Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 18, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GLT | ||
Entity Registrant Name | Glatfelter Corporation | ||
Entity Central Index Key | 0000041719 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 1-03560 | ||
Entity Tax Identification Number | 23-0628360 | ||
Entity Address, Address Line One | 4350 Congress Street | ||
Entity Address, Address Line Two | Suite 600 | ||
Entity Address, City or Town | Charlotte | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 28209 | ||
City Area Code | 704 | ||
Local Phone Number | 885-2555 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Security Exchange Name | NYSE | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Common Stock, Shares Outstanding | 44,367,836 | ||
Entity Public Float | $ 691.3 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive Proxy Statement to be delivered to shareholders in connection with the Annual Meeting of Shareholders to be held on May 6, 2021 are incorporated by reference into Part III. |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 916,498 | $ 927,673 | $ 866,286 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Costs of products sold | $ 768,629 | $ 780,131 | $ 735,879 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Gross profit | $ 147,869 | $ 147,542 | $ 130,407 |
Selling, general and administrative expenses | 100,045 | 94,967 | 111,721 |
Gains on dispositions of plant, equipment and timberlands, net | (1,332) | (2,060) | (3,256) |
Operating income | 49,156 | 54,635 | 21,942 |
Non-operating income (expense) | |||
Interest expense | (7,022) | (10,408) | (15,609) |
Interest income | 399 | 1,123 | 559 |
Pension settlement | (6,154) | (75,326) | |
Other, net | (4,020) | (4,477) | 383 |
Total non-operating expense | (16,797) | (89,088) | (14,667) |
Income (loss) before income taxes | 32,359 | (34,453) | 7,275 |
Income tax provision (benefit) | 11,576 | (9,242) | 7,723 |
Income (loss) from continuing operations | 20,783 | (25,211) | (448) |
Discontinued operations: | |||
Income (loss) before income taxes | 544 | 1,284 | (207,242) |
Income tax provision (benefit) | 29 | (2,386) | (30,086) |
Income (loss) from discontinued operations | 515 | 3,670 | (177,156) |
Net income (loss) | $ 21,298 | $ (21,541) | $ (177,604) |
Basic earnings (loss) per share | |||
Income (loss) from continuing operations | $ 0.47 | $ (0.57) | $ (0.01) |
Income (loss) from discontinued operations | 0.01 | 0.08 | (4.05) |
Basic earnings per share | 0.48 | (0.49) | (4.06) |
Diluted earnings (loss) per share | |||
Income (loss) from continuing operations | 0.47 | (0.57) | (0.01) |
Income (loss) from discontinued operations | 0.01 | 0.08 | (4.05) |
Diluted earnings per share | $ 0.48 | $ (0.49) | $ (4.06) |
Weighted average shares outstanding | |||
Basic | 44,339 | 44,132 | 43,768 |
Diluted | 44,614 | 44,132 | 43,768 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ 21,298 | $ (21,541) | $ (177,604) |
Foreign currency translation adjustments | 33,821 | (6,724) | (27,783) |
Net change in: | |||
Deferred gains (losses) on cash flow hedges, net of taxes of $2,507, $(737), and $(2,353), respectively | (6,812) | 2,117 | 6,291 |
Unrecognized retirement obligations, net of taxes of $158, $(22,927), and $(13,898), respectively | (7,766) | 64,151 | 47,025 |
Other comprehensive income | 19,243 | 59,544 | 25,533 |
Comprehensive income (loss) | $ 40,541 | $ 38,003 | $ (152,071) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Taxes on deferred gains (losses) on cash flow hedges | $ 2,507 | $ (737) | $ (2,353) |
Taxes on unrecognized retirement obligations | $ 158 | $ (22,927) | $ (13,898) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 99,581 | $ 126,201 |
Accounts receivable (less allowance for doubtful accounts: 2020 - $2,093; 2019 - $1,682) | 122,817 | 124,442 |
Inventories | 196,230 | 190,415 |
Prepaid expenses and other current assets | 34,297 | 36,274 |
Total current assets | 452,925 | 477,332 |
Plant, equipment and timberlands, net | 543,267 | 537,421 |
Goodwill | 164,369 | 150,816 |
Intangible assets, net | 81,835 | 83,735 |
Other assets | 44,485 | 34,490 |
Total assets | 1,286,881 | 1,283,794 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 25,057 | 22,940 |
Accounts payable | 127,505 | 130,039 |
Dividends payable | 5,988 | 5,752 |
Environmental liabilities | 3,700 | 9,000 |
Other current liabilities | 71,093 | 62,772 |
Total current liabilities | 233,343 | 230,503 |
Long-term debt | 288,464 | 336,919 |
Deferred income taxes | 77,131 | 76,374 |
Other long-term liabilities | 110,011 | 84,039 |
Total liabilities | 708,949 | 727,835 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common stock, $0.01 par value; authorized - 120,000,000; issued - 54,361,980 (including treasury shares: 2020 - 9,994,144; 2019 - 10,113,504) | 544 | 544 |
Capital in excess of par value | 63,261 | 59,900 |
Retained earnings | 723,365 | 725,795 |
Accumulated other comprehensive loss | (58,653) | (77,896) |
Shareholders' equity before treasury stock | 728,517 | 708,343 |
Less cost of common stock in treasury | (150,585) | (152,384) |
Total shareholders’ equity | 577,932 | 555,959 |
Total liabilities and shareholders’ equity | $ 1,286,881 | $ 1,283,794 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,093 | $ 1,682 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 54,361,980 | 54,361,980 |
Treasury stock, shares | 9,994,144 | 10,113,504 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | |||
Net income (loss) | $ 21,298 | $ (21,541) | $ (177,604) |
(Income) loss from discontinued operations, net of tax benefits | (515) | (3,670) | 177,156 |
Adjustments to reconcile to net cash provided (used) by operating activities: | |||
Depreciation, depletion and amortization | 56,600 | 50,820 | 47,525 |
Amortization of debt issue costs and original issue discount | 590 | 1,672 | 1,159 |
Pension settlement charge | 6,154 | 75,326 | |
Asset impairment charge | 900 | ||
Deferred income tax benefit | (2,071) | (22,971) | (7,704) |
Gains on dispositions of plant, equipment and timberlands, net | (1,332) | (2,060) | (3,256) |
Share-based compensation | 5,655 | 3,583 | 6,288 |
Change in operating assets and liabilities | |||
Accounts receivable | 9,563 | (5,473) | (621) |
Inventories | 6,860 | (17,387) | (32,138) |
Prepaid and other current assets | 1,679 | (2,833) | (3,372) |
Accounts payable | (7,234) | 10,337 | 13,774 |
Accruals and other current liabilities | 12,143 | (19,536) | (23,984) |
Pension assets received | 53,401 | ||
Other | 4,857 | 3,167 | (3,175) |
Net cash provided (used) by operating activities | 108,993 | 102,835 | (5,952) |
Investing activities | |||
Expenditures for purchases of plant, equipment and timberlands | (28,136) | (27,765) | (42,129) |
Proceeds from disposals of plant, equipment and timberlands, net | 1,413 | 2,198 | 3,462 |
Acquisition, net of cash acquired | (1,383) | (178,905) | |
Other investing | (50) | (163) | (68) |
Net cash used by investing activities | (26,773) | (27,113) | (217,640) |
Financing activities | |||
Repayments of note offerings | (250,000) | ||
Net repayments under revolving credit facility | (53,392) | (28,062) | (55,446) |
Payments of borrowing costs | (39) | (2,204) | |
Proceeds from term loans | 248,644 | ||
Repayment of term loans | (23,246) | (16,660) | (11,069) |
Payments of dividends | (23,492) | (22,936) | (22,760) |
Proceeds from government grants | 358 | ||
Payments related to share-based compensation awards and other | (495) | (1,556) | (2,151) |
Net cash used by financing activities | (100,306) | (72,774) | (91,426) |
Effect of exchange rate changes on cash | 5,163 | (269) | (5,564) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (12,923) | 2,679 | (320,582) |
Change in cash and cash equivalents from discontinued operations | (1,613) | (19,163) | 347,048 |
Cash, cash equivalents and restricted cash at the beginning of period | 126,201 | 142,685 | 116,219 |
Cash, cash equivalents and restricted cash at the end of period | 111,665 | 126,201 | 142,685 |
Less: restricted cash in Prepaid and other current assets | (2,000) | ||
Less: restricted cash in Other assets | (10,084) | ||
Cash and cash equivalents at the end of period | 99,581 | 126,201 | 142,685 |
Cash paid (refunded) for: | |||
Interest, net of amounts capitalized | 6,180 | 10,208 | 15,760 |
Income taxes, net | $ (9,993) | $ 14,242 | $ 15,171 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Retained Earnings [Member]Revision of Prior Period, Reclassification, Adjustment [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member]Revision of Prior Period, Reclassification, Adjustment [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2017 | $ 708,928 | $ 544 | $ 62,594 | $ 948,411 | $ 22,298 | $ (140,675) | $ (22,298) | $ (161,946) |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201802Member | us-gaap:AccountingStandardsUpdate201802Member | us-gaap:AccountingStandardsUpdate201802Member | us-gaap:AccountingStandardsUpdate201802Member | us-gaap:AccountingStandardsUpdate201802Member | us-gaap:AccountingStandardsUpdate201802Member | ||
Net income (loss) | $ (177,604) | $ (177,604) | ||||||
Other comprehensive income | 25,533 | $ 25,533 | ||||||
Comprehensive income (loss) | (152,071) | |||||||
Tax effect of exercise of stock awards | (7) | $ (7) | ||||||
Cash dividends declared | (22,800) | (22,800) | ||||||
Share-based compensation expense | 7,000 | 7,000 | ||||||
Delivery of treasury shares | ||||||||
RSUs and PSAs | (1,626) | (6,201) | $ 4,575 | |||||
Employee stock options exercised — net | (526) | (1,147) | 621 | |||||
Ending Balance at Dec. 31, 2018 | 538,898 | $ 544 | 62,239 | 770,305 | (137,440) | (156,750) | ||
Net income (loss) | (21,541) | (21,541) | ||||||
Other comprehensive income | 59,544 | 59,544 | ||||||
Comprehensive income (loss) | 38,003 | |||||||
Cash dividends declared | (22,969) | (22,969) | ||||||
Share-based compensation expense | 3,583 | 3,583 | ||||||
Delivery of treasury shares | ||||||||
RSUs and PSAs | (792) | (3,625) | 2,833 | |||||
Employee stock options exercised — net | (764) | (2,297) | 1,533 | |||||
Ending Balance at Dec. 31, 2019 | 555,959 | 544 | 59,900 | 725,795 | (77,896) | (152,384) | ||
Net income (loss) | 21,298 | 21,298 | ||||||
Other comprehensive income | 19,243 | 19,243 | ||||||
Comprehensive income (loss) | 40,541 | |||||||
Cash dividends declared | (23,728) | (23,728) | ||||||
Share-based compensation expense | 5,655 | 5,655 | ||||||
Delivery of treasury shares | ||||||||
RSUs and PSAs | (420) | (2,077) | 1,657 | |||||
Employee stock options exercised — net | (75) | (217) | 142 | |||||
Ending Balance at Dec. 31, 2020 | $ 577,932 | $ 544 | $ 63,261 | $ 723,365 | $ (58,653) | $ (150,585) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retained Earnings [Member] | |||
Per share amount of cash dividends declared | $ 0.535 | $ 0.52 | $ 0.52 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. ORGANIZATION Glatfelter Corporation and subsidiaries (“Glatfelter”) formerly known as P. H. Glatfelter Company and subsidiaries, is a leading global supplier of engineered materials. Our high-quality, innovative and customizable solutions are found in tea and single-serve coffee filtration, personal hygiene and packaging products as well as home improvement and industrial applications. We are headquartered in Charlotte, NC, 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, Italy, China, and the United States. 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 Glatfelter Corporation and subsidiaries unless the context indicates otherwise. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Accounting Policies | 2. ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of Glatfelter and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies as of the balance sheet date and the reported amounts of net sales and expenses during the reporting period. Management believes the estimates and assumptions used in the preparation of these consolidated financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes that actual results may differ from those estimates and assumptions. Discontinued Operations The results of operations for the Specialty Papers business have been classified as discontinued operations for all periods presented in the consolidated statements of income (loss). Cash and Cash Equivalents Inventories Our inventories are stated at the lower of cost or market. Raw materials, in-process and finished goods inventories are valued principally using the average-cost method. Plant, Equipment and Timberlands For financial reporting purposes, depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. The range of estimated service lives used to calculate financial reporting depreciation for principal items of plant and equipment are as follows: Buildings 15 – 45 Years Machinery and equipment 5 – 40 Years Other 3 – 25 Years Maintenance and Repairs Maintenance and repairs costs are charged to income and major renewals and betterments are capitalized. At the time property is retired or sold, the net carrying value is eliminated and any resultant gain or loss is included in income. Valuation of Long-lived Assets, Intangible Assets and Goodwill We evaluate long-lived assets for impairment when a specific event indicates that the carrying value of an asset may not be recoverable. Recoverability is assessed based on estimates of future cash flows expected to result from the use and eventual disposition of the asset. If the sum of expected undiscounted cash flows is less than the carrying value of the asset, the asset’s fair value is estimated, and an impairment loss is recognized for the amount by which the carrying value exceeds the estimated fair value. Goodwill and non-amortizing tradename intangible assets are reviewed for impairment annually, during the third quarter, or more frequently if impairment indicators are present. However, in 2020, as a result of potential impairment indicators related to the impact of the COVID-19 pandemic, we evaluated such assets as of the end of the second quarter and, in connection with our normal review cycle, in the third quarter. In addition, in order to align the evaluation process more closely with the timing change for our strategic planning cycle, we changed the timing o f the annual evaluation to be completed in the fourth quarter. Accordingly, we completed an evaluation during the fourth quarter of 2020 , and we concluded there was no impairment of goodwill or non-amortizing tradename intangible assets . We believe the change in our annual impairment testing date did not delay, accelerate, or avoid an impairment charge. We have determined that this change in accounting principle is preferable under the circumstances and does not result in adjustm ents to our financial statements when applied retrospectively. The fair value of our reporting units, which are also our operating segments, is determined using a market approach and a discounted cash flow model. The fair value of non-amortizing tradename intangible assets is determined using a discounted cash flow model. For goodwill, impairment losses, if any, are recognized for the amount by which the carrying value of the reporting unit exceeds its fair value. The carrying value of a reporting unit is defined using an enterprise premise which is generally determined by the difference between the unit’s assets and operating liabilities. With respect to non-amortizing tradenames, impairment losses, if any, are recognized for the amount by which the carrying value of the tradename exceeds its fair value. For additional information, refer to Note 6 – “ Asset Impairment Income Taxes Income taxes are determined using the asset and liability method of accounting for income taxes in accordance with FASB ASC 740 Income Taxes (“ASC 740”). Under ASC 740, tax expense includes U.S. and international income taxes plus the provision for U.S. taxes on undistributed earnings of international subsidiaries not deemed to be permanently invested. Tax credits and other incentives reduce tax expense in the year the credits are claimed. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effect of such temporary differences is reported in deferred income taxes. Deferred tax assets are recognized if it is more likely than not that the assets will be realized in future years. We establish a valuation allowance for deferred tax assets for which realization is not more likely than not. Significant judgment is required in determining our worldwide provision for income taxes and recording the related assets and liabilities. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is less than certain. We and our subsidiaries are examined by various Federal, State, and foreign tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. We continually assess the likelihood and amount of potential adjustments and record any necessary adjustments in the period in which the facts that give rise to a revision become known. Investment tax credits are accounted for by the flow-through method, which results in recognition of the benefit in the year in which the credit become available. We account for global intangible low-taxed income (“GILTI”) tax in the period in which it is incurred. The GILTI provisions require entities to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiaries’ tangible assets. Treasury Stock Common stock purchased for treasury is recorded at cost. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock on the weighted-average cost basis. Foreign Currency Translation Foreign currency translation gains and losses and the effect of exchange rate changes on transactions designated as hedges of net foreign investments are included as a component of other comprehensive income (loss). Transaction gains and losses are included in income in the period in which they occur. Revenue Recognition We recognize revenue, or net sales, in accordance with ASU No. 2014-09, Revenue from Contracts with Customers. Our revenue is earned primarily from the manufacture and sale of engineered materials (“product sales”). Revenue is earned pursuant to contracts, supply agreements and other arrangements with a wide variety of customers. Our performance obligation is to produce a specified product according to technical specifications and, in substantially all instances, to deliver the product. Revenue from product sales is earned at a point in time. We recognize revenue on product sales when we have satisfied our performance obligation and control of the product has passed to the customer thereby entitling us to payment. With respect to substantially all arrangements for product sales, this is deemed to occur when title transfers in accordance with specified shipping terms. Selling prices are fixed at the time the sales arrangement is entered into and payment terms are customary for similar arrangements in our industry. Many of our agreements include customary provisions for volume rebates, discounts and similar incentives. In addition, we are obligated for products that fail to meet agreed upon specification. Provisions for such items are estimated and recorded as sales deductions in the period in which the related revenue is recognized. Refer to Note 8 – “ Revenue Environmental Liabilities Accruals for losses associated with environmental obligations are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on existing legislation and remediation technologies. These accruals are adjusted periodically as assessment and remediation actions continue and/or further legal or technical information develops. Such undiscounted liabilities are exclusive of any insurance or other claims against third parties. Environmental costs are capitalized if the costs extend the life of the asset, increase its capacity and/or mitigate or prevent contamination from future operations. Recoveries of environmental remediation costs GLATFELTER 2020 FORM 10-K 37 from other parties, including insurance carriers, are recorded as assets when their receipt is assured beyond a reasonable doubt. Earnings Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average common shares outstanding during the respective periods. Diluted earnings per share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. In periods in which there is a net loss, diluted loss per share is equal to basic loss per share. The dilutive effect of common share equivalents is considered in the diluted earnings per share computation using the treasury stock method. Financial Derivatives and Hedging Activities We use financial derivatives to manage exposure to changes in foreign currencies and interest rates. In accordance with FASB ASC 815 Derivatives and Hedging (“ASC 815”), we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The gain or loss on those derivative instruments designated and qualifying as a hedge of the exposure to variability in expected future cash flows related to forecasted transactions is deferred and reported as a component of accumulated other comprehensive income (loss). Deferred gains or losses are reclassified to our results of operations at the time the hedged forecasted transaction is recorded in our results of operations. The effectiveness of cash flow hedges is assessed at inception and quarterly thereafter. If the instrument matures, is de-designated, becomes ineffective or it becomes probable that the originally forecasted transaction will not occur, the related change in fair value of the derivative instrument is also reclassified from accumulated other comprehensive income (loss) and recognized in earnings. Fair Value of Financial Instruments Under the accounting for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . We adopted this standard effective January 1, 2020 using a modified retrospective approach. The adoption of this standard did not impact our results of operations or financial position. In December Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes certain |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | 3. ACQUISITION S On January 5, 2021, we signed a definitive agreement to purchase Georgia-Pacific's U.S. nonwovens business ("G-P") for $175 million, subject to customary post-closing purchase price adjustments. This business includes the Mount Holly, NC manufacturing facility with annual production capacity of approximately 37,000 metric tons and an R&D center and pilot line for nonwovens product development in Memphis, TN. G-P had annual net sales of approximately $100 million in 2020. Upon completion of the acquisition, the acquired business will be operated as part of our Airlaid Materials reporting segment. The proposed acquisition is subject to customary closing conditions, including receipt of required regulatory clearances. The acquisition will be financed through a combination of cash on hand and borrowings under our revolving credit facility. We have not provided the additional disclosure requirements required under ASC No. 805 “ Business Combinations On October 1, 2018, we completed the acquisition of Georgia-Pacific’s European nonwovens business based in Steinfurt, Germany (“Steinfurt”) for $188 million including a working capital and post-closing purchase price adjustments. The post-closing purchase price amount was recorded as an adjustment to goodwill. The acquisition consisted of Georgia-Pacific’s operations located in Steinfurt along with sales offices located in France and Italy. The Steinfurt facility produces high-quality airlaid products for the table-top, wipes, hygiene, food pad, and other nonwoven materials markets, competing in the marketplace with nonwoven technologies and substrates, as well as other materials focused primarily on consumer based end-use applications. The facility is a state-of-the-art, 32,000-metric-ton-capacity manufacturing facility that employs approximately 220 people. Steinfurt’s results are reported prospectively from the acquisition date as part of our Airlaid Materials operating segment. We financed the transaction through a combination of cash on hand and borrowings under our revolving credit facility. In connection with the Steinfurt acquisition we recorded $74.8 million of goodwill and $43.6 million of intangible assets. The goodwill arising from the acquisition largely relates to strategic benefits, product and market diversification, assembled workforce, and similar factors. For tax purposes, none of the goodwill is deductible. Intangible assets consist of technology, customer relationships and tradename. Acquired property, plant and equipment are being depreciated on a straight-line basis with estimated remaining lives ranging from 5 years to 25 years. Intangible assets are being amortized on a straight-line basis over an average estimated remaining life of 13 years reflecting the expected future value. Net sales and operating income of Steinfurt included in our consolidated results of operations for 2018 totaled $23.1 million and $2.4 million, respectively. The following table summarizes annual unaudited pro forma financial information as if the acquisition occurred as of January 1, 2018: 2018 In thousands, except per share (unaudited) Pro forma Net sales $ 937,043 Income from continuing operations 1,585 Income per share from continuing operations 0.04 During 2018, we incurred legal, professional, and advisory costs directly related to the Steinfurt acquisition totaling $5.1 million. For purposes of presenting the above pro forma financial information, such costs have been eliminated. All such costs are presented under the caption “Selling, general and administrative expenses” in the accompanying consolidated statements of income (loss). This unaudited pro forma financial information presented in this section is not necessarily indicative of what the operating results would have been had the acquisition been completed at the beginning of the respective period nor is it indicative of future results. