Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 20, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GLT | ||
Entity Registrant Name | GLATFELTER P H CO | ||
Entity Central Index Key | 41,719 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 43,688,575 | ||
Entity Public Float | $ 833.7 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||||||||||
Net sales | $ 399,917 | $ 413,325 | $ 387,342 | $ 390,713 | $ 390,865 | $ 405,301 | $ 406,413 | $ 402,218 | $ 1,591,297 | $ 1,604,797 | $ 1,661,084 |
Energy and related sales, net | 5,126 | 6,141 | 5,664 | ||||||||
Total revenues | 1,596,423 | 1,610,938 | 1,666,748 | ||||||||
Costs of products sold | 1,403,913 | 1,392,335 | 1,463,783 | ||||||||
Gross profit | $ 50,410 | $ 54,735 | $ 30,436 | $ 56,929 | $ 56,867 | $ 61,170 | $ 42,723 | $ 57,843 | 192,510 | 218,603 | 202,965 |
Selling, general and administrative expenses | 134,394 | 190,694 | 127,706 | ||||||||
Losses (gains) on dispositions of plant, equipment and timberlands, net | 26 | 216 | (21,113) | ||||||||
Operating income | 58,090 | 27,693 | 96,372 | ||||||||
Non-operating income (expense) | |||||||||||
Interest expense | (17,772) | (15,822) | (17,464) | ||||||||
Interest income | 237 | 206 | 283 | ||||||||
Other, net | (1,220) | (1,271) | (615) | ||||||||
Total non-operating expense | (18,755) | (16,887) | (17,796) | ||||||||
Income before income taxes | 39,335 | 10,806 | 78,576 | ||||||||
Income tax provision (benefit) | 31,421 | (10,748) | 14,001 | ||||||||
Net income | $ 7,914 | $ 21,554 | $ 64,575 | ||||||||
Earnings per share | |||||||||||
Basic | $ 0.18 | $ 0.49 | $ 1.49 | ||||||||
Diluted | 0.18 | 0.49 | 1.47 | ||||||||
Cash dividends declared per common share | $ 0.52 | $ 0.50 | $ 0.48 | ||||||||
Weighted average shares outstanding | |||||||||||
Basic | 43,609 | 43,558 | 43,397 | ||||||||
Diluted | 44,439 | 44,129 | 43,942 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 7,914 | $ 21,554 | $ 64,575 |
Foreign currency translation adjustments | 58,609 | (27,407) | (38,817) |
Net change in: | |||
Deferred gains (losses) on cash flow hedges, net of taxes of $1,930, $(335) and $880, respectively | (5,592) | 1,725 | (2,581) |
Unrecognized retirement obligations, net of taxes of $(6,293), $(7,247) and $(2,920), respectively | 10,914 | 11,562 | 5,782 |
Other comprehensive income (loss) | 63,931 | (14,120) | (35,616) |
Comprehensive income | $ 71,845 | $ 7,434 | $ 28,959 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Taxes on deferred gains (losses) on cash flow hedges | $ 1,930 | $ (335) | $ 880 |
Taxes on unrecognized retirement obligations | $ (6,293) | $ (7,247) | $ (2,920) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 116,219 | $ 55,444 |
Accounts receivable, net | 174,154 | 152,989 |
Inventories | 252,064 | 249,669 |
Prepaid expenses and other current assets | 42,534 | 36,157 |
Total current assets | 584,971 | 494,259 |
Plant, equipment and timberlands, net | 865,743 | 775,898 |
Goodwill | 82,744 | 73,094 |
Intangible assets, net | 58,859 | 56,259 |
Other assets | 138,478 | 121,749 |
Total assets | 1,730,795 | 1,521,259 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 11,298 | 8,961 |
Accounts payable | 190,478 | 164,345 |
Dividends payable | 5,678 | 5,455 |
Environmental liabilities | 28,500 | 25,000 |
Other current liabilities | 111,222 | 119,250 |
Total current liabilities | 347,176 | 323,011 |
Long-term debt | 470,098 | 363,647 |
Deferred income taxes | 83,571 | 54,995 |
Other long-term liabilities | 121,022 | 125,780 |
Total liabilities | 1,021,867 | 867,433 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common stock | 544 | 544 |
Capital in excess of par value | 62,594 | 57,917 |
Retained earnings | 948,411 | 962,884 |
Accumulated other comprehensive loss | (140,675) | (204,606) |
Shareholders' equity before treasury stock | 870,874 | 816,739 |
Less cost of common stock in treasury | (161,946) | (162,913) |
Total shareholders’ equity | 708,928 | 653,826 |
Total liabilities and shareholders’ equity | $ 1,730,795 | $ 1,521,259 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,957 | $ 1,719 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 54,361,980 | 54,361,980 |
Treasury stock, shares | 10,748,127 | 10,812,341 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | |||
Net income | $ 7,914 | $ 21,554 | $ 64,575 |
Adjustments to reconcile to net cash provided by operations: | |||
Depreciation, depletion and amortization | 76,048 | 65,826 | 63,236 |
Amortization of debt issue costs and original issue discount | 1,157 | 1,153 | 1,184 |
Pension expense, net of unfunded benefits paid | 4,933 | 11,180 | 7,383 |
Charge for impairment of intangible asset | 1,200 | ||
Deferred income tax provision (benefit) | 19,026 | (22,055) | (1,902) |
(Gains) losses on dispositions of plant, equipment and timberlands, net | 26 | 216 | (21,113) |
Share-based compensation | 6,214 | 5,889 | 7,244 |
Change in operating assets and liabilities | |||
Accounts receivable | (10,189) | 8,372 | (13,312) |
Inventories | 9,198 | (10,778) | (8,054) |
Prepaid and other current assets | (6,300) | (2,430) | 5,506 |
Accounts payable | 13,065 | (8,174) | 26,042 |
Accruals and other current liabilities | (17,615) | 43,195 | (2,186) |
Other | 785 | 2,162 | 3,940 |
Net cash provided by operating activities | 104,262 | 116,110 | 133,743 |
Investing activities | |||
Expenditures for purchases of plant, equipment and timberlands | (132,304) | (160,158) | (99,889) |
Proceeds from disposals of plant, equipment and timberlands, net | 228 | 70 | 24,459 |
Acquisition, net of cash acquired | (224) | ||
Other investing | (243) | (800) | (1,600) |
Net cash used by investing activities | (132,319) | (160,888) | (77,254) |
Financing activities | |||
Net borrowings (repayments) under revolving credit facility | 109,436 | 2,891 | (22,294) |
Payments of borrowing costs | (136) | (1,329) | |
Proceeds from term loans | 19,428 | 2,873 | |
Repayment of term loans | (9,771) | (8,205) | (5,229) |
Payments of dividends | (22,480) | (21,589) | (20,443) |
Proceeds from government grants | 4,875 | 5,582 | 421 |
Payments related to share-based compensation awards and other | (472) | (990) | (2,015) |
Net cash provided (used) by financing activities | 81,588 | (3,019) | (48,016) |
Effect of exchange rate changes on cash | 7,244 | (2,063) | (3,006) |
Net increase (decrease) in cash and cash equivalents | 60,775 | (49,860) | 5,467 |
Cash and cash equivalents at the beginning of period | 55,444 | 105,304 | 99,837 |
Cash and cash equivalents at the end of period | 116,219 | 55,444 | 105,304 |
Cash paid for: | |||
Interest, net of amounts capitalized | 16,476 | 14,569 | 16,256 |
Income taxes, net | $ 9,336 | $ 14,020 | $ 15,849 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2014 | $ 649,109 | $ 544 | $ 54,342 | $ 919,468 | $ (154,870) | $ (170,375) |
Net income | 64,575 | 64,575 | ||||
Other comprehensive income (loss) | (35,616) | (35,616) | ||||
Comprehensive income | 28,959 | |||||
Tax effect on exercise of stock awards | 843 | 843 | ||||
Cash dividends declared | (20,900) | (20,900) | ||||
Share-based compensation expense | 4,403 | 4,403 | ||||
Delivery of treasury shares | ||||||
RSUs and PSAs | (1,976) | (5,078) | 3,102 | |||
401 (k) plans | 2,848 | 838 | 2,010 | |||
Employee stock options exercised — net | (39) | (436) | 397 | |||
Ending Balance at Dec. 31, 2015 | 663,247 | 544 | 54,912 | 963,143 | (190,486) | (164,866) |
Net income | 21,554 | 21,554 | ||||
Other comprehensive income (loss) | (14,120) | (14,120) | ||||
Comprehensive income | 7,434 | |||||
Tax effect on exercise of stock awards | 58 | 58 | ||||
Cash dividends declared | (21,813) | (21,813) | ||||
Share-based compensation expense | 5,889 | 5,889 | ||||
Delivery of treasury shares | ||||||
RSUs and PSAs | (751) | (2,375) | 1,624 | |||
Employee stock options exercised — net | (238) | (567) | 329 | |||
Ending Balance at Dec. 31, 2016 | 653,826 | 544 | 57,917 | 962,884 | (204,606) | (162,913) |
Previously unrecognized excess tax benefit onexercise of stock awards | 317 | 317 | ||||
Net income | 7,914 | 7,914 | ||||
Other comprehensive income (loss) | 63,931 | 63,931 | ||||
Comprehensive income | 71,845 | |||||
Cash dividends declared | (22,704) | (22,704) | ||||
Share-based compensation expense | 6,214 | 6,214 | ||||
Delivery of treasury shares | ||||||
RSUs and PSAs | (114) | (535) | 421 | |||
Employee stock options exercised — net | (456) | (1,002) | 546 | |||
Ending Balance at Dec. 31, 2017 | $ 708,928 | $ 544 | $ 62,594 | $ 948,411 | $ (140,675) | $ (161,946) |
Consolidated Statements of Sha9
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Per share amount of cash dividends declared | $ 0.52 | $ 0.50 | $ 0.48 |
Retained Earnings [Member] | |||
Per share amount of cash dividends declared | $ 0.52 | $ 0.50 | $ 0.48 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. ORGANIZATION P. H. Glatfelter Company and subsidiaries (“Glatfelter”) is a manufacturer of specialty papers and engineered materials. Headquartered in York, PA, U.S. operations include facilities in Fort Smith, Arkansas, Spring Grove, PA and Chillicothe and Fremont, OH. International operations include facilities in Canada, Germany, France, the United Kingdom and the Philippines. In addition to many of our manufacturing locations, we have sales and distribution offices in the U.S., Russia and China. Our products are marketed worldwide, either through wholesale paper merchants, brokers and agents, or directly to customers. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 revenues and expenses during the reporting period. Management believes the estimates and assumptions used in the preparation of these consolidated financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes that actual results may differ from those estimates and assumptions. Cash and Cash Equivalents We classify all highly liquid instruments with an original maturity of three months or less at the time of purchase as cash equivalents. Inventories Inventories are stated at the lower of cost or market. Raw materials, in-process and finished inventories of our U.S. manufacturing operations are valued using the last-in, first-out (LIFO) method, and the supplies inventories are valued principally using the average-cost method. Inventories at our foreign operations are valued 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, on a discounted cash flow basis, during the third quarter of each year for impairment or more frequently if impairment indicators are present. 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 tradename, impairment losses, if any, are recognized for the amount by which the carrying value of the tradename exceeds its fair value. Income Taxes Income taxes are determined using the asset and liability method of accounting for income taxes in accordance with FASB ASC 740 Income Taxes (“ASC 740”). Under ASC 740, tax expense includes U.S. and international income taxes plus the provision for U.S. taxes on undistributed earnings of international subsidiaries not deemed to be permanently invested. Tax credits and other incentives reduce tax expense in the year the credits are claimed. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effect of such temporary differences is reported in deferred income taxes. Deferred tax assets are recognized if it is more likely than not that the assets will be realized in future years. We establish a valuation allowance for deferred tax assets for which realization is not more likely than not. Significant judgment is required in determining our worldwide provision for income taxes and recording the related assets and liabilities. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is less than certain. We and our subsidiaries are examined by various Federal, State, and foreign tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. We continually assess the likelihood and amount of potential adjustments and record any necessary adjustments in the period in which the facts that give rise to a revision become known. Investment tax credits are accounted for by the flow-through method, which results in recognition of the benefit in the year in which the credit become available. Treasury Stock Common stock purchased for treasury is recorded at cost. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock on the weighted-average cost basis. Foreign Currency Translation Foreign currency translation gains and losses and the effect of exchange rate changes on transactions designated as hedges of net foreign investments are included as a component of other comprehensive income (loss). Transaction gains and losses are included in income in the period in which they occur. Revenue Recognition We recognize revenue on product sales when the customer takes title and assumes the risks and rewards of ownership. Substantially all of our revenue is earned pursuant to contracts under which we have one performance obligation that is satisfied at a point-in-time. Estimated costs for sales incentives, discounts and sales returns and allowances are recorded as sales deductions in the period in which the related revenue is recognized. Revenue from energy sales is recognized when electricity is delivered to the customer. Certain costs associated with the production of electricity, such as fuel, labor, depreciation and maintenance are netted against energy sales for presentation on the consolidated statements of income. Revenue from renewable energy credits is recorded under the caption “Energy and related sales, net” in the consolidated statements of income and is recognized when all risks, rights and rewards to the certificate are transferred to the counterparty. Environmental Liabilities Accruals for losses associated with environmental obligations are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on existing legislation and remediation technologies. These accruals are adjusted periodically as assessment and remediation actions continue and/or further legal or technical information develops. Such undiscounted liabilities are exclusive of any insurance or other claims against third parties. Environmental costs are capitalized if the costs extend the life of the asset, increase its capacity and/or mitigate or prevent contamination from future operations. Recoveries of environmental remediation costs from other parties, including insurance carriers, are recorded as assets when their receipt is assured beyond a reasonable doubt. Earnings Per Share Basic earnings per share is computed by dividing net income 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. The dilutive effect of common share equivalents is considered in the diluted earnings per share computation using the treasury stock method. Financial Derivatives and Hedging Activities We use financial derivatives to manage exposure to changes in foreign currencies. In accordance with FASB ASC 815 Derivatives and Hedging (“ASC 815”), we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The effective portion of the gain or loss on those derivative instruments designated and qualifying as a hedge of the exposure to variability in expected future cash flows related to forecasted transactions is deferred and reported as a component of accumulated other comprehensive income (loss). Deferred gains or losses are reclassified to our results of operations at the time the hedged forecasted transaction is recorded in our results of operations. The effectiveness of cash flow hedges is assessed at inception and quarterly thereafter. If the instrument becomes ineffective or it becomes probable that the originally forecasted transaction will not occur, the related change in fair value of the derivative instrument is also reclassified from accumulated other comprehensive income (loss) and recognized in earnings. Fair Value of Financial Instruments Under the accounting for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation – Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting designed to simplify certain aspects of accounting for share-based awards. The new ASU requires entities to recognize as a component of income tax expense all excess tax benefits or deficiencies arising from the difference between compensation costs recognized and the intrinsic value at the time an option is exercised or, in the case of restricted stock and similar awards, the fair value upon vesting of an award. Previously such differences were recognized in additional paid in capital as part of an “APIC pool.” The ASU also requires entities to exclude excess tax benefits and tax deficiencies from the calculation of common share equivalents for purposes of calculating earnings per share. In addition, as permitted by the ASU, we have elected to account for the impact of forfeitures as they occur rather to estimate forfeitures for purposes of recognizing compensation expense. We adopted this standard effective January 1, 2017, on a prospective basis; however, the adoption of the new standard did not have a material impact on our reported results of operations or financial position. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities" In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Energy and Related Sales, Net
Energy and Related Sales, Net | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Energy and Related Sales, Net | 3. ENERGY AND RELATED SALES, NET We sell excess power generated by the Spring Grove, PA facility. We also sell renewable energy credits generated by the Spring Grove, PA and Chillicothe, OH facilities representing sales of certified credits earned related to burning renewable sources of energy such as black liquor and wood waste. The following table summarizes this activity for each of the past three years: Year ended December 31 In thousands 2017 2016 2015 Energy sales $ 3,258 $ 3,613 $ 5,315 Costs to produce (3,986 ) (3,972 ) (4,428 ) Net (728 ) (359 ) 887 Renewable energy credits 5,854 6,500 4,777 Total $ 5,126 $ 6,141 $ 5,664 |
Gain on Dispositions of Plant,
Gain on Dispositions of Plant, Equipment and Timberlands | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Gain on Dispositions of Plant, Equipment and Timberlands | 4. GAIN ON DISPOSITIONS OF PLANT, EQUIPMENT AND TIMBERLANDS During 2017, 2016 and 2015, we completed the following sales of assets: Dollars in thousands Acres Proceeds Gain (loss) 2017 Timberlands 332 $ 209 $ 188 Other n/a 19 (214 ) Total $ 228 $ (26 ) 2016 Timberlands — $ - $ - Other n/a 70 (216 ) Total $ 70 $ (216 ) 2015 Timberlands 15,628 $ 23,917 $ 20,867 Other n/a 542 246 Total $ 24,459 $ 21,113 |
Asset Impairment Charges
Asset Impairment Charges | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Asset Impairment Charges | 5. ASSET IMPAIRMENT CHARGES In connection with our annual test of potential impairment of indefinite lived intangible assets, in 2015 we recorded a non-cash impairment charge of $1.2 million. No such charges were recorded in 2017 or 2016. A trade name intangible asset was acquired in connection with our Composite Fibers business unit’s 2013 Dresden acquisition. The charge was due to changes in the estimated fair value of the trade name, primarily driven by lower forecasted revenues associated with the business, an increase in discount rates related to Dresden’s business in Russia and Ukraine and this region’s political and economic instability. The fair value of the asset was estimated using a discounted cash flow model under a relief from royalty method. The significant assumptions used included projected financial performance and discount rates, which resulted in a Level 3 fair value classification. The charge is recorded in the accompanying consolidated statements of income under the caption “Selling, general and administrative expenses.” For additional information on Goodwill and Intangible Assets, see Note 13. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 6. EARNINGS PER SHARE The following table sets forth the details of basic and diluted earnings per share (EPS): Year ended December 31 In thousands, except per share 2017 2016 2015 Net income $ 7,914 $ 21,554 $ 64,575 Weighted average common shares outstanding used in basic EPS 43,609 43,558 43,397 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs 830 571 545 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,439 44,129 43,942 Earnings per share Basic $ 0.18 $ 0.49 $ 1.49 Diluted 0.18 0.49 1.47 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 2017 2016 2015 Potential common shares 610 596 678 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 7. 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, 2017, 2016 and 2015. In thousands Currency translation adjustments Unrealized gain (loss) on cash flow hedges Change in pensions Change in other postretirement defined benefit plans Total Balance at January 1, 2017 $ (100,448 ) $ 1,500 $ (110,656 ) $ 4,998 $ (204,606 ) Other comprehensive income before reclassifications (net of tax) 58,609 (5,182 ) 2,981 (1,099 ) 55,309 Amounts reclassified from accumulated other comprehensive income (net of tax) — (410 ) 9,380 (348 ) 8,622 Net current period other comprehensive income (loss) 58,609 (5,592 ) 12,361 (1,447 ) 63,931 Balance at December 31, 2017 $ (41,839 ) $ (4,092 ) $ (98,295 ) $ 3,551 $ (140,675 ) Balance at January 1, 2016 $ (73,041 ) $ (225 ) $ (120,714 ) $ 3,494 $ (190,486 ) Other comprehensive income before reclassifications (net of tax) (27,407 ) 1,247 (4,334 ) 2,086 (28,408 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 478 14,392 (582 ) 14,288 Net current period other comprehensive income (loss) (27,407 ) 1,725 10,058 1,504 (14,120 ) Balance at December 31, 2016 $ (100,448 ) $ 1,500 $ (110,656 ) $ 4,998 $ (204,606 ) Balance at January 1, 2015 $ (34,224 ) $ 2,356 $ (120,260 ) $ (2,742 ) $ (154,870 ) Other comprehensive income before reclassifications (net of tax) (38,817 ) 1,620 (12,995 ) 6,266 (43,926 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — (4,201 ) 12,541 (30 ) 8,310 Net current period other comprehensive income (loss) (38,817 ) (2,581 ) (454 ) 6,236 (35,616 ) Balance at December 31, 2015 $ (73,041 ) $ (225 ) $ (120,714 ) $ 3,494 $ (190,486 ) The following table sets forth the amounts reclassified from accumulated other comprehensive income (losses) for the years indicated. Year ended December 31 In thousands 2017 2016 2015 Description Line Item in Statements of Income Cash flow hedges (Note 18) (Gains) losses on cash flow hedges $ (532 ) $ 551 $ (5,752 ) Costs of products sold Tax expense (benefit) 122 (73 ) 1,551 Income tax provision (benefit) Net of tax (410 ) 478 (4,201 ) Retirement plan obligations (Note 10) Amortization of deferred benefit pension plan items Prior service costs 2,122 2,026 2,300 Costs of products sold 704 672 762 Selling, general and administrative Actuarial losses 9,134 9,798 12,745 Costs of products sold 3,145 3,373 4,388 Selling, general and administrative Settlement recognition — 7,306 — Selling, general and administrative 15,105 23,175 20,195 Tax expense (benefit) (5,725 ) (8,783 ) (7,654 ) Income tax provision (benefit) Net of tax 9,380 14,392 12,541 Amortization of deferred benefit other plan items Prior service costs (150 ) (150 ) (230 ) Costs of products sold (32 ) (32 ) (50 ) Selling, general and administrative Actuarial losses (311 ) (621 ) 190 Costs of products sold (67 ) (134 ) 41 Selling, general and administrative (560 ) (937 ) (49 ) Tax expense (benefit) 212 355 19 Income tax provision (benefit) Net of tax (348 ) (582 ) (30 ) Total reclassifications, net of tax $ 8,622 $ 14,288 $ 8,310 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Effects of the Tax Cuts and Jobs Act On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (“TCJA”) was signed into U.S. law. Among other things, the TCJA reduces the U.S. federal corporate tax rate from 35% to 21% beginning in 2018 and requires companies to pay a one-time transition tax on previously unremitted earnings of non-U.S. subsidiaries that were previously tax deferred. ASC Topic 740, Accounting for Income Taxes, requires companies to recognize the effect of tax law changes in the period of enactment even though the effective date for most provisions is for tax years beginning after December 31, 2017. Given the significance of the legislation, the U.S. Securities and Exchange Commission (the "SEC") staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which allows registrants to record provisional amounts during a one year “measurement period” similar to that used when accounting for business combinations. However, the measurement period is deemed to have ended earlier when the registrant has obtained, prepared, and analyzed the information necessary to finalize its accounting. During the measurement period, impacts of the law are expected to be recorded at the time a reasonable estimate for all or a portion of the effects can be made, and provisional amounts can be recognized and adjusted as information becomes available, prepared, or analyzed. SAB 118 summarizes a three-step process to be applied at each reporting period to account for and qualitatively disclose: (1) the effects of the change in tax law for which accounting is complete; (2) provisional amounts (or adjustments to provisional amounts) for the effects of the tax law where accounting is not complete, but that a reasonable estimate has been determined; and (3) a reasonable estimate cannot yet be made and therefore taxes are reflected in accordance with law prior to the enactment of the Tax Cuts and Jobs Act. Amounts recorded where we consider accounting to be complete for the year ended December 31, 2017, principally relate to the reduction in the U.S. corporate income tax rate to 21%, which resulted in us recording an income tax benefit of $18.1 million to remeasure net deferred taxes liabilities. The TCJA includes a one-time mandatory repatriation transition tax on the net accumulated earnings and profits of a U.S. taxpayer’s foreign subsidiaries. We performed a preliminary earnings and profits analysis which resulted in us recording provisional U.S. federal income tax expense of $41.8 million, $3.8 million of non-US taxes and $0.3 million of state taxes associated with the repatriation of such earnings and profits. Although we have made a reasonable estimate of the tax associated with our net accumulated earnings, a final determination of the TCJA’s impact remains incomplete pending a full analysis of the provisions and their interpretations. Other significant provisions that are not yet effective but may impact income taxes in future years include: an exemption from U.S. tax on dividends of future earnings, limitation on the current deductibility of net interest expense in excess of 30% of adjusted taxable income, a limitation of the use of net operating losses generated after fiscal 2018 to 80% of taxable income but with an indefinite carryforward period, an incremental tax (base erosion anti-abuse tax or “BEAT”) on excessive amounts paid to foreign related parties, and a minimum tax on certain foreign earnings in excess of 10% of the foreign subsidiaries’ tangible assets (i.e., global intangible low-taxed income or “GILTI”). We are still evaluating whether to make a policy election to treat the GILTI tax as a period expense or to provide U.S. deferred taxes on foreign temporary differences that are expected to generate GILTI when they reverse in future years. 