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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2024
or
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to
gzgnllmkh1c0000001.jpg
4350 Congress Street, Suite 600
Charlotte, North Carolina 28209
(Address of principal executive offices)
(704) 885-2555
(Registrant's telephone number, including area code)
 
Commission file
number
 
Exact name of registrant as
specified in its charter
 
IRS Employer
Identification No.
 
State or other jurisdiction of
incorporation or organization
 
 1-03560 Glatfelter Corporation 23-0628360 Pennsylvania 
(N/A)
Former name or former address, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock GLT New York Stock Exchange
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 every Interactive Data File required to be submitted 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 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.
Large Accelerated Filer☐ Accelerated filer☒
Non-accelerated filer☐ Smaller reporting company ☐
  Emerging growth company☐ 
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. 
☐
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 August 5, 2024 totaled 45,397,132 shares.

GLATFELTER CORPORATION AND SUBSIDIARIES
REPORT ON FORM 10-Q
For the Quarterly Period Ended
June 30, 2024
Table of Contents
 
Page
 2
 
Condensed Consolidated Statements of Operations for the three months and six months ended June 30, 2024 and 2023 (unaudited)
 
Condensed Consolidated Statements of Comprehensive Loss for the three months and six months ended June 30, 2024 and 2023 (unaudited)
 
 
Condensed Consolidated Statements of Cash Flows for the three months and six months ended June 30, 2024 and 2023 (unaudited)
 
Statements of Shareholders’ Equity for the three months and six months ended June 30, 2024 and 2023 (unaudited)
 
 
 
 3
 4
5
 6
 7
 8
 9
 10
 11
 12
 13
 14
 15
 16
 17
 18
 19
Item 1B
 


PART I
Item 1 – Financial Statements
GLATFELTER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 Three months ended
June 30,		Six months ended
June 30,
In thousands, except per share2024202320242023
     
Net sales$329,443 $357,005 $656,699 $735,213 
Costs of products sold292,656 338,872 585,402 680,866 
Gross profit36,787 18,133 71,297 54,347 
Selling, general and administrative expenses29,420 28,639 65,477 59,384 
Losses (gains) on dispositions of plant, equipment and timberlands, net
73 (21)71 (665)
Operating income (loss)7,294 (10,485)5,749 (4,372)
Non-operating income (expense)
Interest expense(17,900)(17,261)(35,585)(29,855)
Interest income273 559 534 830 
Other, net(2,509)(3,045)(4,536)(6,323)
Total non-operating expense(20,136)(19,747)(39,587)(35,348)
Loss from continuing operations before income taxes(12,842)(30,232)(33,838)(39,720)
Income tax provision
2,953 6,399 8,107 10,093 
Loss from continuing operations(15,795)(36,631)(41,945)(49,813)
 
Discontinued operations:
Loss before income taxes
(484)(309)(681)(711)
Income tax provision— — — — 
Loss from discontinued operations
(484)(309)(681)(711)
Net loss$(16,279)$(36,940)$(42,626)$(50,524)
 
Basic earnings per share
Loss from continuing operations$(0.35)$(0.82)$(0.93)$(1.11)
Loss from discontinued operations(0.02)(0.01)(0.02)(0.02)
Basic loss per share$(0.37)$(0.83)$(0.95)$(1.13)
 
Diluted earnings per share
Loss from continuing operations$(0.35)$(0.82)$(0.93)$(1.11)
Loss from discontinued operations(0.02)(0.01)(0.02)(0.02)
Diluted loss per share$(0.37)$(0.83)$(0.95)$(1.13)
 
Weighted average shares outstanding
Basic45,33845,041 45,26144,999
Diluted45,33845,041 45,26144,999
The accompanying notes are an integral part of these condensed consolidated financial statements.
- 2 -


GLATFELTER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(unaudited)
 Three months ended
June 30,		Six months ended
June 30,
In thousands2024202320242023
Net loss$(16,279)$(36,940)$(42,626)$(50,524)
Foreign currency translation adjustments(1,978)2,820 (11,142)9,483 
Net change in:
Deferred (losses) gains on derivatives, net of taxes
 of 107, $96, (511) and $149, respectively
(361)(11)1,081 146 
Unrecognized retirement obligations, net of taxes
 of (8), $(3), (15) and $(4), respectively
22 18 42 670 
Other comprehensive income (loss)(2,317)2,827 (10,019)10,299 
Comprehensive loss$(18,596)$(34,113)$(52,645)$(40,225)
The accompanying notes are an integral part of these condensed consolidated financial statements.
- 3 -


GLATFELTER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
In thousandsJune 30,
2024		December 31,
2023
Assets  
Cash and cash equivalents$33,932 $50,265 
Accounts receivable, net177,983 170,974 
Inventories305,115 298,248 
Prepaid expenses and other current assets69,213 86,480 
Total current assets586,243 605,967 
 
Plant, equipment and timberlands, net638,538 662,916 
Goodwill105,448 107,691 
Intangible assets, net96,293 106,333 
Other assets78,501 80,889 
Total assets$1,505,023 $1,563,796 
 
Liabilities and Shareholders' Equity
Current portion of long-term debt$— $1,005 
Short-term debt8,454 6,150 
Accounts payable156,457 158,455 
Environmental liabilities300 2,000 
Other current liabilities100,116 112,758 
Total current liabilities265,327 280,368 
 
Long-term debt861,882 853,163 
Deferred income taxes50,567 52,219 
Other long-term liabilities121,727 121,192 
Total liabilities1,299,503 1,306,942 
 
Commitments and contingencies (Note 18)
— — 
 
Shareholders’ equity
Common stock544 544 
Capital in excess of par value55,396 58,759 
Retained earnings377,184 419,810 
Accumulated other comprehensive loss(92,528)(82,509)
 340,596 396,604 
Less cost of common stock in treasury(135,076)(139,750)
Total shareholders’ equity205,520 256,854 
Total liabilities and shareholders’ equity$1,505,023 $1,563,796 
The accompanying notes are an integral part of these condensed consolidated financial statements.
- 4 -


GLATFELTER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 Six months ended June 30,
In thousands20242023
Operating activities  
Net loss$(42,626)$(50,524)
Loss from discontinued operations, net of taxes
681 711 
Adjustments to reconcile to net cash used by continuing operations:
Depreciation, depletion and amortization31,296 31,701 
Amortization of debt issue costs and original issue discount2,059 3,281 
Pension settlement charge— 633 
Deferred income tax (benefit) expense
(394)959 
Losses (gains) on dispositions of plant, equipment and timberlands, net
71 (665)
Share-based compensation1,469 1,307 
Change in operating assets and liabilities:
Accounts receivable(7,379)4,180 
Inventories(12,305)(1,656)
Prepaid and other current assets14,847 7,418 
Accounts payable1,685 (58,129)
Accruals and other current liabilities(11,535)3,633 
Other1,579 4,130 
Net cash used by operating activities from continuing operations(20,552)(53,021)
Investing activities
Expenditures for purchases of plant, equipment and timberlands(13,172)(17,458)
Proceeds from disposals of plant, equipment and timberlands, net17 735 
Net cash used by investing activities from continuing operations(13,155)(16,723)
Financing activities
Proceeds from term loan— 262,273 
Repayment of term loans(988)(226,451)
Net borrowings (repayments) under revolving credit facility18,149 (14,988)
Payments of borrowing costs(60)(10,071)
Payments related to share-based compensation awards and other(158)(248)
Net cash provided by financing activities from continuing operations16,943 10,515 
Effect of exchange rate changes on cash(1,304)1,096 
Net decrease in cash, cash equivalents and restricted cash(18,068)(58,133)
Decrease in cash, cash equivalents and restricted cash from discontinued operations
(231)(428)
Cash, cash equivalents and restricted cash at the beginning of period55,360 119,162 
Cash, cash equivalents and restricted cash at the end of period37,061 60,601 
Less: restricted cash in Prepaid expenses and other current assets(3,129)(3,600)
Less: restricted cash in Other assets— (3,137)
Cash and cash equivalents at the end of period$33,932 $53,864 
 
Supplemental cash flow information
Cash paid for:
Interest$33,108 $27,001 
Income taxes, net5,055 4,109 
The accompanying notes are an integral part of these condensed consolidated financial statements.
- 5 -


GLATFELTER CORPORATION AND SUBSIDIARIES
STATEMENTS OF SHAREHOLDERS’ EQUITY
(unaudited)
In thousands
Common
stock
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
Shareholders’
Equity
Balance at April 1, 2024$544 $56,781 $393,463 $(90,211)$(137,255)$223,322 
Net loss(16,279)(16,279)
Other comprehensive loss(2,317)(2,317)
Comprehensive loss(18,596)
Share-based compensation expense798 798 
Delivery of treasury shares:
RSUs and PSAs(2,183)2,179 (4)
Balance at June 30, 2024$544 $55,396 $377,184 $(92,528)$(135,076)$205,520 
 
Balance at April 1, 2023$544 $59,256 $485,279 $(90,423)$(142,069)$312,587 
Net loss(36,940)(36,940)
Other comprehensive income
2,827 2,827 
Comprehensive loss(34,113)
Share-based compensation expense376 376 
Delivery of treasury shares:
RSUs and PSAs(1,687)1,675 (12)
Balance at June 30, 2023$544 $57,945 $448,339 $(87,596)$(140,394)$278,838 
 
Balance at January 1, 2024$544 $58,759 $419,810 $(82,509)$(139,750)$256,854 
Net loss(42,626)(42,626)
Other comprehensive loss
(10,019)(10,019)
Comprehensive loss(52,645)
Share-based compensation expense1,469 1,469 
Delivery of treasury shares:
RSUs and PSAs(4,832)4,674 (158)
Balance at June 30, 2024$544 $55,396 $377,184 $(92,528)$(135,076)$205,520 
 
Balance at January 1, 2023$544 $60,663 $498,863 $(97,895)$(144,171)$318,004 
Net loss(50,524)(50,524)
Other comprehensive income
10,299 10,299 
Comprehensive loss(40,225)
Share-based compensation expense1,307 1,307 
Delivery of treasury shares:
RSUs and PSAs(4,025)3,777 (248)
Balance at June 30, 2023$544 $57,945 $448,339 $(87,596)$(140,394)$278,838 


The accompanying notes are an integral part of these condensed consolidated financial statements.
- 6 -



GLATFELTER CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1.ORGANIZATION
Glatfelter Corporation and subsidiaries ("Glatfelter") is a leading global supplier of engineered materials with a strong focus on innovation and sustainability. Glatfelter's high quality, technology-driven, innovative, and customizable nonwovens solutions can be found in products that are Enhancing Everyday Life®. These include personal care and hygiene products, food and beverage filtration, critical cleaning products, medical and personal protection, packaging products, as well as home improvement and industrial applications. Headquartered in Charlotte, NC, our 2023 net sales were $1.4 billion. At June 30, 2024, we employed approximately 2,907 employees worldwide. Glatfelter’s operations utilize a variety of manufacturing technologies including airlaid, wetlaid, and spunlace with fifteen manufacturing sites located in the United States, Canada, Germany, the United Kingdom, France, Spain, and the Philippines. The Company has sales offices in all major geographies serving customers under the Glatfelter and Sontara brands. Additional information about Glatfelter may be found at www.glatfelter.com. The terms “we,” “us,” “our,” “the Company,” or “Glatfelter,” refer to Glatfelter Corporation and subsidiaries unless the context indicates otherwise.


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 2023 Annual Report on Form 10-K.
Discontinued Operations The results of operations and cash flows of our former Specialty Papers business have been classified as discontinued operations for all periods presented in the condensed consolidated statements of operations.
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 November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The standard improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). The standard enhances income tax disclosure requirements by requiring specified categories and greater disaggregation within the rate reconciliation table, disclosure of income taxes paid by jurisdiction, and provides clarification on uncertain tax positions and related financial statement impacts. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
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3.REVENUE

The following tables set forth disaggregated information pertaining to our net sales:

 Three months ended
June 30,		Six months ended
June 30,
In thousands2024202320242023
Revenue by product category    
Airlaid Materials
Feminine hygiene$44,783 $51,882 $89,592 $110,127 
Specialty wipes38,221 45,535 78,140 90,329 
Tabletop26,131 31,778 50,125 62,193 
Food pads2,856 3,361 6,663 6,901 
Home care6,214 6,781 12,361 14,140 
Adult incontinence5,773 7,063 12,370 14,422 
Other6,606 6,111 12,862 13,840 
130,584 152,511 262,113 311,952 
Composite Fibers
Food & beverage69,331 70,755 137,693 149,699 
Wallcovering15,023 19,570 28,944 35,727 
Technical specialties15,643 20,542 30,955 41,995 
Composite laminates11,355 8,818 22,674 17,801 
Metallized5,863 6,040 13,099 13,094 
117,215 125,725 233,365 258,316 
Spunlace
Consumer wipes32,441 34,759 65,147 72,868 
Critical cleaning29,550 17,584 57,882 46,733 
Health care10,214 16,808 18,981 27,183 
Hygiene7,255 5,034 14,220 10,694 
High performance2,386 4,608 5,091 7,817 
Beauty care351 627 1,006 848 
82,197 79,420 162,327 166,143 
Inter-segment sales elimination(553)(651)(1,106)(1,198)
Total$329,443 $357,005 $656,699 $735,213 
- 8 -


Three months ended
June 30,		Six months ended
June 30,
In thousands2024202320242023
Revenue by geography
Airlaid Materials
Americas$71,148 $85,492 $146,208 $175,329 
Europe, Middle East and Africa58,757 63,519 112,388 129,510 
Asia Pacific679 3,500 3,517 7,113 
130,584 152,511 262,113 311,952 
Composite Fibers
Europe, Middle East and Africa66,576 72,680 133,911 146,530 
Americas33,269 32,416 62,224 66,628 
Asia Pacific17,370 20,629 37,230 45,158 
117,215 125,725 233,365 258,316 
Spunlace
Americas53,199 50,001 104,466 103,153 
Europe, Middle East and Africa21,929 23,289 44,481 48,352 
Asia Pacific7,069 6,130 13,380 14,638 
82,197 79,420 162,327 166,143 
Inter-segment sales elimination(553)(651)(1,106)(1,198)
Total$329,443 $357,005 $656,699 $735,213 


4.PROPOSED MERGER
As previously announced on February 7, 2024, we entered into certain definitive agreements with Berry Global Group, Inc. (“Berry”) for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment including its Global Nonwovens and Films business (“HHNF”) with Glatfelter (the “Merger”) that will create Magnera, a leading, publicly-traded company in the specialty materials industry. The board of directors of both Berry and Glatfelter have unanimously approved the Merger. The Merger is expected to occur through a series of transactions, including a Reverse Morris Trust transaction such that HHNF will become a wholly owned subsidiary of Glatfelter. Upon completion of the Merger, Berry shareholders will hold 90% of the outstanding shares of Glatfelter and Glatfelter shareholders will continue to hold 10% of the outstanding shares of Glatfelter. The combined company’s Board of Directors will include 6 members chosen by Berry and 3 chosen from Glatfelter’s existing Board of Directors, with Curt Begle, the current president of the Health, Hygiene & Specialties Division of Berry, becoming the Chief Executive Officer.

In June, the Company reported the achievement of all required approvals and clearances under competition and foreign direct investment laws. Also, Berry received a favorable private letter ruling from the U.S. Internal Revenue Service regarding the qualification of the spin-off and the merger as tax-free transactions under the Internal Revenue Code. The transaction is subject to additional customary closing conditions, including approval by Glatfelter shareholders. The transaction is expected to close in the second half of 2024. Prior to the completion of the Merger, Glatfelter and HHNF will continue to operate as independent companies.


5.GAINS ON DISPOSITION OF PLANT, EQUIPMENT AND TIMBERLANDS

Timberland and other asset sales for the six months ended June 30, 2024 were inconsequential.

The following table sets forth sales of timberlands and other assets completed during the six months ended June 30, 2023:
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Dollars in thousandsAcresProceeds
Gain
2023
Timberlands216$630 $617 
Othern/a105 48 
Total$735 $665 


6.DISCONTINUED OPERATIONS
For the six months ended June 30, 2024 and 2023, we recognized losses in discontinued operations of $0.7 million primarily related to legal costs incurred in both periods, pension related costs in 2024, and an insurance claim settlement in 2023.
In August 2024, we reached a settlement in principle of a legal dispute with a manufacturer for equipment supplied and installed at our former Specialty Papers business. Under the terms of the sale agreement of our Specialty Papers business in 2018, we retained the right to any recoveries from the resolution of this matter. Under the terms of this settlement, we will be paid $6.5 million in monthly installments of approximately $1.1 million beginning in September 2024. We expect to recognize a $6.5 million gain, less applicable legal fees, in the quarter ended September 30, 2024 which will be included in discontinued operations.



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 June 30, Six months ended June 30,
In thousands, except per share20242023 20242023
Loss from continuing operations$(15,795)$(36,631)$(41,945)$(49,813)
 
Weighted average common shares outstanding used in basic EPS45,338 45,041 45,261 44,999 
Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs
— — — — 
Weighted average common shares outstanding and common share equivalents used in diluted EPS
45,338 45,041 45,261 44,999 
 
Loss per share from continuing operations
Basic$(0.35)$(0.82)$(0.93)$(1.11)
Diluted(0.35)(0.82)(0.93)(1.11)
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:
 Three months ended June 30,Six months ended June 30,
In thousands20242023 20242023
Potential common shares428 618 428 618 

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8.ACCUMULATED OTHER COMPREHENSIVE LOSS
The following table sets forth details of the changes in accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023.
In thousandsCurrency translation adjustments Unrealized gain (loss) on derivativesChange in pensions Change in other postretirement defined benefit plans Total
Balance at April 1, 2024
$(99,897)$11,997 $(2,668)$357 $(90,211)
Other comprehensive loss before reclassifications (net of tax)
(1,978)(177)— — (2,155)
Amounts reclassified from accumulated
 other comprehensive income (net of tax)
— (184)24 (2)(162)
Net current period other comprehensive income (loss)(1,978)(361)24 (2)(2,317)
Balance at June 30, 2024
$(101,875)$11,636 $(2,644)$355 $(92,528)
 
Balance at April 1, 2023
$(99,579)$11,333 $(2,587)$410 $(90,423)
Other comprehensive income before reclassifications (net of tax)
2,820 57 — — 2,877 
Amounts reclassified from accumulated
 other comprehensive income (net of tax)
— (68)25 (7)(50)
Net current period other comprehensive income (loss)2,820 (11)25 (7)2,827 
Balance at June 30, 2023
$(96,759)$11,322 $(2,562)$403 $(87,596)
Balance at January 1, 2024$(90,733)$10,555 $(2,692)$361 $(82,509)
Other comprehensive income (loss) before reclassifications (net of tax)
(11,142)1,718 — — (9,424)
Amounts reclassified from accumulated other comprehensive income (net of tax)
— (637)48 (6)(595)
Net current period other comprehensive income (loss)(11,142)1,081 48 (6)(10,019)
Balance at June 30, 2024
$(101,875)$11,636 $(2,644)$355 $(92,528)
 
Balance at January 1, 2023$(106,242)$11,176 $(3,247)$418 $(97,895)
Other comprehensive income before reclassifications (net of tax)
9,483 1,613 — — 11,096 
Amounts reclassified from accumulated other comprehensive income (net of tax)
— (1,467)685 (15)(797)
Net current period other comprehensive income (loss)9,483 146 685 (15)10,299 
Balance at June 30, 2023
$(96,759)$11,322 $(2,562)$403 $(87,596)

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Reclassifications out of accumulated other comprehensive loss and into the condensed consolidated statements of operations were as follows:
 Three months ended
June 30,		Six months ended
June 30,		 
In thousands2024202320242023 
Description    
Line Item in Statements of Operations
Cash flow hedges (Note 17)
     
Gains on cash flow hedges$(291)$(400)$(126)$(1,318)Costs of products sold
Tax provision (benefit)
107 332 (511)(149)Income tax provision (benefit)
Net of tax(184)(68)(637)(1,467) 
Total cash flow hedges(184)(68)(637)(1,467) 
Retirement plan obligations (Note 10)
 
Amortization of deferred benefit pension plans 
Prior service costs4 6 8 12 Other, net
Actuarial losses21 21 48 43 Other, net
Pension settlement— — — 633 Other, net
 25 27 56 688  
Tax benefit(1)(2)(8)(3)Income tax provision (benefit)
Net of tax24 25 48 685  
Amortization of deferred benefit other plans 
Prior service costs 13 5 25 10 Other, net
Actuarial gain(15)(12)(31)(25)Other, net
 (2)(7)(6)(15) 
Tax expense— — — — Income tax provision (benefit)
Net of tax(2)(7)(6)(15) 
Total reclassifications, net of tax$(162)$(50)$(595)$(797) 
- 12 -


9.SHARE-BASED COMPENSATION
On May 5, 2023 (the “Effective Date”), the Board and shareholders approved an amendment and restatement of the Glatfelter Corporation 2022 Long-Term Incentive Plan (the “Equity Plan”) to increase the number of shares available for grant under the Equity Plan (as amended and restated, the “Amended Plan”) (collectively, the “LTIP”). The LTIP is a long-term incentive plan, pursuant to which awards may be granted to full-time or part-time employees, officers, non-employee directors, and consultants of the Company or any subsidiary or affiliate of the Company, including stock options, stock-only stock appreciation rights (“SOSARs”), restricted stock awards, restricted stock units (“RSUs”), performance share awards (“PSAs”), and other share-based awards. The Amended Plan was adopted primarily to increase the number of shares of Company common stock reserved for equity-based awards by 675,000 shares (in addition to any shares that remained available for awards under the Equity Plan as of the Effective Date and any shares subject to outstanding awards granted under the Equity Plan as of the Effective Date). As of June 30, 2024, there were 340,053 shares of common stock available for future issuance under the LTIP.
Pursuant to terms of the LTIP, we have issued to eligible participants RSUs, PSAs and SOSARs.

