UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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☒ |
Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the quarterly period ended September 30, 2017
or
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☐ |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the transition period from to
96 South George Street, Suite 520
York, Pennsylvania 17401
(Address of principal executive offices)
(717) 225-4711
(Registrant's telephone number, including area code)
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Commission file number |
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Exact name of registrant as specified in its charter |
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IRS Employer Identification No. |
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State or other jurisdiction of incorporation or organization |
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1-03560 |
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P. H. Glatfelter Company |
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23-0628360 |
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Pennsylvania |
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N/A
(Former name or former address, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at the past 90 days. Yes ☒ No ☐.
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a small reporting company or emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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(Do not check if a smaller reporting company) |
Smaller reporting company |
☐ |
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Emerging growth company |
☐ |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
☐ |
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒.
Common Stock outstanding on October 25, 2017 totaled 43,586,355 shares.
P. H. GLATFELTER COMPANY AND SUBSIDIARIES
REPORT ON FORM 10-Q
For the QUARTERLY PERIOD ENDED
September 30, 2017
Table of Contents
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Item 1 |
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2 |
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3 |
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Condensed Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016 (unaudited) |
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4 |
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5 |
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Notes to Condensed Consolidated Financial Statements (unaudited) |
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6 |
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1. |
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6 |
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2. |
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6 |
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3. |
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7 |
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4. |
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8 |
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5. |
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10 |
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6. |
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10 |
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7. |
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11 |
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8. |
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12 |
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9. |
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12 |
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10. |
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12 |
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11. |
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13 |
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12. |
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13 |
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13. |
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15 |
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14. |
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18 |
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15. |
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19 |
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Item 2 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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24 |
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Item 3 |
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34 |
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Item 4 |
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34 |
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35 |
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Item 6 |
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35 |
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35 |
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P. H. GLATFELTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
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Three months ended September 30 |
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Nine months ended September 30 |
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In thousands, except per share |
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2017 |
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2016 |
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2017 |
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2016 |
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Net sales |
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$ |
413,325 |
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$ |
405,301 |
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$ |
1,191,380 |
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$ |
1,213,932 |
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Energy and related sales, net |
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1,236 |
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1,346 |
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3,346 |
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4,013 |
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Total revenues |
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414,561 |
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406,647 |
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1,194,726 |
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1,217,945 |
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Costs of products sold |
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359,826 |
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345,477 |
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1,052,626 |
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1,056,209 |
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Gross profit |
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54,735 |
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61,170 |
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142,100 |
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161,736 |
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Selling, general and administrative expenses |
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33,399 |
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35,747 |
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100,484 |
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104,796 |
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(Gains) losses on dispositions of plant, equipment and timberlands, net |
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(24 |
) |
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5 |
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(50 |
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31 |
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Operating income |
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21,360 |
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25,418 |
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41,666 |
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56,909 |
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Non-operating income (expense) |
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Interest expense |
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(4,547 |
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(3,895 |
) |
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(13,031 |
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(11,964 |
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Interest income |
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51 |
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52 |
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209 |
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204 |
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Other, net |
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(478 |
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(573 |
) |
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(906 |
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(956 |
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Total non-operating expense |
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(4,974 |
) |
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(4,416 |
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(13,728 |
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(12,716 |
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Income before income taxes |
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16,386 |
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21,002 |
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27,938 |
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44,193 |
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Income tax provision |
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4,281 |
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1,401 |
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9,944 |
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6,459 |
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Net income |
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$ |
12,105 |
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$ |
19,601 |
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$ |