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 operations consisted of the following: Year ended December 31 In thousands 2017 2016 2015 Current taxes Federal $ (1,961 ) $ 2,216 $ 5,047 State 64 (1,112 ) (1,680 ) Foreign 14,292 10,203 12,536 12,395 11,307 15,903 Deferred taxes and other Federal 11,662 (24,411 ) (7,287 ) State 3,388 (1,723 ) 564 Foreign 3,976 4,079 4,821 19,026 (22,055 ) (1,902 ) Income tax provision (benefit) $ 31,421 $ (10,748 ) $ 14,001 The following are the domestic and foreign components of pretax income (loss) from operations: Year ended December 31 In thousands 2017 2016 2015 United States $ (40,920 ) $ (63,315 ) $ 2,382 Foreign 80,255 74,121 76,194 Total pretax income $ 39,335 $ 10,806 $ 78,576 A reconciliation between the income tax provision, computed by applying the statutory federal income tax rate of 35% to income before income taxes, and the actual income tax provision is as follows: Year ended December 31 2017 2016 2015 Federal income tax provision at statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal income tax benefit 0.4 (15.0 ) 0.3 Foreign income tax rate differential (28.7 ) (96.3 ) (8.6 ) Rate changes due to enacted legislation (0.6 ) (6.7 ) — Tax effect of credits (16.1 ) (30.3 ) (1.9 ) Provision for (resolution of ) tax matters 16.9 2.8 (2.1 ) State benefit due to enacted legislation (4.1 ) — — Effect of U.S. tax law change (1) 53.2 — — Valuation allowance 23.3 7.1 0.4 Permanent differences on non-U.S. earnings — — (4.4 ) Other 0.6 3.9 (0.9 ) Actual tax rate 79.9 % (99.5 )% 17.8 % (1) Due to the TCJA which was enacted in December 2017, provisional mandatory transition tax on accumulated foreign earnings was accrued as of December 31, 2017. Our U.S. deferred tax assets and liabilities as of December 31, 2017 were re-measured from 35% to 21%. The provisional effects of the TCJA are $39.0 million of deferred income tax expense, including a $6.8 million reversal of a valuation allowance, and $18.1 million of deferred income tax benefit for the year ended December 31, 2017. The sources of deferred income taxes were as follows at December 31: In thousands 2017 2016 Reserves $ 3,145 $ 4,625 Environmental 11,189 20,868 Compensation 6,782 8,950 Post-retirement benefits 12,570 18,318 Research & development expenses 6,787 6,949 Inventories 1,891 1,464 Tax carryforwards 21,988 14,438 Other 2,106 993 Deferred tax assets 66,458 76,605 Valuation allowance (7,405 ) (4,066 ) Net deferred tax assets 59,053 72,539 Property (98,809 ) (81,837 ) Intangible assets (17,647 ) (16,561 ) Pension (21,941 ) (29,041 ) Other (4,110 ) — Deferred tax liabilities (142,507 ) (127,439 ) Net deferred tax liabilities $ (83,454 ) $ (54,900 ) Non-current deferred tax assets and liabilities are included in the following balance sheet captions: December 31 In thousands 2017 2016 Other assets $ 117 $ 95 Deferred income taxes 83,571 54,995 At December 31, 2017 we had federal, state and foreign tax net operating loss (“NOL”) carryforwards of $47.9 million, $188.4 million and $3.7 million, respectively. These NOL carryforwards are available to offset future taxable income, if any. The federal NOL carryforward expires in 2037, state NOLs expire at various times and in various amounts beginning in 2018 and through 2037. Certain foreign NOL carryforwards begin to expire after 2023. The state and foreign NOL carryforwards and federal tax credits 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 $9.1 million which begin to expire after 2035, state tax credit carryforwards totaling $0.2 million, which begin to expire in 2018, and foreign investment tax credits of $2.4 million which begin to expire after 2027. As of December 31, 2017 and 2016, we had a valuation allowance of $7.4 million and $4.1 million, respectively, against net deferred tax assets, primarily due to uncertainty regarding the ability to utilize 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 $6.3 million, $1.1 million and $1.5 million in 2017, 2016 and 2015, respectively, related to research and development credits and fuels tax credits. As a result of the mandatory deemed repatriation provisions in the TCJA, we recorded a provisional estimate on $397.8 million of undistributed earnings of foreign subsidiaries in U.S. taxable income at the reduced tax rates. With respect to other basis differences in connection with our foreign subsidiaries at December 31, 2017, we assert that such basis differences are indefinite in duration, and as a result, no deferred taxes have been provided. As of December 31, 2017, 2016 and 2015, we had $26.9 million, $14.2 million and $12.2 million of gross unrecognized tax benefits, respectively. As of December 31, 2017, if such benefits were to be recognized, approximately $16.8 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 2017 2016 2015 Balance at January 1 $ 14.2 $ 12.2 $ 14.9 Increases in tax positions for prior years 1.7 2.0 0.0 Decreases in tax positions for prior years — (1.4 ) (4.3 ) Increases in tax positions for current year 11.9 1.9 1.9 Settlements — (0.2 ) 0.0 Lapse in statutes of limitation (0.9 ) (0.3 ) (0.3 ) Balance at December 31 $ 26.9 $ 14.2 $ 12.2 We, or one of our subsidiaries, file income tax returns with the United States Internal Revenue Service, as well as various state and foreign authorities. The following table summarizes tax years that remain subject to examination by major jurisdiction: Open Tax Years Jurisdiction Examinations not yet initiated Examination in progress United States Federal 2014 - 2017 N/A State 2013 - 2017 2014 Canada (1) 2010-2013; 2017 2014 - 2016 Germany (1) 2016 - 2017 2011 - 2015 France 2015 - 2017 2012 United Kingdom 2016 - 2017 N/A Philippines 2015, 2017 2016 (1) includes provincial or similar local jurisdictions, as applicable. The amount of income taxes we pay is subject to ongoing audits by federal, state and foreign tax authorities, which often result in proposed assessments. Management performs a comprehensive review of its global tax positions on a quarterly basis and accrues amounts for uncertain tax positions. Based on these reviews and the result of discussions and resolutions of matters with certain tax authorities and the closure of tax years subject to tax audit, reserves are adjusted as necessary. However, future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are determined or resolved or as such statutes are closed. Due to potential for resolution of federal, state and foreign examinations, and the 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 $0.6 million. The majority of this range relates to tax positions taken in 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 2017 2016 2015 Accrued interest payable $ 0.8 $ 0.5 $ 0.6 Interest expense (income) 0.3 (0.1 ) – Penalties – – – |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 9. STOCK-BASED COMPENSATION The P. H. Glatfelter Amended and Restated Long Term Incentive Plan (the “LTIP”) provides for the issuance of Glatfelter common stock to eligible participants in the form of restricted stock units, restricted stock awards, non-qualified stock options, performance shares, incentive stock options and performance units. As of December 31, 2017, there were 2,188,572 shares of common stock available for future issuance under the LTIP. Since the approval 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”) The following table summarizes RSU and PSA activity during the past three years: Units 2017 2016 2015 Balance at January 1, 679,038 674,523 888,942 Granted 375,435 302,722 164,666 Forfeited (96,306 ) (148,232 ) (92,183 ) Shares delivered (28,781 ) (149,975 ) (286,902 ) Balance at December 31, 929,386 679,038 674,523 2017 2016 2015 Compensation expense $ 4,843 $ 3,154 $ 1,758 The amount granted in 2017, 2016 and 2015 includes 163,274, 199,693 and 105,017 PSAs, respectively, exclusive of reinvested dividends. The weighted average grant date fair value per unit for awards in 2017, 2016 and 2015 was $22.32, $18.08 and $24.62, respectively. As of December 31, 2017, unrecognized compensation expense for outstanding RSUs and PSAs totaled $6.7 million. The weighted average remaining period over which the expense will be recognized is 1.9 years. Stock Only Stock Appreciation Rights The following table sets forth information related to outstanding SOSARS: 2017 2016 2015 SOSARS Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 2,736,616 $ 17.64 2,199,742 $ 17.82 1,864,707 $ 16.20 Granted — — 743,925 17.54 423,590 24.62 Exercised (157,140 ) 13.76 (61,190 ) 10.70 (70,347 ) 14.12 Canceled / forfeited (17,630 ) 18.46 (145,861 ) 22.80 (18,208 ) 25.41 Outstanding at December 31, 2,561,846 $ 17.87 2,736,616 $ 17.64 2,199,742 $ 17.82 Exercisable at December 31, 2,011,075 17.56 1,740,591 16.19 1,504,599 14.48 Vested and expected to vest 2,561,846 2,725,611 2,178,708 SOSAR Grants Weighted average grant date fair value per share — $ 4.07 $ 7.46 Aggregate grant date fair value (in thousands) — $ 3,013 $ 3,134 Black-Scholes assumptions Dividend yield — 2.85 % 1.94 % Risk free rate of return — 1.34 % 1.64 % Volatility — 31.97 % 36.38 % Expected life — 6 6 Compensation expense (in thousands) $ 1,371 $ 2,735 $ 2,645 Under terms of the SOSAR, the recipients receive the right to receive a payment in the form of shares of common stock equal to the difference, if any, in the fair market value of one share of common stock at the time of exercising the SOSAR and the exercise price. The SOSARs vest ratably over a three year period. No SOSARs were issued during 2017. As of December 31, 2017, the intrinsic value of SOSARs vested and expected to vest totaled $12.4 million and the remaining weighted average contractual life of outstanding SOSARs was 5.2 years. |
Retirement Plans and Other Post
Retirement Plans and Other Post-Retirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans and Other Post-Retirement Benefits | 10. RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITS We provide non-contributory retirement benefits under both funded and unfunded plans to all U.S. employees and to certain non-U.S. employees. Participation and benefits under the plans are based upon the employees’ date of hire and the covered group in which that employee falls. U.S. benefits are based on either a unit-benefit formula for bargained hourly employees, or a final average pay formula or cash balance formula for salaried employees. Non-U.S. benefits are based, in the case of certain plans, on average salary and years of service and, in the case of other plans, on a fixed amount for each year of service. U.S. plan provisions and funding meet the requirements of the Employee Retirement Income Security Act of 1974. We use a December 31-measurement date for all of our defined benefit plans. We also provide certain health care benefits to eligible U.S.-based retired employees. Participation in the plan is closed to any salaried employees hired after December 31, 2006. Participation is closed to any hourly union employees in our Pennsylvania operations hired after January 16, 2011. Hourly union employees in our Ohio operations are eligible to participate upon attaining age 55 with five years of service. 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. Pension Benefits Other Benefits In millions 2017 2016 2017 2016 Change in Benefit Obligation Balance at beginning of year $ 552.0 $ 541.9 $ 47.9 $ 51.0 Service cost 10.7 10.5 1.2 1.1 Interest cost 23.8 24.5 2.0 2.0 Plan amendments 4.1 5.5 — — Participant contributions — — 1.1 1.0 Actuarial (gain)/loss 45.5 17.0 1.5 (3.4 ) Benefits paid (36.5 ) (22.9 ) (3.0 ) (3.8 ) One-time settlement — (24.2 ) — — Effect of currency rate changes 1.2 (0.3 ) — — Balance at end of year $ 600.8 $ 552.0 $ 50.7 $ 47.9 Change in Plan Assets Fair value of plan assets at beginning of year $ 610.7 $ 594.9 $ — $ — Actual return on plan assets 96.8 60.8 — — Total contributions 2.1 2.1 3.0 3.8 Benefits paid (36.5 ) (22.9 ) (3.0 ) (3.8 ) One-time settlement — (24.2 ) — — Fair value of plan assets at end of year $ 673.1 610.7 — — Funded status at end of year $ 72.3 $ 58.7 $ (50.7 ) $ (47.9 ) In 2016, we recorded a pension settlement charge of $7.3 million and settled $24.2 million of benefits in connection with a voluntary program offered to deferred vested terminated participants. Amounts recognized in the consolidated balance sheets consist of the following as of December 31: Pension Benefits Other Benefits In millions 2017 2016 2017 2016 Other assets $ 115.5 $ 96.7 $ — $ — Current liabilities (2.2 ) (2.0 ) (3.5 ) (3.2 ) Other long-term liabilities (41.0 ) (36.0 ) (47.2 ) (44.7 ) Net amount recognized $ 72.3 $ 58.7 $ (50.7 ) $ (47.9 ) 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 2017 2016 2017 2016 Prior service cost/(credit) $ 16.1 $ 14.8 $ (0.5 ) $ (0.6 ) Net actuarial loss 145.6 165.9 (5.6 ) (7.4 ) The accumulated benefit obligation for all defined benefit pension plans was $584.3 million and $537.6 million at December 31, 2017 and 2016, respectively. The weighted-average assumptions used in computing the benefit obligations above were as follows: Pension Benefits Other Benefits 2017 2016 2017 2016 Discount rate – benefit obligation 3.85 % 4.43 % 3.68 % 4.18 % Future compensation growth rate 3.00 3.00 — — The discount rates set forth above were estimated based on the modeling of expected cash flows for each of our benefit plans and selecting a portfolio of high-quality debt instruments with maturities matching the respective cash flows of each plan. The resulting discount rates as of December 31, 2017 ranged from 1.90% to 4.55% for pension plans and from 4.02% to 4.21% for other benefit plans. Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: In millions 2017 2016 Projected benefit obligation $ 43.1 $ 37.9 Accumulated benefit obligation 38.6 34.6 Fair value of plan assets — — Net periodic benefit cost includes the following components: Year Ended December 31 In millions 2017 2016 2015 Pension Benefits Service cost $ 10.7 $ 10.5 $ 11.6 Interest cost 23.8 24.5 23.3 Expected return on plan assets (43.0 ) (45.4 ) (46.0 ) Amortization of prior service cost 2.8 2.7 3.1 Amortization of actuarial loss 12.3 13.2 17.1 One-time settlement charge — 7.3 — Total net periodic benefit cost $ 6.6 $ 12.8 $ 9.1 Other Benefits Service cost $ 1.2 $ 1.1 $ 1.4 Interest cost 2.0 2.0 2.0 Amortization of prior service cost/(credit) (0.2 ) (0.2 ) (0.3 ) Amortization of actuarial loss (0.4 ) (0.8 ) 0.2 Total net periodic benefit cost $ 2.6 $ 2.1 $ 3.3 The prior service cost and actuarial net loss for our defined benefit pension plans that will be amortized from accumulated other comprehensive income (loss) into our results of operations as a component of net periodic benefit cost over the next fiscal year are $3.1 million and $13.5 million, respectively. The comparable amounts of expected amortization for other benefit plans are a credit of $0.2 million and $0.3 million, respectively. Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: Year Ended December 31 In millions 2017 2016 Pension Benefits Actuarial (gain) loss $ (8.3 ) $ 1.4 Plan amendments 4.1 5.5 Recognized prior service cost (2.8 ) (2.7 ) Recognized actuarial losses (12.3 ) (20.5 ) Total recognized in other comprehensive loss (19.3 ) (16.3 ) Total recognized in net periodic benefit cost and other comprehensive loss $ (12.7 ) $ (3.5 ) Other Benefits Actuarial (gain) loss $ 1.5 $ (3.4 ) Amortization of prior service cost 0.2 0.2 Amortization of actuarial losses 0.4 0.8 Total recognized in other comprehensive (income) loss 2.1 (2.4 ) Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 4.7 $ (0.3 ) The weighted-average assumptions used in computing the net periodic benefit cost information above were as follows: Year Ended December 31 2017 2016 2015 Pension Benefits Discount rate – benefit expense 4.43 % 4.65 % 4.21 % Future compensation growth rate 3.00 3.50 4.00 Expected long-term rate of return on plan assets 7.25 7.75 8.00 Other Benefits Discount rate – benefit expense 4.18 % 4.38 % 3.89 % To develop the expected long-term rate of return assumption, we considered the historical returns and the future expected returns for each asset class, as well as the target asset allocation of the pension portfolio. Assumed health care cost trend rates used to determine benefit obligations at December 31 were as follows: 2017 2016 Health care cost trend rate assumed for next year 6.20 % 6.50 % 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 Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A one percentage-point change in assumed health care cost trend rates would have the following effects: One Percentage Point In millions Increase Decrease Effect on: Post-retirement benefit obligation $ 3.9 $ (3.5 ) Total of service and interest cost components 0.3 (0.3 ) Plan Assets All pension plan assets in the U.S. are invested through a single master trust fund. The strategic asset allocation for this trust fund is selected by management, reflecting the results of comprehensive asset and liability modeling. The general principles guiding U.S. pension asset investment policies are those embodied in the Employee Retirement Income Security Act of 1974 (ERISA). These principles include discharging our investment responsibilities for the exclusive benefit of plan participants and in accordance with the “prudent expert” standard and other ERISA rules and regulations. We establish strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. Investments and decisions will be made solely in the interest of the Plan’s participants and beneficiaries, and for the exclusive purpose of providing benefits accrued thereunder. The primary goal of the Plan is to ensure the solvency of the Plan over time and thereby meet its distribution objectives. All investments in the Plan will be made in accordance with ERISA and other applicable statutes. Risk is minimized by diversification by asset class, by style of each manager and by sector and industry limits when applicable. The targeted range of investment allocations of Plan assets is as follows: Range Domestic Equity 35 % - 45 % International equity 8 - 14 Real Estate Investment Trusts (REIT) 2 - 6 Fixed income, cash and cash equivalents 55 - 35 Diversification of plan assets is achieved by: i. placing restrictions on the percentage of equity investments in any one company, percentage of investment in any one industry, limiting the amount of assets placed with any one manager; and ii. setting targets for duration of fixed income securities, maintaining a certain level of credit quality, and limiting the amount of investment in a single security and in non-investment grade paper. A formal asset allocation review is done periodically to ensure that the Plan has an appropriate asset allocation based on the Plan’s projected benefit obligations. It is expected that asset class performance will meet or exceed that of the assigned indices, and be at least at the median relative to other professionally managed accounts in its peer group. The target return for cash and cash equivalents is a return that at least equals that of the 90-day T-bills. The Investment Policy statement lists specific categories of securities or activities that are prohibited including options, futures, commodities, hedge funds, limited partnerships, and our stock. The table below presents the fair values of our benefit plan assets by level within the fair value hierarchy, as described in Note 2: December 31, 2017 In millions Total Level 1 Level 2 Level 3 Domestic Equity Large cap $ 214.9 $ 12.4 $ 202.5 $ — Small and mid cap 46.2 46.2 — — International equity 81.4 7.2 74.2 — REIT 27.6 27.6 — — Fixed income 290.9 24.0 266.9 — Cash and equivalents 12.1 0.1 12.0 — Total $ 673.1 $ 117.5 $ 555.6 $ — December 31, 2016 In millions Total Level 1 Level 2 Level 3 Domestic Equity Large cap $ 201.9 $ 7.1 $ 194.8 $ — Small and mid cap 50.9 50.9 — — International equity 79.5 38.8 40.7 — REIT 27.9 27.9 — — Fixed income 237.7 28.5 209.2 — Cash and equivalents 12.8 — 12.8 — Total $ 610.7 $ 153.2 $ 457.5 $ — Cash Flow We were not required to make contributions to our qualified pension plan in 2017 nor do we expect to make any to this plan in 2018. Benefit payments expected to be made in 2018 under our non-qualified pension plans and other benefit plans are summarized below: In thousands Nonqualified pension plans $ 2,160 Other benefit plans 3,500 The following benefit payments under all pension and other benefit plans, and giving effect to expected future service, as appropriate, are expected to be paid: In thousands Pension Benefits Other Benefits 2018 $ 41,106 $ 3,500 2019 39,993 4,129 2020 39,468 4,500 2021 39,375 4,663 2022 39,041 4,620 2023 through 2027 188,907 21,053 Defined Contribution Plans We maintain 401(k) plans for certain hourly and salaried employees. Employees may contribute up to 50% of their earnings, subject to certain restrictions. Through November 2015, we matched a portion of the employee’s contribution, subject to certain limitations, in the form of shares of Glatfelter common stock out of treasury. Company matches are now made in cash. The expense associated with our 401(k) match was $2.3 million, $2.0 million and $2.1 million in 2017, 2016 and 2015, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | 11. INVENTORIES Inventories, net of reserves were as follows: December 31 In thousands 2017 2016 Raw materials $ 60,806 $ 66,359 In-process and finished 116,678 112,507 Supplies 74,580 70,803 Total $ 252,064 $ 249,669 We value all of our U.S. inventories, excluding supplies, on the LIFO method. If we had valued these inventories using the first-in, first-out method, inventories would have been $22.7 million and $21.3 million higher than reported at December 31, 2017 and 2016, respectively. |
Plant, Equipment and Timberland
Plant, Equipment and Timberlands | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Plant, Equipment and Timberlands | 12. PLANT, EQUIPMENT AND TIMBERLANDS Plant, equipment and timberlands at December 31 were as follows: In thousands 2017 2016 Land and buildings $ 221,436 $ 192,877 Machinery and equipment 1,484,545 1,335,669 Furniture, fixtures, and other 174,462 142,110 Accumulated depreciation (1,125,203 ) (1,036,825 ) 755,240 633,831 Construction in progress 105,673 137,665 Timberlands, less depletion 4,830 4,402 Total $ 865,743 $ 775,898 As of December 31, 2017 and 2016, we had $21.0 million and $24.3 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 2017 2016 2015 Interest cost incurred $ 19,852 $ 17,431 $ 17,815 Interest capitalized 2,080 1,609 351 Interest expense $ 17,772 $ 15,822 $ 17,464 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 13. GOODWILL AND INTANGIBLE ASSETS The following table sets forth information with respect to goodwill and other intangible assets: December 31 In thousands 2017 2016 Goodwill – Composite Fibers $ 82,744 $ 73,094 Specialty Papers Customer relationships $ 6,155 $ 6,155 Composite Fibers Tradename 4,773 4,195 Technology and related 40,686 35,874 Customer relationships and related 36,705 32,310 Advanced Airlaid Materials Technology and related 1,488 1,377 Customer relationships and related 3,001 2,638 Total intangibles 92,808 82,549 Accumulated amortization (33,949 ) (26,290 ) Net intangibles $ 58,859 $ 56,259 The change in the gross value of goodwill and intangible assets was due to currency translation adjustments. Other than non-amortizable goodwill and 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 2017 2016 2015 Aggregate amortization expense: $ 4,773 $ 4,852 $ 5,340 Estimated amortization expense: 2018 4,773 2019 4,773 2020 4,639 2021 4,254 2022 4,139 The remaining weighted average useful life of intangible assets was 12.2 years at December 31, 2017. |
Other Long-Term Assets
Other Long-Term Assets | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets Noncurrent [Abstract] | |