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 4. DISCONTINUED OPERATIONS On October 31, 2018, we completed the sale of the Specialty Papers business on a cash free and debt free basis to Pixelle Specialty Solutions LLC, an affiliate of Lindsay Goldberg (the “Purchaser”) for $360 million. The sale of the business was in connection with the strategic focus on our more growth oriented Composite Fibers and Airlaid Materials. Cash proceeds from the sale were approximately $323 million reflecting estimated purchase price adjustments as of the closing date and the assumption by the Purchaser of approximately $38 million in retiree healthcare liabilities. In addition, the Purchaser assumed approximately $210 million of pension liabilities relating to Specialty Papers’ employees and received approximately $274 million of related assets from the Company’s qualified pension plan. We recognized a $144.1 million pre-tax loss, presented below as an “Impairment charge” for the amount by which Specialty Papers’ carrying value exceeded net proceeds from the sale. In connection with the sale of Specialty Papers, we entered into a Transition Services Agreement with Purchaser pursuant to which we agreed to provide various back-office and information technology support until the business is fully separated from us, which was completed in the third quarter of 2019. GLATFELTER 2020 FORM 10-K 39 The following table sets forth a summary of discontinued operations included in the consolidated statements of income (loss): Year ended December 31 In thousands 2020 2019 2018 Net sales $ — $ — $ 661,186 Energy and related sales, net — — 3,388 Total revenues — — 664,574 Costs of products sold — — 637,472 Gross profit — — 27,102 Selling, general and administrative expenses (544 ) 109 32,465 (Gains) losses on dispositions of plant, equipment and timberlands, net — — (423 ) Operating income (loss) 544 (109 ) (4,940 ) Non-operating income (expense) Interest expense — — (6,942 ) Other, net — 1,393 (51,236 ) Impairment charge — — (144,124 ) Income (loss) before income taxes 544 1,284 (207,242 ) Income tax provision (benefit) 29 (2,386 ) (30,086 ) Income from discontinued operations $ 515 $ 3,670 $ (177,156 ) 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 amount set forth above in 2020 under the caption “Selling, general and administrative expenses,” primarily represents the settlement of a sales and use tax audit. The amounts in 2018 under the caption “Other, net” include the recognition of a $54.0 million, pre-tax, curtailment and settlement charge for pension and other post-employment benefits related to the transfer and discontinuance of future service of Specialty Papers’ employees. The following table sets forth a summary of cash flows from discontinued operations which is included in the consolidated statements of cash flows: Year ended December 31 In thousands 2020 2019 2018 Net cash (used) provided by operating activities $ (1,613 ) $ (10,942 ) $ 38,803 Net cash (used) provided by investing activities — (8,221 ) 308,120 Net cash provided by financing activities — — 125 Change in cash and cash equivalents from discontinued operations $ (1,613 ) $ (19,163 ) $ 347,048 |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 5. RESTRUCTURING In the first quarter of 2020, we announced restructuring actions within the Composite Fibers operating segment. The actions primarily consisted of the consolidation of our metallizing operation from Gernsbach, Germany to our Caerphilly, U.K. site. Year ended December 31 In thousands 2020 Severance and benefit continuation $ 6,143 Accelerated depreciation 3,900 Inventory and spare parts 977 Other 91 Total $ 11,111 The restructuring charge is recorded under the caption “Costs of product sold” in the accompanying consolidated statements of income for the year ended December 31, 2020. With the exception of the severance and benefit continuation amounts, all other amounts accrued represent accelerated non-cash asset write-downs. As of December 31, 2020, the accrued and unpaid restructuring charge totaled approximately $1.0 million. The severance and benefit continuation costs are generally expected to be paid out ratably over the next 6 months. |
Asset Impairment
Asset Impairment | 12 Months Ended |
Dec. 31, 2020 | |
Asset Impairment Charges [Abstract] | |
Asset Impairment | 6. ASSET IMPAIRMENT During the second quarter of 2020, in connection with an assessment of potential impairment of indefinite lived intangible assets, we recorded a $0.9 million non-cash asset impairment charge related to a trade name intangible asset acquired in connection with our Composite Fibers segment’s 2013 Dresden acquisition. The charge was due to a change in the estimated fair value of the trade name, primarily driven by lower forecasted wallcover net sale associated with economic instability in Russia and Ukraine together with the impact of the COVID-19 pandemic on this business. The charge is recorded in the accompanying consolidated statements of income under the caption “Selling, general and administrative expenses.” The fair value of the asset was estimated using a discounted cash flow model (Level 3 fair value classification) |
Gain on Dispositions of Plant,
Gain on Dispositions of Plant, Equipment and Timberlands | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Gain on Dispositions of Plant, Equipment and Timberlands | 7 . GAIN ON DISPOSITIONS OF PLANT, EQUIPMENT AND TIMBERLANDS During 2020, 2019 and 2018, we completed the following sales of assets: Dollars in thousands Acres Proceeds Gain (loss) 2020 Timberlands 461 $ 1,413 $ 1,381 Other n/a — (49 ) Total $ 1,413 $ 1,332 2019 Timberlands 1,996 $ 1,705 $ 1,572 Other n/a 493 488 Total $ 2,198 $ 2,060 2018 Timberlands 1,918 $ 3,414 $ 3,225 Other n/a 48 31 Total $ 3,462 $ 3,256 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Disaggregation Of Revenue [Abstract] | |
Revenue | 8 . REVENUE The following tables set forth disaggregated information pertaining to our net sales from contracts with customers: Year ended December 31 In thousands 2020 2019 2018 Composite Fibers Food & beverage $ 285,665 $ 278,786 $ 279,515 Wallcovering 79,346 81,679 103,686 Technical specialties 84,320 79,535 81,281 Composite laminates 36,856 35,274 38,213 Metallized 38,902 46,392 52,174 525,089 521,666 554,869 Airlaid Materials Feminine hygiene 204,085 207,301 195,686 Specialty wipes 74,942 70,149 45,375 Tabletop 45,314 66,486 21,600 Home care 25,040 17,266 16,010 Adult incontinence 21,825 25,233 19,734 Other 20,203 19,572 13,012 391,409 406,007 311,417 TOTAL $ 916,498 $ 927,673 $ 866,286 GLATFELTER 2020 FORM 10-K 41 Year ended December 31 In thousands 2020 2019 2018 Composite Fibers Europe, Middle East and Africa $ 315,881 $ 312,218 $ 354,978 Americas 128,385 132,845 113,546 Asia Pacific 80,823 76,603 86,345 525,089 521,666 554,869 Airlaid Materials Europe, Middle East and Africa 204,728 220,924 163,157 Americas 174,606 179,067 144,913 Asia Pacific 12,075 6,016 3,347 391,409 406,007 311,417 TOTAL $ 916,498 $ 927,673 $ 866,286 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9 . EARNINGS PER SHARE The following table sets forth the details of basic and diluted earnings (loss) per share (EPS): Year ended December 31 In thousands, except per share 2020 2019 2018 Net income (loss) $ 21,298 $ (21,541 ) $ (177,604 ) Weighted average common shares outstanding used in basic EPS 44,339 44,132 43,768 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs 275 — — Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,614 44,132 43,768 Earnings (loss) per share Continuing operations $ 0.47 $ (0.57 ) $ (0.01 ) Discontinued operations 0.01 0.08 (4.05 ) The following table sets forth the potential common shares outstanding for stock options that were not included in the computation of diluted EPS for the period indicated, because their effect would be anti-dilutive: Year ended December 31 In thousands 2020 2019 2018 Potential common shares 1,082 1,233 1,379 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 10 . ACCUMULATED OTHER COMPREHENSIVE INCOME The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three years ended December 31, 2020, 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 January 1, 2020 $ (76,346 ) $ 4,316 $ (7,253 ) $ 1,387 $ (77,896 ) Other comprehensive income (loss) before reclassifications (net of tax) 33,821 (2,840 ) (6,202 ) (878 ) 23,901 Amounts reclassified from accumulated other comprehensive income (net of tax) — (3,972 ) 611 (1,297 ) (4,658 ) Net current period other comprehensive income (loss) 33,821 (6,812 ) (5,591 ) (2,175 ) 19,243 Balance at December 31, 2020 $ (42,525 ) $ (2,496 ) $ (12,844 ) $ (788 ) $ (58,653 ) Balance at January 1, 2019 $ (69,622 ) $ 2,199 $ (71,431 ) $ 1,414 $ (137,440 ) Other comprehensive income (loss) before reclassifications (net of tax) (6,724 ) 6,800 8,730 826 9,632 Amounts reclassified from accumulated other comprehensive income (net of tax) — (4,683 ) 55,448 (853 ) 49,912 Net current period other comprehensive income (loss) (6,724 ) 2,117 64,178 (27 ) 59,544 Balance at December 31, 2019 $ (76,346 ) $ 4,316 $ (7,253 ) $ 1,387 $ (77,896 ) Balance at January 1, 2018 $ (41,839 ) $ (4,092 ) $ (98,295 ) $ 3,551 $ (140,675 ) Amount reclassified for adoption of ASU No. 2018-02 — — (23,297 ) 999 (22,298 ) Balance as adjusted at January 1, 2018 (41,839 ) (4,092 ) (121,592 ) 4,550 (162,973 ) Other comprehensive income (loss) before reclassifications (net of tax) (27,783 ) 2,641 (9,267 ) 2,979 (31,430 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 3,650 59,428 (6,115 ) 56,963 Net current period other comprehensive income (loss) (27,783 ) 6,291 50,161 (3,136 ) 25,533 Balance at December 31, 2018 $ (69,622 ) $ 2,199 $ (71,431 ) $ 1,414 $ (137,440 ) GLATFELTER 2020 FORM 10-K 43 The following table sets forth the amounts reclassified from accumulated other comprehensive income (losses) for the years indicated. Year ended December 31 In thousands 2020 2019 2018 Description Line Item in Statements of Income Cash flow hedges (Note 19) (Gains) losses on cash flow hedges $ (5,503 ) $ (6,468 ) $ 5,020 Costs of products sold Tax expense (benefit) 1,448 1,785 (1,370 ) Income tax provision (benefit) Net of tax (4,055 ) (4,683 ) 3,650 Loss on interest rate swaps 83 — — Interest expense Tax expense — — — Income tax provision (benefit) Net of tax 83 — — Total cash flow hedges (3,972 ) (4,683 ) 3,650 Retirement plan obligations (Note 13) Amortization of defined benefit pension plan items Prior service costs 48 216 39 Other, net Actuarial losses 651 2,842 7,050 Other, net Discontinued operations amortization of defined benefit pension plans — — 6,990 Discontinued operations Pension curtailment and settlement — — 61,917 Discontinued operations Pension settlement — 75,326 — Pension settlement 699 78,384 75,996 Tax benefit (88 ) (22,936 ) (16,568 ) Income tax provision (benefit) Net of tax 611 55,448 59,428 Amortization of defined benefit other plan items Prior service costs (463 ) (10 ) — Other, net Actuarial gains (834 ) (852 ) (261 ) Other, net Discontinued operations amortization of defined benefit other plans — — (575 ) Discontinued operations Other benefit plan settlement — — (7,949 ) (1,297 ) (862 ) (8,785 ) Tax expense — 9 2,670 Income tax provision (benefit) Net of tax (1,297 ) (853 ) (6,115 ) Total reclassifications, net of tax $ (4,658 ) $ 49,912 $ 56,963 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11 . Income taxes are recognized for the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. The effects of income taxes are measured based on enacted tax laws and rates. The provision for (benefit from) income taxes from continuing operations consisted of the following: Year ended December 31 In thousands 2020 2019 2018 Current taxes Federal $ (4,989 ) $ (419 ) $ — State 166 134 442 Foreign 18,470 14,014 14,985 13,647 13,729 15,427 Deferred taxes and other Federal 540 (20,448 ) (9,242 ) State (1,183 ) (4,105 ) 251 Foreign (1,428 ) 1,582 1,287 (2,071 ) (22,971 ) (7,704 ) Income tax provision (benefit) $ 11,576 $ (9,242 ) $ 7,723 The following are the domestic and foreign components of pretax income (loss) from continuing operations: Year ended December 31 In thousands 2020 2019 2018 United States $ (35,696 ) $ (107,455 ) $ (59,264 ) Foreign 68,055 73,002 66,539 Total pretax income (loss) $ 32,359 $ (34,453 ) $ 7,275 The following table sets forth a reconciliation of the statutory federal income tax rate to our actual effective tax rate for continuing operations. Year ended December 31 2020 2019 2018 Federal income tax provision at statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax benefit 0.6 3.7 (15.9 ) Foreign income tax rate differential 3.4 2.0 (18.9 ) Tax effect of tax credits (10.2 ) 8.2 1.3 Provision for (resolution of) tax matters 12.4 (8.0 ) 46.5 Rate changes due to enacted legislation 0.7 0.1 7.2 Effect of U.S. tax law change (21.5 ) — (7.5 ) Global Intangible Low-taxed Income 7.1 (9.4 ) 33.8 Stock-based compensation 1.4 (1.0 ) 10.0 Nondeductible officer's compensation 1.0 (0.7 ) 5.2 Valuation allowance 11.7 4.3 15.7 Pension termination, settlement and related 5.4 5.0 — Other 2.8 1.6 7.8 Actual tax rate 35.8 % 26.8 % 106.2 % The effective income tax rate for the year ended December 31, 2020 was unfavorably impacted by operating losses in the US which generated no tax benefit, and $10.5 million of pension, restructuring, and other non-recurring costs for which no tax benefit was recorded, offset in part by $6.1 million recorded in connection with passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES”). This Act, which was signed into law on March 27, 2020, modified the “net operating loss” provisions of previous law to allow losses arising in a taxable year beginning after December 31, 2017 and before January 1, 2021, to be carried back five years. GLATFELTER 2020 FORM 10-K 45 The sources of deferred income taxes were as follows at December 31: In thousands 2020 2019 Reserves $ 685 $ 991 Environmental 4,481 5,696 Compensation 2,415 3,287 Pension 4,279 — Post-retirement benefits 1,388 1,619 Research & development expenses 3,092 6,439 Inventories — (91 ) Tax carryforwards 16,703 25,227 Other 5,714 1,117 Deferred tax assets 38,757 44,285 Valuation allowance (23,305 ) (28,485 ) Net deferred tax assets 15,452 15,800 Property (70,492 ) (65,027 ) Intangible assets (18,808 ) (19,355 ) Pension — (6,198 ) Other (3,282 ) (1,577 ) Deferred tax liabilities (92,582 ) (92,157 ) Net deferred tax liabilities $ (77,130 ) $ (76,357 ) Non-current deferred tax assets and liabilities are included in the following balance sheet captions: December 31 In thousands 2020 2019 Other assets $ 1 $ 17 Deferred income taxes 77,131 76,374 At December 31, 2020 we had federal, state and foreign tax net operating loss (“NOL”) carryforwards of $10.0 million, $199.3 million and $3.6 million, respectively. These NOL carryforwards are available to offset future taxable income, if any. The federal NOL carryforward expires in 2037. The state NOL carryforwards expire at various times and in various amounts beginning in 2021. Certain foreign NOL carryforwards begin to expire after 2024. The federal, state and foreign NOL carryforwards on the income tax returns filed included unrecognized tax benefits taken in prior years. The NOLs for which a deferred tax asset is recognized for financial statement purposes in accordance with ASC 740 are presented net of these unrecognized tax benefits. In addition, we had various federal tax credit carryforwards totaling $14.2 million which begin to expire after 2034 and state tax credit carryforwards totaling $3.4 million, which begin to expire in 2021. As of December 31, 2020 and 2019, we had a valuation allowance of $23.3 million and $28.5 million, respectively, against net deferred tax assets, primarily due to uncertainty regarding the ability to utilize federal, state and foreign tax NOL carryforwards and certain state tax credits. In assessing the need for a valuation allowance, management considers all available positive and negative evidence in its analysis. Based on this analysis, we recorded a valuation allowance for the portion of deferred tax assets where the weight of available evidence indicated it is more likely than not that the deferred tax assets will not be realized. Tax credits and other incentives reduce tax expense in the year the credits are claimed. We recorded tax credits of $3.3 million, $2.8 million and $(0.1) million in 2020, 2019 and 2018, respectively, related to research and development credits. At December 31, 2020 and 2019, unremitted earnings of subsidiaries outside the United States deemed to be indefinitely reinvested totaled $109 million and $62.0 million, respectively. Because the unremitted earnings of subsidiaries are deemed to be indefinitely reinvested as of December 31, 2020 and because we have no need for or plans to repatriate such earnings, no deferred tax liability has been recognized in our consolidated financial statements. As of December 31, 2020, 2019 and 2018, we had $46.3 million, $30.5 million and $29.6 million of gross unrecognized tax benefits, respectively. As of December 31, 2020, if such benefits were to be recognized, approximately $35.8 million would be recorded as a component of income tax expense, thereby affecting our effective tax rate. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: In millions 2020 2019 2018 Balance at January 1 $ 30.5 $ 29.6 $ 26.9 Increases in tax positions for prior years 13.9 2.8 0.3 Decreases in tax positions for prior years (0.1 ) (2.9 ) (1.0 ) Acquisition related: Purchase Accounting — — 0.3 Increases in tax positions for current year 4.4 4.6 4.0 Settlements (1.1 ) (0.3 ) (0.2 ) Lapse in statutes of limitation (1.3 ) (3.3 ) (0.7 ) Balance at December 31 $ 46.3 $ 30.5 $ 29.6 We, or one of our subsidiaries, file income tax returns with the United States Internal Revenue Service, as well as various state and foreign authorities. The following table summarizes tax years that remain subject to examination by major jurisdiction: Open Tax Years Jurisdiction Examinations not yet initiated Examination in progress United States Federal 2014 - 2015; 2017 - 2020 N/A State 2016 - 2020 2015 - 2018 Canada (1) 2013 - 2018; 2020 2019 Germany (1) 2016 - 2020 N/A France 2018 - 2020 N/A United Kingdom 2019 - 2020 N/A Philippines 2019 - 2020 2018 (1) Includes provincial or similar local jurisdictions, as applicable. The amount of income taxes we pay is subject to ongoing audits by federal, state and foreign tax authorities, which often result in proposed assessments. Management performs a comprehensive review of its global tax positions on a quarterly basis and accrues amounts for uncertain tax positions. Based on these reviews and the result of discussions and resolutions of matters with certain tax authorities and the closure of tax years subject to tax audit, reserves are adjusted as necessary. However, future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are determined or resolved or as such statutes are closed. Due to potential for resolution of federal, state and foreign examinations, and the expiration of various statutes of limitation, it is reasonably possible our gross unrecognized tax benefits balance may decrease within the next twelve months by a range of zero to $6.1 million. The majority of this range relates to tax positions taken in Canada and the U.S. We recognize interest and penalties related to uncertain tax positions as income tax expense. The following table summarizes information related to interest and penalties on uncertain tax positions: As of or for the year ended December 31, In millions 2020 2019 2018 Accrued interest payable $ 1.8 $ 0.4 $ 1.1 Interest expense (income) 1.0 (0.7 ) 0.3 Penalties — — — |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 12 . STOCK-BASED COMPENSATION Our Amended and Restated Long Term Incentive Plan (the “LTIP”) provides for the issuance of Glatfelter common stock to eligible participants in the form of restricted stock units, restricted stock awards, non-qualified stock options, performance shares, incentive stock options and performance units. As of December 31, 2020, there were 1,899,527 shares of common stock available for future issuance under the LTIP. Pursuant to the terms of the LTIP, we have issued to eligible participants restricted stock units, performance share awards and stock only stock appreciation rights (“SOSARs”). Restricted Stock Units (“RSUs”) and Performance Share Awards (“PSAs”) Awards of RSUs and PSAs are made under our LTIP. The vesting of RSUs is generally based on the passage of time, generally over a three -year period or in certain instances the RSUs were issued with five-year cliff vesting. PSAs are issued to members of management and vesting is based on achievement of cumulative financial performance targets covering a two-year one-year The following table summarizes RSU and PSA activity during the past three years: Units 2020 2019 2018 Balance at January 1, 896,463 756,786 929,386 Granted 400,854 600,820 435,542 Forfeited (89,483 ) (223,677 ) (112,501 ) Shares delivered (136,182 ) (237,466 ) (495,641 ) Balance at December 31, 1,071,652 896,463 756,786 2020 2019 2018 Compensation expense $ 5,655 $ 3,543 $ 5,971 The amount granted in 2020, 2019 and 2018 includes 171,150, 218,422 and 184,834 PSAs, respectively, exclusive of reinvested dividends. The weighted average grant date fair value per unit for awards in 2020, 2019 and 2018 was $16.65, $15.86 and $20.20, respectively. As of December 31, 2020, unrecognized compensation expense for outstanding RSUs and PSAs totaled $5.4 million. The weighted average remaining period over which the expense will be recognized is 1.6 years. Stock Only Stock Appreciation Rights The following table sets forth information related to outstanding SOSARS: 2020 2019 2018 SOSARS Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 1,291,947 $ 20.05 2,334,742 $ 18.08 2,561,846 $ 17.87 Granted — — — — — — Exercised (58,460 ) 12.85 (596,360 ) 15.56 (158,545 ) 13.31 Canceled / forfeited (151,074 ) 20.25 (446,435 ) 21.06 (68,559 ) 21.09 Outstanding at December 31, 1,082,413 $ 20.40 1,291,947 $ 20.05 2,334,742 $ 18.08 Exercisable at December 31, 1,082,413 20.40 1,291,947 20.05 2,134,297 18.13 Vested and expected to vest 1,082,413 1,291,947 2,334,742 Compensation expense (in thousands) $ — $ 40 $ 317 Under terms of the SOSAR, the recipients receive the right to receive a payment in the form of shares of common stock equal to the difference, if any, in the fair market value of one share of common stock at the time of exercising the SOSAR and the exercise price. The SOSARs vest ratably over a three-year |