Restricted Stock Units and Performance Share Awards In the first six months of 2024, we granted RSUs to employees under our LTIP. The RSUs awarded in 2024 vest over three years, with 33% vesting on December 31, 2024, 33% on February 28, 2026, and 34% vesting on February 28, 2027. PSAs were not awarded in 2024. Instead, there was a cash restoration award (paid in cash instead of stock) that vests the same as the RSUs. This cash restoration award is outside of the LTIP. In 2023, we granted RSUs and PSAs to employees under our LTIP. In 2023, 50% of fair value of the awards granted were RSUs, which vest based on the passage of time, generally over a graded three-year period or, in certain instances, the RSUs were cliff vesting after one or three years. The remaining 50% of the fair value of the awards granted in 2023 were PSAs. The PSAs awarded vest based on either the achievement of cumulative financial performance targets covering a two-year period or based on the three-year total shareholder return relative to a broad market index. The performance measures include a minimum, target and maximum performance level providing the grantees an opportunity to receive more or less shares than targeted depending on actual financial performance.
For RSUs, the grant date fair value of the awards, or the closing price per common share on the date of the award, is used to determine the amount of expense to be recognized over the applicable service period. For PSAs, the grant date fair value is estimated using a lattice model. The significant inputs include the stock price, volatility, dividend yield, and risk-free rate of return. Settlement of RSUs and PSAs will be made in shares of our common stock currently held in treasury.
The following table summarizes RSU and PSA activity during periods indicated:
Units20242023
Balance at January 1,2,273,939 1,650,152 
Granted2,403,905 1,354,102 
Forfeited(254,730)(445,742)
Shares delivered(386,508)(313,569)
Balance at June 30,
4,036,606 2,244,943 
The amount granted in 2023 included 698,741 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:
 June 30,
In thousands20242023
Three months ended$798 $376 
Six months ended
$1,469 $1,307 

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Stock-Only Stock Appreciation Rights 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. All SOSARs are vested, exercisable and have a term of ten years. No SOSARs have been awarded since 2016.
The following table sets forth information related to outstanding SOSARs:
 20242023
Shares
Wtd Avg
Exercise
Price
Shares
Wtd Avg
Exercise
Price
Outstanding at January 1,531,519 $22.10 769,544 $21.34 
Granted— — — — 
Exercised— — — — 
Canceled / forfeited(103,742)29.89 (151,487)18.36 
Outstanding at June 30,
427,777 $20.21 618,057 $22.07 


10.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
June 30,		Six months ended
June 30,
In thousands2024202320242023
Pension Benefits    
Service cost$— $— $— $— 
Interest cost346 362 701 773 
Amortization of prior service cost4 6 8 12 
Amortization of actuarial loss21 21 48 43 
Pension settlement charge— — — 633 
Total net periodic benefit expense$371 $389 $757 $1,461 
 
Other Benefits
Service cost$5 $2 $10 $5 
Interest cost41 45 82 89 
Amortization of prior service cost13 5 25 10 
Amortization of actuarial gain(15)(12)(31)(25)
Total net periodic benefit expense$44 $40 $86 $79 

11.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 condensed consolidated financial statements or tax returns. The effects of income taxes are measured based on enacted tax laws and rates.
For the six months ended June 30, 2024, we had a pretax loss from continuing operations of $33.8 million and income tax expense of $8.1 million. The effective income tax rate for the six months ended June 30, 2024 was unfavorably impacted by the jurisdictional mix of pretax results among the Company and its subsidiaries and losses which generated no tax benefit in domestic and certain foreign jurisdictions.
For the six months ended June 30, 2024, we recorded an increase in the valuation allowance of $10.3 million for U.S. federal and certain foreign jurisdictions against our net deferred tax assets. In assessing the need for a valuation allowance,
- 14 -


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 June 30, 2024 and December 31, 2023, we had $62.7 million and $60.7 million, respectively, of gross unrecognized tax benefits. As of June 30, 2024, if such benefits were to be recognized, approximately $60.1 million would be recorded as a component of income tax expense, thereby affecting our effective tax rate.
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 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 statutes are closed. Due to potential resolution of federal, state and foreign examinations, and the lapse of various statutes of limitation, it is reasonably possible our gross unrecognized tax benefits may decrease within the next twelve months by a range of zero to $8.3 million. 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:
 Six months ended June 30,
In millions20242023
Interest expense $1.4 $1.0 
 June 30,
2024		December 31,
2023
Accrued interest payable $7.7 $6.3 
Accrued penalties2.8 2.8 

In 2021, the Organization for Economic Cooperation and Development (OECD) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax. Effective January 1, 2024, a number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal. Pillar Two did not have a significant impact on Glatfelter's financial results for the six months ended June 30, 2024. While Glatfelter is monitoring developments and evaluating the potential impact on future periods, Glatfelter does not expect Pillar Two to have a significant impact on its 2024 financial results.
12.INVENTORIES
Inventories, net of reserves, were as follows:
In thousandsJune 30,
2024		December 31,
2023
Raw materials$91,095 $82,012 
In-process and finished146,997 150,220 
Supplies67,023 66,016 
Total$305,115 $298,248 

- 15 -


13.GOODWILL AND OTHER INTANGIBLE ASSETS
The following table sets forth changes in the amounts of goodwill and other intangible assets recorded by each of our segments during the periods indicated:
In thousandsDecember 31,
2023		Purchase price allocation adjustmentTranslationJune 30,
2024
Goodwill    
Airlaid Materials$107,691 $— $(2,243)$105,448 
Total$107,691 $— $(2,243)$105,448 
Other Intangible AssetsDecember 31,
2023
Amortization
TranslationJune 30,
2024
Airlaid Materials
Tradename$3,566 $— $(111)$3,455 
Accumulated amortization(944)(87)31 (1,000)
Net2,622 (87)(80)2,455 
 
Technology and related18,121 — (547)17,574 
Accumulated amortization(6,819)(580)206 (7,193)
Net11,302 (580)(341)10,381 
 
Customer relationships and related43,986 — (749)43,237 
Accumulated amortization(17,685)(1,853)411 (19,127)
Net26,301 (1,853)(338)24,110 
Spunlace
Products and Tradenames30,064 — (2,071)27,993 
Accumulated amortization(3,452)(750)248 (3,954)
Net26,612 (750)(1,823)24,039 
Technology and related15,833 — (1,091)14,742 
Accumulated amortization(3,146)(887)427 (3,606)
Net12,687 (887)(664)11,136 
Customer relationships and related30,478 — (2,099)28,379 
Accumulated amortization(3,669)(798)260 (4,207)
Net26,809 (798)(1,839)24,172 
Total intangibles142,048 — (6,668)135,380 
Total accumulated amortization(35,715)(4,955)1,583 (39,087)
Net intangibles$106,333 $(4,955)$(5,085)$96,293 

14.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, office space and land. 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 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
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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. For purposes of recording the lease arrangement, the term of lease 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.

Dollars in thousandsJune 30,
2024		December 31,
2023
Right of use asset$24,649$24,991
Weighted average discount rate3.92 %3.63 %
Weighted average remaining maturity (years)
2020
The following table sets forth operating lease expense for the periods indicated:
 June 30,
In thousands20242023
Three months ended$1,766 $1,568 
Six months ended$3,365 $3,393 
The following table sets forth required remaining future minimum lease payments during the years indicated:
In thousands 
2024$3,109 
20255,582 
20263,270 
20272,604 
20281,954 
Thereafter18,850 

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15.LONG-TERM DEBT
Long-term debt is summarized as follows:
In thousandsJune 30,
2024		December 31,
2023
Revolving credit facility, due Sep 2026
$114,345 $99,450 
4.750% Senior Notes, due Oct 2029
500,000 500,000 
11.25% Term loan, due Mar 2029
263,085 271,215 
1.10% Term Loan, due Mar 2024
— 1,005 
Total long-term debt877,430 871,670 
Less current portion— (1,005)
Unamortized deferred issuance costs(15,548)(17,502)
Long-term debt, net of current portion$861,882 $853,163 

On September 2, 2021, we entered into a restatement agreement as part of a Fourth Amended and Restated $400.0 million Revolving Credit Facility and a €220.0 million Term Loan (collectively, the “Credit Agreement”).
On May 9, 2022, we entered into an amendment to the Credit Agreement, which was further amended on March 30, 2023. The March 30, 2023 amendment to the Credit Agreement reduced the Revolving Credit Facility to $250.0 million and had us fully extinguish the €220.0 million Term Loan. All remaining principal outstanding and accrued interest under the Revolving Credit Facility will be due and payable on September 2, 2026.
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, limits certain intercompany financing arrangements, make acquisitions and engage in mergers or consolidations. The Credit Agreement also contains covenants requiring a minimum debt coverage ratio. As of June 30, 2024, the leverage ratio, as calculated in accordance with the definition in our Credit Agreement, was 3.5x. A breach of these requirements would give rise to certain remedies under the Revolving Credit Facility, among which is the termination of the agreement.
On March 30, 2023, we entered into a €250.0 million Term Loan with certain affiliates of Angelo, Gordon & Co., L.P. (“AG Loan”). The net proceeds from the AG Loan were used to extinguish the €220.0 million Term Loan, to repay a portion of outstanding revolving borrowings under the Revolving Credit Facility, for working capital and general corporate purposes and to pay estimated fees and expenses. The AG Loan will mature on March 23, 2029 and is prepayable, in whole or in part, at any time at the prepayable premium specified in the Term Loan Agreement. Prior to September 30, 2024, we may prepay some or all of the AG Loan at a "make-whole" premium as specified.
On October 25, 2021, we issued $500.0 million aggregate principal amount of 4.750% senior notes due 2029 (the “Notes”). The net proceeds from the offering of the Notes, together with cash on hand, were used to pay the purchase price of the Jacob Holm acquisition, to repay certain indebtedness of Jacob Holm, to repay outstanding revolving borrowings under the Revolving Credit Facility, and to pay estimated fees and expenses. The Notes will mature on November 15, 2029. The Notes are redeemable, in whole or in part, at any time at the redemption prices specified in the Indenture. Prior to November 15, 2024, we may redeem some or all of the Notes at a "make-whole" premium as specified in the Indenture.
Glatfelter Gernsbach GmbH (“Gernsbach”), a wholly-owned subsidiary of ours, entered into a series of borrowing agreements with IKB Deutsche Industriebank AG, Düsseldorf (“IKB”). 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 of these borrowings are calculated by reference to the Credit Agreement. These borrowings were fully extinguished on March 14, 2023.
In 2021, Gernsbach also entered into two fixed-rate non-amortizing term loans with certain financial institutions. On February 28, 2023, one of these term loans for €20.0 million was fully extinguished. The remaining term loan matured in March 2024.
Aggregated unamortized deferred debt issuance costs incurred in connection with all of our outstanding debt totaled $15.5 million at June 30, 2024. The deferred costs are being amortized on a straight-line basis over the life of the underlying instruments. Amortization expense related to deferred debt issuance costs totaled $1.7 million and $3.1 million in 2024 and 2023, respectively.
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The following schedule sets forth the amortization of our term loan agreements together with the maturity of our other long-term debt during the indicated year.

In thousands
2024$—
2025—
2026114,345
2027—
2028—
Thereafter763,085

Glatfelter Corporation guarantees all debt obligations of its subsidiaries. All such obligations are recorded in these consolidated financial statements.
As of June 30, 2024 and December 31, 2023, we had $3.7 million and $5.7 million, respectively, of letters of credit issued to us by certain financial institutions. The letters of credit, which reduce amounts available under our Revolving Credit Facility, provide financial assurances for the performance of long-term monitoring activities associated with the Fox River environmental matter and for the benefit of certain state workers compensation insurance agencies in conjunction with our self-insurance program. We bear the credit risk on this amount to the extent that we do not comply with the provisions of certain agreements. No amounts are outstanding under the letters of credit.

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16.FAIR VALUE OF FINANCIAL INSTRUMENTS
The amounts reported on the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximate their respective fair value. The following table sets forth carrying value and fair value of long-term debt:
 June 30, 2024December 31, 2023
In thousands
Carrying
Value
Fair Value
Carrying
Value
Fair Value
Revolving credit facility, due Sep 2026
$114,345 $114,345 $99,450 $99,450 
4.750% Senior Notes, due Oct 2029
500,000 415,000 500,000 346,250 
11.25% Term loan, due Mar 2029
263,085 268,556 271,215 282,586 
1.10% Term Loan, due Mar 2024
— — 1,005 993 
Total$877,430 $797,901 $871,670 $729,279 
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 18.

17.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 June 30, 2024, the maturity of currency forward contracts ranged from one month to 15 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. Changes in the fair value of derivatives designated and that qualify as cash flow hedges of foreign exchange risk is deferred as a component of accumulated other comprehensive income in the accompanying 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.
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We had the following outstanding derivatives that were used to hedge foreign exchange risks associated with forecasted transactions and designated as hedging instruments:
In thousandsJune 30,
2024		December 31,
2023
Derivative  
Sell/Buy - sell notional  
Euro / British Pound15,45115,210
Philippine Peso / Euro—137,449
U.S. Dollar / British Pound11,90718,470
U.S. Dollar / Euro67277
 
Sell/Buy - buy notional
Euro / Philippine Peso670,761788,342
British Pound / Philippine Peso949,006923,653
Euro / U.S. Dollar79,65693,397
U.S. Dollar / Canadian Dollar32,99830,914
British Pound / U.S. Dollar—2,211
Derivatives Designated as Hedging Instruments – Net Investment Hedge The €220 million Term Loan discussed in Note 15 – “Long-Term Debt” was designated as a net investment hedge of our Euro functional currency foreign subsidiaries and was extinguished on March 30, 2023 in conjunction with the amendment of the Credit Facility. During the first six months of 2023, we recognized a pre-tax loss of $3.7 million on the remeasurement of the term loan from changes in currency exchange rates. Such amounts are recorded as a component of Other Comprehensive Income (Loss).
Derivatives Not Designated as Hedging Instruments - Foreign Currency Hedges We also 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 operations 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 thousandsJune 30,
2024		December 31,
2023
Derivative  
Sell/Buy - sell notional  
U.S. Dollar / British Pound19,50022,800
British Pound / Euro4,3003,500
Japanese Yen / Euro38,000—
U.S. Dollar / Swiss Franc10,00013,620
British Pound / Swiss Franc7002,240
Euro / Swiss Franc6,0004,940
Euro / U.S. Dollar11,10011,000
U.S Dollar / Philippine Peso7,3006,700
Sell/Buy - buy notional
Euro / U.S. Dollar16,80010,200
British Pound / Euro10,0006,470
Swiss Franc / Danish Krone750—
U.S. Dollar / Canadian Dollar
3,1001,120
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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 thousandsJune 30,
2024		December 31, 2023June 30,
2024		December 31, 2023
Balance sheet captionPrepaid Expenses and Other
Current Assets		Other
Current Liabilities
Designated as hedging:    
Forward foreign currency exchange contracts$1,093 $851 $495 $1,653 
 
Not designated as hedging:
Forward foreign currency exchange contracts$576 937 $258 $155 
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 operations where the results are recorded:
 Three months ended
June 30,		Six months ended
June 30,
In thousands2024202320242023
Designated as hedging:    
Forward foreign currency exchange contracts:    
Cost of products sold$(291)$(400)$(126)$(1,318)
 
Not designated as hedging:
Forward foreign currency exchange contracts:
Other – net$521 $16 $2,556 $(218)
The impact of activity not designated as hedging was substantially all offset by the remeasurement of the underlying on-balance-sheet item.
A rollforward of fair value amounts recorded as a component of accumulated other comprehensive loss, before taxes, is as follows:
In thousands20242023
Balance at January 1,$(808)$242 
Deferred gains on cash flow hedges668 1,315 
Reclassified to earnings(126)(1,318)
Balance at June 30,
$(266)$239 
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We expect substantially all of the amounts recorded as a component of accumulated other comprehensive loss 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.
18.COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS
Fox River - Neenah, Wisconsin
Background We have previously reported that we face liabilities associated with environmental claims arising out of the presence of polychlorinated biphenyls (“PCBs”) in sediments in the lower Fox River, on which our former Neenah facility was located, and in the Bay of Green Bay, Wisconsin (collectively, the “Site”). Over the past several years, we and certain other PRPs completed all remedial actions pursuant to applicable consent decrees or a Unilateral Administrative Order. Under the Glatfelter consent decrees, we are primarily responsible for long-term monitoring and maintenance in OU1-OU4a and for reimbursement of government oversight costs paid after October 2018.
The monitoring activities consist of, among others, testing fish tissue, sampling water quality and sediment, and inspections of the engineered caps. In 2018, we entered into a fixed-price, 30-year agreement with a third party for the performance of all of our monitoring and maintenance obligations in OU1 through OU4a with limited exceptions, such as, for extraordinary amounts of cap maintenance or replacement. Our obligation under this agreement is included in our total reserve for the Site. We are obligated to make the regular payments under that fixed-price contract until the remaining amount due is less than the OU1 escrow account balance. We are permitted to pay for this contract using the remaining balance of the escrow account established by us and WTM I Company (“WTM I”) another PRP, under the OU1 consent decree during any period that the balance in the escrow account exceeds the amount due under our fixed-price contract. As of June 30, 2024, the balance in the escrow exceeds the amounts due under the fixed-price contract by approximately $0.5 million. At June 30, 2024, the escrow account balance totaled $9.1 million which is included in the condensed consolidated balance sheet under the caption “Other assets.”
Under the consent decree, we are responsible for reimbursement of government oversight costs paid from October 2018 and later over approximately the next 30 years. We anticipate that oversight costs will decline as activities at the site have transitioned from remediation to long-term monitoring and maintenance.
Reserves for the Site Our reserve for past and future government oversight costs and long-term monitoring and maintenance totaled $12.1 million at June 30, 2024, of which $0.3 million is recorded in the accompanying June 30, 2024 condensed consolidated balance sheet under the caption “Environmental liabilities” and the remaining $11.8 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.
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19.SEGMENT INFORMATION
The following tables set forth financial and other information by segment for the period indicated:
Three months ended
June 30,		Six months ended
June 30,
Dollars in thousands2024202320242023
Net Sales
Airlaid Material$130,584 $152,511 $262,113 $311,952 
Composite Fibers117,215 125,725 233,365 258,316 
Spunlace82,197 79,420 162,327 166,143 
Inter-segment sales elimination(553)(651)(1,106)(1,198)
Total$329,443 $357,005 $656,699 $735,213 
Operating income (loss)
Airlaid Material$7,505 $9,726 $12,463 $23,640 
Composite Fibers6,031 898 14,290 7,025 
Spunlace2,260 (1,314)5,024 (3,337)
Other and unallocated(8,502)(19,795)(26,028)(31,700)
Total$7,294 $(10,485)$5,749 $(4,372)
Depreciation and amortization
Airlaid Material$7,602 $7,637 $15,266 $15,323 
Composite Fibers3,664 3,897 7,428 7,862 
Spunlace3,327 3,476 6,700 6,568 
Other and unallocated949 960 1,902 1,948 
Total$15,542 $15,970 $31,296 $31,701 
Capital expenditures
Airlaid Material$1,571 $2,332 $3,662 $4,414 
Composite Fibers2,409 2,110 6,073 5,773 
Spunlace1,388 2,509 2,766 5,210 
Other and unallocated322 1,007 671 2,061 
Total$5,690 $7,958 $13,172 $17,458 
Tons shipped (metric)
Airlaid Material37,795 39,246 76,136 79,073 
Composite Fibers25,735 24,966 50,737 49,784 
Spunlace15,937 15,191 32,028 31,611 
Inter-segment sales elimination(329)— (666)— 
Total79,138 79,403 158,235 160,468 
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.
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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.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the information in the unaudited condensed consolidated financial statements and notes thereto included herein and Glatfelter’s Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our 2023 Annual Report on Form 10-K ("2023 Form 10-K").

Forward-Looking Statements This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding industry prospects and future consolidated financial position or results of operations, made in this Report on Form 10-Q are forward looking. We use words such as “anticipates”, “believes”, “expects”, “future”, “intends” and similar expressions to identify forward-looking statements. Forward-looking statements reflect management’s current expectations and are inherently uncertain. Our actual results may differ significantly from such expectations. The following discussion includes forward-looking statements all of which are inherently difficult to predict. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from our expectations. Accordingly, we identify the following important factors, among others, which could cause our results to differ from any results that might be projected, forecasted or estimated in any such forward-looking statements:
i.risks related to the military conflict between Russia and Ukraine and related sanctions and its impact on our production, sales, supply chain, cost of energy, and availability of energy due to natural gas supply issues into Europe;
ii.disruptions of our global supply chain, including the availability of key raw materials and transportation for the delivery of critical inputs and of products to customers, and the increase in the costs of transporting materials and products;
iii.risks associated with our ability to increase selling prices quickly or sufficiently enough to recover rapid cost inflation in our raw materials, energy, freight and other costs, and the potential reduction or loss of sales due to price increases;
iv.variations in demand for our products, including the impact of unplanned market-related downtime, variations in product pricing, or product substitution;
v.the impact of competition, changes in industry production capacity, including the construction of new facilities or new machines, the closing of facilities and incremental changes due to capital expenditures or productivity increases;
vi.risks associated with our international operations, including local economic and political environments and fluctuations in currency exchange rates;
vii.our ability to develop new, high value-added products;
viii.changes in the price or availability of raw materials we use, particularly woodpulp, pulp substitutes, synthetic pulp, other specialty fibers and abaca fiber;
ix.changes in energy-related prices and commodity raw materials with an energy component;
x.the impact of unplanned production interruption at our facilities or at any of our key suppliers;
xi.disruptions in production and/or increased costs due to labor disputes;
xii.the gain or loss of significant customers and/or on-going viability of such customers;
xiii.the impact of war and terrorism;
xiv.the impact of unfavorable outcomes of audits by various state, federal or international tax authorities or changes in pre-tax income and its impact on the valuation of deferred taxes; and
xv.enactment of adverse state, federal or foreign tax or other legislation or changes in government legislation, policy or regulation.

