 44,487 | 44,351 | 44,531 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 5,831 | $ (7,399) | $ 11,117 | $ (1,683) |
Foreign currency translation adjustments | 1,426 | (33,223) | (3,379) | (20,476) |
Net change in: | ||||
Deferred gains on cash flow hedges, net of taxes of $78, $(1,719), $(757) and $(1,719), respectively | 21 | 4,549 | 2,243 | 2,747 |
Unrecognized retirement obligations, net of taxes of $358, $(965), $213 and $(1,942), respectively | 4,352 | 3,021 | 4,840 | 6,096 |
Other comprehensive income (loss) | 5,799 | (25,653) | 3,704 | (11,633) |
Comprehensive income (loss) | $ 11,630 | $ (33,052) | $ 14,821 | $ (13,316) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Taxes on deferred gains on cash flow hedges | $ 78 | $ (1,719) | $ (756) | $ (1,136) |
Taxes on unrecognized retirement obligations | $ (1,241) | $ (965) | $ (1,386) | $ (1,942) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 58,945 | $ 142,685 |
Accounts receivable, net | 136,548 | 119,772 |
Inventories | 192,123 | 173,411 |
Prepaid expenses and other current assets | 42,758 | 33,418 |
Total current assets | 430,374 | 469,286 |
Plant, equipment and timberlands, net | 541,856 | 556,044 |
Goodwill | 153,158 | 153,463 |
Intangible assets, net | 88,882 | 93,614 |
Other assets | 81,720 | 67,347 |
Total assets | 1,295,990 | 1,339,754 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 23,238 | 10,785 |
Accounts payable | 115,241 | 120,701 |
Dividends payable | 5,742 | 5,719 |
Environmental liabilities | 6,867 | 23,000 |
Other current liabilities | 74,059 | 72,597 |
Total current liabilities | 225,147 | 232,802 |
Long-term debt | 361,792 | 400,962 |
Deferred income taxes | 78,968 | 78,651 |
Other long-term liabilities | 86,964 | 88,441 |
Total liabilities | 752,871 | 800,856 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common stock | 544 | 544 |
Capital in excess of par value | 59,920 | 62,239 |
Retained earnings | 769,940 | 770,305 |
Accumulated other comprehensive loss | (133,736) | (137,440) |
Shareholders' equity before treasury stock | 696,668 | 695,648 |
Less cost of common stock in treasury | (153,549) | (156,750) |
Total shareholders’ equity | 543,119 | 538,898 |
Total liabilities and shareholders’ equity | $ 1,295,990 | $ 1,339,754 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities | ||
Net income (loss) | $ 11,117 | $ (1,683) |
(Income) loss from discontinued operations, net of taxes | (221) | 5,227 |
Adjustments to reconcile to net cash used by continuing operations: | ||
Depreciation, depletion and amortization | 25,520 | 23,195 |
Amortization of debt issue costs and original issue discount | 1,380 | 580 |
Deferred income tax benefit | (143) | (3,437) |
Gains on dispositions of plant, equipment and timberlands, net | (1,092) | (1,690) |
Share-based compensation | 1,638 | 3,505 |
Change in operating assets and liabilities | ||
Accounts receivable | (17,004) | (14,791) |
Inventories | (19,513) | (29,040) |
Prepaid and other current assets | (6,593) | (760) |
Accounts payable | (3,465) | 1,824 |
Accruals and other current liabilities | (12,258) | (6,471) |
Other | 1,349 | (332) |
Net cash used by operating activities from continuing operations | (19,285) | (23,873) |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (10,633) | (25,937) |
Proceeds from disposals of plant, equipment and timberlands, net | 1,116 | 1,804 |
Acquisition, net of cash acquired | (1,974) | |
Other | (90) | (68) |
Net cash used by investing activities from continuing operations | (11,581) | (24,201) |
Financing activities | ||
Net (repayments) borrowings under revolving credit facility | (19,294) | 46,660 |
Repayment of 5.375% Notes | (250,000) | |
Proceeds from term loans | 248,644 | |
Payments of borrowing costs | (2,170) | |
Repayment of term loans | (5,326) | (5,647) |
Payments of dividends | (11,452) | (11,368) |
Payments related to share-based compensation awards and other | (755) | (980) |
Net cash provided (used) by financing activities from continuing operations | (40,353) | 28,665 |
Effect of exchange rate changes on cash | (291) | (3,230) |
Net decrease in cash and cash equivalents | (71,510) | (22,639) |
Change in cash and cash equivalents from discontinued operations | (12,230) | 13,609 |
Cash and cash equivalents at the beginning of period | 142,685 | 116,219 |
Cash and cash equivalents at the end of period | 58,945 | 107,189 |
Cash paid for: | ||
Interest, net of amounts capitalized | 7,742 | 6,935 |
Income taxes, net | $ 7,157 | $ 6,804 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) | Jun. 30, 2019 | Dec. 31, 2018 |
5.375% Notes, Due Oct. 2020 [Member] | ||
Interest rate on debt | 5.375% | 5.375% |
Statements of Shareholders' Equ
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, 2017 | $ 708,928 | $ 544 | $ 62,594 | $ 948,411 | $ (140,675) | $ (161,946) |
Reclassification pursuant to ASU No. 2018-02 | 22,298 | (22,298) | ||||
Net income (loss) | (1,683) | (1,683) | ||||
Other comprehensive income (loss) | (11,633) | (11,633) | ||||
Comprehensive income (loss) | (13,316) | |||||
Cash dividends declared | (11,383) | (11,383) | ||||
Share-based compensation expense | 3,704 | 3,704 | ||||
Delivery of treasury shares | ||||||
RSUs and PSAs | (476) | (2,376) | 1,900 | |||
Employee stock options exercised — net | (505) | (1,095) | 590 | |||
Ending Balance at Jun. 30, 2018 | 686,952 | 544 | 62,827 | 957,643 | (174,606) | (159,456) |
Beginning Balance at Mar. 31, 2018 | 723,992 | 544 | 62,359 | 970,736 | (148,953) | (160,694) |
Net income (loss) | (7,399) | (7,399) | ||||
Other comprehensive income (loss) | (25,653) | (25,653) | ||||
Comprehensive income (loss) | (33,052) | |||||
Cash dividends declared | (5,694) | (5,694) | ||||
Share-based compensation expense | 1,722 | 1,722 | ||||
Delivery of treasury shares | ||||||
RSUs and PSAs | (1) | (1,216) | 1,215 | |||
Employee stock options exercised — net | (15) | (38) | 23 | |||
Ending Balance at Jun. 30, 2018 | 686,952 | 544 | 62,827 | 957,643 | (174,606) | (159,456) |
Beginning Balance at Dec. 31, 2018 | 538,898 | 544 | 62,239 | 770,305 | (137,440) | (156,750) |
Net income (loss) | 11,117 | 11,117 | ||||
Other comprehensive income (loss) | 3,704 | 3,704 | ||||
Comprehensive income (loss) | 14,821 | |||||
Cash dividends declared | (11,482) | (11,482) | ||||
Share-based compensation expense | 1,638 | 1,638 | ||||
Delivery of treasury shares | ||||||
RSUs and PSAs | (324) | (2,421) | 2,097 | |||
Employee stock options exercised — net | (432) | (1,536) | 1,104 | |||
Ending Balance at Jun. 30, 2019 | 543,119 | 544 | 59,920 | 769,940 | (133,736) | (153,549) |
Beginning Balance at Mar. 31, 2019 | 536,188 | 544 | 60,565 | 769,857 | (139,535) | (155,243) |
Net income (loss) | 5,831 | 5,831 | ||||
Other comprehensive income (loss) | 5,799 | 5,799 | ||||
Comprehensive income (loss) | 11,630 | |||||
Cash dividends declared | (5,748) | (5,748) | ||||
Share-based compensation expense | 1,161 | 1,161 | ||||
Delivery of treasury shares | ||||||
RSUs and PSAs | (2) | (1,429) | 1,427 | |||
Employee stock options exercised — net | (110) | (377) | 267 | |||
Ending Balance at Jun. 30, 2019 | $ 543,119 | $ 544 | $ 59,920 | $ 769,940 | $ (133,736) | $ (153,549) |
Statements of Shareholders' E_2
Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Per share amount of cash dividends declared | $ 0.13 | $ 0.13 | $ 0.26 | $ 0.26 |
Retained Earnings [Member] | ||||
Per share amount of cash dividends declared | $ 0.13 | $ 0.13 | $ 0.26 | $ 0.26 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. ORGANIZATION P. H. Glatfelter Company and subsidiaries is a leading global supplier of high-quality, innovative and customizable solutions 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, Pennsylvania, 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 | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Accounting Policies | 2. ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated financial statements (“financial statements”) include the accounts of Glatfelter and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. We prepared these financial statements in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. In our opinion, the financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. When preparing these financial statements, we have assumed you have read the audited consolidated financial statements included in our 2018 Annual Report on Form 10-K. Discontinued Operations The results of operations for our Specialty Papers Business Unit have been classified as discontinued operations for all periods presented in the condensed consolidated statements of income. Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Management believes the estimates and assumptions used in the preparation of these financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes actual results may differ from those estimates and assumptions. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 842”). This ASU requires organizations to recognize on its balance sheet the assets and liabilities for the rights and obligations created by leases. We adopted ASU 842 as of January 1, 2019 and elected to follow a modified retrospective method which permitted us to adopt the standard without restating previously reported periods. As a result of adopting ASU 842, we recorded a right of use asset and corresponding lease obligation of approximately $14.1 million. Refer to Note 14 “Leases” for additional information. In August 2017, the FASB issued ASU No. 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 | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisition | 3. ACQUISITION On October 1, 2018, we completed our acquisition of Georgia-Pacific’s European nonwovens business (the “GP Business”) for $186 million including a working capital adjustment and post-closing purchase price adjustments of $2.0 million. The acquisition consisted of Georgia-Pacific’s operations located in Steinfurt, Germany, 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 were 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 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 the values of certain intangible assets, 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 75,349 Total assets 217,329 Liabilities Accounts payable 8,577 Deferred tax liabilities 19,119 Other long term liabilities 1,162 Total liabilities 28,858 Total 188,471 less cash acquired (7,540 ) Total purchase price $ 180,931 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. The following table summarizes unaudited pro forma financial information for the indicated periods of 2018 as if the acquisition occurred as of January 1, 2018: Three months ended June 30 Six months ended June 30 In thousands, except per share (unaudited) Pro forma Net sales $ 239,663 $ 476,948 Income from continuing operations 1,326 5,177 Income per share from continuing operations 0.03 0.12 |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Disaggregation Of Revenue [Abstract] | |
Revenue | 4. REVENUE The following tables set forth disaggregated information pertaining to our net sales: Three months ended June 30 Six months ended June 30 In thousands 2019 2018 2019 2018 Composite Fibers Food & beverage $ 70,390 $ 70,186 $ 141,843 $ 140,583 Wallcovering 22,958 27,789 41,508 55,921 Technical specialties 19,266 21,609 38,554 42,567 Composite laminates 9,218 8,960 17,693 18,358 Metallized 10,749 14,390 21,700 27,102 132,581 142,934 261,298 284,531 Advanced Airlaid Materials Feminine hygiene 51,851 46,937 106,839 95,410 Specialty wipes 17,656 10,495 34,988 18,262 Table top 16,347 2,179 29,678 4,244 Adult incontinence 6,365 5,190 11,853 9,622 Home care 4,352 3,875 8,316 7,902 Other 5,901 4,132 11,214 6,978 102,472 72,808 202,888 142,418 TOTAL $ 235,053 $ 215,742 $ 464,186 $ 426,949 Three months ended June 30 Six months ended June 30 In thousands 2019 2018 2019 2018 Composite Fibers Europe, Middle East and Africa $ 80,002 $ 91,790 $ 157,916 $ 186,572 Americas 33,964 28,992 65,604 53,040 Asia Pacific 18,615 22,152 37,778 44,919 132,581 142,934 261,298 284,531 Advanced Airlaid Materials Europe, Middle East and Africa 55,206 35,905 109,645 72,133 Americas 45,261 36,310 89,595 69,128 Asia Pacific 2,005 593 3,648 1,157 102,472 72,808 202,888 142,418 TOTAL $ 235,053 $ 215,742 $ 464,186 $ 426,949 |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 5. DISCONTINUED OPERATIONS On October 31, 2018, we completed the previously announced sale of our 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. Cash proceeds from the sale were approximately $323 million in cash 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. 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: Three months ended June 30 Six months ended June 30 In thousands 2019 2018 2019 2018 Net sales $ — $ 190,031 $ — $ 389,469 Energy and related sales, net — 944 — 2,373 Total revenues — 190,975 — 391,842 Costs of products sold — 202,671 — 391,192 Gross profit (loss) — (11,696 ) — 650 Selling, general and administrative expenses 485 5,376 (229 ) 12,508 Gains on dispositions of plant, equipment and timberlands, net — (5 ) — (443 ) Operating income (loss) (485 ) (17,067 ) 229 (11,415 ) Non-operating income (expense) Interest expense — (1,991 ) — (3,736 ) Other, net — 541 — 1,093 Income (loss) before income taxes (485 ) (18,517 ) 229 (14,058 ) Income tax (provision) benefit 23 (9,838 ) (8 ) (8,831 ) Income (loss) from discontinued operations $ (462 ) $ (8,679 ) $ 221 $ (5,227 ) 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 following table sets forth a summary of cash flows from discontinued operations which is included in the condensed consolidated statements of cash flows: Six months ended June 30 In thousands 2019 2018 Net cash provided (used) by operating activities $ (10,658 ) $ 23,911 Net cash used by investing activities (1,572 ) (10,427 ) Net cash provided by financing activities — 125 Change in cash and cash equivalents from discontinued operations $ (12,230 ) $ 13,609 |