Retirement Plans and Other Post
Retirement Plans and Other Post-Retirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans and Other Post-Retirement Benefits | 13 . RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITS Prior to May 2019, we provided non-contributory retirement benefits under both funded and unfunded plans to all U.S. employees and to certain non-U.S. employees in Germany. As discussed in more detail below, we terminated our U.S. qualified pension plan effective June 30, 2019 and replaced the benefits with an enhanced 401(k) defined contribution plan. Participation and benefits under the plans were based upon the employees’ date of hire. U.S. benefits accrued under the terminated pension plan was based on a final average pay formula or cash balance formula for salaried employees. We froze qualified pension plan benefits as of May 31, 2019 and terminated the plan June 30, 2019. During 2019, all plan liabilities were settled by either a lump sum distribution or assumed by a third-party in exchange for a transfer of assets from the pension plan trust fund. After giving effect to these transactions, we recorded a $309.5 million reduction in both the projected benefit obligation and the plan assets. In addition, in accordance with pension plan settlement accounting, we recorded a $75.3 million settlement charge reflecting the recognition of amounts previously included in accumulated other comprehensive income. As a result of terminating the qualified plan and settling the associated liabilities, as of December 31, 2019, $53.4 million of assets remained in the pension trust and was included in cash and cash equivalents in the accompanying consolidated balance sheet based on the nature of the underlying assets. In addition, during 2020 we received $2.3 million as post-settlement adjustment with the third party. After transferring $14.1 million to a suspense account to fund future 401(k) contributions and paying $8.3 million of excise taxes, approximately $33.3 million was available for general corporate purposes. In December 2019, our Board of Directors approved the freezing of benefit accruals in the non-qualified pension plan for active participants effective December 31, 2019. The Deferred Compensation Plan also provides for employer contributions and, beginning in 2021, the Plan may provide for elective employee deferrals. Under the Deferred Compensation Plan, participants are eligible to receive annual Company contributions that such participants would have received under our 401(k) Savings Plan but for certain limitations imposed by the Internal Revenue Code on 401(k) plan contributions (“Company Contributions”). Unless otherwise determined by the Compensation Committee, Company Contributions under the Deferred Compensation Plan will not exceed 7% of a participant’s annual eligible compensation that is in excess of the Internal Revenue Code compensation limit for 401(k) plans. Non-U.S. benefits were based on average salary and years of service. We use a December 31-measurement date for all of our defined benefit plans. As of December 31, 2020 and 2019, the remaining non-contributory pension plans are unfunded non-qualified plans. We also provide certain health care benefits to eligible U.S.-based retired employees. Participation in the plan is closed to any salaried employees hired after December 31, 2006. These benefits include a comprehensive medical plan for retirees prior to age 65 and a fixed payment to certain retirees over age 65 to help defray the costs of Medicare. Claims are paid as reported. In connection with the sale in 2018 of the Specialty Papers business the buyer assumed $210 million of pension liabilities for all employees active as of October 31, 2018, and we agreed to transfer pension assets of approximately $274 million. In addition, the buyers assumed $38 million of retiree healthcare liabilities related to employees active as of the October 31, 2018. We retained the pension retiree healthcare liabilities for all retired and deferred vested Specialty Paper employees. GLATFELTER 2020 FORM 10-K 49 All information presented in the following tables represents amounts attributable to continuing operations. Pension Benefits Other Benefits In millions 2020 2019 2020 2019 Change in Benefit Obligation Balance at beginning of year $ 45.7 $ 332.2 $ 6.5 $ 9.2 Service cost — 1.3 — — Interest cost 1.2 11.5 0.2 0.3 Benefits paid (2.4 ) (22.3 ) (1.6 ) (3.0 ) Participant contributions — — — 0.9 Plan amendments — (0.2 ) — — Actuarial (gain)/loss 1.7 29.2 0.9 (0.3 ) Special termination benefits — 1.3 — — Curtailment — (1.9 ) — (0.6 ) Settlement/transfer — (309.5 ) — — Transfers from Discontinued Operations — 4.3 — — Effect of currency rate changes 1.1 (0.2 ) — — Balance at end of year $ 47.3 $ 45.7 $ 6.0 $ 6.5 Change in Plan Assets Fair value of plan assets at beginning of year $ 53.4 $ 333.2 $ — $ — Reversion of excess plan assets (53.4 ) — — — Actual return on plan assets — 44.1 — — Total contributions 2.4 2.2 1.6 3.0 Benefits paid (2.4 ) (22.3 ) (1.6 ) (3.0 ) Transfers from Discontinued Operations — 5.7 — — Settlement/transfer — (309.5 ) — — Fair value of plan assets at end of year — 53.4 — — Funded status at end of year $ (47.3 ) $ 7.7 $ (6.0 ) $ (6.5 ) Amounts presented under the caption “transfers from discontinued operations” represent the impact of employees changing their status from what was originally assumed for purposes of accounting for discontinued operations to the final determination in accordance with the sale agreement. The fair value of plan assets as of December 31, 2019 consist entirely of the amounts discussed above and remaining in the qualified plan trust account. As of December 31, 2020, the non-qualified plans have an unfunded projected benefit obligation of $47.3 million. Amounts recognized in the consolidated balance sheets consist of the following as of December 31: Pension Benefits Other Benefits In millions 2020 2019 2020 2019 Cash and cash equivalents $ — $ 53.4 $ — $ — Current liabilities (2.3 ) (2.3 ) (1.2 ) (1.4 ) Other long-term liabilities (45.0 ) (43.4 ) (4.8 ) (5.1 ) Net amount recognized $ (47.3 ) $ 7.7 $ (6.0 ) $ (6.5 ) The components of amounts recognized as “Accumulated other comprehensive income” consist of the following on a pre-tax basis: Pension Benefits Other Benefits In millions 2020 2019 2020 2019 Prior service credit (cost) $ (0.2 ) $ 0.1 $ 0.1 $ 0.6 Net actuarial gain (loss) (15.6 ) 4.2 (0.4 ) 1.4 The accumulated benefit obligation for all defined benefit pension plans was $47.3 million and $45.7 million at December 31, 2020 and 2019, respectively. The weighted-average assumptions used in computing the benefit obligations above were as follows: Pension Benefits Other Benefits 2020 2019 2020 2019 Discount rate – benefit obligation 2.17 % 2.70 % 2.30 % 3.11 % Future compensation growth rate — — — — The discount rates set forth above were estimated based on the modeling of expected cash flows for each of our benefit plans and selecting a portfolio of high-quality debt instruments with maturities matching the respective cash flows of each plan. The resulting discount rates as of December 31, 2020 ranged from 1.22 % to 2.61 % for pension plans and was % for the other benefit plans. Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: In millions 2020 2019 Projected benefit obligation $ 47.3 $ 45.7 Accumulated benefit obligation 47.3 45.7 Fair value of plan assets — — Net periodic benefit (income) expense includes the following components: Year Ended December 31 In millions 2020 2019 2018 Pension Benefits Service cost $ — $ 1.3 $ 2.3 Interest cost 1.2 11.5 13.3 Expected return on plan assets — (13.7 ) (21.1 ) Amortization of prior service cost — 0.2 — Amortization of actuarial loss 0.7 2.8 7.1 Termination benefits — 1.3 — One-time settlement charge — 75.3 — Total net periodic benefit expense $ 1.9 $ 78.7 $ 1.6 Other Benefits Service cost $ — $ — $ 0.1 Interest cost 0.2 0.3 0.5 Expected return on plan assets Amortization of prior service credit (0.5 ) — — Amortization of actuarial loss (0.8 ) (0.9 ) (0.3 ) Total net periodic benefit (income) expense $ (1.1 ) $ (0.6 ) $ 0.3 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: Year Ended December 31 In millions 2020 2019 Pension Benefits Actuarial (gain) loss $ 1.7 $ (5.2 ) Plan amendments — (0.2 ) Recognized prior service costs — (0.2 ) Recognized actuarial losses (0.7 ) (78.1 ) Total recognized in other comprehensive (income) loss 1.0 (83.7 ) Total recognized in net periodic benefit cost and other comprehensive loss $ 2.9 $ (5.0 ) Other Benefits Actuarial (gain) loss $ 0.9 $ (0.3 ) Amortization of actuarial gain 0.8 0.9 Total recognized in other comprehensive (income) loss 1.7 0.6 Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 0.6 $ - The weighted-average assumptions used in computing the net periodic benefit expense information above were as follows: Year Ended December 31 2020 2019 2018 Pension Benefits Discount rate – benefit expense 2.70 % 4.34 % 3.85 % Future compensation growth rate — 2.50 3.00 Expected long-term rate of return on plan assets — 4.50 7.25 Other Benefits Discount rate – benefit expense 3.11 % 4.19 % 3.68 % For 2019 and 2018, the development of the expected long-term rate of return assumption was based on the historical returns and expected future returns for each asset class, as well as the target asset allocation of the pension portfolio. GLATFELTER 2020 FORM 10-K 51 Assumed health care cost trend rates used to determine benefit obligations at December 31 were as follows: 2020 2019 Health care cost trend rate assumed for next year 5.30 % 5.60 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 4.50 Year that the rate reaches the ultimate rate 2037 2037 At the end of 2019, assets held in the pension trust consisted entirely of $53.4 million of cash and cash equivalents and were primarily a Level 1 type. Cash Flow Benefit payments expected to be made under our non-qualified pension plans and other benefit plans are summarized below: In thousands Pension Benefits Other Benefits 2021 $ 2,271 $ 1,167 2022 2,210 852 2023 2,147 626 2024 2,082 495 2025 2,020 460 2026 through 2030 16,972 1,399 Defined Contribution Plans We maintain 401(k) plans for substantially all U.S. based employees. Employees may contribute up to 50% of their earnings, subject to certain restrictions. Through the end of May 2019, the Company matched a portion of the employees’ contribution in cash. Beginning June 1, 2019, the Company’s contribution approximated 7% of the employee’s eligible earnings and the amount contribution was increased to approximately 11% for 2020. The expense associated with our 401(k) plan was $2.0 million, $1.9 million and $0.4 million in 2020, 2019 and 2018, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 14 . INVENTORIES Inventories, net of reserves were as follows: December 31 In thousands 2020 2019 Raw materials $ 55,466 $ 59,164 In-process and finished 97,109 92,231 Supplies 43,655 39,020 Total $ 196,230 $ 190,415 |
Plant, Equipment and Timberland
Plant, Equipment and Timberlands | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Plant, Equipment and Timberlands | 15 . PLANT, EQUIPMENT AND TIMBERLANDS Plant, equipment and timberlands at December 31 were as follows: In thousands 2020 2019 Land and buildings $ 173,646 $ 163,066 Machinery and equipment 754,737 685,081 Furniture, fixtures, and other 160,922 152,777 Accumulated depreciation (569,386 ) (490,032 ) 519,919 510,892 Construction in progress 23,330 26,508 Timberlands, less depletion 18 21 Total $ 543,267 $ 537,421 As of December 31, 2020 and 2019, we had $3.1 million and $4.4 million, respectively, of accrued capital expenditures. The following table sets forth amounts of interest expense capitalized in connection with major capital projects: Year Ended December 31 2020 2019 2018 Interest cost incurred $ 7,022 $ 10,408 $ 16,005 Interest capitalized — — 396 Interest expense $ 7,022 $ 10,408 $ 15,609 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 16. GOODWILL AND The following table sets forth information with respect to goodwill and other intangible assets: December 31 In thousands 2020 2019 Goodwill Composite Fibers $ 84,586 $ 77,775 Airlaid Materials 79,783 73,041 Total Goodwill $ 164,369 $ 150,816 Other Intangible Assets Composite Fibers Tradename – non amortizing $ 3,902 $ 4,470 Technology and related 41,578 38,256 Customer relationships and related 37,535 34,445 Airlaid Materials Tradename 3,960 3,625 Technology and related 20,053 18,406 Customer relationships and related 26,636 24,385 Total intangibles 133,664 123,587 Accumulated amortization (51,829 ) (39,852 ) Net intangibles $ 81,835 $ 83,735 The change in the gross value of goodwill and intangible assets was primarily due to currency translation adjustments. Other than goodwill and an indefinite-lived tradename, intangible assets are amortized on a straight-line basis. Customer relationships are amortized over periods ranging from 10 years to 14 years and technology and related intangible assets are amortized over periods ranging from 14 years to 20 years. The following table sets forth information pertaining to amortization of intangible assets: In thousands 2020 2019 2018 Aggregate amortization expense: $ 8,014 $ 7,986 $ 5,680 Estimated amortization expense: 2021 7,626 2022 7,511 2023 7,511 2024 7,511 2025 7,511 The remaining weighted average useful life of intangible assets was 10.5 years at December 31, 2020. |
Other Long-Term Assets
Other Long-Term Assets | 12 Months Ended |
Dec. 31, 2020 | |
Other Assets Noncurrent [Abstract] | |
Other Long-Term Assets | 17 . OTHER LONG-TERM ASSETS Other long-term assets consist of the following: December 31 In thousands 2020 2019 Right-of-use asset operating leases $ 11,789 $ 11,701 Restricted cash 10,084 — Other 22,612 22,789 Total $ 44,485 $ 34,490 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | 18 . OTHER CURRENT LIABILITIES Other current liabilities consist of the following: December 31 In thousands 2020 2019 Accrued payroll and benefits $ 21,726 $ 19,369 Other accrued compensation and retirement benefits 9,376 5,826 Income taxes payable 4,781 2,075 Accrued rebates 4,002 3,852 Other accrued expenses 31,208 31,650 Total $ 71,093 $ 62,772 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 19 . 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 consolidated balance sheet under the caption “Other assets” and the lease obligation is under “Other current liabilities” 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. We elected the practical expedients not to separate non-lease components from lease components for our real estate and automobile leases and the lack of need to reassess classification. 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. The following table sets forth information related to our leases as of the periods indicated. December 31 Dollars in thousands 2020 2019 Right of use asset $ 11,789 $ 11,701 Weighted average discount rate 2.94 % 2.92 % Weighted average remaining maturity (months) 66 34 The following table sets forth operating lease expense for the periods indicated: December 31 In thousands 2020 2019 Operating lease expense $ 5,876 $ 4,527 The following table sets forth required minimum lease payments for the years indicated: In thousands 2021 $ 4,736 2022 3,277 2023 1,568 2024 1,005 2025 726 Thereafter 3,620 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 20 . LONG-TERM DEBT Long-term debt is summarized as follows: December 31 In thousands 2020 2019 Revolving credit facility, due Feb. 2024 $ 36,813 $ 84,255 Term loan, due Feb. 2024 249,715 240,969 2.40% Term Loan, due Jun. 2022 2,629 4,012 2.05% Term Loan, due Mar. 2023 14,737 19,487 1.30% Term Loan, due Jun. 2023 4,382 5,617 1.55% Term Loan, due Sep. 2025 7,143 7,915 Total long-term debt 315,419 362,255 Less current portion (25,057 ) (22,940 ) Unamortized deferred issuance costs (1,898 ) (2,396 ) Long-term debt, net of current portion $ 288,464 $ 336,919 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 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. 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 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 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, the borrowing rate is, at our option, based on (b) above or for Euro denominated borrowings, the Euro Interbank Offering Rate (“EURIBOR”) 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. 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 earnings before interest, taxes, depreciation and amortization (“EBITDA”) ratio (the “leverage ratio”); and ii) a consolidated EBITDA to interest expense ratio. The most restrictive of our covenants is a maximum leverage ratio of 4.0x provided that such ratio increases to 4.5x during the period of four fiscal quarters immediately following a material acquisition. As of December 31, 2020, the leverage ratio, as calculated in accordance with the definition in our Credit Agreement, was 1.8x. A breach of these requirements would give rise to certain remedies under the Revolving Credit Facility, among which are the termination of the agreement and accelerated repayment of the outstanding borrowings plus accrued and unpaid interest under the Credit 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, will be calculated by reference to our Credit Agreement. Aggregated unamortized deferred debt issuance costs incurred in connection with all of our outstanding debt totaled $1.9 million at December 31, 2020. The deferred costs are being amortized on a straight-line basis over the life of the underlying instruments. Amortization expense related to deferred debt issuance costs totaled $0.6 million in 2020. The following schedule sets forth the amortization of our term loan agreements together with the maturity of our other long-term debt during the indicated year. In thousands 2021 $ 25,057 2022 24,181 2023 17,516 2024 247,538 2025 1,127 Thereafter - Glatfelter Corporation guarantees all debt obligations of its subsidiaries. All such obligations are recorded in these consolidated financial statements. GLATFELTER 2020 FORM 10-K 55 As of December 31, 2020 and 2019, we had $7.3 million of letters of credit issued to us by certain financial institutions. The letters of credit, which reduce amounts available under our revolving credit facility, provide financial assurances for the performance of long-term monitoring activities associated with the Fox River environmental matter and for the benefit of certain state workers compensation insurance agencies in conjunction with our self-insurance program. We bear the credit risk on this amount to the extent that we do not comply with the provisions of certain agreements. No amounts are outstanding under the letters of credit. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 21 . FAIR VALUE OF FINANCIAL INSTRUMENTS The amounts reported on the consolidated balance sheets for cash and cash equivalents, accounts receivable and short-term debt approximate fair value. The following table sets forth the carrying value and fair value of long-term debt as of December 31: 2020 2019 In thousands Carrying Value Fair Value Carrying Value Fair Value Variable rate debt $ 36,813 $ 36,813 $ 84,255 $ 84,255 Term loan, due Feb. 2024 249,715 249,715 240,969 240,969 2.40% Term loan 2,629 2,651 4,012 4,076 2.05% Term loan 14,737 14,873 19,487 19,764 1.30% Term Loan 4,382 4,384 5617 5,624 1.55% Term loan 7,143 7,210 7,915 7,975 Total $ 315,419 $ 315,646 $ 362,255 $ 362,663 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 22 – “ Financial Derivatives and Hedging Activities. |
Financial Derivatives and Hedgi
Financial Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Derivatives and Hedging Activities | 2 2 . 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”; 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”; or iii) convert variable interest rate debt to fixed rates. Derivatives Designated as Hedging Instruments - Cash Flow Hedges We use currency forward contracts as cash flow hedges to manage our exposure to fluctuations in the currency exchange rates on certain forecasted production costs or capital expenditures expected to be incurred over a maximum of eighteen months. Currency forward contracts involve fixing the EUR-USD exchange rate or USD-CAD for delivery of a specified amount of foreign currency on a specified date. We designate certain currency forward contracts as cash flow hedges of forecasted raw material purchases, certain production costs or capital expenditures with exposure to changes in foreign currency exchange rates. Changes in the fair value of derivatives that are designated and qualify as cash flow hedges of foreign exchange risk are deferred as a component of accumulated other comprehensive income in the accompanying consolidated balance sheets. With respect to hedges of forecasted raw material purchases or production costs, the amount deferred is subsequently reclassified into costs of products sold in the period that inventory produced using the hedged transaction affects earnings. For hedged capital expenditures, deferred gains or losses are reclassified and included in the historical cost of the capital asset and subsequently affect earnings as depreciation is recognized. We had the following outstanding derivatives that were used to hedge foreign exchange risks associated with forecasted transactions and designated as hedging instruments: December 31 In thousands 2020 2019 Derivative Sell/Buy - sell notional Euro / British Pound 18,638 17,702 Philippine Peso / Euro 18,522 — U.S. Dollar / Euro 1,041 5,347 Canadian Dollar / U.S. Dollar 70 — U.S. Dollar / Canadian Dollar — 1,523 Sell/Buy - buy notional Euro / Philippine Peso 853,686 1,039,432 British Pound / Philippine Peso 1,081,791 1,077,871 Euro / U.S. Dollar 69,324 82,317 U.S. Dollar / Canadian Dollar 34,847 34,094 Canadian Dollar / U.S. Dollar — 1,523 These contracts have maturities of eighteen months or less. In October 2019, we entered into a €180 million notional value floating-to-fixed interest rate swap agreement with certain financial institutions and designated the swap as a hedge of interest expense on our €180 Term loan. Under the terms of the swap, we will pay a fixed interest rate of the applicable margin plus 0.0395% on €180 million of the underlying variable rate term loan. We will receive the greater of 0.00% or EURIBOR. Derivatives Designated as Hedging Instruments – Net Investment Hedge The €220 million Term Loan discussed in Note 20 – “ Long-Term Debt” is designated as a net investment hedge of our Euro functional currency foreign subsidiaries. During 2020, we recognized a pre-tax loss of $21.1 million and in 2019 a pre-tax gain of $1.6 million on the remeasurement of the term loan from changes in currency exchange rates. Such amounts are recorded as a component of Other Comprehensive Income (Loss). Derivatives Not Designated as Hedging Instruments - Foreign Currency Hedges We also enter into forward foreign exchange contracts to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities. None of these contracts are designated as hedges for financial accounting purposes and, accordingly, changes in value of the foreign exchange forward contracts and in the offsetting underlying on-balance-sheet transactions are reflected in the accompanying consolidated statements of income (loss) under the caption “Other, net.” December 31 In thousands 2020 2019 Derivative Sell/Buy - sell notional U.S. Dollar / British Pound 25,250 25,500 Euro / British Pound 600 — British Pound / Euro 1,900 3,000 Sell/Buy - buy notional Euro / U.S. Dollar 7,500 8,000 British Pound / Euro — 7,000 These contracts have maturities of one month from the date originally entered into. Fair Value Measurements The following table summarizes the fair values of derivative instruments as of December 31 for the year indicated and the line items in the accompanying consolidated balance sheets where the instruments are recorded: December 31 December 31 In thousands 2020 2019 2020 2019 Prepaid Expenses and Other Other Current Balance sheet caption Current Assets Liabilities Designated as hedging: Forward foreign currency exchange contracts $ 577 $ 4,314 $ 4,342 $ 34 Interest rate swap — — 136 12 Not designated as hedging: Forward foreign currency exchange contracts $ 456 $ 566 $ 118 $ 205 The amounts set forth in the table above represent the net asset or liability giving effect to rights of offset with each counterparty. The following table summarizes the amount of income or loss from derivative instruments recognized in our results of operations for the periods indicated and the line items in the accompanying consolidated statements of income (loss) where the results are recorded: Year ended December 31 In thousands 2020 2019 2018 Designated as hedging: Forward foreign currency exchange contracts: Effective portion – cost of products sold $ 5,503 $ 6,468 $ (5,020 ) Ineffective portion – other – net — — 138 Interest expense 83 — — Not designated as hedging : Forward foreign currency exchange contracts: Other – net $ 1,679 $ 300 $ (1,419 ) GLATFELTER 2020 FORM 10-K 57 The impact of activity not designated as hedging was substantially all offset by the remeasurement of the underlying on-balance sheet item. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described in Note 2 – “ Accounting Policies The fair values of the foreign exchange forward contracts are considered to be Level 2. These contracts are valued using foreign currency forward and interest rate curves. The fair value of each contract is determined by comparing the contract rate to the forward rate and discounting to present value. Contracts in a gain position are recorded in the accompanying consolidated balance sheets under the caption “Prepaid expenses and other current assets” and the value of contracts in a loss position is recorded under the caption “Other current liabilities.” A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income is as follows: In thousands 2020 2019 Balance at January 1, $ 5,859 $ 3,004 Deferred (losses) gains on cash flow hedges (3,899 ) 9,323 Reclassified to earnings (5,420 ) (6,468 ) Balance at December 31, $ (3,460 ) $ 5,859 We expect substantially all of the amounts recorded as a component of accumulated other comprehensive income will be realized in results of operations within the next twelve to eighteen months and the amount ultimately recognized will vary depending on actual market rates. Credit risk related to derivative activity arises in the event a counterparty fails to meet its obligations to us. This exposure is generally limited to the amounts, if any, by which the counterparty’s obligations exceed our obligation to them. Our policy is to enter into contracts only with financial institutions which meet certain minimum credit ratings. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | 2 3 . SHAREHOLDERS’ EQUITY The following table summarizes outstanding shares of common stock: Year ended December 31 In thousands 2020 2019 2018 Shares outstanding at beginning of year 44,248 43,959 43,614 Treasury shares issued for: Restricted stock awards 110 188 304 Employee stock options exercised 10 101 41 Shares outstanding at end of year 44,368 44,248 43,959 |