17,994 |
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$ |
37,734 |
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Earnings per share |
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Basic |
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$ |
0.28 |
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$ |
0.45 |
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$ |
0.41 |
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$ |
0.87 |
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Diluted |
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0.27 |
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0.44 |
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0.41 |
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0.86 |
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Cash dividends declared per common share |
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$ |
0.13 |
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$ |
0.125 |
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$ |
0.39 |
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$ |
0.375 |
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Weighted average shares outstanding |
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Basic |
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43,617 |
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43,576 |
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43,601 |
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43,552 |
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Diluted |
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44,182 |
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44,133 |
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44,410 |
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44,059 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
- 2 -
GLATFELTER
09.30.17 Form 10-Q
P. H. GLATFELTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
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Three months ended September 30 |
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Nine months ended September 30 |
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In thousands |
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2017 |
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2016 |
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2017 |
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2016 |
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Net income |
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$ |
12,105 |
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$ |
19,601 |
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$ |
17,994 |
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$ |
37,734 |
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Foreign currency translation adjustments |
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16,559 |
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(1,530 |
) |
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50,128 |
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(2,975 |
) |
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Net change in: |
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Deferred (gains) losses on cash flow hedges, net of taxes |
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of $111, $289, $2,031 and $88, respectively |
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(1,514 |
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(858 |
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(6,111 |
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152 |
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Unrecognized retirement obligations, net of taxes |
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of $(1,340), $(1,405), $(4,018) and $(4,214), respectively |
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2,285 |
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2,319 |
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6,838 |
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6,957 |
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Other comprehensive income (loss) |
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17,330 |
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(69 |
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50,855 |
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4,134 |
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Comprehensive income |
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$ |
29,435 |
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$ |
19,532 |
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$ |
68,849 |
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$ |
41,868 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
- 3 -
GLATFELTER
09.30.17 Form 10-Q
P. H. GLATFELTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
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September 30 |
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December 31 |
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In thousands |
2017 |
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2016 |
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Assets |
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Cash and cash equivalents |
$ |
84,287 |
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$ |
55,444 |
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Accounts receivable, net |
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186,310 |
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152,989 |
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Inventories |
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256,764 |
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249,669 |
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Prepaid expenses and other current assets |
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44,134 |
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36,157 |
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Total current assets |
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571,495 |
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494,259 |
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Plant, equipment and timberlands, net |
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856,017 |
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775,898 |
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Goodwill |
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81,497 |
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73,094 |
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Intangible assets, net |
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59,199 |
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56,259 |
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Other assets |
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128,586 |
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121,749 |
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Total assets |
$ |
1,696,794 |
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$ |
1,521,259 |
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Liabilities and Shareholders' Equity |
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Current portion of long-term debt |
$ |
11,122 |
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$ |
8,961 |
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Accounts payable |
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168,848 |
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164,345 |
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Dividends payable |
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5,675 |
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5,455 |
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Environmental liabilities |
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20,000 |
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25,000 |
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Other current liabilities |
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130,368 |
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119,250 |
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Total current liabilities |
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336,013 |
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323,011 |
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Long-term debt |
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459,025 |
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363,647 |
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Deferred income taxes |
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65,597 |
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54,995 |
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Other long-term liabilities |
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125,563 |
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125,780 |
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Total liabilities |
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986,198 |
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867,433 |
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Commitments and contingencies |
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— |
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— |
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Shareholders’ equity |
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Common stock |
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544 |
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544 |
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Capital in excess of par value |
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62,346 |
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57,917 |
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Retained earnings |
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963,853 |
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962,884 |
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Accumulated other comprehensive loss |
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(153,751 |
) |
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(204,606 |
) |
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872,992 |
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816,739 |