Other Long-Term Assets | 14. OTHER LONG-TERM ASSETS Other long-term assets consist of the following: December 31 In thousands 2017 2016 Pension $ 115,482 $ 96,699 Other 22,996 25,050 Total $ 138,478 $ 121,749 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | 15. OTHER CURRENT LIABILITIES Other current liabilities consist of the following: December 31 In thousands 2017 2016 Accrued payroll and benefits $ 39,375 $ 48,306 Other accrued compensation and retirement benefits 7,864 6,828 Income taxes payable 1,927 211 Accrued rebates 16,126 14,329 Other accrued expenses 45,930 49,576 Total $ 111,222 $ 119,250 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 16. LONG-TERM DEBT Long-term debt is summarized as follows: December 31 In thousands 2017 2016 Revolving credit facility, due Mar. 2020 $ 171,200 $ 61,595 5.375% Notes, due Oct. 2020 250,000 250,000 2.40% Term Loan, due Jun. 2022 7,710 8,282 2.05% Term Loan, due Mar. 2023 33,607 35,163 1.30% Term Loan, due Jun. 2023 9,423 9,788 1.55% Term Loan, due Sep. 2025 11,390 10,333 Total long-term debt 483,330 375,161 Less current portion (11,298 ) (8,961 ) Unamortized deferred issuance costs (1,934 ) (2,553 ) Long-term debt, net of current portion $ 470,098 $ 363,647 On March 12, 2015, we amended our revolving credit agreement with a consortium of banks (the “Revolving Credit Facility”) which increased the amount available for borrowing to $400 million, extended the maturity of the facility to March 12, 2020, and instituted a revised interest rate pricing grid. On February 1, 2017, the Revolving Credit Agreement was further amended to, among other things, change the definition of earnings before interest, taxes, depreciation and amortization (“EBITDA”) for purposes of calculating covenant compliance. For all US dollar denominated borrowings under the Revolving Credit Facility, the borrowing rate is, at our option, either, (a) the bank’s base rate which is equal to the greater of i) the prime rate; ii) the federal funds rate plus 50 basis points; or iii) the daily Euro-rate plus 100 basis points plus an applicable spread over either i), ii) or iii) ranging from 12.5 basis points to 100 basis points based on the Company’s leverage ratio and its corporate credit ratings determined by Standard & Poor’s Rating Services and Moody’s Investor Service, Inc. (the “Corporate Credit Rating”); or (b) the daily Euro-rate plus an applicable margin ranging from 112.5 basis points to 200 basis points based on the Company’s leverage ratio and the Corporate Credit Rating. For non-US dollar denominated borrowings, interest is based on (b) above. The Revolving Credit Facility contains a number of customary covenants for financings of this type that, among other things, restrict our ability to dispose of or create liens on assets, incur additional indebtedness, repay other indebtedness, limits certain intercompany financing arrangements, make acquisitions and engage in mergers or consolidations. We are also required to comply with specified financial tests and ratios including: i) maximum net debt to EBITDA ratio (the “leverage ratio”); and ii) a consolidated EBITDA to interest expense ratio. The most restrictive of our covenants is a maximum leverage ratio of 3.5x. As of December 31, 2017, the leverage ratio, as calculated in accordance with the definition in our amended credit agreement was 2.5x. A breach of these requirements would give rise to certain remedies under the Revolving Credit Facility, among which are the termination of the agreement and accelerated repayment of the outstanding borrowings plus accrued and unpaid interest under the credit facility. On October 3, 2012, we completed a private placement offering of $250.0 million aggregate principal amount of 5.375% Senior Notes due 2020 (the “5.375% Notes”). The 5.375% Notes, which are now publically registered, are fully and unconditionally guaranteed, jointly and severally, by PHG Tea Leaves, Inc., Mollanvick, Inc., Glatfelter Composite Fibers N. A., Inc., Glatfelter Advanced Materials N.A., Inc., and Glatfelter Holdings, LLC (the “Guarantors”). Interest on the 5.375% Notes is payable semiannually in arrears on April 15 and October 15. The 5.375% Notes are redeemable, in whole or in part, at any time on or after October 15, 2016 at the redemption prices specified in the applicable Indenture. These Notes and the guarantees of the notes are senior obligations of the Company and the Guarantors, respectively, rank equally in right of payment with future senior indebtedness of the Company and the Guarantors and will mature on October 15, 2020. The 5.375% Notes contain various covenants customary to indebtedness of this nature including limitations on i) the amount of indebtedness that may be incurred; ii) certain restricted payments including common stock dividends; iii) distributions from certain subsidiaries; iv) sales of assets; v) transactions amongst subsidiaries; and vi) incurrence of liens on assets. In addition, the 5.375% Notes contain cross default provisions that could result in all such notes becoming due and payable in the event of a failure to repay debt outstanding under the Revolving Credit Agreement at maturity or a default under the Revolving Credit Agreement that accelerates the debt outstanding thereunder. As of December 31, 2017, we met all of the requirements of our debt covenants. Glatfelter Gernsbach GmbH & Co. KG (“Gernsbach”), a wholly-owned subsidiary of ours, entered into a series of borrowing agreements with IKB Deutsche Industriebank AG, Düsseldorf (“IKB”) as summarized below: Amounts in thousands Original Principal Interest Rate Maturity Borrowing date Apr. 11, 2013 € 42,700 2.05 % Mar. 2023 Sep. 4, 2014 10,000 2.40 % Jun. 2022 Oct. 10, 2015 2,608 1.55 % Sep. 2025 Apr. 26, 2016 10,000 1.30 % Jun. 2023 May 4, 2016 7,195 1.55 % Sep. 2025 Each of the borrowings require quarterly repayments of principal and interest and provide for representations, warranties and covenants customary for financings of these types. The financial covenants contained in each of the IKB loans, which relate to the minimum ratio of consolidated EBITDA to consolidated interest expense and the maximum ratio of consolidated total net debt to consolidated adjusted EBITDA, will be calculated by reference to our Revolving Credit Agreement. Aggregated unamortized deferred debt issuance costs incurred in connection with all of our outstanding debt totaled $3.0 million at December 31, 2017. The deferred costs are being amortized on a straight line basis over the life of the underlying instruments. Amortization expense related to deferred debt issuance costs totaled $1.2 million in 2017. 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 2018 $ 11,298 2019 11,297 2020 432,497 2021 11,297 2022 10,441 Thereafter 6,500 P. H. Glatfelter Company guarantees all debt obligations of its subsidiaries. All such obligations are recorded in these consolidated financial statements. As of December 31, 2017 and 2016, we had $5.2 million and $5.1 million, respectively, of letters of credit issued to us by certain financial institutions. The letters of credit, which reduce amounts available under our revolving credit facility, primarily provide financial assurances for the benefit of certain state workers compensation insurance agencies in conjunction with our self-insurance program. We bear the credit risk on this amount to the extent that we do not comply with the provisions of certain agreements. No amounts are outstanding under the letters of credit. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 17. 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: 2017 2016 In thousands Carrying Value Fair Value Carrying Value Fair Value Variable rate debt $ 171,200 $ 171,200 $ 61,595 $ 61,595 Fixed-rate bonds 250,000 253,823 250,000 256,563 2.40% Term loan 7,710 7,889 8,282 8,877 2.05% Term loan 33,607 34,122 35,163 37,089 1.30% Term Loan 9,423 9,370 9,788 10,062 1.55% Term loan 11,390 11,320 10,333 10,082 Total $ 483,330 $ 487,724 $ 375,161 $ 384,268 As of December 31, 2017 and 2016, we had $250.0 million of 5.375% fixed rate bonds. These bonds are publicly registered, but thinly traded. Accordingly, the values set forth above for the bonds, as well as our other debt instruments, are based on observable inputs and other relevant market data (Level 2). The fair value of financial derivatives is set forth below in Note 18. |
Financial Derivatives and Hedgi
Financial Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Derivatives and Hedging Activities | 18. FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES As part of our overall risk management practices, we enter into financial derivatives primarily designed to either i) hedge foreign currency risks associated with forecasted transactions – “cash flow hedges”; or ii) mitigate the impact that changes in currency exchange rates have on intercompany financing transactions and foreign currency denominated receivables and payables – “foreign currency hedges." Derivatives Designated as Hedging Instruments - Cash Flow Hedges We use currency forward contracts as cash flow hedges to manage our exposure to fluctuations in the currency exchange rates on certain forecasted production costs or capital expenditures expected to be incurred over a maximum of eighteen months. Currency forward contracts involve fixing the EUR-USD exchange rate or USD-CAD for delivery of a specified amount of foreign currency on a specified date. We designate certain currency forward contracts as cash flow hedges of forecasted raw material purchases, certain production costs or capital expenditures with exposure to changes in foreign currency exchange rates. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges of foreign exchange risk is deferred as a component of accumulated other comprehensive income in the accompanying consolidated balance sheets. With respect to hedges of forecasted raw material purchases or production costs, the amount deferred is subsequently reclassified into costs of products sold in the period that inventory produced using the hedged transaction affects earnings. For hedged capital expenditures, deferred gains or losses are reclassified and included in the historical cost of the capital asset and subsequently affect earnings as depreciation is recognized. The ineffective portion of the change in fair value of the derivative is recognized directly to earnings and reflected in the accompanying consolidated statements of income as non-operating income (expense) under the caption “Other-net.” We had the following outstanding derivatives that were used to hedge foreign exchange risks associated with forecasted transactions and designated as hedging instruments: December 31 In thousands 2017 2016 Derivative Sell/Buy - sell notional Philippine Peso / British Pound 19,047 — Euro / British Pound 13,586 10,373 Euro / U.S. Dollar 1,048 — U.S. Dollar / Euro 946 — Sell/Buy - buy notional Euro / Philippine Peso 890,096 699,279 British Pound / Philippine Peso 797,496 557,025 Euro / U.S. Dollar 60,519 43,951 U.S. Dollar / Canadian Dollar 32,265 35,290 British Pound / Euro 335 — U.S. Dollar / Euro 4,253 15,379 These contracts have maturities of eighteen months or less. Derivatives Not Designated as Hedging Instruments - Foreign Currency Hedges We also enter into forward foreign exchange contracts to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities. None of these contracts are designated as hedges for financial accounting purposes and, accordingly, changes in value of the foreign exchange forward contracts and in the offsetting underlying on-balance-sheet transactions are reflected in the accompanying consolidated statements of income under the caption “Other, net.” December 31 In thousands 2017 2016 Derivative Sell/Buy - sell notional U.S. Dollar / Euro — — U.S. Dollar / British Pound 17,500 10,500 Euro / British Pound — — British Pound / Euro 1,000 2,500 Sell/Buy - buy notional Euro / U.S. Dollar 4,500 3,500 British Pound / Euro 13,000 18,500 These contracts have maturities of one month from the date originally entered into. Fair Value Measurements The following table summarizes the fair values of derivative instruments 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 2017 2016 2017 2016 Prepaid Expenses and Other Other Current Balance sheet caption Current Assets Liabilities Designated as hedging: Forward foreign currency exchange contracts $ 1,066 $ 2,625 $ 4,787 $ 1,493 Not designated as hedging: Forward foreign currency exchange contracts $ 151 $ 60 $ 43 $ 104 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 where the results are recorded: Year ended December 31 In thousands 2017 2016 2015 Designated as hedging: Forward foreign currency exchange contracts: Effective portion – cost of products sold $ 532 $ (551 ) $ 5,752 Ineffective portion – other – net 182 (166 ) (152 ) Not designated as hedging : Forward foreign currency exchange contracts: Other – net $ 882 $ 806 $ 599 The impact of activity not designated as hedging was substantially all offset by the remeasurement of the underlying on-balance sheet item. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described in Note 2. The fair values of the foreign exchange forward contracts are considered to be Level 2. Foreign currency forward contracts are valued using foreign currency forward and interest rate curves. The fair value of each contract is determined by comparing the contract rate to the forward rate and discounting to present value. Contracts in a gain position are recorded in the accompanying consolidated balance sheets under the caption “Prepaid expenses and other current assets” and the value of contracts in a loss position is recorded under the caption “Other current liabilities.” A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income is as follows: In thousands 2017 2016 Balance at January 1, $ 1,882 $ (178 ) Deferred (losses) gains on cash flow hedges (6,990 ) 1,509 Reclassified to earnings (532 ) 551 Balance at December 31, $ (5,640 ) $ 1,882 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, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | 19. SHAREHOLDERS’ EQUITY The following table summarizes outstanding shares of common stock: Year ended December 31 In thousands 2017 2016 2015 Shares outstanding at beginning of year 43,550 43,420 43,054 Treasury shares issued for: Restricted stock awards 28 108 206 401(k) plan — — 134 Employee stock options exercised 36 22 26 Shares outstanding at end of year 43,614 43,550 43,420 |
Commitments, Contingencies and
Commitments, Contingencies and Legal Proceedings | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Legal Proceedings | 20. 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 2018 $ 12,683 $ 115,710 2019 5,926 31,415 2020 4,393 18,674 2021 3,276 1,705 2022 2,932 4 Thereafter 8,431 1 Other contractual obligations primarily represent minimum purchase commitments under energy supply contracts and other purchase obligations. At December 31, 2017, required minimum annual payments due under operating leases and other similar contractual obligations aggregated $37.6 million and $167.5 million, respectively. Fox River - Neenah, Wisconsin Background. We have significant uncertainties associated with environmental claims arising out of the presence of polychlorinated biphenyls (“PCBs”) in sediments in the lower Fox River, on which our former Neenah facility was located, and in the Bay of Green Bay Wisconsin (collectively, the “Site”). Since the early 1990s, the United States, the State of Wisconsin and two Indian tribes (collectively, the “Governments”) have pursued a cleanup of a 39-mile stretch of river from Little Lake Butte des Morts into Green Bay and natural resource damages (“NRDs”). The Site has been subject to certain studies, demonstration projects and interim cleanups. The permanent cleanup, known as a “remedial action” under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), consists of sediment dredging, installation of engineered caps and placement of sand covers in various areas in the bed of the river. The United States originally notified several entities that they were potentially responsible parties (“PRPs”); however, after giving effect to settlements reached with the Governments, the remaining PRPs exposed to continuing obligations to implement the remainder of the cleanup consist of us, Georgia Pacific Consumer Products, L.P. (“Georgia Pacific”) and NCR Corporation (“NCR”). The United States Environmental Protection Agency (“EPA”) has divided the Site into five “operable units,” including the most upstream portion of the Site on which our facility was located (“OU1”) and four downstream reaches of the river and bay (“OU2-5”). We and WTM I Company, one of the PRPs, implemented the remedial action in OU1 under a consent decree with the Governments; Menasha Corporation made a financial contribution to that work. That project began in 2004 and the work is complete, other than on-going monitoring and maintenance. For OU2-5, work has proceeded primarily under a Unilateral Administrative Order (“UAO”) issued in November 2007 by the EPA to us and seven other respondents. The majority of that work to date has been funded or conducted by parties other than us. Prior to the UAO we contributed to a project in that area. Since the issuance of the UAO we have conducted about $13.4 million of cleanup work under the UAO in 2015 and 2016. The cleanup is expected to continue through 2019. However, as discussed below, under a consent decree between the United States, Wisconsin, NCR and Appvion we are not responsible for any additional cleanup at the Site. Litigation and Settlement . In 2008, in an allocation action, NCR and Appvion sued us and many other defendants in an effort to allocate among the liable parties the costs of cleaning up this Site and compensating the Governments for their costs and the natural resource trustees for NRDs. This case has been called the “Whiting litigation.” After several summary judgment rulings and a trial, the trial court entered judgment in the Whiting Litigation allocating to NCR 100% of the costs of (a) the OU2-5 cleanup, (b) NRDs, (c) past and future costs incurred by the Governments in OU2-5, and (d) past and future costs incurred by any of the other parties net of an appropriate equitable adjustment for insurance recoveries. On appeal, the United States Court of Appeals for the Seventh Circuit affirmed the district court’s ruling, holding that if knowledge and fault were the only equitable factors governing allocation of costs and NRDs at the Site, NCR would owe 100% of all costs and damages in OU2-5, but would not have a share of costs in OU1 -- which is upstream of the outfall of the facilities for which NCR is responsible -- solely as an “arranger for disposal” of PCB-containing waste paper by recycling it at our mill. However, the court of appeals vacated the judgment and remanded the case for the district court’s further consideration of whether any other equitable factors might cause the district court to alter its allocation to something less than 100% to NCR. In 2010, in an enforcement action, the Governments sued us and other defendants for (a) an injunction to require implementation of the cleanup ordered by the 2007 UAO, (b) recovery of the Governments’ past and future costs of response, (c) recovery of NRDs, and (d) recovery of a declaration of liability for the Site. After appeals, the Governments did not obtain an injunction and they withdrew their claims for NRDs. The Governments obtained a declaration of our liability to comply with the 2007 UAO. The Governments’ costs claims remained pending. On January 17, 2017, the United States filed a consent decree with the federal district court among the United States, Wisconsin, NCR, and Appvion (the “NCR/Appvion consent decree”) under which NCR would agree to complete the remaining cleanup and both NCR and Appvion would agree not to seek to recover from us or anyone else any amounts they have spent or will spend, and we and others would be barred from seeking claims against NCR or Appvion. On March 29, 2017, the United States moved for entry of a somewhat revised version of the NCR/Appvion consent decree, which the federal district court entered on August 23, 2017. Under the consent decree, if it were to withstand appeal, we would only face exposure to: (i) government past oversight costs, (ii) government future oversight costs, (iii) long term monitoring and maintenance, and (iv) depending on the reason, a further remedy if necessary in the event the currently ordered remedy fails, over 30 or more years, to achieve its objectives. As the result of earlier settlements, Georgia Pacific is only jointly liable with us to the Governments for monitoring and maintenance costs incurred in the most downstream three miles of the river (“OU4b”) and the bay of Green Bay (“OU5”). In addition, we and Georgia Pacific had claims against each other to reallocate the costs that we have each incurred or will incur. We have settled those claims. Under this settlement, Georgia Pacific has agreed to implement the monitoring and maintenance in OU4b and OU5 and we would be responsible for monitoring and maintenance of all other upstream Operable Units. We paid Georgia Pacific $9.5 million in August 2017. The NCR/Appvion consent decree and our settlement with Georgia Pacific resulted in all claims among the responsible parties being barred, waived, or withdrawn. Accordingly, on October 10, 2017, the federal district court approved a stipulation dismissing all remaining claims in the Whiting litigation. Therefore, unless certain limited circumstances occur permitting reassertion of claims, we are not subject to claims for reallocation of costs or damages incurred by any of the other parties and we cannot seek contribution or reallocation from them. On October 20, 2017, we appealed the district court’s approval of the NCR/Appvion consent decree. We contend that the court did not do what was required to properly conclude that the NCR/Appvion consent decree was substantially fair to us. We contend that the consent decree was unfair to us because the costs we have already incurred and the costs that we would have to incur were the NCR/Appvion consent decree to remain in effect would exceed our fair share of costs for this site. If we prevail on appeal, the circumstances that caused us to prevail would lead us to anticipate that, while all costs would again be subject to reallocation, that reallocation to be in our favor. Cost estimates. The NCR/Appvion consent decree, as revised, states that all parties combined have spent more than $1 billion through March 2017 towards remedial actions and NRDs, of which we have contributed approximately $75 million. In addition, work to complete the remaining site remedy under the UAO was anticipated to cost approximately $200 million at the beginning of the 2017 remediation season. So long as the NCR/Appvion consent decree remains in effect, we are not exposed to reallocation of any of those amounts, and no other party will be exposed to reallocation of any of the amounts that we have incurred or may incur in the future. So long as the NCR/Appvion consent decree remains in effect, we (and not NCR) would remain responsible for the Governments’ unreimbursed past costs. Many parties have entered into settlements with the Governments over time, including us, that have called for payments of cash or in-kind provision of natural resource restoration projects. Certain amounts were allocated to the United States and the State to reimburse their costs, and other amounts were allocated to the Natural Resource Damages Assessment and Restoration (“NRDAR”) Fund to pay for natural resource damages assessment, if any, and restoration projects. The Governments may not recover costs from us that anyone has reimbursed previously. As of the end of 2015, the United States claimed to have incurred about $34 million in unreimbursed costs, an amount that we dispute. The State had no unreimbursed costs, and had on hand approximately $4 million of unspent settlement money. Further, the NRDAR Fund had received what the Governments claim to have been approximately $104 million in settlement payments, of which more than $60 million remained unspent. On February 5, 2018, the district court decided that the Governments’ recovery of costs would be reduced by the funds held by the State at the end of 2015 and by any amount by which the Governments had applied settlement payments to natural resource damages in excess of the actual amount of natural resource damages. We contend that the natural resource restoration projects already constructed fully compensate the public for any natural resource damages, and therefore that the entire unspent balance in the NRDAR Fund remains as an off-set, an amount likely to exceed all of the Governments’ past and future costs of response. The Governments disagree. No date has yet been set for trial of the issue. So long as the NCR/Appvion consent decree remains in effect, we would also remain subject to our obligations under the OU1 consent decree, which now consist of long term monitoring and maintenance that we expect earlier contributions to the OU1 escrow account to fund these costs. Furthermore, we, along with Georgia Pacific, but not NCR, would be responsible for long term monitoring and maintenance required pursuant to the Lower Fox River 100% Remedial Design Report dated December 2009 – Long Term Monitoring Plan (the “Plan”). The Plan requires long term monitoring of each of OU2 through OU5 over a period of at least 30 years. The monitoring activities consist of, among others, testing fish tissue, sampling water quality and sediment, and inspections of the engineered caps. Each operable unit is required to be monitored; however, because of our settlement with Georgia Pacific, our obligations are in OU1-OU4a. Although we are unable to determine with certainty the timing of cash expenditures for the above matters, they are reasonably likely to extend over a period of at least 30 years. Reserves for the Site. Our reserve for all remaining claims against us relating to PCB contamination is set forth below: Year ended December 31 In thousands 2017 2016 Balance at January 1, $ 52,788 $ 17,105 Payments (9,644 ) (4,317 ) Accruals - 40,000 Balance at December 31, $ 43,144 $ 52,788 The payments set forth above represent cash paid towards completion of remediation activities in connection with the 2016 and 2015 Work Plans, the Georgia-Pacific settlement and ongoing monitoring activities. Of our total reserve for the Fox River, $28.5 million is recorded in the accompanying December 31, 2017 consolidated balance sheet under the caption “Environmental liabilities” and the remaining $14.6 million is recorded under the caption “Other long term liabilities.” Range of Reasonably Possible Outcomes . Based on our analysis of all available information, including but not limited to decisions of the courts, official documents such as records of decision, discussions with legal counsel, cost estimates for future monitoring and maintenance and other post-remediation costs to be performed at the Site, we believe it is reasonably possible that our costs associated with the Fox River matter could exceed the aggregate amounts accrued by amounts ranging from insignificant to approximately $30 million. We believe the likelihood of an outcome in the upper end of the monetary range is less than other possible outcomes within the range and the possibility of an outcome in excess of the upper end of the monetary range is remote. Summary . Our current assessment is we will be able to manage this environmental matter without a long-term, material adverse impact on the Company. This matter could, however, at any particular time or for any particular year or years, have a material adverse effect on our consolidated financial position, liquidity and/or results of operations or could result in a default under our debt covenants. Moreover, there can be no assurance our reserves will be adequate to provide for future obligations related to this matter, or our share of costs and/or damages will not exceed our available resources, or those obligations will not have a material adverse effect on our consolidated financial position, liquidity and results of operations and might result in a default under our loan covenants. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 21. SEGMENT AND GEOGRAPHIC INFORMATION The following tables set forth profitability and other information by business unit: For the year ended December 31, 2017 Composite Advanced Airlaid Specialty Other and In millions Fibers Materials Papers Unallocated Total Net sales $ 544.3 $ 256.1 $ 790.9 $ — $ 1,591.3 Energy and related sales, net — — 5.1 — 5.1 Total revenue 544.3 256.1 796.0 — 1,596.4 Cost of products sold 437.6 216.7 734.2 15.4 1,403.9 Gross profit 106.7 39.4 61.8 (15.4 ) 192.5 SG&A 44.4 9.3 46.4 34.3 134.4 Loss on dispositions of plant, equipment and timberlands, net — — — — — Total operating income (loss) 62.3 30.1 15.4 (49.7 ) 58.1 Non-operating expense — — — (18.8 ) (18.8 ) Income (loss) before income taxes $ 62.3 $ 30.1 $ 15.4 $ (68.5 ) $ 39.3 Supplementary Data Plant, equipment and timberlands, net $ 254.0 $ 235.6 $ 360.5 $ 15.6 $ 865.7 Depreciation, depletion and amortization 28.3 9.6 30.8 7.3 76.0 Capital expenditures 15.9 50.6 51.5 14.3 132.3 For the year ended December 31, 2016 Composite Advanced Airlaid Specialty Other and In millions Fibers Materials Papers Unallocated Total Net sales $ 517.0 $ 244.3 $ 843.6 $ — $ 1,604.8 Energy and related sales, net — — 6.1 — 6.1 Total revenue 517.0 244.3 849.7 — 1,610.9 Cost of products sold 416.4 209.5 752.6 13.9 1,392.3 Gross profit 100.6 34.8 97.1 (13.9 ) 218.7 SG&A 46.3 8.4 55.9 80.1 190.7 Gains on dispositions of plant, equipment and timberlands, net — — — 0.2 0.2 Total operating income (loss) 54.3 26.4 41.2 (94.2 ) 27.8 Non-operating expense — — — (16.9 ) (16.9 ) Income (loss) before income taxes $ 54.3 $ 26.4 $ 41.2 $ (111.1 ) $ 10.9 Supplementary Data Plant, equipment and timberlands, net $ 235.1 $ 179.3 $ 352.9 $ 8.6 $ 775.9 Depreciation, depletion and amortization 27.8 9.0 26.3 2.7 65.8 Capital expenditures 18.8 36.8 99.0 5.6 160.2 For the year ended December 31, 2015 Composite Advanced Airlaid Specialty Other and In millions Fibers Materials Papers Unallocated Total Net sales $ 541.5 $ 244.6 $ 875.0 $ — $ 1,661.1 Energy and related sales, net — — 5.7 — 5.7 Total revenue 541.5 244.6 880.7 — 1,666.8 Cost of products sold 434.4 215.7 804.5 9.2 1,463.8 Gross profit 107.1 28.9 76.2 (9.2 ) 203.0 SG&A 45.7 7.6 43.3 31.0 127.7 Gains on dispositions of plant, equipment and timberlands, net — — — (21.1 ) (21.1 ) Total operating income (loss) 61.4 21.3 32.9 (19.1 ) 96.4 Non-operating expense — — — (17.8 ) (17.8 ) Income (loss) before income taxes $ 61.4 $ 21.3 $ 32.9 $ (36.9 ) $ 78.6 Supplementary Data Plant, equipment and timberlands, net $ 258.1 $ 153.5 $ 282.0 $ 5.7 $ 698.9 Depreciation, depletion and amortization 26.2 8.8 26.0 2.2 63.2 Capital expenditures 26.8 7.8 63.5 1.8 99.9 The sum of individual amounts set forth above may not agree to the consolidated financial statements included herein due to rounding. Results of individual business units are presented based on our management accounting practices and management structure. There is no comprehensive, authoritative body of guidance for management accounting equivalent to accounting principles generally accepted in the United States of America; therefore, the financial results of individual business units are not necessarily comparable with similar information for any other company. The management accounting process uses assumptions and allocations to measure performance of the business units. Methodologies are refined from time to time as management accounting practices are enhanced and businesses change. The costs incurred by support areas not directly aligned with the business unit are allocated primarily based on an estimated utilization of support area services. Management evaluates results of operations of the business units before pension expense, certain corporate level costs, and the effects of certain gains or losses not considered to be related to the core business operations. Management believes that this is a more meaningful representation of the operating performance of its core businesses, the profitability of business units and the extent of cash flow generated from these core operations. Such amounts are presented under the caption “Other and Unallocated.” In the evaluation of business unit results, management does not use any measures of total assets. This presentation is aligned with the management and operating structure of our company. It is also on this basis that the Company’s performance is evaluated internally and by the Company’s Board of Directors. Our Composite Fibers business unit serves customers globally and focuses on higher value-added products in the following markets: • Food & Beverage filtration paper primarily used for single-serve coffee and tea products; • Wallcovering base materials used by the world’s largest wallpaper manufacturers; • Technical Specialties a diverse line of special paper products used in applications such as electrical energy storage, transport and transmission, wipes, and other highly-engineered fiber-based applications; • Composite Laminate paper used in production of decorative laminates, furniture, and flooring applications; and • Metallized products used in labels, packaging liners, gift wrap, and other consumer product applications. Composite Fibers’ revenue composition by market consisted of the following for the years indicated: In thousands 2017 2016 2015 Food & beverage $ 268,474 $ 258,463 $ 274,865 Wallcovering 103,011 90,767 91,620 Technical specialties and other 76,991 71,558 71,689 Composite laminates 38,696 35,107 34,897 Metallized 57,088 61,059 68,397 Total $ 544,260 $ 516,954 $ 541,468 The Advanced Airlaid Materials business unit is a leading global supplier of highly absorbent cellulose-based airlaid nonwoven materials primarily used to manufacture consumer products for growing global end-user markets. These products include: • feminine hygiene; • specialty wipes; • adult incontinence; • home care; and • other consumer products. Advanced Airlaid Materials’ revenue composition by market consisted of the following for the years indicated: In thousands 2017 2016 2015 Feminine hygiene $ 179,670 $ 173,902 $ 182,048 Specialty wipes 29,519 25,206 22,950 Adult incontinence 14,425 12,281 10,720 Home care 13,029 12,630 13,345 Other 19,458 20,243 15,526 Total $ 256,101 $ 244,262 $ 244,589 Our Specialty Papers business unit focuses on producing papers for the following markets: • Carbonless & non-carbonless forms papers for credit card receipts, multi-part forms, security papers and other end-user applications; • Engineered products for high speed ink jet printing, office specialty products, greeting cards, and other niche specialty applications; • Envelope and converting papers primarily utilized for transactional and direct mail envelopes; and • Book publishing papers for the production of high quality hardbound books and other book publishing needs. Specialty Papers’ revenue composition by market consisted of the following for the years indicated: In thousands 2017 2016 2015 Carbonless & forms $ 292,071 $ 319,648 $ 349,831 Engineered products 189,930 189,463 190,943 Envelope & converting 154,291 173,362 178,067 Book publishing 152,576 157,541 152,647 Other 2,067 3,568 3,538 Total $ 790,935 $ 843,582 $ 875,026 No individual customer accounted for more than 10% of our consolidated net sales in 2017, 2016 and 2015. However, one customer accounted for the majority of Advanced Airlaid Materials’ net sales in each of the past three years ended December 31, 2017. 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. 2017 2016 2015 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 $ 880,708 $ 456,223 $ 918,567 $ 391,977 $ 959,730 $ 287,447 Germany 450,668 240,932 427,520 220,380 444,009 232,340 United Kingdom 76,594 55,495 78,759 51,903 86,442 62,931 Canada 120,434 78,220 115,902 79,727 118,568 81,201 Other 62,893 34,873 64,049 31,911 52,335 34,945 Total $ 1,591,297 $ 865,743 $ 1,604,797 $ 775,898 $ 1,661,084 $ 698,864 |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Statements | 22. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Our 5.375% Notes issued by P. H. Glatfelter Company (the “Parent”) are fully and unconditionally guaranteed, on a joint and several basis, by certain of our 100%-owned domestic subsidiaries, PHG Tea Leaves, Inc., Mollanvick, Inc., Glatfelter Composite Fibers N. A., Inc., Glatfelter Advance Materials N.A., Inc., and Glatfelter Holdings, LLC. The guarantees are subject to certain customary release provisions including i) the designation of such subsidiary as an unrestricted or excluded subsidiary; (ii) in connection with any sale or disposition of the capital stock of the subsidiary guarantor; and (iii) upon our exercise of our legal defeasance option or our covenant defeasance option, all of which are more fully described in the Indenture dated as of October 3, 2012 and the First Supplemental Indenture dated as of October 27, 2015, among us, the Guarantors and US Bank National Association, as Trustee, relating to the 5.375% Notes. The following presents our condensed consolidating statements of income, including comprehensive income and cash flows for the years ended December 31, 2017, 2016 and 2015 and our condensed consolidating balance sheets as of December 31, 2017 and 2016. Condensed Consolidating Statement of Income for the year ended December 31, 2017 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 790,933 $ 89,787 $ 798,603 $ (88,026 ) $ 1,591,297 Energy and related sales, net 5,126 — — — 5,126 Total revenues 796,059 89,787 798,603 (88,026 ) 1,596,423 Costs of products sold 747,736 85,196 659,007 (88,026 ) 1,403,913 Gross profit 48,323 4,591 139,596 — 192,510 Selling, general and administrative expenses 69,483 2,598 62,313 — 134,394 (Gain) loss on dispositions of plant equipment and timberlands, net 223 (188 ) (9 ) — 26 Operating income (loss) (21,383 ) 2,181 77,292 — 58,090 Other non-operating income (expense) Interest expense (20,394 ) (971 ) (1,801 ) 5,394 (17,772 ) Interest income 599 4,947 85 (5,394 ) 237 Equity in earnings of subsidiaries 18,864 60,871 — (79,735 ) — Other, net 2,241 (6,776 ) 3,315 — (1,220 ) Total other non-operating income (expense) 1,310 58,071 1,599 (79,735 ) (18,755 ) Income (loss) before income taxes (20,073 ) 60,252 78,891 (79,735 ) 39,335 Income tax provision (benefit) (27,987 ) 41,388 18,020 — 31,421 Net income 7,914 18,864 60,871 (79,735 ) 7,914 Other comprehensive income 63,931 52,290 51,828 (104,118 ) 63,931 Comprehensive income $ 71,845 $ 71,154 $ 112,699 $ (183,853 ) $ 71,845 Condensed Consolidating Statement of Income for the year ended December 31, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 843,582 $ 75,000 $ 755,860 $ (69,645 ) $ 1,604,797 Energy and related sales, net 6,141 — — — 6,141 Total revenues 849,723 75,000 755,860 (69,645 ) 1,610,938 Costs of products sold 763,109 70,991 627,880 (69,645 ) 1,392,335 Gross profit 86,614 4,009 127,980 — 218,603 Selling, general and administrative expenses 133,387 (156 ) 57,463 — 190,694 Loss on dispositions of plant equipment and timberlands, net 177 — 39 — 216 Operating income (loss) (46,950 ) 4,165 70,478 — 27,693 Other non-operating income (expense) Interest expense (17,436 ) (41 ) (3,060 ) 4,715 (15,822 ) Interest income 687 4,177 57 (4,715 ) 206 Equity in earnings of subsidiaries 61,007 58,347 — (119,354 ) — Other, net (2,312 ) (3,966 ) 5,007 — (1,271 ) Total other non-operating income (expense) 41,946 58,517 2,004 (119,354 ) (16,887 ) Income (loss) before income taxes (5,004 ) 62,682 72,482 (119,354 ) 10,806 Income tax provision (benefit) (26,558 ) 1,675 14,135 — (10,748 ) Net income 21,554 61,007 58,347 (119,354 ) 21,554 Other comprehensive loss (14,120 ) (25,916 ) (25,176 ) 51,092 (14,120 ) Comprehensive income $ 7,434 $ 35,091 $ 33,171 $ (68,262 ) $ 7,434 Condensed Consolidating Statement of Income for the year ended December 31, 2015 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 875,026 $ 84,704 $ 779,380 $ (78,026 ) $ 1,661,084 Energy and related sales, net 5,664 — — — 5,664 Total revenues 880,690 84,704 779,380 (78,026 ) 1,666,748 Costs of products sold 811,329 80,455 650,025 (78,026 ) 1,463,783 Gross profit 69,361 4,249 129,355 — 202,965 Selling, general and administrative expenses 71,751 821 55,134 — 127,706 Gain on dispositions of plant equipment and timberlands, net (19,720 ) (1,183 ) (210 ) — (21,113 ) Operating income 17,330 4,611 74,431 — 96,372 Other non-operating income (expense) Interest expense (18,147 ) — (36,859 ) 37,542 (17,464 ) Interest income 673 37,127 26 (37,543 ) 283 Equity in earnings of subsidiaries 61,946 24,737 — (86,683 ) — Other, net (3,389 ) (1,471 ) 4,245 — (615 ) Total other non-operating income (expense) 41,083 60,393 (32,588 ) (86,684 ) (17,796 ) Income before income taxes 58,413 65,004 41,843 (86,684 ) 78,576 Income tax provision (benefit) (6,162 ) 2,922 17,241 — 14,001 Net income 64,575 62,082 24,602 (86,684 ) 64,575 Other comprehensive income (loss) (35,616 ) (41,010 ) 29,680 11,330 (35,616 ) Comprehensive income $ 28,959 $ 21,072 $ 54,282 $ (75,354 ) $ 28,959 Condensed Consolidating Balance Sheet as of December 31, 2017 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Assets Cash and cash equivalents $ 1,292 $ 720 $ 114,207 $ — $ 116,219 Other current assets 249,293 217,822 279,626 (277,989 ) 468,752 Plant, equipment and timberlands, net 375,231 80,992 409,520 — 865,743 Investments in subsidiaries 829,895 653,128 — (1,483,023 ) — Other assets 139,552 — 140,529 — 280,081 Total assets $ 1,595,263 $ 952,662 $ 943,882 $ (1,761,012 ) $ 1,730,795 Liabilities and Shareholders' Equity Current liabilities $ 402,787 $ 54,640 $ 167,738 $ (277,989 ) $ 347,176 Long-term debt 368,496 51,000 50,602 — 470,098 Deferred income taxes 14,081 16,814 52,676 — 83,571 Other long-term liabilities 100,971 313 19,738 — 121,022 Total liabilities 886,335 122,767 290,754 (277,989 ) 1,021,867 Shareholders’ equity 708,928 829,895 653,128 (1,483,023 ) 708,928 Total liabilities and shareholders’ equity $ 1,595,263 $ 952,662 $ 943,882 $ (1,761,012 ) $ 1,730,795 Condensed Consolidating Balance Sheet as of December 31, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Assets Cash and cash equivalents $ 5,082 $ 1,461 $ 48,901 $ — $ 55,444 Other current assets 206,002 256,289 242,187 (265,663 ) 438,815 Plant, equipment and timberlands, net 360,521 31,455 383,922 — 775,898 Investments in subsidiaries 789,565 540,029 — (1,329,594 ) — Other assets 123,010 — 128,092 — 251,102 Total assets $ 1,484,180 $ 829,234 $ 803,102 $ (1,595,257 ) $ 1,521,259 Liabilities and Shareholders' Equity Current liabilities $ 426,628 $ 26,085 $ 135,961 $ (265,663 ) $ 323,011 Long-term debt 283,686 14,000 65,961 — 363,647 Deferred income taxes 10,221 (729 ) 45,503 — 54,995 Other long-term liabilities 109,819 313 15,648 — 125,780 Total liabilities 830,354 39,669 263,073 (265,663 ) 867,433 Shareholders’ equity 653,826 789,565 540,029 (1,329,594 ) 653,826 Total liabilities and shareholders’ equity $ 1,484,180 $ 829,234 $ 803,102 $ (1,595,257 ) $ 1,521,259 Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2017 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ (4,259 ) $ (3,506 ) $ 112,027 $ — $ 104,262 Investing activities Expenditures for purchases of plant, equipment and timberlands (65,822 ) (45,644 ) (20,838 ) — (132,304 ) Proceeds from disposals of plant, equipment and timberlands, net 11 209 8 — 228 Repayments from intercompany loans — 12,000 — (12,000 ) — Advances of intercompany loans — (14,400 ) — 14,400 — Intercompany capital contributed (14,000 ) (400 ) — 14,400 — Acquisitions, net of cash acquired — — — — — Other (243 ) — — — (243 ) Total investing activities (80,054 ) (48,235 ) (20,830 ) 16,800 (132,319 ) Financing activities Net long-term borrowings 84,200 37,000 (21,535 ) — 99,665 Payment of dividends to shareholders (22,480 ) — — — (22,480 ) Repayments of intercompany loans — — (12,000 ) 12,000 — Borrowings of intercompany loans 14,400 — — (14,400 ) — Intercompany capital received — 14,000 400 (14,400 ) — Proceeds from government grants 4,875 — — — 4,875 Payments related to share-based compensation awards and other (472 ) — — — (472 ) Total financing activities 80,523 51,000 (33,135 ) (16,800 ) 81,588 Effect of exchange rate on cash — — 7,244 — 7,244 Net increase (decrease) in cash (3,790 ) (741 ) 65,306 — 60,775 Cash at the beginning of period 5,082 1,461 48,901 — 55,444 Cash at the end of period $ 1,292 $ 720 $ 114,207 $ — $ 116,219 Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ 33,109 $ 1,275 $ 81,726 $ — $ 116,110 Investing activities Expenditures for purchases of plant, equipment and timberlands (104,595 ) (30,682 ) (24,881 ) — (160,158 ) Proceeds from disposals of plant, equipment and timberlands, net 41 — 29 — 70 Repayments from intercompany loans — 15,601 — (15,601 ) — Advances of intercompany loans — (18,330 ) — 18,330 — Intercompany capital (contributed) returned (17,000 ) (500 ) — 17,500 — Other (800 ) — — — (800 ) Total investing activities (122,354 ) (33,911 ) (24,852 ) 20,229 (160,888 ) Financing activities Net repayments of indebtedness 36,000 14,000 (35,886 ) — 14,114 Payments of borrowing costs (136 ) — — — (136 ) Payment of dividends to shareholders (21,589 ) — — — (21,589 ) Repayments of intercompany loans — — (15,601 ) 15,601 — Borrowings of intercompany loans 18,330 — — (18,330 ) — Intercompany capital (returned) received — 17,000 500 (17,500 ) — Payment of intercompany dividend — 632 (632 ) — — Proceeds from government grants 3,582 2,000 — — 5,582 Payments related to share-based compensation awards and other (990 ) — — — (990 ) Total financing activities 35,197 33,632 (51,619 ) (20,229 ) (3,019 ) Effect of exchange rate on cash — — (2,063 ) — (2,063 ) Net increase (decrease) in cash (54,048 ) 996 3,192 — (49,860 ) Cash at the beginning of period 59,130 465 45,709 — 105,304 Cash at the end of period $ 5,082 $ 1,461 $ 48,901 $ — $ 55,444 Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2015 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ 34,391 $ 627 $ 98,725 $ — $ 133,743 Investing activities Expenditures for plant, equipment and timberlands (65,265 ) (109 ) (34,515 ) — (99,889 ) Proceeds from disposal plant, equipment and timberlands, net 22,741 1,213 505 — 24,459 Repayments from intercompany loans — 57,855 — (57,855 ) — Advances of intercompany loans — (49,230 ) — 49,230 — Intercompany capital contributed, net 10,100 (300 ) — (9,800 ) — Acquisitions, net of cash acquired — — (224 ) — (224 ) Other (1,600 ) — — — (1,600 ) Total investing activities (34,024 ) 9,429 (34,234 ) (18,425 ) (77,254 ) Financing activities Net proceeds from indebtedness — — (24,650 ) — (24,650 ) Payments of note offering costs (1,329 ) — — — (1,329 ) Payment of dividends to shareholders (20,443 ) — — — (20,443 ) Repayments of intercompany loans (9,158 ) — (48,697 ) 57,855 — Borrowings of intercompany loans 49,230 — — (49,230 ) — Intercompany capital (returned) received — (10,100 ) 300 9,800 — Proceeds from government grants 421 — — — 421 Payments related to share-based compensation awards and other (2,166 ) — 151 — (2,015 ) Total financing activities 16,555 (10,100 ) (72,896 ) 18,425 (48,016 ) Effect of exchange rate on cash — — (3,006 ) — (3,006 ) Net increase (decrease) in cash 16,922 (44 ) (11,411 ) — 5,467 Cash at the beginning of period 42,208 509 57,120 — 99,837 Cash at the end of period $ 59,130 $ 465 $ 45,709 $ — $ 105,304 |
Quarterly Results
Quarterly Results | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results | 23. QUARTERLY RESULTS (UNAUDITED) Earnings (loss) In thousands, Net sales Gross profit Net income (loss) per share except per share 2017 2016 2017 2016 2017 2016 2017 2016 First $ 390,713 $ 402,218 $ 56,929 $ 57,843 $ 11,603 $ 16,168 $ 0.26 $ 0.37 Second 387,342 406,413 30,436 42,723 (5,714 ) 1,965 (0.13 ) 0.04 Third 413,325 405,301 54,735 61,170 12,105 19,601 0.27 0.44 Fourth 399,917 390,865 50,410 56,867 (10,080 ) (16,180 ) (0.23 ) (0.37 ) |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | P. H. GLATFELTER COMPANY AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL STATEMENT SCHEDULE For each of the three years ended December 31, 2017 Valuation and Qualifying Accounts Allowance for In thousands Doubtful Accounts Sales Discounts and Deductions 2017 2016 2015 2017 2016 2015 Balance, beginning of year $ 1,719 $ 2,239 $ 2,703 $ 1,462 $ 1,593 $ 1,809 Provision 49 32 7 4,610 4,283 3,856 Write-offs, recoveries and discounts allowed (29 ) (497 ) (275 ) (4,697 ) (4,368 ) (3,649 ) Other (a) 218 (55 ) (196 ) 68 (46 ) (423 ) Balance, end of year $ 1,957 $ 1,719 $ 2,239 $ 1,443 $ 1,462 $ 1,593 The provision for doubtful accounts is included in selling, general and administrative expense and the provision for sales discounts and deductions is deducted from sales. The related allowances are deducted from accounts receivable. (a) Relates primarily to changes in currency exchange rates. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Glatfelter and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Management believes the estimates and assumptions used in the preparation of these consolidated financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes that actual results may differ from those estimates and assumptions. |
Cash and Cash Equivalents | Cash and Cash Equivalents We classify all highly liquid instruments with an original maturity of three months or less at the time of purchase as cash equivalents. |
Inventories | Inventories Inventories are stated at the lower of cost or market. Raw materials, in-process and finished inventories of our U.S. manufacturing operations are valued using the last-in, first-out (LIFO) method, and the supplies inventories are valued principally using the average-cost method. Inventories at our foreign operations are valued 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, on a discounted cash flow basis, during the third quarter of each year for impairment or more frequently if impairment indicators are present. 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 tradename, impairment losses, if any, are recognized for the amount by which the carrying value of the tradename exceeds its fair value. |
Income Taxes | Income Taxes Income taxes are determined using the asset and liability method of accounting for income taxes in accordance with FASB ASC 740 Income Taxes (“ASC 740”). Under ASC 740, tax expense includes U.S. and international income taxes plus the provision for U.S. taxes on undistributed earnings of international subsidiaries not deemed to be permanently invested. Tax credits and other incentives reduce tax expense in the year the credits are claimed. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effect of such temporary differences is reported in deferred income taxes. Deferred tax assets are recognized if it is more likely than not that the assets will be realized in future years. We establish a valuation allowance for deferred tax assets for which realization is not more likely than not. Significant judgment is required in determining our worldwide provision for income taxes and recording the related assets and liabilities. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is less than certain. We and our subsidiaries are examined by various Federal, State, and foreign tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. We continually assess the likelihood and amount of potential adjustments and record any necessary adjustments in the period in which the facts that give rise to a revision become known. Investment tax credits are accounted for by the flow-through method, which results in recognition of the benefit in the year in which the credit become available. |
Treasury Stock | Treasury Stock Common stock purchased for treasury is recorded at cost. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock on the weighted-average cost basis. |
Foreign Currency Translation | Foreign Currency Translation Foreign currency translation gains and losses and the effect of exchange rate changes on transactions designated as hedges of net foreign investments are included as a component of other comprehensive income (loss). Transaction gains and losses are included in income in the period in which they occur. |
Revenue Recognition | Revenue Recognition We recognize revenue on product sales when the customer takes title and assumes the risks and rewards of ownership. Substantially all of our revenue is earned pursuant to contracts under which we have one performance obligation that is satisfied at a point-in-time. Estimated costs for sales incentives, discounts and sales returns and allowances are recorded as sales deductions in the period in which the related revenue is recognized. Revenue from energy sales is recognized when electricity is delivered to the customer. Certain costs associated with the production of electricity, such as fuel, labor, depreciation and maintenance are netted against energy sales for presentation on the consolidated statements of income. Revenue from renewable energy credits is recorded under the caption “Energy and related sales, net” in the consolidated statements of income and is recognized when all risks, rights and rewards to the certificate are transferred to the counterparty. |
Environmental Liabilities | Environmental Liabilities Accruals for losses associated with environmental obligations are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on existing legislation and remediation technologies. These accruals are adjusted periodically as assessment and remediation actions continue and/or further legal or technical information develops. Such undiscounted liabilities are exclusive of any insurance or other claims against third parties. Environmental costs are capitalized if the costs extend the life of the asset, increase its capacity and/or mitigate or prevent contamination from future operations. Recoveries of environmental remediation costs from other parties, including insurance carriers, are recorded as assets when their receipt is assured beyond a reasonable doubt. |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income 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. The dilutive effect of common share equivalents is considered in the diluted earnings per share computation using the treasury stock method. |
Financial Derivatives and Hedging Activities | Financial Derivatives and Hedging Activities We use financial derivatives to manage exposure to changes in foreign currencies. In accordance with FASB ASC 815 Derivatives and Hedging (“ASC 815”), we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The effective portion of the gain or loss on those derivative instruments designated and qualifying as a hedge of the exposure to variability in expected future cash flows related to forecasted transactions is deferred and reported as a component of accumulated other comprehensive income (loss). Deferred gains or losses are reclassified to our results of operations at the time the hedged forecasted transaction is recorded in our results of operations. The effectiveness of cash flow hedges is assessed at inception and quarterly thereafter. If the instrument becomes ineffective or it becomes probable that the originally forecasted transaction will not occur, the related change in fair value of the derivative instrument is also reclassified from accumulated other comprehensive income (loss) and recognized in earnings. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Under the accounting for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation – Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting designed to simplify certain aspects of accounting for share-based awards. The new ASU requires entities to recognize as a component of income tax expense all excess tax benefits or deficiencies arising from the difference between compensation costs recognized and the intrinsic value at the time an option is exercised or, in the case of restricted stock and similar awards, the fair value upon vesting of an award. Previously such differences were recognized in additional paid in capital as part of an “APIC pool.” The ASU also requires entities to exclude excess tax benefits and tax deficiencies from the calculation of common share equivalents for purposes of calculating earnings per share. In addition, as permitted by the ASU, we have elected to account for the impact of forfeitures as they occur rather to estimate forfeitures for purposes of recognizing compensation expense. We adopted this standard effective January 1, 2017, on a prospective basis; however, the adoption of the new standard did not have a material impact on our reported results of operations or financial position. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities" In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 |
Energy and Related Sales, Net (
Energy and Related Sales, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Summary of Energy and Related Sales Net | The following table summarizes this activity for each of the past three years: Year ended December 31 In thousands 2017 2016 2015 Energy sales $ 3,258 $ 3,613 $ 5,315 Costs to produce (3,986 ) (3,972 ) (4,428 ) Net (728 ) (359 ) 887 Renewable energy credits 5,854 6,500 4,777 Total $ 5,126 $ 6,141 $ 5,664 |
Gain on Dispositions of Plant37
Gain on Dispositions of Plant, Equipment and Timberlands (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Summary for Sale of Timberlands and Other Assets | During 2017, 2016 and 2015, we completed the following sales of assets: Dollars in thousands Acres Proceeds Gain (loss) 2017 Timberlands 332 $ 209 $ 188 Other n/a 19 (214 ) Total $ 228 $ (26 ) 2016 Timberlands — $ - $ - Other n/a 70 (216 ) Total $ 70 $ (216 ) 2015 Timberlands 15,628 $ 23,917 $ 20,867 Other n/a 542 246 Total $ 24,459 $ 21,113 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Details of Basic and Diluted Earnings Per Share (EPS) | The following table sets forth the details of basic and diluted earnings per share (EPS): Year ended December 31 In thousands, except per share 2017 2016 2015 Net income $ 7,914 $ 21,554 $ 64,575 Weighted average common shares outstanding used in basic EPS 43,609 43,558 43,397 Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs 830 571 545 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,439 44,129 43,942 Earnings per share Basic $ 0.18 $ 0.49 $ 1.49 Diluted 0.18 0.49 1.47 |