Commitments, Contingencies and
Commitments, Contingencies and Legal Proceedings | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Legal Proceedings | 2 4 . COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS Contractual Commitments The following table summarizes the minimum annual payments due on noncancelable operating leases and other similar contractual obligations having initial or remaining terms in excess of one year: In thousands Leases Other 2021 $ 4,736 $ 91,806 2022 3,277 12,304 2023 1,568 — 2024 1,005 — 2025 726 — Thereafter 3,620 — The amounts set forth for above includes commitments for leases that had not commenced as of December 31, 2019. Other contractual obligations primarily represent minimum purchase commitments under energy supply contracts and other purchase obligations. At December 31, 2020, required minimum annual payments due under operating leases and other similar contractual obligations aggregated $14.9 million and $104.1 million, respectively. Fox River - Neenah, Wisconsin Background. We have previously reported that we face liabilities associated with environmental claims arising out of the presence of polychlorinated biphenyls (“PCBs”) in sediments in the lower Fox River, on which our former Neenah facility was located, and in the Bay of Green Bay, Wisconsin (collectively, the “Site”). Since the early 1990s, the United States, the State of Wisconsin and two Indian tribes (collectively, the “Governments”) have pursued a cleanup of a 39-mile stretch of river from Little Lake Butte des Morts into Green Bay and natural resource damages (“NRDs”). The United States originally notified several entities that they were potentially responsible parties (“PRPs”); however, after giving effect to settlements reached with the Governments, the remaining PRPs exposed to continuing obligations to implement the remainder of the cleanup consist of us, Georgia-Pacific Consumer Products, L.P. (“Georgia-Pacific”) and NCR Corporation. The United States Environmental Protection Agency (“EPA”) has divided the Site into five “operable units”, including the most upstream portion of the Site on which our facility was located (“OU1”) and four downstream reaches of the river and bay (“OU2-5”). We, with contributions of certain other PRPs, implemented the remedial action in OU1 under a consent decree with the Governments. That work is complete, other than on-going monitoring and maintenance. For OU2-5, work has proceeded primarily under a Unilateral Administrative Order (“UAO”) issued in November 2007 by the EPA to us and seven other respondents. The majority of the work in OU 2-5 has been funded or conducted by parties other than us. The cleanup was completed in 2020 and the site is being decommissioned. 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. Under the Glatfelter consent decree, we settled the United States’ and Wisconsin’s claims for response costs paid by them before October 2018 and for NRDs. In addition, we are primarily responsible for long-term monitoring and maintenance in OU2-OU4a and for reimbursement of government oversight costs paid after October 2018. Finally, we remain responsible for our obligation to continue long-term monitoring and maintenance under our OU1 consent decree. Cost estimates. Under terms of the Glatfelter consent decree, in January 2019 we paid $20.5 million to the United States in satisfaction of the governments’ claims for costs incurred prior to October 2018, and NRDs. We subject to our remaining obligations under the OU1 consent decree, which now consist of long-term monitoring and maintenance. Furthermore, we are primarily responsible for long term monitoring and maintenance in OU2-OU4a over a period of at least 30 years. The monitoring activities consist of, among others, testing fish tissue, sampling water quality and sediment, and inspections of the engineered caps. In 2018, we entered into a fixed-price, 30-year agreement with a third party for the performance of all of our monitoring and maintenance obligations in OU1 through OU4a with limited exceptions, such as, for extraordinary amounts of cap maintenance or replacement. Our obligation under this agreement is included in our total reserve for the Site. We are obligated to make the regular payments under that fixed-price contract until the remaining amount due is less than the OU1 escrow account balance. We are permitted to pay for this contract using the remaining balance of the escrow account established by us and WTM I Company (“WTM I”) another PRP, under the OU1 consent decree during any period that the balance in the escrow account exceeds the amount due under our fixed-price contract. As of December 31, 2020, the balance in the escrow is less than amounts due under the fixed-price contract by approximately $1.5 million. Our obligation to pay this difference is secured by a letter of credit. At December 31, 2020, the escrow account balance totaled $9.0 million which is included in the condensed consolidated balance sheet under the caption “Other assets.” Under the consent decree, we are responsible for reimbursement of government oversight costs paid from October 2018 and later over approximately the next 30 years. We anticipate that oversight costs will decline as activities at the site transition from remediation to long-term monitoring and maintenance. Reserves for the Site. Our reserve for past and future government oversight costs and long-term monitoring and maintenance is set forth below: GLATFELTER 2020 FORM 10-K 59 Year ended December 31 In thousands 2020 2019 Balance at January 1, $ 21,870 $ 45,001 Payments (3,622 ) (20,805 ) Reserve adjustment — (2,509 ) Accretion 207 183 Balance at December 31, $ 18,455 $ 21,870 The payments set forth above represent payments for government oversight costs, including the $20.5 million paid in 2019 pursuant to the Glatfelter consent decree and for amounts due under the long-term monitoring and maintenance agreement. Of our total reserve for the Fox River, $3.7 million is recorded in the accompanying December 31, 2020, consolidated balance sheet under the caption “Environmental liabilities” and the remaining $14.8 million is recorded under the caption “Other long term liabilities.” Range of Reasonably Possible Outcomes . Based on our analysis of all available information, including but not limited to decisions of the courts, official documents such as records of decision, discussions with legal counsel, cost estimates for future monitoring and maintenance and other post-remediation costs to be performed at the Site, we do not believe that our costs associated with the Fox River matter could exceed the aggregate amounts accrued by a material amount. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 25. SEGMENT AND GE The following tables set forth profitability and other information by segment: For the year ended December 31, 2020 Composite Airlaid Other and In thousands Fibers Materials Unallocated Total Net sales $ 525,089 $ 391,409 $ — $ 916,498 Cost of products sold 430,420 326,809 11,400 768,629 Gross profit (loss) 94,669 64,600 (11,400 ) 147,869 SG&A 42,575 18,296 39,174 100,045 Gains on dispositions of plant, equipment and timberlands, net — — (1,332 ) (1,332 ) Total operating income (loss) 52,094 46,304 (49,242 ) 49,156 Non-operating expense — — (16,797 ) (16,797 ) Income (loss) before income taxes $ 52,094 $ 46,304 $ (66,039 ) $ 32,359 Supplementary Data Plant, equipment and timberlands, net $ 225,444 $ 295,806 $ 22,017 $ 543,267 Depreciation, depletion and amortization 26,175 22,416 8,009 56,600 Capital expenditures 13,262 9,311 5,563 28,136 For the year ended December 31, 2019 Composite Airlaid Other and In thousands Fibers Materials Unallocated Total Net sales $ 521,666 $ 406,007 $ — $ 927,673 Cost of products sold 432,154 346,568 1,409 780,131 Gross profit (loss) 89,512 59,439 (1,409 ) 147,542 SG&A 41,629 18,321 35,017 94,967 Gains on dispositions of plant, equipment and timberlands, net — — (2,060 ) (2,060 ) Total operating income (loss) 47,883 41,118 (34,366 ) 54,635 Non-operating expense — — (89,088 ) (89,088 ) Income (loss) before income taxes $ 47,883 $ 41,118 $ (123,454 ) $ (34,453 ) Supplementary Data Plant, equipment and timberlands, net $ 222,710 $ 293,779 $ 20,932 $ 537,421 Depreciation, depletion and amortization 26,153 21,136 3,531 50,820 Capital expenditures 11,972 13,667 2,126 27,765 For the year ended December 31, 2018 Composite Airlaid Other and In thousands Fibers Materials Unallocated Total Net sales $ 554,869 $ 311,417 $ — $ 866,286 Cost of products sold 462,270 269,272 4,337 735,879 Gross profit (loss) 92,599 42,145 (4,337 ) 130,407 SG&A 44,205 12,182 55,334 111,721 Loss on dispositions of plant, equipment and timberlands, net — — (3,256 ) (3,256 ) Total operating income (loss) 48,394 29,963 (56,415 ) 21,942 Non-operating expense — — (14,667 ) (14,667 ) Income (loss) before income taxes $ 48,394 $ 29,963 $ (71,082 ) $ 7,275 Supplementary Data Plant, equipment and timberlands, net $ 233,167 $ 298,232 $ 24,645 $ 556,044 Depreciation, depletion and amortization 28,256 14,892 4,377 47,525 Capital expenditures 15,685 21,646 4,798 42,129 Results of individual operating segments 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 segments are not necessarily comparable with similar information for any other company. The management accounting process uses assumptions and allocations to measure performance of the operating segments. 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 operating segments are allocated primarily based on an estimated utilization of support area services. Management evaluates results of operations of the operating segments before pension expense, certain corporate level costs, and the effects of certain gains or losses not considered to be related to the core business operations. Management believes that this is a more meaningful representation of the operating performance of its core businesses, the profitability of segments 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 operating segment results, management does not use any measures of total assets. This presentation is aligned with the management and operating structure of our company. It is also on this basis that the Company’s performance is evaluated internally and by the Company’s Board of Directors. Our Composite Fibers segment serves customers globally and focuses on higher value-added products in the following categories: • Food & Beverage - filtration material primarily used for single-serve coffee and tea products; • Wallcovering - base materials used by the world’s largest wallpaper manufacturers; • Technical Specialties - consists of a diverse line of specialty engineered products used in commercial and industrial applications such as electrical energy storage, home, hygiene, and other highly-engineered fiber-based applications; • Composite Laminate - decorative laminate solutions used in furniture, and household and commercial flooring, and other applications; and • Metallized products - used in labels, packaging liners, gift wrap, and other consumer product applications. The Airlaid Materials segment is a leading global supplier of highly absorbent cellulose-based airlaid nonwoven materials used in the following categories: • Feminine hygiene and other hygiene applications; • Specialty wipes; • Tabletop; • Home care; • Adult incontinence; and • Other consumer and industrial products. Disaggregated net sales by categories and geographic region for Composite Fibers and Airlaid Materials is presented in Item 8 Financial Statements and Supplementary Data, Note 8 – “ Revenue GLATFELTER 2020 FORM 10-K 61 Approximately 16% of our consolidated net sales in 2020, 2019 and 2018, were from sales to Procter & Gamble Company, a customer of the Airlaid Materials segment. Our net sales to external customers and location of net plant, equipment and timberlands are summarized below. Net sales are attributed to countries based upon origin of shipment. 2020 2019 2018 In thousands Net sales Plant, Equipment and Timberlands – Net Net sales Plant, Equipment and Timberlands – Net Net sales Plant, Equipment and Timberlands – Net United States $ 166,131 $ 103,570 $ 167,887 $ 105,763 $ 124,690 $ 109,797 Germany 489,655 286,591 504,012 274,146 483,628 286,839 United Kingdom 73,604 50,140 70,018 52,039 76,053 50,483 Canada 112,128 68,975 121,789 72,436 114,877 74,448 Other 74,980 33,991 63,967 33,037 67,038 34,477 Total $ 916,498 $ 543,267 $ 927,673 $ 537,421 $ 866,286 $ 556,044 |
Quarterly Results
Quarterly Results | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results | 2 6 . QUARTERLY RESULTS (UNAUDITED) In thousands, Net sales Gross Profit Income (loss) from continuing operations Earnings (loss) per share except per share 2020 2019 2020 2019 2020 2019 2020 2019 First $ 231,560 $ 229,133 $ 36,802 $ 35,617 $ 7,406 $ 4,603 $ 0.17 $ 0.10 Second 216,183 235,053 32,063 37,500 (2,281 ) 6,293 (0.05 ) 0.14 Third 233,473 232,515 38,251 38,021 6,527 8,643 0.15 0.19 Fourth 235,282 230,972 40,753 36,404 9,131 (44,750 ) 0.21 (1.01 ) |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | GLATFELTER CORPORATION AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL STATEMENT SCHEDULE For each of the three years ended December 31, 2020 Valuation and Qualifying Accounts Allowance for In thousands Doubtful Accounts Sales Discounts and Deductions 2020 2019 2018 2020 2019 2018 Balance, beginning of year $ 1,682 $ 1,661 $ 1,761 $ 578 $ 832 $ 1,029 Provision 488 720 695 1,516 1,440 2,075 Write-offs, recoveries and discounts allowed (114 ) (678 ) (688 ) (1,291 ) (1,526 ) (2,294 ) Other (1) 37 (21 ) (107 ) (12 ) (168 ) 22 Balance, end of year $ 2,093 $ 1,682 $ 1,661 $ 791 $ 578 $ 832 The provision for doubtful accounts is included in selling, general and administrative expense and the provision for sales discounts and deductions is deducted from sales. The related allowances are deducted from accounts receivable. ( 1 ) Relates primarily to changes in currency exchange rates. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Glatfelter and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies as of the balance sheet date and the reported amounts of net sales and expenses during the reporting period. Management believes the estimates and assumptions used in the preparation of these consolidated financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes that actual results may differ from those estimates and assumptions. |
Discontinued Operations | Discontinued Operations The results of operations for the Specialty Papers business have been classified as discontinued operations for all periods presented in the consolidated statements of income (loss). |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Inventories | Inventories Our inventories are stated at the lower of cost or market. Raw materials, in-process and finished goods inventories are valued principally using the average-cost method. |
Plant, Equipment and Timberlands | Plant, Equipment and Timberlands For financial reporting purposes, depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. The range of estimated service lives used to calculate financial reporting depreciation for principal items of plant and equipment are as follows: Buildings 15 – 45 Years Machinery and equipment 5 – 40 Years Other 3 – 25 Years |
Maintenance and Repairs | Maintenance and Repairs Maintenance and repairs costs are charged to income and major renewals and betterments are capitalized. At the time property is retired or sold, the net carrying value is eliminated and any resultant gain or loss is included in income. |
Valuation of Long-lived Assets, Intangible Assets and Goodwill | Valuation of Long-lived Assets, Intangible Assets and Goodwill We evaluate long-lived assets for impairment when a specific event indicates that the carrying value of an asset may not be recoverable. Recoverability is assessed based on estimates of future cash flows expected to result from the use and eventual disposition of the asset. If the sum of expected undiscounted cash flows is less than the carrying value of the asset, the asset’s fair value is estimated, and an impairment loss is recognized for the amount by which the carrying value exceeds the estimated fair value. Goodwill and non-amortizing tradename intangible assets are reviewed for impairment annually, during the third quarter, or more frequently if impairment indicators are present. However, in 2020, as a result of potential impairment indicators related to the impact of the COVID-19 pandemic, we evaluated such assets as of the end of the second quarter and, in connection with our normal review cycle, in the third quarter. In addition, in order to align the evaluation process more closely with the timing change for our strategic planning cycle, we changed the timing o f the annual evaluation to be completed in the fourth quarter. Accordingly, we completed an evaluation during the fourth quarter of 2020 , and we concluded there was no impairment of goodwill or non-amortizing tradename intangible assets . We believe the change in our annual impairment testing date did not delay, accelerate, or avoid an impairment charge. We have determined that this change in accounting principle is preferable under the circumstances and does not result in adjustm ents to our financial statements when applied retrospectively. The fair value of our reporting units, which are also our operating segments, is determined using a market approach and a discounted cash flow model. The fair value of non-amortizing tradename intangible assets is determined using a discounted cash flow model. For goodwill, impairment losses, if any, are recognized for the amount by which the carrying value of the reporting unit exceeds its fair value. The carrying value of a reporting unit is defined using an enterprise premise which is generally determined by the difference between the unit’s assets and operating liabilities. With respect to non-amortizing tradenames, impairment losses, if any, are recognized for the amount by which the carrying value of the tradename exceeds its fair value. For additional information, refer to Note 6 – “ Asset Impairment |
Income Taxes | Income Taxes Income taxes are determined using the asset and liability method of accounting for income taxes in accordance with FASB ASC 740 Income Taxes (“ASC 740”). Under ASC 740, tax expense includes U.S. and international income taxes plus the provision for U.S. taxes on undistributed earnings of international subsidiaries not deemed to be permanently invested. Tax credits and other incentives reduce tax expense in the year the credits are claimed. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effect of such temporary differences is reported in deferred income taxes. Deferred tax assets are recognized if it is more likely than not that the assets will be realized in future years. We establish a valuation allowance for deferred tax assets for which realization is not more likely than not. Significant judgment is required in determining our worldwide provision for income taxes and recording the related assets and liabilities. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is less than certain. We and our subsidiaries are examined by various Federal, State, and foreign tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. We continually assess the likelihood and amount of potential adjustments and record any necessary adjustments in the period in which the facts that give rise to a revision become known. Investment tax credits are accounted for by the flow-through method, which results in recognition of the benefit in the year in which the credit become available. We account for global intangible low-taxed income (“GILTI”) tax in the period in which it is incurred. The GILTI provisions require entities to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiaries’ tangible assets. |
Treasury Stock | Treasury Stock Common stock purchased for treasury is recorded at cost. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock on the weighted-average cost basis. |
Foreign Currency Translation | Foreign Currency Translation Foreign currency translation gains and losses and the effect of exchange rate changes on transactions designated as hedges of net foreign investments are included as a component of other comprehensive income (loss). Transaction gains and losses are included in income in the period in which they occur. |
