Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | GLT | |
Entity Registrant Name | P. H. Glatfelter Company | |
Entity Central Index Key | 0000041719 | |
Current Fiscal Year End Date | --12-31 | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 1-03560 | |
Entity Tax Identification Number | 23-0628360 | |
Entity Address, Address Line One | 96 South George Street | |
Entity Address, Address Line Two | Suite 520 | |
Entity Address, City or Town | York | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 17401 | |
City Area Code | 717 | |
Entity Incorporation, State or Country Code | PA | |
Title of 12(b) Security | Common Stock | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Security Exchange Name | NYSE | |
Local Phone Number | 850-0170 | |
Entity Common Stock, Shares Outstanding | 44,311,663 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Net sales | $ 231,560 | $ 229,133 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Costs of products sold | $ 194,685 | $ 193,516 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Gross profit | $ 36,875 | $ 35,617 |
Selling, general and administrative expenses | 24,594 | 24,622 |
Gains on dispositions of plant, equipment and timberlands, net | (669) | |
Operating income | 12,281 | 11,664 |
Non-operating income (expense) | ||
Interest expense | (1,778) | (4,746) |
Interest income | 264 | 505 |
Other, net | (753) | (962) |
Total non-operating expense | (2,267) | (5,203) |
Income from continuing operations before income taxes | 10,014 | 6,461 |
Income tax provision | 2,608 | 1,858 |
Income from continuing operations | 7,406 | 4,603 |
Discontinued operations: | ||
Income before income taxes | 714 | |
Income tax provision | 31 | |
Income from discontinued operations | 683 | |
Net income | $ 7,406 | $ 5,286 |
Basic earnings per share | ||
Income from continuing operations | $ 0.17 | $ 0.10 |
Income from discontinued operations | 0.02 | |
Basic earnings per share | 0.17 | 0.12 |
Diluted earnings per share | ||
Income from continuing operations | 0.17 | 0.10 |
Income from discontinued operations | 0.02 | |
Diluted earnings per share | 0.17 | 0.12 |
Cash dividends declared per common share | $ 0.13 | $ 0.13 |
Weighted average shares outstanding | ||
Basic | 44,275 | 44,027 |
Diluted | 44,530 | 44,279 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 7,406 | $ 5,286 |
Foreign currency translation adjustments | (13,903) | (5,163) |
Net change in: | ||
Deferred gains (losses) on cash flow hedges, net of taxes of $401 and $(834), respectively | (1,317) | 2,222 |
Unrecognized retirement obligations, net of taxes of $51 and $(145), respectively | (101) | 846 |
Other comprehensive loss | (15,321) | (2,095) |
Comprehensive income (loss) | $ (7,915) | $ 3,191 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Taxes on deferred gains (losses) on cash flow hedges | $ 401 | $ (834) |
Taxes on unrecognized retirement obligations | $ 51 | $ (145) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 104,225 | $ 126,201 |
Accounts receivable, net | 128,738 | 124,442 |
Inventories | 189,449 | 190,415 |
Prepaid expenses and other current assets | 38,982 | 36,274 |
Total current assets | 461,394 | 477,332 |
Plant, equipment and timberlands, net | 517,431 | 537,421 |
Goodwill | 146,986 | 150,816 |
Intangible assets, net | 79,709 | 83,735 |
Other assets | 38,672 | 34,490 |
Total assets | 1,244,192 | 1,283,794 |
Liabilities and Shareholders' Equity | ||
Current portion of long-term debt | 24,952 | 22,940 |
Accounts payable | 112,905 | 130,039 |
Dividends payable | 5,761 | 5,752 |
Environmental liabilities | 8,000 | 9,000 |
Other current liabilities | 60,197 | 62,772 |
Total current liabilities | 211,815 | 230,503 |
Long-term debt | 325,532 | 336,919 |
Deferred income taxes | 72,369 | 76,374 |
Other long-term liabilities | 91,566 | 84,039 |
Total liabilities | 701,282 | 727,835 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common stock | 544 | 544 |
Capital in excess of par value | 59,623 | 59,900 |
Retained earnings | 727,440 | 725,795 |
Accumulated other comprehensive loss | (93,217) | (77,896) |
Shareholders' equity before treasury stock | 694,390 | 708,343 |
Less cost of common stock in treasury | (151,480) | (152,384) |
Total shareholders’ equity | 542,910 | 555,959 |
Total liabilities and shareholders’ equity | $ 1,244,192 | $ 1,283,794 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | ||
Net income | $ 7,406 | $ 5,286 |
Income from discontinued operations, net of taxes | (683) | |
Adjustments to reconcile to net cash provided (used) by continuing operations: | ||
Depreciation, depletion and amortization | 15,402 | 12,788 |
Amortization of debt issue costs and original issue discount | 147 | 1,236 |
Deferred income tax benefit | (2,612) | (1,240) |
Gains on dispositions of plant, equipment and timberlands, net | (669) | |
Share-based compensation | 1,085 | 477 |
Change in operating assets and liabilities | ||
Accounts receivable | (7,203) | (10,364) |
Inventories | (3,688) | (13,233) |
Prepaid and other current assets | (2,315) | (4,149) |
Accounts payable | (11,605) | 2,066 |
Accruals and other current liabilities | (2,931) | (15,956) |
Other | 711 | 296 |
Net cash used by operating activities from continuing operations | (5,603) | (24,145) |
Investing activities | ||
Expenditures for purchases of plant, equipment and timberlands | (7,014) | (5,865) |
Proceeds from disposals of plant, equipment and timberlands, net | 689 | |
Acquisition, net of cash acquired | (1,974) | |
Other | (90) | |
Net cash used by investing activities from continuing operations | (7,014) | (7,240) |
Financing activities | ||
Net (repayments) borrowings under revolving credit facility | 2,452 | (11,488) |
Repayment of 5.375% Notes | (250,000) | |
Proceeds from term loans | 248,644 | |
Payments of borrowing costs | (1,757) | |
Repayment of term loans | (3,089) | (2,646) |
Payments of dividends | (5,752) | (5,720) |
Payments related to share-based compensation awards and other | (458) | (644) |
Net cash used by financing activities from continuing operations | (6,847) | (23,611) |
Effect of exchange rate changes on cash | (937) | (658) |
Net decrease in cash, cash equivalents and restricted cash | (20,401) | (55,654) |
Change in cash, cash equivalents and restricted cash from discontinued operations | (316) | (10,365) |
Cash, cash equivalents and restricted cash at the beginning of period | 126,201 | 142,685 |
Cash, cash equivalents and restricted cash at the end of period | 105,484 | 76,666 |
Less: restricted cash included in "Prepaid expenses and other current assets" | (1,259) | |
Cash and cash equivalents at the end of period | 104,225 | 76,666 |
Cash paid for: | ||
Interest | 1,443 | 5,989 |
Income taxes, net | $ 3,446 | $ 2,956 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) | Mar. 31, 2020 |
5.375% Notes, Due Oct. 2020 [Member] | |
Interest rate on debt | 5.375% |
Statements of Shareholders' Equ
Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2018 | $ 538,898 | $ 544 | $ 62,239 | $ 770,305 | $ (137,440) | $ (156,750) |
Net income | 5,286 | 5,286 | ||||
Other comprehensive loss | (2,095) | (2,095) | ||||
Comprehensive income (loss) | 3,191 | |||||
Cash dividends declared | (5,734) | (5,734) | ||||
Share-based compensation expense | 477 | 477 | ||||
Delivery of treasury shares | ||||||
RSUs and PSAs | (322) | (992) | 670 | |||
Employee stock options exercised — net | (322) | (1,159) | 837 | |||
Ending Balance at Mar. 31, 2019 | 536,188 | 544 | 60,565 | 769,857 | (139,535) | (155,243) |
Beginning Balance at Dec. 31, 2019 | 555,959 | 544 | 59,900 | 725,795 | (77,896) | (152,384) |
Net income | 7,406 | 7,406 | ||||
Other comprehensive loss | (15,321) | (15,321) | ||||
Comprehensive income (loss) | (7,915) | |||||
Cash dividends declared | (5,761) | (5,761) | ||||
Share-based compensation expense | 1,085 | 1,085 | ||||
Delivery of treasury shares | ||||||
RSUs and PSAs | (406) | (1,213) | 807 | |||
Employee stock options exercised — net | (52) | (149) | 97 | |||
Ending Balance at Mar. 31, 2020 | $ 542,910 | $ 544 | $ 59,623 | $ 727,440 | $ (93,217) | $ (151,480) |
Statements of Shareholders' E_2
Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Per share amount of cash dividends declared | $ 0.13 | $ 0.13 |
Retained Earnings [Member] | ||
Per share amount of cash dividends declared | $ 0.13 | $ 0.13 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. ORGANIZATION P. H. Glatfelter Company and subsidiaries (“Glatfelter”) is a leading global supplier of engineered materials. Its high-quality, innovative and customizable solutions are found in tea and single-serve coffee filtration, personal hygiene as well as in many diverse packaging, home improvement and industrial applications. We are headquartered in York, PA, and operate facilities in the United States, Canada, Germany, France, the United Kingdom and the Philippines. We have sales and distribution offices in the U.S., Europe, Russia and China and our products are marketed worldwide, either directly to customers or through brokers and agents. The terms “we,” “us,” “our,” “the Company,” or “Glatfelter,” refer to P. H. Glatfelter Company and subsidiaries unless the context indicates otherwise. |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Accounting Policies | 2. ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated financial statements (“financial statements”) include the accounts of Glatfelter and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. We prepared these financial statements in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. In our opinion, the financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. When preparing these financial statements, we have assumed you have read the audited consolidated financial statements included in our 2019 Annual Report on Form 10-K. Discontinued Operations The results of operations for our former Specialty Papers business have been classified as discontinued operations for all periods presented in the condensed consolidated statements of income. Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Management believes the estimates and assumptions used in the preparation of these financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes actual results may differ from those estimates and assumptions. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13 “ Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” that changes the impairment model for most financial instruments, including trade receivables from an incurred loss method to a new forward-looking approach, based on expected losses. Under the new guidance, an allowance is recognized based on an estimate of expected credit losses. We adopted this standard effective January 1, 2020 using a modified retrospective approach. The adoption of this standard did not impact our results of operations or financial position. In December Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes certain |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 3. RESTRUCTURING In the first quarter of 2020 we announced restructuring actions within the Composite Fibers operating segment. The actions primarily consisted of the consolidation of our metallizing operation from Gernsbach, Germany to our Caerphilly, U.K. site. In connection with this we recorded a non-cash charge of $2.5 million associated with accelerated depreciation and cash severance costs totaling $3.5 million. The restructuring charge is recorded under the caption “Costs of product sold” in the accompanying condensed consolidated statements of income for the three months ended March 31, 2020. We expect to record additional non-cash charges and severance costs in the second and third quarters of 2020 aggregating approximately $4.0 million to $5.0 million. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Disaggregation Of Revenue [Abstract] | |