Gains on Disposition of Plant,
Gains on Disposition of Plant, Equipment and Timberlands | 6 Months Ended |
Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Gains on Disposition of Plant, Equipment and Timberlands | 6. GAINS ON DISPOSITION OF PLANT, EQUIPMENT AND TIMBERLANDS During the first six months of 2019 and 2018 we completed the following sales of timberlands and other assets included in continuing operations: Dollars in thousands Acres Proceeds Gain 2019 Timberlands 361 $ 902 $ 881 Other n/a 214 211 Total $ 1,116 $ 1,092 2018 Timberlands 1,029 $ 1,785 $ 1,680 Other n/a 19 10 Total $ 1,804 $ 1,690 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 7. EARNINGS PER SHARE The following table sets forth the details of basic and diluted earnings per share (“EPS”) from continuing operations: Three months ended June 30 In thousands, except per share 2019 2018 Income from continuing operations $ 6,293 $ 1,280 Weighted average common shares outstanding used in basic EPS 44,140 43,770 Effect of dilutive SOSARs, PSAs and RSUs 242 717 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,382 44,487 Earnings per share from continuing operations Basic $ 0.14 $ 0.03 Diluted 0.14 0.03 Six months ended June 30 In thousands, except per share 2019 2018 Income from continuing operations $ 10,896 $ 3,544 Weighted average common shares outstanding used in basic EPS 44,084 43,735 Effect of dilutive SOSARs, PSAs and RSUs 267 796 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,351 44,531 Earnings per share from continuing operations Basic $ 0.25 $ 0.08 Diluted 0.25 0.08 The numerator used to compute income per share from discontinued operations was $(0.462) million and $(8.679) million for the second quarter of 2019 and 2018, respectively, and $0.221 million and $(5.227) million for the first six months of 2019 and 2018, respectively. The denominator used to compute per share amounts of loss from discontinued operations is the same as the denominator used for per share amounts of income from continuing operations. The following table sets forth potential common shares outstanding that were not included in the computation of diluted EPS for the periods indicated, because their effect would be anti-dilutive: June 30 In thousands 2019 2018 Three months ended 1,233 2,393 Six months ended 1,233 2,393 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 8 . ACCUMULATED OTHER COMPREHENSIVE INCOME The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three months and six months ended June 30, 2019 and 2018. 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 April 1, 2019 $ (74,427 ) $ 4,421 $ (70,810 ) $ 1,281 $ (139,535 ) Other comprehensive income before reclassifications (net of tax) 1,426 1,040 4,926 — 7,392 Amounts reclassified from accumulated other comprehensive income (net of tax) — (1,019 ) (441 ) (133 ) (1,593 ) Net current period other comprehensive income (loss) 1,426 21 4,485 (133 ) 5,799 Balance at June 30, 2019 $ (73,001 ) $ 4,442 $ (66,325 ) $ 1,148 $ (133,736 ) Balance at April 1, 2018 $ (29,092 ) $ (5,894 ) $ (118,428 ) $ 4,461 $ (148,953 ) Other comprehensive income (loss) before reclassifications (net of tax) (33,223 ) 3,368 — — (29,855 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 1,181 3,261 (240 ) 4,202 Net current period other comprehensive income (loss) (33,223 ) 4,549 3,261 (240 ) (25,653 ) Balance at June 30, 2018 $ (62,315 ) $ (1,345 ) $ (115,167 ) $ 4,221 $ (174,606 ) 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, 2019 $ (69,622 ) $ 2,199 $ (71,431 ) $ 1,414 $ (137,440 ) Other comprehensive income (loss) before reclassifications (net of tax) (3,379 ) 3,681 4,926 — 5,228 Amounts reclassified from accumulated other comprehensive income (net of tax) — (1,438 ) 180 (266 ) (1,524 ) Net current period other comprehensive income (loss) (3,379 ) 2,243 5,106 (266 ) 3,704 Balance at June 30, 2019 $ (73,001 ) $ 4,442 $ (66,325 ) $ 1,148 $ (133,736 ) 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) (20,476 ) 151 — — (20,325 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 2,596 6,425 (329 ) 8,692 Net current period other comprehensive income (loss) (20,476 ) 2,747 6,425 (329 ) (11,633 ) Balance at June 30, 2018 $ (62,315 ) $ (1,345 ) $ (115,167 ) $ 4,221 $ (174,606 ) Reclassifications out of accumulated other comprehensive income and into the condensed consolidated statements of income were as follows: Three months ended June 30 Six months ended June 30 In thousands 2019 2018 2019 2018 Description Line Item in Statements of Income Cash flow hedges (Note 17) (Gains) losses on cash flow hedges $ (1,411 ) $ 1,636 $ (1,996 ) $ 3,595 Costs of products sold Tax expense (benefit) 392 (455 ) 558 (999 ) Income tax provision Net of tax (1,019 ) 1,181 (1,438 ) 2,596 Retirement plan obligations (Note 11) Amortization of deferred benefit pension plans Prior service costs 54 4 88 11 Other, net Actuarial losses 789 2,060 1,564 4,119 Other, net Discontinued operations amortization of defined benefit pension plans — 2,240 — 4,344 Discontinued operations 843 4,304 1,652 8,474 Tax benefit (1,284 ) (1,043 ) (1,472 ) (2,049 ) Income tax provision Net of tax (441 ) 3,261 180 6,425 Amortization of deferred benefit other plans Prior service costs (3 ) — (5 ) — Other, net Actuarial gains (173 ) (17 ) (346 ) (33 ) Other, net Discontinued operations amortization of defined benefit other plans — (301 ) — (403 ) Discontinued operations (176 ) (318 ) (351 ) (436 ) Tax expense 43 78 85 107 Income tax provision Net of tax (133 ) (240 ) (266 ) (329 ) Total reclassifications, net of tax $ (1,593 ) $ 4,202 $ (1,524 ) $ 8,692 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. INCOME TAXES Income taxes are recognized for the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. The effects of income taxes are measured based on enacted tax laws and rates. We elect to account for the tax associated with the Global Intangible Low-Taxed Income (GILTI) provision of the 2017 Tax Cuts and Jobs Act in the period in which it is incurred. The GILTI provisions require entities to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. For the six months ended June 30, 2019, our effective tax rate increased by approximately 8% as a result of the GILTI provisions due to our U.S. federal tax loss carryforward position which limits our ability to recognize the associated foreign tax credits and a deduction of up to 50% of the GILTI income. Due to our U.S. federal tax loss carryforward position, there is no impact to cash taxes related to the GILTI provisions. For the six months ended June 30, 2019, we recorded an additional valuation allowance of $1.6 million against our net deferred tax assets primarily due to uncertainty regarding our ability to utilize federal net operating losses and credit carryforwards. In assessing the need for a valuation allowance, we consider all available positive and negative evidence in our analysis. Based on this analysis, we recorded a valuation allowance for the portion of deferred tax assets where the weight of the evidence indicated it is more likely than not that the deferred tax assets will not be realized. As of June 30, 2019 and December 31, 2018, we had $30.6 million and $29.6 million, respectively, of gross unrecognized tax benefits. As of June 30, 2019, if such benefits were to be recognized, approximately $20.4 million would be recorded as a component of income tax expense, thereby affecting our effective tax rate. We, or one of our subsidiaries, file income tax returns with the United States Internal Revenue Service, as well as various state and foreign authorities. The following table summarizes, by major jurisdiction, tax years that remain subject to examination: Open Tax Years Jurisdiction Examinations not yet initiated Examination in progress United States Federal 2015 - 2018 N/A State 2014 - 2018 2015 - 2017 Canada (1) 2011-2013; 2018 2014 - 2017 Germany (1) 2016 - 2018 2012 - 2015 France 2018 N/A United Kingdom 2017 - 2018 N/A Philippines 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 lapse of various statutes of limitation, it is reasonably possible our gross unrecognized tax benefits balance may decrease within the next twelve months by a range of zero to $6.2 million. Substantially all 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 included in continuing operations related to interest and penalties on uncertain tax positions: Six months ended June 30 In millions 2019 2018 Interest expense (income) $ 0.2 $ 0.1 Penalties — — June 30 December 31 2019 2018 Accrued interest payable $ 1.3 $ 1.1 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 10. STOCK-BASED COMPENSATION The P. H. Glatfelter Amended and Restated Long Term Incentive Plan (the “LTIP”) provides for the issuance of Glatfelter common stock to eligible participants in the form of restricted stock units, restricted stock awards, non-qualified stock options, performance shares, incentive stock options and performance units. Pursuant to terms of the LTIP, we have issued to eligible participants restricted stock units, performance share awards and stock only stock appreciation rights. Restricted Stock Units (“RSU”) and Performance Share Awards (“PSAs”) Awards of RSUs and PSAs are made under our LTIP. The RSUs vest on the passage of time, generally on a graded scale over a three, four, and five-year period, or in certain instances the RSUs were issued with five-year cliff vesting. PSAs are issued to participants and vesting is based on achievement of cumulative financial performance targets covering a two-year period followed by an additional one-year service period. In addition, beginning in 2018, PSA awards include a modifier based on our three-year total shareholder return (“TSR”) relative to the TSR of the S&P SmallCap 600 Index. 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, the number of shares earned may be further increased or decreased based on our TSR relative to the S&P SmallCap 600 Index. For RSUs, the grant date fair value of the awards, which is equal to the closing price per common share on the date of the award, is used to determine the amount of expense to be recognized over the applicable service period. For PSAs, the grant date fair value is estimated using a lattice model. The significant inputs include the stock price, volatility, dividend yield, and risk-free rate of return. Settlement of RSUs and PSAs will be made in shares of our common stock currently held in treasury. The following table summarizes RSU and PSA activity during periods indicated: Units 2019 2018 Balance at January 1, 756,786 929,386 Granted 449,054 389,065 Forfeited (127,603 ) (70,891 ) Shares delivered (163,078 ) (150,020 ) Balance at June 30, 915,159 1,097,540 The amount granted in 2019 and 2018 includes 218,422 and 183,355, respectively, of PSAs exclusive of reinvested dividends. The following table sets forth aggregate RSU and PSA compensation expense included in continuing operations for the periods indicated: June 30 In thousands 2019 2018 Three months ended $ 1,161 $ 1,596 Six months ended 1,595 3,261 Stock Only Stock Appreciation Rights (“SOSARs”) Under terms of the SOSAR, a recipient receives the right to a payment in the form of shares of common stock equal to the difference, if any, in the fair market value of one share of common stock at the time of exercising the SOSAR and the exercise price. The SOSARs vest ratably over a three year period and have a term of ten years. No SOSARs were awarded since 2016. The following table sets forth information related to outstanding SOSARS: 2019 2018 SOSARS Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 2,334,742 $ 18.08 2,561,846 $ 17.87 Granted — — — — Exercised (441,920 ) 14.31 (148,145 ) 13.26 Canceled / forfeited (446,435 ) 21.06 (20,994 ) 18.76 Outstanding at June 30, 1,446,387 $ 19.31 2,392,707 $ 18.15 The following table sets forth SOSAR compensation expense included in continuing operations for the periods indicated: June 30 In thousands 2019 2018 Three months ended $ — $ 64 Six months ended 43 244 |
Retirement Plans and Other Post
