Glatfelter Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Glatfelter Corp has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Glatfelter Corp (MAGN) filed a Annual Report (10-K) with the SEC on February 28, 2024. Glatfelter Corp filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in Paper Mills (SIC 2621). Glatfelter Corp is incorporated in Pennsylvania. The company's business address is in Charlotte, NC.

Why It Matters

For investors and stakeholders tracking Glatfelter Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Glatfelter's financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. As a public document, this filing ensures transparency and compliance with SEC regulations, offering detailed insights into the company's financial statements, risk factors, and management discussion, which are vital for informed investment decisions.

Risk Assessment

Risk Level: medium — Glatfelter Corp shows moderate risk based on this filing. The company operates in the paper mills industry, which can be subject to market fluctuations, raw material price volatility, and environmental regulations, as indicated by its SIC code and the nature of its business.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Glatfelter Corp's performance and potential challenges in the paper industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period end date)
• 2024-02-28 — Filing Date (Date the 10-K was filed)
• 158 — Public Document Count (Number of documents in the filing)
• 230628360 — IRS Number (Company's IRS identification number)

Key Players & Entities

• Glatfelter Corp (company) — Filer of the 10-K
• 2023 (date) — Fiscal year end
• 2024-02-28 (date) — Filing date
• PA (location) — State of incorporation
• NC (location) — State of business address
• 2621 (industry_code) — Standard Industrial Classification for Paper Mills

FAQ

Industry Context

Glatfelter Corp operates within the Paper Mills industry, a sector characterized by the production of paper and paperboard products.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Analyze Glatfelter Corp's revenue and profitability trends from the 10-K.
2. Assess the company's debt levels and liquidity position.
3. Review the identified risk factors and management's mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — Defines the reporting period for the 10-K filing.
• 2024-02-28: Filing Date — Indicates when the 2023 annual report was submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $1.4 billion — . Our 2023 net sales were approximately $1.4 billion with customers in over 100 countries. O
• $9 million — this segment improved by approximately $9 million compared to 2022 as a result of the act
• $170.9 million — nonwovens business ("Mount Holly"), for $170.9 million. This business includes the Mount Holly
• $304.0 m — or an enterprise value of approximately $304.0 million, including the extinguishment of
• $586.5 m — s, with 2023 net sales of approximately $586.5 million, is a leading global supplier of
• $483.5 m — t, with 2023 net sales of approximately $483.5 million, processes specialty long fibers,
• $317.9 m — t, with 2023 net sales of approximately $317.9 million, is a global leading specialty ma

Filing Documents

• glt-20231231.htm (10-K) — 2754KB
• ex1022-123123.htm (EX-10.22) — 4KB
• ex211-123123.htm (EX-21.1) — 20KB
• ex-231x123123.htm (EX-23.1) — 2KB
• ex311-123123.htm (EX-31.1) — 10KB
• ex312-123123.htm (EX-31.2) — 10KB
• ex321-123123.htm (EX-32.1) — 5KB
• ex322-123123.htm (EX-32.2) — 5KB
• ex971-123123.htm (EX-97.1) — 60KB
• glt-20231231_g1.jpg (GRAPHIC) — 5KB
• glt-20231231_g2.jpg (GRAPHIC) — 74KB
• glt-20231231_g3.jpg (GRAPHIC) — 45KB
• glt-20231231_g4.jpg (GRAPHIC) — 45KB
• glt-20231231_g5.jpg (GRAPHIC) — 48KB
• gzgnllmkh1c0000001.jpg (GRAPHIC) — 7KB
• 0000041719-24-000007.txt (&nbsp;) — 16625KB
• glt-20231231.xsd (EX-101.SCH) — 106KB
• glt-20231231_cal.xml (EX-101.CAL) — 128KB
• glt-20231231_def.xml (EX-101.DEF) — 504KB
• glt-20231231_lab.xml (EX-101.LAB) — 1250KB
• glt-20231231_pre.xml (EX-101.PRE) — 877KB
• glt-20231231_htm.xml (XML) — 3073KB

Business

Business 1 Item 1A

Risk Factors

Risk Factors 8 Item 1B Unresolved Staff Comments 14 Item 1C Cybersecurity 14 Item 2

Properties

Properties 15 Item 3

Legal Proceedings

Legal Proceedings 15 Executive Officers 15 Item 4 Mine Safety Disclosures 16 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16 Stock Performance Graph 16