Introduction We manufacture a wide array of engineered materials and manage our company along three operating segments:
•Airlaid Materials with sales of airlaid nonwoven fabric-like materials used in feminine hygiene products, adult incontinence products, tabletop, specialty wipes, home care products and other airlaid applications;
•Composite Fibers with sales of single-serve tea and coffee filtration papers, wallcovering base materials, composite laminate papers, technical specialties including substrates for electrical applications, and metallized products; and
•Spunlace with sales of premium quality spunlace nonwovens for critical cleaning, high-performance materials, personal care, hygiene and medical applications.
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The former Specialty Papers business’ results of operations and financial condition are reported as discontinued operations. Following is a discussion and analysis primarily of the financial results of operations and financial condition of our continuing operations.
As previously announced on February 7, 2024, we entered into certain definitive agreements with Berry Global Group, Inc. (“Berry”) for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment including its Global Nonwovens and Films business (“HHNF”) with Glatfelter (the “Merger”). The board of directors of both Berry and Glatfelter have unanimously approved the Merger. The Merger is expected to occur through a series of transactions, including a Reverse Morris Trust transaction such that HHNF will become a wholly owned subsidiary of Glatfelter. Upon completion of the Merger, Berry shareholders will hold 90% of the outstanding shares of Glatfelter and Glatfelter shareholders will continue to hold 10% of the outstanding shares of Glatfelter. The combined company’s Board of Directors will include 6 members chosen by Berry and 3 chosen from Glatfelter’s existing Board of Directors, with Curt Begle, the current president of the Health, Hygiene & Specialties Division of Berry, becoming the Chief Executive Officer.
In June, the Company reported the achievement of all required approvals and clearances under competition and foreign direct investment laws. Also, Berry received a favorable ruling from the IRS related to the transaction's tax treatment. The transaction is subject to additional customary closing conditions that are currently underway, including approval by Glatfelter shareholders. The transaction is expected to close in the second half of 2024. Prior to the completion of the Merger, Glatfelter and HHNF will continue to operate as independent companies.
RESULTS OF OPERATIONS
Six months ended June 30, 2024 versus the six months ended June 30, 2023
Overview For the first six months of 2024, we reported a loss from continuing operations of $41.9 million, or $0.93 per share compared with a loss of $49.8 million or $1.11 per share in the same period in 2023. The following table sets forth summarized consolidated results of operations:
 Six months ended June 30,
In thousands, except per share20242023
Net sales$656,699 $735,213 
Gross profit71,297 54,347 
Operating income (loss)5,749 (4,372)
Continuing operations
Loss(41,945)(49,813)
Loss per share(0.93)(1.11)
Net loss(42,626)(50,524)
Loss per share(0.95)(1.13)
The reported results are in accordance with generally accepted accounting principles in the United States (“GAAP”) and reflect the impact of a number of significant items including strategic initiatives, turnaround strategy costs, debt refinancing, and CEO transition costs, among others. Our operating results for the six months ended June 30, 2024 reflect: i) the impact of European market challenges resulting in lower sales volumes, as well as, lower production; ii) higher interest expense stemming from the debt refinancing in the first six months of 2023; iii) costs incurred related to the merger with Berry’s HHNF business.
In addition to the results reported in accordance with GAAP, we evaluate our performance using financial metrics not calculated in accordance with GAAP, including adjusted earnings and adjusted earnings before interest expense, interest income, income taxes, depreciation and amortization and share-based compensation (“Adjusted EBITDA”). On an adjusted earnings basis, a non-GAAP measure, we had an adjusted loss from continuing operations of $26.2 million, or $0.58 per share for the first six months of 2024, compared with a loss of $26.3 million, or $0.58 per share, a year ago. Our Adjusted EBITDA, also a non-GAAP measure, was $49.4 million for the six months ended June 30, 2024 as compared to $42.0 million for the same period in 2023. We disclose this information to allow investors to evaluate our performance exclusive of certain items that impact the comparability of results from period to period and we believe it is helpful in understanding underlying operating trends and cash flow generation.
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Adjusted earnings consists of net income determined in accordance with GAAP adjusted to exclude the impact of the following:
Strategic initiatives. These adjustments primarily reflect professional and legal fees and other costs incurred which are directly related to evaluating and executing certain strategic initiatives including costs associated with the Berry HHNF merger.
Turnaround Strategy costs. This adjustment reflects costs incurred in connection with the Company's Turnaround Strategy initiated in 2022 under its new chief executive officer to drive operational and financial improvement. These costs are primarily related to professional services fees and employee separation costs.
Ober-Schmitten divestiture. These adjustments reflect employee separation costs and professional and other costs directly associated with the divestiture of the Ober-Schmitten, Germany facility.
Debt refinancing costs. Represents charges to write-off unamortized debt issuance costs in connection with the extinguishment of the Company’s €220.0 million Term Loan and IKB loans, as well as the amendment to the Company's credit facility. These costs also include an early repayment penalty related to the extinguishment of the IKB loans.
CEO transition costs. This adjustment reflects a non-cash pension settlement charge associated with the separation of our former CEO related to a lump-sum distribution made in Q1 2023 under the terms of his non-qualified pension plan agreement.
COVID-19 ERC recovery. This adjustment reflects the benefit recognized from employee retention credits claimed under the Coronavirus Aid, Relief, and Economic Security Act (“CARES”) Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 and professional services fees directly associated with claiming this benefit.
Timberland sales and related costs. These adjustments exclude gains from the sales of timberlands as these items are not considered to be part of our core business, ongoing results of operations or cash flows. These adjustments are irregular in timing and amount and may benefit our operating results.
These adjustments are each unique and not considered to be on-going in nature. The transactions are irregular in timing and amount and may significantly impact our operating performance. As such, these items may not be indicative of our past or future performance and therefore are excluded for comparability purposes.
Adjusted earnings and adjusted EBITDA are considered measures not calculated in accordance with GAAP, and therefore are non-GAAP measures. The non-GAAP financial information should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with GAAP. The following table sets forth the reconciliation of net loss to adjusted earnings for the periods presented:

Adjusted EarningsSix months ended June 30,
 20242023
In thousands, except per shareAmount EPSAmount EPS
Net loss$(42,626)$(0.95)$(50,524)$(1.13)
Exclude: Loss from discontinued operations, net of tax
681 0.02 711 0.02 
Loss from continuing operations(41,945)(0.93)(49,813)(1.11)
Adjustments (pre-tax):
  
Strategic initiatives (1)
15,004 1,670  
Turnaround strategy costs (2)
416 6,682 
Ober-Schmitten divestiture (3)
— 10,742 
Debt refinancing (4)
— 1,883 
CEO transition costs (5)
— 633 
COVID-19 ERC recovery (6)
— (233)
Timberland sales and related costs— (617) 
Total adjustments (pre-tax)15,420 20,760 
Income taxes (7)
(115)(61)
Other tax adjustments (8)
448 2,798 
Total after-tax adjustments15,753 0.35 23,497 0.52 
Adjusted loss from continuing operations$(26,192)$(0.58)$(26,316)$(0.58)
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(1)For 2024, primarily reflects consulting and legal fees associated with the pending Berry HHNF merger of $13.9 million, and personnel retention, to offset the risk of potential employee departures due to the pending transaction, and other costs of $1.1 million. For 2023, primarily reflects integration activities including consulting and legal fees of $0.7 million, the write-off of a construction in process asset deemed unusable of $0.5 million, employee separation costs of $0.1 million, and other costs of $0.4 million.
(2)For 2024, primarily reflects employee separation costs. For 2023, reflects employee separation costs of $4.0 million and $2.7 million in professional fees.
(3)Reflects employee separation costs of $10.4 million and professional services fees and other costs of $0.3 million in connection with the divestiture of the Ober-Schmitten facility.
(4)Reflects $1.8 million write-off of deferred debt issuance costs in connection with the Company’s debt refinancing in Q1 2023, and $0.1 million in early repayment penalties and write-off of unamortized financing fees on the IKB loans.
(5)Reflects pension settlement charge related to former CEO's separation.
(6)Reflects $0.2 million of interest income on employee retention credits claimed under the CARES Act of 2020 and the subsequent related amendments.
(7)Tax effect on adjustments calculated based on the incremental effective tax rate of the jurisdiction in which each adjustment originated. For items originating in the U.S., no tax effect is recognized due to the previously established valuation allowance on the net deferred tax assets.
(8)Tax effect of applying certain provisions of the CARES Act of 2020. The amount in 2023 also includes $2.4 million of deferred tax expense resulting from valuation allowance for Ober-Schmitten facility.


The following table sets forth the reconciliation of net loss to adjusted EBITDA for the periods indicated:
Adjusted EBITDASix months ended
June 30,
In thousands20242023
Net loss$(42,626)$(50,524)
Exclude: Loss from discontinued operations, net of tax681 711 
Add back: Taxes on continuing operations 8,107 10,093 
Depreciation and amortization31,296 31,701 
Interest expense, net35,051 29,025 
EBITDA32,509 21,006 
Adjustments:
Strategic initiatives15,004 1,670 
Turnaround strategy costs449 7,196 
Ober-Schmitten divestiture— 10,742 
Debt refinancing— 59 
CEO transition costs— 633 
Share-based compensation1,469 1,307 
COVID-19 ERC recovery— 41 
Timberland sales and related costs— (617)
Adjusted EBITDA$49,431 $42,037 
EBITDA is a measure used by management to assess our operating performance and is calculated using
income (loss) from continuing operations and excludes interest expense, interest income, income taxes, and
depreciation and amortization. Adjusted EBITDA is calculated using EBITDA and further excludes certain items management considers to be unrelated to the company’s core operations. The adjustments include, among others, strategic initiative costs, turnaround strategy costs, and share-based compensation expense. Adjusted EBITDA is a performance measure that excludes costs that we do not consider to be indicative of our ongoing operating performance.


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Segment Financial Performance
Six months ended June 30,
Dollars in thousands20242023
Net Sales
Airlaid Material$262,113 $311,952 
Composite Fibers233,365 258,316 
Spunlace162,327 166,143 
Inter-segment sales elimination(1,106)(1,198)
Total$656,699 $735,213 
Operating income (loss)
Airlaid Material$12,463 $23,640 
Composite Fibers14,290 7,025 
Spunlace5,024 (3,337)
Other and unallocated(26,028)(31,700)
Total$5,749 $(4,372)
Depreciation and amortization
Airlaid Material$15,266 $15,323 
Composite Fibers7,428 7,862 
Spunlace6,700 6,568 
Other and unallocated1,902 1,948 
Total$31,296 $31,701 
Capital expenditures
Airlaid Material$3,662 $4,414 
Composite Fibers6,073 5,773 
Spunlace2,766 5,210 
Other and unallocated671 2,061 
Total$13,172 $17,458 
Tons shipped (metric)
Airlaid Material76,136 79,073 
Composite Fibers50,737 49,784 
Spunlace32,028 31,611 
Inter-segment sales elimination(666)— 
Total158,235 160,468 
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
- 30 -


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.

Sales and Costs of Products Sold
 Six months ended June 30, 
In thousands20242023Change
Net sales$656,699 $735,213 $(78,514)
Costs of products sold585,402 680,866 (95,464)
Gross profit$71,297 $54,347 $16,950 
Gross profit as a percent of Net sales10.9 %7.4 % 
The following table sets forth the contribution to consolidated net sales by each segment:
 Six months ended June 30,
Percent of Total20242023
Segment
Airlaid Materials39.9 %42.4 %
Composite Fibers35.4 35.1 
Spunlace24.7 22.5 
Total100.0 %100.0 %
Net sales totaled $656.7 million and $735.2 million in the six months ended June 30, 2024 and 2023, respectively. Net sales for Airlaid Materials, Composite Fibers and Spunlace decreased by 16.0%, 9.5% and 2.3%, respectively, on a constant currency basis.

Airlaid Materials’ first six months net sales decreased $49.8 million in the year-over-year comparison mainly driven by lower selling prices of $33.3 million from cost pass-through arrangements and lower energy surcharges in Europe as both raw materials and energy input costs declined compared to last year. Shipments were 3.7% lower driven by declines in the hygiene categories mainly due to pricing actions taken in 2023 to retain margins as well as lower shipments in the wipes category related to timing. Currency translation was relatively unchanged compared to the prior year.

Airlaid Materials’ first six months of operating income of $12.5 million was $11.1 million lower when compared to the first six months of 2023. Selling price decreases of $33.3 million were mostly offset by lower raw material, energy, and other inflation costs of $32.1 million. For the first six months of 2024, primary raw material input costs decreased by $29 million, or 18%, and energy costs decreased by $2.1 million, or 12%, compared to the same six months of 2023. As of June 30, 2024, Airlaid Materials had approximately 76% of its net sales with contracts with pass-through provisions. Operations were unfavorable by $5.8 million mainly driven by lower production and higher wage inflation. The impact of currency and related hedging negatively impacted earnings by $1.5 million. The primary drivers of the change in Airlaid Materials’ operating income are summarized in the following chart (presented in millions):

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11722

Composite Fibers’ net sales were $25.0 million lower in the first six months of 2024, compared to 2023 due to lower selling prices of $18.6 million. Even though shipments were higher 1.9%, it was largely driven by the composite laminates and food and beverage categories that have lower average selling prices compared to other inclined wire products lowering the revenue for the six months. Currency translation was favorable by $0.4 million.

Composite Fibers had an operating income for the first six months of $14.3 million which was $7.3 million higher when compared to the first six months of 2023. Selling price decreases of $18.6 million were more than offset by lower raw material, energy, and other inflation costs of $22.0 million. For the first six months of 2024, primary raw material input costs decreased by $17.7 million, or 5%, and energy costs decreased by $4.3 million, or 11%, compared to the same six months of 2023. As of June 30, 2024, Composite Fibers had approximately 46% of its net sales with contracts with pass-through provisions. Operations were favorable by $1.4 million mainly driven by higher inclined wire production when compared to the same period in 2023. The impact of currency and related hedging negatively impacted earnings by $0.1 million. The primary drivers of the change in Composite Fibers’ operating income are summarized in the following chart (presented in millions):
13135
Spunlace’s net sales were $3.8 million lower in the first six months of 2024 compared to 2023, mainly driven by lower selling prices of $6.4 million due to cost pass-through arrangements. Shipments were slightly higher year over year by 1.3%. Currency translation was slightly unfavorable by $0.1 million.

Spunlace had an operating income for the first six months of $5.0 million which was $8.3 million higher when compared to the operating loss of $3.3 million of the first six months of 2023. Selling price decreases of $6.4 million were more than offset by lower raw material, energy, and other inflation costs of $11.5 million. For the first six months of 2024, primary raw material input costs decreased by $10.8 million, or 13%, and energy costs decreased by $0.7 million, or 6%, compared to the same six months of 2023. As of June 30, 2024, Spunlace had approximately 50% of its net sales with
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contracts with pass-through provisions. Operations were favorable by $3.3 million mainly driven by higher production, lower operational spending, and improved operations when compared to the same period in 2023. The impact of currency and related hedging negatively impacted earnings by $0.2 million. The primary drivers of the change in Spunlace’s operating income are summarized in the following chart (presented in millions):
14376
Other and Unallocated The amount of operating expense not allocated to a reporting segment in the Segment Financial Information totaled $26.0 million in the first six months of 2024 compared with $31.7 million in the same period a year ago. Excluding the items identified to present “adjusted earnings,” unallocated expenses for the first six months of 2024 decreased $2.6 million compared to the first six months of 2023 mainly driven by a loss recovery settlement with a supplier for faulty material supplied to Glatfelter in 2022 and lower professional services costs.

Income taxes In the first six months of 2024, our U.S. GAAP pre-tax loss from continuing operations totaled $33.8 million and we recorded an income tax provision of $8.1 million, which primarily related to the tax provision for foreign jurisdictions, reserves for uncertain tax positions, and valuation allowances for domestic and foreign jurisdiction losses for which no tax benefit could be recognized. The comparable amounts in the same first six months of 2023 were a pre-tax loss of $39.7 million and an income tax provision of $10.1 million.
Foreign Currency We own and operate facilities in Canada, Germany, France, the United Kingdom, Spain, and the Philippines. The functional currency of our Canadian operations is the U.S. dollar. However, in Germany, France and Spain, it is the euro, in the UK, it is the British pound sterling, and in the Philippines the functional currency is the peso. On an annual basis, our euro denominated net sales exceeds euro expenses by an estimated €170 million. For the six months ended June 30, 2024, the average currency exchange rate was 1.09 dollar/euro compared with 1.01 in the same period of 2023. With respect to the British pound sterling, Canadian dollar, and Philippine peso, we have differing amounts of inflows and outflows of these currencies, although to a lesser degree than the euro. As a result, we are exposed to changes in currency exchange rates and such changes could be significant. The translation of the results from international operations into U.S. dollars is subject to changes in foreign currency exchange rates.
The table below summarizes the translation impact on reported results that changes in currency exchange rates had on our non-U.S. based operations from the conversion of these operation’s results for the first six months of 2024.
In thousandsSix months ended
June 30,
 Favorable
(unfavorable)
 
Net sales$(450)
Costs of products sold(1,377)
SG&A expenses(9)
Income taxes and other(27)
Net loss$(1,863)
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The above table only presents the financial reporting impact of foreign currency translations assuming currency exchange rates in 2024 were the same as 2023. It does not present the impact of certain competitive advantages or disadvantages of operating or competing in multi-currency markets.

Three months ended June 30, 2024 versus the three months ended June 30, 2023
Overview For the second quarter of 2024, we reported a loss from continuing operations of $15.8 million, or $0.35 per share compared with a loss of $36.6 million or $0.82 per share in the same period in 2023. The following table sets forth summarized consolidated results of operations:
 Three months ended June 30,
In thousands, except per share20242023
Net sales$329,443 $357,005 
Gross profit36,787 18,133 
Operating income (loss)7,294 (10,485)
Continuing operations
Loss(15,795)(36,631)
Loss per share(0.35)(0.82)
Net loss(16,279)(36,940)
Loss per share(0.37)(0.83)
The reported results are in accordance with generally accepted accounting principles in the United States (“GAAP”) and reflect the impact of a number of significant items including strategic initiatives, turnaround strategy costs, the loss on sale of our Ober-Schmitten operations, and COVID-19 ERC recovery, among others. Our operating results for the three months ended June 30, 2024 reflect: i) the impact of challenges in the European markets and with consumer demand resulting in lower sales volumes and sales, as well as, lower production, ii) higher interest expense stemming from the debt refinancing in the first quarter of 2023, iii) costs incurred related to our turnaround strategy, iv) costs associated with the pending merger with Berry’s HHNF business.
In addition to the results reported in accordance with GAAP, we evaluate our performance using financial metrics not calculated in accordance with GAAP, including adjusted earnings and adjusted earnings before interest expense, interest income, income taxes, depreciation and amortization and share-based compensation (“Adjusted EBITDA”). On an adjusted earnings basis, a non-GAAP measure, we had an adjusted loss from continuing operations of $11.3 million, or $0.25 per share for the second quarter of 2024, compared with a loss of $20.5 million, or $0.45 per share, a year ago. Our Adjusted EBITDA, also a non-GAAP measure, was $25.6 million for the three months ended June 30, 2024 as compared to $17.3 million for the same period in 2023. We disclose this information to allow investors to evaluate our performance exclusive of certain items that impact the comparability of results from period to period and we believe it is helpful in understanding underlying operating trends and cash flow generation.
Adjusted earnings and adjusted earnings per share are considered measures not calculated in accordance with GAAP, and therefore are non-GAAP measures. The non-GAAP financial information should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with GAAP.
The following table sets forth the reconciliation of net loss to adjusted loss from continuing operations for the periods indicated:
- 34 -


 Three months ended June 30,
 20242023
In thousands, except per shareAmount EPSAmount EPS
Net loss$(16,279)$(0.37)$(36,940)$(0.83)
Exclude: Loss (income) from discontinued operations, net of tax484 0.02 309 0.01 
Loss from continuing operations(15,795)(0.35)(36,631)(0.82)
Adjustments (pre-tax):
  
Strategic initiatives (1)
4,094 889  
Turnaround strategy costs (2)
359 2,199 
Ober-Schmitten divestiture (3)
— 10,793 
COVID-19 ERC recovery (4)
— (233)
Total adjustments (pre-tax)4,453 13,648 
Income taxes (5)
(104)(58)
Other tax adjustments (6)
193 2,591 
Total after-tax adjustments4,542 0.10 16,181 0.36 
Adjusted loss from continuing operations$(11,253)$(0.25)$(20,450)$(0.45)
(1)For 2024, primarily reflects consulting and legal fees associated with the pending Berry HHNF merger of $3.4 million, and personnel retention, to offset the risk of potential employee departures due to the pending transaction, and other costs of $0.7 million. For 2023, primarily reflects integration activities including the write-off of a construction in process asset deemed unusable of $0.5 million, consulting and legal fees of $0.3 million, and other costs of $0.1 million.
(2)For 2024, primarily reflects employee separation costs. For 2023, reflects professional services fees of $1.5 million and employee separation costs of $0.7 million.
(3)Reflects employee separation costs of $10.4 million and professional services fees and other costs of $0.4 million in connection with the closure of the Ober-Schmitten facility.
(4)Reflects $0.2 million of interest income on employee retention credits claimed under the CARES Act of 2020 and the subsequent related amendments.
(5)Tax effect on adjustments calculated based on the incremental effective tax rate of the jurisdiction in which each adjustment originated. For items originating in the U.S., no tax effect is recognized due to the previously established valuation allowance on the net deferred tax assets.
(6)Tax effect of applying certain provisions of the CARES Act of 2020. The amount in 2023 also includes $2.4 million of deferred tax expense resulting from valuation allowance for Ober-Schmitten facility.


The following table sets forth the reconciliation of net loss to adjusted EBITDA for the periods indicated:
Adjusted EBITDAThree months ended June 30,
In thousands20242023
Net loss$(16,279)$(36,940)
Exclude: Loss from discontinued operations, net of tax484 309 
Add back: Taxes on continuing operations 2,953 6,399 
Depreciation and amortization15,542 15,970 
Interest expense, net17,627 16,702 
EBITDA20,327 2,440 
Adjustments:
Strategic initiatives4,094 889 
Turnaround strategy costs392 2,713 
Ober-Schmitten divestiture— 10,793 
Share-based compensation798 376 
COVID-19 ERC recovery— 41 
Adjusted EBITDA$25,611 $17,252 
EBITDA is a measure used by management to assess our operating performance and is calculated using
income (loss) from continuing operations and excludes interest expense, interest income, income taxes, and
depreciation and amortization. Adjusted EBITDA is calculated using EBITDA and further excludes certain items management considers to be unrelated to the company’s core operations. The adjustments include, among others, Ober-
- 35 -


Schmitten divestiture costs, turnaround strategy costs, strategic initiative costs, and share-based compensation expense. Adjusted EBITDA is a performance measure that excludes costs that we do not consider to be indicative of our ongoing operating performance.

Segment Financial Performance
Three months ended June 30,
Dollars in thousands20242023
Net Sales
Airlaid Material$130,584 $152,511 
Composite Fibers117,215 125,725 
Spunlace82,197 79,420 
Inter-segment sales elimination(553)(651)
Total$329,443 $357,005 
Operating income (loss)
Airlaid Material$7,505 $9,726 
Composite Fibers6,031 898 
Spunlace2,260 (1,314)
Other and unallocated(8,502)(19,795)
Total$7,294 $(10,485)
Depreciation and amortization
Airlaid Material$7,602 $7,637 
Composite Fibers3,664 3,897 
Spunlace3,327 3,476 
Other and unallocated949 960 
Total$15,542 $15,970 
Capital expenditures
Airlaid Material$1,571 $2,332 
Composite Fibers2,409 2,110 
Spunlace1,388 2,509 
Other and unallocated322 1,007 
Total$5,690 $7,958 
Tons shipped (metric)
Airlaid Material37,795 39,246 
Composite Fibers25,735 24,966 
Spunlace15,937 15,191 
Inter-segment sales elimination(329)— 
Total79,138 $79,403 
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.
- 36 -


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.

Sales and Costs of Products Sold
 Three months ended June 30, 
In thousands20242023Change
Net sales$329,443 $357,005 $(27,562)
Costs of products sold292,656 338,872 (46,216)
Gross profit$36,787 $18,133 $18,654 
Gross profit as a percent of Net sales11.2 %5.1 % 
The following table sets forth the contribution to consolidated net sales by each segment:
 Three months ended June 30,
Percent of Total20242023
Segment
Airlaid Materials39.6 %42.6 %
Composite Fibers35.4 35.2 
Spunlace25.0 22.2 
Total100.0 %100.0 %
Net sales totaled $329.4 million and $357.0 million in the three months ended June 30, 2024 and 2023, respectively. Net sales decreased for Airlaid Materials and Composite Fibers by 13.9% and 5.7%, respectively, and increased for Spunlace by 3.9%, on a constant currency basis.