Retirement Plans and Other Post-Retirement Benefits | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans and Other Post-Retirement Benefits | 11. RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITS The following tables provide information with respect to the net periodic costs of our pension and post-retirement medical benefit plans included in continuing operations. Three months ended June 30 In thousands 2019 2018 Pension Benefits Service cost $ 373 $ 595 Interest cost 3,337 3,241 Expected return on plan assets (3,699 ) (5,530 ) Amortization of prior service cost 54 4 Amortization of unrecognized loss 789 2,060 Total net periodic benefit cost $ 854 $ 370 Other Benefits Service cost $ 9 $ 15 Interest cost 84 79 Amortization of prior service credit (3 ) — Amortization of actuarial gain (173 ) (17 ) Total net periodic benefit cost $ (83 ) $ 77 Six months ended June 30 In thousands 2019 2018 Pension Benefits Service cost $ 857 $ 1,189 Interest cost 6,787 6,482 Expected return on plan assets (7,395 ) (11,061 ) Amortization of prior service cost 88 11 Amortization of unrecognized loss 1,564 4,119 Total net periodic benefit cost $ 1,901 $ 740 Other Benefits Service cost $ 18 $ 30 Interest cost 168 159 Amortization of prior service credit (5 ) — Amortization of actuarial gain (346 ) (33 ) Total net periodic benefit cost $ (165 ) $ 156 In April 2019, we informed participants that our qualified pension plan benefits would be frozen as of May 31, 2019 and the plan was terminated June 30, 2019. We replaced this benefit for active employees with an enhanced defined contribution plan. In connection with the termination, we remeasured the pension liability and recognized a gain of $1.9 million in the second quarter of 2019 as an adjustment to other comprehensive income (loss). |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 12. INVENTORIES Inventories, net of reserves, were as follows: June 30 December 31 In thousands 2019 2018 Raw materials $ 53,708 $ 50,205 In-process and finished 99,880 84,894 Supplies 38,535 38,312 Total $ 192,123 $ 173,411 |
Capitalized Interest
Capitalized Interest | 6 Months Ended |
Jun. 30, 2019 | |
Interest Expense [Abstract] | |
Capitalized Interest | 13. CAPITALIZED INTEREST The following table sets forth details of interest incurred, capitalized and expensed included in continuing operations: Three months ended June 30 Six months ended June 30 In thousands 2019 2018 2019 2018 Interest cost incurred $ 1,865 $ 3,822 $ 6,611 $ 7,668 Interest capitalized — — — 396 Interest expense $ 1,865 $ 3,822 $ 6,611 $ 7,272 Capitalized interest relates to spending for the Airlaid capacity expansion project. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 14. LEASES We enter into a variety of arrangements in which we are the lessee for the use of automobiles, forklifts and other production equipment, production facilities, warehouses and office space. We determine if an arrangement contains a lease at inception. All our lease arrangements are operating leases and are recorded in the condensed consolidated balance sheet under the caption “Other assets” and “Other long-term liabilities.” We currently do not have any finance leases. Operating lease right of use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. We use our incremental borrowing rate based on information available at the commencement date in determining the lease liabilities as our leases generally do not provide an implicit rate. Lease terms may include options to extend or terminate when we are reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. We also have arrangements with both lease and non-lease components. The Company elected the practical expedient not to separate non-lease components from lease components for the Company’s real estate and automobile leases. We elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for arrangements less than twelve months in duration. At June 30, 2019, the ROU assets and corresponding lease obligation included in our condensed consolidated balance sheet totaled $12.6 million and had a weighted average remaining maturity of 37 months. The weighted average discount rate used to value the leases at inception was 3.01%. We recognized $3.0 million of operating lease expense during the first six months of 2019. The following table sets forth required minimum lease payments for the periods indicated: June 30 December 31 In thousands 2019 2018 2019 $ 2,761 $ 5,020 2020 4,579 3,861 2021 3,066 2,515 2022 1,605 1,426 2023 577 584 Thereafter 339 383 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 15. LONG-TERM DEBT Long-term debt is summarized as follows: June 30 December 31 In thousands 2019 2018 Revolving credit facility, due Mar. 2020 $ — $ 114,495 Revolving credit facility, due Feb. 2024 94,454 — 5.375% Notes, due Oct. 2020 — 250,000 Term loan, due Feb. 2024 250,360 — 2.40% Term Loan, due Jun. 2022 4,877 5,725 2.05% Term Loan, due Mar. 2023 22,778 25,972 1.30% Term Loan, due Jun. 2023 6,503 7,361 1.55% Term Loan, due Sep. 2025 8,715 9,470 Total long-term debt 387,687 413,023 Less current portion (23,238 ) (10,785 ) Unamortized deferred issuance costs (2,657 ) (1,276 ) Long-term debt, net of current portion $ 361,792 $ 400,962 On February 8, 2019, we entered into an amended and restated $400 million Revolving Credit Facility and a €220 million Term Loan with a consortium of banks (together, the “Credit Agreement”). The proceeds of the Term Loan due Feb. 2024 were used to redeem in its entirety the 5.375% Notes. The principal amount of the Term Loan amortizes in consecutive quarterly installments of principal, with each such quarterly installment to be in an amount equal to 1.25% of the Term Loan funded, commencing on July 1, 2019 and continuing quarterly thereafter. The €220 million Term Loan is designated as a net investment hedge of our Euro functional currency foreign subsidiaries. During the first six months of 2019, we recognized a pre-tax loss of $1.7 million from changes in currency exchange rates through Other Comprehensive Income (Loss). 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 Credit Agreement 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 4.0x provided that such ratio increases to 4.5x during the period of four fiscal quarters immediately following a material acquisition such as Steinfurt. As of June 30, 2019, the leverage ratio, as calculated in accordance with the definition in our Credit Agreement, was 3.5x. 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 Agreement. All remaining principal outstanding and accrued interest under the Credit Agreement will be due and payable on February 8, 2024. Glatfelter Gernsbach GmbH & Co. KG (“Gernsbach”), a wholly-owned subsidiary of ours, entered into a series of borrowing agreements with IKB Deutsche Industriebank AG, Düsseldorf (“IKB”) as summarized below: Amounts in thousands Original Principal Interest Rate Maturity Borrowing date Apr. 11, 2013 € 42,700 2.05 % Mar. 2023 Sep. 4, 2014 10,000 2.40 % Jun. 2022 Oct. 10, 2015 2,608 1.55 % Sep. 2025 Apr. 26, 2016 10,000 1.30 % Jun. 2023 May 4, 2016 7,195 1.55 % Sep. 2025 Each of the borrowings require quarterly repayments of principal and interest and provide for representations, warranties and covenants customary for financings of these types. The financial covenants contained in each of the IKB loans, which relate to the minimum ratio of consolidated EBITDA to consolidated interest expense and the maximum ratio of consolidated total net debt to consolidated adjusted EBITDA, are calculated by reference to our Credit Agreement. P. H. Glatfelter Company guarantees all debt obligations of its subsidiaries. All such obligations are recorded in these condensed consolidated financial statements. Letters of credit issued to us by certain financial institutions totaled $5.2 million as of June 30, 2019 and December 31, 2018. 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 | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 16. FAIR VALUE OF FINANCIAL INSTRUMENTS The amounts reported on the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximate fair value. The following table sets forth carrying value and fair value of long-term debt: June 30, 2019 December 31, 2018 In thousands Carrying Value Fair Value Carrying Value Fair Value Variable rate debt $ 94,454 $ 94,454 $ 114,495 $ 114,495 Fixed-rate bonds — — 250,000 249,010 Term loan, due Feb. 2024 250,360 250,360 — — 2.40% Term loan 4,877 4,976 5,725 5,836 2.05% Term loan 22,778 23,190 25,972 26,346 1.30% Term Loan 6,503 6,526 7,361 7,341 1.55% Term loan 8,715 8,812 9,470 9,453 Total $ 387,687 $ 388,318 $ 413,023 $ 412,481 The values set forth above are based on observable inputs and other relevant market data (Level 2). The fair value of financial derivatives is set forth below in Note 17. |
Financial Derivatives and Hedgi
Financial Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Derivatives and Hedging Activities | 17. FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES As part of our overall risk management practices, we enter into financial derivatives primarily designed to either i) hedge foreign currency risks associated with forecasted transactions (“cash flow hedges”); or ii) mitigate the impact that changes in currency exchange rates have on intercompany financing transactions and foreign currency denominated receivables and payables (“foreign currency hedges”). Derivatives Designated as Hedging Instruments - Cash Flow Hedges We use currency forward contracts as cash flow hedges to manage our exposure to fluctuations in the currency exchange rates on certain forecasted production costs or capital expenditures expected to be incurred. Currency forward contracts involve fixing the exchan ge for delivery of a specified amount of foreign currency on a specified date. As of June 30, 2019 , the maturity of currency forward contracts ranged from one month to 18 months . We designate certain currency forward contracts as cash flow hedges of forecasted raw material purchases, certain production costs or capital expenditures with exposure to changes in foreign currency exchange rates. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges of foreign exchange risk is deferred as a component of accumulated other comprehensive income in the accompanying condensed consolidated balance sheets. With respect to hedges of forecasted raw material purchases or production costs, the amount deferred is subsequently reclassified into costs of products sold in the period that inventory produced using the hedged transaction affects earnings. For hedged capital expenditures, deferred gains or losses are reclassified and included in the historical cost of the capital asset and subsequently affect earnings as depreciation is recognized. We had the following outstanding derivatives that were used to hedge foreign exchange risks associated with forecasted transactions and designated as hedging instruments: In thousands June 30, 2019 December 31, 2018 Derivative Sell/Buy - sell notional Philippine Peso / British Pound — 13,140 Philippine Peso / Euro 18,312 16,446 Euro / British Pound 16,987 15,250 U.S. Dollar / Euro 6,619 88 Canadian Dollar / U.S. Dollar 3,030 — Sell/Buy - buy notional Euro / Philippine Peso 936,919 1,069,006 British Pound / Philippine Peso 1,076,319 980,137 Euro / U.S. Dollar 93,495 76,417 U.S. Dollar / Canadian Dollar 37,563 35,154 British Pound / Euro — 216 Derivatives Not Designated as Hedging Instruments - Foreign Currency Hedges We also entered into forward foreign exchange contracts to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities. None of these contracts are designated as hedges for financial accounting purposes and, accordingly, changes in value of the foreign exchange forward contracts and in the offsetting underlying on-balance-sheet transactions are reflected in the accompanying condensed consolidated statements of income under the caption “Other, net.” The following sets forth derivatives used to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities: In thousands June 30, 2019 December 31, 2018 Derivative Sell/Buy - sell notional U.S. Dollar / British Pound 24,000 25,500 British Pound / Euro 3,000 2,000 Sell/Buy - buy notional Euro / U.S. Dollar 15,000 11,000 British Pound / Euro 9,000 8,000 These contracts have maturities of one month from the date originally entered into. Fair Value Measurements The following table summarizes the fair values of derivative instruments for the period indicated and the line items in the accompanying condensed consolidated balance sheets where the instruments are recorded: In thousands June 30 2019 December 31 2018 June 30 2019 December 31 2018 Prepaid Expenses and Other Other Balance sheet caption Current Assets Current Liabilities Designated as hedging: Forward foreign currency exchange contracts $ 4,880 $ 4,381 $ 79 $ 1,548 Not designated as hedging: Forward foreign currency exchange contracts $ 452 $ 103 $ 346 $ 122 The amounts set forth in the table above represent the net asset or liability giving effect to rights of offset with each counterparty. The effect of netting the amounts presented above did not have a material effect on our consolidated financial position. The following table summarizes the amount of income or (loss) from derivative instruments recognized in our results of operations for the periods indicated and the line items in the accompanying condensed consolidated statements of income where the results are recorded: Three months ended June 30 Six months ended June 30 In thousands 2019 2018 2019 2018 Designated as hedging: Forward foreign currency exchange contracts: Effective portion – cost of products sold $ 1,460 $ (1,636 ) $ 2,045 $ (3,595 ) Ineffective portion – other – net — 110 — (212 ) Not designated as hedging: Forward foreign currency exchange contracts: Other – net $ (264 ) $ (898 ) $ 28 $ (601 ) The impact of activity not designated as hedging was substantially all offset by the remeasurement of the underlying on-balance-sheet item. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The fair values of the foreign exchange forward contracts are considered to be Level 2. Foreign currency forward contracts are valued using foreign currency forward and interest rate curves. The fair value of each contract is determined by comparing the contract rate to the forward rate and discounting to present value. Contracts in a gain position are recorded in the condensed consolidated balance sheets under the caption “Prepaid expenses and other current assets” and the value of contracts in a loss position is recorded under the caption “Other current liabilities.” A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income (loss), before taxes, is as follows: In thousands 2019 2018 Balance at January 1, $ 3,004 $ (5,640 ) Deferred (losses) gains on cash flow hedges 5,044 288 Reclassified to earnings (2,045 ) 3,595 Balance at June 30, $ 6,003 $ (1,757 ) We expect substantially all of the amounts recorded as a component of accumulated other comprehensive income will be recorded as a component of the capital asset or realized in results of operations within the next 12 to 18 months and the amount ultimately recognized will vary depending on actual market rates. Credit risk related to derivative activity arises in the event the counterparty fails to meet its obligations to us. This exposure is generally limited to the amounts, if any, by which the counterparty’s obligations exceed our obligation to them. Our policy is to enter into contracts only with financial institutions which meet certain minimum credit ratings. |