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Less cost of common stock in treasury |
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(162,396 |
) |
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(162,913 |
) |
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Total shareholders’ equity |
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710,596 |
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653,826 |
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Total liabilities and shareholders’ equity |
$ |
1,696,794 |
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$ |
1,521,259 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
- 4 -
GLATFELTER
09.30.17 Form 10-Q
P. H. GLATFELTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
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Nine months ended September 30 |
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In thousands |
2017 |
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2016 |
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Operating activities |
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Net income |
$ |
17,994 |
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$ |
37,734 |
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Adjustments to reconcile to net cash provided by operations: |
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Depreciation, depletion and amortization |
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56,343 |
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49,725 |
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Amortization of debt issue costs |
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868 |
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|
864 |
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Pension expense, net of unfunded benefits paid |
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3,707 |
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2,908 |
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Deferred income tax provision (benefit) |
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4,282 |
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(4,266 |
) |
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(Gains) losses on dispositions of plant, equipment and timberlands, net |
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(50 |
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31 |
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Share-based compensation |
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4,868 |
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4,218 |
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Change in operating assets and liabilities |
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Accounts receivable |
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(23,753 |
) |
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(12,927 |
) |
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Inventories |
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2,906 |
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(17,897 |
) |
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Prepaid and other current assets |
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(7,185 |
) |
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(4,205 |
) |
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Accounts payable |
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(4,001 |
) |
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(9,662 |
) |
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Accruals and other current liabilities |
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(3,702 |
) |
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|
10,257 |
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Other |
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519 |
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|
2,657 |
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Net cash provided by operating activities |
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52,796 |
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|
59,437 |
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Investing activities |
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Expenditures for purchases of plant, equipment and timberlands |
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(102,172 |
) |
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(116,948 |
) |
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Proceeds from disposals of plant, equipment and timberlands, net |
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217 |
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|
55 |
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Other |
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(100 |
) |
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(400 |
) |
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Net cash used by investing activities |
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(102,055 |
) |
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(117,293 |
) |
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Financing activities |
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Repayments of note offerings |
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— |
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(136 |
) |
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Net borrowings (repayments) under revolving credit facility |
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96,534 |
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(642 |
) |
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Proceeds from term loans |
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— |
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|
19,428 |
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Repayment of term loans |
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(6,947 |
) |
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(3,803 |
) |
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Payments of dividends |
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(16,805 |
) |
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(16,134 |
) |
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Proceeds from government grants |
|
— |
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|
5,251 |
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Payments related to share-based compensation awards and other |
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(128 |
) |
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|
(990 |
) |
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Net cash provided by financing activities |
|
72,654 |
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|
|
2,974 |
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Effect of exchange rate changes on cash |
|
5,448 |
|
|
|
330 |
|
|
Net increase (decrease) in cash and cash equivalents |
|
28,843 |
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|
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(54,552 |
) |
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Cash and cash equivalents at the beginning of period |
|
55,444 |
|
|
|
105,304 |
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Cash and cash equivalents at the end of period |
$ |
84,287 |
|
|
$ |
50,752 |
|
|
|
|
|
|
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|
|
|
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Supplemental cash flow information |
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|
|
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|
|
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Cash paid for: |
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|
|
|
|
|
|
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Interest, net of amounts capitalized |
$ |
8,719 |
|
|
$ |
7,376 |
|
|
Income taxes, net |
|
7,567 |
|
|
|
11,609 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
- 5 -
GLATFELTER
09.30.17 Form 10-Q
P. H. GLATFELTER COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
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1. |
P. H. Glatfelter Company and subsidiaries (“Glatfelter”) is a manufacturer of specialty papers and fiber-based engineered materials. Headquartered in York, PA, U.S. operations include facilities in Spring Grove, PA and Chillicothe and Fremont, OH. International operations include facilities in Canada, Germany, France, the United Kingdom and the Philippines, and sales and distribution offices in Russia and China. The terms “we,” “us,” “our,” “the Company,” or “Glatfelter,” refer to P. H. Glatfelter Company and subsidiaries unless the context indicates otherwise. Our products are marketed worldwide, either through wholesale paper merchants, brokers and agents, or directly to customers.
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2. |
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 that you have read the audited consolidated financial statements included in our 2016 Annual Report on Form 10-K.
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 that actual results may differ from those estimates and assumptions.
Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation – Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting designed to simplify certain aspects of accounting for share-
based awards. The new ASU requires entities to recognize as a component of income tax expense all excess tax benefits or deficiencies arising from the difference between compensation costs recognized and the intrinsic value at the time an option is exercised or, in the case of restricted stock and similar awards, the fair value upon vesting of an award. Previously such differences were recognized in additional paid in capital as part of an “APIC pool.” The ASU also requires entities to exclude excess tax benefits and tax deficiencies from the calculation of common share equivalents for purposes of calculating earnings per share. In addition, as permitted by the ASU, we have elected to account for the impact of forfeitures as they occur rather to estimate forfeitures for purposes of recognizing compensation expense. We adopted this standard effective January 1, 2017, on a prospective basis; however, the adoption of the new standard did not have a material impact on our reported results of operations or financial position.