Revenue | 4. REVENUE The following tables set forth disaggregated information pertaining to our net sales: Three months ended March 31 In thousands 2020 2019 Composite Fibers Food & beverage $ 71,458 $ 71,453 Wallcovering 19,893 18,550 Technical specialties 20,007 19,288 Composite laminates 9,763 8,475 Metallized 11,590 10,951 132,711 128,717 Airlaid Materials Feminine hygiene 50,096 54,988 Specialty wipes 17,212 17,332 Table top 15,052 13,331 Adult incontinence 6,145 5,488 Home care 5,212 3,964 Other 5,132 5,313 98,849 100,416 Total $ 231,560 $ 229,133 Three months ended March 31 In thousands 2020 2019 Composite Fibers Europe, Middle East and Africa $ 79,586 $ 77,914 Americas 32,721 31,640 Asia Pacific 20,404 19,163 132,711 128,717 Airlaid Materials Europe, Middle East and Africa 52,720 54,439 Americas 44,386 44,334 Asia Pacific 1,743 1,643 98,849 100,416 Total $ 231,560 $ 229,133 |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 5. DISCONTINUED OPERATIONS On October 31, 2018, we completed the previously announced sale of our Specialty Papers business on a cash free and debt free basis to Pixelle Specialty Solutions LLC, an affiliate of Lindsay Goldberg (the “Purchaser”) for $360 million. Cash proceeds from the sale were approximately $323 million in cash reflecting estimated purchase price adjustments as of the closing date and the assumption by the Purchaser of approximately $38 million in retiree healthcare liabilities. In addition, the Purchaser assumed approximately $210 million of pension liabilities relating to Specialty Papers’ employees and received approximately $274 million of related assets from the Company’s existing pension plan. In connection with the sale of Specialty Papers, we entered into a Transition Services Agreement with Purchaser pursuant to which we agreed to provide various back-office and information technology support until the business is fully separated from us, which was completed in the third quarter of 2019. The following table sets forth a summary of discontinued operations included in the condensed consolidated statements of income: Three months ended March 31 In thousands 2020 2019 Net sales $ — $ — Energy and related sales, net — — Total revenues — — Costs of products sold — — Gross profit — — Selling, general and administrative expenses — (714 ) Gains on dispositions of plant, equipment and timberlands, net — — Operating income — 714 Non-operating income (expense) Interest expense — — Other, net — — Impairment charge — — Income before income taxes — 714 Income tax (provision) — 31 Income from discontinued operations $ — $ 683 The following table sets forth a summary of cash flows from discontinued operations which is included in the condensed consolidated statements of cash flows: Three months ended March 31 In thousands 2020 2019 Net cash (provided) used by operating activities $ (316 ) $ (8,931 ) Net cash (used) provided by investing activities — (1,434 ) Net cash provided by financing activities — — Change in cash and cash equivalents from discontinued operations $ (316 ) $ (10,365 ) |
Gains on Disposition of Plant,
Gains on Disposition of Plant, Equipment and Timberlands | 3 Months Ended |
Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Gains on Disposition of Plant, Equipment and Timberlands | 6. GAINS ON DISPOSITION OF PLANT, EQUIPMENT AND TIMBERLANDS The following table sets forth sales of timberlands and other assets completed during the first three months of 2019. There were no such sales in the first quarter of 2020. Dollars in thousands Acres Proceeds Gain 2019 Timberlands 218 $ 475 $ 458 Other n/a 214 211 Total $ 689 $ 669 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 7. EARNINGS PER SHARE The following table sets forth the details of basic and diluted earnings per share (“EPS”) from continuing operations: Three months ended March 31 In thousands, except per share 2020 2019 Income from continuing operations $ 7,406 $ 4,603 Weighted average common shares outstanding used in basic EPS 44,275 44,027 Effect of dilutive SOSARs, PSAs and RSUs 255 252 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,530 44,279 Earnings per share from continuing operations Basic $ 0.17 $ 0.10 Diluted 0.17 0.10 The numerator used to compute income per share from discontinued operations was $0.683 million for the first quarter 2019. The denominator used to compute per share amounts of loss from discontinued operations is the same as the denominator used for per share amounts of income from continuing operations. The following table sets forth potential common shares outstanding that were not included in the computation of diluted EPS for the periods indicated, because their effect would be anti-dilutive: March 31 In thousands 2020 2019 Three months ended 1,231 1,582 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 8 . ACCUMULATED OTHER COMPREHENSIVE INCOME The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three months ended March 31, 2020 and 2019. In thousands Currency translation adjustments Unrealized gain (loss) on cash flow hedges Change in pensions Change in other postretirement defined benefit plans Total Balance at January 1, 2020 $ (76,346 ) $ 4,316 $ (7,253 ) $ 1,387 $ (77,896 ) Other comprehensive income (loss) before reclassifications (net of tax) (13,903 ) 283 — — (13,620 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — (1,600 ) 148 (249 ) (1,701 ) Net current period other comprehensive income (loss) (13,903 ) (1,317 ) 148 (249 ) (15,321 ) Balance at March 31, 2020 $ (90,249 ) $ 2,999 $ (7,105 ) $ 1,138 $ (93,217 ) Balance at January 1, 2019 $ (69,622 ) $ 2,199 $ (71,431 ) $ 1,414 $ (137,440 ) Other comprehensive income (loss) before reclassifications (net of tax) (4,805 ) 2,641 — — (2,164 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — (419 ) 621 (133 ) 69 Net current period other comprehensive income (loss) (4,805 ) 2,222 621 (133 ) (2,095 ) Balance at March 31, 2019 $ (74,427 ) $ 4,421 $ (70,810 ) $ 1,281 $ (139,535 ) Reclassifications out of accumulated other comprehensive income and into the condensed consolidated statements of income were as follows: Three months ended March 31 In thousands 2020 2019 Description Line Item in Statements of Income Cash flow hedges (Note 16) Gains on cash flow hedges $ (2,182 ) $ (585 ) Costs of products sold Tax expense 582 166 Income tax provision Net of tax (1,600 ) (419 ) Retirement plan obligations (Note 11) Amortization of deferred benefit pension plans Prior service costs 12 34 Other, net Actuarial losses 160 775 Other, net 172 809 Tax benefit (24 ) (188 ) Income tax provision Net of tax 148 621 Amortization of deferred benefit other plans Prior service costs (116 ) (2 ) Other, net Actuarial gains (209 ) (173 ) Other, net (325 ) (175 ) Tax expense 76 42 Income tax provision Net of tax (249 ) (133 ) Total reclassifications, net of tax $ (1,701 ) $ 69 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. INCOME TAXES Income taxes are recognized for the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. The effects of income taxes are measured based on enacted tax laws and rates. In the first quarter of 2020, pretax income totaled $10.0 million and the provision for income taxes totaled $2.6 million. The effective income tax rate for the first quarter of 2020 benefited by $2.6 million recorded in connection with passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES”) of 2020. This Act, which was signed into law on March 27, 2020, modified the net operating loss (“NOL”) provisions of previous law to allow losses arising in a taxable year beginning after December 31, 2017 and before January 1, 2021, For the three months ended March 31, 2020, we recorded a decrease in our valuation allowance of $4.0 million against our net deferred tax assets in connection with passage of the CARES Act and the ability to carry our “net operating loss” back five years. 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 the evidence indicated it is more likely than not that the deferred assets will not be realized. As of March 31, 2020 and December 31, 2019, we had $32.7 million and $30.5 million of gross unrecognized tax benefits. As of March 31, 2020, if such benefits were to be recognized, approximately $21.9 million would be recorded as a component of income tax expense, thereby affecting our effective tax rate. We, or one of our subsidiaries, file income tax returns with the United States Internal Revenue Service, as well as various state and foreign authorities. The following table summarizes, by major jurisdiction, tax years that remain subject to examination: Open Tax Years Jurisdiction Examinations not yet initiated Examination in progress United States Federal 2016 - 2019 N/A State 2015 - 2019 2015 - 2018 Canada (1) 2012 - 2019 N/A Germany (1) 2016 - 2019 N/A France 2018 - 2019 N/A United Kingdom 2018 - 2019 N/A Philippines 2019 2016 - 2018 (1) includes provincial or similar local jurisdictions, as applicable The amount of income taxes we pay is subject to ongoing audits by federal, state and foreign tax authorities, which often result in proposed assessments. Management performs a comprehensive review of its global tax positions on a quarterly basis and accrues amounts for uncertain tax positions. Based on these reviews and the result of discussions and resolutions of matters with certain tax authorities and the closure of tax years subject to tax audit, reserves are adjusted as necessary. However, future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are determined or resolved or as such statutes are closed. Due to potential for resolution of federal, state and foreign examinations, and the lapse of various statutes of limitation, it is reasonably possible our gross unrecognized tax benefits balance may decrease within the next twelve months by a range of zero to $1.2 million. Substantially all this range relates to tax positions taken in Canada and the U.S. We recognize interest and penalties related to uncertain tax positions as income tax expense. The following table summarizes information included in continuing operations related to interest on uncertain tax positions: Three months ended March 31 In millions 2020 2019 Interest expense (income) $ 0.1 $ 0.1 March 31 December 31 2020 2019 Accrued interest payable $ 0.5 $ 0.4 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 10. STOCK-BASED COMPENSATION The P. H. Glatfelter Amended and Restated Long Term Incentive Plan (the “LTIP”) provides for the issuance of Glatfelter common stock to eligible participants in the form of restricted stock units, restricted stock awards, non-qualified stock options, performance shares, incentive stock options and performance units. Pursuant to terms of the LTIP, we have issued to eligible participants restricted stock units (“RSUs”), performance share awards (“PSAs”) and stock only stock appreciation rights. Awards of RSUs and PSAs are made under our LTIP. The vesting of RSUs is generally based on the passage of time, generally over a three -year period or in certain instances the RSUs were issued with five-year cliff vesting. PSAs are issued to members of management and vesting is based on achievement of cumulative financial performance targets covering a two year period followed by an additional one-year The following table summarizes RSU and PSA activity during periods indicated: Units 2020 2019 Balance at January 1, 896,463 756,786 Granted 294,315 384,766 Forfeited (17,455 ) (122,444 ) Shares delivered (78,509 ) (67,646 ) Balance at March 31, 1,094,814 951,462 The amount granted in 2020 and 2019 includes 168,663 and 214,899, respectively, of PSAs exclusive of reinvested dividends. The following table sets forth aggregate RSU and PSA compensation expense included in continuing operations for the periods indicated: March 31 In thousands 2020 2019 Three months ended $ 1,085 $ 434 Stock Only Stock Appreciation Rights (“SOSARs”) Under terms of the SOSAR, a recipient receives the right to a payment in the form of shares of common stock equal to the difference, if any, in the fair market value of one share of common stock at the time of exercising the SOSAR and the exercise price. The SOSARs vest ratably over a three year period and have a term of ten years. No SOSARs were awarded since 2016. The following table sets forth information related to outstanding SOSARS: 2020 2019 SOSARS Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 1,291,947 $ 20.05 2,334,742 $ 18.08 Granted — — — — Exercised (44,710 ) 12.94 (283,060 ) 13.95 Canceled / forfeited (2,841 ) 17.27 (258,439 ) 20.82 Outstanding at March 31, 1,244,396 $ 20.31 1,793,243 $ 18.96 The following table sets forth SOSAR compensation expense included in continuing operations for the periods indicated: March 31 In thousands 2020 2019 Three months ended $ — $ 43 |
Retirement Plans and Other Post
Retirement Plans and Other Post-Retirement Benefits | 3 Months Ended |