Commitments, Contingencies and
Commitments, Contingencies and Legal Proceedings | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Legal Proceedings | 18. COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS Fox River - Neenah, Wisconsin Background. We previously reported we faced 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”). We have resolved these uncertainties as described below. Since the early 1990s, the United States, the State of Wisconsin (collectively, the “Governments”) and two Indian tribes have pursued the 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 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”). The United States originally notified several entities that they were potentially responsible parties (“PRPs”). 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, after giving effect to settlements reached with the Governments, the remaining PRPs exposed to continuing obligations to implement the remainder of the cleanup consisted of us, Georgia Pacific Consumer Products, L.P. (“Georgia Pacific”) and NCR Corporation (“NCR”). The majority of the work in OU 2-5 has been funded or conducted by parties other than us. The cleanup is expected to continue at least through 2019, followed by decommissioning and post-remediation long-term monitoring and maintenance. In 2017, the United States entered into a consent decree with the State of Wisconsin, NCR, and Appvion under which NCR agreed to complete the remaining cleanup and both NCR and Appvion agreed not to seek to recover from us or anyone else any amounts they have spent or would spend, and we and others would be barred from seeking claims against NCR or Appvion. Under the consent decree, the Governments agreed to seek long term monitoring and maintenance in OU2-5 from us and Georgia Pacific; as the result of earlier settlements, Georgia Pacific was only responsible for that work in the most downstream three miles of the river (“OU4b”) and the bay of Green Bay (“OU5”). The Governments agreed to seek their past and future oversight costs only from us. We and Georgia Pacific had claims against each other to reallocate the costs that we had each incurred or would incur. In 2017, we entered into a settlement agreement with Georgia Pacific to settle these claims. Georgia Pacific agreed to implement the monitoring and maintenance in OU4b and OU5 and we agreed to monitoring and maintenance of all other upstream operable units. We paid Georgia Pacific $9.5 million in August 2017 in connection with this settlement. After years of extensive and complex litigation, 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 entered in the federal district court on March 14, 2019. Under the Glatfelter consent decree, we paid $20.5 million to settle the United States’ and Wisconsin’s claims for response costs incurred by them prior to October 2018 and for NRDs. We also agreed to reimburse the governments for future oversight costs incurred over the next 30 years. We anticipate that a significant portion of the oversight costs will be incurred in the next few years while the remediation is being completed. Once finished, costs will be an order of magnitude lower in most years during the period of long-term monitoring and maintenance. In addition to our previous agreement to be responsible for long-term monitoring and maintenance of OU-1, under this consent decree, we agreed to be primarily responsible for long-term monitoring and maintenance in OU2-OU4a. period that the balance in that account exceeds the amount due under our fixed-price contract. The difference at present is approximately $ 2 million. We are also requ ired to secure the payment of that difference with a renewal letter of credit or another instrument in the interim . Reserves for the Site. Our reserve for past and future government oversight costs and long-term monitoring and maintenance is set forth below: Six months ended June 30 In thousands 2019 2018 Balance at January 1, $ 45,001 $ 43,144 Payments (20,641 ) (2,708 ) Reserve adjustment (2,509 ) — Assumption of WTM I escrow — 4,746 Accretion 98 66 Balance at June 30, $ 21,949 $ 45,248 Of our total reserve for the Fox River, $6.9 million is recorded in the accompanying June 30, 2019 condensed consolidated balance sheet under the caption “Environmental liabilities” and the remaining $15.0 million is recorded under the caption “Other long term liabilities.” In connection with the court approval of our January 2019 consent decree, we reduced our reserve by $2.5 million and recorded the adjustment as a reduction in “Selling, general and administrative” expenses in the condensed consolidated statements of income. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 19. SEGMENT INFORMATION The following tables set forth financial and other information by business unit for the period indicated: Three months ended June 30 Advanced Airlaid Other and Dollars in millions Composite Fibers Materials Unallocated Total 2019 2018 2019 2018 2019 2018 2019 2018 Net sales $ 132.6 $ 142.9 $ 102.5 $ 72.8 $ — $ — $ 235.1 $ 215.7 Cost of products sold 109.6 118.0 87.8 62.8 0.2 1.6 197.6 182.4 Gross profit (loss) 23.0 24.9 14.7 10.0 (0.2 ) (1.6 ) 37.5 33.3 SG&A 10.0 11.7 4.3 2.4 8.5 12.1 22.8 26.2 Gains on dispositions of plant, equipment and timberlands, net — — — — (0.4 ) (0.6 ) (0.4 ) (0.6 ) Total operating income (loss) 13.0 13.2 10.4 7.6 (8.3 ) (13.1 ) 15.1 7.7 Non-operating expense — — — — (3.2 ) (4.6 ) (3.2 ) (4.6 ) Income (loss) before income taxes $ 13.0 $ 13.2 $ 10.4 $ 7.6 $ (11.5 ) $ (17.7 ) $ 11.9 $ 3.1 Supplementary Data Net tons sold (thousands) 34.5 36.7 34.0 24.5 — — 68.5 61.2 Depreciation, depletion and amortization $ 6.6 $ 7.2 $ 5.3 $ 3.5 $ 0.8 $ 1.2 $ 12.7 $ 11.9 Capital expenditures 1.5 2.8 2.8 2.5 0.5 0.6 4.8 5.9 Six months ended June 30 Advanced Airlaid Other and Dollars in millions Composite Fibers Materials Unallocated Total 2019 2018 2019 2018 2019 2018 2019 2018 Net sales $ 261.3 $ 284.5 $ 202.9 $ 142.4 $ — $ — $ 464.2 $ 426.9 Cost of products sold 216.1 232.7 173.8 122.5 1.2 1.9 391.1 357.1 Gross profit (loss) 45.2 51.8 29.1 19.9 (1.2 ) (1.9 ) 73.1 69.9 SG&A 20.8 23.3 8.7 5.1 17.9 27.7 47.4 56.1 Gains on dispositions of plant, equipment and timberlands, net — — — — (1.1 ) (1.7 ) (1.1 ) (1.7 ) Total operating income (loss) 24.4 28.5 20.4 14.8 (18.0 ) (27.9 ) 26.8 15.4 Non-operating expense — — — — (8.4 ) (8.3 ) (8.4 ) (8.3 ) Income (loss) before income taxes $ 24.4 $ 28.5 $ 20.4 $ 14.8 $ (26.4 ) $ (36.2 ) $ 18.4 $ 7.1 Supplementary Data Net tons sold (thousands) 66.1 73.0 67.2 48.3 — — 133.3 121.4 Depreciation, depletion and amortization $ 13.3 $ 14.6 $ 10.5 $ 6.3 $ 1.7 $ 2.3 $ 25.5 $ 23.2 Capital expenditures 4.7 7.9 5.0 15.6 0.9 2.4 10.6 25.9 The sum of individual amounts set forth above may not agree to the condensed consolidated financial statements included herein due to rounding. Business Units Results of individual business units are presented based on our management accounting practices and management structure. There is no comprehensive, authoritative body of guidance for management accounting equivalent to accounting principles generally accepted in the United States of America; therefore, the financial results of individual business units are not necessarily comparable with similar information for any other company. The management accounting process uses assumptions and allocations to measure performance of the business units. Methodologies are refined from time to time as management accounting practices are enhanced and businesses change. The costs incurred by support areas not directly aligned with the business unit are allocated primarily based on an estimated utilization of support area services or are included in “Other and Unallocated” in the table set forth above. Management evaluates results of operations of the business units before 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. Specialty Papers’ results of operations are reported as discontinued operations. In addition, corporate shared services costs previously included in Specialty Papers’ results are required to be included in income from continuing operations and are reported as “other and unallocated”. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements (“financial statements”) include the accounts of Glatfelter and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. We prepared these financial statements in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. In our opinion, the financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. When preparing these financial statements, we have assumed you have read the audited consolidated financial statements included in our 2018 Annual Report on Form 10-K. |
Discontinued Operations | Discontinued Operations The results of operations for our Specialty Papers Business Unit have been classified as discontinued operations for all periods presented in the condensed consolidated statements of income. |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Management believes the estimates and assumptions used in the preparation of these financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes actual results may differ from those estimates and assumptions. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 842”). This ASU requires organizations to recognize on its balance sheet the assets and liabilities for the rights and obligations created by leases. We adopted ASU 842 as of January 1, 2019 and elected to follow a modified retrospective method which permitted us to adopt the standard without restating previously reported periods. As a result of adopting ASU 842, we recorded a right of use asset and corresponding lease obligation of approximately $14.1 million. Refer to Note 14 “Leases” for additional information. In August 2017, the FASB issued ASU No. 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 (Tables)
Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 75,349 Total assets 217,329 Liabilities Accounts payable 8,577 Deferred tax liabilities 19,119 Other long term liabilities 1,162 Total liabilities 28,858 Total 188,471 less cash acquired (7,540 ) Total purchase price $ 180,931 |
Summary of Unaudited Pro Forma Financial Information | The following table summarizes unaudited pro forma financial information for the indicated periods of 2018 as if the acquisition occurred as of January 1, 2018: Three months ended June 30 Six months ended June 30 In thousands, except per share (unaudited) Pro forma Net sales $ 239,663 $ 476,948 Income from continuing operations 1,326 5,177 Income per share from continuing operations 0.03 0.12 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disaggregation Of Revenue [Abstract] | |
Summary of Disaggregated Information Pertaining to Net Sales | The following tables set forth disaggregated information pertaining to our net sales: Three months ended June 30 Six months ended June 30 In thousands 2019 2018 2019 2018 Composite Fibers Food & beverage $ 70,390 $ 70,186 $ 141,843 $ 140,583 Wallcovering 22,958 27,789 41,508 55,921 Technical specialties 19,266 21,609 38,554 42,567 Composite laminates 9,218 8,960 17,693 18,358 Metallized 10,749 14,390 21,700 27,102 132,581 142,934 261,298 284,531 Advanced Airlaid Materials Feminine hygiene 51,851 46,937 106,839 95,410 Specialty wipes 17,656 10,495 34,988 18,262 Table top 16,347 2,179 29,678 4,244 Adult incontinence 6,365 5,190 11,853 9,622 Home care 4,352 3,875 8,316 7,902 Other 5,901 4,132 11,214 6,978 102,472 72,808 202,888 142,418 TOTAL $ 235,053 $ 215,742 $ 464,186 $ 426,949 Three months ended June 30 Six months ended June 30 In thousands 2019 2018 2019 2018 Composite Fibers Europe, Middle East and Africa $ 80,002 $ 91,790 $ 157,916 $ 186,572 Americas 33,964 28,992 65,604 53,040 Asia Pacific 18,615 22,152 37,778 44,919 132,581 142,934 261,298 284,531 Advanced Airlaid Materials Europe, Middle East and Africa 55,206 35,905 109,645 72,133 Americas 45,261 36,310 89,595 69,128 Asia Pacific 2,005 593 3,648 1,157 102,472 72,808 202,888 142,418 TOTAL $ 235,053 $ 215,742 $ 464,186 $ 426,949 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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: Three months ended June 30 Six months ended June 30 In thousands 2019 2018 2019 2018 Net sales $ — $ 190,031 $ — $ 389,469 Energy and related sales, net — 944 — 2,373 Total revenues — 190,975 — 391,842 Costs of products sold — 202,671 — 391,192 Gross profit (loss) — (11,696 ) — 650 Selling, general and administrative expenses 485 5,376 (229 ) 12,508 Gains on dispositions of plant, equipment and timberlands, net — (5 ) — (443 ) Operating income (loss) (485 ) (17,067 ) 229 (11,415 ) Non-operating income (expense) Interest expense — (1,991 ) — (3,736 ) Other, net — 541 — 1,093 Income (loss) before income taxes (485 ) (18,517 ) 229 (14,058 ) Income tax (provision) benefit 23 (9,838 ) (8 ) (8,831 ) Income (loss) from discontinued operations $ (462 ) $ (8,679 ) $ 221 $ (5,227 ) |
