LIBBEY INC, 10-Q filed on 8/10/2020
Quarterly Report
v3.20.2
Document And Entity Information - shares
 6 Months Ended
Jun. 30, 2020
Jul. 31, 2020
Document Information [Line Items]    
Entity Registrant Name LIBBEY INC  
Entity Central Index Key 0000902274  
Trading Symbol lbyyq  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Current Reporting Status Yes  
Entity Emerging Growth Company false  
Entity Small Business true  
Entity Interactive Data Current Yes  
Entity Common Stock, Shares Outstanding (in shares)   22,667,869
Entity Shell Company false  
Document Type 10-Q  
Document Period End Date Jun. 30, 2020  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Title of 12(b) Security Common Stock, $.01 par value  
v3.20.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues $ 77,827 $ 206,969 $ 228,991 $ 382,618
Cost of sales 97,879 160,244 226,120 301,935
Gross profit (loss) (20,052) 46,725 2,871 80,683
Selling, general and administrative expenses 18,735 30,813 45,249 63,393
Asset impairments 46,881 38,535 46,881
Loss from operations (38,787) (30,969) (80,913) (29,591)
Other income (expense) (1,200) (620) (11,852) (2,204)
Loss before interest, reorganization items and income taxes (39,987) (31,589) (92,765) (31,795)
Interest expense 3,837 5,879 9,428 11,511
Reorganization items, net 39,527 39,527
Loss before income taxes (83,351) (37,468) (141,720) (43,306)
Provision for income taxes 443 6,299 20,822 5,003
Net loss $ (83,794) $ (43,767) $ (162,542) $ (48,309)
Basic (in dollars per share) $ (3.64) $ (1.95) $ (7.10) $ (2.16)
Diluted (in dollars per share) (3.64) (1.95) (7.10) (2.16)
Dividends declared per share (in dollars per share)
Product [Member]        
Revenues $ 77,532 $ 206,158 $ 228,053 $ 381,124
Shipping and Handling [Member]        
Revenues $ 295 $ 811 $ 938 $ 1,494
v3.20.2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Net loss $ (83,794) $ (43,767) $ (162,542) $ (48,309)
Other comprehensive income (loss):        
Pension and other post-retirement benefit adjustments, net of tax 248 1,510 5,098 2,287
Derivative instruments adjustments, net of tax 119 (4,830) 11,116 (7,884)
Foreign currency translation adjustments, net of tax 716 (271) (921) (297)
Other comprehensive income (loss), net of tax 1,083 (3,591) 15,293 (5,894)
Comprehensive income (loss) $ (82,711) $ (47,358) $ (147,249) $ (54,203)
v3.20.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
ASSETS    
Cash and cash equivalents $ 45,781 $ 48,918
Accounts receivable — net 53,069 81,307
Inventories — net 164,926 174,797
Prepaid and other current assets 17,768 17,683
Total current assets 281,544 322,705
Pension Asset 6,927 5,712
Purchased intangible assets — net 11,694 11,875
Goodwill 38,431
Deferred income taxes 24,747
Other assets 15,700 14,608
Operating lease right-of-use assets 67,941 54,686
Property, plant and equipment — net 222,871 233,923
Total assets 606,677 706,687
LIABILITIES AND SHAREHOLDERS' DEFICIT    
Accounts payable 45,503 79,262
Salaries and wages 21,552 30,188
Accrued liabilities 29,158 50,657
Accrued income taxes 1,118 382
Pension liability (current portion) 1,956 2,543
Non-pension post-retirement benefits (current portion) 3,812 3,817
Operating lease liabilities (current portion) 11,369 12,769
Short-term debt and long-term debt due within one year 161,404 16,124
Total current liabilities 275,872 195,742
Long-term debt 375,716
Pension liability 38,864 46,619
Non-pension post-retirement benefits 44,873 45,507
Noncurrent operating lease liabilities 62,654 48,323
Deferred income taxes 2,101 2,104
Other long-term liabilities 5,303 18,463
Total liabilities not subject to compromise 429,667 732,474
Liabilities subject to compromise 349,497
Total liabilities 779,164 732,474
Contingencies (note 16)
Shareholders’ deficit:    
Common stock, par value $.01 per share, 50,000,000 shares authorized, 22,667,869 shares issued in 2020 (22,360,125 shares issued in 2019) 227 224
Capital in excess of par value 338,941 338,395
Retained deficit (403,002) (240,460)
Accumulated other comprehensive loss (108,653) (123,946)
Total shareholders' deficit (172,487) (25,787)
Total liabilities and shareholders' deficit $ 606,677 $ 706,687
v3.20.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Jun. 30, 2020
Dec. 31, 2019
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 50,000,000 50,000,000
Common stock, shares issued (in shares) 22,667,869 22,360,125
v3.20.2
Condensed Consolidated Statements of Shareholders' Equity (Deficit) (Unaudited) - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Total
Balance (in shares) at Dec. 31, 2018 22,157,220        
Balance at Dec. 31, 2018 $ 222 $ 335,517 $ (171,441) $ (114,405) $ 49,893
Net loss (4,542) (4,542)
Other comprehensive income (loss) (2,303) (2,303)
Stock compensation expense 937 937
Stock withheld for employee taxes (317) (317)
Stock issued (in shares) 116,348        
Stock issued $ 1 (8) (7)
Balance (in shares) at Mar. 31, 2019 22,273,568        
Balance at Mar. 31, 2019 $ 223 336,129 (175,983) (116,708) 43,661
Balance (in shares) at Dec. 31, 2018 22,157,220        
Balance at Dec. 31, 2018 $ 222 335,517 (171,441) (114,405) 49,893
Net loss         (48,309)
Other comprehensive income (loss)       (5,894) (5,894)
Balance (in shares) at Jun. 30, 2019 22,347,086        
Balance at Jun. 30, 2019 $ 223 337,155 (219,750) (120,299) (2,671)
Balance (in shares) at Mar. 31, 2019 22,273,568        
Balance at Mar. 31, 2019 $ 223 336,129 (175,983) (116,708) 43,661
Net loss (43,767) (43,767)
Other comprehensive income (loss) (3,591) (3,591)
Stock compensation expense 1,117 1,117
Stock withheld for employee taxes (92) (92)
Stock issued (in shares) 73,518        
Stock issued 1 1
Balance (in shares) at Jun. 30, 2019 22,347,086        
Balance at Jun. 30, 2019 $ 223 337,155 (219,750) (120,299) (2,671)
Balance (in shares) at Dec. 31, 2019 22,360,125        
Balance at Dec. 31, 2019 $ 224 338,395 (240,460) (123,946) (25,787)
Net loss (78,748) (78,748)
Other comprehensive income (loss) 14,210 14,210
Stock compensation expense 569 569
Stock withheld for employee taxes (173) (173)
Stock issued (in shares) 244,454        
Stock issued $ 2 (2)
Balance (in shares) at Mar. 31, 2020 22,604,579        
Balance at Mar. 31, 2020 $ 226 338,789 (319,208) (109,736) (89,929)
Balance (in shares) at Dec. 31, 2019 22,360,125        
Balance at Dec. 31, 2019 $ 224 338,395 (240,460) (123,946) (25,787)
Net loss         (162,542)
Other comprehensive income (loss)       15,293 15,293
Balance (in shares) at Jun. 30, 2020 22,667,869        
Balance at Jun. 30, 2020 $ 227 338,941 (403,002) (108,653) (172,487)
Balance (in shares) at Mar. 31, 2020 22,604,579        
Balance at Mar. 31, 2020 $ 226 338,789 (319,208) (109,736) (89,929)
Net loss (83,794) (83,794)
Other comprehensive income (loss) 1,083 1,083
Stock compensation expense 161 161
Stock withheld for employee taxes (8) (8)
Stock issued (in shares) 63,290        
Stock issued $ 1 (1)
Balance (in shares) at Jun. 30, 2020 22,667,869        
Balance at Jun. 30, 2020 $ 227 $ 338,941 $ (403,002) $ (108,653) $ (172,487)
v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities:    
Net loss $ (162,542) $ (48,309)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 17,534 19,922
Asset impairments 38,535 46,881
Loss on derivatives de-designated as hedging instruments 13,850
Reorganization items 21,648
Change in accounts receivable 25,028 (9,060)
Change in inventories 8,673 (10,593)
Change in accounts payable (8,128) 6,743
Accrued interest and amortization of discounts and finance fees 723 557
Pension & non-pension post-retirement benefits, net 1,069 (1,165)
Accrued liabilities & prepaid expenses (23,145) (2,768)
Income taxes 18,776 (2,483)
Cloud computing costs, net (558) (1,707)
Share-based compensation expense 696 1,935
Other operating activities (2,274) 799
Net cash provided by (used in) operating activities (50,115) 752
Investing activities:    
Cash paid for property, plant and equipment (8,474) (18,300)
Net cash used in investing activities (8,474) (18,300)
Financing activities:    
Borrowings on Prepetition ABL Credit Facility 53,000 73,871
Repayments on Prepetition ABL Credit Facility (21,500) (46,300)
Other borrowings 3,000
Other repayments (3,000)
Repayments on Term Loan B (1,100) (2,200)
DIP Term Loan borrowings - New Money 30,000
DIP debt financing costs (3,962)
Taxes paid on distribution of equity awards (181) (409)
Debt refinancing costs (1,350)
Other financing activities 1,313
Net cash provided by financing activities 56,220 24,962
Effect of exchange rate fluctuations on cash (768) (182)
Increase (decrease) in cash (3,137) 7,232
Cash & cash equivalents at beginning of period 48,918 25,066
Cash & cash equivalents at end of period 45,781 32,298
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest, net of capitalized interest 9,141 10,602
Cash paid during the period for income taxes, net of refunds $ 923 $ 5,206
v3.20.2
Note 1 - Description of the Business and Basis of Presentation
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
1.
    Description of the Business and Basis of Presentation
 
Libbey is a leading global manufacturer and marketer of glass tableware products. We produce glass tableware in
five
countries and sell to customers in over
100
countries. We design and market, under our Libbey
®
, Libbey Signature
®
, Master's Reserve
®
, Crisa
®
, Royal Leerdam
®
, World
®
Tableware, Syracuse
®
China and Crisal Glass
®
brand names (among others), an extensive line of high-quality glass tableware, ceramic dinnerware and metal flatware for sale primarily in the foodservice, retail and business-to-business channels of distribution. Our salesforce presents our tabletop products to the global marketplace in a coordinated fashion. We own and operate
two
glass tableware manufacturing plants in the United States as well as glass tableware manufacturing plants in Mexico (Libbey Mexico), the Netherlands (Libbey Holland), Portugal (Libbey Portugal) and China (Libbey China). In addition, we import tabletop products from overseas in order to complement our line of manufactured items. The combination of manufacturing and procurement allows us to compete in the global tabletop market by offering an extensive product line at competitive prices.
 
