2018 Q1 Form 10-Q Financial Statement
#000156459018010036 Filed on May 01, 2018
Income Statement
| Concept | 2018 Q1 |
|---|---|
| Revenue | $410.6M |
| YoY Change | 4.8% |
| Cost Of Revenue | $174.6M |
| YoY Change | -47.85% |
| Gross Profit | $36.56M |
| YoY Change | 11.53% |
| Gross Profit Margin | 8.9% |
| Selling, General & Admin | $29.93M |
| YoY Change | -14.69% |
| % of Gross Profit | 81.87% |
| Research & Development | |
| YoY Change | |
| % of Gross Profit | |
| Depreciation & Amortization | $11.34M |
| YoY Change | -34.41% |
| % of Gross Profit | 31.01% |
| Operating Expenses | $29.93M |
| YoY Change | -14.69% |
| Operating Profit | $7.745M |
| YoY Change | -64.49% |
| Interest Expense | $3.450M |
| YoY Change | -13.92% |
| % of Operating Profit | 44.54% |
| Other Income/Expense, Net | -$3.719M |
| YoY Change | -10.9% |
| Pretax Income | $4.026M |
| YoY Change | -77.17% |
| Income Tax | $1.762M |
| % Of Pretax Income | 43.77% |
| Net Earnings | $5.716M |
| YoY Change | -50.74% |
| Net Earnings / Revenue | 1.39% |
| Basic Earnings Per Share | $0.13 |
| Diluted Earnings Per Share | $0.13 |
| COMMON SHARES | |
| Basic Shares Outstanding | 43.70M |
| Diluted Shares Outstanding | 44.57M |
Balance Sheet
| Concept | 2018 Q1 |
|---|---|
| SHORT-TERM ASSETS | |
| Cash & Short-Term Investments | $117.3M |
| YoY Change | 105.07% |
| Cash & Equivalents | $117.3M |
| Short-Term Investments | |
| Other Short-Term Assets | $491.4M |
| YoY Change | 6.96% |
| Inventory | $262.9M |
| Prepaid Expenses | |
| Receivables | $183.3M |
| Other Receivables | $0.00 |
| Total Short-Term Assets | $608.7M |
| YoY Change | 17.82% |
| LONG-TERM ASSETS | |
| Property, Plant & Equipment | $870.7M |
| YoY Change | 8.3% |
| Goodwill | |
| YoY Change | |
| Intangibles | |
| YoY Change | |
| Long-Term Investments | |
| YoY Change | |
| Other Assets | $141.0M |
| YoY Change | 13.62% |
| Total Long-Term Assets | $1.156B |
| YoY Change | 9.24% |
| TOTAL ASSETS | |
| Total Short-Term Assets | $608.7M |
| Total Long-Term Assets | $1.156B |
| Total Assets | $1.765B |
| YoY Change | 12.05% |
| SHORT-TERM LIABILITIES | |
| YoY Change | |
| Accounts Payable | $187.7M |
| YoY Change | 8.94% |
| Accrued Expenses | |
| YoY Change | |
| Deferred Revenue | |
| YoY Change | |
| Short-Term Debt | $0.00 |
| YoY Change | |
| Long-Term Debt Due | $11.60M |
| YoY Change | 23.19% |
| Total Short-Term Liabilities | $338.7M |
| YoY Change | 5.57% |
| LONG-TERM LIABILITIES | |
| Long-Term Debt | $494.1M |
| YoY Change | 23.38% |
| Other Long-Term Liabilities | $122.8M |
| YoY Change | -3.19% |
| Total Long-Term Liabilities | $616.9M |
| YoY Change | 16.99% |
| TOTAL LIABILITIES | |
| Total Short-Term Liabilities | $338.7M |
| Total Long-Term Liabilities | $616.9M |
| Total Liabilities | $1.041B |
| YoY Change | 14.86% |
| SHAREHOLDERS EQUITY | |
| Retained Earnings | |
| YoY Change | |
| Common Stock | |
| YoY Change | |
| Preferred Stock | |
| YoY Change | |
| Treasury Stock (at cost) | |
| YoY Change | |
| Treasury Stock Shares | |
| Shareholders Equity | $724.0M |
| YoY Change | |
| Total Liabilities & Shareholders Equity | $1.765B |
| YoY Change | 12.05% |
Cashflow Statement
| Concept | 2018 Q1 |
|---|---|
| OPERATING ACTIVITIES | |
| Net Income | $5.716M |
| YoY Change | -50.74% |
| Depreciation, Depletion And Amortization | $11.34M |
| YoY Change | -34.41% |
| Cash From Operating Activities | -$7.149M |
| YoY Change | -194.07% |
| INVESTING ACTIVITIES | |
| Capital Expenditures | $20.07M |
| YoY Change | -45.44% |
| Acquisitions | |
| YoY Change | |
| Other Investing Activities | $28.00K |
| YoY Change | |
| Cash From Investing Activities | -$18.94M |
| YoY Change | -48.54% |
| FINANCING ACTIVITIES | |
| Cash Dividend Paid | |
| YoY Change | |
| Common Stock Issuance & Retirement, Net | |
| YoY Change | |
| Debt Paid & Issued, Net | $2.902M |
| YoY Change | 32.51% |
| Cash From Financing Activities | 15.84M |
| YoY Change | -48.06% |
| NET CHANGE | |
| Cash From Operating Activities | -7.149M |
| Cash From Investing Activities | -18.94M |
| Cash From Financing Activities | 15.84M |
| Net Change In Cash | -10.25M |
| YoY Change | -888.15% |
| FREE CASH FLOW | |
| Cash From Operating Activities | -$7.149M |