Airlaid Materials’ second quarter net sales decreased $21.9 million in the year-over-year comparison mainly driven by lower selling prices from cost pass-through arrangements and lower energy surcharges in Europe as both raw materials and energy input costs declined compared to last year. Shipments were 3.7% lower driven by declines in the hygiene categories mainly due to pricing actions taken in 2023 to retain margins as well as lower shipments in the wipes category related to timing. Currency translation was unfavorable by $0.7 million.

Airlaid Materials’ 2024 second-quarter operating income of $7.5 million was $2.2 million lower than the second-quarter operating income in 2023. Lower shipments in the hygiene categories due to pricing actions taken in 2023 to retain margins and lower shipments in the wipes category related to timing lowered earnings by $0.8 million. Selling price decreases and lower energy surcharges of $13.0 million were more than offset by lower raw material, energy, and other inflationary costs of $14.2 million. For the second quarter of 2024, primary raw material input costs decreased by $13.7 million, or 17%. Energy costs were slightly lower by 2%, compared to second quarter of 2023. As of June 30, 2024, Airlaid Materials had approximately 76% of its net sales with contracts with pass-through provisions. Operations and other costs were unfavorable by $2.1 million mainly driven by lower production. The impact of currency and related hedging negatively impacted earnings by $0.5 million. The primary drivers of the change in Airlaid Materials’ operating income are summarized in the following chart (presented in millions):

- 37 -


1099511654339

Composite Fibers’ revenue was $8.5 million lower in the second quarter of 2024, compared to the year-ago quarter due to lower selling prices of $7.5 million. Shipments were higher 3.1% largely driven by the composite laminates and food and beverage categories. Currency translation was unfavorable by $1.3 million.

Composite Fibers' 2024 second-quarter operating income of $6.0 million was $5.1 million higher than the second-quarter operating income in 2023. The price-cost gap continued to trend positive this quarter as the decrease in input prices paid for raw materials, energy, freight, and packaging were more favorable than selling price declines, resulting in an earnings improvement of $0.9 million. Second quarter energy costs were lower by $1.4 million, or 10% compared to 2023 while primary raw material input costs decreased by $7.0 million, or 4%, compared to second quarter of 2023. As of June 30, 2024, Composite Fibers had approximately 45% of its net sales with contracts with pass-through provisions. Operations and other costs were favorable by $1.9 million mainly driven by higher inclined wire production. The impact of currency and related hedging positively impacted earnings by $0.1 million. The primary drivers of the change in Composite Fibers’ operating income are summarized in the following chart (presented in millions):
1099511656500
Spunlace’s revenue was $2.8 million higher in the second quarter of 2024, compared to the year-ago quarter mainly driven by higher shipments of 4.9% offset by lower selling prices of $2.2 million and unfavorable currency translation of $0.3 million.

Spunlace's 2024 second-quarter operating income of $2.3 million was $3.6 million higher compared to the operating loss of $1.3 million in second quarter of 2023. Lower selling prices and energy surcharges were unfavorable by $2.2 million but were more than fully offset by lower raw material and energy costs of $4.1 million. In the second quarter of 2024, primary raw material input costs decreased by $3.8 million, or 10% while energy costs were lower by 6% compared to second quarter of 2023. As of June 30, 2024, Spunlace had approximately 50% of its net sales with contracts with pass-through provisions. Operations and others were favorable by $1.3 million driven by higher production to meet customer
- 38 -


demand. The impact of currency and related hedging negatively impacted earnings by $0.4 million. The primary drivers of the change in Spunlace’s operating income are summarized in the following chart (presented in millions):
1099511658007
Other and Unallocated The amount of net operating expenses not allocated to an operating segment, and reported as “Other and Unallocated” in our table of Segment Financial Performance, totaled $8.5 million in the second quarter of 2024 compared with $19.8 million in the same period a year ago. Excluding the items identified to present “adjusted earnings,” unallocated expenses for the second quarter of 2024 decreased $1.9 million compared to the second quarter of 2023 mainly driven by a loss recovery settlement with a supplier for faulty material supplied to Glatfelter in 2022.

Income taxes In the second quarter of 2024, our U.S. GAAP pre-tax loss from continuing operations totaled $12.8 million and we recorded an income tax expense of $3.0 million which primarily related to the tax provision for foreign jurisdictions, reserves for uncertain tax positions, and valuation allowances for domestic and foreign jurisdiction losses for which no tax benefit could be recognized. The comparable amounts in the same quarter of 2023 were a pre-tax loss of $30.2 million and an income tax provision of $6.4 million.
Foreign Currency We own and operate facilities in Canada, Germany, France, the United Kingdom, Spain, and the Philippines. The functional currency of our Canadian operations is the U.S. dollar. However, in Germany, France and Spain, it is the euro, in the UK, it is the British pound sterling, and in the Philippines the functional currency is the peso. On an annual basis, our euro denominated net sales exceeds euro expenses by an estimated €170 million. For the three months ended June 30, 2024, the average currency exchange rate was 1.08 dollar/euro compared with 1.09 in the same period of 2023. With respect to the British pound sterling, Canadian dollar, and Philippine peso, we have differing amounts of inflows and outflows of these currencies, although to a lesser degree than the euro. As a result, we are exposed to changes in currency exchange rates and such changes could be significant. The translation of the results from international operations into U.S. dollars is subject to changes in foreign currency exchange rates.
The table below summarizes the translation impact on reported results that changes in currency exchange rates had on our non-U.S. based operations from the conversion of these operation’s results for the second quarter of 2024.
In thousandsThree months ended
June 30,
 Favorable
(unfavorable)
 
Net sales$(2,015)
Costs of products sold1,454 
SG&A expenses106 
Income taxes and other— 
Net loss$(455)
The above table only presents the financial reporting impact of foreign currency translations assuming currency exchange rates in 2024 were the same as 2023. It does not present the impact of certain competitive advantages or disadvantages of operating or competing in multi-currency markets.
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LIQUIDITY AND CAPITAL RESOURCES
Our business requires significant expenditures for new or enhanced equipment, to support our research and development efforts, and to support our business strategy. In addition, we have mandatory debt service requirements of both principal and interest. The following table summarizes cash flow information for each of the periods presented:

 Six months ended June 30,
In thousands20242023
Cash, cash equivalents and restricted cash at the beginning of period$55,360 $119,162 
Cash provided (used) by
Operating activities(20,552)(53,021)
Investing activities(13,155)(16,723)
Financing activities16,943 10,515 
Effect of exchange rate changes on cash(1,304)1,096 
Change in cash and cash equivalents from discontinued operations(231)(428)
Net cash used(18,299)(58,561)
Cash, cash equivalents and restricted cash at the end of period37,061 60,601 
Less: restricted cash in Prepaid and other current assets(3,129)(3,600)
Less: restricted cash in Other assets— (3,137)
Cash and cash equivalents at the end of period$33,932 $53,864 
At June 30, 2024, we had $33.9 million in cash and cash equivalents (“cash”) held by both domestic and foreign subsidiaries. Approximately 94.8% of our cash and cash equivalents is held by our foreign subsidiaries but could be repatriated without incurring a significant amount of additional taxes.
Cash used by operating activities in the first six months of 2024 totaled $20.6 million compared with $53.0 million in the same period a year ago. The decrease in cash used was primarily due to an improvement in working capital usage of approximately $37.6 million, partially offset by an increase in interest paid of $6.1 million due to the higher interest rates on our debt stemming from the debt refinancing in the first six months of 2023 and higher professional costs associated with the pending merger. Operating cash also improved $5.8 million primarily due to a lump-sum payment in Q1 2023 to our former CEO under the terms of his non-qualified pension plan.
Net cash used by investing activities was $13.2 million in the first six months of 2024 compared with $16.7 million in the same period a year ago. Capital expenditures totaled $13.2 million and $17.5 million for the six months ended June 30, 2024 and 2023, respectively. Capital expenditures are expected to total between $30 million and $35 million in 2024.
Net cash provided by financing activities totaled $16.9 million in the first six months of 2024 compared with $10.5 million in the same period of 2023. The change in financing activities primarily reflects additional borrowings under our existing revolving credit facility. In 2023, we entered into a €250.0 million Term Loan in which the proceeds were used to fully extinguish the €220.0 million Term Loan, the IKB term loans and reduced the revolving credit facility balance.
As discussed in Item 1 - Financial Information, Note - 15, our Credit Agreement and AG Loan contains a number of customary compliance covenants. As of June 30, 2024, the leverage ratio, as calculated in accordance with the definition in our Credit Agreement and AG Loan, was 3.5x, well within the maximum limit. A breach of these requirements would give rise to certain remedies under the Credit Agreement and AG Loan, among which are the termination, and accelerated repayment of the outstanding borrowings plus accrued and unpaid interest. As discussed in Note 15 - “Long Term Debt,” on March 30, 2023, we amended our Credit Agreement to permit the maximum leverage ratio (calculated as consolidated senior secured debt to consolidated adjusted EBITDA) to be 4.25 to 1.0 through the quarter ended December 31, 2024, stepping down to 4.0 to 1.0 at June 30, 2025, and 3.50 to 1.0 at June 30, 2026.
- 40 -


Details of our outstanding long-term indebtedness are set forth under Item 1 - Financial Statements – Note 15 -“Long-Term Debt."
We are subject to various federal, state and local laws and regulations intended to protect the environment, as well as human health and safety. At various times, we have incurred significant costs to comply with these regulations and we could incur additional costs as new regulations are developed or regulatory priorities change.
At June 30, 2024, we had ample liquidity consisting of $33.9 million of cash on hand and $78.9 million of capacity under our revolving credit facility. We expect to meet all of our near and long-term cash needs from a combination of operating cash flow, cash and cash equivalents, our existing credit facility and other long-term debt.
Off-Balance-Sheet Arrangements As of June 30, 2024 and December 31, 2023, we had not entered into any off-balance-sheet arrangements. Financial derivative instruments, to which we are a party, and guarantees of indebtedness, which solely consist of obligations of subsidiaries, are reflected in the condensed consolidated balance sheets included herein in Item 1 – Financial Statements.
- 41 -


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS
 Year Ended December 31June 30, 2024
 In thousands, except percentages20242025202620272028Carrying ValueFair Value
Long-term debt       
Average principal outstanding       
At variable interest rates$114,345$114,345$77,065$114,345 $114,345 
At fixed interest rates 762,273762,273762,273762,273762,273763,085 683,556 
 $877,430 $797,901 
Weighted-average interest rate
On variable rate debt8.93 %8.93 %8.93 %
On fixed rate debt 6.99 %6.99 %6.99 %6.99 %6.99 %
Our market risk exposure primarily results from changes in interest rates and currency exchange rates. The table above presents the average principal outstanding and related interest rates for the next five years for debt outstanding as of June 30, 2024. Fair values included herein have been determined based upon rates currently available to us for debt with similar terms and remaining maturities.
At June 30, 2024, we had $877.4 million of long-term debt, of which $114.3 million, or 13.0%, was at variable interest rates. Variable-rate debt represents borrowings under our credit agreement. The fixed-rate Term Loans are euro-based borrowings and thus the value of which is also subject to currency risk. Variable-rate debt outstanding represents borrowings under our revolving credit agreement and a euro-denominated term loan which accrue interest based on one-month LIBOR plus a margin.
At June 30, 2024, the weighted-average interest rate paid was equal to 8.93%. A hypothetical 100 basis point increase in the interest rate on variable rate debt would increase annual interest expense by $1.1 million. In the event rates are 100 basis points lower, interest expense would be $1.1 million lower.
As part of our overall risk management practices, we enter into financial derivatives primarily designed to either i) hedge currency risks associated with forecasted transactions – “cash flow hedges”; or ii) mitigate the impact that changes in currency exchange rates have on intercompany financing transactions and foreign currency denominated receivables and payables – “foreign currency hedges.” For a more complete discussion of this activity, refer to Item 8 – Financial Statements and Supplementary Data – Note 17 - “Financial Derivatives and Hedging Activities.”
We are subject to certain risks associated with changes in foreign currency exchange rates to the extent our operations are conducted in currencies other than the U.S. dollar. On an annual basis, our euro denominated net sales is estimated to exceed euro expenses by approximately €170 million. With respect to the British pound sterling, Canadian dollar, and Philippine peso, we have greater outflows than inflows of these currencies, although to a lesser degree. As a result, particularly with respect to the euro, we are exposed to changes in currency exchange rates and such changes could be significant.
Critical Accounting Estimates
The preceding discussion and analysis of our consolidated financial position and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to long-lived assets, environmental liabilities, and income taxes. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. We believe that our policies for long- and indefinite-lived assets, environmental liabilities and income taxes represent the most significant and subjective estimates used in the preparation of our consolidated financial statements and are therefore considered our critical accounting policies and estimates.
During the six months ended June 30, 2024, there were no changes in our critical accounting policies or estimates. See Note 2 — Accounting Policies, of the Condensed Consolidated Financial Statements included elsewhere in this Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC, for additional information regarding our critical accounting policies.
- 42 -


Long- and indefinite-lived Assets We evaluate the recoverability of our long- and indefinite-lived assets, including plant, equipment, timberlands, goodwill, and other intangible assets periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Goodwill is reviewed for impairment annually during the fourth quarter, or more frequently if impairment indicators are present.

The fair value of our reporting units, which are also our operating segments, is determined using a market approach and a discounted cash flow model. Our evaluations include a variety of qualitative factors and analyses based on estimates of future cash flows expected to be generated from the use of the underlying assets, trends or other determinants of fair value. If the value of an asset determined by these evaluations is less than its carrying amount, a loss is recognized for the difference between the fair value and the carrying value of the asset. At June 30, 2024, Airlaid Materials was our only operating segment with goodwill. Our Airlaid Materials segment’s fair value exceeded its carrying value at the time of its last valuation performed in connection with the last annual impairment test in the fourth quarter of 2023 by approximately 19%. Airlaid Material’s fair value, as well as the asset groups within each of our operating segments, could be impacted by factors such as unexpected changes in market demand for our products, the impact of competition, and the inability to successfully adjust selling prices in response to changes in inflation, among other factors. Future adverse changes such as these or in market conditions or poor operating results of the related business may indicate an inability to recover the carrying value of the assets, thereby possibly requiring an impairment charge in the future.


ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures Our Chief Executive Officer and our principal financial officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of June 30, 2024, have concluded that, as of the evaluation date, our disclosure controls and procedures are effective.
Changes in Internal Controls There were no changes in our internal control over financial reporting during the six months ended June 30, 2024 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

- 43 -


PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS

See the discussion of legal proceedings contained in Note 18 - “Commitments, Contingencies and Legal Proceedings” to our unaudited consolidated financial statements in Part I, Item 1 of this report, which is incorporated herein by reference.

ITEM 5. OTHER INFORMATION
During the six months ended June 30, 2024, none of the Company’s directors or “officers,” as defined in Rule 16a-1(f) of the Exchange Act, adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.



























- 44 -


ITEM 6. EXHIBITS
The following exhibits are filed or furnished herewith or incorporated by reference as indicated.
Incorporated by reference to
31.1
31.2
32.1
32.2
101.INSInline XBRL Instance Document – the instance document does not appear in the Interactive Data file because its iXBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema.
101.CALInline XBRL Extension Calculation Linkbase.
101.DEFInline XBRL Extension Definition Linkbase.
101.LABInline XBRL Extension Label Linkbase.
101.PREInline XBRL Extension Presentation Linkbase.
104Cover Page Interactive Data File (formatted as an inline XBRL and contained in Exhibit 101).

*Certain schedules (or similar attachments) have been omitted pursuant to Item 601(a)(5) or Item 601(b)(2) of Regulation S-K. The registrant agrees to furnish copies of such schedules (or similar attachments) to the U.S. Securities and Exchange Commission upon request.

**Management contract or compensatory plan
- 45 -


SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Glatfelter Corporation
(Registrant)
   
August 8, 2024  
   
 By/s/ David C. Elder
   David C. Elder
  
Vice President, Strategic Initiatives, Business Optimization, & Chief Accounting Officer
(Principal accounting officer)
- 46 -



EXHIBIT 31.1
CERTIFICATION PURSUANT TO SECTION 302 (a) OF THE SARBANES-OXLEY ACT OF 2002
I, Thomas M. Fahnemann certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 of Glatfelter Corporation and subsidiaries (“Glatfelter”);
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.
4.Glatfelter’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for Glatfelter and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to Glatfelter, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of Glatfelter’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in Glatfelter’s internal control over financial reporting that occurred during Glatfelter’s most recent fiscal quarter (the fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, Glatfelter's internal control over financial reporting.
5.Glatfelter’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to Glatfelter’s auditors and the audit committee of Glatfelter’s board of directors (or persons performing similar functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect Glatfelter’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in Glatfelter’s internal control over financial reporting.

August 8, 2024
By/s/ Thomas M. Fahnemann
Thomas M. Fahnemann
President and Chief Executive Officer





EXHIBIT 31.2
CERTIFICATION PURSUANT TO SECTION 302 (a) OF THE SARBANES-OXLEY ACT OF 2002
I, Ramesh Shettigar, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 of Glatfelter Corporation and subsidiaries (“Glatfelter”);
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.
4.Glatfelter’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for Glatfelter and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to Glatfelter, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of Glatfelter’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in Glatfelter’s internal control over financial reporting that occurred during Glatfelter’s most recent fiscal quarter (the fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, Glatfelter's internal control over financial reporting.
5.Glatfelter’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to Glatfelter’s auditors and the audit committee of Glatfelter’s board of directors (or persons performing similar functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect Glatfelter’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in Glatfelter’s internal control over financial reporting.

August 8, 2024
By/s/ Ramesh Shettigar
Ramesh Shettigar
Senior Vice President, Chief Financial Officer & Treasurer





Exhibit 32.1
CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 18 U.S.C. SECTION 1350

In connection with the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 of Glatfelter Corporation (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas M. Fahnemann, President and Chief Executive Officer of the Company, certify to the best of my knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to Glatfelter and will be retained by Glatfelter and furnished to the Securities and Exchange Commission or its staff upon request.

August 8, 2024

By/s/ Thomas M. Fahnemann
Thomas M. Fahnemann
President and Chief Executive Officer



Exhibit 32.2
CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 18 U.S.C. SECTION 1350

In connection with the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 of Glatfelter Corporation (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ramesh Shettigar Senior Vice President, Chief Financial Officer & Treasurer of the Company, certify to the best of my knowledge, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to Glatfelter and will be retained by Glatfelter and furnished to the Securities and Exchange Commission or its staff upon request.

August 8, 2024

By/s/ Ramesh Shettigar
Ramesh Shettigar
Senior Vice President, Chief Financial Officer & Treasurer

