0000041719-24-000036 | 10-Q | XBRL Viewer

ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Sep. 30, 2024

The following table sets forth details of the changes in accumulated other comprehensive loss for the three and nine months ended September 30, 2024 and 2023.


In thousands	Currency translation adjustments		Unrealized gain (loss) on derivatives		Change in pensions		Change in other postretirement defined benefit plans		Total

Balance at July 1, 2024	$	(101,875)	$	11,636	$	(2,644)	$	355	$	(92,528)
Other comprehensive income (loss) before reclassifications (net of tax)	16,598		(1,345)		—		—		15,253
Amounts reclassified from accumulated other comprehensive income (net of tax)	—		134		24		(4)		154
Net current period other comprehensive income (loss)	16,598		(1,211)		24		(4)		15,407
Balance at September 30, 2024	$	(85,277)	$	10,425	$	(2,620)	$	351	$	(77,121)

Balance at July 1, 2023	$	(96,759)	$	11,322	$	(2,562)	$	403	$	(87,596)
Other comprehensive income (loss) before reclassifications (net of tax)	(7,185)		1,515		—		—		(5,670)
Amounts reclassified from accumulated other comprehensive income (net of tax)	—		(484)		19		(8)		(473)
Net current period other comprehensive income (loss)	(7,185)		1,031		19		(8)		(6,143)
Balance at September 30, 2023	$	(103,944)	$	12,353	$	(2,543)	$	395	$	(93,739)

Balance at January 1, 2024	$	(90,733)	$	10,555	$	(2,692)	$	361	$	(82,509)
Other comprehensive income before reclassifications (net of tax)	5,456		373		—		—		5,829
Amounts reclassified from accumulated other comprehensive income (net of tax)	—		(503)		72		(10)		(441)
Net current period other comprehensive income (loss)	5,456		(130)		72		(10)		5,388
Balance at September 30, 2024	$	(85,277)	$	10,425	$	(2,620)	$	351	$	(77,121)

Balance at January 1, 2023	$	(106,242)	$	11,176	$	(3,247)	$	418	$	(97,895)
Other comprehensive income before reclassifications (net of tax)	2,298		3,128		—		—		5,426
Amounts reclassified from accumulated other comprehensive income (net of tax)	—		(1,951)		704		(23)		(1,270)
Net current period other comprehensive income (loss)	2,298		1,177		704		(23)		4,156
Balance at September 30, 2023	$	(103,944)	$	12,353	$	(2,543)	$	395	$	(93,739)

Reclassifications out of accumulated other comprehensive loss and into the condensed consolidated statements of operations were as follows:


	Three months ended September 30,				Nine months ended September 30,
In thousands	2024		2023		2024		2023
Description									Line Item in Statements of Operations
Cash flow hedges (Note 17)
Gains on cash flow hedges	$	(331)	$	(261)	$	(457)	$	(1,579)	Costs of products sold
Tax provision (benefit)	465		(223)		(46)		(372)		Income tax provision (benefit)
Net of tax	134		(484)		(503)		(1,951)




Total cash flow hedges	134		(484)		(503)		(1,951)

Retirement plan obligations (Note 10)
Amortization of deferred benefit pension plans
Prior service costs	3		4		11		16		Other, net
Actuarial losses	34		21		82		64		Other, net
Pension settlement	—		—		—		633		Other, net
	37		25		93		713
Tax benefit	(13)		(6)		(21)		(9)		Income tax provision (benefit)
Net of tax	24		19		72		704
Amortization of deferred benefit other plans
Prior service costs	12		6		37		16		Other, net
Actuarial gain	(16)		(14)		(47)		(39)		Other, net
	(4)		(8)		(10)		(23)
Tax expense	—		—		—		—		Income tax provision (benefit)
Net of tax	(4)		(8)		(10)		(23)
Total reclassifications, net of tax	$	154	$	(473)	$	(441)	$	(1,270)

FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 September 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 thousands	September 30, 2024	December 31, 2023
Derivative
Sell/Buy - sell notional
Euro / British Pound	15,338	15,210
Philippine Peso / Euro	—	137,449
U.S. Dollar / British Pound	10,335	18,470
U.S. Dollar / Euro	67	277


Sell/Buy - buy notional
Euro / Philippine Peso	670,767	788,342
British Pound / Philippine Peso	951,019	923,653
Euro / U.S. Dollar	76,139	93,397
U.S. Dollar / Canadian Dollar	32,211	30,914
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 nine 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 thousands	September 30, 2024	December 31, 2023
Derivative
Sell/Buy - sell notional
U.S. Dollar / British Pound	13,500	22,800

British Pound / Euro	2,600	3,500
Japanese Yen / Euro	53,000	—
U.S. Dollar / Swiss Franc	—	13,620
British Pound / Swiss Franc	930	2,240
Euro / Swiss Franc	8,200	4,940
Euro / U.S. Dollar	10,300	11,000
U.S Dollar / Philippine Peso	9,100	6,700

Sell/Buy - buy notional
Euro / U.S. Dollar	—	10,200
British Pound / Euro	3,600	6,470
Swiss Franc / Danish Krone	—	—



U.S. Dollar / Canadian Dollar	2,400	1,120

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 thousands	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Balance sheet caption	Prepaid Expenses and Other Current Assets				Other Current Liabilities
Designated as hedging:
Forward foreign currency exchange contracts	$	433	$	851	$	1,278	$	1,653


Not designated as hedging:
Forward foreign currency exchange contracts	$	184	937		$	226	$	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 September 30,				Nine months ended September 30,
In thousands	2024		2023		2024		2023
Designated as hedging:
Forward foreign currency exchange contracts:
Cost of products sold	$	(331)	$	(261)	$	(457)	$	(1,579)


Not designated as hedging:
Forward foreign currency exchange contracts:
Other – net	$	(553)	$	250	$	2,003	$	32

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 thousands	2024		2023
Balance at January 1,	$	(808)	$	242
Deferred gains on cash flow hedges	(769)		3,128
Reclassified to earnings	(457)		(1,579)
Balance at September 30,	$	(2,034)	$	1,791

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.

SHARE-BASED COMPENSATION - Schedule of RSU and PSA Activity (Details) - Restricted Stock Units (RSU) and Performance Share Awards (PSAs) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 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	1,452,769
Forfeited (in shares)	(254,730)	(460,218)
Shares delivered (in shares)	(520,135)	(371,660)
Ending balance (in shares)	3,902,979	2,271,043

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 92,261	$ 82,012
In-process and finished	150,879	150,220
Supplies	70,047	66,016
Total	$ 313,187	$ 298,248

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (57,873)	$ (70,387)
Loss (income) from discontinued operations, net of taxes	(4,074)	894
Adjustments to reconcile to net cash used by continuing operations:
Depreciation, depletion and amortization	47,125	47,394
Amortization of debt issue costs and original issue discount	3,121	4,292
Pension settlement charge	0	633
Deferred income tax benefit	(2,166)	(2,073)
Losses (gains) on dispositions of plant, equipment and timberlands, net	70	(1,350)
Share-based compensation	2,550	2,205
Loss on sale of Ober-Schmitten	0	17,805
Change in operating assets and liabilities:
Accounts receivable	1,341	18,606
Inventories	(10,477)	1,142
Prepaid and other current assets	31,985	(13,702)
Accounts payable	(9,024)	(60,042)
Accruals and other current liabilities	(14,068)	11,380
Other	3,093	1,248
Net cash used by operating activities from continuing operations	(8,397)	(41,955)
Investing activities
Expenditures for purchases of plant, equipment and timberlands	(21,695)	(25,229)
Proceeds from disposals of plant, equipment and timberlands, net	49	1,484
Payments related to Ober-Schmitten sale	0	(5,793)
Other	864	844
Net cash used by investing activities from continuing operations	(20,782)	(28,694)
Financing activities
Proceeds from term loan	0	262,273
Repayment of term loans	(988)	(227,422)
Net borrowings (repayments) under revolving credit facility	19,037	(11,981)
Payments of borrowing costs	(60)	(11,603)
Payments related to share-based compensation awards and other	(219)	(280)
Net cash provided by financing activities from continuing operations	17,770	10,987
Effect of exchange rate changes on cash	192	(143)
Net decrease in cash, cash equivalents and restricted cash	(11,217)	(59,805)
Decrease in cash, cash equivalents and restricted cash from discontinued operations	(234)	(734)
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	43,909	58,623
Less: restricted cash in Prepaid expenses and other current assets	(2,274)	(3,600)
Less: restricted cash in Other assets	0	(2,282)
Cash and cash equivalents at the end of period	41,635	52,741
Cash paid for:
Interest	44,481	37,026
Income taxes, net	$ 8,268	$ 6,823