Our website can be found at
www.libbey.com
. We make available, free of charge, at this website all of our reports filed or furnished pursuant to Section
13
(a) or
15
(d) of the Exchange Act, including our annual report on Form
10
-K, our quarterly reports on Form
10
-Q, our current reports on Form
8
-K, as well as amendments to those reports. These reports are made available on our website as soon as reasonably practicable after their filing with, or furnishing to, the U.S. Securities and Exchange Commission (the "SEC") and can also be found at
www.sec.gov
.
 
Basis of Presentation
 
The accompanying unaudited Condensed Consolidated Financial Statements of Libbey Inc. and its majority-owned subsidiaries (collectively, "Libbey" or the "Company") have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") for interim financial information and with the instructions to Form
10
-Q and Item 
10
of Regulation S-
X.
Accordingly, they do
not
include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the
three
month and
six
month periods ended
June 30, 2020
, are
not
necessarily indicative of the results that
may
be expected for the year ending
December 31, 2020
.
 
The balance sheet at
December 31, 2019
, has been derived from the audited financial statements at that date but does
not
include all of the information and footnotes required by U.S. GAAP for complete financial statements. The financial information included herein should be read in conjunction with our Consolidated Financial Statements in Item
8
of our Form
10
-K for the year ended
December 31, 2019
.
 
As discussed further in note
2
, Bankruptcy Filing, on
June 1, 2020 (
the “Petition Date”), the Company and certain of its direct and indirect subsidiaries (collectively with the Company, the “Debtors”) filed a petition for reorganization in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) under Chapter
11
of the United States Bankruptcy Code (the “Bankruptcy Code”). The Debtors are authorized to continue to operate their businesses and manage their properties as debtors in possession pursuant to sections
1107
(a) and
1108
of the Bankruptcy Code.
 
Ability to Continue as a
Going Concern
 
The Company's financial statements have been prepared under the assumption that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities and commitments in the normal course of business. The Condensed Consolidated Financial Statements do
not
reflect any adjustments that might result from the outcome of our Chapter
11
proceedings. The risks and uncertainties surrounding the Chapter
11
Cases (as defined below), the events of default under our credit agreements, and the results of operations due to the spread of the coronavirus
2019
("COVID-
19"
) pandemic impacting the Company's business raise substantial doubt as to the Company's ability to continue as a going concern. Our ability to continue as a going concern is dependent upon, among other things, our ability to become profitable, maintain profitability and successfully implement our Chapter
11
plan of reorganization. As the progress of these plans and transactions is subject to approval of the Bankruptcy Court and, therefore,
not
within our control, successful reorganization and emergence from bankruptcy cannot be considered probable and such plans do
not
alleviate substantial doubt about our ability to continue as a going concern.
 
v3.20.2
Note 2 - Bankruptcy Filing
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Reorganization under Chapter 11 of US Bankruptcy Code Disclosure [Text Block]
2.
    Bankruptcy Filing
 
Chapter
11
Proceedings
 
On
June 1, 2020,
the Debtors filed voluntary petitions (“Bankruptcy Petitions”) for relief under Chapter
11
of the Bankruptcy Code (the “Chapter
11
Cases”) with the Bankruptcy Court. The Debtors' Chapter
11
Cases are being jointly administered under the caption
In re
Libbey Glass Inc.,
et al.
, Case
No.
20
-
11439
(LSS). Documents filed on the docket of, and other information related to, the Chapter
11
Cases are available free of charge online at https://cases.primeclerk.com/libbey.
 
The Debtors' filing of the Chapter
11
Cases constituted an event of default that accelerated the Debtor's obligations under the following debt instruments:
 
●
Amended and Restated Credit Agreement, dated as of
February 8, 2010 (
as amended, amended and restated or otherwise modified), among Libbey Glass, Libbey Europe B.V., a Netherlands corporation, the Company, the other subsidiaries of the Company party thereto, JPMorgan Chase Bank, N.A., as administrative agent with respect to the U.S. loans, J.P. Morgan Europe Limited, as administrative agent with respect to the Netherlands loans, the other titled agents party thereto and the lenders party thereto from time to time (the “Prepetition ABL Lenders”) (the “Prepetition ABL Credit Agreement”);
 
●
Credit Agreement, dated as of
April 9, 2014 (
as amended, amended and restated or otherwise modified), among Libbey Glass, the Company, the other subsidiaries of the Company party thereto, Cortland Capital Market Services LLC, as administrative agent (as successor to Citibank, N.A., in its capacities as administrative agent and collateral agent), and the lenders party thereto from time to time (the “Prepetition Term Loan B Credit Agreement”).
 
Due to the Chapter
11
Cases, the lenders' ability to exercise certain remedies against the Debtors under their respective credit agreements was automatically stayed as of the Petition Date. Contemporaneous with the filing of the Chapter
11
Cases on the Petition Date, the Prepetition ABL Lenders agreed to forbear from exercising their rights and remedies under the Prepetition ABL Credit Agreement against the subsidiaries of the Company organized in the Netherlands party thereto.
 
Operation and Implications of the Chapter
11
Cases
 
The Debtors are authorized to continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. As debtors-in-possession under the Bankruptcy Code, the Debtors
may
not
engage in transactions outside the ordinary course of business without the prior approval of the Bankruptcy Court. 
 
The Company's financial statements contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. Our ability to continue as a going concern is contingent upon our ability to comply with the financial and other covenants contained in the debtor-in-possession financing (the “DIP Financing”) described in note
5
, the development of, and the Bankruptcy Court's approval of, a Chapter
11
plan of reorganization and our ability to successfully implement a restructuring transaction and Chapter
11
 plan of reorganization and obtain new financing, among other factors. Such conditions raise substantial doubt as to the Company's ability to continue as a going concern.
 
The Company cannot predict the ultimate outcome of the Chapter
11
Cases. As a result of the Chapter
11
Cases, the realization of assets and the satisfaction of liabilities are subject to uncertainty. While operating as debtors-in-possession under Chapter
11,
the Debtors
may
sell or otherwise dispose of or liquidate assets or settle liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business (and subject to restrictions contained in the DIP Financing and applicable orders of the Bankruptcy Court), for amounts other than those reflected in the Company's financial statements. Further, any restructuring plan
may
impact the amounts and classifications of assets and liabilities reported in our Condensed Consolidated Financial Statements.
 
Financing during the Chapter
11
Cases
 
For details on financing during the Chapter
11
Cases, see note
5
, Borrowings, for discussion of the DIP Financing, which provides up to
$160
million, exclusive of a portion of prepetition term loans to be rolled up in accordance with the terms of the DIP Term Loan (as defined below), in senior secured, super-priority financing, subject to the terms, conditions, and priorities set forth in the applicable definitive documentation and orders of the Bankruptcy Court.
 
Significant Bankruptcy Court Actions
 
On
June 2, 2020
and
July 2, 2020,
the Bankruptcy Court held
first
and
second
day hearings of the Chapter
11
Cases, and the Bankruptcy Court issued certain interim and final orders related to the Debtors' business. These orders authorized the Debtors to, among other things, enter into the DIP Financing (described in note
5
), pay certain prepetition employee and retiree expenses and benefits, use their existing cash management system, maintain and administer certain customer programs, pay certain critical and foreign vendors and pay certain prepetition taxes and related fees. These orders are significant because they allow us to operate our businesses in the normal course.
 
NYSE American Listing Status
 
 
The Company's common stock (the “Common Stock”) was previously traded on the NYSE American LLC (the “NYSE American”) exchange under the symbol “LBY.” On
June 1, 2020,
the staff of NYSE Regulation, Inc. (“NYSE Regulation”) suspended trading of the Common Stock on the NYSE American and notified the Company that NYSE Regulation would file a delisting application with the SEC to delist the Common Stock from the NYSE American. NYSE Regulation filed such delisting application on Form
25
on
June 
10,
2020,
and the delisting was effective
10
days thereafter. Our Common Stock began trading on the OTC Pink marketplace under the symbol “LBYYQ” on
June 2, 2020.
The Company can provide
no
assurance that the Common Stock will continue to trade on this market, whether broker-dealers will continue to provide public quotes of the Common Stock on this market, whether the trading volume of the Common Stock will be sufficient to provide for an efficient trading market or whether quotes for the Common Stock will continue on this market in the future. The transition to over-the-counter markets will
not
affect the Company's business operations or its SEC reporting requirements and does
not
conflict with or cause an event of default under any of the Company's material debt or other agreements. Trading prices for the Company's securities
may
bear little or
no
relationship to the actual recovery, if any, by the holders of the Company's equity securities as a result of the Chapter
11
Cases. The Company expects that its equity holders will experience a complete loss on their investment, depending on the outcome of the Chapter
11
Cases.
 
Financial Reporting in Reorganization 
 
Effective on
June 
1,
2020,
the Company began to apply ASC,
No.
 
852,
“Reorganizations,” which is applicable to companies under Chapter
11
bankruptcy protection. It requires the financial statements for periods subsequent to the Chapter
11
filing to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Expenses, realized gains and losses, and provisions for losses that are directly associated with reorganization proceedings must be reported separately as reorganization items, net in the Condensed Consolidated Statements of Operations. In addition, the balance sheet must distinguish Debtor prepetition liabilities subject to compromise (“LSTC”) from liabilities of non-Debtor entities, prepetition liabilities that are
not
subject to compromise and from post-petition liabilities in the accompanying Condensed Consolidated Balance Sheet. LSTC are prepetition obligations that are
not
fully secured and have at least a possibility of
not
being repaid at the full claim amount. Where there is uncertainty about whether a secured claim will be paid or impaired pursuant to the Chapter
11
Cases, the Company has classified the entire amount of the claim as a LSTC.
 