v3.24.2.u1
Cover - shares
 6 Months Ended
Jun. 30, 2024
Aug. 05, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity Address, Address Line One 4350 Congress Street  
Entity Address, Address Line Two Suite 600  
Entity Address, City or Town Charlotte  
Entity Address, State or Province NC  
Entity Address, Postal Zip Code 28209  
City Area Code 704  
Local Phone Number 885-2555  
Entity File Number 1-03560  
Entity Registrant Name Glatfelter Corporation  
Entity Tax Identification Number 23-0628360  
Entity Incorporation, State or Country Code PA  
Title of 12(b) Security Common Stock  
Trading Symbol GLT  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   45,397,132
Amendment Flag false  
Entity Central Index Key 0000041719  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2024  
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Net sales $ 329,443 $ 357,005 $ 656,699 $ 735,213
Costs of products sold 292,656 338,872 585,402 680,866
Gross profit 36,787 18,133 71,297 54,347
Selling, general and administrative expenses 29,420 28,639 65,477 59,384
Losses (gains) on dispositions of plant, equipment and timberlands, net 73 (21) 71 (665)
Operating income (loss) 7,294 (10,485) 5,749 (4,372)
Non-operating income (expense)        
Interest expense (17,900) (17,261) (35,585) (29,855)
Interest income 273 559 534 830
Other, net (2,509) (3,045) (4,536) (6,323)
Total non-operating expense (20,136) (19,747) (39,587) (35,348)
Loss from continuing operations before income taxes (12,842) (30,232) (33,838) (39,720)
Income tax provision 2,953 6,399 8,107 10,093
Loss from continuing operations (15,795) (36,631) (41,945) (49,813)
Discontinued operations:        
Loss before income taxes (484) (309) (681) (711)
Income tax provision 0 0 0 0
Loss from discontinued operations (484) (309) (681) (711)
Net loss $ (16,279) $ (36,940) $ (42,626) $ (50,524)
Basic earnings per share        
Loss from continuing operations (in dollars per share) $ (0.35) $ (0.82) $ (0.93) $ (1.11)
Loss from discontinued operations (in dollars per share) (0.02) (0.01) (0.02) (0.02)
Basic loss per share (in dollars per share) (0.37) (0.83) (0.95) (1.13)
Diluted earnings per share        
Loss from continuing operations (in dollars per share) (0.35) (0.82) (0.93) (1.11)
Loss from discontinued operations (in dollars per share) (0.02) (0.01) (0.02) (0.02)
Diluted loss per share (in dollars per share) $ (0.37) $ (0.83) $ (0.95) $ (1.13)
Weighted average shares outstanding        
Basic (in shares) 45,338 45,041 45,261 44,999
Diluted (in shares) 45,338 45,041 45,261 44,999
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net loss $ (16,279) $ (36,940) $ (42,626) $ (50,524)
Foreign currency translation adjustments (1,978) 2,820 (11,142) 9,483
Net change in:        
Deferred (losses) gains on derivatives, net of taxes of $107, $96, (511) and $149, respectively (361) (11) 1,081 146
Unrecognized retirement obligations, net of taxes of $(8), $(3), (15) and $(4), respectively 22 18 42 670
Other comprehensive income (loss) (2,317) 2,827 (10,019) 10,299
Comprehensive loss $ (18,596) $ (34,113) $ (52,645) $ (40,225)
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Deferred gains (losses) on derivatives, net of tax expense (benefit) $ 107 $ 96 $ (511) $ 149
Unrecognized retirement obligations, net of tax expense (benefit) $ (8) $ (3) $ (15) $ (4)
v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 33,932 $ 50,265
Accounts receivable, net 177,983 170,974
Inventories 305,115 298,248
Prepaid expenses and other current assets 69,213 86,480
Total current assets 586,243 605,967
Plant, equipment and timberlands, net 638,538 662,916
Goodwill 105,448 107,691
Intangible assets, net 96,293 106,333
Other assets 78,501 80,889
Total assets 1,505,023 1,563,796
Liabilities and Shareholders' Equity    
Current portion of long-term debt 0 1,005
Short-term debt 8,454 6,150
Accounts payable 156,457 158,455
Environmental liabilities 300 2,000
Other current liabilities 100,116 112,758
Total current liabilities 265,327 280,368
Long-term debt 861,882 853,163
Deferred income taxes 50,567 52,219
Other long-term liabilities 121,727 121,192
Total liabilities 1,299,503 1,306,942
Commitments and contingencies (Note 18) 0 0
Shareholders’ equity    
Common stock 544 544
Capital in excess of par value 55,396 58,759
Retained earnings 377,184 419,810
Accumulated other comprehensive loss (92,528) (82,509)
Shareholders' equity before treasury stock 340,596 396,604
Less cost of common stock in treasury (135,076) (139,750)
Total shareholders’ equity 205,520 256,854
Total liabilities and shareholders’ equity $ 1,505,023 $ 1,563,796
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net loss $ (42,626) $ (50,524)
Loss from discontinued operations, net of taxes 681 711
Adjustments to reconcile to net cash used by continuing operations:    
Depreciation, depletion and amortization 31,296 31,701
Amortization of debt issue costs and original issue discount 2,059 3,281
Pension settlement charge 0 633
Deferred income tax (benefit) expense (394) 959
Losses (gains) on dispositions of plant, equipment and timberlands, net 71 (665)
Share-based compensation 1,469 1,307
Change in operating assets and liabilities:    
Accounts receivable (7,379) 4,180
Inventories (12,305) (1,656)
Prepaid and other current assets 14,847 7,418
Accounts payable 1,685 (58,129)
Accruals and other current liabilities (11,535) 3,633
Other 1,579 4,130
Net cash used by operating activities from continuing operations (20,552) (53,021)
Investing activities    
Expenditures for purchases of plant, equipment and timberlands (13,172) (17,458)
Proceeds from disposals of plant, equipment and timberlands, net 17 735
Net cash used by investing activities from continuing operations (13,155) (16,723)
Financing activities    
Proceeds from term loan 0 262,273
Repayment of term loans (988) (226,451)
Net borrowings (repayments) under revolving credit facility 18,149 (14,988)
Payments of borrowing costs (60) (10,071)
Payments related to share-based compensation awards and other (158) (248)
Net cash provided by financing activities from continuing operations 16,943 10,515
Effect of exchange rate changes on cash (1,304) 1,096
Net decrease in cash, cash equivalents and restricted cash (18,068) (58,133)
Decrease in cash, cash equivalents and restricted cash from discontinued operations (231) (428)
Cash, cash equivalents and restricted cash at the beginning of period 55,360 119,162
Cash, cash equivalents and restricted cash at the end of period 37,061 60,601
Less: restricted cash in Prepaid expenses and other current assets (3,129) (3,600)
Less: restricted cash in Other assets 0 (3,137)
Cash and cash equivalents at the end of period 33,932 53,864
Cash paid for:    
Interest 33,108 27,001
Income taxes, net $ 5,055 $ 4,109
v3.24.2.u1
STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common stock
Capital in Excess of Par Value
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Beginning balance at Dec. 31, 2022 $ 318,004 $ 544 $ 60,663 $ 498,863 $ (97,895) $ (144,171)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss (50,524)     (50,524)    
Other comprehensive (loss) income 10,299       10,299  
Comprehensive loss (40,225)          
Share-based compensation expense 1,307   1,307      
Delivery of treasury shares:            
RSUs and PSAs (248)   (4,025)     3,777
Ending balance at Jun. 30, 2023 278,838 544 57,945 448,339 (87,596) (140,394)
Beginning balance at Mar. 31, 2023 312,587 544 59,256 485,279 (90,423) (142,069)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss (36,940)     (36,940)    
Other comprehensive (loss) income 2,827       2,827  
Comprehensive loss (34,113)          
Share-based compensation expense 376   376      
Delivery of treasury shares:            
RSUs and PSAs (12)   (1,687)     1,675
Ending balance at Jun. 30, 2023 278,838 544 57,945 448,339 (87,596) (140,394)
Beginning balance at Dec. 31, 2023 256,854 544 58,759 419,810 (82,509) (139,750)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss (42,626)     (42,626)    
Other comprehensive (loss) income (10,019)       (10,019)  
Comprehensive loss (52,645)          
Share-based compensation expense 1,469   1,469      
Delivery of treasury shares:            
RSUs and PSAs (158)   (4,832)     4,674
Ending balance at Jun. 30, 2024 205,520 544 55,396 377,184 (92,528) (135,076)
Beginning balance at Mar. 31, 2024 223,322 544 56,781 393,463 (90,211) (137,255)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss (16,279)     (16,279)    
Other comprehensive (loss) income (2,317)       (2,317)  
Comprehensive loss (18,596)          
Share-based compensation expense 798   798      
Delivery of treasury shares:            
RSUs and PSAs (4)   (2,183)     2,179
Ending balance at Jun. 30, 2024 $ 205,520 $ 544 $ 55,396 $ 377,184 $ (92,528) $ (135,076)
v3.24.2.u1
ORGANIZATION
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION ORGANIZATION
Glatfelter Corporation and subsidiaries ("Glatfelter") is a leading global supplier of engineered materials with a strong focus on innovation and sustainability. Glatfelter's high quality, technology-driven, innovative, and customizable nonwovens solutions can be found in products that are Enhancing Everyday Life®. These include personal care and hygiene products, food and beverage filtration, critical cleaning products, medical and personal protection, packaging products, as well as home improvement and industrial applications. Headquartered in Charlotte, NC, our 2023 net sales were $1.4 billion. At June 30, 2024, we employed approximately 2,907 employees worldwide. Glatfelter’s operations utilize a variety of manufacturing technologies including airlaid, wetlaid, and spunlace with fifteen manufacturing sites located in the United States, Canada, Germany, the United Kingdom, France, Spain, and the Philippines. The Company has sales offices in all major geographies serving customers under the Glatfelter and Sontara brands. Additional information about Glatfelter may be found at www.glatfelter.com. The terms “we,” “us,” “our,” “the Company,” or “Glatfelter,” refer to Glatfelter Corporation and subsidiaries unless the context indicates otherwise.
v3.24.2.u1
ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
ACCOUNTING POLICIES 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 2023 Annual Report on Form 10-K.
Discontinued Operations The results of operations and cash flows of our former Specialty Papers business have been classified as discontinued operations for all periods presented in the condensed consolidated statements of operations.
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 November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The standard improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). The standard enhances income tax disclosure requirements by requiring specified categories and greater disaggregation within the rate reconciliation table, disclosure of income taxes paid by jurisdiction, and provides clarification on uncertain tax positions and related financial statement impacts. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
v3.24.2.u1
REVENUE
 6 Months Ended
Jun. 30, 2024
Disaggregation of Revenue [Abstract]  
REVENUE REVENUE
The following tables set forth disaggregated information pertaining to our net sales:

 Three months ended
June 30,		Six months ended
June 30,
In thousands2024202320242023
Revenue by product category    
Airlaid Materials
Feminine hygiene$44,783 $51,882 $89,592 $110,127 
Specialty wipes38,221 45,535 78,140 90,329 
Tabletop26,131 31,778 50,125 62,193 
Food pads2,856 3,361 6,663 6,901 
Home care6,214 6,781 12,361 14,140 
Adult incontinence5,773 7,063 12,370 14,422 
Other6,606 6,111 12,862 13,840 
130,584 152,511 262,113 311,952 
Composite Fibers
Food & beverage69,331 70,755 137,693 149,699 
Wallcovering15,023 19,570 28,944 35,727 
Technical specialties15,643 20,542 30,955 41,995 
Composite laminates11,355 8,818 22,674 17,801 
Metallized5,863 6,040 13,099 13,094 
117,215 125,725 233,365 258,316 
Spunlace
Consumer wipes32,441 34,759 65,147 72,868 
Critical cleaning29,550 17,584 57,882 46,733 
Health care10,214 16,808 18,981 27,183 
Hygiene7,255 5,034 14,220 10,694 
High performance2,386 4,608 5,091 7,817 
Beauty care351 627 1,006 848 
82,197 79,420 162,327 166,143 
Inter-segment sales elimination(553)(651)(1,106)(1,198)
Total$329,443 $357,005 $656,699 $735,213 
Three months ended
June 30,		Six months ended
June 30,
In thousands2024202320242023
Revenue by geography
Airlaid Materials
Americas$71,148 $85,492 $146,208 $175,329 
Europe, Middle East and Africa58,757 63,519 112,388 129,510 
Asia Pacific679 3,500 3,517 7,113 
130,584 152,511 262,113 311,952 
Composite Fibers
Europe, Middle East and Africa66,576 72,680 133,911 146,530 
Americas33,269 32,416 62,224 66,628 
Asia Pacific17,370 20,629 37,230 45,158 
117,215 125,725 233,365 258,316 
Spunlace
Americas53,199 50,001 104,466 103,153 
Europe, Middle East and Africa21,929 23,289 44,481 48,352 
Asia Pacific7,069 6,130 13,380 14,638 
82,197 79,420 162,327 166,143 
Inter-segment sales elimination(553)(651)(1,106)(1,198)
Total$329,443 $357,005 $656,699 $735,213 
v3.24.2.u1
PROPOSED MERGER
 6 Months Ended
Jun. 30, 2024
Reverse Recapitalization [Abstract]  
PROPOSED MERGER PROPOSED MERGER
As previously announced on February 7, 2024, we entered into certain definitive agreements with Berry Global Group, Inc. (“Berry”) for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment including its Global Nonwovens and Films business (“HHNF”) with Glatfelter (the “Merger”) that will create Magnera, a leading, publicly-traded company in the specialty materials industry. The board of directors of both Berry and Glatfelter have unanimously approved the Merger. The Merger is expected to occur through a series of transactions, including a Reverse Morris Trust transaction such that HHNF will become a wholly owned subsidiary of Glatfelter. Upon completion of the Merger, Berry shareholders will hold 90% of the outstanding shares of Glatfelter and Glatfelter shareholders will continue to hold 10% of the outstanding shares of Glatfelter. The combined company’s Board of Directors will include 6 members chosen by Berry and 3 chosen from Glatfelter’s existing Board of Directors, with Curt Begle, the current president of the Health, Hygiene & Specialties Division of Berry, becoming the Chief Executive Officer.

In June, the Company reported the achievement of all required approvals and clearances under competition and foreign direct investment laws. Also, Berry received a favorable private letter ruling from the U.S. Internal Revenue Service regarding the qualification of the spin-off and the merger as tax-free transactions under the Internal Revenue Code. The transaction is subject to additional customary closing conditions, including approval by Glatfelter shareholders. The transaction is expected to close in the second half of 2024. Prior to the completion of the Merger, Glatfelter and HHNF will continue to operate as independent companies.
v3.24.2.u1
GAINS ON DISPOSITION OF PLANT, EQUIPMENT AND TIMBERLANDS
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
GAINS ON DISPOSITION OF PLANT, EQUIPMENT AND TIMBERLANDS GAINS ON DISPOSITION OF PLANT, EQUIPMENT AND TIMBERLANDS
Timberland and other asset sales for the six months ended June 30, 2024 were inconsequential.

The following table sets forth sales of timberlands and other assets completed during the six months ended June 30, 2023:
Dollars in thousandsAcresProceeds
Gain
2023
Timberlands216$630 $617 
Othern/a105 48 
Total$735 $665 
v3.24.2.u1
DISCONTINUED OPERATIONS
 6 Months Ended
Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
For the six months ended June 30, 2024 and 2023, we recognized losses in discontinued operations of $0.7 million primarily related to legal costs incurred in both periods, pension related costs in 2024, and an insurance claim settlement in 2023.
In August 2024, we reached a settlement in principle of a legal dispute with a manufacturer for equipment supplied and installed at our former Specialty Papers business. Under the terms of the sale agreement of our Specialty Papers business in 2018, we retained the right to any recoveries from the resolution of this matter. Under the terms of this settlement, we will be paid $6.5 million in monthly installments of approximately $1.1 million beginning in September 2024. We expect to recognize a $6.5 million gain, less applicable legal fees, in the quarter ended September 30, 2024 which will be included in discontinued operations.
v3.24.2.u1
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The following table sets forth the details of basic and diluted earnings per share (“EPS”) from continuing operations:
 Three months ended June 30, Six months ended June 30,
In thousands, except per share20242023 20242023
Loss from continuing operations$(15,795)$(36,631)$(41,945)$(49,813)
 
Weighted average common shares outstanding used in basic EPS45,338 45,041 45,261 44,999 
Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs
— — — — 
Weighted average common shares outstanding and common share equivalents used in diluted EPS
45,338 45,041 45,261 44,999 
 
Loss per share from continuing operations
Basic$(0.35)$(0.82)$(0.93)$(1.11)
Diluted(0.35)(0.82)(0.93)(1.11)
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:
 Three months ended June 30,Six months ended June 30,
In thousands20242023 20242023
Potential common shares428 618 428 618 
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE LOSS
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS ACCUMULATED OTHER COMPREHENSIVE LOSS
The following table sets forth details of the changes in accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023.
In thousandsCurrency translation adjustments Unrealized gain (loss) on derivativesChange in pensions Change in other postretirement defined benefit plans Total
Balance at April 1, 2024
$(99,897)$11,997 $(2,668)$357 $(90,211)
Other comprehensive loss before reclassifications (net of tax)
(1,978)(177)— — (2,155)
Amounts reclassified from accumulated
 other comprehensive income (net of tax)
— (184)24 (2)(162)
Net current period other comprehensive income (loss)(1,978)(361)24 (2)(2,317)
Balance at June 30, 2024
$(101,875)$11,636 $(2,644)$355 $(92,528)
 
Balance at April 1, 2023
$(99,579)$11,333 $(2,587)$410 $(90,423)
Other comprehensive income before reclassifications (net of tax)
2,820 57 — — 2,877 
Amounts reclassified from accumulated
 other comprehensive income (net of tax)
— (68)25 (7)(50)
Net current period other comprehensive income (loss)2,820 (11)25 (7)2,827 
Balance at June 30, 2023
$(96,759)$11,322 $(2,562)$403 $(87,596)
Balance at January 1, 2024$(90,733)$10,555 $(2,692)$361 $(82,509)
Other comprehensive income (loss) before reclassifications (net of tax)
(11,142)1,718 — — (9,424)
Amounts reclassified from accumulated other comprehensive income (net of tax)
— (637)48 (6)(595)
Net current period other comprehensive income (loss)(11,142)1,081 48 (6)(10,019)
Balance at June 30, 2024
$(101,875)$11,636 $(2,644)$355 $(92,528)
 
Balance at January 1, 2023$(106,242)$11,176 $(3,247)$418 $(97,895)
Other comprehensive income before reclassifications (net of tax)
9,483 1,613 — — 11,096 
Amounts reclassified from accumulated other comprehensive income (net of tax)
— (1,467)685 (15)(797)
Net current period other comprehensive income (loss)9,483 146 685 (15)10,299 
Balance at June 30, 2023
$(96,759)$11,322 $(2,562)$403 $(87,596)
Reclassifications out of accumulated other comprehensive loss and into the condensed consolidated statements of operations were as follows:
 Three months ended
June 30,		Six months ended
June 30,		 
In thousands2024202320242023 
Description    
Line Item in Statements of Operations
Cash flow hedges (Note 17)
     
Gains on cash flow hedges$(291)$(400)$(126)$(1,318)Costs of products sold
Tax provision (benefit)
107 332 (511)(149)Income tax provision (benefit)
Net of tax(184)(68)(637)(1,467) 
Total cash flow hedges(184)(68)(637)(1,467) 
Retirement plan obligations (Note 10)
 
Amortization of deferred benefit pension plans 
Prior service costs4 6 8 12 Other, net
Actuarial losses21 21 48 43 Other, net
Pension settlement— — — 633 Other, net
 25 27 56 688  
Tax benefit(1)(2)(8)(3)Income tax provision (benefit)
Net of tax24 25 48 685  
Amortization of deferred benefit other plans 
Prior service costs 13 5 25 10 Other, net
Actuarial gain(15)(12)(31)(25)Other, net
 (2)(7)(6)(15) 
Tax expense— — — — Income tax provision (benefit)
Net of tax(2)(7)(6)(15) 
Total reclassifications, net of tax$(162)$(50)$(595)$(797) 
v3.24.2.u1
SHARE-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
On May 5, 2023 (the “Effective Date”), the Board and shareholders approved an amendment and restatement of the Glatfelter Corporation 2022 Long-Term Incentive Plan (the “Equity Plan”) to increase the number of shares available for grant under the Equity Plan (as amended and restated, the “Amended Plan”) (collectively, the “LTIP”). The LTIP is a long-term incentive plan, pursuant to which awards may be granted to full-time or part-time employees, officers, non-employee directors, and consultants of the Company or any subsidiary or affiliate of the Company, including stock options, stock-only stock appreciation rights (“SOSARs”), restricted stock awards, restricted stock units (“RSUs”), performance share awards (“PSAs”), and other share-based awards. The Amended Plan was adopted primarily to increase the number of shares of Company common stock reserved for equity-based awards by 675,000 shares (in addition to any shares that remained available for awards under the Equity Plan as of the Effective Date and any shares subject to outstanding awards granted under the Equity Plan as of the Effective Date). As of June 30, 2024, there were 340,053 shares of common stock available for future issuance under the LTIP.
Pursuant to terms of the LTIP, we have issued to eligible participants RSUs, PSAs and SOSARs.

Restricted Stock Units and Performance Share Awards In the first six months of 2024, we granted RSUs to employees under our LTIP. The RSUs awarded in 2024 vest over three years, with 33% vesting on December 31, 2024, 33% on February 28, 2026, and 34% vesting on February 28, 2027. PSAs were not awarded in 2024. Instead, there was a cash restoration award (paid in cash instead of stock) that vests the same as the RSUs. This cash restoration award is outside of the LTIP. In 2023, we granted RSUs and PSAs to employees under our LTIP. In 2023, 50% of fair value of the awards granted were RSUs, which vest based on the passage of time, generally over a graded three-year period or, in certain instances, the RSUs were cliff vesting after one or three years. The remaining 50% of the fair value of the awards granted in 2023 were PSAs. The PSAs awarded vest based on either the achievement of cumulative financial performance targets covering a two-year period or based on the three-year total shareholder return relative to a broad market index. The performance measures include a minimum, target and maximum performance level providing the grantees an opportunity to receive more or less shares than targeted depending on actual financial performance.
For RSUs, the grant date fair value of the awards, or the closing price per common share on the date of the award, is used to determine the amount of expense to be recognized over the applicable service period. For PSAs, the grant date fair value is estimated using a lattice model. The significant inputs include the stock price, volatility, dividend yield, and risk-free rate of return. Settlement of RSUs and PSAs will be made in shares of our common stock currently held in treasury.
The following table summarizes RSU and PSA activity during periods indicated:
Units20242023
Balance at January 1,2,273,939 1,650,152 
Granted2,403,905 1,354,102 
Forfeited(254,730)(445,742)
Shares delivered(386,508)(313,569)
Balance at June 30,
4,036,606 2,244,943 
The amount granted in 2023 included 698,741 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:
 June 30,
In thousands20242023
Three months ended$798 $376 
Six months ended
$1,469 $1,307 
Stock-Only Stock Appreciation Rights 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. All SOSARs are vested, exercisable and have a term of ten years. No SOSARs have been awarded since 2016.
The following table sets forth information related to outstanding SOSARs:
 20242023
Shares
Wtd Avg
Exercise
Price
Shares
Wtd Avg
Exercise
Price
Outstanding at January 1,531,519 $22.10 769,544 $21.34 
Granted— — — — 
Exercised— — — — 
Canceled / forfeited(103,742)29.89 (151,487)18.36 
Outstanding at June 30,
427,777 $20.21 618,057 $22.07 
v3.24.2.u1
RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITS
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITS RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITS
The following tables provide information with respect to the net periodic costs of our pension and post-retirement medical benefit plans included in continuing operations.
 Three months ended
June 30,		Six months ended
June 30,
In thousands2024202320242023
Pension Benefits    
Service cost$— $— $— $— 
Interest cost346 362 701 773 
Amortization of prior service cost4 6 8 12 
Amortization of actuarial loss21 21 48 43 
Pension settlement charge— — — 633 
Total net periodic benefit expense$371 $389 $757 $1,461 
 
Other Benefits
Service cost$5 $2 $10 $5 
Interest cost41 45 82 89 
Amortization of prior service cost13 5 25 10 
Amortization of actuarial gain(15)(12)(31)(25)
Total net periodic benefit expense$44 $40 $86 $79 
v3.24.2.u1
INCOME TAXES
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES 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 condensed consolidated financial statements or tax returns. The effects of income taxes are measured based on enacted tax laws and rates.
For the six months ended June 30, 2024, we had a pretax loss from continuing operations of $33.8 million and income tax expense of $8.1 million. The effective income tax rate for the six months ended June 30, 2024 was unfavorably impacted by the jurisdictional mix of pretax results among the Company and its subsidiaries and losses which generated no tax benefit in domestic and certain foreign jurisdictions.
For the six months ended June 30, 2024, we recorded an increase in the valuation allowance of $10.3 million for U.S. federal and certain foreign jurisdictions against our net deferred tax assets. 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 June 30, 2024 and December 31, 2023, we had $62.7 million and $60.7 million, respectively, of gross unrecognized tax benefits. As of June 30, 2024, if such benefits were to be recognized, approximately $60.1 million would be recorded as a component of income tax expense, thereby affecting our effective tax rate.
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 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 statutes are closed. Due to potential resolution of federal, state and foreign examinations, and the lapse of various statutes of limitation, it is reasonably possible our gross unrecognized tax benefits may decrease within the next twelve months by a range of zero to $8.3 million. 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:
 Six months ended June 30,
In millions20242023
Interest expense $1.4 $1.0 
 June 30,
2024		December 31,
2023
Accrued interest payable $7.7 $6.3 
Accrued penalties2.8 2.8 

In 2021, the Organization for Economic Cooperation and Development (OECD) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax. Effective January 1, 2024, a number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal. Pillar Two did not have a significant impact on Glatfelter's financial results for the six months ended June 30, 2024. While Glatfelter is monitoring developments and evaluating the potential impact on future periods, Glatfelter does not expect Pillar Two to have a significant impact on its 2024 financial results.
v3.24.2.u1
INVENTORIES
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories, net of reserves, were as follows:
In thousandsJune 30,
2024		December 31,
2023
Raw materials$91,095 $82,012 
In-process and finished146,997 150,220 
Supplies67,023 66,016 
Total$305,115 $298,248 
v3.24.2.u1
GOODWILL AND OTHER INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
The following table sets forth changes in the amounts of goodwill and other intangible assets recorded by each of our segments during the periods indicated:
In thousandsDecember 31,
2023		Purchase price allocation adjustmentTranslationJune 30,
2024
Goodwill    
Airlaid Materials$107,691 $— $(2,243)$105,448 
Total$107,691 $— $(2,243)$105,448 
Other Intangible AssetsDecember 31,
2023
Amortization
TranslationJune 30,
2024
Airlaid Materials
Tradename$3,566 $— $(111)$3,455 
Accumulated amortization(944)(87)31 (1,000)
Net2,622 (87)(80)2,455 
 
Technology and related18,121 — (547)17,574 
Accumulated amortization(6,819)(580)206 (7,193)
Net11,302 (580)(341)10,381 
 
Customer relationships and related43,986 — (749)43,237 
Accumulated amortization(17,685)(1,853)411 (19,127)
Net26,301 (1,853)(338)24,110 
Spunlace
Products and Tradenames30,064 — (2,071)27,993 
Accumulated amortization(3,452)(750)248 (3,954)
Net26,612 (750)(1,823)24,039 
Technology and related15,833 — (1,091)14,742 
Accumulated amortization(3,146)(887)427 (3,606)
Net12,687 (887)(664)11,136 
Customer relationships and related30,478 — (2,099)28,379 
Accumulated amortization(3,669)(798)260 (4,207)
Net26,809 (798)(1,839)24,172 
Total intangibles142,048 — (6,668)135,380 
Total accumulated amortization(35,715)(4,955)1,583 (39,087)
Net intangibles$106,333 $(4,955)$(5,085)$96,293 
v3.24.2.u1
LEASES
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
LEASES 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, office space and land. 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 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. For purposes of recording the lease arrangement, the term of lease 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.