LEASES

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

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 thousands	September 30, 2024			December 31, 2023
Right of use asset	$	24,462		$	24,991
Weighted average discount rate	4.09		%	3.63		%
Weighted average remaining maturity (years)	19			20

The following table sets forth operating lease expense for the periods indicated:


	September 30,
In thousands	2024		2023
Three months ended	$	1,719	$	1,665
Nine months ended	$	5,084	$	5,058

The following table sets forth required remaining future minimum lease payments during the years indicated:


In thousands
2024	$	1,701
2025	6,310
2026	3,787
2027	2,808
2028	2,119
Thereafter	19,098

SHARE-BASED COMPENSATION - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restricted Stock Units (RSU) and Performance Share Awards (PSAs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1,081	$ 898	$ 2,550	$ 2,205

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share Based Compensation Activity

The following table summarizes RSU and PSA activity during periods indicated:


Units	2024	2023
Balance at January 1,	2,273,939	1,650,152
Granted	2,403,905	1,452,769
Forfeited	(254,730)	(460,218)
Shares delivered	(520,135)	(371,660)
Balance at September 30,	3,902,979	2,271,043

The following table sets forth information related to outstanding SOSARs:


	2024			2023
	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	(107,294)	29.73		(238,025)	19.66
Outstanding at September 30,	424,225	$	20.17	531,519	$	22.10

Schedule of Compensation Expense

The following table sets forth aggregate RSU and PSA compensation expense included in continuing operations for the periods indicated:


	September 30,
In thousands	2024		2023
Three months ended	$	1,081	$	898
Nine months ended	$	2,550	$	2,205

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	$ 895,359	$ 871,670
Fair Value	858,406	729,279
Revolving credit facility, due Sep 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	120,020	99,450
Fair Value	120,020	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	$ 450,625	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	$ 275,339	271,215
Fair Value	287,761	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

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

LEASES - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 1,701
2025	6,310
2026	3,787
2027	2,808
2028	2,119
Thereafter	$ 19,098

INCOME TAXES

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

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 nine months ended September 30, 2024, we had a pretax loss from continuing operations of $52.4 million and income tax expense of $9.6 million. The effective income tax rate for the nine months ended September 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 nine months ended September 30, 2024, we recorded an increase in the valuation allowance of $14.5 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 September 30, 2024 and December 31, 2023, we had $63.4 million and $60.7 million, respectively, of gross unrecognized tax benefits. As of September 30, 2024, if such benefits were to be recognized, approximately $60.8 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 $27.1 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:


	Nine months ended September 30,
In millions	2024		2023
Interest expense	$	2.1	$	1.6


	September 30, 2024		December 31, 2023
Accrued interest payable	$	8.4	$	6.3
Accrued penalties	2.7		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 nine months ended September 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.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 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:


	September 30, 2024				December 31, 2023
In thousands	Carrying Value		Fair Value		Carrying Value		Fair Value
Revolving credit facility, due Sep 2026	$	120,020	$	120,020	$	99,450	$	99,450
4.750% Senior Notes, due Oct 2029	500,000		450,625		500,000		346,250
11.25% Term loan, due Mar 2029	275,339		287,761		271,215		282,586




1.10% Term Loan, due Mar 2024	—		—		1,005		993

Total	$	895,359	$	858,406	$	871,670	$	729,279

LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Oct. 25, 2021
Debt Instrument [Line Items]
Total long-term debt	$ 895,359	$ 871,670
Less current portion	0	(1,005)
Unamortized deferred issuance costs	(15,376)	(17,502)
Long-term debt, net of current portion	$ 879,983	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	$ 275,339	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	$ 120,020	$ 99,450

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following table sets forth the details of basic and diluted earnings per share (“EPS”) from continuing operations:


	Three months ended September 30,				Nine months ended September 30,
In thousands, except per share	2024		2023		2024		2023
Loss from continuing operations	$	(20,002)	$	(19,680)	$	(61,947)	$	(69,493)

Weighted average common shares outstanding used in basic EPS	45,442		45,099		45,322		45,033
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	45,442		45,099		45,322		45,033

Loss per share from continuing operations
Basic	$	(0.44)	$	(0.43)	$	(1.37)	$	(1.54)
Diluted	(0.44)		(0.43)		(1.37)		(1.54)

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 September 30,		Nine months ended September 30,
In thousands	2024	2023	2024	2023
Potential common shares	424	532	424	532

SHARE-BASED COMPENSATION - Narrative (Details) - shares		9 Months Ended		12 Months Ended
SHARE-BASED COMPENSATION - Narrative (Details) - shares	May 05, 2023	Sep. 30, 2024	Sep. 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)			756,526
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)		343,605
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%

REVENUE (Tables)

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
In thousands	2024		2023		2024		2023
Revenue by product category

Airlaid Materials
Feminine hygiene	$	48,415	$	54,787	$	138,007	$	164,914
Specialty wipes	40,107		43,503		118,247		133,832
Tabletop	29,084		26,101		79,209		88,294
Food pads	3,602		2,814		10,265		9,715
Home care	6,218		7,638		18,579		21,778
Adult incontinence	5,577		7,806		17,947		22,228
Other	5,303		4,365		18,165		18,205
	138,306		147,014		400,419		458,966
Composite Fibers
Food & beverage	66,954		63,272		204,647		212,971
Wallcovering	11,189		14,561		40,133		50,288
Technical specialties	16,344		16,407		47,299		58,402
Composite laminates	12,537		9,542		35,211		27,343
Metallized	6,665		5,933		19,764		19,027

	113,689		109,715		347,054		368,031
Spunlace
Consumer wipes	33,612		32,512		98,759		105,380
Critical cleaning	30,642		14,960		88,524		61,693
Health care	9,120		17,620		28,101		44,803
Hygiene	4,938		4,576		19,158		15,270
High performance	1,908		3,447		6,999		11,264
Beauty care	223		676		1,229		1,524

	80,443		73,791		242,770		239,934

Inter-segment sales elimination	(337)		(599)		(1,443)		(1,797)
Total	$	332,101	$	329,921	$	988,800	$	1,065,134


	Three months ended September 30,				Nine months ended September 30,
In thousands	2024		2023		2024		2023
Revenue by geography

Airlaid Materials
Americas	$	75,529	$	81,751	$	221,737	$	257,080
Europe, Middle East and Africa	62,366		61,485		174,754		190,995
Asia Pacific	411		3,778		3,928		10,891
	138,306		147,014		400,419		458,966
Composite Fibers
Europe, Middle East and Africa	65,806		66,765		199,717		213,295
Americas	29,991		27,125		92,215		93,753
Asia Pacific	17,892		15,825		55,122		60,983
	113,689		109,715		347,054		368,031
Spunlace
Americas	50,225		49,317		154,691		152,470
Europe, Middle East and Africa	23,894		19,885		68,375		68,237
Asia Pacific	6,324		4,589		19,704		19,227
	80,443		73,791		242,770		239,934

Inter-segment sales elimination	(337)		(599)		(1,443)		(1,797)
Total	$	332,101	$	329,921	$	988,800	$	1,065,134

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (15,247)	$ (19,863)	$ (57,873)	$ (70,387)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ACCOUNTING POLICIES	9 Months Ended
ACCOUNTING POLICIES	Sep. 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.