Liabilities Subject to Compromise  
 
As a result of filing the Bankruptcy Petitions, the payment of prepetition liabilities is generally subject to compromise pursuant to a plan of reorganization. Generally, actions to enforce or otherwise effect payment of pre-bankruptcy filing liabilities are stayed. Although payment of prepetition claims generally is
not
permitted, the Bankruptcy Court granted the Debtors authority to pay certain prepetition claims in designated categories and subject to certain terms and conditions. This relief generally was designed to preserve the value of the Debtors' business and assets. Among other things, the Bankruptcy Court authorized, but did
not
require, the Debtors to pay certain prepetition claims relating to employee wages and benefits, taxes, critical vendors and debt.
 
Prepetition liabilities that are subject to compromise are required to be reported at the amounts expected to be allowed by the Bankruptcy Court, even if they
may
be settled for different amounts. The amounts classified as LSTC
may
be subject to future adjustments depending on Bankruptcy Court actions, further developments with respect to disputed claims, determination of secured status of certain claims, the determination as to the value of any collateral securing claims, proof of claims or other events. The following table presents LSTC as reported in the Condensed Consolidated Balance Sheet at 
June 
30,
2020:
 
(dollars in thousands)
  
June 30, 2020
  
Debt
   $
317,931
  
Accounts payable
    
27,973
  
Pension liabilities
    
164
  
Accrued liabilities
(1)
    
2,283
  
Other long-term liabilities
    
1,146
  
Liabilities subject to compromise
   $
349,497
  
_________________________
(
1
)
Includes
$0.8
million of pre-petition term loan accrued interest.
 
Reorganization Items, net  
 
Reorganization items, net represent amounts incurred as a direct result of the Bankruptcy and are comprised of the following for the quarter ended
June 30, 2020: 
 
(dollars in thousands)
  
Three months ended June 30, 2020
  
Legal & professional fees
   $
20,369
  
Termination of derivatives
    
9,374
  
Write-off prepetition debt finance fees, discounts and PIK fees
    
4,675
  
DIP financing fees
    
3,962
  
Other
    
1,147
  
Total
   $
39,527
  
 
Cash paid for reorganization items during the
three
months ended
June 30, 2020
was
$18.0
million.
v3.20.2
Note 3 - Significant Accounting Policies
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Significant Accounting Policies [Text Block]
3.
    Significant Accounting Policies
 
Cloud Computing Arrangements
 
 
At
June 30, 2020
 and 
December 31, 2019
, the net book value of our implementation costs for hosted cloud computing arrangements included $
0.3
 million in prepaid and other current assets for both periods, as well as $
7.3
 million and
$6.5
million, respectively, in other assets on the Condensed Consolidated Balance Sheets. Amortization expense for the 
three
and
six
-month periods
 ended
June 30, 2020
 and
2019
 was immaterial.
 
Stock-Based Compensation Expense
 
Stock-based compensation expense charged to the Condensed Consolidated Statements of Operations is as follows:
 
   
Three months ended June 30,
    
Six months ended June 30,
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
  
Stock-based compensation expense
   $
162
     $
993
     $
696
     $
1,935
  
 
New Accounting Standards
 
Each change to U.S. GAAP is established by the Financial Accounting Standards Board (“FASB”) in the form of an Accounting Standards Update (“ASU”) to the FASB's Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs. ASUs
not
listed below were assessed and either were determined to be
not
applicable or are expected to have minimal impact on the Company's Condensed Consolidated Financial Statements.
 
New Accounting Standards -
Not
Yet Adopted
 
In
June 2016,
the FASB issued ASU
2016
-
13,
Financial Instruments - Credit Losses
(Topic
326
):
Measurement of Credit Losses on Financial Instruments
. This standard introduces a new approach to estimating credit losses on certain types of financial instruments, including trade receivables, and modifies the impairment model for available-for-sale debt securities. ASU
2016
-
13
is effective for fiscal years beginning after
December 15, 2019,
including interim periods within those fiscal years, with early applica
tion permitted. In
October
of
2019,
the FASB approved a delayed effective date for Smaller Reporting Company filers; thus, our effective date is now for fiscal years beginning after
December 15, 2022,
including interim periods within those fiscal years.
 Although we are still evaluating the impact of this standard, we believe it will
not
have a material impact on our Condensed Consolidated Financial Statements.
 
In
December 2019,
the FASB issued ASU
2019
-
12,
 
Income Taxes 
(Topic
740
): 
Simplifying the Accounting for Income Taxes
. This standard simplifies the accounting for income taxes by removing certain exceptions in Topic
740
 and simplifying other areas. ASU
2019
-
12
 is effective for fiscal years beginning after
December 15, 2020,
including interim periods within those fiscal years. If early adoption is elected, all amendments must be adopted in the same period. We are currently assessing the impact that this standard will have on our Condensed Consolidated Financial Statements.
v3.20.2
Note 4 - Balance Sheet Details
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Supplemental Balance Sheet Disclosures [Text Block]
4.
    Balance Sheet Details

The following table provides detail of selected balance sheet items:
 
(dollars in thousands)
  
June 30, 2020
    
December 31, 2019
  
Accounts receivable:
      
 
      
 
Trade receivables   $
51,941
     $
79,829
  
Other receivables    
1,128
      
1,478
  
Total accounts receivable, less allowances of $7,176 and $10,803   $
53,069
     $
81,307
  
                 
Inventories:
      
 
      
 
Finished goods   $
147,474
     $
157,348
  
Work in process    
1,483
      
1,183
  
Raw materials    
3,875
      
4,008
  
Repair parts    
10,143
      
10,254
  
Operating supplies    
1,951
      
2,004
  
Total inventories, less loss provisions of $8,432 and $7,750   $
164,926
     $
174,797
  
                 
Accrued liabilities:
      
 
      
 
Accrued incentives   $
11,753
     $
24,337
  
Other accrued liabilities    
17,405
      
26,320
  
Total accrued liabilities   $
29,158
     $
50,657
  
 
During the
second
quarter of
2020,
Libbey Mexico entered into an agreement with a financial institution whereby certain accounts payable, originally due between
April 1
and
June 30, 2020,
were extended
120
days. As of
June 30, 2020,
$7.0
million was extended for an upfront interest fee (totaling
$0.2
million during the
second
quarter
2020
). The
$7.0
million is included in accounts payable on the Condensed Consolidated Balance Sheet at
June 30, 2020.
 
v3.20.2
Note 5 - Borrowings
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Debt Disclosure [Text Block]
5.
    Borrowings
 
Debt
 
Borrowings consist of the following:
   
 
  
 
  
June 30,
    
December 31,
  
(dollars in thousands)
  
Interest Rate
(1)
  
Maturity Date 
(2)
  
2020
    
2019
  
Prepetition ABL Credit Facility
  
LIBOR + 3.5%
  
January 9, 2021
   $
39,352
     $
17,386
  
DIP ABL Credit Facility  
LIBOR + 3.5%
  
November 28, 2020
    
9,554
      
—
  
DIP Term Loan - new money  
LIBOR + 11.0%
  
November 28, 2020
    
30,000
      
—
  
Roll-up Term Loan B  
LIBOR + 1.0% + 2.0% PIK
  
November 28, 2020
    
60,093
      
—
  
Prepetition Term Loan B
(3)
  
LIBOR + 3.0%
  
April 9, 2021
    
317,931
      
375,800
  
Terminated Swap Obligations  
LIBOR + 4.5%
  
November 28, 2020
    
22,405
      
—
  
Total borrowings
    
479,335
      
393,186
  
Less — unamortized discount and finance fees
    
—
      
1,346
  
Total borrowings — net
    
479,335
      
391,840
  
Less amounts included in liabilities subject to compromise
    
317,931
      
—
  
Total borrowings not subject to compromise
    
161,404
      
391,840
  
Less — short-term debt and long-term debt due within one year
    
161,404
      
16,124
  
Total long-term portion of borrowings — net
   $
—
     $
375,716
  
________________________
(
1
)
 
All LIBOR borrowings have a 
1.0
 percent floor.
(
2
)
 		 The filing of our Bankruptcy Petitions constituted an event of default with respect to our Prepetition Term Loan B and Prepetition ABL Credit Facility.
(
3
)
 
Reclassified to liabilities subject to compromise at
June 30, 2020
.
    
Non-cash financing activities
 
During
June 2020,
the following non-cash financing activities occurred:
 
 
●
DIP ABL Credit Facility borrowings of
$9.6
million reduced the Prepetition ABL Credit Facility by
$9.6
million.
 
●
The Terminated Swap Obligations of
$22.4
million were reclassed from accrued liabilities and other long-term liabilities on the Condensed Consolidated Balance Sheet.
 
●
Roll-up Term Loan B borrowings of
$60.0
million reduced the Prepetition Term Loan B by
$60.0
million.
 
 Debtor-in-Possession Credit Facilities
 
On
June 2, 2020
and
July 2, 2020,
the Bankruptcy Court approved
first
-day and final orders authorizing new debtor-in-possession financing consisting of a senior secured asset based revolving credit facility (the “DIP ABL Credit Facility”) and a senior secured super-priority multi-draw term loan facility (the “DIP Term Loan”) and, together with the DIP ABL Credit Facility, (the “DIP Facilities”).
 
The DIP ABL
Credit
Facility
 
On
June 3, 2020,
Libbey Glass Inc. and Libbey Europe B.V., as borrowers (the “ABL Borrowers”), entered into the Debtor-In-Possession Credit Agreement (the “DIP ABL Credit Agreement”) with the guarantors party thereto, the lenders party thereto from time to time, and JPMorgan Chase Bank, N.A., as administrative agent. The lenders under the DIP ABL Credit Agreement are the same as the existing lenders under the Prepetition ABL Credit Agreement.
 
The DIP ABL Credit Facility provides for a secured debtor-in-possession revolving credit facility in an aggregate principal amount of up to
$100.0
million, subject to a borrowing base comprised of certain inventory and accounts receivables, largely consistent with the borrowing base under the Prepetition ABL Credit Facility. The DIP ABL Credit Facility also provides for the issuance of up to
$15.0
million of letters of credit that, when outstanding, along with other reserves are applied against the borrowing limit.
 
At 
June 30, 2020,
we had 
$39.4
 million of outstanding borrowings under the Prepetition ABL Credit Facility, 
$9.6
 million outstanding under the DIP ABL Credit Facility,
$9.7
 million of outstanding letters of credit and
$22.8
million of reserves. Remaining unused availability under the DIP ABL Credit Facility was a deficit of
$0.3
million at 
June 30, 2020,
however, prior to submission of the monthly compliance certificate on
July 20, 2020,
a
$0.4
million repayment was made, bringing the compliance certificate unused availability to
$0.1
million, compared to
$68.2
million, under the Prepetition ABL Credit Facility, at 
December 31, 2019.  
 