Mar. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans and Other Post-Retirement Benefits | 11. RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITS The following tables provide information with respect to the net periodic costs of our pension and post-retirement medical benefit plans included in continuing operations. Three months ended March 31 In thousands 2020 2019 Pension Benefits Service cost $ 44 $ 484 Interest cost 301 3,450 Expected return on plan assets — (3,696 ) Amortization of prior service cost 12 34 Amortization of unrecognized loss 160 775 Total net periodic benefit cost $ 517 $ 1,047 Other Benefits Service cost $ 7 $ 9 Interest cost 46 84 Amortization of prior service credit (116 ) (2 ) Amortization of actuarial gain (209 ) (173 ) Total net periodic benefit credit $ (272 ) $ (82 ) During 2019, our qualified pension plan was terminated, and all plan liabilities were settled by either a lump sum distribution or assumed by a third-party in exchange for a transfer of assets from the pension plan trust fund. For active participants, the pension benefit was replaced with an enhance defined contribution plan, or 401(k), to which we contributed a percent of eligible compensation. Currently we contribute 10%. As of March 31, 2020, $51.1 million of assets remained in the pension trust and was included in cash and cash equivalents in the accompanying condensed consolidated balance sheet. We expect to complete the reversion of the qualified pension plan assets in the second quarter of 2020, after a portion of the assets are transferred to a trust fund to be used to make contributions over the next seven years to the 401(k) plan and satisfying excise tax obligations, approximately $33 million is expected to revert to us and will be available for general corporate purposes. In December 2019, our Board of Directors approved the freezing of benefit accruals in the non-qualified pension plan for active participants effective December 31, 2019. participants would have received under the P. H. Glatfelter 401(k) Savings Plan but for certain limitations imposed by the Internal Revenue Code on 401(k) plan contributions (“Company Contributions”). The remaining non-contributory pension plans are unfunded non-qualified plans. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 12. INVENTORIES Inventories, net of reserves, were as follows: March 31 December 31 In thousands 2020 2019 Raw materials $ 55,940 $ 59,164 In-process and finished 94,059 92,231 Supplies 39,450 39,020 Total $ 189,449 $ 190,415 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | 1 3 . LEASES We enter into a variety of arrangements in which we are the lessee for the use of automobiles, forklifts and other production equipment, production facilities, warehouses and office space. We determine if an arrangement contains a lease at inception. All our lease arrangements are operating leases and are recorded in the condensed consolidated balance sheet under the caption “Other assets” and the lease obligation is under “Other current liabilities” and “Other long-term liabilities.” We currently do not have any finance leases. Operating lease right of use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. We use our incremental borrowing rate based on information available at the commencement date in determining the lease liabilities as our leases generally do not provide an implicit rate. Lease terms may include options to extend or terminate when we are reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The following table sets forth information related to our leases as of the periods indicated. March 31 December 31 in thousands 2020 2019 Right of use asset $ 15,240 $ 11,701 Weighted average discount rate 3.31 % 2.92 % Weighted average remaining maturity (months) 66 34 Three months ended March 31 2020 2019 Operating lease expense $ 1,442 $ 1,606 The following table sets forth required future minimum lease payments for the years indicated: In thousands 2020 $ 3,553 2021 4,076 2022 2,641 2023 1,343 2024 939 Thereafter 4,218 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 1 4 . LONG-TERM DEBT Long-term debt is summarized as follows: March 31 December 31 In thousands 2020 2019 Revolving credit facility, due Feb. 2024 $ 84,622 $ 84,255 Term loan, due Feb. 2024 231,993 240,969 2.40% Term Loan, due Jun. 2022 3,912 4,012 2.05% Term Loan, due Mar. 2023 19,006 19,487 1.30% Term Loan, due Jun. 2023 5,478 5,617 1.55% Term Loan, due Sep. 2025 7,719 7,915 Total long-term debt 352,730 362,255 Less current portion (24,952 ) (22,940 ) Unamortized deferred issuance costs (2,246 ) (2,396 ) Long-term debt, net of current portion $ 325,532 $ 336,919 On February 8, 2019, we entered into an amended and restated $400 million Revolving Credit Facility and a €220 million Term Loan with a consortium of banks (together, the “Credit Agreement”). The proceeds of the Term Loan due Feb. 2024 were used to redeem in its entirety the 5.375% Notes. The principal amount of the Term Loan amortizes in consecutive quarterly installments of principal, with each such quarterly installment to be in an amount equal to 1.25% of the Term Loan funded, commencing on July 1, 2019 and continuing quarterly thereafter. For all U.S. dollar denominated borrowings under the Revolving Credit Facility, the borrowing rate is, at our option, either, (a) the bank’s base rate which is equal to the greater of i) the prime rate; ii) the federal funds rate plus 50 basis points; or iii) the Euro-rate plus 100 basis points plus an applicable spread over either i), ii) or iii) ranging from 12.5 basis points to 100 basis points based on the Company’s leverage ratio and its corporate credit ratings determined by Standard & Poor’s Rating Services and Moody’s Investor Service, Inc. (the “Corporate Credit Rating”); or (b) the Euro-rate plus an applicable margin ranging from 112.5 basis points to 200 basis points based on the Company’s leverage ratio and the Corporate Credit Rating. For non-US dollar denominated borrowings, the borrowing rate is, at our option, based on (b) above or for Euro denominated borrowings, the Euro Interbank Offering Rate (“EURIBOR”) plus an applicable margin ranging from 112.5 basis points to 200 basis points based on the Company’s leverage ratio and the Corporate Credit Rating. In October 2019, we entered into a €180 million notional value floating-to-fixed interest rate swap agreement with certain financial institutions. Under the terms of the swap, we will pay a fixed interest rate of the applicable margin plus 0.0395% on €180 million of the underlying variable rate term loan. We will receive the greater of 0.00% or EURIBOR. The Credit Agreement contains a number of customary covenants for financings of this type that, among other things, restrict our ability to dispose of or create liens on assets, incur additional indebtedness, repay other indebtedness, limits certain intercompany financing arrangements, make acquisitions and engage in mergers or consolidations. We are also required to comply with specified financial tests and ratios including: i) maximum net debt to EBITDA ratio (the “leverage ratio”); and ii) a consolidated EBITDA to interest expense ratio. The most restrictive of our covenants is a maximum leverage ratio of 4.0x provided that such ratio increases to 4.5x during the period of four fiscal quarters immediately following a material acquisition such as Steinfurt. As of March 31, 2020, the leverage ratio, as calculated in accordance with the definition in our Credit Agreement, was 2.2x. A breach of these requirements would give rise to certain remedies under the Revolving Credit Facility, among which are the termination of the agreement and accelerated repayment of the outstanding borrowings plus accrued and unpaid interest under the Credit Agreement. All remaining principal outstanding and accrued interest under the Credit Agreement will be due and payable on February 8, 2024. Glatfelter Gernsbach GmbH & Co. KG (“Gernsbach”), a wholly-owned subsidiary of ours, entered into a series of borrowing agreements with IKB Deutsche Industriebank AG, Düsseldorf (“IKB”) as summarized below: Amounts in thousands Original Principal Interest Rate Maturity Borrowing date Apr. 11, 2013 € 42,700 2.05 % Mar. 2023 Sep. 4, 2014 10,000 2.40 % Jun. 2022 Oct. 10, 2015 2,608 1.55 % Sep. 2025 Apr. 26, 2016 10,000 1.30 % Jun. 2023 May 4, 2016 7,195 1.55 % Sep. 2025 Each of the borrowings require quarterly repayments of principal and interest and provide for representations, warranties and covenants customary for financings of these types. The financial covenants contained in each of the IKB loans, which relate to the minimum ratio of consolidated EBITDA to consolidated interest expense and the maximum ratio of consolidated total net debt to consolidated adjusted EBITDA, are calculated by reference to our Credit Agreement. P. H. Glatfelter Company guarantees all debt obligations of its subsidiaries. All such obligations are recorded in these condensed consolidated financial statements. Letters of credit issued to us by certain financial institutions totaled $7.3 million as of March 31, 2020 and December 31, 2019. 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 and for performance of certain remediation activity related to the Fox River matter. We bear the credit risk on this amount to the extent that we do not comply with the provisions of certain agreements. No amounts are outstanding under the letters of credit. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 1 5 . FAIR VALUE OF FINANCIAL INSTRUMENTS The amounts reported on the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximate fair value. The following table sets forth carrying value and fair value of long-term debt: March 31, 2020 December 31, 2019 In thousands Carrying Value Fair Value Carrying Value Fair Value Variable rate debt $ 84,622 $ 84,622 $ 84,255 $ 84,255 Term loan, due Feb. 2024 231,993 231,993 240,969 240,969 2.40% Term loan 3,912 3,598 4,012 4,076 2.05% Term loan 19,006 17,906 19,487 19,764 1.30% Term Loan 5,478 5,131 5,617 5,624 1.55% Term loan 7,719 7,504 7,915 7,975 Total $ 352,730 $ 350,754 $ 362,255 $ 362,663 The values set forth above are based on observable inputs and other relevant market data (Level 2). The fair value of financial derivatives is set forth below in Note 16. |
Financial Derivatives and Hedgi
Financial Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Derivatives and Hedging Activities | 1 6 . FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES As part of our overall risk management practices, we enter into financial derivatives primarily designed to either i) hedge foreign currency risks associated with forecasted transactions (“cash flow hedges”); ii) mitigate the impact that changes in currency exchange rates have on intercompany financing transactions and foreign currency denominated receivables and payables (“foreign currency hedges”); or iii) convert variable-interest-rate debt to fixed rates. Derivatives Designated as Hedging Instruments - Cash Flow Hedges We use currency forward contracts as cash flow hedges to manage our exposure to fluctuations in the currency exchange rates on certain forecasted production costs. Currency forward contracts involve fixing the exchange for delivery of a specified amount of foreign currency on a specified date. As of March 31, 2020, the maturity of currency forward contracts ranged from one month to 18 months. We designate certain currency forward contracts as cash flow hedges of forecasted raw material purchases, certain production costs or capital expenditures with exposure to changes in foreign currency exchange rates. C hanges in the fair value of derivatives designated and that qualify as cash flow hedges of foreign exchange risk is deferred as a component of accumulated other comprehensive income in the accompanying condensed consolidated balance sheets. With respect to hedges of forecasted raw material purchases or production costs, the amount deferred is subsequently reclassified into costs of products sold in the period that inventory produced using the hedged transaction affects earnings. For hedged capital expenditures, deferred gains or losses are reclassified and included in the historical cost of the capital asset and subsequently affect earnings as depreciation is recognized. We had the following outstanding derivatives that were used to hedge foreign exchange risks associated with forecasted transactions and designated as hedging instruments: In thousands March 31, 2020 December 31, 2019 Derivative Sell/Buy - sell notional Euro / British Pound 18,121 17,702 U.S. Dollar / Euro 10,446 5,347 U.S. Dollar / Canadian Dollar 1,160 1,523 Sell/Buy - buy notional Euro / Philippine Peso 956,431 1,039,432 British Pound / Philippine Peso 1,082,044 1,077,871 Euro / U.S. Dollar 76,032 82,317 U.S. Dollar / Canadian Dollar 34,079 34,094 Canadian Dollar / U.S. Dollar 1,160 1,523 The €220 million Term Loan is designated as a net investment hedge of our Euro functional currency foreign subsidiaries. During the first three months of 2020, we recognized a pre-tax gain of $5.9 million from changes in currency exchange rates through Other Comprehensive Income (Loss) Derivatives Not Designated as Hedging Instruments - Foreign Currency Hedges We also entered into forward foreign exchange contracts to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities. None of these contracts are designated as hedges for financial accounting purposes and, accordingly, changes in value of the foreign exchange forward contracts and in the offsetting underlying on-balance-sheet transactions are reflected in the accompanying condensed consolidated statements of income under the caption “Other, net.” The following sets forth derivatives used to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities: In thousands March 31, 2020 December 31, 2019 Derivative Sell/Buy - sell notional U.S. Dollar / British Pound 20,000 25,500 British Pound / Euro 3,000 3,000 Sell/Buy - buy notional Euro / U.S. Dollar 2,000 8,000 British Pound / Euro 3,000 7,000 These contracts have maturities of one month from the date originally entered into. Fair Value Measurements The following table summarizes the fair values of derivative instruments for the period indicated and the line items in the accompanying condensed consolidated balance sheets where the instruments are recorded: In thousands March 31 2020 December 31 2019 March 31 2020 December 31 2019 Prepaid Expenses and Other Other Balance sheet caption Current Assets Current Liabilities Designated as hedging: Forward foreign currency exchange contracts $ 4,351 $ 4,314 $ 1,481 $ 34 Not designated as hedging: Forward foreign currency exchange contracts $ 402 $ 566 $ 591 $ 205 The amounts set forth in the table above represent the net asset or liability giving effect to rights of offset with each counterparty. The effect of netting the amounts presented above did not have a material effect on our consolidated financial position. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The fair values of the foreign exchange forward contracts are considered to be Level 2. Foreign currency forward contracts are valued using foreign currency forward and interest rate curves. The fair value of each contract is determined by comparing the contract rate to the forward rate and discounting to present value. Contracts in a gain position are recorded in the condensed consolidated balance sheets under the caption “Prepaid expenses and other current assets” and the value of contracts in a loss position is recorded under the caption “Other current liabilities.” The following table summarizes the amount of income or (loss) from derivative instruments recognized in our results of operations for the periods indicated and the line items in the accompanying condensed consolidated statements of income where the results are recorded: Three months ended March 31 In thousands 2020 2019 Designated as hedging: Forward foreign currency exchange contracts: Cost of products sold $ 2,182 $ 585 Not designated as hedging: Forward foreign currency exchange contracts: Other – net $ (619 ) $ 292 The impact of activity not designated as hedging was substantially all offset by the remeasurement of the underlying on-balance-sheet item. A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income (loss), before taxes, is as follows: In thousands 2020 2019 Balance at January 1, $ 5,859 $ 3,004 Deferred gains on cash flow hedges 463 3,641 Reclassified to earnings (2,182 ) (585 ) Balance at March 31, $ 4,140 $ 6,060 We expect substantially all of the amounts recorded as a component of accumulated other comprehensive income will be recorded in results of operations within the next 12 to 18 months and the amount ultimately recognized will vary depending on actual market rates. Credit risk related to derivative activity arises in the event the counterparty fails to meet its obligations to us. This exposure is generally limited to the amounts, if any, by which the counterparty’s obligations exceed our obligation to them. Our policy is to enter into contracts only with financial institutions which meet certain minimum credit ratings. |
Commitments, Contingencies and
Commitments, Contingencies and Legal Proceedings | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Legal Proceedings | 1 7 . COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS Fox River - Neenah, Wisconsin Background. We have previously reported that we face significant uncertainties associated with environmental claims arising out of the presence of polychlorinated biphenyls (“PCBs”) in sediments in the lower Fox River, on which our former Neenah facility was located, and in the Bay of Green Bay, Wisconsin (collectively, the “Site”). Since the early 1990s, the United States, the State of Wisconsin and two Indian tribes (collectively, the “Governments”) have pursued a cleanup of a 39-mile stretch of river from Little Lake Butte des Morts into Green Bay and natural resource damages (“NRDs”). The United States originally notified several entities that they were potentially responsible parties (“PRPs”); however, after giving effect to settlements reached with the Governments, the remaining PRPs exposed to continuing obligations to implement the remainder of the cleanup consist of us, Georgia Pacific Consumer Products, L.P. (“Georgia Pacific”) and NCR Corporation (“NCR”). The United States Environmental Protection Agency (“EPA”) has divided the Site into five “operable units”, including the most upstream portion of the Site on which our facility was located (“OU1”) and four downstream reaches of the river and bay (“OU2-5”). We, with contributions of certain other PRPs, implemented the remedial action in OU1 under a consent decree with the Governments. That work is complete, other than on-going monitoring and maintenance. For OU2-5, work has proceeded primarily under a Unilateral Administrative Order (“UAO”) issued in November 2007 by the EPA to us and seven other respondents. The majority of the work in OU 2-5 has been funded or conducted by parties other than us. The cleanup is expected to continue at least through 2020 and decommissioning thereafter. In January 2019, we reached an agreement with the United States, the State of Wisconsin, and Georgia-Pacific to resolve all remaining claims among those parties. Under the Glatfelter consent decree, we settled the United States’ and Wisconsin’s claims for response costs paid by them before October 2018 and for NRDs. In addition, we are primarily responsible for long-term monitoring and maintenance in OU2-OU4a and for reimbursement of government oversight costs paid after October 2018. Finally, we remain responsible for our obligation to continue long-term monitoring and maintenance under our OU1 consent decree. Cost estimates. Under terms of the Glatfelter consent decree, in January 2019 we paid $20.5 million to the United States in satisfaction of the governments’ claims for costs incurred prior to October 2018, and NRDs. We are subject to remaining obligations under the OU1 consent decree, which now consist primarily of long-term monitoring and maintenance and for long term monitoring and maintenance in OU2-OU4a over a period of at least 30 years. The monitoring activities consist of, among others, testing fish tissue, sampling water quality and sediment, and inspections of the engineered caps. In the first quarter of 2018, we entered into a fixed-price, 30-year agreement with a third party for the performance of all of our monitoring and maintenance obligations in OU1 through OU4a with limited exceptions, such as, for extraordinary amounts of cap maintenance or replacement. Our obligation under this agreement is included in our total reserve for the Site. We are obligated to make the regular payments under that fixed-price contract until the remaining amount due is less than the OU1 escrow account balance. We are permitted to pay for this contract using the remaining balance of the escrow account established by us and WTM I Company (“WTM I”) another PRP, under the OU1 consent decree during any period that the balance in the escrow account exceeds the amount due under our fixed-price contract. As of March 31, 2020, the balance in the escrow is less than amounts due under the fixed-price contract by approximately $1.8 million. We secured our obligation to pay that difference with a letter of credit. At March 31, 2020, the escrow account balance totaled $9.0 million which is included in the condensed consolidated balance sheet under the caption “other assets.” Under the consent decree, we will be responsible for reimbursement of government oversight costs incurred from October 2018 and later over approximately the next 30 years. We anticipate that a significant portion of the oversight costs will be incurred until such time as remediation is completed. Once completed, costs will be an order of magnitude lower in most years during the period of long-term monitoring and maintenance. Reserves for the Site. Our reserve for past and future government oversight costs and long-term monitoring and maintenance is set forth below: Three months ended March 31 In thousands 2020 2019 Balance at January 1, $ 21,870 $ 45,001 Payments (131 ) (20,535 ) Reserve adjustment — (2,509 ) Accretion 52 56 Balance at March 31, $ 21,791 $ 22,013 The payments set forth above represent the $20.5 million paid in 2019 pursuant to the Glatfelter consent decree and for amounts due under the long-term monitoring and maintenance agreement. Of our total reserve for the Fox River, $8.0 million is recorded in the accompanying March 31, 2020 condensed consolidated balance sheet under the caption “Environmental liabilities” and the remaining $13.8 million is recorded under the caption “Other long term liabilities.” Range of Reasonably Possible Outcomes . Based on our analysis of all available information, including but not limited to decisions of the courts, official documents such as records of decision, discussions with legal counsel, cost estimates for future monitoring and maintenance and other post-remediation costs to be performed at the Site, we do not believe that our costs associated with the Fox River matter could exceed the aggregate amounts accrued by a material amount. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 1 8 . SEGMENT INFORMATION The following tables set forth financial and other information by segment for the period indicated: Three months ended March 31 Other and Dollars in thousands Composite Fibers Airlaid Materials Unallocated Total 2020 2019 2020 2019 2020 2019 2020 2019 Net sales $ 132,711 $ 128,717 $ 98,849 $ 100,416 $ — $ — $ 231,560 $ 229,133 Cost of products sold 106,985 106,563 82,246 85,989 5,454 964 194,685 193,516 Gross profit (loss) 25,726 22,154 16,603 14,427 (5,454 ) (964 ) 36,875 35,617 SG&A 10,624 10,805 4,581 4,389 9,389 9,428 24,594 24,622 Gains on dispositions of plant, equipment and timberlands, net — — — — — (669 ) — (669 ) Total operating income (loss) 15,102 11,349 12,022 10,038 (14,843 ) (9,723 ) 12,281 11,664 Non-operating expense — — — — (2,267 ) (5,203 ) (2,267 ) (5,203 ) Income (loss) before income taxes $ 15,102 $ 11,349 $ 12,022 $ 10,038 $ (17,110 ) $ (14,926 ) $ 10,014 $ 6,461 Supplementary Data Net tons sold (thousands) 35,983 31,529 35,039 33,177 — — 71,022 64,706 Depreciation, depletion and amortization (1) $ 6,466 $ 6,674 $ 5,451 $ 5,268 $ 3,485 $ 846 $ 15,402 $ 12,788 Capital expenditures 3,956 3,188 2,103 2,192 955 485 7,014 5,865 (1) The amount presented in 2020 in the Other and unallocated column represents accelerated depreciation incurred in connection with the restructuring of our metallized operations. Segments Results of individual operating segments are presented based on our management accounting practices and management structure. There is no comprehensive, authoritative body of guidance for management accounting equivalent to accounting principles generally accepted in the United States of America; therefore, the financial results of individual segments are not necessarily comparable with similar information for any other company. The management accounting process uses assumptions and allocations to measure performance of the segments. Methodologies are refined from time to time as management accounting practices are enhanced and businesses change. The costs incurred by support areas not directly aligned with the segment are allocated primarily based on an estimated utilization of support area services or are included in “Other and Unallocated” in the table set forth above. Management evaluates results of operations of the operating segments before certain corporate level costs and the effects of certain gains or losses not considered to be related to the core business operations. Management believes that this is a more meaningful representation of the operating performance of its core businesses, the profitability of the segments and the extent of cash flow generated from these core operations. Such amounts are presented under the caption “Other and Unallocated.” In the evaluation of operating segments 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. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements (“financial statements”) include the accounts of Glatfelter and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. We prepared these financial statements in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. In our opinion, the financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. When preparing these financial statements, we have assumed you have read the audited consolidated financial statements included in our 2019 Annual Report on Form 10-K. |