Revenue Recognition | Revenue Recognition We recognize revenue, or net sales, in accordance with ASU No. 2014-09, Revenue from Contracts with Customers. Our revenue is earned primarily from the manufacture and sale of engineered materials (“product sales”). Revenue is earned pursuant to contracts, supply agreements and other arrangements with a wide variety of customers. Our performance obligation is to produce a specified product according to technical specifications and, in substantially all instances, to deliver the product. Revenue from product sales is earned at a point in time. We recognize revenue on product sales when we have satisfied our performance obligation and control of the product has passed to the customer thereby entitling us to payment. With respect to substantially all arrangements for product sales, this is deemed to occur when title transfers in accordance with specified shipping terms. Selling prices are fixed at the time the sales arrangement is entered into and payment terms are customary for similar arrangements in our industry. Many of our agreements include customary provisions for volume rebates, discounts and similar incentives. In addition, we are obligated for products that fail to meet agreed upon specification. Provisions for such items are estimated and recorded as sales deductions in the period in which the related revenue is recognized. Refer to Note 8 – “ Revenue |
Environmental Liabilities | Environmental Liabilities Accruals for losses associated with environmental obligations are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on existing legislation and remediation technologies. These accruals are adjusted periodically as assessment and remediation actions continue and/or further legal or technical information develops. Such undiscounted liabilities are exclusive of any insurance or other claims against third parties. Environmental costs are capitalized if the costs extend the life of the asset, increase its capacity and/or mitigate or prevent contamination from future operations. Recoveries of environmental remediation costs GLATFELTER 2020 FORM 10-K 37 from other parties, including insurance carriers, are recorded as assets when their receipt is assured beyond a reasonable doubt. |
Earnings Per Share | Earnings Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average common shares outstanding during the respective periods. Diluted earnings per share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. In periods in which there is a net loss, diluted loss per share is equal to basic loss per share. The dilutive effect of common share equivalents is considered in the diluted earnings per share computation using the treasury stock method. |
Financial Derivatives and Hedging Activities | Financial Derivatives and Hedging Activities We use financial derivatives to manage exposure to changes in foreign currencies and interest rates. In accordance with FASB ASC 815 Derivatives and Hedging (“ASC 815”), we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The gain or loss on those derivative instruments designated and qualifying as a hedge of the exposure to variability in expected future cash flows related to forecasted transactions is deferred and reported as a component of accumulated other comprehensive income (loss). Deferred gains or losses are reclassified to our results of operations at the time the hedged forecasted transaction is recorded in our results of operations. The effectiveness of cash flow hedges is assessed at inception and quarterly thereafter. If the instrument matures, is de-designated, becomes ineffective or it becomes probable that the originally forecasted transaction will not occur, the related change in fair value of the derivative instrument is also reclassified from accumulated other comprehensive income (loss) and recognized in earnings. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Under the accounting for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . We adopted this standard effective January 1, 2020 using a modified retrospective approach. The adoption of this standard did not impact our results of operations or financial position. In December Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes certain |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Range of Estimated Service Lives | The range of estimated service lives used to calculate financial reporting depreciation for principal items of plant and equipment are as follows: Buildings 15 – 45 Years Machinery and equipment 5 – 40 Years Other 3 – 25 Years |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Summary of Annual Unaudited Pro Forma Financial Information | The following table summarizes annual unaudited pro forma financial information as if the acquisition occurred as of January 1, 2018: 2018 In thousands, except per share (unaudited) Pro forma Net sales $ 937,043 Income from continuing operations 1,585 Income per share from continuing operations 0.04 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Discontinued Operations Included in Consolidated Statements of Income (Loss) | The following table sets forth a summary of discontinued operations included in the consolidated statements of income (loss): Year ended December 31 In thousands 2020 2019 2018 Net sales $ — $ — $ 661,186 Energy and related sales, net — — 3,388 Total revenues — — 664,574 Costs of products sold — — 637,472 Gross profit — — 27,102 Selling, general and administrative expenses (544 ) 109 32,465 (Gains) losses on dispositions of plant, equipment and timberlands, net — — (423 ) Operating income (loss) 544 (109 ) (4,940 ) Non-operating income (expense) Interest expense — — (6,942 ) Other, net — 1,393 (51,236 ) Impairment charge — — (144,124 ) Income (loss) before income taxes 544 1,284 (207,242 ) Income tax provision (benefit) 29 (2,386 ) (30,086 ) Income from discontinued operations $ 515 $ 3,670 $ (177,156 ) |
Summary of Cash Flows from Discontinued Operations Included in Consolidated Statements of Cash Flows | The following table sets forth a summary of cash flows from discontinued operations which is included in the consolidated statements of cash flows: Year ended December 31 In thousands 2020 2019 2018 Net cash (used) provided by operating activities $ (1,613 ) $ (10,942 ) $ 38,803 Net cash (used) provided by investing activities — (8,221 ) 308,120 Net cash provided by financing activities — — 125 Change in cash and cash equivalents from discontinued operations $ (1,613 ) $ (19,163 ) $ 347,048 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Summary of Restructuring Charges | In the first quarter of 2020, we announced restructuring actions within the Composite Fibers operating segment. The actions primarily consisted of the consolidation of our metallizing operation from Gernsbach, Germany to our Caerphilly, U.K. site. Year ended December 31 In thousands 2020 Severance and benefit continuation $ 6,143 Accelerated depreciation 3,900 Inventory and spare parts 977 Other 91 Total $ 11,111 |
Gain on Dispositions of Plant_2
Gain on Dispositions of Plant, Equipment and Timberlands (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Summary for Sale of Timberlands and Other Assets | During 2020, 2019 and 2018, we completed the following sales of assets: Dollars in thousands Acres Proceeds Gain (loss) 2020 Timberlands 461 $ 1,413 $ 1,381 Other n/a — (49 ) Total $ 1,413 $ 1,332 2019 Timberlands 1,996 $ 1,705 $ 1,572 Other n/a 493 488 Total $ 2,198 $ 2,060 2018 Timberlands 1,918 $ 3,414 $ 3,225 Other n/a 48 31 Total $ 3,462 $ 3,256 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disaggregation Of Revenue [Abstract] | |
Summary of Disaggregated Information Pertaining to Net Sales from Contracts with Customers | The following tables set forth disaggregated information pertaining to our net sales from contracts with customers: Year ended December 31 In thousands 2020 2019 2018 Composite Fibers Food & beverage $ 285,665 $ 278,786 $ 279,515 Wallcovering 79,346 81,679 103,686 Technical specialties 84,320 79,535 81,281 Composite laminates 36,856 35,274 38,213 Metallized 38,902 46,392 52,174 525,089 521,666 554,869 Airlaid Materials Feminine hygiene 204,085 207,301 195,686 Specialty wipes 74,942 70,149 45,375 Tabletop 45,314 66,486 21,600 Home care 25,040 17,266 16,010 Adult incontinence 21,825 25,233 19,734 Other 20,203 19,572 13,012 391,409 406,007 311,417 TOTAL $ 916,498 $ 927,673 $ 866,286 GLATFELTER 2020 FORM 10-K 41 Year ended December 31 In thousands 2020 2019 2018 Composite Fibers Europe, Middle East and Africa $ 315,881 $ 312,218 $ 354,978 Americas 128,385 132,845 113,546 Asia Pacific 80,823 76,603 86,345 525,089 521,666 554,869 Airlaid Materials Europe, Middle East and Africa 204,728 220,924 163,157 Americas 174,606 179,067 144,913 Asia Pacific 12,075 6,016 3,347 391,409 406,007 311,417 TOTAL $ 916,498 $ 927,673 $ 866,286 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Details of Basic and Diluted Earnings (Loss) Per Share (EPS) | The following table sets forth the details of basic and diluted earnings (loss) per share (EPS): Year ended December 31 In thousands, except per share 2020 2019 2018 Net income (loss) $ 21,298 $ (21,541 ) $ (177,604 ) Weighted average common shares outstanding used in basic EPS 44,339 44,132 43,768 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs 275 — — Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,614 44,132 43,768 Earnings (loss) per share Continuing operations $ 0.47 $ (0.57 ) $ (0.01 ) Discontinued operations 0.01 0.08 (4.05 ) |
Number of Potential Common Shares that have been Excluded from Computation of Diluted Earnings Per Share for Indicated Period Due to Their Anti-Dilutive Nature | The following table sets forth the potential common shares outstanding for stock options that were not included in the computation of diluted EPS for the period indicated, because their effect would be anti-dilutive: Year ended December 31 In thousands 2020 2019 2018 Potential common shares 1,082 1,233 1,379 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Losses) | The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three years ended December 31, 2020, 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 January 1, 2020 $ (76,346 ) $ 4,316 $ (7,253 ) $ 1,387 $ (77,896 ) Other comprehensive income (loss) before reclassifications (net of tax) 33,821 (2,840 ) (6,202 ) (878 ) 23,901 Amounts reclassified from accumulated other comprehensive income (net of tax) — (3,972 ) 611 (1,297 ) (4,658 ) Net current period other comprehensive income (loss) 33,821 (6,812 ) (5,591 ) (2,175 ) 19,243 Balance at December 31, 2020 $ (42,525 ) $ (2,496 ) $ (12,844 ) $ (788 ) $ (58,653 ) Balance at January 1, 2019 $ (69,622 ) $ 2,199 $ (71,431 ) $ 1,414 $ (137,440 ) Other comprehensive income (loss) before reclassifications (net of tax) (6,724 ) 6,800 8,730 826 9,632 Amounts reclassified from accumulated other comprehensive income (net of tax) — (4,683 ) 55,448 (853 ) 49,912 Net current period other comprehensive income (loss) (6,724 ) 2,117 64,178 (27 ) 59,544 Balance at December 31, 2019 $ (76,346 ) $ 4,316 $ (7,253 ) $ 1,387 $ (77,896 ) Balance at January 1, 2018 $ (41,839 ) $ (4,092 ) $ (98,295 ) $ 3,551 $ (140,675 ) Amount reclassified for adoption of ASU No. 2018-02 — — (23,297 ) 999 (22,298 ) Balance as adjusted at January 1, 2018 (41,839 ) (4,092 ) (121,592 ) 4,550 (162,973 ) Other comprehensive income (loss) before reclassifications (net of tax) (27,783 ) 2,641 (9,267 ) 2,979 (31,430 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 3,650 59,428 (6,115 ) 56,963 Net current period other comprehensive income (loss) (27,783 ) 6,291 50,161 (3,136 ) 25,533 Balance at December 31, 2018 $ (69,622 ) $ 2,199 $ (71,431 ) $ 1,414 $ (137,440 ) |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Losses) | The following table sets forth the amounts reclassified from accumulated other comprehensive income (losses) for the years indicated. Year ended December 31 In thousands 2020 2019 2018 Description Line Item in Statements of Income Cash flow hedges (Note 19) (Gains) losses on cash flow hedges $ (5,503 ) $ (6,468 ) $ 5,020 Costs of products sold Tax expense (benefit) 1,448 1,785 (1,370 ) Income tax provision (benefit) Net of tax (4,055 ) (4,683 ) 3,650 Loss on interest rate swaps 83 — — Interest expense Tax expense — — — Income tax provision (benefit) Net of tax 83 — — Total cash flow hedges (3,972 ) (4,683 ) 3,650 Retirement plan obligations (Note 13) Amortization of defined benefit pension plan items Prior service costs 48 216 39 Other, net Actuarial losses 651 2,842 7,050 Other, net Discontinued operations amortization of defined benefit pension plans — — 6,990 Discontinued operations Pension curtailment and settlement — — 61,917 Discontinued operations Pension settlement — 75,326 — Pension settlement 699 78,384 75,996 Tax benefit (88 ) (22,936 ) (16,568 ) Income tax provision (benefit) Net of tax 611 55,448 59,428 Amortization of defined benefit other plan items Prior service costs (463 ) (10 ) — Other, net Actuarial gains (834 ) (852 ) (261 ) Other, net Discontinued operations amortization of defined benefit other plans — — (575 ) Discontinued operations Other benefit plan settlement — — (7,949 ) (1,297 ) (862 ) (8,785 ) Tax expense — 9 2,670 Income tax provision (benefit) Net of tax (1,297 ) (853 ) (6,115 ) Total reclassifications, net of tax $ (4,658 ) $ 49,912 $ 56,963 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Benefit from Income Taxes from Continuing Operations | The provision for (benefit from) income taxes from continuing operations consisted of the following: Year ended December 31 In thousands 2020 2019 2018 Current taxes Federal $ (4,989 ) $ (419 ) $ — State 166 134 442 Foreign 18,470 14,014 14,985 13,647 13,729 15,427 Deferred taxes and other Federal 540 (20,448 ) (9,242 ) State (1,183 ) (4,105 ) 251 Foreign (1,428 ) 1,582 1,287 (2,071 ) (22,971 ) (7,704 ) Income tax provision (benefit) $ 11,576 $ (9,242 ) $ 7,723 |
Schedule of Domestic and Foreign Components of Pretax Income (Loss) from Operations | The following are the domestic and foreign components of pretax income (loss) from continuing operations: Year ended December 31 In thousands 2020 2019 2018 United States $ (35,696 ) $ (107,455 ) $ (59,264 ) Foreign 68,055 73,002 66,539 Total pretax income (loss) $ 32,359 $ (34,453 ) $ 7,275 |
Schedule of Reconciliation of Federal Statutory Rate to Company's Effective Tax Rate | The following table sets forth a reconciliation of the statutory federal income tax rate to our actual effective tax rate for continuing operations. Year ended December 31 2020 2019 2018 Federal income tax provision at statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax benefit 0.6 3.7 (15.9 ) Foreign income tax rate differential 3.4 2.0 (18.9 ) Tax effect of tax credits (10.2 ) 8.2 1.3 Provision for (resolution of) tax matters 12.4 (8.0 ) 46.5 Rate changes due to enacted legislation 0.7 0.1 7.2 Effect of U.S. tax law change (21.5 ) — (7.5 ) Global Intangible Low-taxed Income 7.1 (9.4 ) 33.8 Stock-based compensation 1.4 (1.0 ) 10.0 Nondeductible officer's compensation 1.0 (0.7 ) 5.2 Valuation allowance 11.7 4.3 15.7 Pension termination, settlement and related 5.4 5.0 — Other 2.8 1.6 7.8 Actual tax rate 35.8 % 26.8 % 106.2 % |
Schedule of Deferred Tax Assets and Liabilities | The sources of deferred income taxes were as follows at December 31: In thousands 2020 2019 Reserves $ 685 $ 991 Environmental 4,481 5,696 Compensation 2,415 3,287 Pension 4,279 — Post-retirement benefits 1,388 1,619 Research & development expenses 3,092 6,439 Inventories — (91 ) Tax carryforwards 16,703 25,227 Other 5,714 1,117 Deferred tax assets 38,757 44,285 Valuation allowance (23,305 ) (28,485 ) Net deferred tax assets 15,452 15,800 Property (70,492 ) (65,027 ) Intangible assets (18,808 ) (19,355 ) Pension — (6,198 ) Other (3,282 ) (1,577 ) Deferred tax liabilities (92,582 ) (92,157 ) Net deferred tax liabilities $ (77,130 ) $ (76,357 ) |
Schedule of Non-Current Deferred Tax Assets and Liabilities Balance Sheet Captions | Non-current deferred tax assets and liabilities are included in the following balance sheet captions: December 31 In thousands 2020 2019 Other assets $ 1 $ 17 Deferred income taxes 77,131 76,374 |
Schedule of Unrecognized Tax Benefit | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: In millions 2020 2019 2018 Balance at January 1 $ 30.5 $ 29.6 $ 26.9 Increases in tax positions for prior years 13.9 2.8 0.3 Decreases in tax positions for prior years (0.1 ) (2.9 ) (1.0 ) Acquisition related: Purchase Accounting — — 0.3 Increases in tax positions for current year 4.4 4.6 4.0 Settlements (1.1 ) (0.3 ) (0.2 ) Lapse in statutes of limitation (1.3 ) (3.3 ) (0.7 ) Balance at December 31 $ 46.3 $ 30.5 $ 29.6 |
Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction | The following table summarizes tax years that remain subject to examination by major jurisdiction: Open Tax Years Jurisdiction Examinations not yet initiated Examination in progress United States Federal 2014 - 2015; 2017 - 2020 N/A State 2016 - 2020 2015 - 2018 Canada (1) 2013 - 2018; 2020 2019 Germany (1) 2016 - 2020 N/A France 2018 - 2020 N/A United Kingdom 2019 - 2020 N/A Philippines 2019 - 2020 2018 (1) Includes provincial or similar local jurisdictions, as applicable. |
Summary of Information Related to Interest and Penalties on Uncertain Tax Positions | The following table summarizes information related to interest and penalties on uncertain tax positions: As of or for the year ended December 31, In millions 2020 2019 2018 Accrued interest payable $ 1.8 $ 0.4 $ 1.1 Interest expense (income) 1.0 (0.7 ) 0.3 Penalties — — — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | |
Summary of Share Based Compensation Activity | The following table summarizes RSU and PSA activity during the past three years: Units 2020 2019 2018 Balance at January 1, 896,463 756,786 929,386 Granted 400,854 600,820 435,542 Forfeited (89,483 ) (223,677 ) (112,501 ) Shares delivered (136,182 ) (237,466 ) (495,641 ) Balance at December 31, 1,071,652 896,463 756,786 |
Compensation Expense for Stock Option Activity | 2020 2019 2018 Compensation expense $ 5,655 $ 3,543 $ 5,971 |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |
Summary of Share Based Compensation Activity | The following table sets forth information related to outstanding SOSARS: 2020 2019 2018 SOSARS Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 1,291,947 $ 20.05 2,334,742 $ 18.08 2,561,846 $ 17.87 Granted — — — — — — Exercised (58,460 ) 12.85 (596,360 ) 15.56 (158,545 ) 13.31 Canceled / forfeited (151,074 ) 20.25 (446,435 ) 21.06 (68,559 ) 21.09 Outstanding at December 31, 1,082,413 $ 20.40 1,291,947 $ 20.05 2,334,742 $ 18.08 Exercisable at December 31, 1,082,413 20.40 1,291,947 20.05 2,134,297 18.13 Vested and expected to vest 1,082,413 1,291,947 2,334,742 Compensation expense (in thousands) $ — $ 40 $ 317 |
Retirement Plans and Other Po_2
Retirement Plans and Other Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Change in Benefit Obligation and Plan Assets | Pension Benefits Other Benefits In millions 2020 2019 2020 2019 Change in Benefit Obligation Balance at beginning of year $ 45.7 $ 332.2 $ 6.5 $ 9.2 Service cost — 1.3 — — Interest cost 1.2 11.5 0.2 0.3 Benefits paid (2.4 ) (22.3 ) (1.6 ) (3.0 ) Participant contributions — — — 0.9 Plan amendments — (0.2 ) — — Actuarial (gain)/loss 1.7 29.2 0.9 (0.3 ) Special termination benefits — 1.3 — — Curtailment — (1.9 ) — (0.6 ) Settlement/transfer — (309.5 ) — — Transfers from Discontinued Operations — 4.3 — — Effect of currency rate changes 1.1 (0.2 ) — — Balance at end of year $ 47.3 $ 45.7 $ 6.0 $ 6.5 Change in Plan Assets Fair value of plan assets at beginning of year $ 53.4 $ 333.2 $ — $ — Reversion of excess plan assets (53.4 ) — — — Actual return on plan assets — 44.1 — — Total contributions 2.4 2.2 1.6 3.0 Benefits paid (2.4 ) (22.3 ) (1.6 ) (3.0 ) Transfers from Discontinued Operations — 5.7 — — Settlement/transfer — (309.5 ) — — Fair value of plan assets at end of year — 53.4 — — Funded status at end of year $ (47.3 ) $ 7.7 $ (6.0 ) $ (6.5 ) |
Summary of Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the consolidated balance sheets consist of the following as of December 31: Pension Benefits Other Benefits In millions 2020 2019 2020 2019 Cash and cash equivalents $ — $ 53.4 $ — $ — Current liabilities (2.3 ) (2.3 ) (1.2 ) (1.4 ) Other long-term liabilities (45.0 ) (43.4 ) (4.8 ) (5.1 ) Net amount recognized $ (47.3 ) $ 7.7 $ (6.0 ) $ (6.5 ) |
Components of Amounts Recognized as Accumulated Other Comprehensive Income on Pre-Tax Basis | The components of amounts recognized as “Accumulated other comprehensive income” consist of the following on a pre-tax basis: Pension Benefits Other Benefits In millions 2020 2019 2020 2019 Prior service credit (cost) $ (0.2 ) $ 0.1 $ 0.1 $ 0.6 Net actuarial gain (loss) (15.6 ) 4.2 (0.4 ) 1.4 |
Weighted-Average Assumptions Used in Computing Benefit Obligations | The weighted-average assumptions used in computing the benefit obligations above were as follows: Pension Benefits Other Benefits 2020 2019 2020 2019 Discount rate – benefit obligation 2.17 % 2.70 % 2.30 % 3.11 % Future compensation growth rate — — — — |
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: In millions 2020 2019 Projected benefit obligation $ 47.3 $ 45.7 Accumulated benefit obligation 47.3 45.7 Fair value of plan assets — — |
Schedule of Net Periodic Benefit (Income) Expense of Pension and Other Benefits | Net periodic benefit (income) expense includes the following components: Year Ended December 31 In millions 2020 2019 2018 Pension Benefits Service cost $ — $ 1.3 $ 2.3 Interest cost 1.2 11.5 13.3 Expected return on plan assets — (13.7 ) (21.1 ) Amortization of prior service cost — 0.2 — Amortization of actuarial loss 0.7 2.8 7.1 Termination benefits — 1.3 — One-time settlement charge — 75.3 — Total net periodic benefit expense $ 1.9 $ 78.7 $ 1.6 Other Benefits Service cost $ — $ — $ 0.1 Interest cost 0.2 0.3 0.5 Expected return on plan assets Amortization of prior service credit (0.5 ) — — Amortization of actuarial loss (0.8 ) (0.9 ) (0.3 ) Total net periodic benefit (income) expense $ (1.1 ) $ (0.6 ) $ 0.3 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: Year Ended December 31 In millions 2020 2019 Pension Benefits Actuarial (gain) loss $ 1.7 $ (5.2 ) Plan amendments — (0.2 ) Recognized prior service costs — (0.2 ) Recognized actuarial losses (0.7 ) (78.1 ) Total recognized in other comprehensive (income) loss 1.0 (83.7 ) Total recognized in net periodic benefit cost and other comprehensive loss $ 2.9 $ (5.0 ) Other Benefits Actuarial (gain) loss $ 0.9 $ (0.3 ) Amortization of actuarial gain 0.8 0.9 Total recognized in other comprehensive (income) loss 1.7 0.6 Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 0.6 $ - |
Schedule of Defined Benefit Plan Weighted-Average Assumptions Used in Computing Net Periodic Benefit Expense | The weighted-average assumptions used in computing the net periodic benefit expense information above were as follows: Year Ended December 31 2020 2019 2018 Pension Benefits Discount rate – benefit expense 2.70 % 4.34 % 3.85 % Future compensation growth rate — 2.50 3.00 Expected long-term rate of return on plan assets — 4.50 7.25 Other Benefits Discount rate – benefit expense 3.11 % 4.19 % 3.68 % |
Schedule of Health Care Cost Trend Rates Used in Calculating Benefit Obligations | GLATFELTER 2020 FORM 10-K 51 Assumed health care cost trend rates used to determine benefit obligations at December 31 were as follows: 2020 2019 Health care cost trend rate assumed for next year 5.30 % 5.60 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 4.50 Year that the rate reaches the ultimate rate 2037 2037 |
Summary of Benefit Payments Expected to be Made under Non-Qualified Pension Plans and Other Benefit Plans | Cash Flow Benefit payments expected to be made under our non-qualified pension plans and other benefit plans are summarized below: In thousands Pension Benefits Other Benefits 2021 $ 2,271 $ 1,167 2022 2,210 852 2023 2,147 626 2024 2,082 495 2025 2,020 460 2026 through 2030 16,972 1,399 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories, Net of Reserves | Inventories, net of reserves were as follows: December 31 In thousands 2020 2019 Raw materials $ 55,466 $ 59,164 In-process and finished 97,109 92,231 Supplies 43,655 39,020 Total $ 196,230 $ 190,415 |