As a result of the filing of the Chapter
11
Cases, all derivative contracts were terminated. Those Terminated Swap Obligations (as defined in the DIP ABL Credit Agreement) remain outstanding; however, such amounts do
not
reduce the borrowing capacity of the DIP ABL Credit Facility.
 
Certain advances under the DIP ABL Credit Facility include the repayment (or deemed repayment) of certain Prepetition ABL Credit Facility obligations with a corresponding dollar-for-dollar increase in the DIP ABL Credit Facility and the assumption or deemed re-issuance of Letters of Credit, Banking Services Obligations and Swap Obligations (as each term is defined in the Prepetition ABL Credit Agreement). The DIP ABL Credit Agreement requires that all other proceeds or advances under the DIP ABL Credit Facility be used only for ordinary course general corporate and working capital purposes, costs of administration of the Chapter
11
Cases, certain professional fees and fees and expenses relating to the DIP Facilities, in each case, in accordance with a cash flow budget that will be updated periodically, subject to certain permitted variances.
 
As of
June 30, 2020,
$9.6
million had been deemed repaid on the Prepetition ABL Credit Facility and re-borrowed under the DIP ABL Credit Facility. Upon approval of the final orders, the remainder of the outstanding Prepetition ABL Credit Facility was deemed fully repaid and was re-borrowed under the DIP ABL Credit Facility.  
 
Loans under the DIP ABL Credit Facility bear interest, at the option of the ABL Borrowers, of either (
1
) the Adjusted LIBO Rate (as defined in the DIP ABL Credit Agreement), subject to a
1.00
percent floor, plus
3.50
percent per annum or (
2
) the CB Floating Rate (as defined in the DIP ABL Credit Agreement) plus
2.50
percent per annum. Terminated Swap Obligations (as defined in the DIP ABL Credit Agreement) bear interest, at the option of the ABL Borrowers of either (i) the Adjusted LIBO Rate, subject to a
1.00
percent floor, plus
4.50
percent per annum or (ii) the CB Floating Rate plus
3.50
percent per annum. The DIP ABL Credit Facility matures on the earliest of (a) the date that is
one hundred eighty
(
180
) days after the Petition Date, (b) the consummation of a sale of all or substantially all of the Debtors' assets, (c) if the Final Financing Order (as defined in the DIP ABL Credit Agreement) has
not
been entered, the date that is
thirty-five
(
35
) days after the Petition Date (or such later date to which the deadline for the entry of the Final Financing Order
may
be extended), (d) the effective date of a reorganization plan, (e) the maturity date (as defined in the DIP Term Loan Agreement) or (f) any earlier date on which the borrowings are permanently reduced to
zero
or otherwise terminated pursuant to the terms of the DIP ABL Credit Agreement.
 
The DIP ABL Credit Facility is secured by:
 
 
●
a senior lien on Prepetition ABL Priority Collateral (as defined in the Interim Order);
 
●
a priority lien on
100
percent of the equity of the foreign subsidiaries;
 
●
a priority lien on certain foreign collateral; and
 
●
a junior lien on Prepetition Term Loan Priority Collateral (as defined in the Interim Order).
 
DIP Term Loan
 
On
June 3, 2020,
the Company, Libbey Glass Inc., as borrower, the other Debtors, the other guarantors party thereto, Cortland Capital Market Services LLC, as administrative agent and collateral agent, and the lenders party thereto from time to time entered into the Superpriority Secured Debtor-In-Possession Credit Agreement (the “DIP Term Loan Credit Agreement” and, together with the DIP ABL Credit Agreement, the “DIP Credit Agreements”). The lenders under the DIP Term Loan Credit Agreement are certain lenders under the Prepetition Term Loan B Credit Agreement.
 
The DIP Term Loan is a multi-draw senior secured debtor-in-possession facility comprised of
$60.0
million in new money term loans and a “roll-up” of outstanding prepetition term loan obligations of an aggregate amount of
$60.0
million. A draw in the principal amount of
$30.0
million was made available upon entry of the interim order by the Bankruptcy Court (the “Interim Order”) on
June 3, 2020,
with the remaining
$30
million made available upon entry of a final order by the Bankruptcy Court (the “Final Order”) on
July 2, 2020.  
 
Borrowings under the DIP Term Loan were used to pay a portion of the Prepetition ABL Credit Facility, accrued interest and fees and other general operating expenses, as approved by the Bankruptcy Court.
$3.6
million related to debt issuance costs and fees was expensed in reorganization items, net.
 
At 
June 30, 2020,
we had 
$30.0
million of incremental borrowings outstanding and 
$60.1
million outstanding related to the Roll-up Term Loan B which includes
$0.1
million of paid-in-kind ("PIK") interest.
 
The DIP Term Loan bears interest at a percentage per annum equal to: (i) for Eurocurrency Rate Loans, the Eurocurrency Rate (as defined in the DIP Term Loan Credit Agreement), subject to a
1.00
percent floor, plus
11.00
percent and (ii) for Base Rate Loans, the Base Rate (as defined in the DIP Term Loan Credit Agreement), subject to a
2.00
percent floor, plus
10.00
percent. The Roll-Up Loans (as defined in the DIP Term Loan Credit Agreement) bear interest at a percentage per annum equal to: (i) for Eurocurrency Rate Loans, (A) the Eurocurrency Rate, subject to a
1.00
percent floor, plus
1.00
percent payable in cash plus (B)
2.00
percent PIK and (ii) for Base Rate Loans, (A) the Base Rate, subject to a
2.00
percent floor, plus
0.00
percent payable in cash plus (B)
2.00
percent PIK.
 
The DIP Term Loan matures on the earliest of (i)
thirty-five
(
35
) days following the Petition Date, or such later date as agreed to by the Required Lenders (as defined in the DIP Term Loan Credit Agreement) if the Final Order shall
not
have been entered by such date, (ii) the effective date of any Chapter
11
reorganization plan of any Debtor, (iii) the date on which all or substantially all of the assets of the Debtors are sold in a sale under a Chapter
11
plan or pursuant to Section
363
of the Bankruptcy Code, (iv)
one hundred eighty
(
180
) days following the Petition Date, and (v) the date that all loans shall become due and payable in full in accordance with the terms of the DIP Term Loan Credit Agreement.    
 
The DIP Term Loan is secured by:
 
 
●
a senior lien on the Prepetition Term Loan B Priority Collateral (as defined in the Interim Order);
 
●
a junior lien on
100
percent of the equity in the foreign subsidiaries;
 
●
a junior lien on certain foreign collateral; and
 
●
a junior lien on the Prepetition ABL Priority Collateral (as defined in the Interim Order).
 
The DIP Facilities
 
The DIP Facilities contain customary representations, warranties and covenants that are typical and customary for debtor-in-possession facilities of this type, including, but
not
limited to specified restrictions on indebtedness, liens, guarantee obligations, mergers, acquisitions, consolidations, liquidations and dissolutions, sales of assets, leases, payment of dividends and other restricted payments, voluntary payments of other indebtedness, investments, loans and advances, transactions with affiliates, and compliance with case milestones. The DIP Credit Agreements also contain customary events of default, including as a result of certain events occurring in the Chapter
11
Cases. 
 
On
June 3, 2020,
the Bankruptcy Court approved an Interim Order authorizing the Debtors to pay certain fees related to the DIP Facilities in accordance with the applicable commitment and fee letters.
 
These DIP Facilities, coupled with our normal operating cash flows, are providing liquidity to support operations and our continued service of customers and end users during the court-supervised process.
 
The foregoing summaries of the DIP Facilities do
not
purport to be complete descriptions and are qualified in their entirety by reference to the complete text of both the DIP Term Loan Credit Agreement and the DIP ABL Credit Agreement, which were filed with a Current Report on Form
8
-K on
June 9, 2020, 
as Exhibit
4.1
 and Exhibit
4.2,
respectively, and incorporated herein by reference.
 
Prepetition Term Loan B
 
As of
June 30, 2020,
the outstanding balance of the Prepetition Term Loan B was
$317.9
 million, excluding the
$60.0
million Roll-up Term Loan B. The Prepetition Term Loan B is classified as liabilities subject to compromise at
June 30, 2020.
For the period ended
June 30, 2020,
contractual post-petition related interest expense of
$1.0
million related to the Prepetition Term Loan B has
not
been recorded in the financial statements. 
 
Terminated Swap Obligations
 
The filing of the Chapter
11
Cases resulted in the termination of all our derivative contracts. As a result, the outstanding amounts to our counterparties were included in the DIP Facilities, accruing interest at LIBOR plus
4.50
percent. The Terminated Swap Obligations are fully secured and subject to the same terms and maturity as the DIP Facilities.
 
Libbey Mexico Line of Credit
 
On
June 17, 2019,
Crisa Libbey Mexico S. de R.L. de C.V. entered into a
$3.0
million working capital line of credit with Banco Santander Mexico to cover seasonal working capital needs, guaranteed by its parent company, Libbey Mexico, S. de R.L. de C.V. The line of credit had a floating interest rate of LIBOR plus
3.20
percent and was repaid and terminated on
June 2, 2020.
 
v3.20.2
Note 6 - Income Taxes
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
6.
    Income Taxes
 
For interim tax reporting, we estimate our annual effective tax rate and apply it to our year-to-date ordinary income. Tax jurisdictions with a projected or year-to-date loss for which a tax benefit cannot be realized are excluded from the annualized effective tax rate. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur.
 
Our effective tax rate was (
14.7
) percent for the
six
months ended
June 30, 2020
, compared to (
11.6
) percent for the
six
months ended
June 30, 2019
. Our effective tax rate for the
six
months ended
June 30, 2020
, was negative because the Company recorded positive tax expense despite incurring an overall pretax loss. This occurred because the Company recorded valuation allowances against the deferred tax assets in all of the jurisdictions in which it operates. These valuation allowances resulted from management's conclusion that the Company is
not
more likely than
not
to realize future tax benefits from deferred tax assets due to management's opinion that there is substantial doubt that the Company will be able to continue as a going concern within
one
year of the date of the financial statements.
 