ORGANIZATION (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
ORGANIZATION (Details) $ in Thousands	Sep. 30, 2024 USD ($) employee manufacturing_site	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) employee manufacturing_site	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net sales \| $	$ 332,101	$ 329,921	$ 988,800	$ 1,065,134	$ 1,400,000
Number of employees employed \| employee	2,867		2,867
Number of manufacturing sites \| manufacturing_site	15		15

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Goodwill
Goodwill, beginning balance	$ 107,691
Purchase price allocation adjustment	0
Translation	949
Goodwill, ending balance	108,640
Finite-lived Intangible Assets [Roll Forward]
Accumulated amortization, beginning balance	(35,715)
Accumulated amortization	(7,173)
Accumulated amortization, ending balance	(43,319)
Total intangibles	142,183	$ 142,048
Net intangibles	98,864	$ 106,333
Total intangibles, translation	135
Total accumulated amortization, translation	(431)
Net intangibles, translation	(296)
Airlaid Materials
Goodwill
Goodwill, beginning balance	107,691
Purchase price allocation adjustment	0
Translation	949
Goodwill, ending balance	108,640
Airlaid Materials \| Tradename
Finite-lived Intangible Assets [Roll Forward]
Total intangibles, beginning balance	3,566
Total intangibles, Translation	47
Total intangibles, ending balance	3,613
Accumulated amortization, beginning balance	(944)
Accumulated amortization	(131)
Accumulated amortization, Translation	(16)
Accumulated amortization, ending balance	(1,091)
Net intangibles, beginning balance	2,622
Net intangibles, Translation	31
Net intangibles, ending balance	2,522
Airlaid Materials \| Technology and related
Finite-lived Intangible Assets [Roll Forward]
Total intangibles, beginning balance	18,121
Total intangibles, Translation	232
Total intangibles, ending balance	18,353
Accumulated amortization, beginning balance	(6,819)
Accumulated amortization	(875)
Accumulated amortization, Translation	(111)
Accumulated amortization, ending balance	(7,805)
Net intangibles, beginning balance	11,302
Net intangibles, Translation	121
Net intangibles, ending balance	10,548
Airlaid Materials \| Customer relationships and related
Finite-lived Intangible Assets [Roll Forward]
Total intangibles, beginning balance	43,986
Total intangibles, Translation	317
Total intangibles, ending balance	44,303
Accumulated amortization, beginning balance	(17,685)
Accumulated amortization	(2,787)
Accumulated amortization, Translation	(212)
Accumulated amortization, ending balance	(20,684)
Net intangibles, beginning balance	26,301
Net intangibles, Translation	105
Net intangibles, ending balance	23,619
Spunlace \| Tradename
Finite-lived Intangible Assets [Roll Forward]
Total intangibles, beginning balance	30,064
Total intangibles, Translation	(181)
Total intangibles, ending balance	29,883
Accumulated amortization, beginning balance	(3,452)
Accumulated amortization	(969)
Accumulated amortization, Translation	(195)
Accumulated amortization, ending balance	(4,616)
Net intangibles, beginning balance	26,612
Net intangibles, Translation	(376)
Net intangibles, ending balance	25,267
Spunlace \| Technology and related
Finite-lived Intangible Assets [Roll Forward]
Total intangibles, beginning balance	15,833
Total intangibles, Translation	(96)
Total intangibles, ending balance	15,737
Accumulated amortization, beginning balance	(3,146)
Accumulated amortization	(1,204)
Accumulated amortization, Translation	137
Accumulated amortization, ending balance	(4,213)
Net intangibles, beginning balance	12,687
Net intangibles, Translation	41
Net intangibles, ending balance	11,524
Spunlace \| Customer relationships and related
Finite-lived Intangible Assets [Roll Forward]
Total intangibles, beginning balance	30,478
Total intangibles, Translation	(184)
Total intangibles, ending balance	30,294
Accumulated amortization, beginning balance	(3,669)
Accumulated amortization	(1,207)
Accumulated amortization, Translation	(34)
Accumulated amortization, ending balance	(4,910)
Net intangibles, beginning balance	26,809
Net intangibles, Translation	(218)
Net intangibles, ending balance	$ 25,384

RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITS (Tables)

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
In thousands	2024		2023		2024		2023
Pension Benefits
Service cost	$	—	$	—	$	—	$	—
Interest cost	358		347		1,059		1,120
Amortization of prior service cost	3		4		11		16
Amortization of actuarial loss	34		21		82		64
Pension settlement charge	—		—		—		633
Total net periodic benefit expense	$	395	$	372	$	1,152	$	1,833

Other Benefits
Service cost	$	5	$	3	$	15	$	8
Interest cost	40		44		122		133
Amortization of prior service cost	12		6		37		16
Amortization of actuarial gain	(16)		(14)		(47)		(39)
Total net periodic benefit expense	$	41	$	39	$	127	$	118

FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 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 thousands	September 30, 2024	December 31, 2023
Derivative
Sell/Buy - sell notional
Euro / British Pound	15,338	15,210
Philippine Peso / Euro	—	137,449
U.S. Dollar / British Pound	10,335	18,470
U.S. Dollar / Euro	67	277


Sell/Buy - buy notional
Euro / Philippine Peso	670,767	788,342
British Pound / Philippine Peso	951,019	923,653
Euro / U.S. Dollar	76,139	93,397
U.S. Dollar / Canadian Dollar	32,211	30,914
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 thousands	September 30, 2024	December 31, 2023
Derivative
Sell/Buy - sell notional
U.S. Dollar / British Pound	13,500	22,800

British Pound / Euro	2,600	3,500
Japanese Yen / Euro	53,000	—
U.S. Dollar / Swiss Franc	—	13,620
British Pound / Swiss Franc	930	2,240
Euro / Swiss Franc	8,200	4,940
Euro / U.S. Dollar	10,300	11,000
U.S Dollar / Philippine Peso	9,100	6,700

Sell/Buy - buy notional
Euro / U.S. Dollar	—	10,200
British Pound / Euro	3,600	6,470
Swiss Franc / Danish Krone	—	—



U.S. Dollar / Canadian Dollar	2,400	1,120

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 thousands	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Balance sheet caption	Prepaid Expenses and Other Current Assets				Other Current Liabilities
Designated as hedging:
Forward foreign currency exchange contracts	$	433	$	851	$	1,278	$	1,653


Not designated as hedging:
Forward foreign currency exchange contracts	$	184	937		$	226	$	155

Schedule of Income or (Loss) from Derivative Instruments


	Three months ended September 30,				Nine months ended September 30,
In thousands	2024		2023		2024		2023
Designated as hedging:
Forward foreign currency exchange contracts:
Cost of products sold	$	(331)	$	(261)	$	(457)	$	(1,579)


Not designated as hedging:
Forward foreign currency exchange contracts:
Other – net	$	(553)	$	250	$	2,003	$	32

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 thousands	2024		2023
Balance at January 1,	$	(808)	$	242
Deferred gains on cash flow hedges	(769)		3,128
Reclassified to earnings	(457)		(1,579)
Balance at September 30,	$	(2,034)	$	1,791

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 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

GAINS ON DISPOSITION OF PLANT, EQUIPMENT AND TIMBERLANDS

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

GAINS ON DISPOSITION OF PLANT, EQUIPMENT AND TIMBERLANDS

Timberland and other asset sales for the nine months ended September 30, 2024 were inconsequential.

The following table sets forth sales of timberlands and other assets completed during the nine months ended September 30, 2023:


Dollars in thousands	Acres	Proceeds		Gain





2023
Timberlands	546	$	1,340	$	1,305
Other	n/a	144		45
Total		$	1,484	$	1,350

GAINS ON DISPOSITION OF PLANT, EQUIPMENT AND TIMBERLANDS (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2023:


Dollars in thousands	Acres	Proceeds		Gain





2023
Timberlands	546	$	1,340	$	1,305
Other	n/a	144		45
Total		$	1,484	$	1,350

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Income (loss) in discontinued operations		$ 4,755	$ (183)	$ 4,074	$ (894)
Supplier for Equipment Supplied and Installed
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
Litigation settlement, gain		$ 6,500

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

INCOME TAXES - Schedule of Information Included in Continuing Operations Related to Interest on Uncertain Tax Positions (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Interest expense	$ 2.1	$ 1.6
Accrued interest payable	8.4		$ 6.3
Accrued penalties	$ 2.7		$ 2.8

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt is summarized as follows:


In thousands	September 30, 2024		December 31, 2023
Revolving credit facility, due Sep 2026	$	120,020	$	99,450
4.750% Senior Notes, due Oct 2029	500,000		500,000
11.25% Term loan, due Mar 2029	275,339		271,215
1.10% Term Loan, due Mar 2024	—		1,005
Total long-term debt	895,359		871,670
Less current portion	—		(1,005)
Unamortized deferred issuance costs	(15,376)		(17,502)
Long-term debt, net of current portion	$	879,983	$	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 September 30, 2024, the leverage ratio, as calculated in accordance with the definition in our Credit Agreement, was 3.8x. 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.

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 $15.4 million at September 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 $2.6 million and $3.9 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	—
2026	120,020
2027	—
2028	—
Thereafter	775,339

Glatfelter Corporation guarantees all debt obligations of its subsidiaries. All such obligations are recorded in these consolidated financial statements.