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers which clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards. The new standard is required to be adopted retrospectively for fiscal years beginning after December 15, 2017. The ASU requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The guidance allows for both retrospective and modified retrospective methods of adoption. We will apply the modified retrospective method of adoption. We continue to perform our assessment of the impact of the ASU on our policies, processes, systems and controls and are developing processes to obtain the information necessary for the new disclosures. This assessment requires, among others, a review of a substantial amount of the contracts we have with our customers.
Substantially all of our revenue is earned pursuant to contracts under which we have one performance obligation that is satisfied at a point-in-time. We have completed our review of a substantial portion of our contracts and we do not expect this ASU will have a significant impact on the timing or amount of revenue recognition, our results of operations or our financial position.
In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”). The update requires entities to present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. All other components are to be presented below the determination of
- 6 -
GLATFELTER
09.30.17 Form 10-Q
operating income. Entities will be required to disclose the line(s) used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. ASU 2017-07 is effective for fiscal years and interim periods beginning after December 15, 2017, and early adoption is permitted. We do not expect the adoption of ASU 2017-07 will have a material impact on our consolidated financial statements.
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This ASU will require organizations such as us that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance will be effective for annual periods beginning after December 15, 2018, and interim periods therein. Early adoption is permitted. We are in the process of assessing the impact this standard will have on us and expect to follow a modified retrospective method provided for under the standard.
In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities" (“ASU 2017-12”), which simplifies the application of hedge accounting and more closely aligns hedge accounting with an entity’s risk management strategies. ASU 2017-12 also amends the manner in which hedge effectiveness may be performed and changes the presentation of hedge ineffectiveness in the financial statements. ASU 2017-12 is effective for us beginning January 1, 2019, with early adoption permitted. ASU 2017-12 requires a cumulative-effect adjustment for certain items upon adoption. We are currently evaluating the impact the adoption of ASU 2017-12 will have on our consolidated financial statements.
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. This standard is effective for us in the first quarter of 2020 and must be adopted using a modified retrospective transition approach. We are currently assessing the impact this standard may have on our results of operations and financial position.
|
3. |
The following table sets forth the details of basic and diluted earnings per share (“EPS”):
|
|
Three months ended September 30 |
|
||||||
|
In thousands, except per share |
2017 |
|
|
|
2016 |
|
||
|
Net income |
$ |
12,105 |
|
|
|
$ |
19,601 |
|
|
Weighted average common shares |
|
|
|
|
|
|
|
|
|
outstanding used in basic EPS |
|
43,617 |
|
|
|
|
43,576 |
|
|
Common shares issuable upon |
|
|
|
|
|
|
|
|
|
exercise of dilutive stock options |
|
|
|
|
|
|
|
|
|
and PSAs / RSUs |
|
565 |
|
|
|
|
557 |
|
|
Weighted average common shares |
|
|
|
|
|
|
|
|
|
outstanding and common share |
|
|
|
|
|
|
|
|
|
equivalents used in diluted EPS |
|
44,182 |
|
|
|
|
44,133 |
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.28 |
|
|
|
$ |
0.45 |
|
|
Diluted |
|
0.27 |
|
|
|
|
0.44 |
|
|
|
Nine months ended September 30 |
|
||||||
|
In thousands, except per share |
2017 |
|
|
|
2016 |
|
||
|
Net income |
$ |
17,994 |
|
|
|
$ |
37,734 |
|
|
Weighted average common shares |
|
|
|
|
|
|
|
|
|
outstanding used in basic EPS |
|
43,601 |
|
|
|
|
43,552 |
|
|
Common shares issuable upon |
|
|
|
|
|
|
|
|
|
exercise of dilutive stock options |
|
|
|
|
|
|
|
|
|
and PSAs / RSUs |
|
809 |
|
|
|
|
507 |
|
|
Weighted average common shares |
|
|
|
|
|
|
|
|
|
outstanding and common share |
|
|
|
|
|
|
|
|
|
equivalents used in diluted EPS |
|
44,410 |
|
|
|
|
44,059 |
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.41 |
|
|
|
$ |
0.87 |
|
|
Diluted |
|
0.41 |
|
|
|
|
0.86 |
|
The following table sets forth potential common shares outstanding that were not included in the computation of diluted EPS for the period indicated, because their effect would be anti-dilutive:
|
|
September 30 |
|
||||||
|
In thousands |
2017 |
|
|
|
2016 |
|
||
|
Three months ended |
|
967 |
|
|
|
|
681 |
|
|
Nine months ended |
|
593 |
|
|
|
|
683 |
|
- 7 -
GLATFELTER
09.30.17 Form 10-Q
The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three months and nine months ended September 30, 2017 and 2016.