The Company and its subsidiaries are subject to examination by various countries' tax authorities. These examinations
may
lead to proposed or assessed adjustments to our taxes. We believe that our tax reserves related to uncertain tax positions are adequate at this time.
v3.20.2
Note 7 - Pension and Non-pension Post-retirement Benefits
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Retirement Benefits [Text Block]
7.
    Pension and Non-pension Post-retirement Benefits
 
The components of our net pension expense, including the SERP (supplemental employee retirement plan), are as follows:
 
Three months ended June 30,
  
U.S. Plans
    
Non-U.S. Plans
    
Total
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
    
2020
    
2019
  
Service cost
   $
859
     $
783
     $
314
     $
260
     $
1,173
     $
1,043
  
Interest cost
    
2,953
      
3,382
      
712
      
772
      
3,665
      
4,154
  
Expected return on plan assets
    
(5,165
 )    
(5,193
 )    
—
      
—
      
(5,165
 )    
(5,193
 )
Amortization of unrecognized:
                                                
Prior service (credit)
    
—
      
—
      
(41
 )    
(51
 )    
(41
 )    
(51
 )
Actuarial loss
    
1,856
      
1,088
      
194
      
105
      
2,050
      
1,193
  
Pension expense
   $
503
     $
60
     $
1,179
     $
1,086
     $
1,682
     $
1,146
  
 
Six months ended June 30,
  
U.S. Plans
    
Non-U.S. Plans
    
Total
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
    
2020
    
2019
  
Service cost
   $
1,717
     $
1,566
     $
686
     $
519
     $
2,403
     $
2,085
  
Interest cost
    
5,905
      
6,764
      
1,553
      
1,541
      
7,458
      
8,305
  
Expected return on plan assets
    
(10,329
 )    
(10,386
 )    
—
      
—
      
(10,329
 )    
(10,386
 )
Amortization of unrecognized:
                                                
Prior service (credit)
    
—
      
—
      
(90
 )    
(101
 )    
(90
 )    
(101
 )
Actuarial loss
    
3,713
      
2,175
      
422
      
208
      
4,135
      
2,383
  
Pension expense
   $
1,006
     $
119
     $
2,571
     $
2,167
     $
3,577
     $
2,286
  
 
We have contributed $
0.5
 million and $
1.5
 million of cash to our pension plans for the
three
months and
six
months ended
June 30, 2020
, respectively. Pension contributions for the remainder of
2020
are estimated to be $
1.2
 million.
 
The provision for our non-pension, post-retirement, benefit expense consists of the following:
 
Three months ended June 30,
  
U.S. Plans
    
Non-U.S. Plans
    
Total
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
    
2020
    
2019
  
Service cost
   $
110
     $
112
     $
—
     $
—
     $
110
     $
112
  
Interest cost
    
395
      
449
      
7
      
9
      
402
      
458
  
Amortization of unrecognized:
                                                
Prior service (credit)
    
(70
 )    
(71
 )    
—
      
—
      
(70
 )    
(71
 )
Actuarial (gain)
    
(61
 )    
(106
 )    
(18
 )    
(19
 )    
(79
 )    
(125
 )
Non-pension post-retirement benefit expense
   $
374
     $
384
     $
(11
 )   $
(10
 )   $
363
     $
374
  
 
Six months ended June 30,
  
U.S. Plans
    
Non-U.S. Plans
    
Total
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
    
2020
    
2019
  
Service cost
   $
220
     $
222
     $
—
     $
—
     $
220
     $
222
  
Interest cost
    
791
      
918
      
14
      
18
      
805
      
936
  
Amortization of unrecognized:
                                                
Prior service (credit)
    
(141
 )    
(141
 )    
—
      
—
      
(141
 )    
(141
 )
Actuarial (gain)
    
(123
 )    
(188
 )    
(37
 )    
(37
 )    
(160
 )    
(225
 )
Non-pension post-retirement benefit expense
   $
747
     $
811
     $
(23
 )   $
(19
 )   $
724
     $
792
  
 
Our
2020
estimate of non-pension cash payments is $
3.9
 million, of which we have paid $
1.1
 million and $
1.9
 million for the
three
months and
six
months ended
June 30, 2020
, respectively.
 
v3.20.2
Note 8 - Net Loss Per Share of Common Stock
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Earnings Per Share [Text Block]
8.
    Net Loss per Share of Common Stock
 
The following table sets forth the computation of basic and diluted loss per share:
 
   
Three months ended June 30,
    
Six months ended June 30,
  
(dollars in thousands, except earnings per share)
  
2020
    
2019
    
2020
    
2019
  
Numerator for earnings per share:
      
 
      
 
      
 
      
 
Net loss that is available to common shareholders
   $
(83,794
 )   $
(43,767
 )   $
(162,542
 )   $
(48,309
 )
                                 
Denominator for basic earnings per share:
      
 
      
 
      
 
      
 
Weighted average shares outstanding
    
22,995,463
      
22,400,246
      
22,907,791
      
22,331,786
  
                                 
Denominator for diluted earnings per share:
      
 
      
 
      
 
      
 
Effect of stock options and restricted stock units
    
—
      
—
      
—
      
—
  
Adjusted weighted average shares and assumed conversions
    
22,995,463
      
22,400,246
      
22,907,791
      
22,331,786
  
                                 
Basic loss per share
   $
(3.64
 )   $
(1.95
 )   $
(7.10
 )   $
(2.16
 )
                                 
Diluted loss per share
   $
(3.64
 )   $
(1.95
 )   $
(7.10
 )   $
(2.16
 )
                                 
Anti-dilutive shares excluded from computation of diluted loss per share
    
2,323,370
      
1,939,290
      
2,047,320
      
1,700,192
  
 
When applicable, diluted shares outstanding is calculated using the weighted-average number of common shares outstanding plus the dilutive effects of equity-based compensation outstanding during the period using the treasury stock method.
v3.20.2
Note 9 - Derivatives
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]
9.
    Derivatives
 
Prior to filing the Chapter
11
Cases, we utilized derivative financial instruments to hedge certain interest rate risks associated with our long-term debt and commodity price risks associated with forecasted future natural gas requirements. Prior to
March 31, 2020,
these derivatives qualified for hedge accounting since the hedges were highly effective, and we designated and documented contemporaneously the hedging relationships involving these derivative instruments. Due to the Company's credit risk profile and changes in the probability of the forecasted transactions being hedged, we concluded we
no
longer met the criteria for the application of hedge accounting as of
March 31, 2020.
As a result, amounts related to the hedging relationship previously recorded in AOCI were reclassified to earnings. In addition, the filing of the Chapter
11
Cases resulted in the termination of all our derivative contracts.
 
Fair Values
 
The following table provides the fair values of our derivative financial instruments for the periods presented:
 
   
 
    
Fair Value of Derivative Liabilities
  
(dollars in thousands)
  
Balance Sheet Location
    
June 30, 2020
      
December 31, 2019
  
Derivatives designated as hedging instruments:                    
Interest rate swaps
  
Accrued liabilities
   $
—
     $
2,931
  
Interest rate swaps
  
Other long-term liabilities
    
—
      
11,632
  
Natural gas contracts
  
Accrued liabilities
    
—
      
836
  
Natural gas contracts
  
Other long-term liabilities
    
—
      
3
  
Total derivative liabilities
  
 
   $
—
     $
15,402
  
 
The following table presents cash settlements (paid) received related to the below derivatives:
 
   
Three months ended June 30,
    
Six months ended June 30,
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
  
Natural gas contracts
   $
(298
 )   $
(65
 )   $
(915
 )   $
63
  
Interest rate swaps
    
(790
 )    
347
      
(1,319
 )    
691
  
Total
   $
(1,088
 )   $
282
     $
(2,234
 )   $
754
  
 
The following table provides a summary of the impacts of derivative gain (loss) on the Condensed Consolidated Statements of Operations and other comprehensive income (OCI):
 
 
 
  
Three months ended June 30,
    
Six months ended June 30,
  
(dollars in thousands)
Location
  
2020
    
2019
    
2020
    
2019
  
Derivative gain (loss) recognized into OCI:
        
 
      
 
      
 
      
 
Natural gas contracts
OCI
   $
—
     $
(1,106
 )   $
(199
 )   $
(1,143
 )
Interest rate swaps
OCI
    
—
      
(4,987
 )    
1,273
      
(8,465
 )
Total
   $
—
     $
(6,093
 )   $
1,074
     $
(9,608
 )
                                   
Derivative gain (loss) reclassified from accumulated OCI to current earnings:
        
 
      
 
      
 
      
 
Natural gas contracts
Cost of Sales
   $
—
     $
(65
 )   $
(617
 )   $
63
  
Interest rate swaps
Interest expense
    
—
      
335
      
(788
 )    
690
  
Total
   $
—
     $
270
     $
(1,405
 )   $
753
  
                                   
Derivatives de-designated as hedging instruments:
                                  
Gain (loss) recognized in current earnings
        
 
      
 
      
 
      
 
Interest rate swaps
Other Income (expense)
   $
(836
 )   $
—
     $
(13,338
 )   $
—
  
Natural gas contracts
Other Income (expense)
    
(91
 )    
—
      
(512
 )    
—
  
Interest rate swaps
Reorganization items, net
    
(9,115
 )    
—
      
(9,115
 )    
—
  
Natural gas contracts
Reorganization items, net
    
(259
 )    
—
      
(259
 )    
—
  
Total
   $
(10,301
 )   $
—
     $
(23,224
 )   $
—
  
 
Natural Gas Contracts
 
Prior to the Chapter
11
Cases, which resulted in the termination of all our derivative contracts, we used natural gas swap contracts related to forecasted future North American natural gas requirements. The objective of these commodity contracts was to limit the fluctuations in prices paid due to price movements in the underlying commodity. We considered our forecasted natural gas requirements in determining the quantity of natural gas to hedge. We combined the forecasts with historical observations to establish the percentage of forecast eligible to be hedged, typically ranging from
40
percent to
70
percent of our anticipated requirements,
18
months in the future, or more, depending on market conditions. The fair values of these instruments were determined from market quotes.
 