As of September 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.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (15,247)	$ (19,863)	$ (57,873)	$ (70,387)
Foreign currency translation adjustments	16,598	(7,185)	5,456	2,298
Net change in:
Deferred (losses) gains on derivatives, net of taxes of $$(557), $521, $(46) and $372, respectively	(1,211)	1,031	(130)	1,177
Unrecognized retirement obligations, net of taxes of $$(36), $6, $(21) and $10, respectively	20	11	62	681
Other comprehensive income (loss)	15,407	(6,143)	5,388	4,156
Comprehensive income (loss)	$ 160	$ (26,006)	$ (52,485)	$ (66,231)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Changes in Accumulated Other Comprehensive Income (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 205,520	$ 278,838	$ 256,854	$ 318,004
Other comprehensive income (loss) before reclassifications (net of tax)	15,253	(5,670)	5,829	5,426
Amounts reclassified from accumulated other comprehensive income (net of tax)	154	(473)	(441)	(1,270)
Other comprehensive income (loss)	15,407	(6,143)	5,388	4,156
Ending balance	206,700	253,698	206,700	253,698
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(92,528)	(87,596)	(82,509)	(97,895)
Ending balance	(77,121)	(93,739)	(77,121)	(93,739)
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(101,875)	(96,759)	(90,733)	(106,242)
Other comprehensive income (loss) before reclassifications (net of tax)	16,598	(7,185)	5,456	2,298
Amounts reclassified from accumulated other comprehensive income (net of tax)	0	0	0	0
Other comprehensive income (loss)	16,598	(7,185)	5,456	2,298
Ending balance	(85,277)	(103,944)	(85,277)	(103,944)
Unrealized gain (loss) on derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	11,636	11,322	10,555	11,176
Other comprehensive income (loss) before reclassifications (net of tax)	(1,345)	1,515	373	3,128
Amounts reclassified from accumulated other comprehensive income (net of tax)	134	(484)	(503)	(1,951)
Other comprehensive income (loss)	(1,211)	1,031	(130)	1,177
Ending balance	10,425	12,353	10,425	12,353
Defined Benefit Plans \| Change in pensions
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2,644)	(2,562)	(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	19	72	704
Other comprehensive income (loss)	24	19	72	704
Ending balance	(2,620)	(2,543)	(2,620)	(2,543)
Defined Benefit Plans \| Change in other postretirement defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	355	403	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)	(4)	(8)	(10)	(23)
Other comprehensive income (loss)	(4)	(8)	(10)	(23)
Ending balance	$ 351	$ 395	$ 351	$ 395

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Deferred gains (losses) on derivatives, net of tax expense (benefit)	$ (557)	$ 521	$ (46)	$ 372
Unrecognized retirement obligations, net of tax expense (benefit)	$ (36)	$ 6	$ (21)	$ 10

GAINS ON DISPOSITION OF PLANT, EQUIPMENT AND TIMBERLANDS (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) a	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) a
Property, Plant and Equipment [Line Items]
Proceeds			$ 49	$ 1,484
Gain	$ 1	$ 685	$ (70)	$ 1,350
Timberlands
Property, Plant and Equipment [Line Items]
Acres \| a		546		546
Proceeds				$ 1,340
Gain				1,305
Other
Property, Plant and Equipment [Line Items]
Proceeds				144
Gain				$ 45

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
In thousands, except per share	2024		2023		2024		2023
Loss from continuing operations	$	(20,002)	$	(19,680)	$	(61,947)	$	(69,493)

Weighted average common shares outstanding used in basic EPS	45,442		45,099		45,322		45,033
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	45,442		45,099		45,322		45,033

Loss per share from continuing operations
Basic	$	(0.44)	$	(0.43)	$	(1.37)	$	(1.54)
Diluted	(0.44)		(0.43)		(1.37)		(1.54)

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 September 30,		Nine months ended September 30,
In thousands	2024	2023	2024	2023
Potential common shares	424	532	424	532

LEASES - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Lease expense	$ 1,719	$ 1,665	$ 5,084	$ 5,058

INVENTORIES (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories, Net of Reserves

Inventories, net of reserves, were as follows:


In thousands	September 30, 2024		December 31, 2023
Raw materials	$	92,261	$	82,012
In-process and finished	150,879		150,220
Supplies	70,047		66,016
Total	$	313,187	$	298,248

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	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 PHP (₱)	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 JPY (¥)	Sep. 30, 2024 CHF (SFr)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 PHP (₱)	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	$ 13,500						$ 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 \| €		€ 10,300						€ 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 \| €		0						10,200
British Pound / Euro \| Not Designated as Hedging \| Sell/Buy - sell notional
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative notional amount \| £				£ 2,600						£ 3,500
British Pound / Euro \| Not Designated as Hedging \| Sell/Buy - buy notional
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative notional amount \| £				3,600						6,470
Japanese Yen / Euro \| Not Designated as Hedging \| Sell/Buy - sell notional
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative notional amount \| ¥					¥ 53,000						¥ 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	0						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 \| £				930						2,240
Euro / Swiss Franc \| Not Designated as Hedging \| Sell/Buy - sell notional
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative notional amount \| €		8,200						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	9,100						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 0						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	2,400						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 \| €		15,338						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	10,335						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 \| €		670,767						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 \| £				951,019						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 \| €		€ 76,139						€ 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	$ 32,211						$ 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

COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 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	$ 700
Total amount available in escrow account	9,300
Accrual for environmental loss contingencies	12,100
Accrual for environmental loss contingencies, current	700		$ 2,000
Accrual for environmental loss contingencies, noncurrent	$ 11,400

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Potential common shares (in shares)	424	532	424	532

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		45,498,375
Amendment Flag	false
Entity Central Index Key	0000041719
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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 thousands	December 31, 2023		Purchase price allocation adjustment		Translation		September 30, 2024
Goodwill
Airlaid Materials	$	107,691	$	—	$	949	$	108,640
Total	$	107,691	$	—	$	949	$	108,640

Other Intangible Assets	December 31, 2023		Amortization		Translation		September 30, 2024
Airlaid Materials
Tradename	$	3,566	$	—	$	47	$	3,613
Accumulated amortization	(944)		(131)		(16)		(1,091)
Net	2,622		(131)		31		2,522

Technology and related	18,121		—		232		18,353
Accumulated amortization	(6,819)		(875)		(111)		(7,805)
Net	11,302		(875)		121		10,548

Customer relationships and related	43,986		—		317		44,303
Accumulated amortization	(17,685)		(2,787)		(212)		(20,684)
Net	26,301		(2,787)		105		23,619

Spunlace
Products and Tradenames	30,064		—		(181)		29,883
Accumulated amortization	(3,452)		(969)		(195)		(4,616)
Net	26,612		(969)		(376)		25,267

Technology and related	15,833		—		(96)		15,737
Accumulated amortization	(3,146)		(1,204)		137		(4,213)
Net	12,687		(1,204)		41		11,524

Customer relationships and related	30,478		—		(184)		30,294
Accumulated amortization	(3,669)		(1,207)		(34)		(4,910)
Net	26,809		(1,207)		(218)		25,384

Total intangibles	142,048		—		135		142,183
Total accumulated amortization	(35,715)		(7,173)		(431)		(43,319)
Net intangibles	$	106,333	$	(7,173)	$	(296)	$	98,864

FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Fair Values of Derivative Instruments (Details) - Forward foreign currency exchange contracts - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expenses and Other Current Assets \| Designated as Hedging
Derivatives Fair Value [Line Items]
Derivative asset, fair value	$ 433	$ 851
Prepaid Expenses and Other Current Assets \| Not Designated as Hedging
Derivatives Fair Value [Line Items]
Derivative asset, fair value	184	937
Other Current Liabilities \| Designated as Hedging
Derivatives Fair Value [Line Items]
Derivative liability, fair value	1,278	1,653
Other Current Liabilities \| Not Designated as Hedging
Derivatives Fair Value [Line Items]
Derivative liability, fair value	$ 226	$ 155

SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

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 September 30, 2024, there were 343,605 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 nine 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:


Units	2024	2023
Balance at January 1,	2,273,939	1,650,152
Granted	2,403,905	1,452,769
Forfeited	(254,730)	(460,218)
Shares delivered	(520,135)	(371,660)
Balance at September 30,	3,902,979	2,271,043

The amount granted in 2023 included 756,526 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:


	September 30,
In thousands	2024		2023
Three months ended	$	1,081	$	898
Nine months ended	$	2,550	$	2,205

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:


	2024			2023
	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	(107,294)	29.73		(238,025)	19.66
Outstanding at September 30,	424,225	$	20.17	531,519	$	22.10

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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:


	September 30, 2024				December 31, 2023
In thousands	Carrying Value		Fair Value		Carrying Value		Fair Value
Revolving credit facility, due Sep 2026	$	120,020	$	120,020	$	99,450	$	99,450
4.750% Senior Notes, due Oct 2029	500,000		450,625		500,000		346,250
11.25% Term loan, due Mar 2029	275,339		287,761		271,215		282,586