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 2017 2016 2015 Potential common shares 610 596 678 |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016 and 2015. In thousands Currency translation adjustments Unrealized gain (loss) on cash flow hedges Change in pensions Change in other postretirement defined benefit plans Total Balance at January 1, 2017 $ (100,448 ) $ 1,500 $ (110,656 ) $ 4,998 $ (204,606 ) Other comprehensive income before reclassifications (net of tax) 58,609 (5,182 ) 2,981 (1,099 ) 55,309 Amounts reclassified from accumulated other comprehensive income (net of tax) — (410 ) 9,380 (348 ) 8,622 Net current period other comprehensive income (loss) 58,609 (5,592 ) 12,361 (1,447 ) 63,931 Balance at December 31, 2017 $ (41,839 ) $ (4,092 ) $ (98,295 ) $ 3,551 $ (140,675 ) Balance at January 1, 2016 $ (73,041 ) $ (225 ) $ (120,714 ) $ 3,494 $ (190,486 ) Other comprehensive income before reclassifications (net of tax) (27,407 ) 1,247 (4,334 ) 2,086 (28,408 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — 478 14,392 (582 ) 14,288 Net current period other comprehensive income (loss) (27,407 ) 1,725 10,058 1,504 (14,120 ) Balance at December 31, 2016 $ (100,448 ) $ 1,500 $ (110,656 ) $ 4,998 $ (204,606 ) Balance at January 1, 2015 $ (34,224 ) $ 2,356 $ (120,260 ) $ (2,742 ) $ (154,870 ) Other comprehensive income before reclassifications (net of tax) (38,817 ) 1,620 (12,995 ) 6,266 (43,926 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — (4,201 ) 12,541 (30 ) 8,310 Net current period other comprehensive income (loss) (38,817 ) (2,581 ) (454 ) 6,236 (35,616 ) Balance at December 31, 2015 $ (73,041 ) $ (225 ) $ (120,714 ) $ 3,494 $ (190,486 ) |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income | The following table sets forth the amounts reclassified from accumulated other comprehensive income (losses) for the years indicated. Year ended December 31 In thousands 2017 2016 2015 Description Line Item in Statements of Income Cash flow hedges (Note 18) (Gains) losses on cash flow hedges $ (532 ) $ 551 $ (5,752 ) Costs of products sold Tax expense (benefit) 122 (73 ) 1,551 Income tax provision (benefit) Net of tax (410 ) 478 (4,201 ) Retirement plan obligations (Note 10) Amortization of deferred benefit pension plan items Prior service costs 2,122 2,026 2,300 Costs of products sold 704 672 762 Selling, general and administrative Actuarial losses 9,134 9,798 12,745 Costs of products sold 3,145 3,373 4,388 Selling, general and administrative Settlement recognition — 7,306 — Selling, general and administrative 15,105 23,175 20,195 Tax expense (benefit) (5,725 ) (8,783 ) (7,654 ) Income tax provision (benefit) Net of tax 9,380 14,392 12,541 Amortization of deferred benefit other plan items Prior service costs (150 ) (150 ) (230 ) Costs of products sold (32 ) (32 ) (50 ) Selling, general and administrative Actuarial losses (311 ) (621 ) 190 Costs of products sold (67 ) (134 ) 41 Selling, general and administrative (560 ) (937 ) (49 ) Tax expense (benefit) 212 355 19 Income tax provision (benefit) Net of tax (348 ) (582 ) (30 ) Total reclassifications, net of tax $ 8,622 $ 14,288 $ 8,310 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Benefit from Income Taxes from Operations | The provision for (benefit from) income taxes from operations consisted of the following: Year ended December 31 In thousands 2017 2016 2015 Current taxes Federal $ (1,961 ) $ 2,216 $ 5,047 State 64 (1,112 ) (1,680 ) Foreign 14,292 10,203 12,536 12,395 11,307 15,903 Deferred taxes and other Federal 11,662 (24,411 ) (7,287 ) State 3,388 (1,723 ) 564 Foreign 3,976 4,079 4,821 19,026 (22,055 ) (1,902 ) Income tax provision (benefit) $ 31,421 $ (10,748 ) $ 14,001 |
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 operations: Year ended December 31 In thousands 2017 2016 2015 United States $ (40,920 ) $ (63,315 ) $ 2,382 Foreign 80,255 74,121 76,194 Total pretax income $ 39,335 $ 10,806 $ 78,576 |
Schedule of Reconciliation of Federal Statutory Rate to Company's Effective Tax Rate | A reconciliation between the income tax provision, computed by applying the statutory federal income tax rate of 35% to income before income taxes, and the actual income tax provision is as follows: Year ended December 31 2017 2016 2015 Federal income tax provision at statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal income tax benefit 0.4 (15.0 ) 0.3 Foreign income tax rate differential (28.7 ) (96.3 ) (8.6 ) Rate changes due to enacted legislation (0.6 ) (6.7 ) — Tax effect of credits (16.1 ) (30.3 ) (1.9 ) Provision for (resolution of ) tax matters 16.9 2.8 (2.1 ) State benefit due to enacted legislation (4.1 ) — — Effect of U.S. tax law change (1) 53.2 — — Valuation allowance 23.3 7.1 0.4 Permanent differences on non-U.S. earnings — — (4.4 ) Other 0.6 3.9 (0.9 ) Actual tax rate 79.9 % (99.5 )% 17.8 % (1) Due to the TCJA which was enacted in December 2017, provisional mandatory transition tax on accumulated foreign earnings was accrued as of December 31, 2017. Our U.S. deferred tax assets and liabilities as of December 31, 2017 were re-measured from 35% to 21%. The provisional effects of the TCJA are $39.0 million of deferred income tax expense, including a $6.8 million reversal of a valuation allowance, and $18.1 million of deferred income tax benefit for the year ended December 31, 2017. |
Schedule of Deferred Tax Assets and Liabilities | The sources of deferred income taxes were as follows at December 31: In thousands 2017 2016 Reserves $ 3,145 $ 4,625 Environmental 11,189 20,868 Compensation 6,782 8,950 Post-retirement benefits 12,570 18,318 Research & development expenses 6,787 6,949 Inventories 1,891 1,464 Tax carryforwards 21,988 14,438 Other 2,106 993 Deferred tax assets 66,458 76,605 Valuation allowance (7,405 ) (4,066 ) Net deferred tax assets 59,053 72,539 Property (98,809 ) (81,837 ) Intangible assets (17,647 ) (16,561 ) Pension (21,941 ) (29,041 ) Other (4,110 ) — Deferred tax liabilities (142,507 ) (127,439 ) Net deferred tax liabilities $ (83,454 ) $ (54,900 ) |
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 2017 2016 Other assets $ 117 $ 95 Deferred income taxes 83,571 54,995 |
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 2017 2016 2015 Balance at January 1 $ 14.2 $ 12.2 $ 14.9 Increases in tax positions for prior years 1.7 2.0 0.0 Decreases in tax positions for prior years — (1.4 ) (4.3 ) Increases in tax positions for current year 11.9 1.9 1.9 Settlements — (0.2 ) 0.0 Lapse in statutes of limitation (0.9 ) (0.3 ) (0.3 ) Balance at December 31 $ 26.9 $ 14.2 $ 12.2 |
Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction | The following table summarizes tax years that remain subject to examination by major jurisdiction: Open Tax Years Jurisdiction Examinations not yet initiated Examination in progress United States Federal 2014 - 2017 N/A State 2013 - 2017 2014 Canada (1) 2010-2013; 2017 2014 - 2016 Germany (1) 2016 - 2017 2011 - 2015 France 2015 - 2017 2012 United Kingdom 2016 - 2017 N/A Philippines 2015, 2017 2016 (1) includes provincial or similar local jurisdictions, as applicable. |
Summary of Information Related to Interest and Penalties on Uncertain Tax Positions | The following table summarizes information related to interest and penalties on uncertain tax positions: As of or for the year ended December 31, In millions 2017 2016 2015 Accrued interest payable $ 0.8 $ 0.5 $ 0.6 Interest expense (income) 0.3 (0.1 ) – Penalties – – – |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2016 2015 Balance at January 1, 679,038 674,523 888,942 Granted 375,435 302,722 164,666 Forfeited (96,306 ) (148,232 ) (92,183 ) Shares delivered (28,781 ) (149,975 ) (286,902 ) Balance at December 31, 929,386 679,038 674,523 |
Compensation Expense for Stock Option Activity | 2017 2016 2015 Compensation expense $ 4,843 $ 3,154 $ 1,758 |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |
Summary of Share Based Compensation Activity | The following table sets forth information related to outstanding SOSARS: 2017 2016 2015 SOSARS Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 2,736,616 $ 17.64 2,199,742 $ 17.82 1,864,707 $ 16.20 Granted — — 743,925 17.54 423,590 24.62 Exercised (157,140 ) 13.76 (61,190 ) 10.70 (70,347 ) 14.12 Canceled / forfeited (17,630 ) 18.46 (145,861 ) 22.80 (18,208 ) 25.41 Outstanding at December 31, 2,561,846 $ 17.87 2,736,616 $ 17.64 2,199,742 $ 17.82 Exercisable at December 31, 2,011,075 17.56 1,740,591 16.19 1,504,599 14.48 Vested and expected to vest 2,561,846 2,725,611 2,178,708 SOSAR Grants Weighted average grant date fair value per share — $ 4.07 $ 7.46 Aggregate grant date fair value (in thousands) — $ 3,013 $ 3,134 Black-Scholes assumptions Dividend yield — 2.85 % 1.94 % Risk free rate of return — 1.34 % 1.64 % Volatility — 31.97 % 36.38 % Expected life — 6 6 Compensation expense (in thousands) $ 1,371 $ 2,735 $ 2,645 |
Retirement Plans and Other Po42
Retirement Plans and Other Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Change in Benefit Obligation and Plan Assets | Claims are paid as reported. Pension Benefits Other Benefits In millions 2017 2016 2017 2016 Change in Benefit Obligation Balance at beginning of year $ 552.0 $ 541.9 $ 47.9 $ 51.0 Service cost 10.7 10.5 1.2 1.1 Interest cost 23.8 24.5 2.0 2.0 Plan amendments 4.1 5.5 — — Participant contributions — — 1.1 1.0 Actuarial (gain)/loss 45.5 17.0 1.5 (3.4 ) Benefits paid (36.5 ) (22.9 ) (3.0 ) (3.8 ) One-time settlement — (24.2 ) — — Effect of currency rate changes 1.2 (0.3 ) — — Balance at end of year $ 600.8 $ 552.0 $ 50.7 $ 47.9 Change in Plan Assets Fair value of plan assets at beginning of year $ 610.7 $ 594.9 $ — $ — Actual return on plan assets 96.8 60.8 — — Total contributions 2.1 2.1 3.0 3.8 Benefits paid (36.5 ) (22.9 ) (3.0 ) (3.8 ) One-time settlement — (24.2 ) — — Fair value of plan assets at end of year $ 673.1 610.7 — — Funded status at end of year $ 72.3 $ 58.7 $ (50.7 ) $ (47.9 ) |
Summary of Amounts Recognized in Consolidated Balance Sheets | In 2016, we recorded a pension settlement charge of $7.3 million and settled $24.2 million of benefits in connection with a voluntary program offered to deferred vested terminated participants. Amounts recognized in the consolidated balance sheets consist of the following as of December 31: Pension Benefits Other Benefits In millions 2017 2016 2017 2016 Other assets $ 115.5 $ 96.7 $ — $ — Current liabilities (2.2 ) (2.0 ) (3.5 ) (3.2 ) Other long-term liabilities (41.0 ) (36.0 ) (47.2 ) (44.7 ) Net amount recognized $ 72.3 $ 58.7 $ (50.7 ) $ (47.9 ) |
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 2017 2016 2017 2016 Prior service cost/(credit) $ 16.1 $ 14.8 $ (0.5 ) $ (0.6 ) Net actuarial loss 145.6 165.9 (5.6 ) (7.4 ) |
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 2017 2016 2017 2016 Discount rate – benefit obligation 3.85 % 4.43 % 3.68 % 4.18 % Future compensation growth rate 3.00 3.00 — — |
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: In millions 2017 2016 Projected benefit obligation $ 43.1 $ 37.9 Accumulated benefit obligation 38.6 34.6 Fair value of plan assets — — |
Schedule of Net Periodic Benefit Cost of Pension and Other Benefits | Net periodic benefit cost includes the following components: Year Ended December 31 In millions 2017 2016 2015 Pension Benefits Service cost $ 10.7 $ 10.5 $ 11.6 Interest cost 23.8 24.5 23.3 Expected return on plan assets (43.0 ) (45.4 ) (46.0 ) Amortization of prior service cost 2.8 2.7 3.1 Amortization of actuarial loss 12.3 13.2 17.1 One-time settlement charge — 7.3 — Total net periodic benefit cost $ 6.6 $ 12.8 $ 9.1 Other Benefits Service cost $ 1.2 $ 1.1 $ 1.4 Interest cost 2.0 2.0 2.0 Amortization of prior service cost/(credit) (0.2 ) (0.2 ) (0.3 ) Amortization of actuarial loss (0.4 ) (0.8 ) 0.2 Total net periodic benefit cost $ 2.6 $ 2.1 $ 3.3 |
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 2017 2016 Pension Benefits Actuarial (gain) loss $ (8.3 ) $ 1.4 Plan amendments 4.1 5.5 Recognized prior service cost (2.8 ) (2.7 ) Recognized actuarial losses (12.3 ) (20.5 ) Total recognized in other comprehensive loss (19.3 ) (16.3 ) Total recognized in net periodic benefit cost and other comprehensive loss $ (12.7 ) $ (3.5 ) Other Benefits Actuarial (gain) loss $ 1.5 $ (3.4 ) Amortization of prior service cost 0.2 0.2 Amortization of actuarial losses 0.4 0.8 Total recognized in other comprehensive (income) loss 2.1 (2.4 ) Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 4.7 $ (0.3 ) |
Schedule of Defined Benefit Plan Weighted-Average Assumptions Used in Computing Net Periodic Benefit Cost | The weighted-average assumptions used in computing the net periodic benefit cost information above were as follows: Year Ended December 31 2017 2016 2015 Pension Benefits Discount rate – benefit expense 4.43 % 4.65 % 4.21 % Future compensation growth rate 3.00 3.50 4.00 Expected long-term rate of return on plan assets 7.25 7.75 8.00 Other Benefits Discount rate – benefit expense 4.18 % 4.38 % 3.89 % |
Schedule of Health Care Cost Trend Rates Used in Calculating Benefit Obligations | Assumed health care cost trend rates used to determine benefit obligations at December 31 were as follows: 2017 2016 Health care cost trend rate assumed for next year 6.20 % 6.50 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.50 4.50 Year that the rate reaches the ultimate rate 2037 2037 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A one percentage-point change in assumed health care cost trend rates would have the following effects: One Percentage Point In millions Increase Decrease Effect on: Post-retirement benefit obligation $ 3.9 $ (3.5 ) Total of service and interest cost components 0.3 (0.3 ) |
Schedule of Targeted Range of Investment Allocations of Plan Assets | Risk is minimized by diversification by asset class, by style of each manager and by sector and industry limits when applicable. The targeted range of investment allocations of Plan assets is as follows: Range Domestic Equity 35 % - 45 % International equity 8 - 14 Real Estate Investment Trusts (REIT) 2 - 6 Fixed income, cash and cash equivalents 55 - 35 |
Schedule of Fair Value of Benefit Plan Assets | The table below presents the fair values of our benefit plan assets by level within the fair value hierarchy, as described in Note 2: December 31, 2017 In millions Total Level 1 Level 2 Level 3 Domestic Equity Large cap $ 214.9 $ 12.4 $ 202.5 $ — Small and mid cap 46.2 46.2 — — International equity 81.4 7.2 74.2 — REIT 27.6 27.6 — — Fixed income 290.9 24.0 266.9 — Cash and equivalents 12.1 0.1 12.0 — Total $ 673.1 $ 117.5 $ 555.6 $ — December 31, 2016 In millions Total Level 1 Level 2 Level 3 Domestic Equity Large cap $ 201.9 $ 7.1 $ 194.8 $ — Small and mid cap 50.9 50.9 — — International equity 79.5 38.8 40.7 — REIT 27.9 27.9 — — Fixed income 237.7 28.5 209.2 — Cash and equivalents 12.8 — 12.8 — Total $ 610.7 $ 153.2 $ 457.5 $ — |
Benefit Payments Expected to be Made under Non-Qualified Pension Plans and Other Benefit Plans | Benefit payments expected to be made in 2018 under our non-qualified pension plans and other benefit plans are summarized below: In thousands Nonqualified pension plans $ 2,160 Other benefit plans 3,500 |
Summary of Benefit Expected to be Paid Out | The following benefit payments under all pension and other benefit plans, and giving effect to expected future service, as appropriate, are expected to be paid: In thousands Pension Benefits Other Benefits 2018 $ 41,106 $ 3,500 2019 39,993 4,129 2020 39,468 4,500 2021 39,375 4,663 2022 39,041 4,620 2023 through 2027 188,907 21,053 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories, Net of Reserves | Inventories, net of reserves were as follows: December 31 In thousands 2017 2016 Raw materials $ 60,806 $ 66,359 In-process and finished 116,678 112,507 Supplies 74,580 70,803 Total $ 252,064 $ 249,669 |
Plant, Equipment and Timberla44
Plant, Equipment and Timberlands (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Summary of Plant, Equipment and Timberlands | Plant, equipment and timberlands at December 31 were as follows: In thousands 2017 2016 Land and buildings $ 221,436 $ 192,877 Machinery and equipment 1,484,545 1,335,669 Furniture, fixtures, and other 174,462 142,110 Accumulated depreciation (1,125,203 ) (1,036,825 ) 755,240 633,831 Construction in progress 105,673 137,665 Timberlands, less depletion 4,830 4,402 Total $ 865,743 $ 775,898 |
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 2017 2016 2015 Interest cost incurred $ 19,852 $ 17,431 $ 17,815 Interest capitalized 2,080 1,609 351 Interest expense $ 17,772 $ 15,822 $ 17,464 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2016 Goodwill – Composite Fibers $ 82,744 $ 73,094 Specialty Papers Customer relationships $ 6,155 $ 6,155 Composite Fibers Tradename 4,773 4,195 Technology and related 40,686 35,874 Customer relationships and related 36,705 32,310 Advanced Airlaid Materials Technology and related 1,488 1,377 Customer relationships and related 3,001 2,638 Total intangibles 92,808 82,549 Accumulated amortization (33,949 ) (26,290 ) Net intangibles $ 58,859 $ 56,259 |
Summary of Amortization of Intangible Assets | amortized over periods ranging from 14 years to 20 years. The following table sets forth information pertaining to amortization of intangible assets: In thousands 2017 2016 2015 Aggregate amortization expense: $ 4,773 $ 4,852 $ 5,340 Estimated amortization expense: 2018 4,773 2019 4,773 2020 4,639 2021 4,254 2022 4,139 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets Noncurrent [Abstract] | |
Summary of Other Long-Term Assets | Other long-term assets consist of the following: December 31 In thousands 2017 2016 Pension $ 115,482 $ 96,699 Other 22,996 25,050 Total $ 138,478 $ 121,749 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Current Liabilities | Other current liabilities consist of the following: December 31 In thousands 2017 2016 Accrued payroll and benefits $ 39,375 $ 48,306 Other accrued compensation and retirement benefits 7,864 6,828 Income taxes payable 1,927 211 Accrued rebates 16,126 14,329 Other accrued expenses 45,930 49,576 Total $ 111,222 $ 119,250 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt is summarized as follows: December 31 In thousands 2017 2016 Revolving credit facility, due Mar. 2020 $ 171,200 $ 61,595 5.375% Notes, due Oct. 2020 250,000 250,000 2.40% Term Loan, due Jun. 2022 7,710 8,282 2.05% Term Loan, due Mar. 2023 33,607 35,163 1.30% Term Loan, due Jun. 2023 9,423 9,788 1.55% Term Loan, due Sep. 2025 11,390 10,333 Total long-term debt 483,330 375,161 Less current portion (11,298 ) (8,961 ) Unamortized deferred issuance costs (1,934 ) (2,553 ) Long-term debt, net of current portion $ 470,098 $ 363,647 |
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 2018 $ 11,298 2019 11,297 2020 432,497 2021 11,297 2022 10,441 Thereafter 6,500 |
Fair Value of Financial Instr49
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 2016 In thousands Carrying Value Fair Value Carrying Value Fair Value Variable rate debt $ 171,200 $ 171,200 $ 61,595 $ 61,595 Fixed-rate bonds 250,000 253,823 250,000 256,563 2.40% Term loan 7,710 7,889 8,282 8,877 2.05% Term loan 33,607 34,122 35,163 37,089 1.30% Term Loan 9,423 9,370 9,788 10,062 1.55% Term loan 11,390 11,320 10,333 10,082 Total $ 483,330 $ 487,724 $ 375,161 $ 384,268 |
Financial Derivatives and Hed50
Financial Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2016 2017 2016 Prepaid Expenses and Other Other Current Balance sheet caption Current Assets Liabilities Designated as hedging: Forward foreign currency exchange contracts $ 1,066 $ 2,625 $ 4,787 $ 1,493 Not designated as hedging: Forward foreign currency exchange contracts $ 151 $ 60 $ 43 $ 104 |
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 where the results are recorded: Year ended December 31 In thousands 2017 2016 2015 Designated as hedging: Forward foreign currency exchange contracts: Effective portion – cost of products sold $ 532 $ (551 ) $ 5,752 Ineffective portion – other – net 182 (166 ) (152 ) Not designated as hedging : Forward foreign currency exchange contracts: Other – net $ 882 $ 806 $ 599 |
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 2017 2016 Balance at January 1, $ 1,882 $ (178 ) Deferred (losses) gains on cash flow hedges (6,990 ) 1,509 Reclassified to earnings (532 ) 551 Balance at December 31, $ (5,640 ) $ 1,882 |
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 2017 2016 Derivative Sell/Buy - sell notional Philippine Peso / British Pound 19,047 — Euro / British Pound 13,586 10,373 Euro / U.S. Dollar 1,048 — U.S. Dollar / Euro 946 — Sell/Buy - buy notional Euro / Philippine Peso 890,096 699,279 British Pound / Philippine Peso 797,496 557,025 Euro / U.S. Dollar 60,519 43,951 U.S. Dollar / Canadian Dollar 32,265 35,290 British Pound / Euro 335 — U.S. Dollar / Euro 4,253 15,379 |
Not Designated as Hedging [Member] | |
Outstanding Derivatives Used to Hedge Foreign Exchange Risks | December 31 In thousands 2017 2016 Derivative Sell/Buy - sell notional U.S. Dollar / Euro — — U.S. Dollar / British Pound 17,500 10,500 Euro / British Pound — — British Pound / Euro 1,000 2,500 Sell/Buy - buy notional Euro / U.S. Dollar 4,500 3,500 British Pound / Euro 13,000 18,500 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Outstanding Shares of Common Stock | The following table summarizes outstanding shares of common stock: Year ended December 31 In thousands 2017 2016 2015 Shares outstanding at beginning of year 43,550 43,420 43,054 Treasury shares issued for: Restricted stock awards 28 108 206 401(k) plan — — 134 Employee stock options exercised 36 22 26 Shares outstanding at end of year 43,614 43,550 43,420 |
Commitments, Contingencies an52
Commitments, Contingencies and Legal Proceedings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2018 $ 12,683 $ 115,710 2019 5,926 31,415 2020 4,393 18,674 2021 3,276 1,705 2022 2,932 4 Thereafter 8,431 1 |
Schedule of Reserves | Reserves for the Site. Our reserve for all remaining claims against us relating to PCB contamination is set forth below: Year ended December 31 In thousands 2017 2016 Balance at January 1, $ 52,788 $ 17,105 Payments (9,644 ) (4,317 ) Accruals - 40,000 Balance at December 31, $ 43,144 $ 52,788 |
Segment and Geographic Inform53
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Financial and Other Information by Business Unit | The following tables set forth profitability and other information by business unit: For the year ended December 31, 2017 Composite Advanced Airlaid Specialty Other and In millions Fibers Materials Papers Unallocated Total Net sales $ 544.3 $ 256.1 $ 790.9 $ — $ 1,591.3 Energy and related sales, net — — 5.1 — 5.1 Total revenue 544.3 256.1 796.0 — 1,596.4 Cost of products sold 437.6 216.7 734.2 15.4 1,403.9 Gross profit 106.7 39.4 61.8 (15.4 ) 192.5 SG&A 44.4 9.3 46.4 34.3 134.4 Loss on dispositions of plant, equipment and timberlands, net — — — — — Total operating income (loss) 62.3 30.1 15.4 (49.7 ) 58.1 Non-operating expense — — — (18.8 ) (18.8 ) Income (loss) before income taxes $ 62.3 $ 30.1 $ 15.4 $ (68.5 ) $ 39.3 Supplementary Data Plant, equipment and timberlands, net $ 254.0 $ 235.6 $ 360.5 $ 15.6 $ 865.7 Depreciation, depletion and amortization 28.3 9.6 30.8 7.3 76.0 Capital expenditures 15.9 50.6 51.5 14.3 132.3 For the year ended December 31, 2016 Composite Advanced Airlaid Specialty Other and In millions Fibers Materials Papers Unallocated Total Net sales $ 517.0 $ 244.3 $ 843.6 $ — $ 1,604.8 Energy and related sales, net — — 6.1 — 6.1 Total revenue 517.0 244.3 849.7 — 1,610.9 Cost of products sold 416.4 209.5 752.6 13.9 1,392.3 Gross profit 100.6 34.8 97.1 (13.9 ) 218.7 SG&A 46.3 8.4 55.9 80.1 190.7 Gains on dispositions of plant, equipment and timberlands, net — — — 0.2 0.2 Total operating income (loss) 54.3 26.4 41.2 (94.2 ) 27.8 Non-operating expense — — — (16.9 ) (16.9 ) Income (loss) before income taxes $ 54.3 $ 26.4 $ 41.2 $ (111.1 ) $ 10.9 Supplementary Data Plant, equipment and timberlands, net $ 235.1 $ 179.3 $ 352.9 $ 8.6 $ 775.9 Depreciation, depletion and amortization 27.8 9.0 26.3 2.7 65.8 Capital expenditures 18.8 36.8 99.0 5.6 160.2 For the year ended December 31, 2015 Composite Advanced Airlaid Specialty Other and In millions Fibers Materials Papers Unallocated Total Net sales $ 541.5 $ 244.6 $ 875.0 $ — $ 1,661.1 Energy and related sales, net — — 5.7 — 5.7 Total revenue 541.5 244.6 880.7 — 1,666.8 Cost of products sold 434.4 215.7 804.5 9.2 1,463.8 Gross profit 107.1 28.9 76.2 (9.2 ) 203.0 SG&A 45.7 7.6 43.3 31.0 127.7 Gains on dispositions of plant, equipment and timberlands, net — — — (21.1 ) (21.1 ) Total operating income (loss) 61.4 21.3 32.9 (19.1 ) 96.4 Non-operating expense — — — (17.8 ) (17.8 ) Income (loss) before income taxes $ 61.4 $ 21.3 $ 32.9 $ (36.9 ) $ 78.6 Supplementary Data Plant, equipment and timberlands, net $ 258.1 $ 153.5 $ 282.0 $ 5.7 $ 698.9 Depreciation, depletion and amortization 26.2 8.8 26.0 2.2 63.2 Capital expenditures 26.8 7.8 63.5 1.8 99.9 |
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. 2017 2016 2015 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 $ 880,708 $ 456,223 $ 918,567 $ 391,977 $ 959,730 $ 287,447 Germany 450,668 240,932 427,520 220,380 444,009 232,340 United Kingdom 76,594 55,495 78,759 51,903 86,442 62,931 Canada 120,434 78,220 115,902 79,727 118,568 81,201 Other 62,893 34,873 64,049 31,911 52,335 34,945 Total $ 1,591,297 $ 865,743 $ 1,604,797 $ 775,898 $ 1,661,084 $ 698,864 |
Composite Fibers [Member] | |
Schedule of Segment Reporting Information of Revenue by Segment | Composite Fibers’ revenue composition by market consisted of the following for the years indicated: In thousands 2017 2016 2015 Food & beverage $ 268,474 $ 258,463 $ 274,865 Wallcovering 103,011 90,767 91,620 Technical specialties and other 76,991 71,558 71,689 Composite laminates 38,696 35,107 34,897 Metallized 57,088 61,059 68,397 Total $ 544,260 $ 516,954 $ 541,468 |
Advanced Airlaid Materials [Member] | |
Schedule of Segment Reporting Information of Revenue by Segment | Advanced Airlaid Materials’ revenue composition by market consisted of the following for the years indicated: In thousands 2017 2016 2015 Feminine hygiene $ 179,670 $ 173,902 $ 182,048 Specialty wipes 29,519 25,206 22,950 Adult incontinence 14,425 12,281 10,720 Home care 13,029 12,630 13,345 Other 19,458 20,243 15,526 Total $ 256,101 $ 244,262 $ 244,589 |
Specialty Papers [Member] | |
Schedule of Segment Reporting Information of Revenue by Segment | Specialty Papers’ revenue composition by market consisted of the following for the years indicated: In thousands 2017 2016 2015 Carbonless & forms $ 292,071 $ 319,648 $ 349,831 Engineered products 189,930 189,463 190,943 Envelope & converting 154,291 173,362 178,067 Book publishing 152,576 157,541 152,647 Other 2,067 3,568 3,538 Total $ 790,935 $ 843,582 $ 875,026 |
Condensed Consolidating Finan54
