Retirement Plans and Other Post-Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Schedule of Change in Benefit Obligation and Plan Assets

	Pension Benefits						Other Benefits
In millions	2020			2019			2020			2019
Change in Benefit Obligation
Balance at beginning of year	$	45.7		$	332.2		$	6.5		$	9.2
Service cost		—			1.3			—			—
Interest cost		1.2			11.5			0.2			0.3
Benefits paid		(2.4	)		(22.3	)		(1.6	)		(3.0	)
Participant contributions		—			—			—			0.9
Plan amendments		—			(0.2	)		—			—
Actuarial (gain)/loss		1.7			29.2			0.9			(0.3	)
Special termination benefits		—			1.3			—			—
Curtailment		—			(1.9	)		—			(0.6	)
Settlement/transfer		—			(309.5	)		—			—
Transfers from Discontinued Operations		—			4.3			—			—
Effect of currency rate changes		1.1			(0.2	)		—			—
Balance at end of year	$	47.3		$	45.7		$	6.0		$	6.5
Change in Plan Assets
Fair value of plan assets at beginning of year	$	53.4		$	333.2		$	—		$	—
Reversion of excess plan assets		(53.4	)		—			—			—
Actual return on plan assets		—			44.1			—			—
Total contributions		2.4			2.2			1.6			3.0
Benefits paid		(2.4	)		(22.3	)		(1.6	)		(3.0	)
Transfers from Discontinued Operations		—			5.7			—			—
Settlement/transfer		—			(309.5	)		—			—
Fair value of plan assets at end of year		—			53.4			—			—
Funded status at end of year	$	(47.3	)	$	7.7		$	(6.0	)	$	(6.5	)

Summary of Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets consist of the following as of December 31:

	Pension Benefits						Other Benefits
In millions	2020			2019			2020			2019
Cash and cash equivalents	$	—		$	53.4		$	—		$	—
Current liabilities		(2.3	)		(2.3	)		(1.2	)		(1.4	)
Other long-term liabilities		(45.0	)		(43.4	)		(4.8	)		(5.1	)
Net amount recognized	$	(47.3	)	$	7.7		$	(6.0	)	$	(6.5	)

Components of Amounts Recognized as Accumulated Other Comprehensive Income on Pre-Tax Basis

The components of amounts recognized as “Accumulated other comprehensive income” consist of the following on a pre-tax basis:

	Pension Benefits					Other Benefits
In millions	2020			2019		2020			2019
Prior service credit (cost)	$	(0.2	)	$	0.1	$	0.1		$	0.6
Net actuarial gain (loss)		(15.6	)		4.2		(0.4	)		1.4

Weighted-Average Assumptions Used in Computing Benefit Obligations

The weighted-average assumptions used in computing the benefit obligations above were as follows:

	Pension Benefits						Other Benefits
	2020			2019			2020			2019
Discount rate – benefit obligation		2.17	%		2.70	%		2.30	%		3.11	%
Future compensation growth rate		—			—			—			—

Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows:

In millions	2020		2019
Projected benefit obligation	$	47.3	$	45.7
Accumulated benefit obligation		47.3		45.7
Fair value of plan assets		—		—

Schedule of Net Periodic Benefit (Income) Expense of Pension and Other Benefits

Net periodic benefit (income) expense includes the following components:

	Year Ended December 31
In millions	2020			2019			2018
Pension Benefits
Service cost	$	—		$	1.3		$	2.3
Interest cost		1.2			11.5			13.3
Expected return on plan assets		—			(13.7	)		(21.1	)
Amortization of prior service cost		—			0.2			—
Amortization of actuarial loss		0.7			2.8			7.1
Termination benefits		—			1.3			—
One-time settlement charge		—			75.3			—
Total net periodic benefit expense	$	1.9		$	78.7		$	1.6
Other Benefits
Service cost	$	—		$	—		$	0.1
Interest cost		0.2			0.3			0.5
Expected return on plan assets
Amortization of prior service credit		(0.5	)		—			—
Amortization of actuarial loss		(0.8	)		(0.9	)		(0.3	)
Total net periodic benefit (income) expense	$	(1.1	)	$	(0.6	)	$	0.3

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:

	Year Ended December 31
In millions	2020			2019
Pension Benefits
Actuarial (gain) loss	$	1.7		$	(5.2	)
Plan amendments		—			(0.2	)
Recognized prior service costs		—			(0.2	)
Recognized actuarial losses		(0.7	)		(78.1	)
Total recognized in other comprehensive (income) loss		1.0			(83.7	)
Total recognized in net periodic benefit cost and other comprehensive loss	$	2.9		$	(5.0	)
Other Benefits
Actuarial (gain) loss	$	0.9		$	(0.3	)
Amortization of actuarial gain		0.8			0.9
Total recognized in other comprehensive (income) loss		1.7			0.6
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	0.6		$	-

Schedule of Defined Benefit Plan Weighted-Average Assumptions Used in Computing Net Periodic Benefit Expense

The weighted-average assumptions used in computing the net periodic benefit expense information above were as follows:

	Year Ended December 31
	2020			2019			2018
Pension Benefits
Discount rate – benefit expense		2.70	%		4.34	%		3.85	%
Future compensation growth rate		—			2.50			3.00
Expected long-term rate of return on plan assets	—				4.50			7.25
Other Benefits
Discount rate – benefit expense		3.11	%		4.19	%		3.68	%

Schedule of Health Care Cost Trend Rates Used in Calculating Benefit Obligations

GLATFELTER 2020 FORM 10-K 51

Assumed health care cost trend rates used to determine benefit obligations at December 31 were as follows:

	2020			2019
Health care cost trend rate assumed for next year		5.30	%		5.60	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		4.50			4.50
Year that the rate reaches the ultimate rate	2037			2037

Summary of Benefit Payments Expected to be Made under Non-Qualified Pension Plans and Other Benefit Plans

Cash Flow   Benefit payments expected to be made under our non-qualified pension plans and other benefit plans are summarized below:

In thousands	Pension Benefits		Other Benefits
2021	$	2,271	$	1,167
2022		2,210		852
2023		2,147		626
2024		2,082		495
2025		2,020		460
2026 through 2030		16,972		1,399