Summary of Cash Flows from Discontinued Operations Included in Condensed Consolidated Statements of Cash Flows | The following table sets forth a summary of cash flows from discontinued operations which is included in the condensed consolidated statements of cash flows: Six months ended June 30 In thousands 2019 2018 Net cash provided (used) by operating activities $ (10,658 ) $ 23,911 Net cash used by investing activities (1,572 ) (10,427 ) Net cash provided by financing activities — 125 Change in cash and cash equivalents from discontinued operations $ (12,230 ) $ 13,609 |
Gains on Disposition of Plant_2
Gains on Disposition of Plant, Equipment and Timberlands (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Summary for Sale of Timberlands and Other Assets Included in Continuing Operations | During the first six months of 2019 and 2018 we completed the following sales of timberlands and other assets included in continuing operations: Dollars in thousands Acres Proceeds Gain 2019 Timberlands 361 $ 902 $ 881 Other n/a 214 211 Total $ 1,116 $ 1,092 2018 Timberlands 1,029 $ 1,785 $ 1,680 Other n/a 19 10 Total $ 1,804 $ 1,690 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Details of Basic and Diluted Earnings Per Share (EPS) from Continuing Operations | The following table sets forth the details of basic and diluted earnings per share (“EPS”) from continuing operations: Three months ended June 30 In thousands, except per share 2019 2018 Income from continuing operations $ 6,293 $ 1,280 Weighted average common shares outstanding used in basic EPS 44,140 43,770 Effect of dilutive SOSARs, PSAs and RSUs 242 717 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,382 44,487 Earnings per share from continuing operations Basic $ 0.14 $ 0.03 Diluted 0.14 0.03 Six months ended June 30 In thousands, except per share 2019 2018 Income from continuing operations $ 10,896 $ 3,544 Weighted average common shares outstanding used in basic EPS 44,084 43,735 Effect of dilutive SOSARs, PSAs and RSUs 267 796 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,351 44,531 Earnings per share from continuing operations Basic $ 0.25 $ 0.08 Diluted 0.25 0.08 |
Number of Potential Common Shares that have been Excluded from Computation of Diluted Earnings Per Share for Indicated Period Due to Their Anti-Dilutive Nature | The following table sets forth potential common shares outstanding that were not included in the computation of diluted EPS for the periods indicated, because their effect would be anti-dilutive: June 30 In thousands 2019 2018 Three months ended 1,233 2,393 Six months ended 1,233 2,393 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Losses) | The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three months and six months ended June 30, 2019 and 2018. 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 April 1, 2019 $ (74,427 ) $ 4,421 $ (70,810 ) $ 1,281 $ (139,535 ) Other comprehensive income before reclassifications (net of tax) 1,426 1,040 4,926 — 7,392 Amounts reclassified from accumulated other comprehensive income (net of tax) — (1,019 ) (441 ) (133 ) (1,593 ) Net current period other comprehensive income (loss) 1,426 21 4,485 (133 ) 5,799 Balance at June 30, 2019 $ (73,001 ) $ 4,442 $ (66,325 ) $ 1,148 $ (133,736 ) Balance at April 1, 2018 $ (29,092 ) $ (5,894 ) $ (118,428 ) $ 4,461 $ (148,953 ) Other comprehensive income (loss) before reclassifications (net of tax) (33,223 ) 3,368 — — (29,855 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 1,181 3,261 (240 ) 4,202 Net current period other comprehensive income (loss) (33,223 ) 4,549 3,261 (240 ) (25,653 ) Balance at June 30, 2018 $ (62,315 ) $ (1,345 ) $ (115,167 ) $ 4,221 $ (174,606 ) 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, 2019 $ (69,622 ) $ 2,199 $ (71,431 ) $ 1,414 $ (137,440 ) Other comprehensive income (loss) before reclassifications (net of tax) (3,379 ) 3,681 4,926 — 5,228 Amounts reclassified from accumulated other comprehensive income (net of tax) — (1,438 ) 180 (266 ) (1,524 ) Net current period other comprehensive income (loss) (3,379 ) 2,243 5,106 (266 ) 3,704 Balance at June 30, 2019 $ (73,001 ) $ 4,442 $ (66,325 ) $ 1,148 $ (133,736 ) 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) (20,476 ) 151 — — (20,325 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 2,596 6,425 (329 ) 8,692 Net current period other comprehensive income (loss) (20,476 ) 2,747 6,425 (329 ) (11,633 ) Balance at June 30, 2018 $ (62,315 ) $ (1,345 ) $ (115,167 ) $ 4,221 $ (174,606 ) |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income and Into the Condensed Consolidated Statements of Income | Reclassifications out of accumulated other comprehensive income and into the condensed consolidated statements of income were as follows: Three months ended June 30 Six months ended June 30 In thousands 2019 2018 2019 2018 Description Line Item in Statements of Income Cash flow hedges (Note 17) (Gains) losses on cash flow hedges $ (1,411 ) $ 1,636 $ (1,996 ) $ 3,595 Costs of products sold Tax expense (benefit) 392 (455 ) 558 (999 ) Income tax provision Net of tax (1,019 ) 1,181 (1,438 ) 2,596 Retirement plan obligations (Note 11) Amortization of deferred benefit pension plans Prior service costs 54 4 88 11 Other, net Actuarial losses 789 2,060 1,564 4,119 Other, net Discontinued operations amortization of defined benefit pension plans — 2,240 — 4,344 Discontinued operations 843 4,304 1,652 8,474 Tax benefit (1,284 ) (1,043 ) (1,472 ) (2,049 ) Income tax provision Net of tax (441 ) 3,261 180 6,425 Amortization of deferred benefit other plans Prior service costs (3 ) — (5 ) — Other, net Actuarial gains (173 ) (17 ) (346 ) (33 ) Other, net Discontinued operations amortization of defined benefit other plans — (301 ) — (403 ) Discontinued operations (176 ) (318 ) (351 ) (436 ) Tax expense 43 78 85 107 Income tax provision Net of tax (133 ) (240 ) (266 ) (329 ) Total reclassifications, net of tax $ (1,593 ) $ 4,202 $ (1,524 ) $ 8,692 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction | The following table summarizes, by major jurisdiction, tax years that remain subject to examination: Open Tax Years Jurisdiction Examinations not yet initiated Examination in progress United States Federal 2015 - 2018 N/A State 2014 - 2018 2015 - 2017 Canada (1) 2011-2013; 2018 2014 - 2017 Germany (1) 2016 - 2018 2012 - 2015 France 2018 N/A United Kingdom 2017 - 2018 N/A Philippines 2018 2016 - 2017 (1) includes provincial or similar local jurisdictions, as applicable |
Summary of Information Included in Continuing Operations Related to Interest and Penalties on Uncertain Tax Positions | The following table summarizes information included in continuing operations related to interest and penalties on uncertain tax positions: Six months ended June 30 In millions 2019 2018 Interest expense (income) $ 0.2 $ 0.1 Penalties — — June 30 December 31 2019 2018 Accrued interest payable $ 1.3 $ 1.1 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Share Based Compensation Activity | The following table summarizes RSU and PSA activity during periods indicated: Units 2019 2018 Balance at January 1, 756,786 929,386 Granted 449,054 389,065 Forfeited (127,603 ) (70,891 ) Shares delivered (163,078 ) (150,020 ) Balance at June 30, 915,159 1,097,540 |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | |
Compensation Expense for Stock Option Activity Included in Continuing Operations | The following table sets forth aggregate RSU and PSA compensation expense included in continuing operations for the periods indicated: June 30 In thousands 2019 2018 Three months ended $ 1,161 $ 1,596 Six months ended 1,595 3,261 |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |
Summary of Share Based Compensation Activity | The following table sets forth information related to outstanding SOSARS: 2019 2018 SOSARS Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 2,334,742 $ 18.08 2,561,846 $ 17.87 Granted — — — — Exercised (441,920 ) 14.31 (148,145 ) 13.26 Canceled / forfeited (446,435 ) 21.06 (20,994 ) 18.76 Outstanding at June 30, 1,446,387 $ 19.31 2,392,707 $ 18.15 |
Compensation Expense for Stock Option Activity Included in Continuing Operations | The following table sets forth SOSAR compensation expense included in continuing operations for the periods indicated: June 30 In thousands 2019 2018 Three months ended $ — $ 64 Six months ended 43 244 |
Retirement Plans and Other Po_2
Retirement Plans and Other Post-Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Net Periodic Costs of Pension and Post Retirement Medical Benefit Plans Included in Continuing Operations | The following tables provide information with respect to the net periodic costs of our pension and post-retirement medical benefit plans included in continuing operations. Three months ended June 30 In thousands 2019 2018 Pension Benefits Service cost $ 373 $ 595 Interest cost 3,337 3,241 Expected return on plan assets (3,699 ) (5,530 ) Amortization of prior service cost 54 4 Amortization of unrecognized loss 789 2,060 Total net periodic benefit cost $ 854 $ 370 Other Benefits Service cost $ 9 $ 15 Interest cost 84 79 Amortization of prior service credit (3 ) — Amortization of actuarial gain (173 ) (17 ) Total net periodic benefit cost $ (83 ) $ 77 Six months ended June 30 In thousands 2019 2018 Pension Benefits Service cost $ 857 $ 1,189 Interest cost 6,787 6,482 Expected return on plan assets (7,395 ) (11,061 ) Amortization of prior service cost 88 11 Amortization of unrecognized loss 1,564 4,119 Total net periodic benefit cost $ 1,901 $ 740 Other Benefits Service cost $ 18 $ 30 Interest cost 168 159 Amortization of prior service credit (5 ) — Amortization of actuarial gain (346 ) (33 ) Total net periodic benefit cost $ (165 ) $ 156 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories, Net of Reserves | Inventories, net of reserves, were as follows: June 30 December 31 In thousands 2019 2018 Raw materials $ 53,708 $ 50,205 In-process and finished 99,880 84,894 Supplies 38,535 38,312 Total $ 192,123 $ 173,411 |
Capitalized Interest (Tables)
Capitalized Interest (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Interest Expense [Abstract] | |
Summary of Interest Incurred, Capitalized and Expensed Included in Continuing Operations | The following table sets forth details of interest incurred, capitalized and expensed included in continuing operations: Three months ended June 30 Six months ended June 30 In thousands 2019 2018 2019 2018 Interest cost incurred $ 1,865 $ 3,822 $ 6,611 $ 7,668 Interest capitalized — — — 396 Interest expense $ 1,865 $ 3,822 $ 6,611 $ 7,272 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Summary of Minimum Lease Payments | The following table sets forth required minimum lease payments for the periods indicated: June 30 December 31 In thousands 2019 2018 2019 $ 2,761 $ 5,020 2020 4,579 3,861 2021 3,066 2,515 2022 1,605 1,426 2023 577 584 Thereafter 339 383 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt is summarized as follows: June 30 December 31 In thousands 2019 2018 Revolving credit facility, due Mar. 2020 $ — $ 114,495 Revolving credit facility, due Feb. 2024 94,454 — 5.375% Notes, due Oct. 2020 — 250,000 Term loan, due Feb. 2024 250,360 — 2.40% Term Loan, due Jun. 2022 4,877 5,725 2.05% Term Loan, due Mar. 2023 22,778 25,972 1.30% Term Loan, due Jun. 2023 6,503 7,361 1.55% Term Loan, due Sep. 2025 8,715 9,470 Total long-term debt 387,687 413,023 Less current portion (23,238 ) (10,785 ) Unamortized deferred issuance costs (2,657 ) (1,276 ) Long-term debt, net of current portion $ 361,792 $ 400,962 |
Summary of Debts Borrowed by Subsidiary | Glatfelter Gernsbach GmbH & Co. KG (“Gernsbach”), a wholly-owned subsidiary of ours, entered into a series of borrowing agreements with IKB Deutsche Industriebank AG, Düsseldorf (“IKB”) as summarized below: Amounts in thousands Original Principal Interest Rate Maturity Borrowing date Apr. 11, 2013 € 42,700 2.05 % Mar. 2023 Sep. 4, 2014 10,000 2.40 % Jun. 2022 Oct. 10, 2015 2,608 1.55 % Sep. 2025 Apr. 26, 2016 10,000 1.30 % Jun. 2023 May 4, 2016 7,195 1.55 % Sep. 2025 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Fair Value of Long-Term Debt | The following table sets forth carrying value and fair value of long-term debt: June 30, 2019 December 31, 2018 In thousands Carrying Value Fair Value Carrying Value Fair Value Variable rate debt $ 94,454 $ 94,454 $ 114,495 $ 114,495 Fixed-rate bonds — — 250,000 249,010 Term loan, due Feb. 2024 250,360 250,360 — — 2.40% Term loan 4,877 4,976 5,725 5,836 2.05% Term loan 22,778 23,190 25,972 26,346 1.30% Term Loan 6,503 6,526 7,361 7,341 1.55% Term loan 8,715 8,812 9,470 9,453 Total $ 387,687 $ 388,318 $ 413,023 $ 412,481 |