|
In thousands |
Currency translation adjustments |
|
|
Unrealized gain (loss) on cash flow hedges |
|
|
Change in pensions |
|
|
Change in other postretirement defined benefit plans |
|
|
Total |
|
|||||
|
Balance at July 1, 2017 |
$ |
(66,879 |
) |
|
$ |
(3,097 |
) |
|
$ |
(105,824 |
) |
|
$ |
4,719 |
|
|
$ |
(171,081 |
) |
|
Other comprehensive income before reclassifications (net of tax) |
|
16,559 |
|
|
|
(1,533 |
) |
|
|
— |
|
|
|
— |
|
|
|
15,026 |
|
|
Amounts reclassified from accumulated other comprehensive income (net of tax) |
|
— |
|
|
|
19 |
|
|
|
2,424 |
|
|
|
(139 |
) |
|
|
2,304 |
|
|
Net current period other comprehensive income (loss) |
|
16,559 |
|
|
|
(1,514 |
) |
|
|
2,424 |
|
|
|
(139 |
) |
|
|
17,330 |
|
|
Balance at September 30, 2017 |
$ |
(50,320 |
) |
|
$ |
(4,611 |
) |
|
$ |
(103,400 |
) |
|
$ |
4,580 |
|
|
$ |
(153,751 |
) |
|
Balance at July 1, 2016 |
$ |
(74,486 |
) |
|
$ |
785 |
|
|
$ |
(115,786 |
) |
|
$ |
3,204 |
|
|
$ |
(186,283 |
) |
|
Other comprehensive income before reclassifications (net of tax) |
|
(1,530 |
) |
|
|
(1,195 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,725 |
) |
|
Amounts reclassified from accumulated other comprehensive income (net of tax) |
|
— |
|
|
|
337 |
|
|
|
2,464 |
|
|
|
(145 |
) |
|
|
2,656 |
|
|
Net current period other comprehensive income (loss) |
|
(1,530 |
) |
|
|
(858 |
) |
|
|
2,464 |
|
|
|
(145 |
) |
|
|
(69 |
) |
|
Balance at September 30, 2016 |
$ |
(76,016 |
) |
|
$ |
(73 |
) |
|
$ |
(113,322 |
) |
|
$ |
3,059 |
|
|
$ |
(186,352 |
) |
|
In thousands |
Currency translation adjustments |
|
|
Unrealized gain (loss) on cash flow hedges |
|
|
Change in pensions |
|
|
Change in other postretirement defined benefit plans |
|
|
Total |
|
|||||
|
Balance at January 1, 2017 |
$ |
(100,448 |
) |
|
$ |
1,500 |
|
|
$ |
(110,656 |
) |
|
$ |
4,998 |
|
|
$ |
(204,606 |
) |
|
Other comprehensive income before reclassifications (net of tax) |
|
50,128 |
|
|
|
(4,868 |
) |
|
|
— |
|
|
|
1 |
|
|
|
45,261 |
|
|
Amounts reclassified from accumulated other comprehensive income (net of tax) |
|
— |
|
|
|
(1,243 |
) |
|
|
7,256 |
|
|
|
(419 |
) |
|
|
5,594 |
|
|
Net current period other comprehensive income (loss) |
|
50,128 |
|
|
|
(6,111 |
) |
|
|
7,256 |
|
|
|
(418 |
) |
|
|
50,855 |
|
|
Balance at September 30, 2017 |
$ |
(50,320 |
) |
|
$ |
(4,611 |
) |
|
$ |
(103,400 |
) |
|
$ |
4,580 |
|
|
$ |
(153,751 |
) |
|
Balance at January 1, 2016 |
$ |
(73,041 |
) |
|
$ |
(225 |
) |
|
$ |
(120,714 |
) |
|
$ |
3,494 |
|
|
$ |
(190,486 |
) |
|
Other comprehensive income before reclassifications (net of tax) |
|
(2,975 |
) |
|
|
(106 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,081 |
) |