Plant, Equipment and Timberla_2
Plant, Equipment and Timberlands (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Summary of Plant, Equipment and Timberlands | Plant, equipment and timberlands at December 31 were as follows: In thousands 2020 2019 Land and buildings $ 173,646 $ 163,066 Machinery and equipment 754,737 685,081 Furniture, fixtures, and other 160,922 152,777 Accumulated depreciation (569,386 ) (490,032 ) 519,919 510,892 Construction in progress 23,330 26,508 Timberlands, less depletion 18 21 Total $ 543,267 $ 537,421 |
Summary of Interest Expense Capitalized | The following table sets forth amounts of interest expense capitalized in connection with major capital projects: Year Ended December 31 2020 2019 2018 Interest cost incurred $ 7,022 $ 10,408 $ 16,005 Interest capitalized — — 396 Interest expense $ 7,022 $ 10,408 $ 15,609 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | The following table sets forth information with respect to goodwill and other intangible assets: December 31 In thousands 2020 2019 Goodwill Composite Fibers $ 84,586 $ 77,775 Airlaid Materials 79,783 73,041 Total Goodwill $ 164,369 $ 150,816 Other Intangible Assets Composite Fibers Tradename – non amortizing $ 3,902 $ 4,470 Technology and related 41,578 38,256 Customer relationships and related 37,535 34,445 Airlaid Materials Tradename 3,960 3,625 Technology and related 20,053 18,406 Customer relationships and related 26,636 24,385 Total intangibles 133,664 123,587 Accumulated amortization (51,829 ) (39,852 ) Net intangibles $ 81,835 $ 83,735 |
Summary of Amortization of Intangible Assets | The following table sets forth information pertaining to amortization of intangible assets: In thousands 2020 2019 2018 Aggregate amortization expense: $ 8,014 $ 7,986 $ 5,680 Estimated amortization expense: 2021 7,626 2022 7,511 2023 7,511 2024 7,511 2025 7,511 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Assets Noncurrent [Abstract] | |
Summary of Other Long-Term Assets | Other long-term assets consist of the following: December 31 In thousands 2020 2019 Right-of-use asset operating leases $ 11,789 $ 11,701 Restricted cash 10,084 — Other 22,612 22,789 Total $ 44,485 $ 34,490 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Current Liabilities | Other current liabilities consist of the following: December 31 In thousands 2020 2019 Accrued payroll and benefits $ 21,726 $ 19,369 Other accrued compensation and retirement benefits 9,376 5,826 Income taxes payable 4,781 2,075 Accrued rebates 4,002 3,852 Other accrued expenses 31,208 31,650 Total $ 71,093 $ 62,772 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of Information Related to Leases | The following table sets forth information related to our leases as of the periods indicated. December 31 Dollars in thousands 2020 2019 Right of use asset $ 11,789 $ 11,701 Weighted average discount rate 2.94 % 2.92 % Weighted average remaining maturity (months) 66 34 The following table sets forth operating lease expense for the periods indicated: December 31 In thousands 2020 2019 Operating lease expense $ 5,876 $ 4,527 |
Summary of Minimum Lease Payments | The following table sets forth required minimum lease payments for the years indicated: In thousands 2021 $ 4,736 2022 3,277 2023 1,568 2024 1,005 2025 726 Thereafter 3,620 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt is summarized as follows: December 31 In thousands 2020 2019 Revolving credit facility, due Feb. 2024 $ 36,813 $ 84,255 Term loan, due Feb. 2024 249,715 240,969 2.40% Term Loan, due Jun. 2022 2,629 4,012 2.05% Term Loan, due Mar. 2023 14,737 19,487 1.30% Term Loan, due Jun. 2023 4,382 5,617 1.55% Term Loan, due Sep. 2025 7,143 7,915 Total long-term debt 315,419 362,255 Less current portion (25,057 ) (22,940 ) Unamortized deferred issuance costs (1,898 ) (2,396 ) Long-term debt, net of current portion $ 288,464 $ 336,919 |
Summary of Debts Borrowed by Subsidiary | Glatfelter Gernsbach GmbH & Co. KG (“Gernsbach”), a wholly-owned subsidiary of ours, entered into a series of borrowing agreements with IKB Deutsche Industriebank AG, Düsseldorf (“IKB”) as summarized below: Amounts in thousands Original Principal Interest Rate Maturity Borrowing date Apr. 11, 2013 € 42,700 2.05 % Mar. 2023 Sep. 4, 2014 10,000 2.40 % Jun. 2022 Oct. 10, 2015 2,608 1.55 % Sep. 2025 Apr. 26, 2016 10,000 1.30 % Jun. 2023 May 4, 2016 7,195 1.55 % Sep. 2025 |
Amortization of Term Loan Agreements Together with Maturities of Other Long-term Debt | The following schedule sets forth the amortization of our term loan agreements together with the maturity of our other long-term debt during the indicated year. In thousands 2021 $ 25,057 2022 24,181 2023 17,516 2024 247,538 2025 1,127 Thereafter - |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Fair Value of Long-Term Debt | The following table sets forth the carrying value and fair value of long-term debt as of December 31: 2020 2019 In thousands Carrying Value Fair Value Carrying Value Fair Value Variable rate debt $ 36,813 $ 36,813 $ 84,255 $ 84,255 Term loan, due Feb. 2024 249,715 249,715 240,969 240,969 2.40% Term loan 2,629 2,651 4,012 4,076 2.05% Term loan 14,737 14,873 19,487 19,764 1.30% Term Loan 4,382 4,384 5617 5,624 1.55% Term loan 7,143 7,210 7,915 7,975 Total $ 315,419 $ 315,646 $ 362,255 $ 362,663 |
Financial Derivatives and Hed_2
Financial Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Values of Derivative Instruments | Fair Value Measurements The following table summarizes the fair values of derivative instruments as of December 31 for the year indicated and the line items in the accompanying consolidated balance sheets where the instruments are recorded: December 31 December 31 In thousands 2020 2019 2020 2019 Prepaid Expenses and Other Other Current Balance sheet caption Current Assets Liabilities Designated as hedging: Forward foreign currency exchange contracts $ 577 $ 4,314 $ 4,342 $ 34 Interest rate swap — — 136 12 Not designated as hedging: Forward foreign currency exchange contracts $ 456 $ 566 $ 118 $ 205 |
Income or Loss from Derivative Instruments Recognized in Results of Operations | The following table summarizes the amount of income or loss from derivative instruments recognized in our results of operations for the periods indicated and the line items in the accompanying consolidated statements of income (loss) where the results are recorded: Year ended December 31 In thousands 2020 2019 2018 Designated as hedging: Forward foreign currency exchange contracts: Effective portion – cost of products sold $ 5,503 $ 6,468 $ (5,020 ) Ineffective portion – other – net — — 138 Interest expense 83 — — Not designated as hedging : Forward foreign currency exchange contracts: Other – net $ 1,679 $ 300 $ (1,419 ) |
Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income | A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income is as follows: In thousands 2020 2019 Balance at January 1, $ 5,859 $ 3,004 Deferred (losses) gains on cash flow hedges (3,899 ) 9,323 Reclassified to earnings (5,420 ) (6,468 ) Balance at December 31, $ (3,460 ) $ 5,859 |
Designated as Hedging [Member] | |
Outstanding Derivatives Used to Hedge Foreign Exchange Risks | We had the following outstanding derivatives that were used to hedge foreign exchange risks associated with forecasted transactions and designated as hedging instruments: December 31 In thousands 2020 2019 Derivative Sell/Buy - sell notional Euro / British Pound 18,638 17,702 Philippine Peso / Euro 18,522 — U.S. Dollar / Euro 1,041 5,347 Canadian Dollar / U.S. Dollar 70 — U.S. Dollar / Canadian Dollar — 1,523 Sell/Buy - buy notional Euro / Philippine Peso 853,686 1,039,432 British Pound / Philippine Peso 1,081,791 1,077,871 Euro / U.S. Dollar 69,324 82,317 U.S. Dollar / Canadian Dollar 34,847 34,094 Canadian Dollar / U.S. Dollar — 1,523 |
Not Designated as Hedging [Member] | |
Outstanding Derivatives Used to Hedge Foreign Exchange Risks | December 31 In thousands 2020 2019 Derivative Sell/Buy - sell notional U.S. Dollar / British Pound 25,250 25,500 Euro / British Pound 600 — British Pound / Euro 1,900 3,000 Sell/Buy - buy notional Euro / U.S. Dollar 7,500 8,000 British Pound / Euro — 7,000 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Summary of Outstanding Shares of Common Stock | The following table summarizes outstanding shares of common stock: Year ended December 31 In thousands 2020 2019 2018 Shares outstanding at beginning of year 44,248 43,959 43,614 Treasury shares issued for: Restricted stock awards 110 188 304 Employee stock options exercised 10 101 41 Shares outstanding at end of year 44,368 44,248 43,959 |
Commitments, Contingencies an_2
Commitments, Contingencies and Legal Proceedings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Minimum Annual Payment Due on Noncancelable Operating Lease | The following table summarizes the minimum annual payments due on noncancelable operating leases and other similar contractual obligations having initial or remaining terms in excess of one year: In thousands Leases Other 2021 $ 4,736 $ 91,806 2022 3,277 12,304 2023 1,568 — 2024 1,005 — 2025 726 — Thereafter 3,620 — |
Schedule of Reserves | Reserves for the Site. Our reserve for past and future government oversight costs and long-term monitoring and maintenance is set forth below: GLATFELTER 2020 FORM 10-K 59 Year ended December 31 In thousands 2020 2019 Balance at January 1, $ 21,870 $ 45,001 Payments (3,622 ) (20,805 ) Reserve adjustment — (2,509 ) Accretion 207 183 Balance at December 31, $ 18,455 $ 21,870 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Financial and Other Information by Segment | The following tables set forth profitability and other information by segment: For the year ended December 31, 2020 Composite Airlaid Other and In thousands Fibers Materials Unallocated Total Net sales $ 525,089 $ 391,409 $ — $ 916,498 Cost of products sold 430,420 326,809 11,400 768,629 Gross profit (loss) 94,669 64,600 (11,400 ) 147,869 SG&A 42,575 18,296 39,174 100,045 Gains on dispositions of plant, equipment and timberlands, net — — (1,332 ) (1,332 ) Total operating income (loss) 52,094 46,304 (49,242 ) 49,156 Non-operating expense — — (16,797 ) (16,797 ) Income (loss) before income taxes $ 52,094 $ 46,304 $ (66,039 ) $ 32,359 Supplementary Data Plant, equipment and timberlands, net $ 225,444 $ 295,806 $ 22,017 $ 543,267 Depreciation, depletion and amortization 26,175 22,416 8,009 56,600 Capital expenditures 13,262 9,311 5,563 28,136 For the year ended December 31, 2019 Composite Airlaid Other and In thousands Fibers Materials Unallocated Total Net sales $ 521,666 $ 406,007 $ — $ 927,673 Cost of products sold 432,154 346,568 1,409 780,131 Gross profit (loss) 89,512 59,439 (1,409 ) 147,542 SG&A 41,629 18,321 35,017 94,967 Gains on dispositions of plant, equipment and timberlands, net — — (2,060 ) (2,060 ) Total operating income (loss) 47,883 41,118 (34,366 ) 54,635 Non-operating expense — — (89,088 ) (89,088 ) Income (loss) before income taxes $ 47,883 $ 41,118 $ (123,454 ) $ (34,453 ) Supplementary Data Plant, equipment and timberlands, net $ 222,710 $ 293,779 $ 20,932 $ 537,421 Depreciation, depletion and amortization 26,153 21,136 3,531 50,820 Capital expenditures 11,972 13,667 2,126 27,765 For the year ended December 31, 2018 Composite Airlaid Other and In thousands Fibers Materials Unallocated Total Net sales $ 554,869 $ 311,417 $ — $ 866,286 Cost of products sold 462,270 269,272 4,337 735,879 Gross profit (loss) 92,599 42,145 (4,337 ) 130,407 SG&A 44,205 12,182 55,334 111,721 Loss on dispositions of plant, equipment and timberlands, net — — (3,256 ) (3,256 ) Total operating income (loss) 48,394 29,963 (56,415 ) 21,942 Non-operating expense — — (14,667 ) (14,667 ) Income (loss) before income taxes $ 48,394 $ 29,963 $ (71,082 ) $ 7,275 Supplementary Data Plant, equipment and timberlands, net $ 233,167 $ 298,232 $ 24,645 $ 556,044 Depreciation, depletion and amortization 28,256 14,892 4,377 47,525 Capital expenditures 15,685 21,646 4,798 42,129 |
Schedule of Net Sales to External Customers and Location of Net Plant, Equipment and Timberlands | Our net sales to external customers and location of net plant, equipment and timberlands are summarized below. Net sales are attributed to countries based upon origin of shipment. 2020 2019 2018 In thousands Net sales Plant, Equipment and Timberlands – Net Net sales Plant, Equipment and Timberlands – Net Net sales Plant, Equipment and Timberlands – Net United States $ 166,131 $ 103,570 $ 167,887 $ 105,763 $ 124,690 $ 109,797 Germany 489,655 286,591 504,012 274,146 483,628 286,839 United Kingdom 73,604 50,140 70,018 52,039 76,053 50,483 Canada 112,128 68,975 121,789 72,436 114,877 74,448 Other 74,980 33,991 63,967 33,037 67,038 34,477 Total $ 916,498 $ 543,267 $ 927,673 $ 537,421 $ 866,286 $ 556,044 |
Quarterly Results (Tables)
Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Income (Loss) from Continuing Operations and Earnings (Loss) Per Share | In thousands, Net sales Gross Profit Income (loss) from continuing operations Earnings (loss) per share except per share 2020 2019 2020 2019 2020 2019 2020 2019 First $ 231,560 $ 229,133 $ 36,802 $ 35,617 $ 7,406 $ 4,603 $ 0.17 $ 0.10 Second 216,183 235,053 32,063 37,500 (2,281 ) 6,293 (0.05 ) 0.14 Third 233,473 232,515 38,251 38,021 6,527 8,643 0.15 0.19 Fourth 235,282 230,972 40,753 36,404 9,131 (44,750 ) 0.21 (1.01 ) |
Accounting Policies - Schedule
Accounting Policies - Schedule of Range of Estimated Service Lives (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 15 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 5 years |
Minimum [Member] | Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 3 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 45 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 40 years |
Maximum [Member] | Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 25 years |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Dec. 31, 2020USD ($) | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Impairment of goodwill | $ 0 |
Tradename [Member] | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Impairment of intangible assets | $ 0 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) | Jan. 05, 2021USD ($)t | Oct. 01, 2018USD ($)Employeet | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | |||||||||||||
Goodwill | $ 164,369,000 | $ 150,816,000 | $ 164,369,000 | $ 150,816,000 | |||||||||
Intangible assets, net | 81,835,000 | 83,735,000 | 81,835,000 | 83,735,000 | |||||||||
Net sales | 235,282,000 | $ 233,473,000 | $ 216,183,000 | $ 231,560,000 | $ 230,972,000 | $ 232,515,000 | $ 235,053,000 | $ 229,133,000 | 916,498,000 | 927,673,000 | $ 866,286,000 | ||
Operating income | 49,156,000 | 54,635,000 | 21,942,000 | ||||||||||
Selling, general and administrative expenses | 100,045,000 | $ 94,967,000 | 111,721,000 | ||||||||||
G-P U.S. Business [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Annual sales of acquiree | 100,000,000 | ||||||||||||
G P Business [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business acquisition purchase price | $ 188,000,000 | ||||||||||||
Annual production capacity | t | 32,000 | ||||||||||||
Business acquisition, date of completion | Oct. 1, 2018 | ||||||||||||
Number of employees at manufacturing facility | Employee | 220 | ||||||||||||
Goodwill | 74,800,000 | 74,800,000 | |||||||||||
Intangible assets, net | 43,600,000 | 43,600,000 | |||||||||||
Goodwill deductible for tax purposes | $ 0 | $ 0 | |||||||||||
Acquired intangible assets estimated remaining life | 13 years | ||||||||||||
Net sales | 23,100,000 | ||||||||||||
Operating income | 2,400,000 | ||||||||||||
Selling, general and administrative expenses | $ 5,100,000 | ||||||||||||
G P Business [Member] | Minimum [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired property, plant and equipment, estimated remaining lives | 5 years | ||||||||||||
G P Business [Member] | Maximum [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired property, plant and equipment, estimated remaining lives | 25 years | ||||||||||||
Subsequent Event [Member] | G-P U.S. Business [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business acquisition purchase price | $ 175,000,000 | ||||||||||||
Annual production capacity | t | 37,000 |
Acquisitions - Summary of Annua
Acquisitions - Summary of Annual Unaudited Pro Forma Financial Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / shares | |
Business Acquisition Pro Forma Information [Abstract] | |
Net sales | $ 937,043 |
Income from continuing operations | $ 1,585 |
Income per share from continuing operations | $ / shares | $ 0.04 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Oct. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Income (loss) | $ 515 | $ 3,670 | $ (177,156) | ||
Pension Benefits [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Related assets transferred from qualified pension plan | 5,700 | ||||
Pension Benefits [Member] | Reclassifications Out of Accumulated Other Comprehensive Income [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Income (loss) | 699 | 78,384 | 75,996 | ||
Pension Benefits [Member] | Curtailment and Settlement Recognition [Member] | Reclassifications Out of Accumulated Other Comprehensive Income [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Income (loss) | 54,000 | ||||
Specialty Papers [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Selling price of business | $ 360,000 | $ 360,000 | |||
Cash proceeds from divestiture of business | 323,000 | ||||
Retiree healthcare liabilities | 38,000 | 38,000 | |||
Pension liabilities assumed | 210,000 | 210,000 | |||
Related assets transferred from qualified pension plan | $ 274,000 | $ 274,000 | |||
Impairment charge | 144,100 | 144,124 | |||
Income (loss) | $ 515 | $ 3,670 | $ (177,156) |
Discontinued Operations - Summa
Discontinued Operations - Summary of Discontinued Operations included in Consolidated Statements of Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-operating income (expense) | |||
Income (loss) before income taxes | $ 544 | $ 1,284 | $ (207,242) |
Income tax provision (benefit) | 29 | (2,386) | (30,086) |
Income (loss) from discontinued operations | 515 | 3,670 | (177,156) |
Specialty Papers [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total revenues | 664,574 | ||
Costs of products sold | 637,472 | ||
Gross profit | 27,102 | ||
Selling, general and administrative expenses | (544) | 109 | 32,465 |
(Gains) losses on dispositions of plant, equipment and timberlands, net | (423) | ||
Operating income (loss) | 544 | (109) | (4,940) |
Non-operating income (expense) | |||
Interest expense | (6,942) | ||
Other, net | 1,393 | (51,236) | |
Impairment charge | (144,100) | (144,124) | |
Income (loss) before income taxes | 544 | 1,284 | (207,242) |
Income tax provision (benefit) | 29 | (2,386) | (30,086) |
Income (loss) from discontinued operations | $ 515 | $ 3,670 | (177,156) |
Specialty Papers [Member] | Product [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total revenues | 661,186 | ||
Specialty Papers [Member] | Energy and Related Sales Net [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Total revenues | $ 3,388 |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Cash Flows from Discontinued Operations Included in Consolidated Statements of Cash Flows (Detail) - Specialty Papers [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Net cash (used) provided by operating activities | $ (1,613) | $ (10,942) | $ 38,803 |
Net cash (used) provided by investing activities | (8,221) | 308,120 | |
Net cash provided by financing activities | 125 | ||
Change in cash and cash equivalents from discontinued operations | $ (1,613) | $ (19,163) | $ 347,048 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Charges (Details) - Composite Fibers [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Severance and benefit continuation | $ 6,143 |
Accelerated depreciation | 3,900 |
Inventory and spare parts | 977 |
Other | 91 |
Total | $ 11,111 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Restructuring And Related Activities [Abstract] | |
Severance and benefit continuation costs, payment description | The severance and benefit continuation costs are generally expected to be paid out ratably over the next 6 months. |
Accrued and unpaid restructuring charge | $ 1 |
Asset Impairment - Additional I
Asset Impairment - Additional Information (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Asset Impairment Charges [Abstract] | |
Non-cash asset impairment charge | $ 0.9 |
Gain on Dispositions of Plant_3
Gain on Dispositions of Plant, Equipment and Timberlands - Summary for Sale of Timberlands and Other Assets (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)a | Dec. 31, 2019USD ($)a | Dec. 31, 2018USD ($)a | |
Property, Plant and Equipment [Line Items] | |||
Proceeds | $ 1,413 | $ 2,198 | $ 3,462 |
Gain (loss) | $ 1,332 | $ 2,060 | $ 3,256 |
Timberlands [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Acres | a | 461 | 1,996 | 1,918 |
Proceeds | $ 1,413 | $ 1,705 | $ 3,414 |
Gain (loss) | 1,381 | 1,572 | 3,225 |
Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds | 493 | 48 | |
Gain (loss) | $ (49) | $ 488 | $ 31 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregated Information Pertaining to Net Sales from Contracts with Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | $ 235,282 | $ 233,473 | $ 216,183 | $ 231,560 | $ 230,972 | $ 232,515 | $ 235,053 | $ 229,133 | $ 916,498 | $ 927,673 | $ 866,286 |
Americas [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 166,131 | 167,887 | 124,690 | ||||||||
Product [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 916,498 | 927,673 | 866,286 | ||||||||
Composite Fibers [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 525,089 | 521,666 | 554,869 | ||||||||
Composite Fibers [Member] | Europe, Middle East and Africa [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 315,881 | 312,218 | 354,978 | ||||||||
Composite Fibers [Member] | Americas [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 128,385 | 132,845 | 113,546 | ||||||||
Composite Fibers [Member] | Asia Pacific [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 80,823 | 76,603 | 86,345 | ||||||||
Composite Fibers [Member] | Food & Beverage [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 285,665 | 278,786 | 279,515 | ||||||||
Composite Fibers [Member] | Wallcovering [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 79,346 | 81,679 | 103,686 | ||||||||
Composite Fibers [Member] | Technical Specialties [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 84,320 | 79,535 | 81,281 | ||||||||
Composite Fibers [Member] | Metallized [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 38,902 | 46,392 | 52,174 | ||||||||
Composite Fibers [Member] | Composite Laminates [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 36,856 | 35,274 | 38,213 | ||||||||
Airlaid Materials [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 391,409 | 406,007 | 311,417 | ||||||||
Airlaid Materials [Member] | Europe, Middle East and Africa [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 204,728 | 220,924 | 163,157 | ||||||||
Airlaid Materials [Member] | Americas [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 174,606 | 179,067 | 144,913 | ||||||||
Airlaid Materials [Member] | Asia Pacific [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 12,075 | 6,016 | 3,347 | ||||||||
Airlaid Materials [Member] | Feminine Hygiene [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 204,085 | 207,301 | 195,686 | ||||||||
Airlaid Materials [Member] | Specialty Wipes [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 74,942 | 70,149 | 45,375 | ||||||||
Airlaid Materials [Member] | Tabletop [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 45,314 | 66,486 | 21,600 | ||||||||
Airlaid Materials [Member] | Adult Incontinence [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 21,825 | 25,233 | 19,734 | ||||||||
Airlaid Materials [Member] | Home Care [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 25,040 | 17,266 | 16,010 | ||||||||