| Capital Expenditures | $20.07M |
| Free Cash Flow | -$27.22M |
| YoY Change | -6.74% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2016Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
55444000 | |
| CY2017Q1 | us-gaap |
Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
|
38236000 | |
| CY2018Q1 | glt |
Proceeds From Payments For Share Based Compensation And Other
ProceedsFromPaymentsForShareBasedCompensationAndOther
|
-965000 | |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
15842000 | |
| CY2018Q1 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
2458000 | |
| CY2018Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
1058000 | |
| CY2018Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
1496000 | |
| CY2018Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
2956000 | |
| CY2018Q1 | us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<div> <p style="margin-top:12pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;text-indent:3.33%;">Reclassification <font style="font-weight:normal;"> As a result of adopting the provisions of Accounting Standards Update (“ASU”) No. 2017-07, </font><font style="font-style:italic;font-weight:normal;">Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Cost</font><font style="font-weight:normal;"> we reclassified certain amounts of periodic benefit expense for previously reported periods from Cost of products sold and Selling, general and administrative expense to Non Operating Expense. As a result of applying the ASU, Costs of products sold for the first quarter of 2017 was increased by $1.3 million and Selling, general and administrative expenses were reduced by $0.2 million and the offsetting net reclassification reduced Non-operating expense by $1.1 million.</font></p></div> | |
| CY2018Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="margin-top:12pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;text-indent:3.33%;">Accounting Estimates <font style="font-weight:normal;">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 </font><font style="font-weight:normal;">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.</font></p></div> | |
| CY2018Q1 | us-gaap |
Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
|
-1779000 | |
| CY2017Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
7193000 | |
| CY2018Q1 | us-gaap |
Interest Costs Incurred
InterestCostsIncurred
|
5591000 | |
| CY2018Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
410647000 | |
| CY2017Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
390713000 | |
| CY2018Q1 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
867000 | |
| CY2017Q1 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
910000 | |
| CY2018Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
587000 | |
| CY2017Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
592000 | |
| CY2017Q4 | us-gaap |
Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
|
-22298000 | |
| CY2017Q4 | glt |
Accumulated Other Comprehensive Income Loss Net Of Tax Adjusted Balance
AccumulatedOtherComprehensiveIncomeLossNetOfTaxAdjustedBalance
|
-162973000 | |
| CY2018Q1 | us-gaap |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
|
9530000 | |
| CY2018Q1 | us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
|
-4490000 | |
| CY2018Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
14020000 | |
| CY2016Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
-204606000 | |
| CY2017Q1 | us-gaap |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
|
5810000 | |
| CY2017Q1 | us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
|
-1383000 | |
| CY2017Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
-197413000 | |
| CY2017 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.35 | |
| CY2018Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | |
| CY2018Q1 | glt |
Tax Cuts And Jobs Act Of2017 Change In Effective Tax Rate Due To Global Intangible Low Taxed Income Provisions
TaxCutsAndJobsActOf2017ChangeInEffectiveTaxRateDueToGlobalIntangibleLowTaxedIncomeProvisions
|
0.10 | |
| CY2018Q1 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
27800000 | |
| CY2017Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