[Reserved]

Item 6 [Reserved] 16 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Results of Operations 18 Liquidity and Capital Resources 27 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 31 Management's Report on Internal Control Over Financial Reporting 31 Report of Independent Registered Public Accounting Firm (PCAOB ID # 34 ) 32 Consolidated Statements of Income (Loss) 35 Consolidated Statements of Comprehensive Income (Loss) 36 Consolidated Balance Sheets 37 Consolidated Statements of Cash Flows 38 Consolidated Statements of Shareholders' Equity 39

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 40 1. Organization 40 2. Accounting Policies 40 3. Acquisitions 43 4. Discontinued Operations 44 5. Restructuring 44 6. Goodwill and Asset Impairments 44 7. Gain on Dispositions of Plant, Equipment and Timberlands 45 8. Revenue 46 9. Earnings Per Share 47 10. Accumulated Other Comprehensive Income 48 11. Income Taxes 49 12. Stock-Based Compensation 53 13. Retirement Plans and Other Post-Retirement Benefits 54 14. Inventories 57 15. Plant, Equipment and Timberlands 57 16. Goodwill and Intangible Assets 58 17. Other Long-Term Assets 59 18. Other Current Liabilities 59 19. Leases 60 20. Long-Term Debt 61 21. Fair Value of Financial Instruments 63 22. Financial Derivatives and Hedging Activities 63 23. Shareholders' Equity 66 24. Commitments, Contingencies and Legal Proceedings 66 25. Segment and Geographic Information 68 26. Subsequent Event 70 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 71 Item 9A

Controls and Procedures

Controls and Procedures 71

Other Information

Item 9B Other Information 71

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 71 PART III Item 10 Directors, Executive Officers and Corporate Governance 71 Item 11

Executive Compensation

Executive Compensation 72 Item 12

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 72 Item 13 Certain Relationships and Related Transactions, and Director Independence 72 Item 14 Principal Accountant Fees and Services 72 PART IV Item 15 Exhibits, Financial Statement Schedules 73 Item 16 Form 10-K Summary 73

Signatures

Signatures 76 Schedule II 77 Table of Contents PART I Glatfelter Corporation makes regular filings with the Securities and Exchange Commission ("SEC"), including this Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These filings are available, free of charge, on our website, www.glatfelter.com , and the SEC's website at www.sec.gov . We also provide copies of our SEC filings at no charge upon request to Investor Relations at (717) 225-2746, ir@glatfelter.com , or by mail to Investor Relations, 4350 Congress Street, Suite 600, Charlotte, NC 28209. In this filing, unless the context indicates otherwise, the terms "we," "our," "us," "the Company," or "Glatfelter" refer to Glatfelter Corporation and subsidiaries. The following discussion of our Business sets forth an update of the material developments since our most recent full discussion included in Item 1 – "Business" of our 2022 Annual Report on Form 10-K filed with the SEC on February 27, 2023.

BUSINESS

ITEM 1 BUSINESS Overview Glatfelter is a leading global supplier of engineered materials. Our high-quality, innovative, and customizable solutions are found in tea and single-serve coffee filtration, personal hygiene, as well as in many diverse packaging, home improvement and industrial applications. Our 2023 net sales were approximately $1.4 billion with customers in over 100 countries. Our 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. We have sales offices in all major geographies serving customers under the Glatfelter and Sontara brands. In 2022, Glatfelter began its turnaround strategy in conjunction with the appointment of Thomas Fahnemann as the new Chief Executive Officer of the Company. In making the transition, the Board of Directors reaffirmed its view that Glatfelter has the right combination of business segments serving attractive, growth-oriented markets and customers with sustainable product offerings, but had brought in a new CEO to address the challenges impacting Glatfelter's financial performance while charting a new direction to unlock the full value of Glatfelter. In 2023, Glatfelter continued to deliver benefits from the turnaround strategy under new CEO leadership and the benefits from the program helped offset most of the the adverse impacts from volume declines and related machine downtimes. The turnaround strategy focuses on six key initiatives to drive profitability improvements: Portfolio optimization - Includes reviewing our entire asset portfolio and considering the strategic, financial, and operational value of each asset in the near- and long-term. We are focusing on areas of our portfolio that have scale, or the potential for scale, a strong market leading position and core competencies in manufacturing technology. During 2023, we divested our O

View Full Filing

View this 10-K filing on SEC EDGAR