Dollars in thousandsJune 30,
2024		December 31,
2023
Right of use asset$24,649$24,991
Weighted average discount rate3.92 %3.63 %
Weighted average remaining maturity (years)
2020
The following table sets forth operating lease expense for the periods indicated:
 June 30,
In thousands20242023
Three months ended$1,766 $1,568 
Six months ended$3,365 $3,393 
The following table sets forth required remaining future minimum lease payments during the years indicated:
In thousands 
2024$3,109 
20255,582 
20263,270 
20272,604 
20281,954 
Thereafter18,850 
v3.24.2.u1
LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt is summarized as follows:
In thousandsJune 30,
2024		December 31,
2023
Revolving credit facility, due Sep 2026
$114,345 $99,450 
4.750% Senior Notes, due Oct 2029
500,000 500,000 
11.25% Term loan, due Mar 2029
263,085 271,215 
1.10% Term Loan, due Mar 2024
— 1,005 
Total long-term debt877,430 871,670 
Less current portion— (1,005)
Unamortized deferred issuance costs(15,548)(17,502)
Long-term debt, net of current portion$861,882 $853,163 

On September 2, 2021, we entered into a restatement agreement as part of a Fourth Amended and Restated $400.0 million Revolving Credit Facility and a €220.0 million Term Loan (collectively, the “Credit Agreement”).
On May 9, 2022, we entered into an amendment to the Credit Agreement, which was further amended on March 30, 2023. The March 30, 2023 amendment to the Credit Agreement reduced the Revolving Credit Facility to $250.0 million and had us fully extinguish the €220.0 million Term Loan. All remaining principal outstanding and accrued interest under the Revolving Credit Facility will be due and payable on September 2, 2026.
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, limits certain intercompany financing arrangements, make acquisitions and engage in mergers or consolidations. The Credit Agreement also contains covenants requiring a minimum debt coverage ratio. As of June 30, 2024, the leverage ratio, as calculated in accordance with the definition in our Credit Agreement, was 3.5x. A breach of these requirements would give rise to certain remedies under the Revolving Credit Facility, among which is the termination of the agreement.
On March 30, 2023, we entered into a €250.0 million Term Loan with certain affiliates of Angelo, Gordon & Co., L.P. (“AG Loan”). The net proceeds from the AG Loan were used to extinguish the €220.0 million Term Loan, to repay a portion of outstanding revolving borrowings under the Revolving Credit Facility, for working capital and general corporate purposes and to pay estimated fees and expenses. The AG Loan will mature on March 23, 2029 and is prepayable, in whole or in part, at any time at the prepayable premium specified in the Term Loan Agreement. Prior to September 30, 2024, we may prepay some or all of the AG Loan at a "make-whole" premium as specified.
On October 25, 2021, we issued $500.0 million aggregate principal amount of 4.750% senior notes due 2029 (the “Notes”). The net proceeds from the offering of the Notes, together with cash on hand, were used to pay the purchase price of the Jacob Holm acquisition, to repay certain indebtedness of Jacob Holm, to repay outstanding revolving borrowings under the Revolving Credit Facility, and to pay estimated fees and expenses. The Notes will mature on November 15, 2029. The Notes are redeemable, in whole or in part, at any time at the redemption prices specified in the Indenture. Prior to November 15, 2024, we may redeem some or all of the Notes at a "make-whole" premium as specified in the Indenture.
Glatfelter Gernsbach GmbH (“Gernsbach”), a wholly-owned subsidiary of ours, entered into a series of borrowing agreements with IKB Deutsche Industriebank AG, Düsseldorf (“IKB”). 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 of these borrowings are calculated by reference to the Credit Agreement. These borrowings were fully extinguished on March 14, 2023.
In 2021, Gernsbach also entered into two fixed-rate non-amortizing term loans with certain financial institutions. On February 28, 2023, one of these term loans for €20.0 million was fully extinguished. The remaining term loan matured in March 2024.
Aggregated unamortized deferred debt issuance costs incurred in connection with all of our outstanding debt totaled $15.5 million at June 30, 2024. The deferred costs are being amortized on a straight-line basis over the life of the underlying instruments. Amortization expense related to deferred debt issuance costs totaled $1.7 million and $3.1 million in 2024 and 2023, respectively.
The following schedule sets forth the amortization of our term loan agreements together with the maturity of our other long-term debt during the indicated year.

In thousands
2024$—
2025—
2026114,345
2027—
2028—
Thereafter763,085

Glatfelter Corporation guarantees all debt obligations of its subsidiaries. All such obligations are recorded in these consolidated financial statements.
As of June 30, 2024 and December 31, 2023, we had $3.7 million and $5.7 million, respectively, of letters of credit issued to us by certain financial institutions. The letters of credit, which reduce amounts available under our Revolving Credit Facility, provide financial assurances for the performance of long-term monitoring activities associated with the Fox River environmental matter and for the benefit of certain state workers compensation insurance agencies in conjunction with our self-insurance program. We bear the credit risk on this amount to the extent that we do not comply with the provisions of certain agreements. No amounts are outstanding under the letters of credit.
v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
The amounts reported on the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximate their respective fair value. The following table sets forth carrying value and fair value of long-term debt:
 June 30, 2024December 31, 2023
In thousands
Carrying
Value
Fair Value
Carrying
Value
Fair Value
Revolving credit facility, due Sep 2026
$114,345 $114,345 $99,450 $99,450 
4.750% Senior Notes, due Oct 2029
500,000 415,000 500,000 346,250 
11.25% Term loan, due Mar 2029
263,085 268,556 271,215 282,586 
1.10% Term Loan, due Mar 2024
— — 1,005 993 
Total$877,430 $797,901 $871,670 $729,279 
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 18.
v3.24.2.u1
FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES 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 June 30, 2024, the maturity of currency forward contracts ranged from one month to 15 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. Changes in the fair value of derivatives designated and that qualify as cash flow hedges of foreign exchange risk is deferred as a component of accumulated other comprehensive income in the accompanying 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 thousandsJune 30,
2024		December 31,
2023
Derivative  
Sell/Buy - sell notional  
Euro / British Pound15,45115,210
Philippine Peso / Euro—137,449
U.S. Dollar / British Pound11,90718,470
U.S. Dollar / Euro67277
 
Sell/Buy - buy notional
Euro / Philippine Peso670,761788,342
British Pound / Philippine Peso949,006923,653
Euro / U.S. Dollar79,65693,397
U.S. Dollar / Canadian Dollar32,99830,914
British Pound / U.S. Dollar—2,211
Derivatives Designated as Hedging Instruments – Net Investment Hedge The €220 million Term Loan discussed in Note 15 – “Long-Term Debt” was designated as a net investment hedge of our Euro functional currency foreign subsidiaries and was extinguished on March 30, 2023 in conjunction with the amendment of the Credit Facility. During the first six months of 2023, we recognized a pre-tax loss of $3.7 million on the remeasurement of the term loan from changes in currency exchange rates. Such amounts are recorded as a component of Other Comprehensive Income (Loss).
Derivatives Not Designated as Hedging Instruments - Foreign Currency Hedges We also 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 operations 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 thousandsJune 30,
2024		December 31,
2023
Derivative  
Sell/Buy - sell notional  
U.S. Dollar / British Pound19,50022,800
British Pound / Euro4,3003,500
Japanese Yen / Euro38,000—
U.S. Dollar / Swiss Franc10,00013,620
British Pound / Swiss Franc7002,240
Euro / Swiss Franc6,0004,940
Euro / U.S. Dollar11,10011,000
U.S Dollar / Philippine Peso7,3006,700
Sell/Buy - buy notional
Euro / U.S. Dollar16,80010,200
British Pound / Euro10,0006,470
Swiss Franc / Danish Krone750—
U.S. Dollar / Canadian Dollar
3,1001,120
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 thousandsJune 30,
2024		December 31, 2023June 30,
2024		December 31, 2023
Balance sheet captionPrepaid Expenses and Other
Current Assets		Other
Current Liabilities
Designated as hedging:    
Forward foreign currency exchange contracts$1,093 $851 $495 $1,653 
 
Not designated as hedging:
Forward foreign currency exchange contracts$576 937 $258 $155 
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 operations where the results are recorded:
 Three months ended
June 30,		Six months ended
June 30,
In thousands2024202320242023
Designated as hedging:    
Forward foreign currency exchange contracts:    
Cost of products sold$(291)$(400)$(126)$(1,318)
 
Not designated as hedging:
Forward foreign currency exchange contracts:
Other – net$521 $16 $2,556 $(218)
The impact of activity not designated as hedging was substantially all offset by the remeasurement of the underlying on-balance-sheet item.
A rollforward of fair value amounts recorded as a component of accumulated other comprehensive loss, before taxes, is as follows:
In thousands20242023
Balance at January 1,$(808)$242 
Deferred gains on cash flow hedges668 1,315 
Reclassified to earnings(126)(1,318)
Balance at June 30,
$(266)$239 
We expect substantially all of the amounts recorded as a component of accumulated other comprehensive loss 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.
v3.24.2.u1
COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS
Fox River - Neenah, Wisconsin
Background We have previously reported that we face liabilities associated with environmental claims arising out of the presence of polychlorinated biphenyls (“PCBs”) in sediments in the lower Fox River, on which our former Neenah facility was located, and in the Bay of Green Bay, Wisconsin (collectively, the “Site”). Over the past several years, we and certain other PRPs completed all remedial actions pursuant to applicable consent decrees or a Unilateral Administrative Order. Under the Glatfelter consent decrees, we are primarily responsible for long-term monitoring and maintenance in OU1-OU4a and for reimbursement of government oversight costs paid after October 2018.
The monitoring activities consist of, among others, testing fish tissue, sampling water quality and sediment, and inspections of the engineered caps. In 2018, we entered into a fixed-price, 30-year agreement with a third party for the performance of all of our monitoring and maintenance obligations in OU1 through OU4a with limited exceptions, such as, for extraordinary amounts of cap maintenance or replacement. Our obligation under this agreement is included in our total reserve for the Site. We are obligated to make the regular payments under that fixed-price contract until the remaining amount due is less than the OU1 escrow account balance. We are permitted to pay for this contract using the remaining balance of the escrow account established by us and WTM I Company (“WTM I”) another PRP, under the OU1 consent decree during any period that the balance in the escrow account exceeds the amount due under our fixed-price contract. As of June 30, 2024, the balance in the escrow exceeds the amounts due under the fixed-price contract by approximately $0.5 million. At June 30, 2024, the escrow account balance totaled $9.1 million which is included in the condensed consolidated balance sheet under the caption “Other assets.”
Under the consent decree, we are responsible for reimbursement of government oversight costs paid from October 2018 and later over approximately the next 30 years. We anticipate that oversight costs will decline as activities at the site have transitioned from remediation to long-term monitoring and maintenance.
Reserves for the Site Our reserve for past and future government oversight costs and long-term monitoring and maintenance totaled $12.1 million at June 30, 2024, of which $0.3 million is recorded in the accompanying June 30, 2024 condensed consolidated balance sheet under the caption “Environmental liabilities” and the remaining $11.8 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.
v3.24.2.u1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The following tables set forth financial and other information by segment for the period indicated:
Three months ended
June 30,		Six months ended
June 30,
Dollars in thousands2024202320242023
Net Sales
Airlaid Material$130,584 $152,511 $262,113 $311,952 
Composite Fibers117,215 125,725 233,365 258,316 
Spunlace82,197 79,420 162,327 166,143 
Inter-segment sales elimination(553)(651)(1,106)(1,198)
Total$329,443 $357,005 $656,699 $735,213 
Operating income (loss)
Airlaid Material$7,505 $9,726 $12,463 $23,640 
Composite Fibers6,031 898 14,290 7,025 
Spunlace2,260 (1,314)5,024 (3,337)
Other and unallocated(8,502)(19,795)(26,028)(31,700)
Total$7,294 $(10,485)$5,749 $(4,372)
Depreciation and amortization
Airlaid Material$7,602 $7,637 $15,266 $15,323 
Composite Fibers3,664 3,897 7,428 7,862 
Spunlace3,327 3,476 6,700 6,568 
Other and unallocated949 960 1,902 1,948 
Total$15,542 $15,970 $31,296 $31,701 
Capital expenditures
Airlaid Material$1,571 $2,332 $3,662 $4,414 
Composite Fibers2,409 2,110 6,073 5,773 
Spunlace1,388 2,509 2,766 5,210 
Other and unallocated322 1,007 671 2,061 
Total$5,690 $7,958 $13,172 $17,458 
Tons shipped (metric)
Airlaid Material37,795 39,246 76,136 79,073 
Composite Fibers25,735 24,966 50,737 49,784 
Spunlace15,937 15,191 32,028 31,611 
Inter-segment sales elimination(329)— (666)— 
Total79,138 79,403 158,235 160,468 
Segments Results of individual operating segments are presented based on our management accounting practices and management structure. There is no comprehensive, authoritative body of guidance for management accounting equivalent to accounting principles generally accepted in the United States of America; therefore, the financial results of individual segments are not necessarily comparable with similar information for any other company. The management accounting process uses assumptions and allocations to measure performance of the segments. Methodologies are refined from time to time as management accounting practices are enhanced and businesses change. The costs incurred by support areas not directly aligned with the segment are allocated primarily based on an estimated utilization of support area services or are included in “Other and Unallocated” in the table set forth above.
Management evaluates results of operations of the operating segments before certain corporate level costs and the effects of certain gains or losses not considered to be related to the core business operations. Management believes that this is a more meaningful representation of the operating performance of its core businesses, the profitability of the segments and the extent of cash flow generated from these core operations. Such amounts are presented under the caption “Other and Unallocated.” In the evaluation of operating segments results, management does not use any measures of total assets. This presentation is aligned with the management and operating structure of our company. It is also on this basis that the Company’s performance is evaluated internally and by the Company’s Board of Directors.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net loss $ (16,279) $ (36,940) $ (42,626) $ (50,524)
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Consolidation 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.
Basis of Presentation
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 2023 Annual Report on Form 10-K.
Discontinued Operations Discontinued Operations The results of operations and cash flows of our former Specialty Papers business have been classified as discontinued operations for all periods presented in the condensed consolidated statements of operations.
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 November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The standard improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). The standard enhances income tax disclosure requirements by requiring specified categories and greater disaggregation within the rate reconciliation table, disclosure of income taxes paid by jurisdiction, and provides clarification on uncertain tax positions and related financial statement impacts. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
v3.24.2.u1
REVENUE (Tables)
 6 Months Ended
Jun. 30, 2024
Disaggregation of Revenue [Abstract]  
Schedule of Disaggregated Information Pertaining to Net Sales
The following tables set forth disaggregated information pertaining to our net sales:

 Three months ended
June 30,		Six months ended
June 30,
In thousands2024202320242023
Revenue by product category    
Airlaid Materials
Feminine hygiene$44,783 $51,882 $89,592 $110,127 
Specialty wipes38,221 45,535 78,140 90,329 
Tabletop26,131 31,778 50,125 62,193 
Food pads2,856 3,361 6,663 6,901 
Home care6,214 6,781 12,361 14,140 
Adult incontinence5,773 7,063 12,370 14,422 
Other6,606 6,111 12,862 13,840 
130,584 152,511 262,113 311,952 
Composite Fibers
Food & beverage69,331 70,755 137,693 149,699 
Wallcovering15,023 19,570 28,944 35,727 
Technical specialties15,643 20,542 30,955 41,995 
Composite laminates11,355 8,818 22,674 17,801 
Metallized5,863 6,040 13,099 13,094 
117,215 125,725 233,365 258,316 
Spunlace
Consumer wipes32,441 34,759 65,147 72,868 
Critical cleaning29,550 17,584 57,882 46,733 
Health care10,214 16,808 18,981 27,183 
Hygiene7,255 5,034 14,220 10,694 
High performance2,386 4,608 5,091 7,817 
Beauty care351 627 1,006 848 
82,197 79,420 162,327 166,143 
Inter-segment sales elimination(553)(651)(1,106)(1,198)
Total$329,443 $357,005 $656,699 $735,213 
Three months ended
June 30,		Six months ended
June 30,
In thousands2024202320242023
Revenue by geography
Airlaid Materials
Americas$71,148 $85,492 $146,208 $175,329 
Europe, Middle East and Africa58,757 63,519 112,388 129,510 
Asia Pacific679 3,500 3,517 7,113 
130,584 152,511 262,113 311,952 
Composite Fibers
Europe, Middle East and Africa66,576 72,680 133,911 146,530 
Americas33,269 32,416 62,224 66,628 
Asia Pacific17,370 20,629 37,230 45,158 
117,215 125,725 233,365 258,316 
Spunlace
Americas53,199 50,001 104,466 103,153 
Europe, Middle East and Africa21,929 23,289 44,481 48,352 
Asia Pacific7,069 6,130 13,380 14,638 
82,197 79,420 162,327 166,143 
Inter-segment sales elimination(553)(651)(1,106)(1,198)
Total$329,443 $357,005 $656,699 $735,213 
v3.24.2.u1
GAINS ON DISPOSITION OF PLANT, EQUIPMENT AND TIMBERLANDS (Tables)
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Forth Sales of Timberlands and Other Assets
The following table sets forth sales of timberlands and other assets completed during the six months ended June 30, 2023:
Dollars in thousandsAcresProceeds
Gain
2023
Timberlands216$630 $617 
Othern/a105 48 
Total$735 $665 
v3.24.2.u1
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Details of Basic and Diluted Earnings Per Share (EPS) from Continuing Operations
The following table sets forth the details of basic and diluted earnings per share (“EPS”) from continuing operations:
 Three months ended June 30, Six months ended June 30,
In thousands, except per share20242023 20242023
Loss from continuing operations$(15,795)$(36,631)$(41,945)$(49,813)
 
Weighted average common shares outstanding used in basic EPS45,338 45,041 45,261 44,999 
Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs
— — — — 
Weighted average common shares outstanding and common share equivalents used in diluted EPS
45,338 45,041 45,261 44,999 
 
Loss per share from continuing operations
Basic$(0.35)$(0.82)$(0.93)$(1.11)
Diluted(0.35)(0.82)(0.93)(1.11)
Schedule of 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:
 Three months ended June 30,Six months ended June 30,
In thousands20242023 20242023
Potential common shares428 618 428 618 
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income (Losses)
The following table sets forth details of the changes in accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023.
In thousandsCurrency translation adjustments Unrealized gain (loss) on derivativesChange in pensions Change in other postretirement defined benefit plans Total
Balance at April 1, 2024
$(99,897)$11,997 $(2,668)$357 $(90,211)
Other comprehensive loss before reclassifications (net of tax)
(1,978)(177)— — (2,155)
Amounts reclassified from accumulated
 other comprehensive income (net of tax)
— (184)24 (2)(162)
Net current period other comprehensive income (loss)(1,978)(361)24 (2)(2,317)
Balance at June 30, 2024
$(101,875)$11,636 $(2,644)$355 $(92,528)
 
Balance at April 1, 2023
$(99,579)$11,333 $(2,587)$410 $(90,423)
Other comprehensive income before reclassifications (net of tax)
2,820 57 — — 2,877 
Amounts reclassified from accumulated
 other comprehensive income (net of tax)
— (68)25 (7)(50)
Net current period other comprehensive income (loss)2,820 (11)25 (7)2,827 
Balance at June 30, 2023
$(96,759)$11,322 $(2,562)$403 $(87,596)
Balance at January 1, 2024$(90,733)$10,555 $(2,692)$361 $(82,509)
Other comprehensive income (loss) before reclassifications (net of tax)
(11,142)1,718 — — (9,424)
Amounts reclassified from accumulated other comprehensive income (net of tax)
— (637)48 (6)(595)
Net current period other comprehensive income (loss)(11,142)1,081 48 (6)(10,019)
Balance at June 30, 2024
$(101,875)$11,636 $(2,644)$355 $(92,528)
 
Balance at January 1, 2023$(106,242)$11,176 $(3,247)$418 $(97,895)
Other comprehensive income before reclassifications (net of tax)
9,483 1,613 — — 11,096 
Amounts reclassified from accumulated other comprehensive income (net of tax)
— (1,467)685 (15)(797)
Net current period other comprehensive income (loss)9,483 146 685 (15)10,299 
Balance at June 30, 2023
$(96,759)$11,322 $(2,562)$403 $(87,596)
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive loss and into the condensed consolidated statements of operations were as follows:
 Three months ended
June 30,		Six months ended
June 30,		 
In thousands2024202320242023 
Description    
Line Item in Statements of Operations
Cash flow hedges (Note 17)
     
Gains on cash flow hedges$(291)$(400)$(126)$(1,318)Costs of products sold
Tax provision (benefit)
107 332 (511)(149)Income tax provision (benefit)
Net of tax(184)(68)(637)(1,467) 
Total cash flow hedges(184)(68)(637)(1,467) 
Retirement plan obligations (Note 10)
 