1.10% Term Loan, due Mar 2024	—		—		1,005		993

Total	$	895,359	$	858,406	$	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 17.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

SHARE-BASED COMPENSATION - Schedule of Information Related to Outstanding SOSARs (Details) - SOSARs - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 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)	(107,294)	(238,025)
Ending balance (in shares)	424,225	531,519
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)	29.73	19.66
Ending balance (in dollars per share)	$ 20.17	$ 22.10

LONG-TERM DEBT - Narrative (Details)		9 Months Ended		12 Months Ended
LONG-TERM DEBT - Narrative (Details)	Feb. 28, 2023 EUR (€) loan	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	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		$ 15,376,000			$ 17,502,000
Amortization of debt issuance costs		2,600,000	$ 3,900,000
Carrying value		895,359,000			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		3.8
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

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	(70,387)			(70,387)
Other comprehensive income (loss)	4,156				4,156
Comprehensive income (loss)	(66,231)
Share-based compensation expense	2,205		2,205
Delivery of treasury shares:
RSUs and PSAs	(280)		(4,701)			4,421
Ending balance at Sep. 30, 2023	253,698	544	58,167	428,476	(93,739)	(139,750)
Beginning balance at Jun. 30, 2023	278,838	544	57,945	448,339	(87,596)	(140,394)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(19,863)			(19,863)
Other comprehensive income (loss)	(6,143)				(6,143)
Comprehensive income (loss)	(26,006)
Share-based compensation expense	898		898
Delivery of treasury shares:
RSUs and PSAs	(32)		(676)			644
Ending balance at Sep. 30, 2023	253,698	544	58,167	428,476	(93,739)	(139,750)
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	(57,873)			(57,873)
Other comprehensive income (loss)	5,388				5,388
Comprehensive income (loss)	(52,485)
Share-based compensation expense	2,550		2,550
Delivery of treasury shares:
RSUs and PSAs	(219)		(6,415)			6,196
Ending balance at Sep. 30, 2024	206,700	544	54,894	361,937	(77,121)	(133,554)
Beginning balance at Jun. 30, 2024	205,520	544	55,396	377,184	(92,528)	(135,076)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(15,247)			(15,247)
Other comprehensive income (loss)	15,407				15,407
Comprehensive income (loss)	160
Share-based compensation expense	1,081		1,081
Delivery of treasury shares:
RSUs and PSAs	(61)		(1,583)			1,522
Ending balance at Sep. 30, 2024	$ 206,700	$ 544	$ 54,894	$ 361,937	$ (77,121)	$ (133,554)

- Definition

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Loss from continuing operations	$ (20,002)	$ (19,680)	$ (61,947)	$ (69,493)
Weighted average common shares outstanding used in basic EPS (in shares)	45,442	45,099	45,322	45,033
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)	45,442	45,099	45,322	45,033
Loss per share from continuing operations
Basic (in dollars per share)	$ (0.44)	$ (0.43)	$ (1.37)	$ (1.54)
Diluted (in dollars per share)	$ (0.44)	$ (0.43)	$ (1.37)	$ (1.54)

- Definition

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
-Subparagraph (c)
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	358	347	1,059	1,120
Amortization of prior service cost	3	4	11	16
Amortization of actuarial (loss) gain	34	21	82	64
Pension settlement charge	0	0	0	633
Total net periodic benefit expense	395	372	1,152	1,833
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	5	3	15	8
Interest cost	40	44	122	133
Amortization of prior service cost	12	6	37	16
Amortization of actuarial (loss) gain	(16)	(14)	(47)	(39)
Total net periodic benefit expense	$ 41	$ 39	$ 127	$ 118

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
REVENUE (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Net sales	$ 332,101	$ 329,921	$ 988,800	$ 1,065,134	$ 1,400,000
Operating Segments \| Airlaid Materials
Disaggregation Of Revenue [Line Items]
Net sales	138,306	147,014	400,419	458,966
Operating Segments \| Airlaid Materials \| Americas
Disaggregation Of Revenue [Line Items]
Net sales	75,529	81,751	221,737	257,080
Operating Segments \| Airlaid Materials \| Europe, Middle East and Africa
Disaggregation Of Revenue [Line Items]
Net sales	62,366	61,485	174,754	190,995
Operating Segments \| Airlaid Materials \| Asia Pacific
Disaggregation Of Revenue [Line Items]
Net sales	411	3,778	3,928	10,891
Operating Segments \| Airlaid Materials \| Net sales
Disaggregation Of Revenue [Line Items]
Net sales	138,306	147,014	400,419	458,966
Operating Segments \| Airlaid Materials \| Feminine hygiene
Disaggregation Of Revenue [Line Items]
Net sales	48,415	54,787	138,007	164,914
Operating Segments \| Airlaid Materials \| Specialty wipes
Disaggregation Of Revenue [Line Items]
Net sales	40,107	43,503	118,247	133,832
Operating Segments \| Airlaid Materials \| Tabletop
Disaggregation Of Revenue [Line Items]
Net sales	29,084	26,101	79,209	88,294
Operating Segments \| Airlaid Materials \| Food pads
Disaggregation Of Revenue [Line Items]
Net sales	3,602	2,814	10,265	9,715
Operating Segments \| Airlaid Materials \| Home care
Disaggregation Of Revenue [Line Items]
Net sales	6,218	7,638	18,579	21,778
Operating Segments \| Airlaid Materials \| Adult incontinence
Disaggregation Of Revenue [Line Items]
Net sales	5,577	7,806	17,947	22,228
Operating Segments \| Airlaid Materials \| Other
Disaggregation Of Revenue [Line Items]
Net sales	5,303	4,365	18,165	18,205
Operating Segments \| Composite Fibers
Disaggregation Of Revenue [Line Items]
Net sales	113,689	109,715	347,054	368,031
Operating Segments \| Composite Fibers \| Americas
Disaggregation Of Revenue [Line Items]
Net sales	29,991	27,125	92,215	93,753
Operating Segments \| Composite Fibers \| Europe, Middle East and Africa
Disaggregation Of Revenue [Line Items]
Net sales	65,806	66,765	199,717	213,295
Operating Segments \| Composite Fibers \| Asia Pacific
Disaggregation Of Revenue [Line Items]
Net sales	17,892	15,825	55,122	60,983
Operating Segments \| Composite Fibers \| Net sales
Disaggregation Of Revenue [Line Items]
Net sales	113,689	109,715	347,054	368,031
Operating Segments \| Composite Fibers \| Food & beverage
Disaggregation Of Revenue [Line Items]
Net sales	66,954	63,272	204,647	212,971
Operating Segments \| Composite Fibers \| Wallcovering
Disaggregation Of Revenue [Line Items]
Net sales	11,189	14,561	40,133	50,288
Operating Segments \| Composite Fibers \| Technical specialties
Disaggregation Of Revenue [Line Items]
Net sales	16,344	16,407	47,299	58,402
Operating Segments \| Composite Fibers \| Composite laminates
Disaggregation Of Revenue [Line Items]
Net sales	12,537	9,542	35,211	27,343
Operating Segments \| Composite Fibers \| Metallized
Disaggregation Of Revenue [Line Items]
Net sales	6,665	5,933	19,764	19,027
Operating Segments \| Spunlace
Disaggregation Of Revenue [Line Items]
Net sales	80,443	73,791	242,770	239,934
Operating Segments \| Spunlace \| Americas
Disaggregation Of Revenue [Line Items]
Net sales	50,225	49,317	154,691	152,470
Operating Segments \| Spunlace \| Europe, Middle East and Africa
Disaggregation Of Revenue [Line Items]
Net sales	23,894	19,885	68,375	68,237
Operating Segments \| Spunlace \| Asia Pacific
Disaggregation Of Revenue [Line Items]
Net sales	6,324	4,589	19,704	19,227
Operating Segments \| Spunlace \| Net sales
Disaggregation Of Revenue [Line Items]
Net sales	80,443	73,791	242,770	239,934
Operating Segments \| Spunlace \| Consumer wipes
Disaggregation Of Revenue [Line Items]
Net sales	33,612	32,512	98,759	105,380
Operating Segments \| Spunlace \| Critical cleaning
Disaggregation Of Revenue [Line Items]
Net sales	30,642	14,960	88,524	61,693
Operating Segments \| Spunlace \| Health care
Disaggregation Of Revenue [Line Items]
Net sales	9,120	17,620	28,101	44,803
Operating Segments \| Spunlace \| Hygiene
Disaggregation Of Revenue [Line Items]
Net sales	4,938	4,576	19,158	15,270
Operating Segments \| Spunlace \| High performance
Disaggregation Of Revenue [Line Items]
Net sales	1,908	3,447	6,999	11,264
Operating Segments \| Spunlace \| Beauty care
Disaggregation Of Revenue [Line Items]
Net sales	223	676	1,229	1,524
Inter-segment sales elimination
Disaggregation Of Revenue [Line Items]
Net sales	$ (337)	$ (599)	$ (1,443)	$ (1,797)

INCOME TAXES (Tables)

9 Months Ended

Sep. 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:


	Nine months ended September 30,
In millions	2024		2023
Interest expense	$	2.1	$	1.6


	September 30, 2024		December 31, 2023
Accrued interest payable	$	8.4	$	6.3
Accrued penalties	2.7		2.8

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023.