Discontinued Operations | Discontinued Operations The results of operations for our former Specialty Papers business have been classified as discontinued operations for all periods presented in the condensed consolidated statements of income. |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Management believes the estimates and assumptions used in the preparation of these financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes actual results may differ from those estimates and assumptions. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13 “ Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” that changes the impairment model for most financial instruments, including trade receivables from an incurred loss method to a new forward-looking approach, based on expected losses. Under the new guidance, an allowance is recognized based on an estimate of expected credit losses. We adopted this standard effective January 1, 2020 using a modified retrospective approach. The adoption of this standard did not impact our results of operations or financial position. In December Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes certain |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disaggregation Of Revenue [Abstract] | |
Summary of Disaggregated Information Pertaining to Net Sales | The following tables set forth disaggregated information pertaining to our net sales: Three months ended March 31 In thousands 2020 2019 Composite Fibers Food & beverage $ 71,458 $ 71,453 Wallcovering 19,893 18,550 Technical specialties 20,007 19,288 Composite laminates 9,763 8,475 Metallized 11,590 10,951 132,711 128,717 Airlaid Materials Feminine hygiene 50,096 54,988 Specialty wipes 17,212 17,332 Table top 15,052 13,331 Adult incontinence 6,145 5,488 Home care 5,212 3,964 Other 5,132 5,313 98,849 100,416 Total $ 231,560 $ 229,133 Three months ended March 31 In thousands 2020 2019 Composite Fibers Europe, Middle East and Africa $ 79,586 $ 77,914 Americas 32,721 31,640 Asia Pacific 20,404 19,163 132,711 128,717 Airlaid Materials Europe, Middle East and Africa 52,720 54,439 Americas 44,386 44,334 Asia Pacific 1,743 1,643 98,849 100,416 Total $ 231,560 $ 229,133 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Discontinued Operations Included in Condensed Consolidated Statements of Income (Loss) | The following table sets forth a summary of discontinued operations included in the condensed consolidated statements of income: Three months ended March 31 In thousands 2020 2019 Net sales $ — $ — Energy and related sales, net — — Total revenues — — Costs of products sold — — Gross profit — — Selling, general and administrative expenses — (714 ) Gains on dispositions of plant, equipment and timberlands, net — — Operating income — 714 Non-operating income (expense) Interest expense — — Other, net — — Impairment charge — — Income before income taxes — 714 Income tax (provision) — 31 Income from discontinued operations $ — $ 683 |
Summary of Cash Flows from Discontinued Operations Included in Condensed Consolidated Statements of Cash Flows | The following table sets forth a summary of cash flows from discontinued operations which is included in the condensed consolidated statements of cash flows: Three months ended March 31 In thousands 2020 2019 Net cash (provided) used by operating activities $ (316 ) $ (8,931 ) Net cash (used) provided by investing activities — (1,434 ) Net cash provided by financing activities — — Change in cash and cash equivalents from discontinued operations $ (316 ) $ (10,365 ) |
Gains on Disposition of Plant_2
Gains on Disposition of Plant, Equipment and Timberlands (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Summary for Sale of Timberlands and Other Assets | The following table sets forth sales of timberlands and other assets completed during the first three months of 2019. There were no such sales in the first quarter of 2020. Dollars in thousands Acres Proceeds Gain 2019 Timberlands 218 $ 475 $ 458 Other n/a 214 211 Total $ 689 $ 669 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Details of Basic and Diluted Earnings Per Share (EPS) from Continuing Operations | The following table sets forth the details of basic and diluted earnings per share (“EPS”) from continuing operations: Three months ended March 31 In thousands, except per share 2020 2019 Income from continuing operations $ 7,406 $ 4,603 Weighted average common shares outstanding used in basic EPS 44,275 44,027 Effect of dilutive SOSARs, PSAs and RSUs 255 252 Weighted average common shares outstanding and common share equivalents used in diluted EPS 44,530 44,279 Earnings per share from continuing operations Basic $ 0.17 $ 0.10 Diluted 0.17 0.10 |
Number of Potential Common Shares that have been Excluded from Computation of Diluted Earnings Per Share for Indicated Period Due to Their Anti-Dilutive Nature | The following table sets forth potential common shares outstanding that were not included in the computation of diluted EPS for the periods indicated, because their effect would be anti-dilutive: March 31 In thousands 2020 2019 Three months ended 1,231 1,582 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Losses) | The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three months ended March 31, 2020 and 2019. In thousands Currency translation adjustments Unrealized gain (loss) on cash flow hedges Change in pensions Change in other postretirement defined benefit plans Total Balance at January 1, 2020 $ (76,346 ) $ 4,316 $ (7,253 ) $ 1,387 $ (77,896 ) Other comprehensive income (loss) before reclassifications (net of tax) (13,903 ) 283 — — (13,620 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — (1,600 ) 148 (249 ) (1,701 ) Net current period other comprehensive income (loss) (13,903 ) (1,317 ) 148 (249 ) (15,321 ) Balance at March 31, 2020 $ (90,249 ) $ 2,999 $ (7,105 ) $ 1,138 $ (93,217 ) Balance at January 1, 2019 $ (69,622 ) $ 2,199 $ (71,431 ) $ 1,414 $ (137,440 ) Other comprehensive income (loss) before reclassifications (net of tax) (4,805 ) 2,641 — — (2,164 ) Amounts reclassified from accumulated other comprehensive income (net of tax) — (419 ) 621 (133 ) 69 Net current period other comprehensive income (loss) (4,805 ) 2,222 621 (133 ) (2,095 ) Balance at March 31, 2019 $ (74,427 ) $ 4,421 $ (70,810 ) $ 1,281 $ (139,535 ) |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income and Into the Condensed Consolidated Statements of Income | Reclassifications out of accumulated other comprehensive income and into the condensed consolidated statements of income were as follows: Three months ended March 31 In thousands 2020 2019 Description Line Item in Statements of Income Cash flow hedges (Note 16) Gains on cash flow hedges $ (2,182 ) $ (585 ) Costs of products sold Tax expense 582 166 Income tax provision Net of tax (1,600 ) (419 ) Retirement plan obligations (Note 11) Amortization of deferred benefit pension plans Prior service costs 12 34 Other, net Actuarial losses 160 775 Other, net 172 809 Tax benefit (24 ) (188 ) Income tax provision Net of tax 148 621 Amortization of deferred benefit other plans Prior service costs (116 ) (2 ) Other, net Actuarial gains (209 ) (173 ) Other, net (325 ) (175 ) Tax expense 76 42 Income tax provision Net of tax (249 ) (133 ) Total reclassifications, net of tax $ (1,701 ) $ 69 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction | The following table summarizes, by major jurisdiction, tax years that remain subject to examination: Open Tax Years Jurisdiction Examinations not yet initiated Examination in progress United States Federal 2016 - 2019 N/A State 2015 - 2019 2015 - 2018 Canada (1) 2012 - 2019 N/A Germany (1) 2016 - 2019 N/A France 2018 - 2019 N/A United Kingdom 2018 - 2019 N/A Philippines 2019 2016 - 2018 (1) includes provincial or similar local jurisdictions, as applicable |
Summary of Information Included in Continuing Operations Related to Interest on Uncertain Tax Positions | The following table summarizes information included in continuing operations related to interest on uncertain tax positions: Three months ended March 31 In millions 2020 2019 Interest expense (income) $ 0.1 $ 0.1 March 31 December 31 2020 2019 Accrued interest payable $ 0.5 $ 0.4 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | |
Summary of Share Based Compensation Activity | The following table summarizes RSU and PSA activity during periods indicated: Units 2020 2019 Balance at January 1, 896,463 756,786 Granted 294,315 384,766 Forfeited (17,455 ) (122,444 ) Shares delivered (78,509 ) (67,646 ) Balance at March 31, 1,094,814 951,462 |
Compensation Expense for Stock Option Activity Included in Continuing Operations | The following table sets forth aggregate RSU and PSA compensation expense included in continuing operations for the periods indicated: March 31 In thousands 2020 2019 Three months ended $ 1,085 $ 434 |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |
Summary of Share Based Compensation Activity | The following table sets forth information related to outstanding SOSARS: 2020 2019 SOSARS Shares Wtd Avg Exercise Price Shares Wtd Avg Exercise Price Outstanding at January 1, 1,291,947 $ 20.05 2,334,742 $ 18.08 Granted — — — — Exercised (44,710 ) 12.94 (283,060 ) 13.95 Canceled / forfeited (2,841 ) 17.27 (258,439 ) 20.82 Outstanding at March 31, 1,244,396 $ 20.31 1,793,243 $ 18.96 |
Compensation Expense for Stock Option Activity Included in Continuing Operations | The following table sets forth SOSAR compensation expense included in continuing operations for the periods indicated: March 31 In thousands 2020 2019 Three months ended $ — $ 43 |
Retirement Plans and Other Po_2
Retirement Plans and Other Post-Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Net Periodic Costs of Pension and Post Retirement Medical Benefit Plans Included in Continuing Operations | The following tables provide information with respect to the net periodic costs of our pension and post-retirement medical benefit plans included in continuing operations. Three months ended March 31 In thousands 2020 2019 Pension Benefits Service cost $ 44 $ 484 Interest cost 301 3,450 Expected return on plan assets — (3,696 ) Amortization of prior service cost 12 34 Amortization of unrecognized loss 160 775 Total net periodic benefit cost $ 517 $ 1,047 Other Benefits Service cost $ 7 $ 9 Interest cost 46 84 Amortization of prior service credit (116 ) (2 ) Amortization of actuarial gain (209 ) (173 ) Total net periodic benefit credit $ (272 ) $ (82 ) |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories, Net of Reserves | Inventories, net of reserves, were as follows: March 31 December 31 In thousands 2020 2019 Raw materials $ 55,940 $ 59,164 In-process and finished 94,059 92,231 Supplies 39,450 39,020 Total $ 189,449 $ 190,415 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Summary of Information Related to Leases | The following table sets forth information related to our leases as of the periods indicated. March 31 December 31 in thousands 2020 2019 Right of use asset $ 15,240 $ 11,701 Weighted average discount rate 3.31 % 2.92 % Weighted average remaining maturity (months) 66 34 Three months ended March 31 2020 2019 Operating lease expense $ 1,442 $ 1,606 |
Summary of Future Minimum Lease Payments | The following table sets forth required future minimum lease payments for the years indicated: In thousands 2020 $ 3,553 2021 4,076 2022 2,641 2023 1,343 2024 939 Thereafter 4,218 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt is summarized as follows: March 31 December 31 In thousands 2020 2019 Revolving credit facility, due Feb. 2024 $ 84,622 $ 84,255 Term loan, due Feb. 2024 231,993 240,969 2.40% Term Loan, due Jun. 2022 3,912 4,012 2.05% Term Loan, due Mar. 2023 19,006 19,487 1.30% Term Loan, due Jun. 2023 5,478 5,617 1.55% Term Loan, due Sep. 2025 7,719 7,915 Total long-term debt 352,730 362,255 Less current portion (24,952 ) (22,940 ) Unamortized deferred issuance costs (2,246 ) (2,396 ) Long-term debt, net of current portion $ 325,532 $ 336,919 |