Amortization of deferred benefit pension plans 
Prior service costs4 6 8 12 Other, net
Actuarial losses21 21 48 43 Other, net
Pension settlement— — — 633 Other, net
 25 27 56 688  
Tax benefit(1)(2)(8)(3)Income tax provision (benefit)
Net of tax24 25 48 685  
Amortization of deferred benefit other plans 
Prior service costs 13 5 25 10 Other, net
Actuarial gain(15)(12)(31)(25)Other, net
 (2)(7)(6)(15) 
Tax expense— — — — Income tax provision (benefit)
Net of tax(2)(7)(6)(15) 
Total reclassifications, net of tax$(162)$(50)$(595)$(797) 
v3.24.2.u1
SHARE-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share Based Compensation Activity
The following table summarizes RSU and PSA activity during periods indicated:
Units20242023
Balance at January 1,2,273,939 1,650,152 
Granted2,403,905 1,354,102 
Forfeited(254,730)(445,742)
Shares delivered(386,508)(313,569)
Balance at June 30,
4,036,606 2,244,943 
The following table sets forth information related to outstanding SOSARs:
 20242023
Shares
Wtd Avg
Exercise
Price
Shares
Wtd Avg
Exercise
Price
Outstanding at January 1,531,519 $22.10 769,544 $21.34 
Granted— — — — 
Exercised— — — — 
Canceled / forfeited(103,742)29.89 (151,487)18.36 
Outstanding at June 30,
427,777 $20.21 618,057 $22.07 
Schedule of Compensation Expense
The following table sets forth aggregate RSU and PSA compensation expense included in continuing operations for the periods indicated:
 June 30,
In thousands20242023
Three months ended$798 $376 
Six months ended
$1,469 $1,307 
v3.24.2.u1
RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITS (Tables)
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Schedule of Net Periodic Costs of Pension and Post-retirement Medical Benefit Plans
The following tables provide information with respect to the net periodic costs of our pension and post-retirement medical benefit plans included in continuing operations.
 Three months ended
June 30,		Six months ended
June 30,
In thousands2024202320242023
Pension Benefits    
Service cost$— $— $— $— 
Interest cost346 362 701 773 
Amortization of prior service cost4 6 8 12 
Amortization of actuarial loss21 21 48 43 
Pension settlement charge— — — 633 
Total net periodic benefit expense$371 $389 $757 $1,461 
 
Other Benefits
Service cost$5 $2 $10 $5 
Interest cost41 45 82 89 
Amortization of prior service cost13 5 25 10 
Amortization of actuarial gain(15)(12)(31)(25)
Total net periodic benefit expense$44 $40 $86 $79 
v3.24.2.u1
INCOME TAXES (Tables)
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule 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:
 Six months ended June 30,
In millions20242023
Interest expense $1.4 $1.0 
 June 30,
2024		December 31,
2023
Accrued interest payable $7.7 $6.3 
Accrued penalties2.8 2.8 
v3.24.2.u1
INVENTORIES (Tables)
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories, Net of Reserves
Inventories, net of reserves, were as follows:
In thousandsJune 30,
2024		December 31,
2023
Raw materials$91,095 $82,012 
In-process and finished146,997 150,220 
Supplies67,023 66,016 
Total$305,115 $298,248 
v3.24.2.u1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Amounts of Goodwill and Other Intangible Assets
The following table sets forth changes in the amounts of goodwill and other intangible assets recorded by each of our segments during the periods indicated:
In thousandsDecember 31,
2023		Purchase price allocation adjustmentTranslationJune 30,
2024
Goodwill    
Airlaid Materials$107,691 $— $(2,243)$105,448 
Total$107,691 $— $(2,243)$105,448 
Other Intangible AssetsDecember 31,
2023
Amortization
TranslationJune 30,
2024
Airlaid Materials
Tradename$3,566 $— $(111)$3,455 
Accumulated amortization(944)(87)31 (1,000)
Net2,622 (87)(80)2,455 
 
Technology and related18,121 — (547)17,574 
Accumulated amortization(6,819)(580)206 (7,193)
Net11,302 (580)(341)10,381 
 
Customer relationships and related43,986 — (749)43,237 
Accumulated amortization(17,685)(1,853)411 (19,127)
Net26,301 (1,853)(338)24,110 
Spunlace
Products and Tradenames30,064 — (2,071)27,993 
Accumulated amortization(3,452)(750)248 (3,954)
Net26,612 (750)(1,823)24,039 
Technology and related15,833 — (1,091)14,742 
Accumulated amortization(3,146)(887)427 (3,606)
Net12,687 (887)(664)11,136 
Customer relationships and related30,478 — (2,099)28,379 
Accumulated amortization(3,669)(798)260 (4,207)
Net26,809 (798)(1,839)24,172 
Total intangibles142,048 — (6,668)135,380 
Total accumulated amortization(35,715)(4,955)1,583 (39,087)
Net intangibles$106,333 $(4,955)$(5,085)$96,293 
v3.24.2.u1
LEASES (Tables)
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Schedule of Information Related to Leases
The following table sets forth information related to our leases as of the periods indicated.

Dollars in thousandsJune 30,
2024		December 31,
2023
Right of use asset$24,649$24,991
Weighted average discount rate3.92 %3.63 %
Weighted average remaining maturity (years)
2020
The following table sets forth operating lease expense for the periods indicated:
 June 30,
In thousands20242023
Three months ended$1,766 $1,568 
Six months ended$3,365 $3,393 
Schedule of Future Minimum Lease Payments
The following table sets forth required remaining future minimum lease payments during the years indicated:
In thousands 
2024$3,109 
20255,582 
20263,270 
20272,604 
20281,954 
Thereafter18,850 
v3.24.2.u1
LONG-TERM DEBT (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt is summarized as follows:
In thousandsJune 30,
2024		December 31,
2023
Revolving credit facility, due Sep 2026
$114,345 $99,450 
4.750% Senior Notes, due Oct 2029
500,000 500,000 
11.25% Term loan, due Mar 2029
263,085 271,215 
1.10% Term Loan, due Mar 2024
— 1,005 
Total long-term debt877,430 871,670 
Less current portion— (1,005)
Unamortized deferred issuance costs(15,548)(17,502)
Long-term debt, net of current portion$861,882 $853,163 
Schedule of Amortization of Term Loan Agreements Together with Maturities of Other Long-term Debt
The following schedule sets forth the amortization of our term loan agreements together with the maturity of our other long-term debt during the indicated year.

In thousands
2024$—
2025—
2026114,345
2027—
2028—
Thereafter763,085
v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Carrying Value and Fair Value of Long-term Debt The following table sets forth carrying value and fair value of long-term debt:
 June 30, 2024December 31, 2023
In thousands
Carrying
Value
Fair Value
Carrying
Value
Fair Value
Revolving credit facility, due Sep 2026
$114,345 $114,345 $99,450 $99,450 
4.750% Senior Notes, due Oct 2029
500,000 415,000 500,000 346,250 
11.25% Term loan, due Mar 2029
263,085 268,556 271,215 282,586 
1.10% Term Loan, due Mar 2024
— — 1,005 993 
Total$877,430 $797,901 $871,670 $729,279 
v3.24.2.u1
FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of 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 thousandsJune 30,
2024		December 31,
2023
Derivative  
Sell/Buy - sell notional  
Euro / British Pound15,45115,210
Philippine Peso / Euro—137,449
U.S. Dollar / British Pound11,90718,470
U.S. Dollar / Euro67277
 
Sell/Buy - buy notional
Euro / Philippine Peso670,761788,342
British Pound / Philippine Peso949,006923,653
Euro / U.S. Dollar79,65693,397
U.S. Dollar / Canadian Dollar32,99830,914
British Pound / U.S. Dollar—2,211
The following sets forth derivatives used to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities:
In thousandsJune 30,
2024		December 31,
2023
Derivative  
Sell/Buy - sell notional  
U.S. Dollar / British Pound19,50022,800
British Pound / Euro4,3003,500
Japanese Yen / Euro38,000—
U.S. Dollar / Swiss Franc10,00013,620
British Pound / Swiss Franc7002,240
Euro / Swiss Franc6,0004,940
Euro / U.S. Dollar11,10011,000
U.S Dollar / Philippine Peso7,3006,700
Sell/Buy - buy notional
Euro / U.S. Dollar16,80010,200
British Pound / Euro10,0006,470
Swiss Franc / Danish Krone750—
U.S. Dollar / Canadian Dollar
3,1001,120
Schedule of Fair Values of Derivative Instruments 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 thousandsJune 30,
2024		December 31, 2023June 30,
2024		December 31, 2023
Balance sheet captionPrepaid Expenses and Other
Current Assets		Other
Current Liabilities
Designated as hedging:    
Forward foreign currency exchange contracts$1,093 $851 $495 $1,653 
 
Not designated as hedging:
Forward foreign currency exchange contracts$576 937 $258 $155 
Schedule of Income or (Loss) from Derivative Instruments
The following table summarizes the amount of income or (loss) from derivative instruments recognized in our results of operations for the periods indicated and the line items in the accompanying condensed consolidated statements of operations where the results are recorded:
 Three months ended
June 30,		Six months ended
June 30,
In thousands2024202320242023
Designated as hedging:    
Forward foreign currency exchange contracts:    
Cost of products sold$(291)$(400)$(126)$(1,318)
 