In thousands	Currency translation adjustments		Unrealized gain (loss) on derivatives		Change in pensions		Change in other postretirement defined benefit plans		Total

Balance at July 1, 2024	$	(101,875)	$	11,636	$	(2,644)	$	355	$	(92,528)
Other comprehensive income (loss) before reclassifications (net of tax)	16,598		(1,345)		—		—		15,253
Amounts reclassified from accumulated other comprehensive income (net of tax)	—		134		24		(4)		154
Net current period other comprehensive income (loss)	16,598		(1,211)		24		(4)		15,407
Balance at September 30, 2024	$	(85,277)	$	10,425	$	(2,620)	$	351	$	(77,121)

Balance at July 1, 2023	$	(96,759)	$	11,322	$	(2,562)	$	403	$	(87,596)
Other comprehensive income (loss) before reclassifications (net of tax)	(7,185)		1,515		—		—		(5,670)
Amounts reclassified from accumulated other comprehensive income (net of tax)	—		(484)		19		(8)		(473)
Net current period other comprehensive income (loss)	(7,185)		1,031		19		(8)		(6,143)
Balance at September 30, 2023	$	(103,944)	$	12,353	$	(2,543)	$	395	$	(93,739)

Balance at January 1, 2024	$	(90,733)	$	10,555	$	(2,692)	$	361	$	(82,509)
Other comprehensive income before reclassifications (net of tax)	5,456		373		—		—		5,829
Amounts reclassified from accumulated other comprehensive income (net of tax)	—		(503)		72		(10)		(441)
Net current period other comprehensive income (loss)	5,456		(130)		72		(10)		5,388
Balance at September 30, 2024	$	(85,277)	$	10,425	$	(2,620)	$	351	$	(77,121)

Balance at January 1, 2023	$	(106,242)	$	11,176	$	(3,247)	$	418	$	(97,895)
Other comprehensive income before reclassifications (net of tax)	2,298		3,128		—		—		5,426
Amounts reclassified from accumulated other comprehensive income (net of tax)	—		(1,951)		704		(23)		(1,270)
Net current period other comprehensive income (loss)	2,298		1,177		704		(23)		4,156
Balance at September 30, 2023	$	(103,944)	$	12,353	$	(2,543)	$	395	$	(93,739)

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 September 30,				Nine months ended September 30,
In thousands	2024		2023		2024		2023
Description									Line Item in Statements of Operations
Cash flow hedges (Note 17)
Gains on cash flow hedges	$	(331)	$	(261)	$	(457)	$	(1,579)	Costs of products sold
Tax provision (benefit)	465		(223)		(46)		(372)		Income tax provision (benefit)
Net of tax	134		(484)		(503)		(1,951)




Total cash flow hedges	134		(484)		(503)		(1,951)

Retirement plan obligations (Note 10)
Amortization of deferred benefit pension plans
Prior service costs	3		4		11		16		Other, net
Actuarial losses	34		21		82		64		Other, net
Pension settlement	—		—		—		633		Other, net
	37		25		93		713
Tax benefit	(13)		(6)		(21)		(9)		Income tax provision (benefit)
Net of tax	24		19		72		704
Amortization of deferred benefit other plans
Prior service costs	12		6		37		16		Other, net
Actuarial gain	(16)		(14)		(47)		(39)		Other, net
	(4)		(8)		(10)		(23)
Tax expense	—		—		—		—		Income tax provision (benefit)
Net of tax	(4)		(8)		(10)		(23)
Total reclassifications, net of tax	$	154	$	(473)	$	(441)	$	(1,270)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 332,101	$ 329,921	$ 988,800	$ 1,065,134
Costs of products sold	296,620	285,434	882,022	966,300
Gross profit	35,481	44,487	106,778	98,834
Selling, general and administrative expenses	32,511	24,714	97,988	84,098
Loss on sale of Ober-Schmitten	0	17,805	0	17,805
Losses (gains) on dispositions of plant, equipment and timberlands, net	(1)	(685)	70	(1,350)
Operating income (loss)	2,971	2,653	8,720	(1,719)
Non-operating income (expense)
Interest expense	(18,404)	(17,386)	(53,989)	(47,241)
Interest income	237	329	771	1,159
Other, net	(3,316)	(1,948)	(7,852)	(8,271)
Total non-operating expense	(21,483)	(19,005)	(61,070)	(54,353)
Loss from continuing operations before income taxes	(18,512)	(16,352)	(52,350)	(56,072)
Income tax provision	1,490	3,328	9,597	13,421
Loss from continuing operations	(20,002)	(19,680)	(61,947)	(69,493)
Discontinued operations:
Income (loss) before income taxes	4,755	(183)	4,074	(894)
Income tax provision	0	0	0	0
Income (loss) from discontinued operations	4,755	(183)	4,074	(894)
Net loss	$ (15,247)	$ (19,863)	$ (57,873)	$ (70,387)
Basic earnings per share
Loss from continuing operations (in dollars per share)	$ (0.44)	$ (0.43)	$ (1.37)	$ (1.54)
Income (loss) from discontinued operations (in dollars per share)	0.11	0	0.09	(0.02)
Basic loss per share (in dollars per share)	(0.33)	(0.43)	(1.28)	(1.56)
Diluted earnings per share
Loss from continuing operations (in dollars per share)	(0.44)	(0.43)	(1.37)	(1.54)
Income (loss) from discontinued operations (in dollars per share)	0.11	0	0.09	(0.02)
Diluted loss per share (in dollars per share)	$ (0.33)	$ (0.43)	$ (1.28)	$ (1.56)
Weighted average shares outstanding
Basic (in shares)	45,442	45,099	45,322	45,033
Diluted (in shares)	45,442	45,099	45,322	45,033

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
Dollars in thousands	2024		2023		2024		2023
Net Sales
Airlaid Material	$	138,306	$	147,014	$	400,419	$	458,966
Composite Fibers	113,689		109,715		347,054		368,031
Spunlace	80,443		73,791		242,770		239,934
Inter-segment sales elimination	(337)		(599)		(1,443)		(1,797)
Total	$	332,101	$	329,921	$	988,800	$	1,065,134

Operating income (loss)
Airlaid Material	$	10,343	$	11,196	$	22,806	$	34,836
Composite Fibers	6,292		7,268		20,582		14,293
Spunlace	1,324		(1,053)		6,348		(4,390)
Other and unallocated	(14,988)		(14,758)		(41,016)		(46,458)
Total	$	2,971	$	2,653	$	8,720	$	(1,719)

Depreciation and amortization
Airlaid Material	$	7,656	$	7,553	$	22,922	$	22,876
Composite Fibers	3,810		3,898		11,238		11,760
Spunlace	3,447		3,289		10,147		9,857
Other and unallocated	916		953		2,818		2,901
Total	$	15,829	$	15,693	$	47,125	$	47,394

Capital expenditures
Airlaid Material	$	3,286	$	2,625	$	6,948	$	7,039
Composite Fibers	2,540		2,579		8,613		8,352
Spunlace	2,198		2,271		4,964		7,481
Other and unallocated	499		296		1,170		2,357
Total	$	8,523	$	7,771	$	21,695	$	25,229

Tons shipped (metric)
Airlaid Material	39,069		40,076		115,205		119,149
Composite Fibers	22,862		22,188		73,599		71,972
Spunlace	14,699		14,436		46,727		46,047
Inter-segment sales elimination	(164)		(328)		(830)		(925)
Total	76,466		76,372		234,701		236,243

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 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 thousands	December 31, 2023		Purchase price allocation adjustment		Translation		September 30, 2024
Goodwill
Airlaid Materials	$	107,691	$	—	$	949	$	108,640
Total	$	107,691	$	—	$	949	$	108,640