Airlaid Materials [Member] | Other [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | $ 20,203 | $ 19,572 | $ 13,012 |
Earnings Per Share - Details of
Earnings Per Share - Details of Basic and Diluted Earnings (Loss) Per Share (EPS) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Net income (loss) | $ 21,298 | $ (21,541) | $ (177,604) |
Weighted average common shares outstanding used in basic EPS | 44,339 | 44,132 | 43,768 |
Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs | 275 | ||
Weighted average common shares outstanding and common share equivalents used in diluted EPS | 44,614 | 44,132 | 43,768 |
Earnings (loss) per share | |||
Continuing operations | $ 0.47 | $ (0.57) | $ (0.01) |
Discontinued operations | $ 0.01 | $ 0.08 | $ (4.05) |
Earnings Per Share - Number of
Earnings Per Share - Number of Potential Common Shares that have been Excluded from Computation of Diluted Earnings Per Share for Indicated Period Due to Their Anti-Dilutive Nature (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Potential common shares | 1,082 | 1,233 | 1,379 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Losses) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (77,896) | $ (137,440) | $ (140,675) |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201802Member | ||
Balance as adjusted at January 1, 2018 | $ (162,973) | ||
Other comprehensive income (loss) before reclassifications (net of tax) | 23,901 | 9,632 | (31,430) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (4,658) | 49,912 | 56,963 |
Net current period other comprehensive income (loss) | 19,243 | 59,544 | 25,533 |
Ending Balance | (58,653) | (77,896) | (137,440) |
Revision of Prior Period, Reclassification, Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (22,298) | ||
Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (76,346) | (69,622) | $ (41,839) |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201802Member | ||
Balance as adjusted at January 1, 2018 | $ (41,839) | ||
Other comprehensive income (loss) before reclassifications (net of tax) | 33,821 | (6,724) | (27,783) |
Net current period other comprehensive income (loss) | 33,821 | (6,724) | (27,783) |
Ending Balance | (42,525) | (76,346) | (69,622) |
Unrealized Gain (Loss) on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 4,316 | 2,199 | $ (4,092) |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201802Member | ||
Balance as adjusted at January 1, 2018 | $ (4,092) | ||
Other comprehensive income (loss) before reclassifications (net of tax) | (2,840) | 6,800 | 2,641 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (3,972) | (4,683) | 3,650 |
Net current period other comprehensive income (loss) | (6,812) | 2,117 | 6,291 |
Ending Balance | (2,496) | 4,316 | 2,199 |
Change in Pensions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (7,253) | (71,431) | $ (98,295) |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201802Member | ||
Balance as adjusted at January 1, 2018 | $ (121,592) | ||
Other comprehensive income (loss) before reclassifications (net of tax) | (6,202) | 8,730 | (9,267) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 611 | 55,448 | 59,428 |
Net current period other comprehensive income (loss) | (5,591) | 64,178 | 50,161 |
Ending Balance | (12,844) | (7,253) | (71,431) |
Change in Pensions [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (23,297) | ||
Change in Other Postretirement Defined Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 1,387 | 1,414 | $ 3,551 |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201802Member | ||
Balance as adjusted at January 1, 2018 | $ 4,550 | ||
Other comprehensive income (loss) before reclassifications (net of tax) | (878) | 826 | 2,979 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (1,297) | (853) | (6,115) |
Net current period other comprehensive income (loss) | (2,175) | (27) | (3,136) |
Ending Balance | $ (788) | $ 1,387 | 1,414 |
Change in Other Postretirement Defined Benefit Plans [Member] | Revision of Prior Period, Reclassification, Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 999 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Losses) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | $ (768,629) | $ (780,131) | $ (735,879) |
Other, net | 4,020 | 4,477 | (383) |
Tax expense (benefit) | 11,576 | (9,242) | 7,723 |
Net income (loss) | 21,298 | (21,541) | (177,604) |
Interest expense | 7,022 | 10,408 | 15,609 |
Income (loss) | 515 | 3,670 | (177,156) |
Pension settlement | (6,154) | (75,326) | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement | 2,300 | (75,300) | |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Tax expense (benefit) | (88) | (22,936) | (16,568) |
Net income (loss) | (4,658) | 49,912 | 56,963 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Accumulated Net (Gain) Loss from Cash Flow Hedges Attributable to Parent [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net income (loss) | (3,972) | (4,683) | 3,650 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net income (loss) | 611 | 55,448 | 59,428 |
Income (loss) | 699 | 78,384 | 75,996 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Prior Service Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other, net | 48 | 216 | 39 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Actuarial Losses [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other, net | 651 | 2,842 | 7,050 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Discontinued Operations Amortization of Deferred Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Income (loss) | 6,990 | ||
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Pension Curtailment and Settlement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Income (loss) | 61,917 | ||
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Pension Settlement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement | 75,326 | ||
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Other Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other, net | (1,297) | (862) | (8,785) |
Tax expense (benefit) | 9 | 2,670 | |
Net income (loss) | (1,297) | (853) | (6,115) |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Other Pension Plan [Member] | Prior Service Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other, net | (463) | (10) | |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Other Pension Plan [Member] | Discontinued Operations Amortization of Deferred Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Income (loss) | (575) | ||
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Other Pension Plan [Member] | Other Benefit Plan Settlement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Income (loss) | (7,949) | ||
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Other Pension Plan [Member] | Actuarial Gains [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other, net | (834) | (852) | (261) |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | Loss on Interest Rate Swaps [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net income (loss) | 83 | ||
Interest expense | 83 | ||
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges [Member] | Accumulated Net (Gain) Loss from Cash Flow Hedges Attributable to Parent [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | (5,503) | (6,468) | 5,020 |
Tax expense (benefit) | 1,448 | 1,785 | (1,370) |
Net income (loss) | $ (4,055) | $ (4,683) | $ 3,650 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Benefit from Income Taxes from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current taxes | |||
Federal | $ (4,989) | $ (419) | |
State | 166 | 134 | $ 442 |
Foreign | 18,470 | 14,014 | 14,985 |
Total current taxes | 13,647 | 13,729 | 15,427 |
Deferred taxes and other | |||
Federal | 540 | (20,448) | (9,242) |
State | (1,183) | (4,105) | 251 |
Foreign | (1,428) | 1,582 | 1,287 |
Total deferred taxes and other | (2,071) | (22,971) | (7,704) |
Income tax provision (benefit) | $ 11,576 | $ (9,242) | $ 7,723 |
Income Taxes - Schedule of Dome
Income Taxes - Schedule of Domestic and Foreign Components of Pretax Income (Loss) from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (35,696) | $ (107,455) | $ (59,264) |
Foreign | 68,055 | 73,002 | 66,539 |
Income (loss) before income taxes | $ 32,359 | $ (34,453) | $ 7,275 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Federal Statutory Rate to Company's Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax provision at statutory rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of federal income tax benefit | 0.60% | 3.70% | (15.90%) |
Foreign income tax rate differential | 3.40% | 2.00% | (18.90%) |
Tax effect of tax credits | (10.20%) | 8.20% | 1.30% |
Provision for (resolution of) tax matters | 12.40% | (8.00%) | 46.50% |
Rate changes due to enacted legislation | 0.70% | 0.10% | 7.20% |
Effect of U.S. tax law change | (21.50%) | (7.50%) | |
Global Intangible Low-taxed Income | 7.10% | (9.40%) | 33.80% |
Stock-based compensation | 1.40% | (1.00%) | 10.00% |
Nondeductible officer's compensation | 1.00% | (0.70%) | 5.20% |
Valuation allowance | 11.70% | 4.30% | 15.70% |
Pension termination, settlement and related | 5.40% | 5.00% | |
Other | 2.80% | 1.60% | 7.80% |
Actual tax rate | 35.80% | 26.80% | 106.20% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | ||||
Pension, restructuring and other non recurring costs | $ 10,500,000 | |||
Income tax expense (benefit) | 11,576,000 | $ (9,242,000) | $ 7,723,000 | |
Offsetting of income tax | 6,100,000 | |||
Valuation allowance | 23,305,000 | 28,485,000 | ||
Research and development, tax credit | 3,300,000 | 2,800,000 | (100,000) | |
Unremitted earnings of subsidiaries outside the United States, reinvested | 109,000,000 | 62,000,000 | ||
Deferred tax liability | 0 | |||
Gross unrecognized tax benefits | 46,300,000 | $ 30,500,000 | $ 29,600,000 | $ 26,900,000 |
Unrecognized tax benefits that would impact effective tax rate | 35,800,000 | |||
Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Gross unrecognized tax benefits balance may decrease within the next twelve months | 0 | |||
Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Gross unrecognized tax benefits balance may decrease within the next twelve months | 6,100,000 | |||
United States - Federal [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 10,000,000 | |||
Net operating loss carryforwards expiration year | 2037 | |||
Tax credit carryforwards | $ 14,200,000 | |||
Tax credit carryforwards expiration year | 2034 | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 199,300,000 | |||
Net operating loss carryforwards expiration year | 2021 | |||
Tax credit carryforwards | $ 3,400,000 | |||
Tax credit carryforwards expiration year | 2021 | |||
Foreign Tax Authority [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | $ 3,600,000 | |||
Net operating loss carryforwards expiration year | 2024 | |||
Pension, Restructuring, and Other Non-Recurring Costs [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax expense (benefit) | $ 0 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Reserves | $ 685 | $ 991 |
Environmental | 4,481 | 5,696 |
Compensation | 2,415 | 3,287 |
Pension | 4,279 | |
Post-retirement benefits | 1,388 | 1,619 |
Research & development expenses | 3,092 | 6,439 |
Inventories | (91) | |
Tax carryforwards | 16,703 | 25,227 |
Other | 5,714 | 1,117 |
Deferred tax assets | 38,757 | 44,285 |
Valuation allowance | (23,305) | (28,485) |
Net deferred tax assets | 15,452 | 15,800 |
Property | (70,492) | (65,027) |
Intangible assets | (18,808) | (19,355) |
Pension | (6,198) | |
Other | (3,282) | (1,577) |
Deferred tax liabilities | (92,582) | (92,157) |
Net deferred tax liabilities | $ (77,130) | $ (76,357) |
Income Taxes - Schedule of Non-
Income Taxes - Schedule of Non-Current Deferred Tax Assets and Liabilities Balance Sheet Captions (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Other assets | $ 1 | $ 17 |
Deferred income taxes | $ 77,131 | $ 76,374 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefit (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 30.5 | $ 29.6 | $ 26.9 |
Increases in tax positions for prior years | 13.9 | 2.8 | 0.3 |
Decreases in tax positions for prior years | (0.1) | (2.9) | (1) |
Purchase Accounting | 0.3 | ||
Increases in tax positions for current year | 4.4 | 4.6 | 4 |
Settlements | (1.1) | (0.3) | (0.2) |
Lapse in statutes of limitation | (1.3) | (3.3) | (0.7) |
Ending balance | $ 46.3 | $ 30.5 | $ 29.6 |
Income Taxes - Summary of Tax Y
Income Taxes - Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
United States [Member] | United States - Federal [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2014 - 2015; 2017 - 2020 |
United States [Member] | United States - State [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2016 - 2020 |
Examination in progress | 2015 - 2018 |
Canada [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2013 - 2018; 2020 |
Examination in progress | 2019 |
Germany [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2016 - 2020 |
France [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2018 - 2020 |
United Kingdom [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2019 - 2020 |
Philippines [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2019 - 2020 |
Examination in progress | 2018 |
Income Taxes - Summary of Infor
Income Taxes - Summary of Information Related to Interest and Penalties on Uncertain Tax Positions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Accrued interest payable | $ 1.8 | $ 0.4 | $ 1.1 |
Interest expense (income) | $ 1 | $ (0.7) | $ 0.3 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Stock Units (RSU) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
The vesting graded scale | The vesting of RSUs is generally based on the passage of time, generally over a three -year period or in certain instances the RSUs were issued with 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 | 171,150 | 218,422 | 184,834 |
Weighted average grant date fair value | $ 16.65 | $ 15.86 | $ 20.20 |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants under performance share awards | 400,854 | 600,820 | 435,542 |
Unrecognized compensation expense for outstanding RSUs and PSAs | $ 5.4 | ||
The weighted average remaining period over which the expense will be recognized | 1 year 7 months 6 days | ||
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of stock | 3 years | ||
Share-based payment award, shares issued in period | 0 | 0 | 0 |
Intrinsic value of SOSARs vested and expected to vest | $ 0.1 | ||
The remaining weighted average contractual life of outstanding SOSARs | 3 years 6 months | ||
Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock available for future issuance | 1,899,527 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSU and PSA Activity (Detail) - Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance | 896,463 | 756,786 | 929,386 |
Granted | 400,854 | 600,820 | 435,542 |
Forfeited | (89,483) | (223,677) | (112,501) |
Shares delivered | (136,182) | (237,466) | (495,641) |
Ending Balance | 1,071,652 | 896,463 | 756,786 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense for Periods (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 5,655 | $ 3,543 | $ 5,971 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Information Related to Outstanding SOSARS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercised | (10,000) | (101,000) | (41,000) |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance, Outstanding | 1,291,947 | 2,334,742 | 2,561,846 |
Exercised | (58,460) | (596,360) | (158,545) |
Canceled / forfeited | (151,074) | (446,435) | (68,559) |
Ending Balance, Outstanding | 1,082,413 | 1,291,947 | 2,334,742 |
Exercisable at December 31, | 1,082,413 | 1,291,947 | 2,134,297 |
Vested and expected to vest | 1,082,413 | 1,291,947 | 2,334,742 |
Beginning Balance, Weighted Average Exercise Price, Outstanding | $ 20.05 | $ 18.08 | $ 17.87 |
Weighted Average Exercise Price, Exercised | 12.85 | 15.56 | 13.31 |
Weighted Average Exercise Price, Canceled / forfeited | 20.25 | 21.06 | 21.09 |
Ending Balance, Weighted Average Exercise Price, Outstanding | 20.40 | 20.05 | 18.08 |
Weighted Average Exercise Price, Exercisable at December 31, | $ 20.40 | $ 20.05 | $ 18.13 |
Compensation expense | $ 40 | $ 317 |
Retirement Plans and Other Po_3
Retirement Plans and Other Post-Retirement Benefits - Additional Information (Detail) $ in Thousands | Jun. 01, 2019 | Oct. 31, 2018USD ($) | Oct. 31, 2018USD ($) | Dec. 31, 2020USD ($)Age | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Pension settlement charge, net of post settlement adjustments | $ (6,154) | $ (75,326) | ||||
Employer contribution of employee's eligible earnings, percentage | 7.00% | 11.00% | ||||
Comprehensive medical plan for retiree employees eligible age to participate in health care benefit plan | Age | 65 | |||||
Comprehensive medical plan for retiree employees eligible age for avail defray costs of Medicare | Age | 65 | |||||
Projected benefit obligation | $ 47,300 | 45,700 | ||||
Accumulated benefit obligation for all defined benefit pension plans | $ 47,300 | 45,700 | ||||
Defined contribution plans Employees contribution | 50.00% | |||||
Expense associated with Defined Contribution Plans | $ 2,000 | 1,900 | $ 400 | |||
Non-qualified Plans [Member] | Unfunded [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Projected benefit obligation | 47,300 | |||||
Specialty Papers [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Pension liabilities assumed | $ 210,000 | $ 210,000 | ||||
Retiree healthcare liabilities | 38,000 | 38,000 | ||||
Related assets transferred from existing pension plan | $ 274,000 | $ 274,000 | ||||
Pension Benefits [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Decrease in projected benefit obligation | 309,500 | |||||
Decrease in plan assets | 309,500 | |||||
Pension plan settlement charge | 75,300 | |||||
Assets remain in pension trust | (47,300) | 7,700 | ||||
Pension settlement charge, net of post settlement adjustments | 2,300 | (75,300) | ||||
Amount transferred to suspense account to fund future 401(k) contributions | 14,100 | |||||
Paying of excise taxes | 8,300 | |||||
Available for general corporate purposes | $ 33,300 | |||||
Related assets transferred from existing pension plan | $ 5,700 | |||||
Discount rates | 2.17% | 2.70% | ||||
Pension Benefits [Member] | Maximum [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rates | 2.61% | |||||
Pension Benefits [Member] | Minimum [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rates | 1.22% | |||||
Pension Benefits [Member] | Cash and Cash Equivalents [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Assets remain in pension trust | $ 53,400 | |||||
Pension Benefits [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Assets remain in pension trust | $ 53,400 | |||||
Deferred Compensation Plan [Member] | Maximum [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Employer contribution of employee's eligible earnings, percentage | 7.00% | |||||
Other Benefits [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Assets remain in pension trust | $ (6,000) | $ (6,500) | ||||
Discount rates | 2.30% | 3.11% |
Retirement Plans and Other Po_4
Retirement Plans and Other Post-Retirement Benefits - Schedule of Change in Benefit Obligation and Plan Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits [Member] | |||
Change in Benefit Obligation | |||
Balance at beginning of year | $ 45.7 | $ 332.2 | |
Service cost | 1.3 | $ 2.3 | |
Interest cost | 1.2 | 11.5 | 13.3 |
Benefits paid | (2.4) | (22.3) | |
Plan amendments | (0.2) | ||
Actuarial (gain)/loss | 1.7 | 29.2 | |
Special termination benefits | 1.3 | ||
Curtailment | (1.9) | ||
Settlement/transfer | (309.5) | ||
Transfers from Discontinued Operations | 4.3 | ||
Effect of currency rate changes | 1.1 | (0.2) | |
Balance at end of year | 47.3 | 45.7 | 332.2 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | 53.4 | 333.2 | |
Reversion of excess plan assets | (53.4) | ||
Actual return on plan assets | 44.1 | ||
Total contributions | 2.4 | 2.2 | |
Benefits paid | (2.4) | (22.3) | |
Transfers from Discontinued Operations | 5.7 | ||
Settlement/transfer | (309.5) | ||
Fair value of plan assets at end of year | 53.4 | 333.2 | |
Funded status at end of year | (47.3) | 7.7 | |
Other Benefits [Member] | |||
Change in Benefit Obligation | |||
Balance at beginning of year | 6.5 | 9.2 | |
Service cost | 0.1 | ||
Interest cost | 0.2 | 0.3 | 0.5 |
Benefits paid | (1.6) | (3) | |
Participant contributions | 0.9 | ||
Actuarial (gain)/loss | 0.9 | (0.3) | |
Curtailment | (0.6) | ||
Balance at end of year | 6 | 6.5 | $ 9.2 |
Change in Plan Assets | |||
Total contributions | 1.6 | 3 | |
Benefits paid | (1.6) | (3) | |
Funded status at end of year | $ (6) | $ (6.5) |
Retirement Plans and Other Po_5
Retirement Plans and Other Post-Retirement Benefits - Summary of Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | $ (47.3) | $ 7.7 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | (6) | (6.5) |
Cash and Cash Equivalents [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | 53.4 | |
Current Liabilities [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | (2.3) | (2.3) |
Current Liabilities [Member] | Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | (1.2) | (1.4) |
Other Long-Term Liabilities [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | (45) | (43.4) |
Other Long-Term Liabilities [Member] | Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | $ (4.8) | $ (5.1) |
Retirement Plans and Other Po_6
Retirement Plans and Other Post-Retirement Benefits - Components of Amounts Recognized as Accumulated Other Comprehensive Income on Pre-Tax Basis (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service credit (cost) | $ (0.2) | $ 0.1 |
Net actuarial gain (loss) | (15.6) | 4.2 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service credit (cost) | 0.1 | 0.6 |
Net actuarial gain (loss) | $ (0.4) | $ 1.4 |
Retirement Plans and Other Po_7
Retirement Plans and Other Post-Retirement Benefits - Weighted-Average Assumptions Used in Computing Benefit Obligations (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate - benefit obligation | 2.17% | 2.70% |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate - benefit obligation | 2.30% | 3.11% |
Retirement Plans and Other Po_8
Retirement Plans and Other Post-Retirement Benefits - Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 47.3 | $ 45.7 |
Accumulated benefit obligation | $ 47.3 | $ 45.7 |
Retirement Plans and Other Po_9
Retirement Plans and Other Post-Retirement Benefits - Schedule of Net Periodic Benefit (Income) Expense of Pension and Other Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement charge | $ 6,154 | $ 75,326 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,300 | $ 2,300 | |
Interest cost | 1,200 | 11,500 | 13,300 |
Expected return on plan assets | (13,700) | (21,100) | |
Amortization of prior service cost/(credit) | 200 | ||
Amortization of actuarial loss | 700 | 2,800 | 7,100 |
Termination benefits | 1,300 | ||
Pension settlement charge | (2,300) | 75,300 | |
Total net periodic benefit (income) expense | 1,900 | 78,700 | 1,600 |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 100 | ||
Interest cost | 200 | 300 | 500 |
Amortization of prior service cost/(credit) | (500) | ||
Amortization of actuarial loss | (800) | (900) | (300) |
Total net periodic benefit (income) expense | $ (1,100) | $ (600) | $ 300 |
Retirement Plans and Other P_10
Retirement Plans and Other Post-Retirement Benefits - Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial (gain) loss | $ 1.7 | $ (5.2) |
Plan amendments | (0.2) | |
Recognized prior service costs | (0.2) | |
Recognized actuarial losses | (0.7) | (78.1) |
Total recognized in other comprehensive (income) loss | 1 | (83.7) |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | 2.9 | (5) |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial (gain) loss | 0.9 | (0.3) |
Recognized actuarial losses | 0.8 | 0.9 |
Total recognized in other comprehensive (income) loss | 1.7 | $ 0.6 |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ 0.6 |