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Statement of Income | Condensed Consolidating Statement of Income for the year ended December 31, 2017 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 790,933 $ 89,787 $ 798,603 $ (88,026 ) $ 1,591,297 Energy and related sales, net 5,126 — — — 5,126 Total revenues 796,059 89,787 798,603 (88,026 ) 1,596,423 Costs of products sold 747,736 85,196 659,007 (88,026 ) 1,403,913 Gross profit 48,323 4,591 139,596 — 192,510 Selling, general and administrative expenses 69,483 2,598 62,313 — 134,394 (Gain) loss on dispositions of plant equipment and timberlands, net 223 (188 ) (9 ) — 26 Operating income (loss) (21,383 ) 2,181 77,292 — 58,090 Other non-operating income (expense) Interest expense (20,394 ) (971 ) (1,801 ) 5,394 (17,772 ) Interest income 599 4,947 85 (5,394 ) 237 Equity in earnings of subsidiaries 18,864 60,871 — (79,735 ) — Other, net 2,241 (6,776 ) 3,315 — (1,220 ) Total other non-operating income (expense) 1,310 58,071 1,599 (79,735 ) (18,755 ) Income (loss) before income taxes (20,073 ) 60,252 78,891 (79,735 ) 39,335 Income tax provision (benefit) (27,987 ) 41,388 18,020 — 31,421 Net income 7,914 18,864 60,871 (79,735 ) 7,914 Other comprehensive income 63,931 52,290 51,828 (104,118 ) 63,931 Comprehensive income $ 71,845 $ 71,154 $ 112,699 $ (183,853 ) $ 71,845 Condensed Consolidating Statement of Income for the year ended December 31, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 843,582 $ 75,000 $ 755,860 $ (69,645 ) $ 1,604,797 Energy and related sales, net 6,141 — — — 6,141 Total revenues 849,723 75,000 755,860 (69,645 ) 1,610,938 Costs of products sold 763,109 70,991 627,880 (69,645 ) 1,392,335 Gross profit 86,614 4,009 127,980 — 218,603 Selling, general and administrative expenses 133,387 (156 ) 57,463 — 190,694 Loss on dispositions of plant equipment and timberlands, net 177 — 39 — 216 Operating income (loss) (46,950 ) 4,165 70,478 — 27,693 Other non-operating income (expense) Interest expense (17,436 ) (41 ) (3,060 ) 4,715 (15,822 ) Interest income 687 4,177 57 (4,715 ) 206 Equity in earnings of subsidiaries 61,007 58,347 — (119,354 ) — Other, net (2,312 ) (3,966 ) 5,007 — (1,271 ) Total other non-operating income (expense) 41,946 58,517 2,004 (119,354 ) (16,887 ) Income (loss) before income taxes (5,004 ) 62,682 72,482 (119,354 ) 10,806 Income tax provision (benefit) (26,558 ) 1,675 14,135 — (10,748 ) Net income 21,554 61,007 58,347 (119,354 ) 21,554 Other comprehensive loss (14,120 ) (25,916 ) (25,176 ) 51,092 (14,120 ) Comprehensive income $ 7,434 $ 35,091 $ 33,171 $ (68,262 ) $ 7,434 Condensed Consolidating Statement of Income for the year ended December 31, 2015 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net sales $ 875,026 $ 84,704 $ 779,380 $ (78,026 ) $ 1,661,084 Energy and related sales, net 5,664 — — — 5,664 Total revenues 880,690 84,704 779,380 (78,026 ) 1,666,748 Costs of products sold 811,329 80,455 650,025 (78,026 ) 1,463,783 Gross profit 69,361 4,249 129,355 — 202,965 Selling, general and administrative expenses 71,751 821 55,134 — 127,706 Gain on dispositions of plant equipment and timberlands, net (19,720 ) (1,183 ) (210 ) — (21,113 ) Operating income 17,330 4,611 74,431 — 96,372 Other non-operating income (expense) Interest expense (18,147 ) — (36,859 ) 37,542 (17,464 ) Interest income 673 37,127 26 (37,543 ) 283 Equity in earnings of subsidiaries 61,946 24,737 — (86,683 ) — Other, net (3,389 ) (1,471 ) 4,245 — (615 ) Total other non-operating income (expense) 41,083 60,393 (32,588 ) (86,684 ) (17,796 ) Income before income taxes 58,413 65,004 41,843 (86,684 ) 78,576 Income tax provision (benefit) (6,162 ) 2,922 17,241 — 14,001 Net income 64,575 62,082 24,602 (86,684 ) 64,575 Other comprehensive income (loss) (35,616 ) (41,010 ) 29,680 11,330 (35,616 ) Comprehensive income $ 28,959 $ 21,072 $ 54,282 $ (75,354 ) $ 28,959 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet as of December 31, 2017 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Assets Cash and cash equivalents $ 1,292 $ 720 $ 114,207 $ — $ 116,219 Other current assets 249,293 217,822 279,626 (277,989 ) 468,752 Plant, equipment and timberlands, net 375,231 80,992 409,520 — 865,743 Investments in subsidiaries 829,895 653,128 — (1,483,023 ) — Other assets 139,552 — 140,529 — 280,081 Total assets $ 1,595,263 $ 952,662 $ 943,882 $ (1,761,012 ) $ 1,730,795 Liabilities and Shareholders' Equity Current liabilities $ 402,787 $ 54,640 $ 167,738 $ (277,989 ) $ 347,176 Long-term debt 368,496 51,000 50,602 — 470,098 Deferred income taxes 14,081 16,814 52,676 — 83,571 Other long-term liabilities 100,971 313 19,738 — 121,022 Total liabilities 886,335 122,767 290,754 (277,989 ) 1,021,867 Shareholders’ equity 708,928 829,895 653,128 (1,483,023 ) 708,928 Total liabilities and shareholders’ equity $ 1,595,263 $ 952,662 $ 943,882 $ (1,761,012 ) $ 1,730,795 Condensed Consolidating Balance Sheet as of December 31, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Assets Cash and cash equivalents $ 5,082 $ 1,461 $ 48,901 $ — $ 55,444 Other current assets 206,002 256,289 242,187 (265,663 ) 438,815 Plant, equipment and timberlands, net 360,521 31,455 383,922 — 775,898 Investments in subsidiaries 789,565 540,029 — (1,329,594 ) — Other assets 123,010 — 128,092 — 251,102 Total assets $ 1,484,180 $ 829,234 $ 803,102 $ (1,595,257 ) $ 1,521,259 Liabilities and Shareholders' Equity Current liabilities $ 426,628 $ 26,085 $ 135,961 $ (265,663 ) $ 323,011 Long-term debt 283,686 14,000 65,961 — 363,647 Deferred income taxes 10,221 (729 ) 45,503 — 54,995 Other long-term liabilities 109,819 313 15,648 — 125,780 Total liabilities 830,354 39,669 263,073 (265,663 ) 867,433 Shareholders’ equity 653,826 789,565 540,029 (1,329,594 ) 653,826 Total liabilities and shareholders’ equity $ 1,484,180 $ 829,234 $ 803,102 $ (1,595,257 ) $ 1,521,259 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2017 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ (4,259 ) $ (3,506 ) $ 112,027 $ — $ 104,262 Investing activities Expenditures for purchases of plant, equipment and timberlands (65,822 ) (45,644 ) (20,838 ) — (132,304 ) Proceeds from disposals of plant, equipment and timberlands, net 11 209 8 — 228 Repayments from intercompany loans — 12,000 — (12,000 ) — Advances of intercompany loans — (14,400 ) — 14,400 — Intercompany capital contributed (14,000 ) (400 ) — 14,400 — Acquisitions, net of cash acquired — — — — — Other (243 ) — — — (243 ) Total investing activities (80,054 ) (48,235 ) (20,830 ) 16,800 (132,319 ) Financing activities Net long-term borrowings 84,200 37,000 (21,535 ) — 99,665 Payment of dividends to shareholders (22,480 ) — — — (22,480 ) Repayments of intercompany loans — — (12,000 ) 12,000 — Borrowings of intercompany loans 14,400 — — (14,400 ) — Intercompany capital received — 14,000 400 (14,400 ) — Proceeds from government grants 4,875 — — — 4,875 Payments related to share-based compensation awards and other (472 ) — — — (472 ) Total financing activities 80,523 51,000 (33,135 ) (16,800 ) 81,588 Effect of exchange rate on cash — — 7,244 — 7,244 Net increase (decrease) in cash (3,790 ) (741 ) 65,306 — 60,775 Cash at the beginning of period 5,082 1,461 48,901 — 55,444 Cash at the end of period $ 1,292 $ 720 $ 114,207 $ — $ 116,219 Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2016 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ 33,109 $ 1,275 $ 81,726 $ — $ 116,110 Investing activities Expenditures for purchases of plant, equipment and timberlands (104,595 ) (30,682 ) (24,881 ) — (160,158 ) Proceeds from disposals of plant, equipment and timberlands, net 41 — 29 — 70 Repayments from intercompany loans — 15,601 — (15,601 ) — Advances of intercompany loans — (18,330 ) — 18,330 — Intercompany capital (contributed) returned (17,000 ) (500 ) — 17,500 — Other (800 ) — — — (800 ) Total investing activities (122,354 ) (33,911 ) (24,852 ) 20,229 (160,888 ) Financing activities Net repayments of indebtedness 36,000 14,000 (35,886 ) — 14,114 Payments of borrowing costs (136 ) — — — (136 ) Payment of dividends to shareholders (21,589 ) — — — (21,589 ) Repayments of intercompany loans — — (15,601 ) 15,601 — Borrowings of intercompany loans 18,330 — — (18,330 ) — Intercompany capital (returned) received — 17,000 500 (17,500 ) — Payment of intercompany dividend — 632 (632 ) — — Proceeds from government grants 3,582 2,000 — — 5,582 Payments related to share-based compensation awards and other (990 ) — — — (990 ) Total financing activities 35,197 33,632 (51,619 ) (20,229 ) (3,019 ) Effect of exchange rate on cash — — (2,063 ) — (2,063 ) Net increase (decrease) in cash (54,048 ) 996 3,192 — (49,860 ) Cash at the beginning of period 59,130 465 45,709 — 105,304 Cash at the end of period $ 5,082 $ 1,461 $ 48,901 $ — $ 55,444 Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2015 In thousands Parent Company Guarantors Non Guarantors Adjustments/ Eliminations Consolidated Net cash provided (used) by Operating activities $ 34,391 $ 627 $ 98,725 $ — $ 133,743 Investing activities Expenditures for plant, equipment and timberlands (65,265 ) (109 ) (34,515 ) — (99,889 ) Proceeds from disposal plant, equipment and timberlands, net 22,741 1,213 505 — 24,459 Repayments from intercompany loans — 57,855 — (57,855 ) — Advances of intercompany loans — (49,230 ) — 49,230 — Intercompany capital contributed, net 10,100 (300 ) — (9,800 ) — Acquisitions, net of cash acquired — — (224 ) — (224 ) Other (1,600 ) — — — (1,600 ) Total investing activities (34,024 ) 9,429 (34,234 ) (18,425 ) (77,254 ) Financing activities Net proceeds from indebtedness — — (24,650 ) — (24,650 ) Payments of note offering costs (1,329 ) — — — (1,329 ) Payment of dividends to shareholders (20,443 ) — — — (20,443 ) Repayments of intercompany loans (9,158 ) — (48,697 ) 57,855 — Borrowings of intercompany loans 49,230 — — (49,230 ) — Intercompany capital (returned) received — (10,100 ) 300 9,800 — Proceeds from government grants 421 — — — 421 Payments related to share-based compensation awards and other (2,166 ) — 151 — (2,015 ) Total financing activities 16,555 (10,100 ) (72,896 ) 18,425 (48,016 ) Effect of exchange rate on cash — — (3,006 ) — (3,006 ) Net increase (decrease) in cash 16,922 (44 ) (11,411 ) — 5,467 Cash at the beginning of period 42,208 509 57,120 — 99,837 Cash at the end of period $ 59,130 $ 465 $ 45,709 $ — $ 105,304 |
Quarterly Results (Tables)
Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Net Income (Loss) and Earnings (Loss) Per Share | Earnings (loss) In thousands, Net sales Gross profit Net income (loss) per share except per share 2017 2016 2017 2016 2017 2016 2017 2016 First $ 390,713 $ 402,218 $ 56,929 $ 57,843 $ 11,603 $ 16,168 $ 0.26 $ 0.37 Second 387,342 406,413 30,436 42,723 (5,714 ) 1,965 (0.13 ) 0.04 Third 413,325 405,301 54,735 61,170 12,105 19,601 0.27 0.44 Fourth 399,917 390,865 50,410 56,867 (10,080 ) (16,180 ) (0.23 ) (0.37 ) |
Accounting Policies - Schedule
Accounting Policies - Schedule of Range of Estimated Service Lives (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 15 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 5 years |
Minimum [Member] | Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 3 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 45 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 40 years |
Maximum [Member] | Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Range of estimated service lives | 25 years |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Standards Update 2017-07 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
New accounting pronouncement, effect of change on operating income | $ (2.7) | $ 3.4 |
Energy and Related Sales, Net -
Energy and Related Sales, Net - Summary of Energy and Related Sales Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Energy And Related Sales Net [Abstract] | |||
Energy sales | $ 3,258 | $ 3,613 | $ 5,315 |
Costs to produce | (3,986) | (3,972) | (4,428) |
Net | (728) | (359) | 887 |
Renewable energy credits | 5,854 | 6,500 | 4,777 |
Total | $ 5,126 | $ 6,141 | $ 5,664 |
Gain on Dispositions of Plant59
Gain on Dispositions of Plant, Equipment and Timberlands - Summary for Sale of Timberlands and Other Assets (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)a | |
Property, Plant and Equipment [Line Items] | |||
Proceeds | $ 228 | $ 70 | $ 24,459 |
Gain (loss) | $ (26) | (216) | $ 21,113 |
Timberlands [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Acres | a | 332 | 15,628 | |
Proceeds | $ 209 | $ 23,917 | |
Gain (loss) | 188 | 20,867 | |
Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds | 19 | 70 | 542 |
Gain (loss) | $ (214) | $ (216) | $ 246 |
Asset Impairment Charges - Addi
Asset Impairment Charges - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Non-cash asset impairment charge | $ 1,200,000 | ||
Dresden Papier GmbH [Member] | Tradename [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Non-cash asset impairment charge | $ 0 | $ 0 | $ 1,200,000 |
Earnings Per Share - Details of
Earnings Per Share - Details of Basic and Diluted Earnings Per Share (EPS) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Net income | $ 7,914 | $ 21,554 | $ 64,575 |
Weighted average common shares outstanding used in basic EPS | 43,609 | 43,558 | 43,397 |
Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs | 830 | 571 | 545 |
Weighted average common shares outstanding and common share equivalents used in diluted EPS | 44,439 | 44,129 | 43,942 |
Earnings per share | |||
Basic | $ 0.18 | $ 0.49 | $ 1.49 |
Diluted | $ 0.18 | $ 0.49 | $ 1.47 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Potential common shares | 610 | 596 | 678 |
Accumulated Other Comprehensi63
Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Losses) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (204,606) | $ (190,486) | $ (154,870) |
Other comprehensive income before reclassifications (net of tax) | 55,309 | (28,408) | (43,926) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 8,622 | 14,288 | 8,310 |
Net current period other comprehensive income (loss) | 63,931 | (14,120) | (35,616) |
Ending Balance | (140,675) | (204,606) | (190,486) |
Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (100,448) | (73,041) | (34,224) |
Other comprehensive income before reclassifications (net of tax) | 58,609 | (27,407) | (38,817) |
Net current period other comprehensive income (loss) | 58,609 | (27,407) | (38,817) |
Ending Balance | (41,839) | (100,448) | (73,041) |
Unrealized Gain (Loss) on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 1,500 | (225) | 2,356 |
Other comprehensive income before reclassifications (net of tax) | (5,182) | 1,247 | 1,620 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (410) | 478 | (4,201) |
Net current period other comprehensive income (loss) | (5,592) | 1,725 | (2,581) |
Ending Balance | (4,092) | 1,500 | (225) |
Change in Pensions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (110,656) | (120,714) | (120,260) |
Other comprehensive income before reclassifications (net of tax) | 2,981 | (4,334) | (12,995) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 9,380 | 14,392 | 12,541 |
Net current period other comprehensive income (loss) | 12,361 | 10,058 | (454) |
Ending Balance | (98,295) | (110,656) | (120,714) |
Change in Other Postretirement Defined Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 4,998 | 3,494 | (2,742) |
Other comprehensive income before reclassifications (net of tax) | (1,099) | 2,086 | 6,266 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (348) | (582) | (30) |
Net current period other comprehensive income (loss) | (1,447) | 1,504 | 6,236 |
Ending Balance | $ 3,551 | $ 4,998 | $ 3,494 |
Accumulated Other Comprehensi64
Accumulated Other Comprehensive Income - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Losses) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | $ (1,403,913) | $ (1,392,335) | $ (1,463,783) |
Selling, general and administrative | (134,394) | (190,694) | (127,706) |
Income tax provision (benefit) | (31,421) | 10,748 | (14,001) |
Net income | 7,914 | 21,554 | 64,575 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net income | 8,622 | 14,288 | 8,310 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs and Expenses | 15,105 | 23,175 | 20,195 |
Income tax provision (benefit) | (5,725) | (8,783) | (7,654) |
Net income | 9,380 | 14,392 | 12,541 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Prior Service Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | 2,122 | 2,026 | 2,300 |
Selling, general and administrative | 704 | 672 | 762 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Actuarial Losses [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | 9,134 | 9,798 | 12,745 |
Selling, general and administrative | 3,145 | 3,373 | 4,388 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Settlement Recognition [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Selling, general and administrative | 7,306 | ||
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Amortization of Deferred Benefit Other Plan Items [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs and Expenses | (560) | (937) | (49) |
Income tax provision (benefit) | 212 | 355 | 19 |
Net income | (348) | (582) | (30) |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Amortization of Deferred Benefit Other Plan Items [Member] | Prior Service Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | (150) | (150) | (230) |
Selling, general and administrative | (32) | (32) | (50) |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Amortization of Deferred Benefit Other Plan Items [Member] | Actuarial Losses [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | (311) | (621) | 190 |
Selling, general and administrative | (67) | (134) | 41 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges [Member] | Accumulated Net (Gain) Loss from Cash Flow Hedges Attributable to Parent | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs of products sold | (532) | 551 | (5,752) |
Income tax provision (benefit) | 122 | (73) | 1,551 |
Net income | $ (410) | $ 478 | $ (4,201) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||||
Federal income tax rate | 35.00% | 35.00% | 35.00% | ||
Tax cuts and jobs act of 2017, change in tax rate, income tax expense (benefit) | $ (18,100) | ||||
Tax cuts and jobs act of 2017, change in tax rate, deferred income tax expense | 39,000 | ||||
Tax cuts and jobs act of 2017, reversal of valuation allowance | 6,800 | ||||
Tax cuts and jobs act of 2017, change in tax rate, deferred income tax benefit | 18,100 | ||||
Valuation allowances | 7,405 | $ 4,066 | |||
Research and development, tax credit | 6,300 | 1,100 | $ 1,500 | ||
Undistributed earnings of foreign subsidiaries | 397,800 | ||||
Gross unrecognized tax benefits | 26,900 | $ 14,200 | $ 12,200 | $ 14,900 | |
Unrecognized tax benefits that would impact effective tax rate | 16,800 | ||||
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 | 600 | ||||
United States - Federal [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax Cuts and Jobs Act of 2017, incomplete accounting, transition tax for accumulated foreign earnings, provisional income tax expense | 41,800 | ||||
Net operating loss carryforwards | $ 47,900 | ||||
Net operating loss carryforwards expiration year | 2,037 | ||||
Tax credit carryforwards | $ 9,100 | ||||
Tax credit carryforwards expiration year | 2,035 | ||||
Foreign Tax Authority [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax Cuts and Jobs Act of 2017, incomplete accounting, transition tax for accumulated foreign earnings, provisional income tax expense | $ 3,800 | ||||
Net operating loss carryforwards | $ 3,700 | ||||
Net operating loss carryforwards expiration year | 2,023 | ||||
Tax credit carryforwards | $ 2,400 | ||||
Tax credit carryforwards expiration year | 2,027 | ||||
State and Local Jurisdiction [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax Cuts and Jobs Act of 2017, incomplete accounting, transition tax for accumulated foreign earnings, provisional income tax expense | $ 300 | ||||
Net operating loss carryforwards | 188,400 | ||||
Tax credit carryforwards | $ 200 | ||||
Tax credit carryforwards expiration year | 2,018 | ||||
State and Local Jurisdiction [Member] | Minimum [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Net operating loss carryforwards expiration year | 2,018 | ||||
State and Local Jurisdiction [Member] | Maximum [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Net operating loss carryforwards expiration year | 2,037 | ||||
Scenario Forcast [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Federal income tax rate | 21.00% |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Benefit from Income Taxes from Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current taxes | |||
Federal | $ (1,961) | $ 2,216 | $ 5,047 |
State | 64 | (1,112) | (1,680) |
Foreign | 14,292 | 10,203 | 12,536 |
Total current taxes | 12,395 | 11,307 | 15,903 |
Deferred taxes and other | |||
Federal | 11,662 | (24,411) | (7,287) |
State | 3,388 | (1,723) | 564 |
Foreign | 3,976 | 4,079 | 4,821 |
Total deferred taxes and other | 19,026 | (22,055) | (1,902) |
Income tax provision (benefit) | $ 31,421 | $ (10,748) | $ 14,001 |
Income Taxes - Schedule of Dome
Income Taxes - Schedule of Domestic and Foreign Components of Pretax Income (Loss) from Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (40,920) | $ (63,315) | $ 2,382 |
Foreign | 80,255 | 74,121 | 76,194 |
Income before income taxes | $ 39,335 | $ 10,806 | $ 78,576 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Income Tax Disclosure [Abstract] | ||||
Federal income tax provision at statutory rate | 35.00% | 35.00% | 35.00% | |
State income taxes, net of federal income tax benefit | 0.40% | (15.00%) | 0.30% | |
Foreign income tax rate differential | (28.70%) | (96.30%) | (8.60%) | |
Rate changes due to enacted legislation | (0.60%) | (6.70%) | ||
Tax effect of credits | (16.10%) | (30.30%) | (1.90%) | |
Provision for (resolution of ) tax matters | 16.90% | 2.80% | (2.10%) | |
State benefit due to enacted legislation | (4.10%) | |||
Effect of U.S. tax law change | [1] | 53.20% | ||
Valuation allowance | 23.30% | 7.10% | 0.40% | |
Permanent differences on non-U.S. earnings | (4.40%) | |||
Other | 0.60% | 3.90% | (0.90%) | |
Actual tax rate | 79.90% | (99.50%) | 17.80% | |
[1] | Due to the TCJA which was enacted in December 2017, provisional mandatory transition tax on accumulated foreign earnings was accrued as of December 31, 2017. Our U.S. deferred tax assets and liabilities as of December 31, 2017 were re-measured from 35% to 21%. |
Income Taxes - Schedule of Re69
Income Taxes - Schedule of Reconciliation of Federal Statutory Rate to Company's Effective Tax Rate (Parenthetical) (Detail) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | ||||
Federal income tax provision at statutory rate | 35.00% | 35.00% | 35.00% | |
Scenario Forcast [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Federal income tax provision at statutory rate | 21.00% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Reserves | $ 3,145 | $ 4,625 |
Environmental | 11,189 | 20,868 |
Compensation | 6,782 | 8,950 |
Post-retirement benefits | 12,570 | 18,318 |
Research & development expenses | 6,787 | 6,949 |
Inventories | 1,891 | 1,464 |
Tax carryforwards | 21,988 | 14,438 |
Other | 2,106 | 993 |
Deferred tax assets | 66,458 | 76,605 |
Valuation allowance | (7,405) | (4,066) |
Net deferred tax assets | 59,053 | 72,539 |
Property | (98,809) | (81,837) |
Intangible assets | (17,647) | (16,561) |
Pension | (21,941) | (29,041) |
Other | (4,110) | |
Deferred tax liabilities | (142,507) | (127,439) |
Net deferred tax liabilities | $ (83,454) | $ (54,900) |
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, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Other assets | $ 117 | $ 95 |
Deferred income taxes | $ 83,571 | $ 54,995 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefit (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 14.2 | $ 12.2 | $ 14.9 |
Increases in tax positions for prior years | 1.7 | 2 | 0 |
Decreases in tax positions for prior years | (1.4) | (4.3) | |
Increases in tax positions for current year | 11.9 | 1.9 | 1.9 |
Settlements | (0.2) | 0 | |
Lapse in statutes of limitation | (0.9) | (0.3) | (0.3) |
Ending balance | $ 26.9 | $ 14.2 | $ 12.2 |
Income Taxes - Summary of Tax Y
Income Taxes - Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
United States - Federal [Member] | Minimum [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,014 |
United States - Federal [Member] | Maximum [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,016 |
State and Local Jurisdiction [Member] | Minimum [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,012 |
Examination in progress | 2,013 |
State and Local Jurisdiction [Member] | Maximum [Member] | United States [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,016 |
Examination in progress | 2,014 |
Foreign Tax Authority [Member] | Canada [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,016 |
Foreign Tax Authority [Member] | Germany [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,016 |
Foreign Tax Authority [Member] | Minimum [Member] | Canada [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,010 |
Examination in progress | 2,014 |
Foreign Tax Authority [Member] | Minimum [Member] | Germany [Member] | |
Income Tax Examination [Line Items] | |
Examination in progress | 2,012 |
Foreign Tax Authority [Member] | Minimum [Member] | France [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,014 |
Examination in progress | 2,011 |
Foreign Tax Authority [Member] | Minimum [Member] | United Kingdom [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,015 |
Foreign Tax Authority [Member] | Minimum [Member] | Philippines [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,015 |
Foreign Tax Authority [Member] | Maximum [Member] | Canada [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,013 |
Examination in progress | 2,015 |
Foreign Tax Authority [Member] | Maximum [Member] | Germany [Member] | |
Income Tax Examination [Line Items] | |
Examination in progress | 2,015 |
Foreign Tax Authority [Member] | Maximum [Member] | France [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,016 |
Examination in progress | 2,012 |
Foreign Tax Authority [Member] | Maximum [Member] | United Kingdom [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,016 |
Foreign Tax Authority [Member] | Maximum [Member] | Philippines [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2,016 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Accrued interest payable | $ 0.8 | $ 0.5 | $ 0.6 |
Interest expense (income) | $ 0.3 | $ (0.1) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 on a graded scale over a three, four, and five-year period. | ||
Performance Share Awards (PSAs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants under performance share awards | 163,274 | 199,693 | 105,017 |
Weighted average grant date fair value | $ 22.32 | $ 18.08 | $ 24.62 |
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 | 375,435 | 302,722 | 164,666 |
Unrecognized compensation expense for outstanding RSUs and PSAs | $ 6.7 | ||
The weighted average remaining period over which the expense will be recognized | 1 year 10 months 24 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 | ||
Granted | 0 | 743,925 | 423,590 |
Intrinsic value of SOSARs vested and expected to vest | $ 12.4 | ||
The remaining weighted average contractual life of outstanding SOSARs | 5 years 2 months 12 days | ||
Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock available for future issuance | 2,188,572 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance | 679,038 | 674,523 | 888,942 |
Granted | 375,435 | 302,722 | 164,666 |
Forfeited | (96,306) | (148,232) | (92,183) |
Shares delivered | (28,781) | (149,975) | (286,902) |
Ending Balance | 929,386 | 679,038 | 674,523 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense for Periods (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 4,843 | $ 3,154 | $ 1,758 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercised | (36,000) | (22,000) | (26,000) |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance, Outstanding | 2,736,616 | 2,199,742 | 1,864,707 |
Granted | 0 | 743,925 | 423,590 |
Exercised | (157,140) | (61,190) | (70,347) |
Canceled / forfeited | (17,630) | (145,861) | (18,208) |
Ending Balance, Outstanding | 2,561,846 | 2,736,616 | 2,199,742 |
Exercisable at December 31 | 2,011,075 | 1,740,591 | 1,504,599 |