Financial Derivatives and Hed_2
Financial Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Values of Derivative Instruments | Fair Value Measurements The following table summarizes the fair values of derivative instruments for the period indicated and the line items in the accompanying condensed consolidated balance sheets where the instruments are recorded: In thousands June 30 2019 December 31 2018 June 30 2019 December 31 2018 Prepaid Expenses and Other Other Balance sheet caption Current Assets Current Liabilities Designated as hedging: Forward foreign currency exchange contracts $ 4,880 $ 4,381 $ 79 $ 1,548 Not designated as hedging: Forward foreign currency exchange contracts $ 452 $ 103 $ 346 $ 122 |
Income or (Loss) from Derivative Instruments Recognized in Results of Operations | The following table summarizes the amount of income or (loss) from derivative instruments recognized in our results of operations for the periods indicated and the line items in the accompanying condensed consolidated statements of income where the results are recorded: Three months ended June 30 Six months ended June 30 In thousands 2019 2018 2019 2018 Designated as hedging: Forward foreign currency exchange contracts: Effective portion – cost of products sold $ 1,460 $ (1,636 ) $ 2,045 $ (3,595 ) Ineffective portion – other – net — 110 — (212 ) Not designated as hedging: Forward foreign currency exchange contracts: Other – net $ (264 ) $ (898 ) $ 28 $ (601 ) |
Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Loss) Before Taxes | A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income (loss), before taxes, is as follows: In thousands 2019 2018 Balance at January 1, $ 3,004 $ (5,640 ) Deferred (losses) gains on cash flow hedges 5,044 288 Reclassified to earnings (2,045 ) 3,595 Balance at June 30, $ 6,003 $ (1,757 ) |
Designated as Hedging [Member] | |
Outstanding Derivatives Used to Hedge Foreign Exchange Risks | We had the following outstanding derivatives that were used to hedge foreign exchange risks associated with forecasted transactions and designated as hedging instruments: In thousands June 30, 2019 December 31, 2018 Derivative Sell/Buy - sell notional Philippine Peso / British Pound — 13,140 Philippine Peso / Euro 18,312 16,446 Euro / British Pound 16,987 15,250 U.S. Dollar / Euro 6,619 88 Canadian Dollar / U.S. Dollar 3,030 — Sell/Buy - buy notional Euro / Philippine Peso 936,919 1,069,006 British Pound / Philippine Peso 1,076,319 980,137 Euro / U.S. Dollar 93,495 76,417 U.S. Dollar / Canadian Dollar 37,563 35,154 British Pound / Euro — 216 |
Not Designated as Hedging [Member] | |
Outstanding Derivatives Used to Hedge Foreign Exchange Risks | The following sets forth derivatives used to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities: In thousands June 30, 2019 December 31, 2018 Derivative Sell/Buy - sell notional U.S. Dollar / British Pound 24,000 25,500 British Pound / Euro 3,000 2,000 Sell/Buy - buy notional Euro / U.S. Dollar 15,000 11,000 British Pound / Euro 9,000 8,000 |
Commitments, Contingencies an_2
Commitments, Contingencies and Legal Proceedings (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Reserves | Our reserve for past and future government oversight costs and long-term monitoring and maintenance is set forth below: Six months ended June 30 In thousands 2019 2018 Balance at January 1, $ 45,001 $ 43,144 Payments (20,641 ) (2,708 ) Reserve adjustment (2,509 ) — Assumption of WTM I escrow — 4,746 Accretion 98 66 Balance at June 30, $ 21,949 $ 45,248 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Financial and Other Information by Business Unit | The following tables set forth financial and other information by business unit for the period indicated: Three months ended June 30 Advanced Airlaid Other and Dollars in millions Composite Fibers Materials Unallocated Total 2019 2018 2019 2018 2019 2018 2019 2018 Net sales $ 132.6 $ 142.9 $ 102.5 $ 72.8 $ — $ — $ 235.1 $ 215.7 Cost of products sold 109.6 118.0 87.8 62.8 0.2 1.6 197.6 182.4 Gross profit (loss) 23.0 24.9 14.7 10.0 (0.2 ) (1.6 ) 37.5 33.3 SG&A 10.0 11.7 4.3 2.4 8.5 12.1 22.8 26.2 Gains on dispositions of plant, equipment and timberlands, net — — — — (0.4 ) (0.6 ) (0.4 ) (0.6 ) Total operating income (loss) 13.0 13.2 10.4 7.6 (8.3 ) (13.1 ) 15.1 7.7 Non-operating expense — — — — (3.2 ) (4.6 ) (3.2 ) (4.6 ) Income (loss) before income taxes $ 13.0 $ 13.2 $ 10.4 $ 7.6 $ (11.5 ) $ (17.7 ) $ 11.9 $ 3.1 Supplementary Data Net tons sold (thousands) 34.5 36.7 34.0 24.5 — — 68.5 61.2 Depreciation, depletion and amortization $ 6.6 $ 7.2 $ 5.3 $ 3.5 $ 0.8 $ 1.2 $ 12.7 $ 11.9 Capital expenditures 1.5 2.8 2.8 2.5 0.5 0.6 4.8 5.9 Six months ended June 30 Advanced Airlaid Other and Dollars in millions Composite Fibers Materials Unallocated Total 2019 2018 2019 2018 2019 2018 2019 2018 Net sales $ 261.3 $ 284.5 $ 202.9 $ 142.4 $ — $ — $ 464.2 $ 426.9 Cost of products sold 216.1 232.7 173.8 122.5 1.2 1.9 391.1 357.1 Gross profit (loss) 45.2 51.8 29.1 19.9 (1.2 ) (1.9 ) 73.1 69.9 SG&A 20.8 23.3 8.7 5.1 17.9 27.7 47.4 56.1 Gains on dispositions of plant, equipment and timberlands, net — — — — (1.1 ) (1.7 ) (1.1 ) (1.7 ) Total operating income (loss) 24.4 28.5 20.4 14.8 (18.0 ) (27.9 ) 26.8 15.4 Non-operating expense — — — — (8.4 ) (8.3 ) (8.4 ) (8.3 ) Income (loss) before income taxes $ 24.4 $ 28.5 $ 20.4 $ 14.8 $ (26.4 ) $ (36.2 ) $ 18.4 $ 7.1 Supplementary Data Net tons sold (thousands) 66.1 73.0 67.2 48.3 — — 133.3 121.4 Depreciation, depletion and amortization $ 13.3 $ 14.6 $ 10.5 $ 6.3 $ 1.7 $ 2.3 $ 25.5 $ 23.2 Capital expenditures 4.7 7.9 5.0 15.6 0.9 2.4 10.6 25.9 |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) $ in Millions | Jun. 30, 2019USD ($) |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Right of use asset | $ 12.6 |
Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Right of use asset | 14.1 |
Lease obligation | $ 14.1 |
Acquisition - Additional Inform
Acquisition - Additional Information (Details) | Oct. 01, 2018USD ($)Employeet | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | |||
Goodwill | $ 153,158,000 | $ 153,463,000 | |
Intangible assets, net | 88,882,000 | $ 93,614,000 | |
G P Business [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition purchase price | $ 186,000,000 | ||
Business acquisition, date of completion | Oct. 1, 2018 | ||
Post-closing purchase price adjustments | $ 2,000,000 | ||
Annual production capacity | t | 32,000 | ||
Number of employees at manufacturing facility | Employee | 220 | ||
Goodwill | 75,349,000 | ||
Intangible assets, net | 43,600,000 | ||
Goodwill deductible for tax purposes | $ 0 |
Acquisition - Summary of Prelim
Acquisition - Summary of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Goodwill | $ 153,158 | $ 153,463 |
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 | 75,349 | |
Total assets | 217,329 | |
Liabilities | ||
Accounts payable | 8,577 | |
Deferred tax liabilities | 19,119 | |
Other long term liabilities | 1,162 | |
Total liabilities | 28,858 | |
Total | 188,471 | |
less cash acquired | (7,540) | |
Total purchase price | $ 180,931 |
Acquisition - Summary of Unaudi
Acquisition - Summary of Unaudited Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Business Acquisition Pro Forma Information [Abstract] | ||
Net sales | $ 239,663 | $ 476,948 |
Income from continuing operations | $ 1,326 | $ 5,177 |
Income per share from continuing operations | $ 0.03 | $ 0.12 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregated Information Pertaining to Net Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 235,053 | $ 215,742 | $ 464,186 | $ 426,949 |
Product [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 235,053 | 215,742 | 464,186 | 426,949 |
Composite Fibers [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 132,581 | 142,934 | 261,298 | 284,531 |
Composite Fibers [Member] | Europe, Middle East and Africa [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 80,002 | 91,790 | 157,916 | 186,572 |
Composite Fibers [Member] | Americas [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 33,964 | 28,992 | 65,604 | 53,040 |
Composite Fibers [Member] | Asia Pacific [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 18,615 | 22,152 | 37,778 | 44,919 |
Composite Fibers [Member] | Food & Beverage [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 70,390 | 70,186 | 141,843 | 140,583 |
Composite Fibers [Member] | Wallcovering [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 22,958 | 27,789 | 41,508 | 55,921 |
Composite Fibers [Member] | Technical Specialties [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 19,266 | 21,609 | 38,554 | 42,567 |
Composite Fibers [Member] | Composite Laminates [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 9,218 | 8,960 | 17,693 | 18,358 |
Composite Fibers [Member] | Metallized [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 10,749 | 14,390 | 21,700 | 27,102 |
Advanced Airlaid Materials [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 102,472 | 72,808 | 202,888 | 142,418 |
Advanced Airlaid Materials [Member] | Europe, Middle East and Africa [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 55,206 | 35,905 | 109,645 | 72,133 |
Advanced Airlaid Materials [Member] | Americas [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 45,261 | 36,310 | 89,595 | 69,128 |
Advanced Airlaid Materials [Member] | Asia Pacific [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 2,005 | 593 | 3,648 | 1,157 |
Advanced Airlaid Materials [Member] | Feminine Hygiene [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 51,851 | 46,937 | 106,839 | 95,410 |
Advanced Airlaid Materials [Member] | Specialty Wipes [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 17,656 | 10,495 | 34,988 | 18,262 |
Advanced Airlaid Materials [Member] | Table Top [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 16,347 | 2,179 | 29,678 | 4,244 |
Advanced Airlaid Materials [Member] | Adult Incontinence [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 6,365 | 5,190 | 11,853 | 9,622 |
Advanced Airlaid Materials [Member] | Home Care [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 4,352 | 3,875 | 8,316 | 7,902 |
Advanced Airlaid Materials [Member] | Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 5,901 | $ 4,132 | $ 11,214 | $ 6,978 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - Specialty Papers [Member] $ in Millions | 1 Months Ended |
Oct. 31, 2018USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Selling price of business unit | $ 360 |
Cash proceeds from divestiture of business | 323 |
Retiree healthcare liabilities | 38 |
Pension liabilities assumed | 210 |
Related assets transferred from existing pension plan | $ 280 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Discontinued Operations included in Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Non-operating income (expense) | ||||
Income (loss) before income taxes | $ (485) | $ (18,517) | $ 229 | $ (14,058) |
Income tax (provision) benefit | (23) | (9,838) | 8 | (8,831) |
Income (loss) from discontinued operations | (462) | (8,679) | 221 | (5,227) |
Specialty Papers [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Total revenues | 190,975 | 391,842 | ||
Costs of products sold | 202,671 | 391,192 | ||
Gross profit (loss) | (11,696) | 650 | ||
Selling, general and administrative expenses | 485 | 5,376 | (229) | 12,508 |
Gains on dispositions of plant, equipment and timberlands, net | (5) | (443) | ||
Operating income (loss) | (485) | (17,067) | 229 | (11,415) |
Non-operating income (expense) | ||||
Interest expense | (1,991) | (3,736) | ||
Other, net | 541 | 1,093 | ||
Income (loss) before income taxes | (485) | (18,517) | 229 | (14,058) |
Income tax (provision) benefit | 23 | (9,838) | (8) | (8,831) |
Income (loss) from discontinued operations | $ (462) | (8,679) | $ 221 | (5,227) |
Specialty Papers [Member] | Product [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Total revenues | 190,031 | 389,469 | ||
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 | $ 944 | $ 2,373 |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Cash Flows from Discontinued Operations Included in Condensed Consolidated Statements of Cash Flows (Detail) - Specialty Papers [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net cash provided (used) by operating activities | $ (10,658) | $ 23,911 |
Net cash used by investing activities | (1,572) | (10,427) |
Net cash provided by financing activities | 125 | |
Change in cash and cash equivalents from discontinued operations | $ (12,230) | $ 13,609 |
Gains on Disposition of Plant_3
Gains on Disposition of Plant, Equipment and Timberlands (Summary for Sale of Timberlands and Other Assets Included in Continuing Operations) (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)a | Jun. 30, 2018USD ($)a | Jun. 30, 2019USD ($)a | Jun. 30, 2018USD ($)a | |
Property, Plant and Equipment [Line Items] | ||||
Proceeds | $ 1,116 | $ 1,804 | ||
Gain | $ 423 | $ 574 | $ 1,092 | $ 1,690 |
Timberlands [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Acres | a | 361 | 1,029 | 361 | 1,029 |
Proceeds | $ 902 | $ 1,785 | ||
Gain | 881 | 1,680 | ||
Other [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds | 214 | 19 | ||
Gain | $ 211 | $ 10 |
Earnings Per Share - Details of
Earnings Per Share - Details of Basic and Diluted Earnings Per Share (EPS) from Continuing Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Income from continuing operations | $ 6,293 | $ 1,280 | $ 10,896 | $ 3,544 |