Other Intangible Assets	December 31, 2023		Amortization		Translation		September 30, 2024
Airlaid Materials
Tradename	$	3,566	$	—	$	47	$	3,613
Accumulated amortization	(944)		(131)		(16)		(1,091)
Net	2,622		(131)		31		2,522

Technology and related	18,121		—		232		18,353
Accumulated amortization	(6,819)		(875)		(111)		(7,805)
Net	11,302		(875)		121		10,548

Customer relationships and related	43,986		—		317		44,303
Accumulated amortization	(17,685)		(2,787)		(212)		(20,684)
Net	26,301		(2,787)		105		23,619

Spunlace
Products and Tradenames	30,064		—		(181)		29,883
Accumulated amortization	(3,452)		(969)		(195)		(4,616)
Net	26,612		(969)		(376)		25,267

Technology and related	15,833		—		(96)		15,737
Accumulated amortization	(3,146)		(1,204)		137		(4,213)
Net	12,687		(1,204)		41		11,524

Customer relationships and related	30,478		—		(184)		30,294
Accumulated amortization	(3,669)		(1,207)		(34)		(4,910)
Net	26,809		(1,207)		(218)		25,384

Total intangibles	142,048		—		135		142,183
Total accumulated amortization	(35,715)		(7,173)		(431)		(43,319)
Net intangibles	$	106,333	$	(7,173)	$	(296)	$	98,864

LONG-TERM DEBT - Schedule of Amortization of Term Loan Agreements Together with Maturities of Other Long-term Debt (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	0
2026	120,020
2027	0
2028	0
Thereafter	$ 775,339

PROPOSED MERGER (Details) - Forecast	Nov. 04, 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

DISCONTINUED OPERATIONS	9 Months Ended
DISCONTINUED OPERATIONS	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS For the three and nine months ended September 30, 2024, we recognized income in discontinued operations of $4.8 million and $4.1 million, respectively, primarily related to the settlement of a legal dispute in the third quarter, pension related costs and legal costs incurred. For the three and nine months ended September 30, 2023, we recognized a loss in discontinued operations of $0.2 million and $0.9 million, respectively, primarily related to an insurance claim settlement and legal costs. In August 2024, we reached a settlement 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 recognized a $6.5 million gain, less applicable legal fees, in the quarter ended September 30, 2024 which is included in discontinued operations.

ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Gains on cash flow hedges	$ 296,620	$ 285,434	$ 882,022	$ 966,300
Tax provision (benefit) expense	1,490	3,328	9,597	13,421
Other, net	3,316	1,948	7,852	8,271
Income (loss) before income taxes	18,512	16,352	52,350	56,072
Net of tax	15,247	19,863	57,873	70,387
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	154	(473)	(441)	(1,270)
Reclassifications Out of Accumulated Other Comprehensive Income \| Unrealized gain (loss) on derivatives
Defined Benefit Plan Disclosure [Line Items]
Net of tax	134	(484)	(503)	(1,951)
Reclassifications Out of Accumulated Other Comprehensive Income \| Prior service costs \| Change in pensions
Defined Benefit Plan Disclosure [Line Items]
Other, net	3	4	11	16
Reclassifications Out of Accumulated Other Comprehensive Income \| Prior service costs \| Other Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Other, net	12	6	37	16
Reclassifications Out of Accumulated Other Comprehensive Income \| Actuarial losses \| Change in pensions
Defined Benefit Plan Disclosure [Line Items]
Other, net	34	21	82	64
Reclassifications Out of Accumulated Other Comprehensive Income \| Actuarial losses \| Other Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Other, net	(16)	(14)	(47)	(39)
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	(13)	(6)	(21)	(9)
Income (loss) before income taxes	37	25	93	713
Net of tax	24	19	72	704
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	(4)	(8)	(10)	(23)
Net of tax	(4)	(8)	(10)	(23)
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	(331)	(261)	(457)	(1,579)
Tax provision (benefit) expense	465	(223)	(46)	(372)
Net of tax	$ 134	$ (484)	$ (503)	$ (1,951)

INCOME TAXES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Contingency [Line Items]
Pretax loss	$ 18,512,000	$ 16,352,000	$ 52,350,000	$ 56,072,000
Income tax (benefit) provision	1,490,000	$ 3,328,000	9,597,000	$ 13,421,000
Increase in valuation allowance			14,500,000
Gross unrecognized tax benefits	63,400,000		63,400,000		$ 60,700,000
Unrecognized tax benefits that would impact effective tax rate	60,800,000		60,800,000
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	$ 27,100,000		$ 27,100,000

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

The following tables set forth financial and other information by segment for the period indicated:


	Three months ended September 30,				Nine months ended September 30,
Dollars in thousands	2024		2023		2024		2023
Net Sales
Airlaid Material	$	138,306	$	147,014	$	400,419	$	458,966
Composite Fibers	113,689		109,715		347,054		368,031
Spunlace	80,443		73,791		242,770		239,934
Inter-segment sales elimination	(337)		(599)		(1,443)		(1,797)
Total	$	332,101	$	329,921	$	988,800	$	1,065,134

Operating income (loss)
Airlaid Material	$	10,343	$	11,196	$	22,806	$	34,836
Composite Fibers	6,292		7,268		20,582		14,293
Spunlace	1,324		(1,053)		6,348		(4,390)
Other and unallocated	(14,988)		(14,758)		(41,016)		(46,458)
Total	$	2,971	$	2,653	$	8,720	$	(1,719)

Depreciation and amortization
Airlaid Material	$	7,656	$	7,553	$	22,922	$	22,876
Composite Fibers	3,810		3,898		11,238		11,760
Spunlace	3,447		3,289		10,147		9,857
Other and unallocated	916		953		2,818		2,901
Total	$	15,829	$	15,693	$	47,125	$	47,394

Capital expenditures
Airlaid Material	$	3,286	$	2,625	$	6,948	$	7,039
Composite Fibers	2,540		2,579		8,613		8,352
Spunlace	2,198		2,271		4,964		7,481
Other and unallocated	499		296		1,170		2,357
Total	$	8,523	$	7,771	$	21,695	$	25,229

Tons shipped (metric)
Airlaid Material	39,069		40,076		115,205		119,149
Composite Fibers	22,862		22,188		73,599		71,972
Spunlace	14,699		14,436		46,727		46,047
Inter-segment sales elimination	(164)		(328)		(830)		(925)
Total	76,466		76,372		234,701		236,243

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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

LEASES (Tables)

9 Months Ended

Sep. 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 thousands	September 30, 2024			December 31, 2023
Right of use asset	$	24,462		$	24,991
Weighted average discount rate	4.09		%	3.63		%
Weighted average remaining maturity (years)	19			20

The following table sets forth operating lease expense for the periods indicated:


	September 30,
In thousands	2024		2023
Three months ended	$	1,719	$	1,665
Nine months ended	$	5,084	$	5,058

Schedule of Future Minimum Lease Payments

The following table sets forth required remaining future minimum lease payments during the years indicated:


In thousands
2024	$	1,701
2025	6,310
2026	3,787
2027	2,808
2028	2,119
Thereafter	19,098

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt is summarized as follows:


In thousands	September 30, 2024		December 31, 2023
Revolving credit facility, due Sep 2026	$	120,020	$	99,450
4.750% Senior Notes, due Oct 2029	500,000		500,000
11.25% Term loan, due Mar 2029	275,339		271,215
1.10% Term Loan, due Mar 2024	—		1,005
Total long-term debt	895,359		871,670
Less current portion	—		(1,005)
Unamortized deferred issuance costs	(15,376)		(17,502)
Long-term debt, net of current portion	$	879,983	$	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	—
2026	120,020
2027	—
2028	—
Thereafter	775,339

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.12-04(a))
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+ Details

ORGANIZATION	9 Months Ended
ORGANIZATION	Sep. 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 September 30, 2024, we employed approximately 2,867 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.