Not designated as hedging:
Forward foreign currency exchange contracts:
Other – net$521 $16 $2,556 $(218)
Schedule of Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Loss) Before Taxes
A rollforward of fair value amounts recorded as a component of accumulated other comprehensive loss, before taxes, is as follows:
In thousands20242023
Balance at January 1,$(808)$242 
Deferred gains on cash flow hedges668 1,315 
Reclassified to earnings(126)(1,318)
Balance at June 30,
$(266)$239 
v3.24.2.u1
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2024
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
June 30,		Six months ended
June 30,
Dollars in thousands2024202320242023
Net Sales
Airlaid Material$130,584 $152,511 $262,113 $311,952 
Composite Fibers117,215 125,725 233,365 258,316 
Spunlace82,197 79,420 162,327 166,143 
Inter-segment sales elimination(553)(651)(1,106)(1,198)
Total$329,443 $357,005 $656,699 $735,213 
Operating income (loss)
Airlaid Material$7,505 $9,726 $12,463 $23,640 
Composite Fibers6,031 898 14,290 7,025 
Spunlace2,260 (1,314)5,024 (3,337)
Other and unallocated(8,502)(19,795)(26,028)(31,700)
Total$7,294 $(10,485)$5,749 $(4,372)
Depreciation and amortization
Airlaid Material$7,602 $7,637 $15,266 $15,323 
Composite Fibers3,664 3,897 7,428 7,862 
Spunlace3,327 3,476 6,700 6,568 
Other and unallocated949 960 1,902 1,948 
Total$15,542 $15,970 $31,296 $31,701 
Capital expenditures
Airlaid Material$1,571 $2,332 $3,662 $4,414 
Composite Fibers2,409 2,110 6,073 5,773 
Spunlace1,388 2,509 2,766 5,210 
Other and unallocated322 1,007 671 2,061 
Total$5,690 $7,958 $13,172 $17,458 
Tons shipped (metric)
Airlaid Material37,795 39,246 76,136 79,073 
Composite Fibers25,735 24,966 50,737 49,784 
Spunlace15,937 15,191 32,028 31,611 
Inter-segment sales elimination(329)— (666)— 
Total79,138 79,403 158,235 160,468 
v3.24.2.u1
ORGANIZATION (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
employee
manufacturing_site
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
employee
manufacturing_site
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Net sales | $ $ 329,443 $ 357,005 $ 656,699 $ 735,213 $ 1,400,000
Number of employees employed | employee 2,907   2,907    
Number of manufacturing sites | manufacturing_site 15   15    
v3.24.2.u1
REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Disaggregation Of Revenue [Line Items]          
Net sales $ 329,443 $ 357,005 $ 656,699 $ 735,213 $ 1,400,000
Operating Segments | Airlaid Materials          
Disaggregation Of Revenue [Line Items]          
Net sales 130,584 152,511 262,113 311,952  
Operating Segments | Airlaid Materials | Americas          
Disaggregation Of Revenue [Line Items]          
Net sales 71,148 85,492 146,208 175,329  
Operating Segments | Airlaid Materials | Europe, Middle East and Africa          
Disaggregation Of Revenue [Line Items]          
Net sales 58,757 63,519 112,388 129,510  
Operating Segments | Airlaid Materials | Asia Pacific          
Disaggregation Of Revenue [Line Items]          
Net sales 679 3,500 3,517 7,113  
Operating Segments | Airlaid Materials | Net sales          
Disaggregation Of Revenue [Line Items]          
Net sales 130,584 152,511 262,113 311,952  
Operating Segments | Airlaid Materials | Feminine hygiene          
Disaggregation Of Revenue [Line Items]          
Net sales 44,783 51,882 89,592 110,127  
Operating Segments | Airlaid Materials | Specialty wipes          
Disaggregation Of Revenue [Line Items]          
Net sales 38,221 45,535 78,140 90,329  
Operating Segments | Airlaid Materials | Tabletop          
Disaggregation Of Revenue [Line Items]          
Net sales 26,131 31,778 50,125 62,193  
Operating Segments | Airlaid Materials | Food pads          
Disaggregation Of Revenue [Line Items]          
Net sales 2,856 3,361 6,663 6,901  
Operating Segments | Airlaid Materials | Home care          
Disaggregation Of Revenue [Line Items]          
Net sales 6,214 6,781 12,361 14,140  
Operating Segments | Airlaid Materials | Adult incontinence          
Disaggregation Of Revenue [Line Items]          
Net sales 5,773 7,063 12,370 14,422  
Operating Segments | Airlaid Materials | Other          
Disaggregation Of Revenue [Line Items]          
Net sales 6,606 6,111 12,862 13,840  
Operating Segments | Composite Fibers          
Disaggregation Of Revenue [Line Items]          
Net sales 117,215 125,725 233,365 258,316  
Operating Segments | Composite Fibers | Americas          
Disaggregation Of Revenue [Line Items]          
Net sales 33,269 32,416 62,224 66,628  
Operating Segments | Composite Fibers | Europe, Middle East and Africa          
Disaggregation Of Revenue [Line Items]          
Net sales 66,576 72,680 133,911 146,530  
Operating Segments | Composite Fibers | Asia Pacific          
Disaggregation Of Revenue [Line Items]          
Net sales 17,370 20,629 37,230 45,158  
Operating Segments | Composite Fibers | Net sales          
Disaggregation Of Revenue [Line Items]          
Net sales 117,215 125,725 233,365 258,316  
Operating Segments | Composite Fibers | Food & beverage          
Disaggregation Of Revenue [Line Items]          
Net sales 69,331 70,755 137,693 149,699  
Operating Segments | Composite Fibers | Wallcovering          
Disaggregation Of Revenue [Line Items]          
Net sales 15,023 19,570 28,944 35,727  
Operating Segments | Composite Fibers | Technical specialties          
Disaggregation Of Revenue [Line Items]          
Net sales 15,643 20,542 30,955 41,995  
Operating Segments | Composite Fibers | Composite laminates          
Disaggregation Of Revenue [Line Items]          
Net sales 11,355 8,818 22,674 17,801  
Operating Segments | Composite Fibers | Metallized          
Disaggregation Of Revenue [Line Items]          
Net sales 5,863 6,040 13,099 13,094  
Operating Segments | Spunlace          
Disaggregation Of Revenue [Line Items]          
Net sales 82,197 79,420 162,327 166,143  
Operating Segments | Spunlace | Americas          
Disaggregation Of Revenue [Line Items]          
Net sales 53,199 50,001 104,466 103,153  
Operating Segments | Spunlace | Europe, Middle East and Africa          
Disaggregation Of Revenue [Line Items]          
Net sales 21,929 23,289 44,481 48,352  
Operating Segments | Spunlace | Asia Pacific          
Disaggregation Of Revenue [Line Items]          
Net sales 7,069 6,130 13,380 14,638  
Operating Segments | Spunlace | Net sales          
Disaggregation Of Revenue [Line Items]          
Net sales 82,197 79,420 162,327 166,143  
Operating Segments | Spunlace | Consumer wipes          
Disaggregation Of Revenue [Line Items]          
Net sales 32,441 34,759 65,147 72,868  
Operating Segments | Spunlace | Critical cleaning          
Disaggregation Of Revenue [Line Items]          
Net sales 29,550 17,584 57,882 46,733  
Operating Segments | Spunlace | Health care          
Disaggregation Of Revenue [Line Items]          
Net sales 10,214 16,808 18,981 27,183  
Operating Segments | Spunlace | Hygiene          
Disaggregation Of Revenue [Line Items]          
Net sales 7,255 5,034 14,220 10,694  
Operating Segments | Spunlace | High performance          
Disaggregation Of Revenue [Line Items]          
Net sales 2,386 4,608 5,091 7,817  
Operating Segments | Spunlace | Beauty care          
Disaggregation Of Revenue [Line Items]          
Net sales 351 627 1,006 848  
Inter-segment sales elimination          
Disaggregation Of Revenue [Line Items]          
Net sales $ (553) $ (651) $ (1,106) $ (1,198)  
v3.24.2.u1
PROPOSED MERGER (Details) - Forecast
 7 Months Ended
Dec. 31, 2024
member
Reverse Recapitalization [Line Items]  
Ownership percentage of shares outstanding 10.00%
Number of members of the board of directors 3
Berry Global Group, Inc.  
Reverse Recapitalization [Line Items]  
Ownership percentage of shares outstanding 90.00%
Number of members of the board of directors 6
v3.24.2.u1
GAINS ON DISPOSITION OF PLANT, EQUIPMENT AND TIMBERLANDS (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
a
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
a
Property, Plant and Equipment [Line Items]        
Proceeds     $ 17 $ 735
Gain $ (73) $ 21 $ (71) $ 665
Timberlands        
Property, Plant and Equipment [Line Items]        
Acres | a   216   216
Proceeds       $ 630
Gain       617
Other        
Property, Plant and Equipment [Line Items]        
Proceeds       105
Gain       $ 48
v3.24.2.u1
DISCONTINUED OPERATIONS (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Aug. 08, 2024
Sep. 30, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]            
Loss in discontinued operations     $ 484 $ 309 $ 681 $ 711
Supplier for Equipment Supplied and Installed | Subsequent Event            
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]            
Litigation settlement, amount awarded from other party $ 6,500          
Litigation settlement, monthly installment proceeds $ 1,100          
Supplier for Equipment Supplied and Installed | Subsequent Event | Forecast            
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]            
Litigation settlement, gain   $ 6,500        
v3.24.2.u1
EARNINGS PER SHARE - Schedule of Details of Basic and Diluted Earnings Per Share (EPS) from Continuing Operations (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Loss from continuing operations $ (15,795) $ (36,631) $ (41,945) $ (49,813)
Weighted average common shares outstanding used in basic EPS (in shares) 45,338 45,041 45,261 44,999
Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs (in shares) 0 0 0 0
Weighted average common shares outstanding and common share equivalents used in diluted EPS (in shares) 45,338 45,041 45,261 44,999
Loss per share from continuing operations        
Basic (in dollars per share) $ (0.35) $ (0.82) $ (0.93) $ (1.11)
Diluted (in dollars per share) $ (0.35) $ (0.82) $ (0.93) $ (1.11)
v3.24.2.u1
EARNINGS PER SHARE - Schedule of 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 (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Potential common shares (in shares) 428 618 428 618
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Changes in Accumulated Other Comprehensive Income (Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance $ 223,322 $ 312,587 $ 256,854 $ 318,004
Other comprehensive income (loss) before reclassifications (net of tax) (2,155) 2,877 (9,424) 11,096
Amounts reclassified from accumulated other comprehensive income (net of tax) (162) (50) (595) (797)
Other comprehensive income (loss) (2,317) 2,827 (10,019) 10,299
Ending balance 205,520 278,838 205,520 278,838
Accumulated Other Comprehensive Loss        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (90,211) (90,423) (82,509) (97,895)
Ending balance (92,528) (87,596) (92,528) (87,596)
Currency translation adjustments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (99,897) (99,579) (90,733) (106,242)
Other comprehensive income (loss) before reclassifications (net of tax) (1,978) 2,820 (11,142) 9,483
Amounts reclassified from accumulated other comprehensive income (net of tax) 0 0 0 0
Other comprehensive income (loss) (1,978) 2,820 (11,142) 9,483
Ending balance (101,875) (96,759) (101,875) (96,759)
Unrealized gain (loss) on derivatives        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 11,997 11,333 10,555 11,176
Other comprehensive income (loss) before reclassifications (net of tax) (177) 57 1,718 1,613
Amounts reclassified from accumulated other comprehensive income (net of tax) (184) (68) (637) (1,467)
Other comprehensive income (loss) (361) (11) 1,081 146
Ending balance 11,636 11,322 11,636 11,322
Defined Benefit Plans | Change in pensions        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (2,668) (2,587) (2,692) (3,247)
Other comprehensive income (loss) before reclassifications (net of tax) 0 0 0 0
Amounts reclassified from accumulated other comprehensive income (net of tax) 24 25 48 685
Other comprehensive income (loss) 24 25 48 685
Ending balance (2,644) (2,562) (2,644) (2,562)
Defined Benefit Plans | Change in other postretirement defined benefit plans        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 357 410 361 418
Other comprehensive income (loss) before reclassifications (net of tax) 0 0 0 0
Amounts reclassified from accumulated other comprehensive income (net of tax) (2) (7) (6) (15)
Other comprehensive income (loss) (2) (7) (6) (15)
Ending balance $ 355 $ 403 $ 355 $ 403
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]        
Gains on cash flow hedges $ 292,656 $ 338,872 $ 585,402 $ 680,866
Tax provision (benefit) expense 2,953 6,399 8,107 10,093
Other, net 2,509 3,045 4,536 6,323
Income (loss) before income taxes 12,842 30,232 33,838 39,720
Net of tax 16,279 36,940 42,626 50,524
Change in pensions        
Defined Benefit Plan Disclosure [Line Items]        
Pension settlement 0 0 0 633
Reclassifications Out of Accumulated Other Comprehensive Income        
Defined Benefit Plan Disclosure [Line Items]        
Net of tax (162) (50) (595) (797)
Reclassifications Out of Accumulated Other Comprehensive Income | Unrealized gain (loss) on derivatives        
Defined Benefit Plan Disclosure [Line Items]        
Net of tax (184) (68) (637) (1,467)
Reclassifications Out of Accumulated Other Comprehensive Income | Prior service costs | Change in pensions        
Defined Benefit Plan Disclosure [Line Items]        
Other, net 4 6 8 12
Reclassifications Out of Accumulated Other Comprehensive Income | Prior service costs | Other Pension Plan        
Defined Benefit Plan Disclosure [Line Items]        
Other, net 13 5 25 10
Reclassifications Out of Accumulated Other Comprehensive Income | Actuarial losses | Change in pensions        
Defined Benefit Plan Disclosure [Line Items]        
Other, net 21 21 48 43
Reclassifications Out of Accumulated Other Comprehensive Income | Actuarial losses | Other Pension Plan        
Defined Benefit Plan Disclosure [Line Items]        
Other, net (15) (12) (31) (25)
Reclassifications Out of Accumulated Other Comprehensive Income | Pension settlement | Change in pensions        
Defined Benefit Plan Disclosure [Line Items]        
Pension settlement 0 0 0 633
Reclassifications Out of Accumulated Other Comprehensive Income | Defined Benefit Plans | Change in pensions        
Defined Benefit Plan Disclosure [Line Items]        
Tax provision (benefit) expense (1) (2) (8) (3)
Income (loss) before income taxes 25 27 56 688
Net of tax 24 25 48 685
Reclassifications Out of Accumulated Other Comprehensive Income | Defined Benefit Plans | Other Pension Plan        
Defined Benefit Plan Disclosure [Line Items]        
Tax provision (benefit) expense 0 0 0 0
Income (loss) before income taxes (2) (7) (6) (15)
Net of tax (2) (7) (6) (15)
Reclassifications Out of Accumulated Other Comprehensive Income | Cash Flow Hedges | Unrealized gain (loss) on derivatives        
Defined Benefit Plan Disclosure [Line Items]        
Gains on cash flow hedges (291) (400) (126) (1,318)
Tax provision (benefit) expense 107 332 (511) (149)
Net of tax $ (184) $ (68) $ (637) $ (1,467)
v3.24.2.u1
SHARE-BASED COMPENSATION - Narrative (Details) - shares
 6 Months Ended 12 Months Ended
May 05, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Restricted Stock Units (RSU)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Percentage of awards granted (as a percent)       50.00%
Cumulative performance targets       3 years
Performance Share Awards (PSAs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Percentage of awards granted (as a percent)       50.00%
Granted (in shares)     698,741  
Performance Share Awards (PSAs) | Share-Based Payment Arrangement, Tranche One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting term       2 years
Performance Share Awards (PSAs) | Share-Based Payment Arrangement, Tranche Two        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting term       3 years
SOSARs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares issued per award (in shares)   1    
Term of awards (in years)   10 years    
Minimum | Restricted Stock Units (RSU)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Additional service period (in years)       1 year
Maximum | Restricted Stock Units (RSU)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Additional service period (in years)       3 years
Amended Equity Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Increase in number of shares available for issuance (in shares) 675,000      
Long Term Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock available for future issuance (in shares)   340,053    
Long Term Incentive Plan | Restricted Stock Units (RSU)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting term   3 years    
Long Term Incentive Plan | Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Tranche One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Percentage of awards granted (as a percent)   33.00%    
Long Term Incentive Plan | Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Tranche Two        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Percentage of awards granted (as a percent)   33.00%    
Long Term Incentive Plan | Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Tranche Three        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Percentage of awards granted (as a percent)   34.00%    
v3.24.2.u1
SHARE-BASED COMPENSATION - Schedule of RSU and PSA Activity (Details) - Restricted Stock Units (RSU) and Performance Share Awards (PSAs) - shares
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]    
Beginning balance (in shares) 2,273,939 1,650,152
Granted (in shares) 2,403,905 1,354,102
Forfeited (in shares) (254,730) (445,742)
Shares delivered (in shares) (386,508) (313,569)
Ending balance (in shares) 4,036,606 2,244,943
v3.24.2.u1
SHARE-BASED COMPENSATION - Schedule of Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Restricted Stock Units (RSU) and Performance Share Awards (PSAs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Compensation expense $ 798 $ 376 $ 1,469 $ 1,307
v3.24.2.u1
SHARE-BASED COMPENSATION - Schedule of Information Related to Outstanding SOSARs (Details) - SOSARs - $ / shares
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Shares    
Beginning balance (in shares) 531,519 769,544
Granted (in shares) 0 0
Exercised (in shares) 0 0
Canceled / forfeited (in shares) (103,742) (151,487)
Ending balance (in shares) 427,777 618,057
Wtd Avg Exercise Price    
Beginning balance (in dollars per share) $ 22.10 $ 21.34
Granted (in dollars per share) 0 0
Exercised (in dollars per share) 0 0
Canceled / forfeited (in dollars per share) 29.89 18.36
Ending balance (in dollars per share) $ 20.21 $ 22.07
v3.24.2.u1
RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITS (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pension Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 0 $ 0 $ 0 $ 0
Interest cost 346 362 701 773
Amortization of prior service cost 4 6 8 12
Amortization of actuarial (loss) gain 21 21 48 43
Pension settlement charge 0 0 0 633
Total net periodic benefit expense 371 389 757 1,461
Other Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 5 2 10 5
Interest cost 41 45 82 89
Amortization of prior service cost 13 5 25 10
Amortization of actuarial (loss) gain (15) (12) (31) (25)
Total net periodic benefit expense $ 44 $ 40 $ 86 $ 79
v3.24.2.u1
INCOME TAXES - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Income Tax Contingency [Line Items]          
Pretax loss $ 12,842,000 $ 30,232,000 $ 33,838,000 $ 39,720,000  
Income tax (benefit) provision 2,953,000 $ 6,399,000 8,107,000 $ 10,093,000  
Increase in valuation allowance     10,300,000    
Gross unrecognized tax benefits 62,700,000   62,700,000   $ 60,700,000
Unrecognized tax benefits that would impact effective tax rate 60,100,000   60,100,000    
Minimum          
Income Tax Contingency [Line Items]          
Gross unrecognized tax benefits balance may decrease within the next twelve months 0   0    
Maximum          
Income Tax Contingency [Line Items]          
Gross unrecognized tax benefits balance may decrease within the next twelve months $ 8,300,000   $ 8,300,000    
v3.24.2.u1
INCOME TAXES - Schedule of Information Included in Continuing Operations Related to Interest on Uncertain Tax Positions (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Interest expense $ 1.4 $ 1.0  
Accrued interest payable 7.7   $ 6.3
Accrued penalties $ 2.8   $ 2.8
v3.24.2.u1
INVENTORIES (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 91,095 $ 82,012
In-process and finished 146,997 150,220
Supplies 67,023 66,016
Total $ 305,115 $ 298,248
v3.24.2.u1
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Goodwill    
Goodwill, beginning balance $ 107,691  
Purchase price allocation adjustment 0  
Translation (2,243)  
Goodwill, ending balance 105,448  
Finite-lived Intangible Assets [Roll Forward]    
Accumulated amortization, beginning balance (35,715)  
Accumulated amortization (4,955)  
Accumulated amortization, ending balance (39,087)  
Total intangibles 135,380 $ 142,048
Net intangibles 96,293 $ 106,333
Total intangibles, translation (6,668)  
Total accumulated amortization, translation 1,583  
Net intangibles, translation (5,085)  
Airlaid Materials    
Goodwill    
Goodwill, beginning balance 107,691  
Purchase price allocation adjustment 0  
Translation (2,243)  
Goodwill, ending balance 105,448  
Airlaid Materials | Tradename    
Finite-lived Intangible Assets [Roll Forward]    
Total intangibles, beginning balance 3,566  
Total intangibles, Translation (111)  
Total intangibles, ending balance 3,455  
Accumulated amortization, beginning balance (944)  
Accumulated amortization (87)  
Accumulated amortization, Translation 31  
Accumulated amortization, ending balance (1,000)  
Net intangibles, beginning balance 2,622  
Net intangibles, Translation (80)  
Net intangibles, ending balance 2,455  
Airlaid Materials | Technology and related    
Finite-lived Intangible Assets [Roll Forward]    
Total intangibles, beginning balance 18,121  
Total intangibles, Translation (547)  
Total intangibles, ending balance 17,574  
Accumulated amortization, beginning balance (6,819)  
Accumulated amortization (580)  
Accumulated amortization, Translation 206  
Accumulated amortization, ending balance (7,193)  
Net intangibles, beginning balance 11,302  
Net intangibles, Translation (341)  
Net intangibles, ending balance 10,381  
Airlaid Materials | Customer relationships and related    
Finite-lived Intangible Assets [Roll Forward]    
Total intangibles, beginning balance 43,986  
Total intangibles, Translation (749)  
Total intangibles, ending balance 43,237  
Accumulated amortization, beginning balance (17,685)  
Accumulated amortization (1,853)  
Accumulated amortization, Translation 411  
Accumulated amortization, ending balance (19,127)  
Net intangibles, beginning balance 26,301  
Net intangibles, Translation (338)  
Net intangibles, ending balance 24,110  
Spunlace | Tradename    
Finite-lived Intangible Assets [Roll Forward]    
Total intangibles, beginning balance 30,064  
Total intangibles, Translation (2,071)  
Total intangibles, ending balance 27,993  
Accumulated amortization, beginning balance (3,452)  
Accumulated amortization (750)  
Accumulated amortization, Translation 248  
Accumulated amortization, ending balance (3,954)  
Net intangibles, beginning balance 26,612  
Net intangibles, Translation (1,823)  
Net intangibles, ending balance 24,039  
Spunlace | Technology and related    
Finite-lived Intangible Assets [Roll Forward]    
Total intangibles, beginning balance 15,833  
Total intangibles, Translation (1,091)  
Total intangibles, ending balance 14,742  
Accumulated amortization, beginning balance (3,146)  
Accumulated amortization (887)  
Accumulated amortization, Translation 427  
Accumulated amortization, ending balance (3,606)  
Net intangibles, beginning balance 12,687  
Net intangibles, Translation (664)  
Net intangibles, ending balance 11,136  
Spunlace | Customer relationships and related    
Finite-lived Intangible Assets [Roll Forward]    
Total intangibles, beginning balance 30,478  
Total intangibles, Translation (2,099)  
Total intangibles, ending balance 28,379  
Accumulated amortization, beginning balance (3,669)  
Accumulated amortization (798)  
Accumulated amortization, Translation 260  
Accumulated amortization, ending balance (4,207)  
Net intangibles, beginning balance 26,809  
Net intangibles, Translation (1,839)  
Net intangibles, ending balance $ 24,172  
v3.24.2.u1
LEASES - Schedule of Information Related to Leases (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Leases [Abstract]    
Right of use asset $ 24,649 $ 24,991
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Weighted average discount rate 3.92% 3.63%
Weighted average remaining maturity (years) 20 years 20 years
v3.24.2.u1
LEASES - Schedule of Operating Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]        
Lease expense $ 1,766 $ 1,568 $ 3,365 $ 3,393
v3.24.2.u1
LEASES - Schedule of Future Minimum Lease Payments (Details)
$ in Thousands
Jun. 30, 2024
USD ($)
Leases [Abstract]  
2024 $ 3,109
2025 5,582
2026 3,270
2027 2,604
2028 1,954
Thereafter $ 18,850
v3.24.2.u1
LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Oct. 25, 2021
Debt Instrument [Line Items]      
Total long-term debt $ 877,430 $ 871,670  
Less current portion 0 (1,005)  
Unamortized deferred issuance costs (15,548) (17,502)  
Long-term debt, net of current portion $ 861,882 853,163  
4.750% Senior Notes, due Oct 2029      
Debt Instrument [Line Items]      
Interest rate on debt (as a percent) 4.75%   4.75%
Total long-term debt $ 500,000 500,000  
11.25% Term loan, due Mar 2029      
Debt Instrument [Line Items]      
Interest rate on debt (as a percent) 11.25%    
Total long-term debt $ 263,085 271,215  
1.10% Term Loan, due Mar 2024      
Debt Instrument [Line Items]      
Interest rate on debt (as a percent) 1.10%    
Total long-term debt $ 0 1,005  
Revolving credit facility, due Sep 2026      
Debt Instrument [Line Items]      
Total long-term debt $ 114,345 $ 99,450  
v3.24.2.u1
LONG-TERM DEBT - Narrative (Details)
 6 Months Ended 12 Months Ended
Feb. 28, 2023
EUR (€)
loan
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2021
loan
Dec. 31, 2023
USD ($)
Mar. 30, 2023
USD ($)
Mar. 30, 2023
EUR (€)
Oct. 25, 2021
USD ($)
Sep. 02, 2021
USD ($)
Sep. 02, 2021
EUR (€)
Debt Instrument [Line Items]                    
Number of loans | loan       2            
Number of loans extinguished | loan 1                  
Extinguished debt amount | € € 20,000,000                  
Unamortized deferred issuance costs   $ 15,548,000     $ 17,502,000          
Amortization of debt issuance costs   1,700,000 $ 3,100,000              
Carrying value   877,430,000     871,670,000          
Letters of credit outstanding   $ 0                
Term Loan | Secured Debt                    
Debt Instrument [Line Items]                    
Line of credit facility, maximum borrowing capacity | €             € 250,000,000      
Term loan, due Feb 2024 | Secured Debt                    
Debt Instrument [Line Items]                    
Line of credit facility, maximum borrowing capacity | €             220,000,000      
4.750% Senior Notes, due Oct 2029                    
Debt Instrument [Line Items]                    
Original principal               $ 500,000,000    
Interest rate on debt (as a percent)   4.75%           4.75%    
Carrying value   $ 500,000,000     500,000,000          
Revolving Credit Facility                    
Debt Instrument [Line Items]                    
Line of credit facility, maximum borrowing capacity           $ 250,000,000     $ 400,000,000  
Debt instrument covenant compliance leverage ratio, actual   3.5                
Term Loan Facility                    
Debt Instrument [Line Items]                    
Line of credit facility, maximum borrowing capacity | €             € 220,000,000     € 220,000,000
Letters of Credit                    
Debt Instrument [Line Items]                    
Carrying value   $ 3,700,000     $ 5,700,000          
v3.24.2.u1
LONG-TERM DEBT - Schedule of Amortization of Term Loan Agreements Together with Maturities of Other Long-term Debt (Details)
$ in Thousands
Jun. 30, 2024
USD ($)
Debt Disclosure [Abstract]  
2024 $ 0
2025 0
2026 114,345
2027 0
2028 0
Thereafter $ 763,085
v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Value $ 877,430 $ 871,670
Fair Value 797,901 729,279
Revolving credit facility, due Sep 2026    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Value 114,345 99,450
Fair Value 114,345 99,450
4.750% Senior Notes, due Oct 2029    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Value 500,000 500,000
Fair Value $ 415,000 346,250
11.25% Term loan, due Mar 2029    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate on debt (as a percent) 11.25%  
Carrying Value $ 263,085 271,215
Fair Value 268,556 282,586
1.10% Term Loan, due Mar 2024    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Value 0 1,005
Fair Value $ 0 $ 993
v3.24.2.u1
FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
USD ($)
Mar. 30, 2023
EUR (€)
Derivative [Line Items]      
Pre-tax gain (loss) from changes in currency exchange rates | $   $ (3.7)  
Derivative, term of contract 1 month    
Term Loans      
Derivative [Line Items]      
Line of credit facility, maximum borrowing capacity | €     € 220,000,000
Minimum | Unrealized gain (loss) on derivatives | Foreign Exchange Contract      
Derivative [Line Items]      
Accumulated other comprehensive income realization period (in months) 12 months    
Minimum | Cash Flow Hedges | Designated as Hedging      
Derivative [Line Items]      
Maturities of foreign currency derivative contracts (in months) 1 month    
Maximum | Unrealized gain (loss) on derivatives | Foreign Exchange Contract      
Derivative [Line Items]      
Accumulated other comprehensive income realization period (in months) 18 months    
Maximum | Cash Flow Hedges | Designated as Hedging      
Derivative [Line Items]      
Maturities of foreign currency derivative contracts (in months) 15 months    
v3.24.2.u1
FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Outstanding Derivatives Used to Hedge Foreign Exchange Risks (Details)
₱ in Thousands, € in Thousands, ¥ in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands
Jun. 30, 2024
EUR (€)
Jun. 30, 2024
PHP (₱)
Jun. 30, 2024
USD ($)
Jun. 30, 2024
GBP (£)
Jun. 30, 2024
JPY (¥)
Jun. 30, 2024
CHF (SFr)
Dec. 31, 2023
EUR (€)
Dec. 31, 2023
PHP (₱)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
GBP (£)
Dec. 31, 2023
JPY (¥)
Dec. 31, 2023
CHF (SFr)
U.S. Dollar / British Pound | Not Designated as Hedging | Sell/Buy - sell notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount     $ 19,500           $ 22,800      
Euro / U.S. Dollar | Not Designated as Hedging | Sell/Buy - sell notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount | € € 11,100           € 11,000          
Euro / U.S. Dollar | Not Designated as Hedging | Sell/Buy - buy notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount | € 16,800           10,200          
British Pound / Euro | Not Designated as Hedging | Sell/Buy - sell notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount | £       £ 4,300           £ 3,500    
British Pound / Euro | Not Designated as Hedging | Sell/Buy - buy notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount | £       10,000           6,470    
Japanese Yen / Euro | Not Designated as Hedging | Sell/Buy - sell notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount | ¥         ¥ 38,000           ¥ 0  
U.S. Dollar / Swiss Franc | Not Designated as Hedging | Sell/Buy - sell notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount     10,000           13,620      
British Pound / Swiss Franc | Not Designated as Hedging | Sell/Buy - sell notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount | £       700           2,240    
Euro / Swiss Franc | Not Designated as Hedging | Sell/Buy - sell notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount | € 6,000           4,940          
U.S Dollar / Philippine Peso | Not Designated as Hedging | Sell/Buy - sell notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount     7,300           6,700      
Swiss Franc / Danish Krone | Not Designated as Hedging | Sell/Buy - buy notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount | SFr           SFr 750           SFr 0
U.S. Dollar / Canadian Dollar | Not Designated as Hedging | Sell/Buy - buy notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount     3,100           1,120      
Cash Flow Hedges | Euro / British Pound | Designated as Hedging | Sell/Buy - sell notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount | € 15,451           15,210          
Cash Flow Hedges | Philippine Peso / Euro | Designated as Hedging | Sell/Buy - sell notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount | ₱   ₱ 0           ₱ 137,449        
Cash Flow Hedges | U.S. Dollar / British Pound | Designated as Hedging | Sell/Buy - sell notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount     11,907           18,470      
Cash Flow Hedges | U.S. Dollar / Euro | Designated as Hedging | Sell/Buy - sell notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount     67           277      
Cash Flow Hedges | Euro / Philippine Peso | Designated as Hedging | Sell/Buy - buy notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount | € 670,761           788,342          
Cash Flow Hedges | British Pound / Philippine Peso | Designated as Hedging | Sell/Buy - buy notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount | £       949,006           923,653    
Cash Flow Hedges | Euro / U.S. Dollar | Designated as Hedging | Sell/Buy - buy notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount | € € 79,656           € 93,397          
Cash Flow Hedges | U.S. Dollar / Canadian Dollar | Designated as Hedging | Sell/Buy - buy notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount     $ 32,998           $ 30,914      
Cash Flow Hedges | British Pound / U.S. Dollar | Designated as Hedging | Sell/Buy - buy notional                        
Derivative Instruments And Hedging Activities Disclosures [Line Items]                        
Derivative notional amount | £       £ 0           £ 2,211    
v3.24.2.u1
FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Fair Values of Derivative Instruments (Details) - Forward foreign currency exchange contracts - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Prepaid Expenses and Other Current Assets | Designated as Hedging    
Derivatives Fair Value [Line Items]    
Derivative asset, fair value $ 1,093 $ 851
Prepaid Expenses and Other Current Assets | Not Designated as Hedging    
Derivatives Fair Value [Line Items]    
Derivative asset, fair value 576 937
Other Current Liabilities | Designated as Hedging    
Derivatives Fair Value [Line Items]    
Derivative liability, fair value 495 1,653
Other Current Liabilities | Not Designated as Hedging    
Derivatives Fair Value [Line Items]    
Derivative liability, fair value $ 258 $ 155
v3.24.2.u1
FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Income or (Loss) from Derivative Instruments (Details) - Forward foreign currency exchange contracts - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Designated as Hedging        
Derivative Instruments Gain Loss [Line Items]        
Derivative instruments, gain (loss) $ (291) $ (400) $ (126) $ (1,318)
Not Designated as Hedging        
Derivative Instruments Gain Loss [Line Items]        
Derivative instruments, gain (loss) $ 521 $ 16 $ 2,556 $ (218)
v3.24.2.u1
FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Loss) Before Taxes (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 256,854 $ 318,004
Ending balance 205,520 278,838
Unrealized gain (loss) on derivatives    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 10,555 11,176
Ending balance 11,636 11,322
Unrealized gain (loss) on derivatives | Foreign Exchange Contract    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (808) 242
Deferred gains on cash flow hedges 668 1,315
Reclassified to earnings (126) (1,318)
Ending balance $ (266) $ 239
v3.24.2.u1
COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2018
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]      
Agreement term for environmental remediation (in years) 30 years 30 years  
Escrow balance less than amounts due under fixed-price contract $ 500    
Total amount available in escrow account 9,100    
Accrual for environmental loss contingencies 12,100    
Accrual for environmental loss contingencies, current 300   $ 2,000
Accrual for environmental loss contingencies, noncurrent $ 11,800    
v3.24.2.u1
SEGMENT INFORMATION (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
T
Jun. 30, 2023
USD ($)
T
Jun. 30, 2024
USD ($)
T
Jun. 30, 2023
USD ($)
T
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]          
Net Sales $ 329,443 $ 357,005 $ 656,699 $ 735,213 $ 1,400,000
Operating income (loss) 7,294 (10,485) 5,749 (4,372)  
Depreciation and amortization 15,542 15,970 31,296 31,701  
Capital expenditures $ 5,690 $ 7,958 $ 13,172 $ 17,458  
Tons shipped (metric) | T 79,138 79,403 158,235 160,468  
Operating Segments | Airlaid Material          
Segment Reporting Information [Line Items]          
Net Sales $ 130,584 $ 152,511 $ 262,113 $ 311,952  
Operating income (loss) 7,505 9,726 12,463 23,640  
Depreciation and amortization 7,602 7,637 15,266 15,323  
Capital expenditures $ 1,571 $ 2,332 $ 3,662 $ 4,414  
Tons shipped (metric) | T 37,795 39,246 76,136 79,073  
Operating Segments | Composite Fibers          
Segment Reporting Information [Line Items]          
Net Sales $ 117,215 $ 125,725 $ 233,365 $ 258,316  
Operating income (loss) 6,031 898 14,290 7,025  
Depreciation and amortization 3,664 3,897 7,428 7,862  
Capital expenditures $ 2,409 $ 2,110 $ 6,073 $ 5,773  
Tons shipped (metric) | T 25,735 24,966 50,737 49,784  
Operating Segments | Spunlace          
Segment Reporting Information [Line Items]          
Net Sales $ 82,197 $ 79,420 $ 162,327 $ 166,143  
Operating income (loss) 2,260 (1,314) 5,024 (3,337)  
Depreciation and amortization 3,327 3,476 6,700 6,568  
Capital expenditures $ 1,388 $ 2,509 $ 2,766 $ 5,210  
Tons shipped (metric) | T 15,937 15,191 32,028 31,611  
Inter-segment sales elimination          
Segment Reporting Information [Line Items]          
Net Sales $ (553) $ (651) $ (1,106) $ (1,198)  
Tons shipped (metric) | T (329) 0 (666) 0  
Other and unallocated          
Segment Reporting Information [Line Items]          
Operating income (loss) $ (8,502) $ (19,795) $ (26,028) $ (31,700)  
Depreciation and amortization 949 960 1,902 1,948  
Capital expenditures $ 322 $ 1,007 $ 671 $ 2,061  
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