Weighted average common shares outstanding used in basic EPS | 44,140 | 43,770 | 44,084 | 43,735 |
Effect of dilutive SOSARs, PSAs and RSUs | 242 | 717 | 267 | 796 |
Weighted average common shares outstanding and common share equivalents used in diluted EPS | 44,382 | 44,487 | 44,351 | 44,531 |
Earnings per share from continuing operations | ||||
Basic | $ 0.14 | $ 0.03 | $ 0.25 | $ 0.08 |
Diluted | $ 0.14 | $ 0.03 | $ 0.25 | $ 0.08 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Loss From Discontinued Operations Net Of Tax [Abstract] | ||||
Income | $ (462) | $ (8,679) | $ 221 | $ (5,227) |
Earnings Per Share - Number of
Earnings Per Share - Number of Potential Common Shares that have been Excluded from Computation of Diluted Earnings Per Share for Indicated Period Due to Their Anti-Dilutive Nature (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Potential common shares | 1,233 | 2,393 | 1,233 | 2,393 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Losses) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (139,535) | $ (148,953) | $ (137,440) | $ (140,675) |
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) | 7,392 | (29,855) | 5,228 | (20,325) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (1,593) | 4,202 | (1,524) | 8,692 |
Net current period other comprehensive income (loss) | 5,799 | (25,653) | 3,704 | (11,633) |
Ending Balance | (133,736) | (174,606) | (133,736) | (174,606) |
Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (74,427) | (29,092) | (69,622) | (41,839) |
Balance as adjusted at January 1, 2018 | (41,839) | |||
Other comprehensive income (loss) before reclassifications (net of tax) | 1,426 | (33,223) | (3,379) | (20,476) |
Net current period other comprehensive income (loss) | 1,426 | (33,223) | (3,379) | (20,476) |
Ending Balance | (73,001) | (62,315) | (73,001) | (62,315) |
Unrealized Gain (Loss) on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 4,421 | (5,894) | 2,199 | (4,092) |
Balance as adjusted at January 1, 2018 | (4,092) | |||
Other comprehensive income (loss) before reclassifications (net of tax) | 1,040 | 3,368 | 3,681 | 151 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (1,019) | 1,181 | (1,438) | 2,596 |
Net current period other comprehensive income (loss) | 21 | 4,549 | 2,243 | 2,747 |
Ending Balance | 4,442 | (1,345) | 4,442 | (1,345) |
Change in Pensions [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (70,810) | (118,428) | (71,431) | (98,295) |
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) | 4,926 | 4,926 | ||
Amounts reclassified from accumulated other comprehensive income (net of tax) | (441) | 3,261 | 180 | 6,425 |
Net current period other comprehensive income (loss) | 4,485 | 3,261 | 5,106 | 6,425 |
Ending Balance | (66,325) | (115,167) | (66,325) | (115,167) |
Change in Other Postretirement Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 1,281 | 4,461 | 1,414 | 3,551 |
Amount reclassified for adoption of ASU No. 2018-02 | 999 | |||
Balance as adjusted at January 1, 2018 | 4,550 | |||
Amounts reclassified from accumulated other comprehensive income (net of tax) | (133) | (240) | (266) | (329) |
Net current period other comprehensive income (loss) | (133) | (240) | (266) | (329) |
Ending Balance | $ 1,148 | $ 4,221 | $ 1,148 | $ 4,221 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income and Into the Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Costs of products sold | $ (197,553) | $ (182,443) | $ (391,069) | $ (357,090) |
Other, net | 1,551 | 799 | 2,513 | 1,122 |
Income tax provision (benefit) | 5,655 | 1,813 | 7,513 | 3,575 |
Net income (loss) | 5,831 | (7,399) | 11,117 | (1,683) |
Income (loss) | (462) | (8,679) | 221 | (5,227) |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net income (loss) | (1,593) | 4,202 | (1,524) | 8,692 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other, net | 843 | 4,304 | 1,652 | 8,474 |
Income tax provision (benefit) | (1,284) | (1,043) | (1,472) | (2,049) |
Net income (loss) | (441) | 3,261 | 180 | 6,425 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Prior Service Costs [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other, net | 54 | 4 | 88 | 11 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Actuarial Losses [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other, net | 789 | 2,060 | 1,564 | 4,119 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Discontinued Operations Amortization of Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Income (loss) | 2,240 | 4,344 | ||
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Other Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other, net | (176) | (318) | (351) | (436) |
Income tax provision (benefit) | 43 | 78 | 85 | 107 |
Net income (loss) | (133) | (240) | (266) | (329) |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Other Pension Plan [Member] | Prior Service Costs [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other, net | (3) | (5) | ||
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Other Pension Plan [Member] | Discontinued Operations Amortization of Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Income (loss) | (301) | (403) | ||
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Other Pension Plan [Member] | Actuarial Gains [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other, net | (173) | (17) | (346) | (33) |
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 | (1,411) | 1,636 | (1,996) | 3,595 |
Income tax provision (benefit) | 392 | (455) | 558 | (999) |
Net income (loss) | $ (1,019) | $ 1,181 | $ (1,438) | $ 2,596 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | ||
Increase in effective tax rate due to GILTI provisions | 8.00% | |
Valuation allowance | $ 1.6 | |
Gross unrecognized tax benefits | 30.6 | $ 29.6 |
Unrecognized tax benefits that would impact effective tax rate | $ 20.4 | |
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 | $ 6.2 | |
Minimum [Member] | ||
Income Tax Contingency [Line Items] | ||
Gross unrecognized tax benefits balance may decrease within the next twelve months | $ 0 |
Income Taxes - Summary of Tax Y
Income Taxes - Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction (Detail) | 6 Months Ended |
Jun. 30, 2019 | |
Canada [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2018 |
France [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2018 |
Philippines [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2018 |
Minimum [Member] | United States [Member] | United States - Federal [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2015 |
Minimum [Member] | United States [Member] | United States - State [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2014 |
Examination in progress | 2015 |
Minimum [Member] | Canada [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2011 |
Examination in progress | 2014 |
Minimum [Member] | Germany [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2016 |
Examination in progress | 2012 |
Minimum [Member] | United Kingdom [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2017 |
Minimum [Member] | Philippines [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examination in progress | 2016 |
Maximum [Member] | United States [Member] | United States - Federal [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2018 |
Maximum [Member] | United States [Member] | United States - State [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2018 |
Examination in progress | 2017 |
Maximum [Member] | Canada [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2013 |
Examination in progress | 2017 |
Maximum [Member] | Germany [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2018 |
Examination in progress | 2015 |
Maximum [Member] | United Kingdom [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2018 |
Maximum [Member] | Philippines [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examination in progress | 2017 |
Income Taxes - Summary of Infor
Income Taxes - Summary of Information Included in Continuing Operations Related to Interest and Penalties on Uncertain Tax Positions (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Interest expense (income) | $ 0.2 | $ 0.1 | |
Accrued interest payable | $ 1.3 | $ 1.1 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - shares | 6 Months Ended | 42 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | |
Restricted Stock Units (RSU) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
The vesting graded scale | The RSUs vest on the passage of time, generally on a graded scale over a three, four, and five-year period, or in certain instances the RSUs were issued with five-year cliff vesting. | ||
Performance Share Awards (PSAs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cumulative performance targets | 2 years | ||
Additional service period | 1 year | ||
Grants under performance share awards | 218,422 | 183,355 | |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of stock | 3 years | ||
Vesting term | 10 years | ||
Share-based payment award, shares issued in period | 0 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSU and PSA Activity (Detail) - Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] - shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning Balance | 756,786 | 929,386 |
Granted | 449,054 | 389,065 |
Forfeited | (127,603) | (70,891) |
Shares delivered | (163,078) | (150,020) |
Ending Balance | 915,159 | 1,097,540 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense for Periods Included in Continuing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 1,161 | $ 1,596 | $ 1,595 | $ 3,261 |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 64 | $ 43 | $ 244 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Information Related to Outstanding SOSARS (Detail) - Stock Only Stock Appreciation Rights (SOSARs) [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning Balance, Outstanding | 2,334,742 | 2,561,846 |
Exercised | (441,920) | (148,145) |
Canceled / forfeited | (446,435) | (20,994) |
Ending Balance, Outstanding | 1,446,387 | 2,392,707 |
Beginning Balance, Weighted Average Exercise Price, Outstanding | $ 18.08 | $ 17.87 |
Weighted Average Exercise Price, Exercised | 14.31 | 13.26 |
Weighted Average Exercise Price, Canceled / forfeited | 21.06 | 18.76 |
Ending Balance, Weighted Average Exercise Price, Outstanding | $ 19.31 | $ 18.15 |
Retirement Plans and Other Po_3
Retirement Plans and Other Post-Retirement Benefits - Schedule of Net Periodic Costs of Pension and Post Retirement Medical Benefit Plans Included in Continuing Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 373 | $ 595 | $ 857 | $ 1,189 |
Interest cost | 3,337 | 3,241 | 6,787 | 6,482 |
Expected return on plan assets | (3,699) | (5,530) | (7,395) | (11,061) |
Amortization of prior service cost/(credit) | 54 | 4 | 88 | 11 |
Amortization of unrecognized/actuarial loss (gain) | 789 | 2,060 | 1,564 | 4,119 |
Total net periodic benefit cost | 854 | 370 | 1,901 | 740 |
Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 9 | 15 | 18 | 30 |
Interest cost | 84 | 79 | 168 | 159 |
Amortization of prior service cost/(credit) | (3) | (5) | ||
Amortization of unrecognized/actuarial loss (gain) | (173) | (17) | (346) | (33) |
Total net periodic benefit cost | $ (83) | $ 77 | $ (165) | $ 156 |
Retirement Plans and Other Po_4
Retirement Plans and Other Post-Retirement Benefits - Additional Information (Detail) $ in Millions | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Gain from remeasurement of pension liability due to termination | $ 1.9 |
Inventories - Inventories, Net
Inventories - Inventories, Net of Reserves (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 53,708 | $ 50,205 |
In-process and finished | 99,880 | 84,894 |
Supplies | 38,535 | 38,312 |
Total | $ 192,123 | $ 173,411 |
Capitalized Interest - Summary
Capitalized Interest - Summary of Interest Incurred, Capitalized and Expensed Included in Continuing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest Expense [Abstract] | ||||
Interest cost incurred | $ 1,865 | $ 3,822 | $ 6,611 | $ 7,668 |
Interest capitalized | 396 | |||
Interest expense | $ 1,865 | $ 3,822 | $ 6,611 | $ 7,272 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Leases [Abstract] | |
Right of use assets and lease obligation | $ 12.6 |
Weighted average remaining maturity | 37 months |
Weighted average discount rate | 3.01% |
Operating lease expense | $ 3 |
Leases - Summary of Minimum Lea
Leases - Summary of Minimum Lease Payments (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2019 | $ 2,761 | $ 5,020 |
2020 | 4,579 | 3,861 |
2021 | 3,066 | 2,515 |
2022 | 1,605 | 1,426 |
2023 | 577 | 584 |
Thereafter | $ 339 | $ 383 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 387,687 | $ 413,023 |
Less current portion | (23,238) | (10,785) |
Unamortized deferred issuance costs | (2,657) | (1,276) |
Long-term debt, net of current portion | 361,792 | 400,962 |
Revolving Credit Facility, Due Mar. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 114,495 | |
Revolving Credit Facility, Due Feb. 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 94,454 | |
5.375% Notes, Due Oct. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 250,000 | |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 4,877 | 5,725 |