Summary of Debts Borrowed by Subsidiary | Glatfelter Gernsbach GmbH & Co. KG (“Gernsbach”), a wholly-owned subsidiary of ours, entered into a series of borrowing agreements with IKB Deutsche Industriebank AG, Düsseldorf (“IKB”) as summarized below: Amounts in thousands Original Principal Interest Rate Maturity Borrowing date Apr. 11, 2013 € 42,700 2.05 % Mar. 2023 Sep. 4, 2014 10,000 2.40 % Jun. 2022 Oct. 10, 2015 2,608 1.55 % Sep. 2025 Apr. 26, 2016 10,000 1.30 % Jun. 2023 May 4, 2016 7,195 1.55 % Sep. 2025 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Fair Value of Long-Term Debt | The following table sets forth carrying value and fair value of long-term debt: March 31, 2020 December 31, 2019 In thousands Carrying Value Fair Value Carrying Value Fair Value Variable rate debt $ 84,622 $ 84,622 $ 84,255 $ 84,255 Term loan, due Feb. 2024 231,993 231,993 240,969 240,969 2.40% Term loan 3,912 3,598 4,012 4,076 2.05% Term loan 19,006 17,906 19,487 19,764 1.30% Term Loan 5,478 5,131 5,617 5,624 1.55% Term loan 7,719 7,504 7,915 7,975 Total $ 352,730 $ 350,754 $ 362,255 $ 362,663 |
Financial Derivatives and Hed_2
Financial Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Values of Derivative Instruments | Fair Value Measurements The following table summarizes the fair values of derivative instruments for the period indicated and the line items in the accompanying condensed consolidated balance sheets where the instruments are recorded: In thousands March 31 2020 December 31 2019 March 31 2020 December 31 2019 Prepaid Expenses and Other Other Balance sheet caption Current Assets Current Liabilities Designated as hedging: Forward foreign currency exchange contracts $ 4,351 $ 4,314 $ 1,481 $ 34 Not designated as hedging: Forward foreign currency exchange contracts $ 402 $ 566 $ 591 $ 205 |
Income or (Loss) from Derivative Instruments Recognized in Results of Operations | The following table summarizes the amount of income or (loss) from derivative instruments recognized in our results of operations for the periods indicated and the line items in the accompanying condensed consolidated statements of income where the results are recorded: Three months ended March 31 In thousands 2020 2019 Designated as hedging: Forward foreign currency exchange contracts: Cost of products sold $ 2,182 $ 585 Not designated as hedging: Forward foreign currency exchange contracts: Other – net $ (619 ) $ 292 |
Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Loss) Before Taxes | A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income (loss), before taxes, is as follows: In thousands 2020 2019 Balance at January 1, $ 5,859 $ 3,004 Deferred gains on cash flow hedges 463 3,641 Reclassified to earnings (2,182 ) (585 ) Balance at March 31, $ 4,140 $ 6,060 |
Designated as Hedging [Member] | |
Outstanding Derivatives Used to Hedge Foreign Exchange Risks | We had the following outstanding derivatives that were used to hedge foreign exchange risks associated with forecasted transactions and designated as hedging instruments: In thousands March 31, 2020 December 31, 2019 Derivative Sell/Buy - sell notional Euro / British Pound 18,121 17,702 U.S. Dollar / Euro 10,446 5,347 U.S. Dollar / Canadian Dollar 1,160 1,523 Sell/Buy - buy notional Euro / Philippine Peso 956,431 1,039,432 British Pound / Philippine Peso 1,082,044 1,077,871 Euro / U.S. Dollar 76,032 82,317 U.S. Dollar / Canadian Dollar 34,079 34,094 Canadian Dollar / U.S. Dollar 1,160 1,523 |
Not Designated as Hedging [Member] | |
Outstanding Derivatives Used to Hedge Foreign Exchange Risks | The following sets forth derivatives used to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities: In thousands March 31, 2020 December 31, 2019 Derivative Sell/Buy - sell notional U.S. Dollar / British Pound 20,000 25,500 British Pound / Euro 3,000 3,000 Sell/Buy - buy notional Euro / U.S. Dollar 2,000 8,000 British Pound / Euro 3,000 7,000 |
Commitments, Contingencies an_2
Commitments, Contingencies and Legal Proceedings (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Reserves | Our reserve for past and future government oversight costs and long-term monitoring and maintenance is set forth below: Three months ended March 31 In thousands 2020 2019 Balance at January 1, $ 21,870 $ 45,001 Payments (131 ) (20,535 ) Reserve adjustment — (2,509 ) Accretion 52 56 Balance at March 31, $ 21,791 $ 22,013 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Financial and Other Information by Segment | The following tables set forth financial and other information by segment for the period indicated: Three months ended March 31 Other and Dollars in thousands Composite Fibers Airlaid Materials Unallocated Total 2020 2019 2020 2019 2020 2019 2020 2019 Net sales $ 132,711 $ 128,717 $ 98,849 $ 100,416 $ — $ — $ 231,560 $ 229,133 Cost of products sold 106,985 106,563 82,246 85,989 5,454 964 194,685 193,516 Gross profit (loss) 25,726 22,154 16,603 14,427 (5,454 ) (964 ) 36,875 35,617 SG&A 10,624 10,805 4,581 4,389 9,389 9,428 24,594 24,622 Gains on dispositions of plant, equipment and timberlands, net — — — — — (669 ) — (669 ) Total operating income (loss) 15,102 11,349 12,022 10,038 (14,843 ) (9,723 ) 12,281 11,664 Non-operating expense — — — — (2,267 ) (5,203 ) (2,267 ) (5,203 ) Income (loss) before income taxes $ 15,102 $ 11,349 $ 12,022 $ 10,038 $ (17,110 ) $ (14,926 ) $ 10,014 $ 6,461 Supplementary Data Net tons sold (thousands) 35,983 31,529 35,039 33,177 — — 71,022 64,706 Depreciation, depletion and amortization (1) $ 6,466 $ 6,674 $ 5,451 $ 5,268 $ 3,485 $ 846 $ 15,402 $ 12,788 Capital expenditures 3,956 3,188 2,103 2,192 955 485 7,014 5,865 (1) The amount presented in 2020 in the Other and unallocated column represents accelerated depreciation incurred in connection with the restructuring of our metallized operations. |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - Composite Fibers [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2020 | Sep. 30, 2020 | |
Restructuring Cost And Reserve [Line Items] | ||
Restructuring non-cash charge | $ 2.5 | |
Cash severance costs | $ 3.5 | |
Scenario, Forecast [Member] | Minimum [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve settled without cash and severance cost | $ 4 | |
Scenario, Forecast [Member] | Maximum [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve settled without cash and severance cost | $ 5 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregated Information Pertaining to Net Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 231,560 | $ 229,133 |
Product [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 231,560 | 229,133 |
Composite Fibers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 132,711 | 128,717 |
Composite Fibers [Member] | Europe, Middle East and Africa [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 79,586 | 77,914 |
Composite Fibers [Member] | Americas [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 32,721 | 31,640 |
Composite Fibers [Member] | Asia Pacific [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 20,404 | 19,163 |
Composite Fibers [Member] | Food & Beverage [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 71,458 | 71,453 |
Composite Fibers [Member] | Wallcovering [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 19,893 | 18,550 |
Composite Fibers [Member] | Technical Specialties [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 20,007 | 19,288 |
Composite Fibers [Member] | Composite Laminates [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 9,763 | 8,475 |
Composite Fibers [Member] | Metallized [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 11,590 | 10,951 |
Airlaid Materials [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 98,849 | 100,416 |
Airlaid Materials [Member] | Europe, Middle East and Africa [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 52,720 | 54,439 |
Airlaid Materials [Member] | Americas [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 44,386 | 44,334 |
Airlaid Materials [Member] | Asia Pacific [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 1,743 | 1,643 |
Airlaid Materials [Member] | Feminine Hygiene [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 50,096 | 54,988 |
Airlaid Materials [Member] | Specialty Wipes [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 17,212 | 17,332 |
Airlaid Materials [Member] | Table Top [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 15,052 | 13,331 |
Airlaid Materials [Member] | Adult Incontinence [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 6,145 | 5,488 |
Airlaid Materials [Member] | Home Care [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 5,212 | 3,964 |
Airlaid Materials [Member] | Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 5,132 | $ 5,313 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - Specialty Papers [Member] $ in Millions | 1 Months Ended |
Oct. 31, 2018USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Selling price of business | $ 360 |
Cash proceeds from divestiture of business | 323 |
Retiree healthcare liabilities | 38 |
Pension liabilities assumed | 210 |
Related assets transferred from existing pension plan | $ 274 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Discontinued Operations included in Condensed Consolidated Statements of Income (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Non-operating income (expense) | |
Income before income taxes | $ 714 |
Income tax (provision) | 31 |
Income from discontinued operations | 683 |
Specialty Papers [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Selling, general and administrative expenses | (714) |
Operating income | 714 |
Non-operating income (expense) | |
Income before income taxes | 714 |
Income tax (provision) | 31 |
Income from discontinued operations | $ 683 |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Cash Flows from Discontinued Operations Included in Condensed Consolidated Statements of Cash Flows (Detail) - Specialty Papers [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net cash (provided) used by operating activities | $ (316) | $ (8,931) |
Net cash (used) provided by investing activities | (1,434) | |
Change in cash and cash equivalents from discontinued operations | $ (316) | $ (10,365) |
Gains on Disposition of Plant_3
Gains on Disposition of Plant, Equipment and Timberlands - Summary for Sale of Timberlands and Other Assets - (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)a | |
Property, Plant and Equipment [Line Items] | |
Proceeds | $ 689 |
Gain | $ 669 |
Timberlands [Member] | |
Property, Plant and Equipment [Line Items] | |
Acres | a | 218 |
Proceeds | $ 475 |
Gain | 458 |
Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Proceeds | 214 |
Gain | $ 211 |
Earnings Per Share - Details of
Earnings Per Share - Details of Basic and Diluted Earnings Per Share (EPS) from Continuing Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Income from continuing operations | $ 7,406 | $ 4,603 |
Weighted average common shares outstanding used in basic EPS | 44,275 | 44,027 |
Effect of dilutive SOSARs, PSAs and RSUs | 255 | 252 |
Weighted average common shares outstanding and common share equivalents used in diluted EPS | 44,530 | 44,279 |
Earnings per share from continuing operations | ||
Basic | $ 0.17 | $ 0.10 |
Diluted | $ 0.17 | $ 0.10 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Income Loss From Discontinued Operations Net Of Tax [Abstract] | |
Income | $ 683 |
Earnings Per Share - Number of
Earnings Per Share - Number of Potential Common Shares that have been Excluded from Computation of Diluted Earnings Per Share for Indicated Period Due to Their Anti-Dilutive Nature (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Potential common shares | 1,231 | 1,582 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Losses) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (77,896) | $ (137,440) |
Other comprehensive income (loss) before reclassifications (net of tax) | (13,620) | (2,164) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (1,701) | 69 |
Net current period other comprehensive income (loss) | (15,321) | (2,095) |
Ending Balance | (93,217) | (139,535) |
Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (76,346) | (69,622) |
Other comprehensive income (loss) before reclassifications (net of tax) | (13,903) | (4,805) |
Net current period other comprehensive income (loss) | (13,903) | (4,805) |