The following table presents the notional amount of our natural gas derivatives on the Condensed Consolidated Balance Sheets:
 
   
 
  
Notional Amounts
  
Derivative Types
  
Unit of Measure
  
June 30, 2020
  
December 31, 2019
  
Natural gas contracts
  
Millions of British Thermal Units (MMBTUs)
  
0
    
2,460,000
  
 
Hedge accounting is applied only when the derivative is deemed to be highly effective at offsetting changes in fair values or anticipated cash flows of the hedged item or transaction. For hedged forecasted transactions, hedge accounting is discontinued if the forecasted transaction is
no
longer probable to occur, and any previously deferred gains or losses would be recorded to earnings immediately. At
March 31, 2020,
we evaluated our natural gas hedging relationships and, based on the Company's credit risk, concluded that it was
no
longer probable that we had an effective hedging relationship. As a result, amounts previously deferred in AOCI were reclassified to earnings, resulting in
$0.4
 million of expense recognized in other income (expense) at
March 31, 2020.
Just prior to the reclass out of AOCI on
March 31, 2020,
we recorded a credit valuation adjustment of
$0.5
 million which reduced the derivative liability for the natural gas contracts. With the Chapter
11
Cases and termination of derivative contracts on
June 1, 2020,
the derivative liability associated with our gas contracts required a
$0.3
million adjustment to increase the derivative liability to the termination value as it became fully secured in the Bankruptcy Petitions. This expense was recorded in reorganization items, net on the Condensed Consolidated Statements of Operations. See note
2
, Bankruptcy Filing, and note
15
, Other Income (Expense).
 
Interest Rate Swaps
 
The table below lists the interest rate swaps we executed as part of our risk management strategy to mitigate the risks associated with the fluctuating interest rates under our Prepetition Term Loan B. Prior to
March 31, 2020,
the interest rate swaps effectively converted a portion of our Prepetition Term Loan B debt from a variable interest rate to a fixed interest rate, thus reducing the impact of interest rate changes on future income. The filing of the Chapter
11
Cases resulted in the termination of all our derivative contracts.
 
Swap execution date
  
Effective date
  
Expiration date
  
Notional amount
  
Fixed swap rate
April 1, 2015
  
January 11, 2016
  
January 9, 2020
  
$220.0 million
    
4.85
%
September 24, 2018
  
January 9, 2020
  
January 9, 2025
(2)
  
$200.0 million
    
6.19
 %
(1)
________________________
(
1
)
Includes a LIBOR portion that was fixed at
3.19
percent plus the credit spread.
(
2
)
Terminated on
June 1, 2020
upon the filing of the Chapter
11
Cases.
 
Our interest rate swaps were valued using the market standard methodology of netting discounted expected future variable cash receipts, the discounted future fixed cash payments, and credit risk of both the counterparties and the Company. The variable cash receipts were based on an expectation of future interest rates derived from observed market interest rate forward curves.
 
At
March 31, 2020,
our remaining interest rate swaps
no
longer qualified to be designated as a cash flow hedge under FASB ASC
815,
“Derivatives and Hedging.” Hedge accounting is applied only when the derivative is deemed to be highly effective at offsetting changes in fair values or anticipated cash flows of the hedged item or transaction. For hedged forecasted transactions, hedge accounting is discontinued if the forecasted transaction is
no
longer probable to occur, and any previously deferred gains or losses are recorded to earnings immediately. Due to the Company's credit risk profile and changes in the probability of the forecasted transactions
no
longer occurring, we concluded we
no
longer met the criteria for the application of hedge accounting as of
March 31, 2020.
As a result, amounts previously deferred in AOCI were reclassified to earnings, resulting in
$12.5
million of expense recognized in other income (expense) at
March 31, 2020.
Just prior to the reclass out of AOCI on
March 31, 2020,
we recorded a credit valuation adjustment of
$9.2
million which reduced the derivative liability for the interest rate swaps. With the Chapter
11
Cases and termination of derivative contracts on
June 1, 2020,
the derivative liability associated with our swaps required a
$9.1
million adjustment to increase the derivative liability to the termination value, as it became fully secured in the Petitions. This expense was recorded in reorganization items, net on the Condensed Consolidated Statements of Operations. See note
2
, Bankruptcy Filing, and note
15
, Other Income (Expense).
 
v3.20.2
Note 10 - Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Comprehensive Income (Loss) Note [Text Block]
10.
    Accumulated Other Comprehensive Income (Loss)
 
Accumulated other comprehensive income (loss) (AOCI), net of tax, is as follows:
 
Three months ended June 30, 2020 (dollars in thousands)
  
Foreign Currency Translation
    
Derivative Instruments
    
Pension and Other Post-retirement Benefits
  
 
  
Accumulated Other Comprehensive Loss
  
Balance on March 31, 2020
   $
(26,784
 )   $
(435
 )   $
(82,517
 )
 
   $
(109,736
 )
                                   
Amounts recognized into AOCI
    
716
      
—
      
—
  
 
    
716
  
Currency impact
    
—
      
—
      
454
  
 
    
454
  
Amounts reclassified from AOCI
    
—
      
—
      
1,860
  
(2)
    
1,860
  
Tax effect
    
—
      
119
      
(2,066
 )
 
    
(1,947
 )
Other comprehensive income (loss), net of tax
    
716
      
119
      
248
  
 
    
1,083
  
Balance on June 30, 2020
   $
(26,068
 )   $
(316
 )   $
(82,269
 )
 
   $
(108,653
 )
 
Six months ended June 30, 2020 (dollars in thousands)
  
Foreign Currency Translation
      
Derivative Instruments
  
 
  
Pension and Other Post-retirement Benefits
  
 
  
Accumulated Other Comprehensive Loss
  
Balance on December 31, 2019
    
$ (25,147)
        
$ (11,432)
  
 
    
$ (87,367)
  
 
    
$ (123,946
 )
                                       
Amounts recognized into AOCI
    
(921)
        
1,074
  
 
    
—
  
 
    
153
  
Currency impact
    
—
        
—
  
 
    
2,707
  
 
    
2,707
  
Amounts reclassified from AOCI
    
—
        
1,405
  
(1)
    
3,744
  
(2)
    
5,149
  
Amounts reclassified from AOCI for derivatives de-designated    
—
        
12,923
  
(3)
    
—
  
 
    
12,923
  
Tax effect
    
—
        
(4,286
 )
 
    
(1,353
 )
 
    
(5,639
 )
Other comprehensive income (loss), net of tax
    
(921)
        
11,116
  
 
    
5,098
  
 
    
15,293
  
Balance on June 30, 2020
   $
(26,068)
       $
(316
 )
 
   $
(82,269
 )
 
   $
(108,653
 )
 
Three months ended June 30, 2019 (dollars in thousands)
  
Foreign Currency Translation
      
Derivative Instruments
  
 
  
Pension and Other Post-retirement Benefits
  
 
  
Accumulated Other Comprehensive Loss
  
Balance on March 31, 2019
   $
(23,266
 )     $
(5,920
 )
 
   $
(87,522
 )
 
   $
(116,708
 )
                                       
Amounts recognized into AOCI
    
(533
 )      
(6,093
 )
 
    
1,148
  
 
    
(5,478
 )
Currency impact
    
—
        
—
  
 
    
(84
 )
 
    
(84
 )
Amounts reclassified from AOCI
    
—
        
(270
 )
(1)
    
945
  
(2)
    
675
  
Tax effect
    
262
        
1,533
  
 
    
(499
 )
 
    
1,296
  
Other comprehensive income (loss), net of tax
    
(271
 )      
(4,830
 )
 
    
1,510
  
 
    
(3,591
 )
Balance on June 30, 2019
   $
(23,537
 )     $
(10,750
 )
 
   $
(86,012
 )
 
   $
(120,299
 )
 
Six months ended June 30, 2019 (dollars in thousands)
  
Foreign Currency Translation
    
Derivative Instruments
  
 
  
Pension and Other Post-retirement Benefits
  
 
  
Accumulated Other Comprehensive Loss
  
Balance on December 31, 2018
    
$ (23,240
 )    
$ (2,866
 )
 
    
$ (88,299)
  
 
    
$ (114,405
 )
                                     
Amounts recognized into AOCI
    
(289
 )    
(9,608)
  
 
    
1,148
  
 
    
(8,749
 )
Currency impact
    
—
      
—
  
 
    
(50
 )
 
    
(50)
  
Amounts reclassified from AOCI
    
—
      
(753
 )
(1)
    
1,915
  
(2)
    
1,162
  
Tax effect
    
(8
 )    
2,477
  
 
    
(726
 )
 
    
1,743
  
Other comprehensive income (loss), net of tax
    
(297
 )    
(7,884
 )
 
    
2,287
  
 
    
(5,894
 )
Balance on June 30, 2019
   $
(23,537
 )   $
(10,750
 )
 
   $
(86,012
 )
 
   $
(120,299
 )
_________________________
(
1
)
 
We reclassified natural gas contracts through cost of sales and the interest rate swaps through interest expense on the Condensed Consolidated Statements of Operations. See note
9
 for additional information.
(
2
)
 
We reclassified the net pension and non-pension post-retirement benefits amortization and settlement charges through other income (expense) on the Condensed Consolidated Statements of Operations. See note
7
 for additional information.
(
3
)
 Libbey de-designated the interest rate swaps and natural gas swaps as of
March 31, 2020,
as the transactions were
no
longer probable of occurring. Amounts were reclassified to other income (expense). See note
9
for additional information.
v3.20.2
Note 11 - Segments
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
11.
    Segments
 
Our segments are U.S. and Canada; Latin America; Europe, the Middle East and Africa ("EMEA"); and Other. Segment results are based primarily on the geographical destination of the sale. Our
three
reportable segments are defined below. Our operating segment that does
not
meet the criteria to be a reportable segment is disclosed as Other.
 
U.S. & Canada—includes sales of manufactured glassware products and sourced tableware having an end-market destination in the U.S and Canada, excluding glass products for Original Equipment Manufacturers ("OEM"), which remain in the Latin America segment.
 
Latin America—includes primarily sales of manufactured and sourced glass tableware having an end-market destination in Latin America, as well as glass products for OEMs regardless of end–market destination.
 
EMEA—includes primarily sales of manufactured and sourced glass tableware having an end-market destination in Europe, the Middle East and Africa.
 
Other—includes primarily sales of manufactured and sourced glass tableware having an end-market destination in Asia Pacific.
 