Term Loan, Due Feb. 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 250,360 | |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 22,778 | 25,972 |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 6,503 | 7,361 |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 8,715 | $ 9,470 |
Long-Term Debt - Summary of L_2
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Feb. 8, 2024 | |
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% |
Term Loan, Due Feb. 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Feb. 29, 2024 | |
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 | |
Revolving Credit Facility, Due Feb. 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Feb. 29, 2024 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||||
Dec. 31, 2019 | Jun. 30, 2019USD ($) | Jul. 01, 2019 | Jun. 30, 2019EUR (€) | Feb. 08, 2019USD ($) | Feb. 08, 2019EUR (€) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||||||
Pre-tax loss from changes in currency exchange rates | $ 1,700,000 | ||||||
Debt instrument covenant compliance leverage ratio, threshold | 4 | ||||||
Debt instrument covenant compliance leverage ratio, actual | 3.5 | ||||||
Long-term debt, maturity date | Feb. 8, 2024 | ||||||
Scenario, Forecast [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument covenant compliance leverage ratio, threshold | 4.5 | ||||||
Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate on debt | 1.25% | ||||||
Term Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | € | € 220,000,000 | € 220,000,000 | |||||
5.375% Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate on debt | 5.375% | 5.375% | |||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 | ||||||
Federal fund rate spread | 1.00% | ||||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Federal fund rate spread | 0.125% | ||||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Federal fund rate spread | 1.00% | ||||||
Revolving Credit Facility [Member] | Federal Funds Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Federal fund rate spread | 0.50% | ||||||
Revolving Credit Facility [Member] | Daily Euro Rate [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Federal fund rate spread | 1.125% | ||||||
Revolving Credit Facility [Member] | Daily Euro Rate [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Federal fund rate spread | 2.00% | ||||||
Letters of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit issued | $ 5,200,000 | $ 5,200,000 | |||||
Letters of credit outstanding | $ 0 |
Long-Term Debt - Summary of Deb
Long-Term Debt - Summary of Debts Borrowed by Subsidiary (Detail) - EUR (€) € in Thousands | May 04, 2016 | Apr. 26, 2016 | Oct. 10, 2015 | Sep. 04, 2014 | Apr. 11, 2013 | Jun. 30, 2019 |
Debt Instrument [Line Items] | ||||||
Maturity | Feb. 8, 2024 | |||||
IKB Deutsche Industriebank AG Borrowing Agreements [Member] | Glatfelter Gernsbach GmbH and Co KG [Member] | IKB Deutsche Industriebank AG Member | ||||||
Debt Instrument [Line Items] | ||||||
Original Principal | € 7,195 | € 10,000 | € 2,608 | € 10,000 | € 42,700 | |
Interest Rate | 1.55% | 1.30% | 1.55% | 2.40% | 2.05% | |
Maturity | Sep. 30, 2025 | Jun. 30, 2023 | Sep. 30, 2025 | Jun. 30, 2022 | Mar. 31, 2023 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 387,687 | $ 413,023 |
Fair Value | 388,318 | 412,481 |
Revolving Credit Facility Due Mar. 2020 And Nov. 2016 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 94,454 | 114,495 |
Fair Value | 94,454 | 114,495 |
5.375% Notes, Due Oct. 2020 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 250,000 | |
Fair Value | 249,010 | |
Term Loan, Due Feb. 2024 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 250,360 | |
Fair Value | 250,360 | |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 4,877 | 5,725 |
Fair Value | 4,976 | 5,836 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 22,778 | 25,972 |
Fair Value | 23,190 | 26,346 |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 6,503 | 7,361 |
Fair Value | 6,526 | 7,341 |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 8,715 | 9,470 |
Fair Value | $ 8,812 | $ 9,453 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Parenthetical) (Detail) | Jun. 30, 2019 | Dec. 31, 2018 |
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% |
Financial Derivatives and Hed_3
Financial Derivatives and Hedging Activities - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019 | |
Maximum [Member] | Fair Value, Measurements [Member] | |
Derivative [Line Items] | |
Accumulated other comprehensive income realization period | 18 months |
Minimum [Member] | Fair Value, Measurements [Member] | |
Derivative [Line Items] | |
Accumulated other comprehensive income realization period | 12 months |
Designated as Hedging [Member] | Cash Flow Hedges [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Maturities of foreign currency derivative contracts | 18 months |
Designated as Hedging [Member] | Cash Flow Hedges [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Maturities of foreign currency derivative contracts | 1 month |
Not Designated as Hedging [Member] | |
Derivative [Line Items] | |
Maturities of foreign currency derivative contracts | 1 month |
Financial Derivatives and Hed_4
Financial Derivatives and Hedging Activities - Outstanding Derivatives Used to Hedge Foreign Exchange Risks (Detail) | Jun. 30, 2019USD ($) | Jun. 30, 2019EUR (€) | Jun. 30, 2019PHP (₱) | Jun. 30, 2019CAD ($) | Jun. 30, 2019GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018PHP (₱) | Dec. 31, 2018CAD ($) | Dec. 31, 2018GBP (£) |
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 | |||||||||
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 | € | € 16,987,000 | € 15,250,000 | ||||||||
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 | ₱ | ₱ 18,312,000 | 16,446,000 | ||||||||
Cash Flow Hedges [Member] | Euro / Philippine Peso [Member] | Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | ₱ | 936,919,000 | 1,069,006,000 | ||||||||
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 | ₱ | ₱ 1,076,319,000 | ₱ 980,137,000 | ||||||||
Cash Flow Hedges [Member] | Canadian Dollar U.S. Dollar [Member] | Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | $ 3,030,000 | |||||||||
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 | $ 93,495,000 | $ 76,417,000 | ||||||||
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 | $ 37,563,000 | $ 35,154,000 | ||||||||
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 | 6,619,000 | 88,000 | ||||||||
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 | |||||||||
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 | 15,000,000 | 11,000,000 | ||||||||
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 | £ | £ 3,000,000 | £ 2,000,000 | ||||||||
Foreign Currency Hedges [Member] | British Pound / Euro [Member] | Not Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | € | € 9,000,000 | € 8,000,000 | ||||||||
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 | $ 24,000,000 | $ 25,500,000 |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | $ 4,880 | $ 4,381 |
Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | 79 | 1,548 |
Not Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | 452 | 103 |
Not Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | $ 346 | $ 122 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Costs of Products Sold [Member] | Designated as Hedging [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Effective portion of derivative instruments, gain (loss) | $ 1,460 | $ (1,636) | $ 2,045 | $ (3,595) |
Other - Net [Member] | Designated as Hedging [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Ineffective portion of derivative instruments, gain (loss) | 110 | (212) | ||
Other - Net [Member] | Not Designated as Hedging [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Derivative instruments, gain (loss) | $ (264) | $ (898) | $ 28 | $ (601) |
Financial Derivatives and Hed_7
Financial Derivatives and Hedging Activities - Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Loss) Before Taxes (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Balance at January 1, | $ 3,004 | $ (5,640) |
Deferred (losses) gains on cash flow hedges | 5,044 | 288 |
Reclassified to earnings | (2,045) | 3,595 |
Balance at June 30, | $ 6,003 | $ (1,757) |
Commitments, Contingencies an_3
Commitments, Contingencies and Legal Proceedings - Additional Information (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($)Operable_Unit | Dec. 31, 2018USD ($) | |
Commitments Contingencies And Litigation [Line Items] | ||
Number of operable units | Operable_Unit | 5 | |
Term of agreement wih third party for monitoring and maintenance in OU1-OU4a | 30 years | |
Difference recorded in escrow account | $ 2,000 | |
Reserve for Environmental liabilities, current portion | 6,867 | $ 23,000 |
Reserve adjustment | (2,509) | |
Selling, General and Administrative Expense [Member] | ||
Commitments Contingencies And Litigation [Line Items] | ||
Reserve adjustment | 2,500 | |
Other Long-Term Liabilities [Member] | ||
Commitments Contingencies And Litigation [Line Items] | ||
Reserve for Environmental liabilities, remaining portion | $ 15,000 | |
Minimum [Member] | December 2009 - Long Term Monitoring Plan [Member] | ||
Commitments Contingencies And Litigation [Line Items] | ||
Period over which cash expenditure to be incurred for monitoring activities | 30 years | |
Glatfelter Consent Decree [Member] | ||
Commitments Contingencies And Litigation [Line Items] | ||
Governments unreimbursed past costs paid | $ 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] | ||
Expected cleanup work continuation year | through 2019 |
Commitments, Contingencies an_4
Commitments, Contingencies and Legal Proceedings - Schedule of Reserves (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Environmental Remediation Obligations [Abstract] | ||
Beginning balance | $ 45,001 | $ 43,144 |
Payments | (20,641) | (2,708) |
Reserve adjustment | (2,509) | |
Assumption of WTM I escrow | 4,746 | |
Accretion | 98 | 66 |
Ending balance | $ 21,949 | $ 45,248 |
Segment Information - Schedule
Segment Information - Schedule of Financial and Other Information by Business Unit (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)T | Jun. 30, 2018USD ($)T | Jun. 30, 2019USD ($)T | Jun. 30, 2018USD ($)T | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 235,053 | $ 215,742 | $ 464,186 | $ 426,949 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Cost of products sold | $ 197,553 | $ 182,443 | $ 391,069 | $ 357,090 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Gross profit | $ 37,500 | $ 33,299 | $ 73,117 | $ 69,859 |
SG&A | 22,800 | 26,185 | 47,422 | 56,116 |
Gains on dispositions of plant,equipment and timberlands, net | (423) | (574) | (1,092) | (1,690) |
Operating income | 15,123 | 7,688 | 26,787 | 15,433 |
Non-operating expense | (3,175) | (4,595) | (8,378) | (8,314) |
Income from continuing operations before income taxes | $ 11,948 | $ 3,093 | $ 18,409 | $ 7,119 |
Supplementary Data | ||||
Net tons sold | T | 68,500 | 61,200 | 133,300 | 121,400 |
Depreciation, depletion and amortization | $ 12,700 | $ 11,900 | $ 25,520 | $ 23,195 |
Capital expenditures | 4,800 | 5,900 | 10,600 | 25,900 |
Composite Fibers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 132,581 | $ 142,934 | 261,298 | $ 284,531 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | ||
Cost of products sold | 109,600 | $ 118,000 | 216,100 | $ 232,700 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | ||
Gross profit | 23,000 | $ 24,900 | 45,200 | $ 51,800 |
SG&A | 10,000 | 11,700 | 20,800 | 23,300 |
Operating income | 13,000 | 13,200 | 24,400 | 28,500 |
Income from continuing operations before income taxes | $ 13,000 | $ 13,200 | $ 24,400 | $ 28,500 |
Supplementary Data | ||||
Net tons sold | T | 34,500 | 36,700 | 66,100 | 73,000 |
Depreciation, depletion and amortization | $ 6,600 | $ 7,200 | $ 13,300 | $ 14,600 |
Capital expenditures | 1,500 | 2,800 | 4,700 | 7,900 |
Advanced Airlaid Materials [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 102,472 | $ 72,808 | $ 202,888 | $ 142,418 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Cost of products sold | $ 87,800 | $ 62,800 | $ 173,800 | $ 122,500 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Gross profit | $ 14,700 | $ 10,000 | $ 29,100 | $ 19,900 |
SG&A | 4,300 | 2,400 | 8,700 | 5,100 |
Operating income | 10,400 | 7,600 | 20,400 | 14,800 |
Income from continuing operations before income taxes | $ 10,400 | $ 7,600 | $ 20,400 | $ 14,800 |
Supplementary Data | ||||
Net tons sold | T | 34,000 | 24,500 | 67,200 | 48,300 |
Depreciation, depletion and amortization | $ 5,300 | $ 3,500 | $ 10,500 | $ 6,300 |
Capital expenditures | $ 2,800 | $ 2,500 | $ 5,000 | $ 15,600 |
Other and Unallocated [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Cost of products sold | $ 200 | $ 1,600 | $ 1,200 | $ 1,900 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Gross profit | $ (200) | $ (1,600) | $ (1,200) | $ (1,900) |
SG&A | 8,500 | 12,100 | 17,900 | 27,700 |
Gains on dispositions of plant,equipment and timberlands, net | (400) | (600) | (1,100) | (1,700) |
Operating income | (8,300) | (13,100) | (18,000) | (27,900) |
Non-operating expense | (3,200) | (4,600) | (8,400) | (8,300) |
Income from continuing operations before income taxes | (11,500) | (17,700) | (26,400) | (36,200) |
Supplementary Data | ||||
Depreciation, depletion and amortization | 800 | 1,200 | 1,700 | 2,300 |
Capital expenditures | $ 500 | $ 600 | $ 900 | $ 2,400 |