Ending Balance | (90,249) | (74,427) |
Unrealized Gain (Loss) on Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 4,316 | 2,199 |
Other comprehensive income (loss) before reclassifications (net of tax) | 283 | 2,641 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (1,600) | (419) |
Net current period other comprehensive income (loss) | (1,317) | 2,222 |
Ending Balance | 2,999 | 4,421 |
Change in Pensions [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (7,253) | (71,431) |
Amounts reclassified from accumulated other comprehensive income (net of tax) | 148 | 621 |
Net current period other comprehensive income (loss) | 148 | 621 |
Ending Balance | (7,105) | (70,810) |
Change in Other Postretirement Defined Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 1,387 | 1,414 |
Amounts reclassified from accumulated other comprehensive income (net of tax) | (249) | (133) |
Net current period other comprehensive income (loss) | (249) | (133) |
Ending Balance | $ 1,138 | $ 1,281 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income and Into the Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Costs of products sold | $ (194,685) | $ (193,516) |
Income tax provision (benefit) | 2,608 | 1,858 |
Net income | 7,406 | 5,286 |
Other, net | 753 | 962 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net income | (1,701) | 69 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Income tax provision (benefit) | (24) | (188) |
Net income | 148 | 621 |
Other, net | 172 | 809 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Prior Service Costs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other, net | 12 | 34 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Pension Benefits [Member] | Actuarial Losses [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other, net | 160 | 775 |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Other Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Income tax provision (benefit) | 76 | 42 |
Net income | (249) | (133) |
Other, net | (325) | (175) |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Other Pension Plan [Member] | Prior Service Costs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other, net | (116) | (2) |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Other Pension Plan [Member] | Actuarial Gains [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other, net | (209) | (173) |
Reclassifications Out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges [Member] | Accumulated Net (Gain) Loss from Cash Flow Hedges Attributable to Parent [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Costs of products sold | (2,182) | (585) |
Income tax provision (benefit) | 582 | 166 |
Net income | $ (1,600) | $ (419) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Total pretax income | $ 10,014 | $ 6,461 | |
Income tax provision | 2,608 | $ 1,858 | |
Decrease in valuation allowance | (4,000) | ||
Gross unrecognized tax benefits | 32,700 | $ 30,500 | |
Unrecognized tax benefits that would impact effective tax rate | 21,900 | ||
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 | $ 1,200 |
Income Taxes - Summary of Tax Y
Income Taxes - Summary of Tax Years that Remain Subject to Examination by Major Jurisdiction (Detail) | 3 Months Ended |
Mar. 31, 2020 | |
Philippines [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2019 |
Minimum [Member] | United States [Member] | United States - Federal [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2016 |
Minimum [Member] | United States [Member] | United States - State [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2015 |
Examination in progress | 2015 |
Minimum [Member] | Canada [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2012 |
Minimum [Member] | Germany [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2016 |
Minimum [Member] | France [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2018 |
Minimum [Member] | United Kingdom [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2018 |
Minimum [Member] | Philippines [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examination in progress | 2016 |
Maximum [Member] | United States [Member] | United States - Federal [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2019 |
Maximum [Member] | United States [Member] | United States - State [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2019 |
Examination in progress | 2018 |
Maximum [Member] | Canada [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2019 |
Maximum [Member] | Germany [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2019 |
Maximum [Member] | France [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2019 |
Maximum [Member] | United Kingdom [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examinations not yet initiated | 2019 |
Maximum [Member] | Philippines [Member] | Foreign Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Examination in progress | 2018 |
Income Taxes - Summary of Infor
Income Taxes - Summary of Information Included in Continuing Operations Related to Interest on Uncertain Tax Positions (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Interest expense (income) | $ 0.1 | $ 0.1 | |
Accrued interest payable | $ 0.5 | $ 0.4 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - shares | 3 Months Ended | 51 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | |
Restricted Stock Units (RSU) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
The vesting graded scale | The vesting of RSUs is generally based on the passage of time, generally over a three -year period or in certain instances the RSUs were issued with five-year cliff vesting. | ||
Performance Share Awards (PSAs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cumulative performance targets | 2 years | ||
Additional service period | 1 year | ||
Grants under performance share awards | 168,663 | 214,899 | |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of stock | 3 years | ||
Vesting term | 10 years | ||
Share-based payment award, shares issued in period | 0 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSU and PSA Activity (Detail) - Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning Balance | 896,463 | 756,786 |
Granted | 294,315 | 384,766 |
Forfeited | (17,455) | (122,444) |
Shares delivered | (78,509) | (67,646) |
Ending Balance | 1,094,814 | 951,462 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense for Periods Included in Continuing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restricted Stock Units (RSU) and Performance Share Awards (PSAs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 1,085 | $ 434 |
Stock Only Stock Appreciation Rights (SOSARs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 43 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Information Related to Outstanding SOSARS (Detail) - Stock Only Stock Appreciation Rights (SOSARs) [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning Balance, Outstanding | 1,291,947 | 2,334,742 |
Exercised | (44,710) | (283,060) |
Canceled / forfeited | (2,841) | (258,439) |
Ending Balance, Outstanding | 1,244,396 | 1,793,243 |
Beginning Balance, Weighted Average Exercise Price, Outstanding | $ 20.05 | $ 18.08 |
Weighted Average Exercise Price, Exercised | 12.94 | 13.95 |
Weighted Average Exercise Price, Canceled / forfeited | 17.27 | 20.82 |
Ending Balance, Weighted Average Exercise Price, Outstanding | $ 20.31 | $ 18.96 |
Retirement Plans and Other Po_3
Retirement Plans and Other Post-Retirement Benefits - Schedule of Net Periodic Costs of Pension and Post Retirement Medical Benefit Plans Included in Continuing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 44 | $ 484 |
Interest cost | 301 | 3,450 |
Expected return on plan assets | (3,696) | |
Amortization of prior service cost/(credit) | 12 | 34 |
Amortization of unrecognized/actuarial loss (gain) | 160 | 775 |
Total net periodic benefit cost/(credit) | 517 | 1,047 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 7 | 9 |
Interest cost | 46 | 84 |
Amortization of prior service cost/(credit) | (116) | (2) |
Amortization of unrecognized/actuarial loss (gain) | (209) | (173) |
Total net periodic benefit cost/(credit) | $ (272) | $ (82) |
Retirement Plans and Other Po_4
Retirement Plans and Other Post-Retirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Jun. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contribution of employee’s eligible earnings, percentage | 10.00% | |
Pension Benefits [Member] | Scenario, Forecast [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension assets expected to revert | $ 33 | |
Pension Benefits [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets remained in pension trust | $ 51.1 |
Inventories - Inventories, Net
Inventories - Inventories, Net of Reserves (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 55,940 | $ 59,164 |
In-process and finished | 94,059 | 92,231 |
Supplies | 39,450 | 39,020 |
Total | $ 189,449 | $ 190,415 |
Leases - Summary of Information
Leases - Summary of Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Right of use asset | $ 15,240 | $ 11,701 | |
Weighted average discount rate | 3.31% | 2.92% | |
Weighted average remaining maturity (months) | 66 months | 34 months | |
Operating lease expense | $ 1,442 | $ 1,606 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 3,553 |
2021 | 4,076 |
2022 | 2,641 |
2023 | 1,343 |
2024 | 939 |
Thereafter | $ 4,218 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 352,730 | $ 362,255 |
Less current portion | (24,952) | (22,940) |
Unamortized deferred issuance costs | (2,246) | (2,396) |
Long-term debt, net of current portion | 325,532 | 336,919 |
Revolving Credit Facility, Due Feb. 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 84,622 | 84,255 |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 3,912 | 4,012 |
Term Loan, Due Feb. 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 231,993 | 240,969 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 19,006 | 19,487 |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 5,478 | 5,617 |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 7,719 | $ 7,915 |
Long-Term Debt - Summary of L_2
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Jul. 01, 2019 | |
Debt Instrument [Line Items] | |||
Long-term debt, maturity date | Feb. 8, 2024 | ||
Interest rate on debt | 1.25% | ||
2.40% Term Loan, Due Jun. 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, maturity date | Jun. 30, 2022 | ||
Interest rate on debt | 2.40% | 2.40% | |
Term Loan, Due Feb. 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, maturity date | Feb. 29, 2024 | ||
2.05% Term Loan, Due Mar. 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, maturity date | Mar. 31, 2023 | ||
Interest rate on debt | 2.05% | 2.05% | |
1.30% Term Loan, Due Jun. 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, maturity date | Jun. 30, 2023 | ||
Interest rate on debt | 1.30% | 1.30% | |
1.55% Term Loan, Due Sep. 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, maturity date | Sep. 30, 2025 | ||
Interest rate on debt | 1.55% | 1.55% | |
Revolving Credit Facility, Due Feb. 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, maturity date | Feb. 29, 2024 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | 3 Months Ended | |||||||
Dec. 31, 2020 | Mar. 31, 2020USD ($) | Mar. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Oct. 31, 2019EUR (€) | Jul. 01, 2019 | Feb. 08, 2019USD ($) | Feb. 08, 2019EUR (€) | |
Debt Instrument [Line Items] | ||||||||
Interest rate on debt | 1.25% | |||||||
Debt instrument covenant compliance leverage ratio, threshold | 4 | |||||||
Debt instrument covenant compliance leverage ratio, actual | 2.2 | |||||||
Long-term debt, maturity date | Feb. 8, 2024 | |||||||
Scenario, Forecast [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument covenant compliance leverage ratio, threshold | 4.5 | |||||||
Floating-to-fixed Interest Rate Swap Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative notional amount | € | € 180,000,000 | |||||||
Derivative fixed interest rate | 0.0395% | |||||||
Loans variable rate of interest | € | € 180,000,000 | |||||||
Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt percentage bearing fixed Interest rate | 0.00% | |||||||
Term Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | € | € 220,000,000 | € 220,000,000 | ||||||
5.375% Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate on debt | 5.375% | 5.375% | ||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ | $ 400,000,000 | |||||||
Federal fund rate spread | 1.00% | |||||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Federal fund rate spread | 0.125% | |||||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Federal fund rate spread | 1.00% | |||||||