Our measure of profit for our reportable segments is Segment Earnings Before Interest and Taxes ("Segment EBIT") and excludes amounts related to certain items we consider
not
representative of ongoing operations as well as certain retained corporate costs and other allocations that are
not
considered by management when evaluating performance. Segment EBIT also includes an allocation of manufacturing costs for inventory produced at a Libbey facility that is located in a region other than the end market in which the inventory is sold. This allocation can fluctuate from year to year based on the relative demands for products produced in regions other than the end markets in which they are sold. We use Segment EBIT, along with net sales and selected cash flow information, to evaluate performance and to allocate resources. Segment EBIT for reportable segments includes an allocation of some corporate expenses based on the costs of services performed.
 
Certain activities
not
related to any particular reportable segment are reported within retained corporate costs. These costs include certain headquarter, administrative and facility costs, and other costs that are global in nature and are
not
allocable to the reporting segments.
 
The accounting policies of the reportable segments are the same as those for the Company. We do
not
have any customers who represent
10
 percent or more of total sales. Inter-segment sales are consummated at arm's length and are reflected at end-market reporting below.
 
   
Three months ended June 30,
    
Six months ended June 30,
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
  
Net Sales:
      
 
      
 
      
 
      
 
U.S. & Canada
   $
42,688
     $
128,897
     $
138,564
     $
238,803
  
Latin America
    
19,841
      
38,208
      
46,484
      
68,609
  
EMEA
    
12,096
      
32,678
      
37,376
      
60,720
  
Other
    
2,907
      
6,375
      
5,629
      
12,992
  
Consolidated
   $
77,532
     $
206,158
     $
228,053
     $
381,124
  
                                 
Segment EBIT:
      
 
      
 
      
 
      
 
U.S. & Canada
   $
(20,586
 )   $
17,267
     $
(13,688
 )   $
27,064
  
Latin America
    
(7,309
 )    
3,187
      
(2,788
 )    
3,836
  
EMEA
    
(4,762
 )    
2,763
      
(6,372
 )    
2,713
  
Other
    
(1,952
 )    
(1,169
 )    
(3,324
 )    
(2,321
 )
Total Segment EBIT
   $
(34,609
 )   $
22,048
     $
(26,172
 )   $
31,292
  
                                 
Reconciliation of Segment EBIT to Net Loss:
      
 
      
 
      
 
      
 
Segment EBIT
   $
(34,609
 )   $
22,048
     $
(26,172
 )   $
31,292
  
Retained corporate costs
    
(5,451
 )    
(6,756
 )    
(12,649
 )    
(16,206
 )
Asset impairments (note 17)
    
—
      
(46,881
 )    
(38,535
 )    
(46,881
 )
Fees associated with strategic initiative
    
—
      
—
      
(406
 )    
—
  
Debt refinancing & prepetition reorganization charges (note 15)
    
—
      
—
      
(3,356
 )    
—
  
Workforce reduction
    
—
      
—
      
(517
 )    
—
  
Reorganization items, net (note 2)    
(39,527
 )    
—
      
(39,527
 )    
—
  
Grant recognition    
1,000
      
—
      
1,000
      
—
  
Loss on derivatives de-designated as hedging instruments
    
(927
 )    
—
      
(13,850
 )    
—
  
Employee benefit liability adjustment
(1)
(note 15)
    
—
      
—
      
1,720
      
—
  
Interest expense
    
(3,837
 )    
(5,879
 )    
(9,428
 )    
(11,511
 )
Provision for income taxes
    
(443
 )    
(6,299
 )    
(20,822
 )    
(5,003
 )
Net loss
   $
(83,794
 )   $
(43,767
 )   $
(162,542
 )   $
(48,309
 )
                                 
Depreciation & Amortization:
      
 
      
 
      
 
      
 
U.S. & Canada
   $
2,945
     $
3,214
     $
5,908
     $
6,347
  
Latin America
    
3,329
      
3,837
      
6,697
      
7,617
  
EMEA
    
1,242
      
1,706
      
2,556
      
3,405
  
Other
    
811
      
893
      
1,634
      
1,775
  
Corporate
    
362
      
341
      
739
      
778
  
Consolidated
   $
8,689
     $
9,991
     $
17,534
     $
19,922
  
                                 
Capital Expenditures:
      
 
      
 
      
 
      
 
U.S. & Canada
   $
710
     $
2,540
     $
4,997
     $
5,924
  
Latin America
    
276
      
3,531
      
1,180
      
7,722
  
EMEA
    
900
      
1,392
      
2,090
      
3,738
  
Other
    
5
      
41
      
29
      
300
  
Corporate
    
175
      
435
      
178
      
616
  
Consolidated
   $
2,066
     $
7,939
     $
8,474
     $
18,300
  
______________________
(
1
) 
Relates to a post-employment benefit liability adjustment within the U.S. & Canada segment that was
not
related to current period operations and, therefore, excluded from Segment EBIT.
 
v3.20.2
Note 12 - Revenue
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]
12.
    Revenue
 
Our primary source of revenue is the sale of glass tableware products manufactured within a Libbey facility as well as globally sourced tabletop products, including glassware, ceramicware, metalware and others. Adjustments related to revenue recognized in prior periods was
not
material for the
three
months and
six
months ended
June 30, 2020
and
2019
. There were
no
material contract assets, contract liabilities or deferred contract costs recorded on the Condensed Consolidated Balance Sheets as of
June 30, 2020
and
December 31, 2019
.
 
Disaggregation of Revenue:
 
The following table presents our net sales disaggregated by business channel:
   
Three months ended June 30,
    
Six months ended June 30,
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
  
Foodservice
   $
9,482
     $
86,999
     $
64,808
     $
157,816
  
Retail
    
35,942
      
60,222
      
86,593
      
115,795
  
Business-to-business
    
32,108
      
58,937
      
76,652
      
107,513
  
Consolidated
   $
77,532
     $
206,158
     $
228,053
     $
381,124
  
 
Each operating segment has revenues across all our business channels. Each channel has a different marketing strategy, customer base and product composition. For the periods presented, over
75
percent of each segment's revenue is derived from the following business channels: U.S. and Canada from foodservice and retail, except in the
second
quarter of
2020
it was retail and business-to-business; Latin America from retail and business-to-business; and EMEA from business-to-business and retail.
v3.20.2
Note 13 - Fair Value
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
13.
    Fair Value
 
Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs used in measuring fair value into
three
broad levels as follows:
 
 
•
Level
1
— Quoted prices in active markets for identical assets or liabilities;
 
•
Level
2
— Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
 
•
Level
3
— Unobservable inputs based on our own assumptions.
 
The fair value of our derivative financial instruments by level is as follows:
 
   
Fair Value at
  
Fair Value at
Asset / (Liability)
  
June 30, 2020
  
December 31, 2019
(dollars in thousands)
  
Level 1
  
Level 2
  
Level 3
  
Total
  
Level 1
  
Level 2
  
Level 3
  
Total
Commodity futures natural gas contracts
   $
—
 
   $
—
 
   $
—
 
   $
—
 
   $
—
 
   $
(839
)
   $
—
 
   $
(839
)
Interest rate swaps    
—
 
    
—
 
    
—
 
    
—
 
    
—
 
    
(14,563
)
    
—
 
    
(14,563
)
Net derivative asset (liability)   $
—
 
   $
—
 
   $
—
 
   $
—
 
   $
—
 
   $
(15,402
)
   $
—
 
   $
(15,402
)
 
As a result of the Chapter
11
Cases, all derivative contracts were terminated. Prior to the Chapter
11
Cases, the fair values of our commodity futures natural gas contracts were determined using observable market inputs and credit risk of both the counterparties and the Company. The fair value of our interest rate swaps was based on the market standard methodology of netting discounted expected future variable cash receipts, the discounted future fixed cash payments, and credit risk of both the counterparties and the Company. The variable cash receipts were based on an expectation of future interest rates derived from observed market interest rate forward curves. As of
December 31, 2019,
these inputs were observable in active markets over the terms that the instruments were held, and as such were classified as Level
2
in the hierarchy.
   
Financial instruments carried at cost on the Condensed Consolidated Balance Sheets, as well as the related fair values, are as follows:
 
   
Fair Value
  
June 30, 2020
    
December 31, 2019
  
(dollars in thousands)
  
Hierarchy Level
  
Carrying Amount
    
Fair Value
    
Carrying Amount
    
Fair Value
  
Prepetition Term Loan B
  
Level 2
   $
317,931
     $
55,638
     $
375,800
     $
304,398
  
 
The fair value of our Prepetition Term Loan B has been calculated based on quoted market prices for the same or similar issues and was classified as liabilities subject to compromise as of
June 30, 2020. 
The fair value of our Prepetition ABL Credit Facility, DIP ABL Credit Facility, DIP Term Loan and Roll-up Term Loan B approximate carrying value due to variable rates. The fair value of our cash and cash equivalents, accounts receivable and accounts payable approximate their carrying value due to their short-term nature.
 
v3.20.2
Note 14 - Leases
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]
14.
     Leases
 
Globally, we lease certain warehouses, office space, showrooms, manufacturing and office equipment, automobiles and outlet stores. Many of the real estate leases contain
one
or more options to renew, with renewal options that can extend the lease term from
one
to
20
years or more. The exercise of lease renewal options is at our discretion and is
not
reasonably certain at lease commencement. During the
first
quarter of
2020,
we signed an amendment to a lease that, among other things, extended the term of a real estate lease
ten
years.
 