Vested and expected to vest | 2,561,846 | 2,725,611 | 2,178,708 |
Beginning Balance, Weighted Average Exercise Price, Outstanding | $ 17.64 | $ 17.82 | $ 16.20 |
Weighted Average Exercise Price, Granted | 17.54 | 24.62 | |
Weighted Average Exercise Price, Exercised | 13.76 | 10.70 | 14.12 |
Weighted Average Exercise Price, Canceled / forfeited | 18.46 | 22.80 | 25.41 |
Ending Balance, Weighted Average Exercise Price, Outstanding | 17.87 | 17.64 | 17.82 |
Weighted Average Exercise Price, Exercisable at December 31, | $ 17.56 | 16.19 | 14.48 |
Weighted average grant date fair value per share | $ 4.07 | $ 7.46 | |
Aggregate grant date fair value | $ 3,013 | $ 3,134 | |
Black-Scholes assumptions | |||
Dividend yield | 2.85% | 1.94% | |
Risk free rate of return | 1.34% | 1.64% | |
Volatility | 31.97% | 36.38% | |
Expected life | 6 years | 6 years | |
Compensation expense | $ 1,371 | $ 2,735 | $ 2,645 |
Retirement Plans and Other Po79
Retirement Plans and Other Post-Retirement Benefits - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)Age | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan retired union employees eligible age to participate in health care benefit plan | Age | 55 | ||
Defined benefit plan retired union employees eligible service period | 5 years | ||
Accumulated benefit obligation for all defined benefit pension plans | $ 584.3 | $ 537.6 | |
Defined contribution plans Employees contribution | 50.00% | ||
Expense associated with Defined Contribution Plans | $ 2.3 | 2 | $ 2.1 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement charge | 7.3 | ||
Pension settlement charge settled | $ 24.2 | ||
Discount rates | 3.85% | 4.43% | |
Prior service cost as a component of net periodic benefit cost from accumulated other comprehensive income (loss) | $ 3.1 | ||
Actuarial net (gain) loss as a component of net periodic benefit cost from accumulated other comprehensive income (loss) | $ 0.2 | ||
Pension Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 1.90% | ||
Pension Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 4.55% | ||
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 3.68% | 4.18% | |
Prior service cost as a component of net periodic benefit cost from accumulated other comprehensive income (loss) | $ 13.5 | ||
Actuarial net (gain) loss as a component of net periodic benefit cost from accumulated other comprehensive income (loss) | $ 0.3 | ||
Other Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 4.02% | ||
Other Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 4.21% |
Retirement Plans and Other Po80
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | $ 610.7 | ||
Fair value of plan assets at end of year | 673.1 | $ 610.7 | |
Pension Benefits [Member] | |||
Change in Benefit Obligation | |||
Balance at beginning of year | 552 | 541.9 | |
Service cost | 10.7 | 10.5 | $ 11.6 |
Interest cost | 23.8 | 24.5 | 23.3 |
Plan amendments | 4.1 | 5.5 | |
Actuarial (gain)/loss | 45.5 | 17 | |
Benefits paid | (36.5) | (22.9) | |
One-time settlement | (24.2) | ||
Effect of currency rate changes | 1.2 | (0.3) | |
Balance at end of year | 600.8 | 552 | 541.9 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | 610.7 | 594.9 | |
Actual return on plan assets | 96.8 | 60.8 | |
Total contributions | 2.1 | 2.1 | |
Benefits paid | (36.5) | (22.9) | |
One-time settlement | (24.2) | ||
Fair value of plan assets at end of year | 673.1 | 610.7 | 594.9 |
Funded status at end of year | 72.3 | 58.7 | |
Other Benefits [Member] | |||
Change in Benefit Obligation | |||
Balance at beginning of year | 47.9 | 51 | |
Service cost | 1.2 | 1.1 | 1.4 |
Interest cost | 2 | 2 | 2 |
Participant contributions | 1.1 | 1 | |
Actuarial (gain)/loss | 1.5 | (3.4) | |
Benefits paid | (3) | (3.8) | |
Balance at end of year | 50.7 | 47.9 | $ 51 |
Change in Plan Assets | |||
Total contributions | 3 | 3.8 | |
Benefits paid | (3) | (3.8) | |
Funded status at end of year | $ (50.7) | $ (47.9) |
Retirement Plans and Other Po81
Retirement Plans and Other Post-Retirement Benefits - Summary of Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | $ 72.3 | $ 58.7 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | (50.7) | (47.9) |
Other Assets [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | 115.5 | 96.7 |
Current Liabilities [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | (2.2) | (2) |
Current Liabilities [Member] | Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | (3.5) | (3.2) |
Other Long-Term Liabilities [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | (41) | (36) |
Other Long-Term Liabilities [Member] | Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | $ (47.2) | $ (44.7) |
Retirement Plans and Other Po82
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, 2017 | Dec. 31, 2016 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost/(credit) | $ 16.1 | $ 14.8 |
Net actuarial loss | 145.6 | 165.9 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost/(credit) | (0.5) | (0.6) |
Net actuarial loss | $ (5.6) | $ (7.4) |
Retirement Plans and Other Po83
Retirement Plans and Other Post-Retirement Benefits - Weighted-Average Assumptions Used in Computing Benefit Obligations (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate - benefit obligation | 3.85% | 4.43% |
Future compensation growth rate | 3.00% | 3.00% |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate - benefit obligation | 3.68% | 4.18% |
Retirement Plans and Other Po84
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, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 43.1 | $ 37.9 |
Accumulated benefit obligation | $ 38.6 | $ 34.6 |
Retirement Plans and Other Po85
Retirement Plans and Other Post-Retirement Benefits - Schedule of Net Periodic Benefit Cost of Pension and Other Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 10.7 | $ 10.5 | $ 11.6 |
Interest cost | 23.8 | 24.5 | 23.3 |
Expected return on plan assets | (43) | (45.4) | (46) |
Amortization of prior service cost/(credit) | 2.8 | 2.7 | 3.1 |
Amortization of actuarial loss | 12.3 | 13.2 | 17.1 |
One-time settlement charge | 7.3 | ||
Total net periodic benefit cost | 6.6 | 12.8 | 9.1 |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1.2 | 1.1 | 1.4 |
Interest cost | 2 | 2 | 2 |
Amortization of prior service cost/(credit) | (0.2) | (0.2) | (0.3) |
Amortization of actuarial loss | (0.4) | (0.8) | 0.2 |
Total net periodic benefit cost | $ 2.6 | $ 2.1 | $ 3.3 |
Retirement Plans and Other Po86
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial (gain) loss | $ (8.3) | $ 1.4 | |
Plan amendments | 4.1 | 5.5 | |
Recognized prior service cost | (2.8) | (2.7) | $ (3.1) |
Recognized actuarial losses | (12.3) | (20.5) | |
Total recognized in other comprehensive (income) loss | (19.3) | (16.3) | |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | (12.7) | (3.5) | |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial (gain) loss | 1.5 | (3.4) | |
Recognized prior service cost | 0.2 | 0.2 | $ 0.3 |
Recognized actuarial losses | 0.4 | 0.8 | |
Total recognized in other comprehensive (income) loss | 2.1 | (2.4) | |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ 4.7 | $ (0.3) |
Retirement Plans and Other Po87
Retirement Plans and Other Post-Retirement Benefits - Schedule of Defined Benefit Plan Weighted-Average Assumptions Used in Computing Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate - benefit expense | 4.43% | 4.65% | 4.21% |
Future compensation growth rate | 3.00% | 3.50% | 4.00% |
Expected long-term rate of return on plan assets | 7.25% | 7.75% | 8.00% |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate - benefit expense | 4.18% | 4.38% | 3.89% |
Retirement Plans and Other Po88
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, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate assumed for next year | 6.20% | 6.50% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reaches the ultimate rate | 2,037 | 2,037 |
Retirement Plans and Other Po89
Retirement Plans and Other Post-Retirement Benefits - Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Defined Benefit Plan Effect Of One Percentage Point Change In Assumed Health Care Cost Trend Rates [Abstract] | |
Post-retirement benefit obligation, Increase | $ 3.9 |
Total of service and interest cost components, Increase | 0.3 |
Post-retirement benefit obligation, Decrease | (3.5) |
Total of service and interest cost components, Decrease | $ (0.3) |
Retirement Plans and Other Po90
Retirement Plans and Other Post-Retirement Benefits - Schedule of Targeted Range of Investment Allocations of Plan Assets (Detail) | Dec. 31, 2017 |
Domestic Equity [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation for the plan assets | 35.00% |
Domestic Equity [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation for the plan assets | 45.00% |
International Equity [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation for the plan assets | 8.00% |
International Equity [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation for the plan assets | 14.00% |
Real Estate Investment Trusts (REIT) [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation for the plan assets | 2.00% |
Real Estate Investment Trusts (REIT) [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation for the plan assets | 6.00% |
Fixed Income, Cash and Cash Equivalents [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation for the plan assets | 55.00% |
Fixed Income, Cash and Cash Equivalents [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation for the plan assets | 35.00% |
Retirement Plans and Other Po91
Retirement Plans and Other Post-Retirement Benefits - Schedule of Fair Value of Benefit Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 673.1 | $ 610.7 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 117.5 | 153.2 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 555.6 | 457.5 |
Large Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 214.9 | 201.9 |
Large Cap [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 12.4 | 7.1 |
Large Cap [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 202.5 | 194.8 |
Small and Mid Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 46.2 | 50.9 |
Small and Mid Cap [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 46.2 | 50.9 |
International Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 81.4 | 79.5 |
International Equity [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7.2 | 38.8 |
International Equity [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 74.2 | 40.7 |
Real Estate Investment Trusts (REIT) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 27.6 | 27.9 |
Real Estate Investment Trusts (REIT) [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 27.6 | 27.9 |
Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 290.9 | 237.7 |
Fixed Income [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 24 | 28.5 |
Fixed Income [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 266.9 | 209.2 |
Cash and Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 12.1 | 12.8 |
Cash and Equivalents [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.1 | |
Cash and Equivalents [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 12 | $ 12.8 |
Retirement Plans and Other Po92
Retirement Plans and Other Post-Retirement Benefits - Benefit Payments Expected to be Made under Non-Qualified Pension Plans and Other Benefit Plans (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Nonqualified Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit payments expected | $ 2,160 |
Other Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit payments expected | $ 3,500 |
Retirement Plans and Other Po93
Retirement Plans and Other Post-Retirement Benefits - Summary of Benefit Expected to be Paid Out (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 41,106 |
2,019 | 39,993 |
2,020 | 39,468 |
2,021 | 39,375 |
2,022 | 39,041 |
2023 through 2027 | 188,907 |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 3,500 |
2,019 | 4,129 |
2,020 | 4,500 |
2,021 | 4,663 |
2,022 | 4,620 |
2023 through 2027 | $ 21,053 |
Inventories - Inventories, Net
Inventories - Inventories, Net of Reserves (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 60,806 | $ 66,359 |
In-process and finished | 116,678 | 112,507 |
Supplies | 74,580 | 70,803 |
Total | $ 252,064 | $ 249,669 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Inventories using first-in, first-out method | $ 22.7 | $ 21.3 |
Plant, Equipment and Timberla96
Plant, Equipment and Timberlands - Summary of Plant, Equipment and Timberlands (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation | $ (1,125,203) | $ (1,036,825) | |
Subtotal | 755,240 | 633,831 | |
Construction in progress | 105,673 | 137,665 | |
Timberlands, less depletion | 4,830 | 4,402 | |
Total | 865,743 | 775,898 | $ 698,864 |
Land and Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 221,436 | 192,877 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,484,545 | 1,335,669 | |
Furniture, Fixtures, and Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 174,462 | $ 142,110 |
Plant, Equipment and Timberla97
Plant, Equipment and Timberlands - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | ||
Accrued capital expenditures | $ 21 | $ 24.3 |
Plant, Equipment and Timberla98
Plant, Equipment and Timberlands - Summary of Interest Expense Capitalized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Expense [Abstract] | |||
Interest cost incurred | $ 19,852 | $ 17,431 | $ 17,815 |
Interest capitalized | 2,080 | 1,609 | 351 |
Interest expense | $ 17,772 | $ 15,822 | $ 17,464 |
Goodwill and Intangible Asset99
Goodwill and Intangible Assets - Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill – Composite Fibers | $ 82,744 | $ 73,094 |
Total intangibles | 92,808 | 82,549 |
Accumulated amortization | (33,949) | (26,290) |
Net intangibles | 58,859 | 56,259 |
Specialty Papers [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 6,155 | 6,155 |
Composite Fibers [Member] | Tradename [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 4,773 | 4,195 |
Composite Fibers [Member] | Technology and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 40,686 | 35,874 |
Composite Fibers [Member] | Customer Relationships and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 36,705 | 32,310 |
Advanced Airlaid Materials [Member] | Technology and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 1,488 | 1,377 |
Advanced Airlaid Materials [Member] | Customer Relationships and Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | $ 3,001 | $ 2,638 |
Goodwill and Intangible Asse100
Goodwill and Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 12 years 2 months 12 days |
Customer Relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 10 years |
Customer Relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 14 years |
Technology and Related [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 14 years |
Technology and Related [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 20 years |
Goodwill and Intangible Asse101
Goodwill and Intangible Assets - Summary of Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract] | |||
Aggregate amortization expense: | $ 4,773 | $ 4,852 | $ 5,340 |
2,018 | 4,773 | ||
2,019 | 4,773 | ||
2,020 | 4,639 | ||
2,021 | 4,254 | ||
2,022 | $ 4,139 |
Other Long-Term Assets - Summar
Other Long-Term Assets - Summary of Other Long-Term Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Assets Noncurrent [Abstract] | ||
Pension | $ 115,482 | $ 96,699 |
Other | 22,996 | 25,050 |
Total | $ 138,478 | $ 121,749 |
Other Current Liabilities - Sum
Other Current Liabilities - Summary of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities Current [Abstract] | ||
Accrued payroll and benefits | $ 39,375 | $ 48,306 |
Other accrued compensation and retirement benefits | 7,864 | 6,828 |
Income taxes payable | 1,927 | 211 |
Accrued rebates | 16,126 | 14,329 |
Other accrued expenses | 45,930 | 49,576 |
Total | $ 111,222 | $ 119,250 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 483,330 | $ 375,161 |
Less current portion | (11,298) | (8,961) |
Unamortized deferred issuance costs | (1,934) | (2,553) |
Long-term debt, net of current portion | 470,098 | 363,647 |
Revolving Credit Facility, Due Mar. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 171,200 | 61,595 |
5.375% Notes, Due Oct. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 250,000 | 250,000 |
Long-term debt, net of current portion | 250,000 | 250,000 |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 7,710 | 8,282 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 33,607 | 35,163 |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 9,423 | 9,788 |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 11,390 | $ 10,333 |
Long-Term Debt - Summary of 105
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
5.375% Notes, Due Oct. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Oct. 31, 2020 | |
Interest rate on debt | 5.375% | 5.375% |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Jun. 30, 2022 | |
Interest rate on debt | 2.40% | 2.40% |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Mar. 31, 2023 | |
Interest rate on debt | 2.05% | 2.05% |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Jun. 30, 2023 | |
Interest rate on debt | 1.30% | 1.30% |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Sep. 30, 2025 | |
Interest rate on debt | 1.55% | 1.55% |
Revolving Credit Facility, Due Mar. 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, maturity date | Mar. 31, 2020 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Mar. 12, 2015 | Oct. 03, 2012 | |
Debt Instrument [Line Items] | ||||
Debt instrument covenant compliance leverage ratio, threshold | 3.5 | |||
Debt instrument covenant compliance leverage ratio, actual | 2.5 | |||
Amortization expense related to deferred debt issuance costs | $ 1,200,000 | |||
Other Assets [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized deferred debt issuance costs | $ 3,000,000 | |||
5.375% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, maturity date | Oct. 15, 2020 | |||
Aggregate principal amount | $ 250,000,000 | |||
Interest rate on debt | 5.375% | 5.375% | ||
Frequency of interest payable | Semiannually | |||
Debt instrument redemption | The 5.375% Notes are redeemable, in whole or in part, at any time on or after October 15, 2016 at the redemption prices specified in the applicable Indenture. | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 | |||
Long-term debt, maturity date | Mar. 12, 2020 | |||
Federal fund rate spread | 1.00% | |||
Revolving Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Federal fund rate spread | 0.125% | |||
Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Federal fund rate spread | 1.00% | |||
Revolving Credit Facility [Member] | Federal Funds Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Federal fund rate spread | 0.50% | |||
Revolving Credit Facility [Member] | Daily Euro Rate [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Federal fund rate spread | 1.125% | |||
Revolving Credit Facility [Member] | Daily Euro Rate [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Federal fund rate spread | 2.00% | |||
Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of credit issued | $ 5,200,000 | $ 5,100,000 | ||
Letters of credit outstanding | $ 0 |
Long-Term Debt - Summary of Deb
Long-Term Debt - Summary of Debts Borrowed by Subsidiary (Detail) - IKB Deutsche Industriebank AG Borrowing Agreements [Member] - Glatfelter Gernsbach GmbH and Co KG [Member] - IKB Deutsche Industriebank AG Member - EUR (€) € in Thousands | May 04, 2016 | Apr. 26, 2016 | Oct. 10, 2015 | Sep. 04, 2014 | Apr. 11, 2013 |
Debt Instrument [Line Items] | |||||
Original Principal | € 7,195 | € 10,000 | € 2,608 | € 10,000 | € 42,700 |
Interest Rate | 1.55% | 1.30% | 1.55% | 2.40% | 2.05% |
Maturity | Sep. 30, 2025 | Jun. 30, 2023 | Sep. 30, 2025 | Jun. 30, 2022 | Mar. 31, 2023 |
Long-Term Debt - Amortization o
Long-Term Debt - Amortization of Term Loan Agreements Together with Maturities of Other Long-term Debt (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Maturities Of Long Term Debt [Abstract] | |
2,018 | $ 11,298 |
2,019 | 11,297 |
2,020 | 432,497 |
2,021 | 11,297 |
2,022 | 10,441 |
Thereafter | $ 6,500 |
Fair Value of Financial Inst109
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 483,330 | $ 375,161 |
Fair Value | 487,724 | 384,268 |
Revolving Credit Facility Due Mar. 2020 And Nov. 2016 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 171,200 | 61,595 |
Fair Value | 171,200 | 61,595 |
5.375% Notes, Due Oct. 2020 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 250,000 | 250,000 |
Fair Value | 253,823 | 256,563 |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 7,710 | 8,282 |
Fair Value | 7,889 | 8,877 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 33,607 | 35,163 |
Fair Value | 34,122 | 37,089 |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 9,423 | 9,788 |
Fair Value | 9,370 | 10,062 |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 11,390 | 10,333 |
Fair Value | $ 11,320 | $ 10,082 |
Fair Value of Financial Inst110
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Parenthetical) (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Percent on aggregate principal amount of outstanding | 2.40% | 2.40% |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Percent on aggregate principal amount of outstanding | 2.05% | 2.05% |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Percent on aggregate principal amount of outstanding | 1.30% | 1.30% |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Percent on aggregate principal amount of outstanding | 1.55% | 1.55% |
Fair Value of Financial Inst111
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amount of fixed rate debt | $ 470,098 | $ 363,647 |
5.375% Notes, Due Oct. 2020 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amount of fixed rate debt | $ 250,000 | $ 250,000 |
Interest rate on debt | 5.375% | 5.375% |
Financial Derivatives and He112
Financial Derivatives and Hedging Activities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Maximum [Member] | Fair Value, Measurements [Member] | |
Derivative [Line Items] | |
Accumulated other comprehensive income realization period | 18 months |
Minimum [Member] | Fair Value, Measurements [Member] | |
Derivative [Line Items] | |
Accumulated other comprehensive income realization period | 12 months |
Designated as Hedging [Member] | Foreign Exchange [Member] | |
Derivative [Line Items] | |
Maturities of foreign currency derivative contracts | 18 months |
Designated as Hedging [Member] | Cash Flow Hedges [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Period of production costs expected to be incurred | 18 months |
Not Designated as Hedging [Member] | |
Derivative [Line Items] | |
Maturities of foreign currency derivative contracts | 1 month |
Financial Derivatives and He113
Financial Derivatives and Hedging Activities - Outstanding Derivatives Used to Hedge Foreign Exchange Risks (Detail) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017PHP | Dec. 31, 2017CAD | Dec. 31, 2017GBP (£) | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2016PHP | Dec. 31, 2016CAD | Dec. 31, 2016GBP (£) |
Cash Flow Hedges [Member] | Philippine Peso / British Pound [Member | Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | PHP | PHP 19,047,000 | |||||||||
Cash Flow Hedges [Member] | Euro / British Pound [Member] | Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | € 13,586,000 | € 10,373,000 | ||||||||
Cash Flow Hedges [Member] | Euro / U.S. Dollar [Member] | Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 1,048,000 | |||||||||
Cash Flow Hedges [Member] | Euro / U.S. Dollar [Member] | Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | $ | $ 60,519,000 | $ 43,951,000 | ||||||||
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 | PHP | 890,096,000 | PHP 699,279,000 | ||||||||
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 | $ | 946,000 | |||||||||
Cash Flow Hedges [Member] | U.S Dollar / Euro [Member] | Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 4,253,000 | 15,379,000 | ||||||||
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 | PHP | PHP 797,496,000 | PHP 557,025,000 | ||||||||
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 | CAD | CAD 32,265,000 | CAD 35,290,000 | ||||||||
Cash Flow Hedges [Member] | British Pound / Euro [Member] | Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 335,000 | |||||||||
Foreign Currency Hedges [Member] | Euro / U.S. Dollar [Member] | Not Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | $ | 4,500,000 | 3,500,000 | ||||||||
Foreign Currency Hedges [Member] | British Pound / Euro [Member] | Not Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | £ | £ 1,000,000 | £ 2,500,000 | ||||||||
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 | € 13,000,000 | € 18,500,000 | ||||||||
Foreign Currency Hedges [Member] | U.S. Dollar / British Pound [Member] | Not Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | $ | $ 17,500,000 | $ 10,500,000 |
Financial Derivatives and He114
Financial Derivatives and Hedging Activities - Fair Values of Derivative Instruments (Detail) - Forward Foreign Currency Exchange Contracts [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | $ 1,066 | $ 2,625 |
Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | 4,787 | 1,493 |
Not Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | 151 | 60 |
Not Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | $ 43 | $ 104 |
Financial Derivatives and He115
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Costs of Products Sold [Member] | Designated as Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Effective portion of derivative instruments, gain (loss) | $ 532 | $ (551) | $ 5,752 |
Other - Net [Member] | Designated as Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Ineffective portion of derivative instruments, gain (loss) | 182 | (166) | (152) |
Other - Net [Member] | Not Designated as Hedging [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Derivative instruments, gain (loss) | $ 882 | $ 806 | $ 599 |
Financial Derivatives and He116
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, 2017 | Dec. 31, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Balance at January 1, | $ 1,882 | $ (178) |
Deferred (losses) gains on cash flow hedges | (6,990) | 1,509 |
Reclassified to earnings | (532) | 551 |
Balance at December 31, | $ (5,640) | $ 1,882 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Outstanding Shares of Common Stock (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Shares outstanding at beginning of year | 43,550 | 43,420 | 43,054 |
Treasury shares issued for: | |||
Restricted stock awards | 28 | 108 | 206 |
401(k) plan | 134 | ||
Employee stock options exercised | 36 | 22 | 26 |
Shares outstanding at end of year | 43,614 | 43,550 | 43,420 |
Commitments, Contingencies a118
Commitments, Contingencies and Legal Proceedings - Summary of Minimum Annual Payment Due on Noncancelable Operating Lease (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Member] | |
Operating Leased Assets [Line Items] | |
2,018 | $ 12,683 |
2,019 | 5,926 |
2,020 | 4,393 |
2,021 | 3,276 |
2,022 | 2,932 |
Thereafter | 8,431 |
Other [Member] | |
Operating Leased Assets [Line Items] | |
2,018 | 115,710 |
2,019 | 31,415 |
2,020 | 18,674 |
2,021 | 1,705 |
2,022 | 4 |
Thereafter | $ 1 |
Commitments, Contingencies a119