|
Amounts reclassified from accumulated other comprehensive income (net of tax) |
|
— |
|
|
|
258 |
|
|
|
7,392 |
|
|
|
(435 |
) |
|
|
7,215 |
|
|
Net current period other comprehensive income (loss) |
|
(2,975 |
) |
|
|
152 |
|
|
|
7,392 |
|
|
|
(435 |
) |
|
|
4,134 |
|
|
Balance at September 30, 2016 |
$ |
(76,016 |
) |
|
$ |
(73 |
) |
|
$ |
(113,322 |
) |
|
$ |
3,059 |
|
|
$ |
(186,352 |
) |
- 8 -
GLATFELTER
09.30.17 Form 10-Q
Reclassifications out of accumulated other comprehensive income were as follows:
|
|
|
Three months ended September 30 |
|
|
Nine months ended September 30 |
|
|
|
||||||||||
|
In thousands |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
||||
|
Description |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line Item in Statements of Income |
|
Cash flow hedges (Note 12) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) losses on cash flow hedges |
|
$ |
29 |
|
|
$ |
347 |
|
|
$ |
(1,687 |
) |
|
$ |
264 |
|
|
Costs of products sold |
|
Tax expense (benefit) |
|
|
(10 |
) |
|
|
(10 |
) |
|
|
444 |
|
|
|
(6 |
) |
|
Income tax provision |
|
Net of tax |
|
|
19 |
|
|
|
337 |
|
|
|
(1,243 |
) |
|
|
258 |
|
|
|
|
Retirement plan obligations (Note 7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of deferred benefit pension plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service costs |
|
|
532 |
|
|
|
506 |
|
|
|
1,592 |
|
|
|
1,519 |
|
|
Costs of products sold |
|
|
|
|
176 |
|
|
|
168 |
|
|
|
528 |
|
|
|
504 |
|
|
Selling, general and administrative |
|
Actuarial losses |
|
|
2,290 |
|
|
|
2,450 |
|
|
|
6,852 |
|
|
|
7,350 |
|
|
Costs of products sold |
|
|
|
|
788 |
|
|
|
843 |
|
|
|
2,359 |
|
|
|
2,530 |
|
|
Selling, general and administrative |
|
|
|
|
3,786 |
|
|
|
3,967 |
|
|
|
11,331 |
|
|
|
11,903 |
|
|
|
|
Tax benefit |
|
|
(1,362 |
) |
|
|
(1,503 |
) |
|
|
(4,075 |
) |
|
|
(4,511 |
) |
|
Income tax provision |
|
Net of tax |
|
|
2,424 |
|
|
|
2,464 |
|
|
|
7,256 |
|
|
|
7,392 |
|
|
|
|
Amortization of deferred benefit other plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service costs |
|
|
(37 |
) |
|
|
(37 |
) |
|
|
(112 |
) |
|
|
(112 |
) |
|
Costs of products sold |
|
|
|
|
(8 |
) |
|
|
(8 |
) |
|
|
(24 |
) |
|
|
(24 |
) |
|
Selling, general and administrative |
|
Actuarial losses |
|
|
(77 |
) |
|
|
(156 |
) |
|
|
(233 |
) |
|
|
(467 |
) |
|
Costs of products sold |
|
|
|
|
(17 |
) |
|
|
(33 |
) |
|
|
(50 |
) |
|
|
(100 |
) |
|
Selling, general and administrative |
|
|
|
|
(139 |
) |
|
|
(234 |
) |
|
|
(419 |
) |
|
|
(703 |
) |
|
|
|
Tax expense |
|
|
— |
|
|
|
89 |
|
|
|
— |
|
|
|
268 |
|
|
Income tax provision |
|
Net of tax |
|
|
(139 |
) |
|
|
(145 |
) |
|
|
(419 |
) |
|
|
||||