26900000 | |
| CY2018Q1 | us-gaap |
Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
|
17600000 | |
| CY2018Q1 | us-gaap |
Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
|
100000 | |
| CY2017Q1 | us-gaap |
Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
|
100000 | |
| CY2018Q1 | us-gaap |
Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
|
900000 | |
| CY2017Q4 | us-gaap |
Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
|
800000 | |
| CY2018Q1 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
63024000 | |
| CY2017Q4 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
60806000 | |
| CY2018Q1 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
122432000 | |
| CY2017Q4 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
116678000 | |
| CY2018Q1 | us-gaap |
Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
|
77491000 | |
| CY2017Q4 | us-gaap |
Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
|
74580000 | |
| CY2017Q1 | us-gaap |
Interest Costs Incurred
InterestCostsIncurred
|
4597000 | |
| CY2018Q1 | us-gaap |
Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
|
396000 | |
| CY2017Q1 | us-gaap |
Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
|
589000 | |
| CY2018Q1 | us-gaap |
Long Term Debt
LongTermDebt
|
507517000 | |
| CY2017Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
483330000 | |
| CY2017Q4 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
468752000 | |
| CY2017Q4 | us-gaap |
Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
|
-1934000 | |
| CY2018Q1 | glt |
Debt Instrument Covenant Compliance Leverage Ratio Threshold
DebtInstrumentCovenantComplianceLeverageRatioThreshold
|
3.5 | |
| CY2018Q1 | glt |
Debt Instrument Covenant Compliance Leverage Ratio Actual
DebtInstrumentCovenantComplianceLeverageRatioActual
|
2.8 | |
| CY2018Q1 | us-gaap |
Long Term Debt Fair Value
LongTermDebtFairValue
|
511929000 | |
| CY2017Q4 | us-gaap |
Long Term Debt Fair Value
LongTermDebtFairValue
|
487724000 | |
| CY2017Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
|
-5640000 | |
| CY2016Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
|
1882000 | |
| CY2018Q1 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
-4344000 | |
| CY2017Q1 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
-303000 | |
| CY2018Q1 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
|
-1959000 | |
| CY2017Q1 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
|
931000 | |
| CY2018Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
|
-8025000 | |
| CY2017Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
|
648000 | |
| CY2018Q1 | glt |
Number Of Operable Units
NumberOfOperableUnits
|
5 | |
| CY2018Q1 | glt |
Term Of Agreement With Third Party
TermOfAgreementWithThirdParty
|
P30Y | |
| CY2017Q4 | us-gaap |
Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
|
43144000 | |
| CY2016Q4 | us-gaap |
Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
|
52788000 | |
| CY2018Q1 | us-gaap |
Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
|
2536000 | |
| CY2017Q1 | us-gaap |
Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
|
85000 | |
| CY2018Q1 | us-gaap |
Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
|
40608000 | |
| CY2017Q1 | us-gaap |
Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
|
52703000 | |
| CY2018Q1 | glt |
Amount Of Tons Sold
AmountOfTonsSold
|
254800 | |
| CY2017Q1 | glt |
Amount Of Tons Sold
AmountOfTonsSold
|
260800 | |
| CY2018Q1 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
26600000 | |
| CY2017Q1 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
36800000 | |
| CY2018Q1 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
491423000 | |
| CY2018Q1 | glt |
Other Assets Other Noncurrent
OtherAssetsOtherNoncurrent
|
285178000 | |
| CY2018Q1 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
85025000 | |
| CY2017Q4 | glt |
Other Assets Other Noncurrent
OtherAssetsOtherNoncurrent
|
280081000 | |
| CY2017Q4 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
83571000 | |
| CY2018Q1 | us-gaap |
Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
|
22486000 | |
| CY2017Q1 | us-gaap |
Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
|
36046000 |