Revolving Credit Facility [Member] | Federal Funds Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Federal fund rate spread | 0.50% | |||||||
Revolving Credit Facility [Member] | Euro Rate [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Federal fund rate spread | 1.125% | |||||||
Revolving Credit Facility [Member] | Euro Rate [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Federal fund rate spread | 2.00% | |||||||
Revolving Credit Facility [Member] | EURIBOR [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Federal fund rate spread | 1.125% | |||||||
Revolving Credit Facility [Member] | EURIBOR [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 | $ | $ 7,300,000 | $ 7,300,000 | ||||||
Letters of credit outstanding | $ | $ 0 |
Long-Term Debt - Summary of Deb
Long-Term Debt - Summary of Debts Borrowed by Subsidiary (Detail) - EUR (€) € in Thousands | May 04, 2016 | Apr. 26, 2016 | Oct. 10, 2015 | Sep. 04, 2014 | Apr. 11, 2013 | Mar. 31, 2020 | Jul. 01, 2019 |
Debt Instrument [Line Items] | |||||||
Interest Rate | 1.25% | ||||||
Maturity | Feb. 8, 2024 | ||||||
IKB Deutsche Industriebank AG Borrowing Agreements [Member] | Glatfelter Gernsbach GmbH and Co KG [Member] | IKB Deutsche Industriebank AG Member | |||||||
Debt Instrument [Line Items] | |||||||
Original Principal | € 7,195 | € 10,000 | € 2,608 | € 10,000 | € 42,700 | ||
Interest Rate | 1.55% | 1.30% | 1.55% | 2.40% | 2.05% | ||
Maturity | Sep. 30, 2025 | Jun. 30, 2023 | Sep. 30, 2025 | Jun. 30, 2022 | Mar. 31, 2023 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $ 352,730 | $ 362,255 |
Fair Value | 350,754 | 362,663 |
Revolving Credit Facility Due Mar. 2020 And Nov. 2016 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 84,622 | 84,255 |
Fair Value | 84,622 | 84,255 |
Term Loan, Due Feb. 2024 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 231,993 | 240,969 |
Fair Value | 231,993 | 240,969 |
2.40% Term Loan, Due Jun. 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 3,912 | 4,012 |
Fair Value | 3,598 | 4,076 |
2.05% Term Loan, Due Mar. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 19,006 | 19,487 |
Fair Value | 17,906 | 19,764 |
1.30% Term Loan, Due Jun. 2023 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 5,478 | 5,617 |
Fair Value | 5,131 | 5,624 |
1.55% Term Loan, Due Sep. 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | 7,719 | 7,915 |
Fair Value | $ 7,504 | $ 7,975 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Carrying Value and Fair Value of Long-Term Debt (Parenthetical) (Detail) | Mar. 31, 2020 | Dec. 31, 2019 | Jul. 01, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Percent on aggregate principal amount of outstanding | 1.25% | ||
2.40% Term Loan, Due Jun. 2022 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Percent on aggregate principal amount of outstanding | 2.40% | 2.40% | |
2.05% Term Loan, Due Mar. 2023 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Percent on aggregate principal amount of outstanding | 2.05% | 2.05% | |
1.30% Term Loan, Due Jun. 2023 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Percent on aggregate principal amount of outstanding | 1.30% | 1.30% | |
1.55% Term Loan, Due Sep. 2025 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Percent on aggregate principal amount of outstanding | 1.55% | 1.55% |
Financial Derivatives and Hed_3
Financial Derivatives and Hedging Activities - Additional Information (Detail) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2020EUR (€) | Feb. 08, 2019EUR (€) | |
Derivative [Line Items] | |||
Pre-tax gain from changes in currency exchange rates | $ | $ 5.9 | ||
Term Loans [Member] | |||
Derivative [Line Items] | |||
Line of credit facility, maximum borrowing capacity | € | € 220,000,000 | € 220,000,000 | |
Maximum [Member] | Fair Value, Measurements [Member] | |||
Derivative [Line Items] | |||
Accumulated other comprehensive income realization period | 18 months | ||
Minimum [Member] | Fair Value, Measurements [Member] | |||
Derivative [Line Items] | |||
Accumulated other comprehensive income realization period | 12 months | ||
Designated as Hedging [Member] | Cash Flow Hedges [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Maturities of foreign currency derivative contracts | 18 months | ||
Designated as Hedging [Member] | Cash Flow Hedges [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Maturities of foreign currency derivative contracts | 1 month | ||
Not Designated as Hedging [Member] | |||
Derivative [Line Items] | |||
Maturities of foreign currency derivative contracts | 1 month |
Financial Derivatives and Hed_4
Financial Derivatives and Hedging Activities - Outstanding Derivatives Used to Hedge Foreign Exchange Risks (Detail) | Mar. 31, 2020USD ($) | Mar. 31, 2020EUR (€) | Mar. 31, 2020PHP (₱) | Mar. 31, 2020CAD ($) | Mar. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019PHP (₱) | Dec. 31, 2019CAD ($) | Dec. 31, 2019GBP (£) |
Cash Flow Hedges [Member] | Euro / British Pound [Member] | Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | € | € 18,121,000 | € 17,702,000 | ||||||||
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 | $ 10,446,000 | $ 5,347,000 | ||||||||
Cash Flow Hedges [Member] | U.S. Dollar / Canadian Dollar [Member] | Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 1,160,000 | 1,523,000 | ||||||||
Cash Flow Hedges [Member] | U.S. Dollar / Canadian Dollar [Member] | Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | $ 34,079,000 | $ 34,094,000 | ||||||||
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 | ₱ | ₱ 956,431,000 | ₱ 1,039,432,000 | ||||||||
Cash Flow Hedges [Member] | British Pound / Philippine Peso [Member] | Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | ₱ | ₱ 1,082,044,000 | ₱ 1,077,871,000 | ||||||||
Cash Flow Hedges [Member] | Euro / U.S. Dollar [Member] | Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 76,032,000 | 82,317,000 | ||||||||
Cash Flow Hedges [Member] | Canadian Dollar / U.S. Dollar [Member] | Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | 1,160,000 | 1,523,000 | ||||||||
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 | 2,000,000 | 8,000,000 | ||||||||
Foreign Currency Hedges [Member] | U.S. Dollar / British Pound [Member] | Not Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | $ 20,000,000 | $ 25,500,000 | ||||||||
Foreign Currency Hedges [Member] | British Pound / Euro [Member] | Not Designated as Hedging [Member] | Sell Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | £ | £ 3,000,000 | £ 3,000,000 | ||||||||
Foreign Currency Hedges [Member] | British Pound / Euro [Member] | Not Designated as Hedging [Member] | Buy Notional [Member] | ||||||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||||||
Derivative notional amount | € | € 3,000,000 | € 7,000,000 |
Financial Derivatives and Hed_5
Financial Derivatives and Hedging Activities - Fair Values of Derivative Instruments (Detail) - Forward Foreign Currency Exchange Contracts [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | $ 4,351 | $ 4,314 |
Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | 1,481 | 34 |
Not Designated as Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset, fair value | 402 | 566 |
Not Designated as Hedging [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | $ 591 | $ 205 |
Financial Derivatives and Hed_6
Financial Derivatives and Hedging Activities - Income or (Loss) from Derivative Instruments Recognized in Results of Operations (Detail) - Forward Foreign Currency Exchange Contracts [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Costs of Products Sold [Member] | Designated as Hedging [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Effective portion of derivative instruments, gain (loss) | $ 2,182 | $ 585 |
Other - Net [Member] | Not Designated as Hedging [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Derivative instruments, gain (loss) | $ (619) | $ 292 |
Financial Derivatives and Hed_7
Financial Derivatives and Hedging Activities - Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Loss) Before Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Balance at January 1, | $ 5,859 | $ 3,004 |
Deferred gains on cash flow hedges | 463 | 3,641 |
Reclassified to earnings | (2,182) | (585) |
Balance at March 31, | $ 4,140 | $ 6,060 |
Commitments, Contingencies an_3
Commitments, Contingencies and Legal Proceedings - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Jan. 31, 2019USD ($) | Mar. 31, 2020USD ($)Operable_Unit | Dec. 31, 2019USD ($) | |
Commitments Contingencies And Litigation [Line Items] | |||
Number of operable units | Operable_Unit | 5 | ||
Term of agreement with third party for monitoring and maintenance in OU1-OU4a | 30 years | ||
Difference recorded in escrow account | $ 1,800 | ||
Total amount available in escrow account | 9,000 | ||
Reserve for Environmental liabilities, current portion | 8,000 | $ 9,000 | |
Other Long-Term Liabilities [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Reserve for Environmental liabilities, remaining portion | $ 13,800 | ||
Minimum [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Period over which cash expenditure to be incurred for monitoring activities | 30 years | ||
Glatfelter Consent Decree [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Payments for governments unreimbursed past costs | $ 20,500 | $ 20,500 | |
OU2-5 [Member] | |||
Commitments Contingencies And Litigation [Line Items] | |||
Expected cleanup work continuation year | through 2020 |
Commitments, Contingencies an_4
Commitments, Contingencies and Legal Proceedings - Schedule of Reserves (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Environmental Remediation Obligations [Abstract] | ||
Beginning balance | $ 21,870 | $ 45,001 |
Payments | (131) | (20,535) |
Reserve adjustment | (2,509) | |
Accretion | 52 | 56 |
Ending balance | $ 21,791 | $ 22,013 |
Segment Information - Schedule
Segment Information - Schedule of Financial and Other Information by Segment (Detail) T in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)T | Mar. 31, 2019USD ($)T | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 231,560 | $ 229,133 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Cost of products sold | $ 194,685 | $ 193,516 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Gross profit | $ 36,875 | $ 35,617 |
SG&A | 24,594 | 24,622 |
Gains on dispositions of plant, equipment and timberlands, net | (669) | |
Operating income | 12,281 | 11,664 |
Non-operating expense | (2,267) | (5,203) |
Income from continuing operations before income taxes | $ 10,014 | $ 6,461 |
Supplementary Data | ||
Net tons sold | T | 71,022 | 64,706 |
Depreciation, depletion and amortization | $ 15,402 | $ 12,788 |
Capital expenditures | 7,014 | 5,865 |
Composite Fibers [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 132,711 | $ 128,717 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Cost of products sold | $ 106,985 | $ 106,563 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Gross profit | $ 25,726 | $ 22,154 |
SG&A | 10,624 | 10,805 |
Operating income | 15,102 | 11,349 |
Income from continuing operations before income taxes | $ 15,102 | $ 11,349 |
Supplementary Data | ||
Net tons sold | T | 35,983 | 31,529 |
Depreciation, depletion and amortization | $ 6,466 | $ 6,674 |
Capital expenditures | 3,956 | 3,188 |
Airlaid Materials [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 98,849 | $ 100,416 |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Cost of products sold | $ 82,246 | $ 85,989 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Gross profit | $ 16,603 | $ 14,427 |
SG&A | 4,581 | 4,389 |
Operating income | 12,022 | 10,038 |
Income from continuing operations before income taxes | $ 12,022 | $ 10,038 |
Supplementary Data | ||
Net tons sold | T | 35,039 | 33,177 |
Depreciation, depletion and amortization | $ 5,451 | $ 5,268 |
Capital expenditures | $ 2,103 | $ 2,192 |
Other and Unallocated [Member] | ||
Segment Reporting Information [Line Items] | ||
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Cost of products sold | $ 5,454 | $ 964 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember |
Gross profit | $ (5,454) | $ (964) |
SG&A | 9,389 | 9,428 |
Gains on dispositions of plant, equipment and timberlands, net | (669) | |
Operating income | (14,843) | (9,723) |
Non-operating expense | (2,267) | (5,203) |
Income from continuing operations before income taxes | (17,110) | (14,926) |
Supplementary Data | ||
Depreciation, depletion and amortization | 3,485 | 846 |
Capital expenditures | $ 955 | $ 485 |