Commitments, Contingencies and Legal Proceedings - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Operable_Unit | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Commitments Contingencies And Litigation [Line Items] | |||
Annual payments due under operating leases | $ 37,600,000 | ||
Aggregate contractual obligation | $ 167,500,000 | ||
Number of operable units | Operable_Unit | 5 | ||
Reserve for Environmental liabilities, current portion | $ 28,500,000 | $ 25,000,000 | |
Other Long-Term Liabilities [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Reserve for Environmental liabilities, remaining portion | 14,600,000 | ||
NCR/Appvion Consent Decree [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Contribution payment towards remedial action and natural resource damages | 75,000,000 | ||
Anticipated cost to complete work for remaining site remedy | 200,000,000 | ||
Expected payments for governments unreimbursed past costs which are under dispute | $ 34,000,000 | ||
Unreimbursed costs | 0 | ||
Unspent settlement money | 4,000,000 | ||
NADAR [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Expected payments for governments unreimbursed past costs which are under dispute | 104,000,000 | ||
Unspent settlement money | 60,000,000 | ||
Georgia Pacific [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Settlement payable amount | $ 9,500,000 | ||
Payment due date | 2017-08 | ||
Maximum [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
NCR costs and damages percentage | 100.00% | ||
Maximum [Member] | NCR/Appvion Consent Decree [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Estimated cost related to Fox River matter | $ 30,000,000 | ||
Minimum [Member] | December 2009 - Long Term Monitoring Plan [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Period over which cash expenditure to be incurred for monitoring activities | 30 years | ||
Minimum [Member] | GLT, GP and NCR [Member] | NCR/Appvion Consent Decree [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Contribution payment towards remedial action and natural resource damages | $ 1,000,000,000 | ||
OU2-5 [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Estimated future cost of cleanup work | $ 13,400,000 | $ 13,400,000 | |
Expected cleanup work continuation year | through 2,019 | ||
NCR costs and damages percentage | 100.00% | ||
OU2-5 [Member] | Whiting Litigation [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
NCR costs and damages percentage | 100.00% |
Commitments, Contingencies a120
Commitments, Contingencies and Legal Proceedings - Schedule of Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Environmental Remediation Obligations [Abstract] | ||
Beginning balance | $ 52,788 | $ 17,105 |
Payments | (9,644) | (4,317) |
Accruals | 40,000 | |
Ending balance | $ 43,144 | $ 52,788 |
Segment and Geographic Infor121
Segment and Geographic Information - Schedule of Financial and Other Information by Business Unit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 399,917 | $ 413,325 | $ 387,342 | $ 390,713 | $ 390,865 | $ 405,301 | $ 406,413 | $ 402,218 | $ 1,591,297 | $ 1,604,797 | $ 1,661,084 |
Energy and related sales, net | 5,126 | 6,141 | 5,664 | ||||||||
Total revenues | 1,596,423 | 1,610,938 | 1,666,748 | ||||||||
Cost of products sold | 1,403,913 | 1,392,335 | 1,463,783 | ||||||||
Gross profit | 50,410 | $ 54,735 | $ 30,436 | $ 56,929 | 56,867 | $ 61,170 | $ 42,723 | $ 57,843 | 192,510 | 218,603 | 202,965 |
SG&A | 134,394 | 190,694 | 127,706 | ||||||||
(Gains) losses on dispositions of plant, equipment and timberlands, net | 26 | 216 | (21,113) | ||||||||
Operating income | 58,090 | 27,693 | 96,372 | ||||||||
Non-operating expense | (18,755) | (16,887) | (17,796) | ||||||||
Income before income taxes | 39,335 | 10,806 | 78,576 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 865,743 | 775,898 | 865,743 | 775,898 | 698,864 | ||||||
Depreciation, depletion and amortization | 76,048 | 65,826 | 63,236 | ||||||||
Capital expenditures | 132,300 | 160,200 | 99,900 | ||||||||
Composite Fibers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 544,260 | 516,954 | 541,468 | ||||||||
Total revenues | 544,300 | 517,000 | 541,500 | ||||||||
Cost of products sold | 437,600 | 416,400 | 434,400 | ||||||||
Gross profit | 106,700 | 100,600 | 107,100 | ||||||||
SG&A | 44,400 | 46,300 | 45,700 | ||||||||
Operating income | 62,300 | 54,300 | 61,400 | ||||||||
Income before income taxes | 62,300 | 54,300 | 61,400 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 254,000 | 235,100 | 254,000 | 235,100 | 258,100 | ||||||
Depreciation, depletion and amortization | 28,300 | 27,800 | 26,200 | ||||||||
Capital expenditures | 15,900 | 18,800 | 26,800 | ||||||||
Advanced Airlaid Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 256,101 | 244,262 | 244,589 | ||||||||
Total revenues | 256,100 | 244,300 | 244,600 | ||||||||
Cost of products sold | 216,700 | 209,500 | 215,700 | ||||||||
Gross profit | 39,400 | 34,800 | 28,900 | ||||||||
SG&A | 9,300 | 8,400 | 7,600 | ||||||||
Operating income | 30,100 | 26,400 | 21,300 | ||||||||
Income before income taxes | 30,100 | 26,400 | 21,300 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 235,600 | 179,300 | 235,600 | 179,300 | 153,500 | ||||||
Depreciation, depletion and amortization | 9,600 | 9,000 | 8,800 | ||||||||
Capital expenditures | 50,600 | 36,800 | 7,800 | ||||||||
Specialty Papers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 790,935 | 843,582 | 875,026 | ||||||||
Energy and related sales, net | 5,100 | 6,100 | 5,700 | ||||||||
Total revenues | 796,000 | 849,700 | 880,700 | ||||||||
Cost of products sold | 734,200 | 752,600 | 804,500 | ||||||||
Gross profit | 61,800 | 97,100 | 76,200 | ||||||||
SG&A | 46,400 | 55,900 | 43,300 | ||||||||
Operating income | 15,400 | 41,200 | 32,900 | ||||||||
Income before income taxes | 15,400 | 41,200 | 32,900 | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | 360,500 | 352,900 | 360,500 | 352,900 | 282,000 | ||||||
Depreciation, depletion and amortization | 30,800 | 26,300 | 26,000 | ||||||||
Capital expenditures | 51,500 | 99,000 | 63,500 | ||||||||
Other and Unallocated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Cost of products sold | 15,400 | 13,900 | 9,200 | ||||||||
Gross profit | (15,400) | (13,900) | (9,200) | ||||||||
SG&A | 34,300 | 80,100 | 31,000 | ||||||||
(Gains) losses on dispositions of plant, equipment and timberlands, net | 200 | (21,100) | |||||||||
Operating income | (49,700) | (94,200) | (19,100) | ||||||||
Non-operating expense | (18,800) | (16,900) | (17,800) | ||||||||
Income before income taxes | (68,500) | (111,100) | (36,900) | ||||||||
Supplementary Data | |||||||||||
Plant, equipment and timberlands, net | $ 15,600 | $ 8,600 | 15,600 | 8,600 | 5,700 | ||||||
Depreciation, depletion and amortization | 7,300 | 2,700 | 2,200 | ||||||||
Capital expenditures | $ 14,300 | $ 5,600 | $ 1,800 |
Segment and Geographic Infor122
Segment and Geographic Information - Schedule of Segment Reporting Information of Revenue by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 399,917 | $ 413,325 | $ 387,342 | $ 390,713 | $ 390,865 | $ 405,301 | $ 406,413 | $ 402,218 | $ 1,591,297 | $ 1,604,797 | $ 1,661,084 |
Composite Fibers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 544,260 | 516,954 | 541,468 | ||||||||
Composite Fibers [Member] | Food & Beverage [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 268,474 | 258,463 | 274,865 | ||||||||
Composite Fibers [Member] | Wallcovering [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 103,011 | 90,767 | 91,620 | ||||||||
Composite Fibers [Member] | Metallized [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 57,088 | 61,059 | 68,397 | ||||||||
Composite Fibers [Member] | Composite Laminates [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 38,696 | 35,107 | 34,897 | ||||||||
Composite Fibers [Member] | Technical Specialties and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 76,991 | 71,558 | 71,689 | ||||||||
Advanced Airlaid Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 256,101 | 244,262 | 244,589 | ||||||||
Advanced Airlaid Materials [Member] | Feminine Hygiene [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 179,670 | 173,902 | 182,048 | ||||||||
Advanced Airlaid Materials [Member] | Specialty Wipes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 29,519 | 25,206 | 22,950 | ||||||||
Advanced Airlaid Materials [Member] | Adult Incontinence [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 14,425 | 12,281 | 10,720 | ||||||||
Advanced Airlaid Materials [Member] | Home Care [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 13,029 | 12,630 | 13,345 | ||||||||
Advanced Airlaid Materials [Member] | Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 19,458 | 20,243 | 15,526 | ||||||||
Specialty Papers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 790,935 | 843,582 | 875,026 | ||||||||
Specialty Papers [Member] | Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,067 | 3,568 | 3,538 | ||||||||
Specialty Papers [Member] | Carbonless & Forms [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 292,071 | 319,648 | 349,831 | ||||||||
Specialty Papers [Member] | Engineered Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 189,930 | 189,463 | 190,943 | ||||||||
Specialty Papers [Member] | Envelope & Converting [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 154,291 | 173,362 | 178,067 | ||||||||
Specialty Papers [Member] | Book Publishing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 152,576 | $ 157,541 | $ 152,647 |
Segment and Geographic Infor123
Segment and Geographic Information - Additional Information (Detail) - Customer | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Number of customers accounting for percentage of net sales | 0 | 0 | 0 |
Customers accounted for certain percentage in net sales | 10.00% | 10.00% | 10.00% |
Advanced Airlaid Materials [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Number of customers accounting for percentage of net sales | 1 | 1 | 1 |
Segment and Geographic Infor124
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 399,917 | $ 413,325 | $ 387,342 | $ 390,713 | $ 390,865 | $ 405,301 | $ 406,413 | $ 402,218 | $ 1,591,297 | $ 1,604,797 | $ 1,661,084 |
Plant, Equipment and Timberlands – Net | 865,743 | 775,898 | 865,743 | 775,898 | 698,864 | ||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 880,708 | 918,567 | 959,730 | ||||||||
Plant, Equipment and Timberlands – Net | 456,223 | 391,977 | 456,223 | 391,977 | 287,447 | ||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 450,668 | 427,520 | 444,009 | ||||||||
Plant, Equipment and Timberlands – Net | 240,932 | 220,380 | 240,932 | 220,380 | 232,340 | ||||||
United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 76,594 | 78,759 | 86,442 | ||||||||
Plant, Equipment and Timberlands – Net | 55,495 | 51,903 | 55,495 | 51,903 | 62,931 | ||||||
Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 120,434 | 115,902 | 118,568 | ||||||||
Plant, Equipment and Timberlands – Net | 78,220 | 79,727 | 78,220 | 79,727 | 81,201 | ||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 62,893 | 64,049 | 52,335 | ||||||||
Plant, Equipment and Timberlands – Net | $ 34,873 | $ 31,911 | $ 34,873 | $ 31,911 | $ 34,945 |
Condensed Consolidating Fina125
Condensed Consolidating Financial Statements - Additional Information (Detail) | Dec. 31, 2017 | Oct. 03, 2012 |
PHG Tea Leaves, Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage owned in domestic subsidiaries | 100.00% | |
Mollanvick, Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage owned in domestic subsidiaries | 100.00% | |
Glatfelter Holdings, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage owned in domestic subsidiaries | 100.00% | |
Glatfelter Composite Fibers N. A., Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage owned in domestic subsidiaries | 100.00% | |
Glatfelter Advanced Materials N.A., Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage owned in domestic subsidiaries | 100.00% | |
5.375% Notes [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percent on aggregate principal amount of outstanding | 5.375% | 5.375% |
Condensed Consolidating Fina126
Condensed Consolidating Financial Statements - Condensed Consolidating Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | $ 399,917 | $ 413,325 | $ 387,342 | $ 390,713 | $ 390,865 | $ 405,301 | $ 406,413 | $ 402,218 | $ 1,591,297 | $ 1,604,797 | $ 1,661,084 |
Energy and related sales, net | 5,126 | 6,141 | 5,664 | ||||||||
Total revenues | 1,596,423 | 1,610,938 | 1,666,748 | ||||||||
Costs of products sold | 1,403,913 | 1,392,335 | 1,463,783 | ||||||||
Gross profit | $ 50,410 | $ 54,735 | $ 30,436 | $ 56,929 | $ 56,867 | $ 61,170 | $ 42,723 | $ 57,843 | 192,510 | 218,603 | 202,965 |
Selling, general and administrative expenses | 134,394 | 190,694 | 127,706 | ||||||||
(Gains) losses on dispositions of plant, equipment and timberlands, net | 26 | 216 | (21,113) | ||||||||
Operating income | 58,090 | 27,693 | 96,372 | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | (17,772) | (15,822) | (17,464) | ||||||||
Interest income | 237 | 206 | 283 | ||||||||
Other, net | (1,220) | (1,271) | (615) | ||||||||
Total non-operating expense | (18,755) | (16,887) | (17,796) | ||||||||
Income before income taxes | 39,335 | 10,806 | 78,576 | ||||||||
Income tax provision (benefit) | 31,421 | (10,748) | 14,001 | ||||||||
Net income | 7,914 | 21,554 | 64,575 | ||||||||
Other comprehensive income (loss) | 63,931 | (14,120) | (35,616) | ||||||||
Comprehensive income | 71,845 | 7,434 | 28,959 | ||||||||
Adjustments/ Eliminations [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | (88,026) | (69,645) | (78,026) | ||||||||
Total revenues | (88,026) | (69,645) | (78,026) | ||||||||
Costs of products sold | (88,026) | (69,645) | (78,026) | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | 5,394 | 4,715 | 37,542 | ||||||||
Interest income | (5,394) | (4,715) | (37,543) | ||||||||
Equity in earnings of subsidiaries | (79,735) | (119,354) | (86,683) | ||||||||
Total non-operating expense | (79,735) | (119,354) | (86,684) | ||||||||
Income before income taxes | (79,735) | (119,354) | (86,684) | ||||||||
Net income | (79,735) | (119,354) | (86,684) | ||||||||
Other comprehensive income (loss) | (104,118) | 51,092 | 11,330 | ||||||||
Comprehensive income | (183,853) | (68,262) | (75,354) | ||||||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 790,933 | 843,582 | 875,026 | ||||||||
Energy and related sales, net | 5,126 | 6,141 | 5,664 | ||||||||
Total revenues | 796,059 | 849,723 | 880,690 | ||||||||
Costs of products sold | 747,736 | 763,109 | 811,329 | ||||||||
Gross profit | 48,323 | 86,614 | 69,361 | ||||||||
Selling, general and administrative expenses | 69,483 | 133,387 | 71,751 | ||||||||
(Gains) losses on dispositions of plant, equipment and timberlands, net | 223 | 177 | (19,720) | ||||||||
Operating income | (21,383) | (46,950) | 17,330 | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | (20,394) | (17,436) | (18,147) | ||||||||
Interest income | 599 | 687 | 673 | ||||||||
Equity in earnings of subsidiaries | 18,864 | 61,007 | 61,946 | ||||||||
Other, net | 2,241 | (2,312) | (3,389) | ||||||||
Total non-operating expense | 1,310 | 41,946 | 41,083 | ||||||||
Income before income taxes | (20,073) | (5,004) | 58,413 | ||||||||
Income tax provision (benefit) | (27,987) | (26,558) | (6,162) | ||||||||
Net income | 7,914 | 21,554 | 64,575 | ||||||||
Other comprehensive income (loss) | 63,931 | (14,120) | (35,616) | ||||||||
Comprehensive income | 71,845 | 7,434 | 28,959 | ||||||||
Guarantors [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 89,787 | 75,000 | 84,704 | ||||||||
Total revenues | 89,787 | 75,000 | 84,704 | ||||||||
Costs of products sold | 85,196 | 70,991 | 80,455 | ||||||||
Gross profit | 4,591 | 4,009 | 4,249 | ||||||||
Selling, general and administrative expenses | 2,598 | 156 | 821 | ||||||||
(Gains) losses on dispositions of plant, equipment and timberlands, net | (188) | (1,183) | |||||||||
Operating income | 2,181 | 4,165 | 4,611 | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | (971) | (41) | |||||||||
Interest income | 4,947 | 4,177 | 37,127 | ||||||||
Equity in earnings of subsidiaries | 60,871 | 58,347 | 24,737 | ||||||||
Other, net | (6,776) | (3,966) | (1,471) | ||||||||
Total non-operating expense | 58,071 | 58,517 | 60,393 | ||||||||
Income before income taxes | 60,252 | 62,682 | 65,004 | ||||||||
Income tax provision (benefit) | 41,388 | 1,675 | 2,922 | ||||||||
Net income | 18,864 | 61,007 | 62,082 | ||||||||
Other comprehensive income (loss) | 52,290 | (25,916) | (41,010) | ||||||||
Comprehensive income | 71,154 | 35,091 | 21,072 | ||||||||
Non Guarantors [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 798,603 | 755,860 | 779,380 | ||||||||
Total revenues | 798,603 | 755,860 | 779,380 | ||||||||
Costs of products sold | 659,007 | 627,880 | 650,025 | ||||||||
Gross profit | 139,596 | 127,980 | 129,355 | ||||||||
Selling, general and administrative expenses | 62,313 | 57,463 | 55,134 | ||||||||
(Gains) losses on dispositions of plant, equipment and timberlands, net | (9) | 39 | (210) | ||||||||
Operating income | 77,292 | 70,478 | 74,431 | ||||||||
Other non-operating income (expense) | |||||||||||
Interest expense | (1,801) | (3,060) | (36,859) | ||||||||
Interest income | 85 | 57 | 26 | ||||||||
Other, net | 3,315 | 5,007 | 4,245 | ||||||||
Total non-operating expense | 1,599 | 2,004 | (32,588) | ||||||||
Income before income taxes | 78,891 | 72,482 | 41,843 | ||||||||
Income tax provision (benefit) | 18,020 | 14,135 | 17,241 | ||||||||
Net income | 60,871 | 58,347 | 24,602 | ||||||||
Other comprehensive income (loss) | 51,828 | (25,176) | 29,680 | ||||||||
Comprehensive income | $ 112,699 | $ 33,171 | $ 54,282 |
Condensed Consolidating Fina127
Condensed Consolidating Financial Statements - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and cash equivalents | $ 116,219 | $ 55,444 | $ 105,304 | $ 99,837 |
Other current assets | 468,752 | 438,815 | ||
Plant, equipment and timberlands, net | 865,743 | 775,898 | 698,864 | |
Other assets | 280,081 | 251,102 | ||
Total assets | 1,730,795 | 1,521,259 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 347,176 | 323,011 | ||
Long-term debt | 470,098 | 363,647 | ||
Deferred income taxes | 83,571 | 54,995 | ||
Other long-term liabilities | 121,022 | 125,780 | ||
Total liabilities | 1,021,867 | 867,433 | ||
Shareholders' equity | 708,928 | 653,826 | 663,247 | 649,109 |
Total liabilities and shareholders’ equity | 1,730,795 | 1,521,259 | ||
Adjustments/ Eliminations [Member] | ||||
Assets | ||||
Other current assets | (277,989) | (265,663) | ||
Investments in subsidiaries | (1,483,023) | (1,329,594) | ||
Total assets | (1,761,012) | (1,595,257) | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | (277,989) | (265,663) | ||
Total liabilities | (277,989) | (265,663) | ||
Shareholders' equity | (1,483,023) | (1,329,594) | ||
Total liabilities and shareholders’ equity | (1,761,012) | (1,595,257) | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 1,292 | 5,082 | 59,130 | 42,208 |
Other current assets | 249,293 | 206,002 | ||
Plant, equipment and timberlands, net | 375,231 | 360,521 | ||
Investments in subsidiaries | 829,895 | 789,565 | ||
Other assets | 139,552 | 123,010 | ||
Total assets | 1,595,263 | 1,484,180 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 402,787 | 426,628 | ||
Long-term debt | 368,496 | 283,686 | ||
Deferred income taxes | 14,081 | 10,221 | ||
Other long-term liabilities | 100,971 | 109,819 | ||
Total liabilities | 886,335 | 830,354 | ||
Shareholders' equity | 708,928 | 653,826 | ||
Total liabilities and shareholders’ equity | 1,595,263 | 1,484,180 | ||
Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 720 | 1,461 | 465 | 509 |
Other current assets | 217,822 | 256,289 | ||
Plant, equipment and timberlands, net | 80,992 | 31,455 | ||
Investments in subsidiaries | 653,128 | 540,029 | ||
Total assets | 952,662 | 829,234 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 54,640 | 26,085 | ||
Long-term debt | 51,000 | 14,000 | ||
Deferred income taxes | 16,814 | 729 | ||
Other long-term liabilities | 313 | 313 | ||
Total liabilities | 122,767 | 39,669 | ||
Shareholders' equity | 829,895 | 789,565 | ||
Total liabilities and shareholders’ equity | 952,662 | 829,234 | ||
Non Guarantors [Member] | ||||
Assets | ||||
Cash and cash equivalents | 114,207 | 48,901 | $ 45,709 | $ 57,120 |
Other current assets | 279,626 | 242,187 | ||
Plant, equipment and timberlands, net | 409,520 | 383,922 | ||
Other assets | 140,529 | 128,092 | ||
Total assets | 943,882 | 803,102 | ||
Liabilities and Shareholders' Equity | ||||
Current liabilities | 167,738 | 135,961 | ||
Long-term debt | 50,602 | 65,961 | ||
Deferred income taxes | 52,676 | 45,503 | ||
Other long-term liabilities | 19,738 | 15,648 | ||
Total liabilities | 290,754 | 263,073 | ||
Shareholders' equity | 653,128 | 540,029 | ||
Total liabilities and shareholders’ equity | $ 943,882 | $ 803,102 |
Condensed Consolidating Fina128
Condensed Consolidating Financial Statements - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | $ 104,262 | $ 116,110 | $ 133,743 |
Investing activities | |||
Expenditures for purchases of plant, equipment and timberlands | (132,304) | (160,158) | (99,889) |
Proceeds from disposals of plant, equipment and timberlands, net | 228 | 70 | 24,459 |
Acquisition, net of cash acquired | (224) | ||
Other | (243) | (800) | (1,600) |
Net cash used by investing activities | (132,319) | (160,888) | (77,254) |
Financing activities | |||
Net long-term borrowings | 99,665 | 14,114 | (24,650) |
Payments of borrowing costs | (136) | (1,329) | |
Payments of dividends | (22,480) | (21,589) | (20,443) |
Proceeds from government grants | 4,875 | 5,582 | 421 |
Payments related to share-based compensation awards and other | (472) | (990) | (2,015) |
Net cash provided (used) by financing activities | 81,588 | (3,019) | (48,016) |
Effect of exchange rate on cash | 7,244 | (2,063) | (3,006) |
Net increase (decrease) in cash and cash equivalents | 60,775 | (49,860) | 5,467 |
Cash and cash equivalents at the beginning of period | 55,444 | 105,304 | 99,837 |
Cash and cash equivalents at the end of period | 116,219 | 55,444 | 105,304 |
Adjustments/ Eliminations [Member] | |||
Investing activities | |||
Repayments from intercompany loans | (12,000) | (15,601) | (57,855) |
Advances of intercompany loans | 14,400 | 18,330 | 49,230 |
Intercompany capital (contributed) returned | 14,400 | 17,500 | (9,800) |
Net cash used by investing activities | 16,800 | 20,229 | (18,425) |
Financing activities | |||
Repayments of intercompany loans | 12,000 | 15,601 | 57,855 |
Borrowings of intercompany loans | (14,400) | (18,330) | (49,230) |
Intercompany capital (returned) received | (14,400) | (17,500) | 9,800 |
Net cash provided (used) by financing activities | (16,800) | (20,229) | 18,425 |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | (4,259) | 33,109 | 34,391 |
Investing activities | |||
Expenditures for purchases of plant, equipment and timberlands | (65,822) | (104,595) | (65,265) |
Proceeds from disposals of plant, equipment and timberlands, net | 11 | 41 | 22,741 |
Intercompany capital (contributed) returned | (14,000) | (17,000) | 10,100 |
Other | (243) | (800) | (1,600) |
Net cash used by investing activities | (80,054) | (122,354) | (34,024) |
Financing activities | |||
Net long-term borrowings | 84,200 | 36,000 | |
Payments of borrowing costs | (136) | (1,329) | |
Payments of dividends | (22,480) | (21,589) | (20,443) |
Repayments of intercompany loans | (9,158) | ||
Borrowings of intercompany loans | 14,400 | 18,330 | 49,230 |
Proceeds from government grants | 4,875 | 3,582 | 421 |
Payments related to share-based compensation awards and other | (472) | (990) | (2,166) |
Net cash provided (used) by financing activities | 80,523 | 35,197 | 16,555 |
Net increase (decrease) in cash and cash equivalents | (3,790) | (54,048) | 16,922 |
Cash and cash equivalents at the beginning of period | 5,082 | 59,130 | 42,208 |
Cash and cash equivalents at the end of period | 1,292 | 5,082 | 59,130 |
Guarantors [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | (3,506) | 1,275 | 627 |
Investing activities | |||
Expenditures for purchases of plant, equipment and timberlands | (45,644) | (30,682) | (109) |
Proceeds from disposals of plant, equipment and timberlands, net | 209 | 1,213 | |
Repayments from intercompany loans | 12,000 | 15,601 | 57,855 |
Advances of intercompany loans | (14,400) | (18,330) | (49,230) |
Intercompany capital (contributed) returned | (400) | (500) | (300) |
Net cash used by investing activities | (48,235) | (33,911) | 9,429 |
Financing activities | |||
Net long-term borrowings | 37,000 | 14,000 | |
Intercompany capital (returned) received | 14,000 | 17,000 | (10,100) |
Payment of intercompany dividend | 632 | ||
Proceeds from government grants | 2,000 | ||
Net cash provided (used) by financing activities | 51,000 | 33,632 | (10,100) |
Net increase (decrease) in cash and cash equivalents | (741) | 996 | (44) |
Cash and cash equivalents at the beginning of period | 1,461 | 465 | 509 |
Cash and cash equivalents at the end of period | 720 | 1,461 | 465 |
Non Guarantors [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided (used) by Operating activities | 112,027 | 81,726 | 98,725 |
Investing activities | |||
Expenditures for purchases of plant, equipment and timberlands | (20,838) | (24,881) | (34,515) |
Proceeds from disposals of plant, equipment and timberlands, net | 8 | 29 | 505 |
Acquisition, net of cash acquired | (224) | ||
Net cash used by investing activities | (20,830) | (24,852) | (34,234) |
Financing activities | |||
Net long-term borrowings | (21,535) | (35,886) | (24,650) |
Repayments of intercompany loans | (12,000) | (15,601) | (48,697) |
Intercompany capital (returned) received | 400 | 500 | 300 |
Payment of intercompany dividend | (632) | ||
Payments related to share-based compensation awards and other | 151 | ||
Net cash provided (used) by financing activities | (33,135) | (51,619) | (72,896) |
Effect of exchange rate on cash | 7,244 | (2,063) | (3,006) |
Net increase (decrease) in cash and cash equivalents | 65,306 | 3,192 | (11,411) |
Cash and cash equivalents at the beginning of period | 48,901 | 45,709 | 57,120 |
Cash and cash equivalents at the end of period | $ 114,207 | $ 48,901 | $ 45,709 |
Quarterly Results - Schedule of
Quarterly Results - Schedule of Net Income (Loss) and Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $ 399,917 | $ 413,325 | $ 387,342 | $ 390,713 | $ 390,865 | $ 405,301 | $ 406,413 | $ 402,218 | $ 1,591,297 | $ 1,604,797 | $ 1,661,084 |
Gross profit | 50,410 | 54,735 | 30,436 | 56,929 | 56,867 | 61,170 | 42,723 | 57,843 | $ 192,510 | $ 218,603 | $ 202,965 |
Net income (loss) | $ (10,080) | $ 12,105 | $ (5,714) | $ 11,603 | $ (16,180) | $ 19,601 | $ 1,965 | $ 16,168 | |||
Earnings (loss) per share | $ (0.23) | $ 0.27 | $ (0.13) | $ 0.26 | $ (0.37) | $ 0.44 | $ 0.04 | $ 0.37 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | $ 1,719 | $ 2,239 | $ 2,703 |
Provision | 49 | 32 | 7 |
Write-offs, recoveries and discounts allowed | (29) | (497) | (275) |
Other | 218 | (55) | (196) |
Balance, end of year | 1,957 | 1,719 | 2,239 |
Allowance for Sales Discounts and Deductions [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of year | 1,462 | 1,593 | 1,809 |
Provision | 4,610 | 4,283 | 3,856 |
Write-offs, recoveries and discounts allowed | (4,697) | (4,368) | (3,649) |
Other | 68 | (46) | (423) |
Balance, end of year | $ 1,443 | $ 1,462 | $ 1,593 |