Retirement Plans and Other P_11
Retirement Plans and Other Post-Retirement Benefits - Schedule of Defined Benefit Plan Weighted-Average Assumptions Used in Computing Net Periodic Benefit Expense (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate - benefit expense | 2.70% | 4.34% | 3.85% |
Future compensation growth rate | 2.50% | 3.00% | |
Expected long-term rate of return on plan assets | 4.50% | 7.25% | |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate - benefit expense | 3.11% | 4.19% | 3.68% |
Retirement Plans and Other P_12
Retirement Plans and Other Post-Retirement Benefits - Schedule of Health Care Cost Trend Rates Used in Calculating Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate assumed for next year | 5.30% | 5.60% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reaches the ultimate rate | 2037 | 2037 |
Retirement Plans and Other P_13
Retirement Plans and Other Post-Retirement Benefits - Summary of Benefit Payments Expected to be Made under Non-Qualified Pension Plans and Other Benefit Plans (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 2,271 |
2022 | 2,210 |
2023 | 2,147 |
2024 | 2,082 |
2025 | 2,020 |
2026 through 2030 | 16,972 |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 1,167 |
2022 | 852 |
2023 | 626 |
2024 | 495 |
2025 | 460 |
2026 through 2030 | $ 1,399 |
Inventories - Inventories, Net
Inventories - Inventories, Net of Reserves (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 55,466 | $ 59,164 |
In-process and finished | 97,109 | 92,231 |
Supplies | 43,655 | 39,020 |
Total | $ 196,230 | $ 190,415 |
Plant, Equipment and Timberla_3
Plant, Equipment and Timberlands - Summary of Plant, Equipment and Timberlands (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation | $ (569,386) | $ (490,032) | |
Subtotal | 519,919 | 510,892 | |
Construction in progress | 23,330 | 26,508 | |
Timberlands, less depletion | 18 | 21 | |
Total | 543,267 | 537,421 | $ 556,044 |
Land and Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 173,646 | 163,066 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 754,737 | 685,081 | |
Furniture, Fixtures, and Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 160,922 | $ 152,777 |
Plant, Equipment and Timberla_4
Plant, Equipment and Timberlands - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | ||
Accrued capital expenditures | $ 3.1 | $ 4.4 |
Plant, Equipment and Timberla_5
Plant, Equipment and Timberlands - Summary of Interest Expense Capitalized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Expense [Abstract] | |||
Interest cost incurred | $ 7,022 | $ 10,408 | $ 16,005 |
Interest capitalized | 396 | ||
Interest expense | $ 7,022 | $ 10,408 | $ 15,609 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Total Goodwill | $ 164,369 | $ 150,816 |
Total intangibles | 133,664 | 123,587 |
Accumulated amortization | (51,829) | (39,852) |
Net intangibles | 81,835 | 83,735 |
Composite Fibers [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total Goodwill | 84,586 | 77,775 |
Composite Fibers [Member] | Technology and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 41,578 | 38,256 |
Composite Fibers [Member] | Tradename - Non Amortizing [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 3,902 | 4,470 |
Composite Fibers [Member] | Customer Relationships and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 37,535 | 34,445 |
Airlaid Materials [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total Goodwill | 79,783 | 73,041 |
Airlaid Materials [Member] | Tradename [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 3,960 | 3,625 |
Airlaid Materials [Member] | Technology and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 20,053 | 18,406 |
Airlaid Materials [Member] | Customer Relationships and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | $ 26,636 | $ 24,385 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 10 years 6 months |
Customer Relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 10 years |
Customer Relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 14 years |
Technology and Related [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 14 years |
Technology and Related [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 20 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract] | |||
Aggregate amortization expense: | $ 8,014 | $ 7,986 | $ 5,680 |
2021 | 7,626 | ||
2022 | 7,511 | ||
2023 | 7,511 | ||
2024 | 7,511 | ||
2025 | $ 7,511 |
Other Long-Term Assets - Summar
Other Long-Term Assets - Summary of Other Long-Term Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets Noncurrent [Abstract] | ||
Right-of-use asset operating leases | $ 11,789 | $ 11,701 |
Restricted cash | 10,084 | |
Other | 22,612 | 22,789 |
Total | $ 44,485 | $ 34,490 |
Other Current Liabilities - Sum
Other Current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Liabilities Current [Abstract] | ||
Accrued payroll and benefits | $ 21,726 | $ 19,369 |
Other accrued compensation and retirement benefits | 9,376 | 5,826 |
Income taxes payable | 4,781 | 2,075 |
Accrued rebates | 4,002 | 3,852 |
Other accrued expenses | 31,208 | 31,650 |
Total | $ 71,093 | $ 62,772 |
Leases - Summary of Information
Leases - Summary of Information Related to Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Right-of-use asset operating leases | $ 11,789 | $ 11,701 |
Weighted average discount rate | 2.94% | 2.92% |
Weighted average remaining maturity (months) | 66 months | 34 months |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 5,876 | $ 4,527 |
Leases - Summary of Minimum Lea
Leases - Summary of Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 4,736 |
2022 | 3,277 |
2023 | 1,568 |
2024 | 1,005 |
2025 | 726 |
Thereafter | $ 3,620 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 315,419 | $ 362,255 |
Less current portion | (25,057) | (22,940) |
Unamortized deferred issuance costs | (1,898) | (2,396) |
Long-term debt, net of current portion | 288,464 | 336,919 |
Revolving Credit Facility, Due Feb. 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 36,813 | 84,255 |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 2,629 | 4,012 |
Term Loan, Due Feb. 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 249,715 | 240,969 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 14,737 | 19,487 |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 4,382 | 5,617 |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 7,143 | $ 7,915 |
Long-Term Debt - Summary of L_2
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jul. 01, 2019 | |
Debt Instrument [Line Items] | |||
Long-term debt, maturity date | Feb. 8, 2024 | ||
Interest rate on debt | 1.25% | ||
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 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 | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 01, 2019 | Feb. 08, 2019USD ($) | Feb. 08, 2019EUR (€) | |
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | € | € 220,000,000 | |||||
Interest rate on debt | 1.25% | |||||
Debt instrument covenant compliance leverage ratio, threshold | 4.5 | 4 | ||||
Debt instrument covenant compliance leverage ratio, actual | 1.8 | |||||
Long-term debt, maturity date | Feb. 8, 2024 | |||||
Amortization expense related to deferred debt issuance costs | $ 600,000 | |||||
Other Assets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized deferred debt issuance costs | $ 1,900,000 | $ 1,900,000 | ||||
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] | Euro Rate [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Federal fund rate spread | 1.125% | |||||
Revolving Credit Facility [Member] | Euro Rate [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Federal fund rate spread | 2.00% | |||||
Revolving Credit Facility [Member] | EURIBOR [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Federal fund rate spread | 112.50% | |||||
Revolving Credit Facility [Member] | EURIBOR [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Federal fund rate spread | 200.00% | |||||
Letters of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit issued | 7,300,000 | $ 7,300,000 | $ 7,300,000 | |||
Letters of credit outstanding | $ 0 | $ 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 | Dec. 31, 2020 | Jul. 01, 2019 |
Debt Instrument [Line Items] | |||||||
Interest Rate | 1.25% | ||||||
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 |
Long-Term Debt - Amortization o
Long-Term Debt - Amortization of Term Loan Agreements Together with Maturities of Other Long-term Debt (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Maturities Of Long Term Debt [Abstract] | |
2021 | $ 25,057 |
2022 | 24,181 |
2023 | 17,516 |
2024 | 247,538 |
2025 | $ 1,127 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 315,419 | $ 362,255 |
Fair Value | 315,646 | 362,663 |
Revolving Credit Facility Due Mar. 2020 And Nov. 2016 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 36,813 | 84,255 |
Fair Value | 36,813 | 84,255 |
Term Loan, Due Feb. 2024 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 249,715 | 240,969 |
Fair Value | 249,715 | 240,969 |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 2,629 | 4,012 |
Fair Value | 2,651 | 4,076 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 14,737 | 19,487 |
Fair Value | 14,873 | 19,764 |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 4,382 | 5,617 |
Fair Value | 4,384 | 5,624 |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 7,143 | 7,915 |
Fair Value | $ 7,210 | $ 7,975 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Parenthetical) (Detail) | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 01, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Percent on aggregate principal amount of outstanding | 1.25% | ||
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) | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020EUR (€) | Oct. 31, 2019EUR (€) | Feb. 08, 2019EUR (€) | |
Derivative [Line Items] | |||||
Term loan | $ | $ 315,419,000 | $ 362,255,000 | |||
Line of credit facility, maximum borrowing capacity | € 220,000,000 | ||||
Pre-tax gain (loss) from changes in currency exchange rates | $ | $ (21,100,000) | $ 1,600,000 | |||
Term Loans [Member] | |||||
Derivative [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | € 220,000,000 | ||||
Floating-to-fixed Interest Rate Swap Agreement [Member] | |||||
Derivative [Line Items] | |||||
Derivative notional amount | € 180,000,000 | ||||
Derivative fixed interest rate | 0.0395% | ||||
Loans variable rate of interest | € 180,000,000 | ||||
Floating-to-fixed Interest Rate Swap Agreement [Member] | Term Loans [Member] | |||||
Derivative [Line Items] | |||||
Term loan | € 180 | ||||
Maximum [Member] | Fair Value, Measurements [Member] | |||||
Derivative [Line Items] | |||||
Accumulated other comprehensive income realization period | 18 months | ||||
Minimum [Member] | |||||
Derivative [Line Items] | |||||
Long-term debt percentage bearing fixed Interest rate | 0.00% | ||||
Minimum [Member] | Fair Value, Measurements [Member] | |||||
Derivative [Line Items] | |||||
Accumulated other comprehensive income realization period | 12 months | ||||
Designated as Hedging [Member] | Foreign Exchange [Member] | |||||
Derivative [Line Items] | |||||
Maturities of foreign currency derivative contracts | 18 months | ||||
Designated as Hedging [Member] | Cash Flow Hedges [Member] | Maximum [Member] | |||||
Derivative [Line Items] | |||||
Period of production costs expected to be incurred | 18 months | ||||
Not Designated as Hedging [Member] | |||||
Derivative [Line Items] | |||||
Maturities of foreign currency derivative contracts | 1 month |
Financial Derivatives and Hed_4
Financial Derivatives and Hedging Activities - Outstanding Derivatives Used to Hedge Foreign Exchange Risks (Detail) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020PHP (₱) | Dec. 31, 2020CAD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019PHP (₱) | Dec. 31, 2019CAD ($) | Dec. 31, 2019GBP (£) |
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 | € | € 18,638,000 | € 17,702,000 | ||||||||
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 | € | 18,522,000 | |||||||||
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 | ₱ | ₱ 853,686,000 | ₱ 1,039,432,000 | ||||||||
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 | $ 1,041,000 | $ 5,347,000 | ||||||||
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 | 70,000 | |||||||||
Cash Flow Hedges [Member] | Canadian Dollar / U.S. Dollar [Member] | Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 1,523,000 | |||||||||
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 | ₱ | ₱ 1,081,791,000 | ₱ 1,077,871,000 | ||||||||
Cash Flow Hedges [Member] | U.S. Dollar / Canadian Dollar [Member] | Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 1,523,000 | |||||||||
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 | $ 34,847,000 | $ 34,094,000 | ||||||||
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 | 69,324,000 | 82,317,000 | ||||||||
Foreign Currency Hedges [Member] | Euro / British Pound [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | € | € 600,000 | |||||||||
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 | 7,500,000 | 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 | $ 25,250,000 | $ 25,500,000 | ||||||||
Foreign Currency Hedges [Member] | British Pound / Euro [Member] | Not Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | £ | £ 1,900,000 | £ 3,000,000 | ||||||||
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 | € | € 7,000,000 |
Financial Derivatives and Hed_5
Financial Derivatives and Hedging Activities - Fair Values of Derivative Instruments (Detail) - Forward Foreign Currency Exchange Contracts [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | $ 577 | $ 4,314 |
Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | 4,342 | 34 |
Designated as Hedging [Member] | Interest Rate Swap [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | 136 | 12 |
Not Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | 456 | 566 |
Not Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | $ 118 | $ 205 |
Financial Derivatives and Hed_6
Financial Derivatives and Hedging Activities - Income or Loss from Derivative Instruments Recognized in Results of Operations (Detail) - Forward Foreign Currency Exchange Contracts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Costs of Products Sold [Member] | Designated as Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Effective portion of derivative instruments, gain (loss) | $ 5,503 | $ 6,468 | $ (5,020) |
Other - Net [Member] | Designated as Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Ineffective portion of derivative instruments, gain (loss) | 138 | ||
Other - Net [Member] | Not Designated as Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Derivative instruments, gain (loss) | 1,679 | $ 300 | $ (1,419) |
Interest Expense [Member] | Designated as Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Derivative instruments, gain (loss) | $ 83 |
Financial Derivatives and Hed_7
Financial Derivatives and Hedging Activities - Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Balance at January 1, | $ 5,859 | $ 3,004 |
Deferred (losses) gains on cash flow hedges | (3,899) | 9,323 |
Reclassified to earnings | (5,420) | (6,468) |
Balance at December 31, | $ (3,460) | $ 5,859 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Outstanding Shares of Common Stock (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Shares outstanding at beginning of year | 44,248 | 43,959 | 43,614 |
Treasury shares issued for: | |||
Restricted stock awards | 110 | 188 | 304 |
Employee stock options exercised | 10 | 101 | 41 |
Shares outstanding at end of year | 44,368 | 44,248 | 43,959 |
Commitments, Contingencies an_3
Commitments, Contingencies and Legal Proceedings - Summary of Minimum Annual Payment Due on Noncancelable Operating Lease (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Member] | |
Operating Leased Assets [Line Items] | |
2021 | $ 4,736 |
2022 | 3,277 |
2023 | 1,568 |
2024 | 1,005 |
2025 | 726 |
Thereafter | 3,620 |
Other [Member] | |
Operating Leased Assets [Line Items] | |
2021 | 91,806 |
2022 | $ 12,304 |
Commitments, Contingencies an_4
Commitments, Contingencies and Legal Proceedings - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2019USD ($) | Dec. 31, 2020USD ($)Operable_Unit | Dec. 31, 2019USD ($) | |
Commitments Contingencies And Litigation [Line Items] | |||
Annual payments due under operating leases | $ 14,900 | ||
Aggregate contractual obligation | $ 104,100 | ||
Number of operable units | Operable_Unit | 5 | ||
Term of agreement with third party for monitoring and maintenance in OU1-OU4a | 30 years | ||
Difference recorded in escrow account | $ 1,500 | ||
Total amount available in escrow account | 9,000 | ||
Reserve for Environmental liabilities, current portion | 3,700 | $ 9,000 | |
Other Long-Term Liabilities [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Reserve for Environmental liabilities, remaining portion | $ 14,800 | ||
Minimum [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Period over which cash expenditure to be incurred for monitoring activities | 30 years | ||
Glatfelter Consent Decree [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Payments for governments unreimbursed past costs | $ 20,500 | $ 20,500 |
Commitments, Contingencies an_5
Commitments, Contingencies and Legal Proceedings - Schedule of Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Environmental Remediation Obligations [Abstract] | ||
Beginning balance | $ 21,870 | $ 45,001 |
Payments | (3,622) | (20,805) |
Reserve adjustment | (2,509) | |
Accretion | 207 | 183 |
Ending balance | $ 18,455 | $ 21,870 |
Segment and Geographic Inform_3
Segment and Geographic Information - Schedule of Financial and Other Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 235,282 | $ 233,473 | $ 216,183 | $ 231,560 | $ 230,972 | $ 232,515 | $ 235,053 | $ 229,133 | $ 916,498 | $ 927,673 | $ 866,286 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Cost of products sold | $ 768,629 | $ 780,131 | $ 735,879 | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Gross profit | $ 40,753 | $ 38,251 | $ 32,063 | $ 36,802 | $ 36,404 | $ 38,021 | $ 37,500 | $ 35,617 | $ 147,869 | $ 147,542 | $ 130,407 |
SG&A | 100,045 | 94,967 | 111,721 | ||||||||
Gains (Loss) on dispositions of plant, equipment and timberlands, net | (1,332) | (2,060) | (3,256) | ||||||||
Operating income | 49,156 | 54,635 | 21,942 | ||||||||
Non-operating expense | (16,797) | (89,088) | (14,667) | ||||||||
Income (loss) before income taxes | 32,359 | (34,453) | 7,275 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 543,267 | 537,421 | 543,267 | 537,421 | 556,044 | ||||||
Depreciation, depletion and amortization | 56,600 | 50,820 | 47,525 | ||||||||
Capital expenditures | 28,136 | 27,765 | 42,129 | ||||||||
Composite Fibers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 525,089 | $ 521,666 | $ 554,869 | ||||||||
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Cost of products sold | $ 430,420 | $ 432,154 | $ 462,270 | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Gross profit | $ 94,669 | $ 89,512 | $ 92,599 | ||||||||
SG&A | 42,575 | 41,629 | 44,205 | ||||||||
Operating income | 52,094 | 47,883 | 48,394 | ||||||||
Income (loss) before income taxes | 52,094 | 47,883 | 48,394 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 225,444 | 222,710 | 225,444 | 222,710 | 233,167 | ||||||
Depreciation, depletion and amortization | 26,175 | 26,153 | 28,256 | ||||||||
Capital expenditures | 13,262 | 11,972 | 15,685 | ||||||||
Airlaid Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 391,409 | $ 406,007 | $ 311,417 | ||||||||
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Cost of products sold | $ 326,809 | $ 346,568 | $ 269,272 | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Gross profit | $ 64,600 | $ 59,439 | $ 42,145 | ||||||||
SG&A | 18,296 | 18,321 | 12,182 | ||||||||
Operating income | 46,304 | 41,118 | 29,963 | ||||||||
Income (loss) before income taxes | 46,304 | 41,118 | 29,963 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 295,806 | 293,779 | 295,806 | 293,779 | 298,232 | ||||||
Depreciation, depletion and amortization | 22,416 | 21,136 | 14,892 | ||||||||
Capital expenditures | $ 9,311 | $ 13,667 | $ 21,646 | ||||||||
Other and Unallocated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Cost of products sold | $ 11,400 | $ 1,409 | $ 4,337 | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | ||||||||
Gross profit | $ (11,400) | $ (1,409) | $ (4,337) | ||||||||
SG&A | 39,174 | 35,017 | 55,334 | ||||||||
Gains (Loss) on dispositions of plant, equipment and timberlands, net | (1,332) | (2,060) | (3,256) | ||||||||
Operating income | (49,242) | (34,366) | (56,415) | ||||||||
Non-operating expense | (16,797) | (89,088) | (14,667) | ||||||||
Income (loss) before income taxes | (66,039) | (123,454) | (71,082) | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | $ 22,017 | $ 20,932 | 22,017 | 20,932 | 24,645 | ||||||
Depreciation, depletion and amortization | 8,009 | 3,531 | 4,377 | ||||||||
Capital expenditures | $ 5,563 | $ 2,126 | $ 4,798 |
Segment and Geographic Inform_4
Segment and Geographic Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Procter & Gamble Company [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Segment Reporting Revenue Reconciling Item [Line Items] | |||
Concentration risk, percentage | 16.00% | 16.00% | 16.00% |
Segment and Geographic Inform_5
Segment and Geographic Information - Schedule of Net Sales to External Customers and Location of Net Plant, Equipment and Timberlands (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 235,282 | $ 233,473 | $ 216,183 | $ 231,560 | $ 230,972 | $ 232,515 | $ 235,053 | $ 229,133 | $ 916,498 | $ 927,673 | $ 866,286 |
Plant, Equipment and Timberlands – Net | 543,267 | 537,421 | 543,267 | 537,421 | 556,044 | ||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 166,131 | 167,887 | 124,690 | ||||||||
Plant, Equipment and Timberlands – Net | 103,570 | 105,763 | 103,570 | 105,763 | 109,797 | ||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 489,655 | 504,012 | 483,628 | ||||||||
Plant, Equipment and Timberlands – Net | 286,591 | 274,146 | 286,591 | 274,146 | 286,839 | ||||||
United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 73,604 | 70,018 | 76,053 | ||||||||
Plant, Equipment and Timberlands – Net | 50,140 | 52,039 | 50,140 | 52,039 | 50,483 | ||||||
Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 112,128 | 121,789 | 114,877 | ||||||||
Plant, Equipment and Timberlands – Net | 68,975 | 72,436 | 68,975 | 72,436 | 74,448 | ||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 74,980 | 63,967 | 67,038 | ||||||||
Plant, Equipment and Timberlands – Net | $ 33,991 | $ 33,037 | $ 33,991 | $ 33,037 | $ 34,477 |
Quarterly Results - Schedule of
Quarterly Results - Schedule of Income (Loss) from Continuing Operations and Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $ 235,282 | $ 233,473 | $ 216,183 | $ 231,560 | $ 230,972 | $ 232,515 | $ 235,053 | $ 229,133 | $ 916,498 | $ 927,673 | $ 866,286 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Gross Profit | $ 40,753 | $ 38,251 | $ 32,063 | $ 36,802 | $ 36,404 | $ 38,021 | $ 37,500 | $ 35,617 | $ 147,869 | $ 147,542 | $ 130,407 |
Income (loss) from continuing operations | $ 9,131 | $ 6,527 | $ (2,281) | $ 7,406 | $ (44,750) | $ 8,643 | $ 6,293 | $ 4,603 | $ 20,783 | $ (25,211) | $ (448) |
Earnings (loss) per share | $ 0.21 | $ 0.15 | $ (0.05) | $ 0.17 | $ (1.01) | $ 0.19 | $ 0.14 | $ 0.10 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | $ 1,682 | $ 1,661 | $ 1,761 |
Provision | 488 | 720 | 695 |
Write-offs, recoveries and discounts allowed | (114) | (678) | (688) |
Other | 37 | (21) | (107) |
Balance, end of year | 2,093 | 1,682 | 1,661 |
Allowance for Sales Discounts and Deductions [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | 578 | 832 | 1,029 |
Provision | 1,516 | 1,440 | 2,075 |
Write-offs, recoveries and discounts allowed | (1,291) | (1,526) | (2,294) |
Other | (12) | (168) | 22 |
Balance, end of year | $ 791 | $ 578 | $ 832 |