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Designated as Hedging
Derivative Instruments Gain Loss [Line Items]
Derivative instruments, gain (loss)	$ (331)	$ (261)	$ (457)	$ (1,579)
Not Designated as Hedging
Derivative Instruments Gain Loss [Line Items]
Derivative instruments, gain (loss)	$ (553)	$ 250	$ 2,003	$ 32

LEASES - Schedule of Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right of use asset	$ 24,462	$ 24,991
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Weighted average discount rate	4.09%	3.63%
Weighted average remaining maturity (years)	19 years	20 years

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Sep. 30, 2024 USD ($) T	Sep. 30, 2023 USD ($) T	Sep. 30, 2024 USD ($) T	Sep. 30, 2023 USD ($) T	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Net Sales	$ 332,101	$ 329,921	$ 988,800	$ 1,065,134	$ 1,400,000
Operating income (loss)	2,971	2,653	8,720	(1,719)
Depreciation and amortization	15,829	15,693	47,125	47,394
Capital expenditures	$ 8,523	$ 7,771	$ 21,695	$ 25,229
Tons shipped (metric) \| T	76,466	76,372	234,701	236,243
Operating Segments \| Airlaid Material
Segment Reporting Information [Line Items]
Net Sales	$ 138,306	$ 147,014	$ 400,419	$ 458,966
Operating income (loss)	10,343	11,196	22,806	34,836
Depreciation and amortization	7,656	7,553	22,922	22,876
Capital expenditures	$ 3,286	$ 2,625	$ 6,948	$ 7,039
Tons shipped (metric) \| T	39,069	40,076	115,205	119,149
Operating Segments \| Composite Fibers
Segment Reporting Information [Line Items]
Net Sales	$ 113,689	$ 109,715	$ 347,054	$ 368,031
Operating income (loss)	6,292	7,268	20,582	14,293
Depreciation and amortization	3,810	3,898	11,238	11,760
Capital expenditures	$ 2,540	$ 2,579	$ 8,613	$ 8,352
Tons shipped (metric) \| T	22,862	22,188	73,599	71,972
Operating Segments \| Spunlace
Segment Reporting Information [Line Items]
Net Sales	$ 80,443	$ 73,791	$ 242,770	$ 239,934
Operating income (loss)	1,324	(1,053)	6,348	(4,390)
Depreciation and amortization	3,447	3,289	10,147	9,857
Capital expenditures	$ 2,198	$ 2,271	$ 4,964	$ 7,481
Tons shipped (metric) \| T	14,699	14,436	46,727	46,047
Inter-segment sales elimination
Segment Reporting Information [Line Items]
Net Sales	$ (337)	$ (599)	$ (1,443)	$ (1,797)
Tons shipped (metric) \| T	(164)	(328)	(830)	(925)
Other and unallocated
Segment Reporting Information [Line Items]
Operating income (loss)	$ (14,988)	$ (14,758)	$ (41,016)	$ (46,458)
Depreciation and amortization	916	953	2,818	2,901
Capital expenditures	$ 499	$ 296	$ 1,170	$ 2,357

FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 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

COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS	9 Months Ended
COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS	Sep. 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 September 30, 2024, the balance in the escrow exceeds the amounts due under the fixed-price contract by approximately $0.7 million. At September 30, 2024, the escrow account balance totaled $9.3 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 September 30, 2024, of which $0.7 million is recorded in the accompanying September 30, 2024 condensed consolidated balance sheet under the caption “Environmental liabilities” and the remaining $11.4 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.

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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 256,854	$ 318,004
Ending balance	206,700	253,698
Unrealized gain (loss) on derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	10,555	11,176
Ending balance	10,425	12,353
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	(769)	3,128
Reclassified to earnings	(457)	(1,579)
Ending balance	$ (2,034)	$ 1,791

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

INVENTORIES

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

INVENTORIES

Inventories, net of reserves, were as follows:


In thousands	September 30, 2024		December 31, 2023
Raw materials	$	92,261	$	82,012
In-process and finished	150,879		150,220
Supplies	70,047		66,016
Total	$	313,187	$	298,248

ACCOUNTING POLICIES (Policies)	9 Months Ended
ACCOUNTING POLICIES (Policies)	Sep. 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.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 41,635	$ 50,265
Accounts receivable, net	172,853	170,974
Inventories	313,187	298,248
Prepaid expenses and other current assets	58,388	86,480
Total current assets	586,063	605,967
Plant, equipment and timberlands, net	649,219	662,916
Goodwill	108,640	107,691
Intangible assets, net	98,864	106,333
Other assets	78,837	80,889
Total assets	1,521,623	1,563,796
Liabilities and Shareholders' Equity
Current portion of long-term debt	0	1,005
Short-term debt	7,607	6,150
Accounts payable	151,527	158,455
Environmental liabilities	700	2,000
Other current liabilities	102,962	112,758
Total current liabilities	262,796	280,368
Long-term debt	879,983	853,163
Deferred income taxes	49,891	52,219
Other long-term liabilities	122,253	121,192
Total liabilities	1,314,923	1,306,942
Commitments and contingencies (Note 18)	0	0
Shareholders’ equity
Common stock	544	544
Capital in excess of par value	54,894	58,759
Retained earnings	361,937	419,810
Accumulated other comprehensive loss	(77,121)	(82,509)
Shareholders' equity before treasury stock	340,254	396,604
Less cost of common stock in treasury	(133,554)	(139,750)
Total shareholders’ equity	206,700	256,854
Total liabilities and shareholders’ equity	$ 1,521,623	$ 1,563,796

REVENUE

9 Months Ended

Sep. 30, 2024

Disaggregation of Revenue [Abstract]

REVENUE

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


	Three months ended September 30,				Nine months ended September 30,
In thousands	2024		2023		2024		2023
Revenue by product category

Airlaid Materials
Feminine hygiene	$	48,415	$	54,787	$	138,007	$	164,914
Specialty wipes	40,107		43,503		118,247		133,832
Tabletop	29,084		26,101		79,209		88,294
Food pads	3,602		2,814		10,265		9,715
Home care	6,218		7,638		18,579		21,778
Adult incontinence	5,577		7,806		17,947		22,228
Other	5,303		4,365		18,165		18,205
	138,306		147,014		400,419		458,966
Composite Fibers
Food & beverage	66,954		63,272		204,647		212,971
Wallcovering	11,189		14,561		40,133		50,288
Technical specialties	16,344		16,407		47,299		58,402
Composite laminates	12,537		9,542		35,211		27,343
Metallized	6,665		5,933		19,764		19,027

	113,689		109,715		347,054		368,031
Spunlace
Consumer wipes	33,612		32,512		98,759		105,380
Critical cleaning	30,642		14,960		88,524		61,693
Health care	9,120		17,620		28,101		44,803
Hygiene	4,938		4,576		19,158		15,270
High performance	1,908		3,447		6,999		11,264
Beauty care	223		676		1,229		1,524

	80,443		73,791		242,770		239,934

Inter-segment sales elimination	(337)		(599)		(1,443)		(1,797)
Total	$	332,101	$	329,921	$	988,800	$	1,065,134


	Three months ended September 30,				Nine months ended September 30,
In thousands	2024		2023		2024		2023
Revenue by geography

Airlaid Materials
Americas	$	75,529	$	81,751	$	221,737	$	257,080
Europe, Middle East and Africa	62,366		61,485		174,754		190,995
Asia Pacific	411		3,778		3,928		10,891
	138,306		147,014		400,419		458,966
Composite Fibers
Europe, Middle East and Africa	65,806		66,765		199,717		213,295
Americas	29,991		27,125		92,215		93,753
Asia Pacific	17,892		15,825		55,122		60,983
	113,689		109,715		347,054		368,031
Spunlace
Americas	50,225		49,317		154,691		152,470
Europe, Middle East and Africa	23,894		19,885		68,375		68,237
Asia Pacific	6,324		4,589		19,704		19,227
	80,443		73,791		242,770		239,934

Inter-segment sales elimination	(337)		(599)		(1,443)		(1,797)
Total	$	332,101	$	329,921	$	988,800	$	1,065,134

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITS

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

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 September 30,				Nine months ended September 30,
In thousands	2024		2023		2024		2023
Pension Benefits
Service cost	$	—	$	—	$	—	$	—
Interest cost	358		347		1,059		1,120
Amortization of prior service cost	3		4		11		16
Amortization of actuarial loss	34		21		82		64
Pension settlement charge	—		—		—		633
Total net periodic benefit expense	$	395	$	372	$	1,152	$	1,833

Other Benefits
Service cost	$	5	$	3	$	15	$	8
Interest cost	40		44		122		133
Amortization of prior service cost	12		6		37		16
Amortization of actuarial gain	(16)		(14)		(47)		(39)
Total net periodic benefit expense	$	41	$	39	$	127	$	118

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

PROPOSED MERGER	9 Months Ended
PROPOSED MERGER	Sep. 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. Previously, the Company reported the achievement of all required approvals and clearances under competition and foreign direct investment laws and 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. On October 23, 2024, we obtained the shareholder approval for the merger and the transaction is expected to close on November 4, 2024. Prior to the completion of the Merger, Glatfelter and HHNF will continue to operate as independent companies.