The following table reconciles the undiscounted cash flows to the operating lease liabilities recorded on the balance sheet:
 
(dollars in thousands)
  
June 30, 2020
    
December 31, 2019
  
2020 (remainder of year)
   $
7,205
     $
14,970
  
2021
    
13,578
      
11,255
  
2022
    
12,555
      
9,987
  
2023
    
11,898
      
9,283
  
2024
    
10,478
      
8,005
  
2025 and thereafter
    
30,242
      
15,768
  
Total minimum lease payments
    
85,956
      
69,268
  
Less: interest
    
(11,933
 )    
(8,176
 )
Present value of future minimum lease payments
    
74,023
      
61,092
  
Less: lease liabilities (current portion)
    
(11,369
 )    
(12,769
 )
Noncurrent lease liabilities
   $
62,654
     $
48,323
  
 
v3.20.2
Note 15 - Other Income (Expense)
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Other Income and Other Expense Disclosure [Text Block]
15.
     Other Income (Expense)
 
Items included in other income (expense) in the Condensed Consolidated Statements of Operations are as follows:   
 
   
Three months ended June 30,
    
Six months ended June 30,
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
  
Gain (loss) on currency transactions
   $
(522
 )   $
(186
 )   $
4,257
     $
(1,349
 )
Pension and non-pension benefits, excluding service cost
    
(762
 )    
(365
 )    
(1,678
 )    
(771
 )
Loss on derivatives de-designated as hedging instruments (note 9)
    
(927
 )    
—
      
(13,850
 )    
—
  
Debt refinancing fees
    
—
      
—
      
(2,088
 )    
—
  
Prepetition reorganization charges
    
—
      
—
      
(1,268
 )    
—
  
Employee benefit liability adjustment
    
—
      
—
      
1,720
      
—
  
Other non-operating income (expense)
    
1,011
      
(69
 )    
1,055
      
(84
 )
Other income (expense)
   $
(1,200
 )   $
(620
 )   $
(11,852
 )   $
(2,204
 )
v3.20.2
Note 16 - Contingencies
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Contingencies Disclosure [Text Block]
16.
    Contingencies
 
Legal Proceedings
 
 
From time to time we are identified as a “potentially responsible party” (PRP) under the Comprehensive Environmental Response, Compensation and Liability Act of
1980
(CERCLA) and/or similar state laws that impose liability without regard to fault for costs and damages relating to the investigation and cleanup of contamination resulting from releases or threatened releases of hazardous substances. We are also subject to similar laws in some of the countries where our facilities are located. Our environmental, health and safety department monitors compliance with applicable laws on a global basis.
 
Although we cannot predict the ultimate outcome of these proceedings, we believe that these environmental proceedings will
not
have a material adverse impact on our financial condition, results of operations or liquidity. There were
no
significant changes to our environmental legal proceedings since
December 31, 2019
. Please refer to Part II, Item
8.
“Financial Statements and Supplementary Data,” note
17,
Contingencies, included in our
2019
Annual Report on Form
10
-K for a more complete discussion.
 
On
June 1, 2020,
the Debtors filed voluntary petitions for relief under Chapter
11
of the Bankruptcy Code in the Bankruptcy Court. As a result of such bankruptcy filings, substantially all proceedings pending against the Debtors have been stayed by operation of Section
362
(a) of the Bankruptcy Code (see further description in note
2
, Bankruptcy Filing).
 
Income Taxes
 
The Company and its subsidiaries are subject to examination by various countries' tax authorities. These examinations
may
lead to proposed or assessed adjustments to our taxes.
v3.20.2
Note 17 - Purchased Intangible Assets and Goodwill
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]
17.
     Purchased Intangible Assets and Goodwill
            
Purchased Intangibles
 
Changes in purchased intangibles balances are as follows:
 
(dollars in thousands)
  
Six months ended June 30, 2020
  
Beginning balance December 31, 2019
   $
11,875
  
Amortization
    
(76
 )
Impairment
(see below)
    
(104
 )
Foreign currency impact
    
(1
 )
Ending balance June 30, 2020
   $
11,694
  
 
Purchased intangible assets are composed of the following:
 
(dollars in thousands)
  
June 30, 2020
    
December 31, 2019
  
Indefinite life intangible assets
   $
10,999
     $
11,104
  
Definite life intangible assets, net of accumulated amortization of $20,588 and $20,507    
695
      
771
  
Total
   $
11,694
     $
11,875
  
 
Indefinite life intangible assets are composed of trade names and trademarks that have an indefinite life and are therefore individually tested for impairment on an annual basis, or more frequently in certain circumstances where impairment indicators arise, in accordance with FASB ASC
350.
As of
March 31, 2020,
we tested Libbey Holland's indefinite life intangible asset (Royal Leerdam
®
trade name) for impairment using a relief from royalty method to determine the fair market value that was then compared to the carrying value of the asset. The sales forecast for Royal Leerdam
®
branded product was lowered due to declining demand as a result of COVID-
19
and macroeconomic uncertainty in the near-term. As a result, the estimated fair value was determined to be lower than the carrying value, and we recorded a non-cash impairment charge of
$0.1
 million during the
first
 quarter of
2020
 in our EMEA reporting segment. The inputs used for this analysis are considered Level
3
inputs in the fair value hierarchy (see note
13
). With the Royal Leerdam
® 
trade name fair value equaling its carrying value at
March 31, 2020,
there is potential of future impairment for the remaining intangible asset balance of
$0.8
million if the demand does
not
recover in future periods as expected.
 
The remaining definite life intangible asset at
June 30, 2020
consists of customer relationships and is amortized over a period of
20
years with a remaining life of
4.5
 years. The future annual amortization expense remains unchanged from what was disclosed in the Annual Report on Form
10
-K for the year ended
December 31, 2019
.
 
Goodwill
 
Changes in goodwill balances are as follows:
 
(dollars in thousands)
  
U.S. & Canada
    
Latin America
    
Total
  
Beginning balance December 31, 2019:
                        
Goodwill
   $
43,872
     $
125,681
     $
169,553
  
Accumulated impairment losses
    
(5,441
 )    
(125,681
 )    
(131,122
 )
Net beginning balance
    
38,431
      
—
      
38,431
  
Impairment
(see below)
    
(38,431
 )    
—
      
(38,431
 )
Ending balance June 30, 2020:
                        
Goodwill
    
43,872
      
125,681
      
169,553
  
Accumulated impairment losses
    
(43,872
 )    
(125,681
 )    
(169,553
 )
Net ending balance
   $
—
     $
—
     $
—
  
 
Goodwill impairment tests are completed for each reporting unit on an annual basis, or more frequently in certain circumstances where impairment indicators arise. The inputs used for this analysis are considered Level
2
and Level
3
inputs in the fair value hierarchy. See note
13
for further discussion of the fair value hierarchy.
 
As part of our on-going assessment of goodwill at
March 31, 2020,
we determined that a triggering event occurred due to a significant reduction in demand during the quarter and the high level of macroeconomic uncertainty in the near-term. Additionally, the Company's low share price and lower trading value of the Prepetition Term Loan B caused valuation limitations; thus, an interim impairment test was performed as of
March 31, 2020. 
As the impairment testing indicated that the carrying value of the U.S. & Canada reporting unit exceeded its fair value, we recorded a non-cash impairment charge of
$38.4
 million during the
first
quarter of
2020.
After recording the impairment charge, there was 
no
longer any goodwill on the balance sheet.
 
When performing our test for impairment, we measured each reporting unit's fair value using a combination of “income” and “market” approaches on a shipping point basis. The income approach calculates the fair value of the reporting unit based on a discounted cash flow analysis, incorporating the weighted average cost of capital of a hypothetical
third
-party buyer. Significant estimates in the income approach include the following: discount rate; expected financial outlook and profitability of the reporting unit's business; and foreign currency impacts (Level
3
inputs). Discount rates use the weighted average cost of capital for companies within our peer group, adjusted for specific company risk premium factors. The market approach uses the “Guideline Company” method, which calculates the fair value of the reporting unit based on a comparison of the reporting unit to comparable publicly traded companies. Significant estimates in the market approach model include identifying similar companies with comparable business factors such as size, growth, profitability, risk and return on investment, assessing comparable multiples, as well as consideration of control premiums (Level
2
inputs). The blended approach assigns a
70
percent weighting to the income approach and
30
percent to the market approach (Level
3
input). The higher weighting is given to the income approach due to some limitations of publicly available peer information used in the market approach. The blended fair value of both approaches is then compared to the carrying value, and to the extent that fair value exceeds the carrying value,
no
impairment exists. However, to the extent the carrying value exceeds the fair value, an impairment is recorded.
 
As a result of the factors noted above, we also evaluated the fair value of the long-lived assets for each of our asset groups noting there were
no
indications of impairment as of
March 31, 2020.
 
v3.20.2
Note 18 - Debtor-in-Possession Financial Information
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Debtor-in-Possession Financial Information [Text Block]
18.
   Debtor-in-Possession Financial Information
 
 
In accordance with ASC
852,
aggregate financial information of the Debtors is presented below as of 
June 30, 2020 
for the Condensed Combined Balance Sheet and the
six
 months ended 
June 30, 2020 
for the Condensed Combined Statement of Operations and Condensed Co
mbined Statement of Cash Flows. Intercompany transactions among the Debtors have been eliminated in the financial statements contained herein. Intercompany transactions between the Debtors and Non-Filing Entities have
not
been eliminated in the Debtors' financial statements
. 
 
Debt
ors' Condensed Combined Statement of Operations
(unaudited)
 
 
(dollars in thousands)
  
Six months ended June 30, 2020
  
Net sales
   $
141,597
  
Freight billed to customers
    
509
  
Total revenues
    
142,106
  
Cost of sales
    
135,769
  
Gross profit
    
6,337
  
Selling, general and administrative expenses
    
30,184
  
Asset impairments
    
38,431
  
Loss from operations
    
(62,278
 )
Other income (expense)
    
(14,219
 )
Loss before interest, reorganization items and income taxes
    
(76,497
 )
Interest expense
    
9,016
  
Reorganization items, net
    
39,308
  
Loss before income taxes
    
(124,821
 )
Provision for income taxes
    
16,433
  
Net loss
   $
(141,254
 )
 
 
Debtors' Condensed Combined Balance Sheet
(unaudited)
 
 
(dollars in thousands)
  
June 30, 2020
  
ASSETS
      
 
Cash and cash equivalents
   $
14,657
  
Accounts receivable    
27,082
  
Non-Debtor affiliate receivables
    
19,334
  
Inventories — net
    
91,903
  
Prepaid and other current assets
    
7,478
  
Total current assets
    
160,454
  
Pension asset
    
6,927
  
Purchased intangible assets — net
    
1,340
  
Other assets
    
11,048
  
Investments in subsidiaries
    
197,097
  
Operating lease right-of-use assets
    
28,911
  
Property, plant and equipment — net
    
90,131
  
Total assets
   $
495,908
  
         
LIABILITIES AND SHAREHOLDERS' DEFICIT
      
 
Accounts payable
   $
11,723
  
Non-Debtor affiliate payables    
4,896
  
Salaries and wages
    
8,533
  
Accrued liabilities
    
21,494
  
Accrued income taxes
    
165
  
Non-pension post-retirement benefits (current portion)
    
3,705
  
Operating lease liabilities (current portion)
    
6,043
  
Short-term debt and long-term debt due within one year
    
141,698
  
Total current liabilities
    
198,257
  
Pension liability
    
6,211
  
Non-pension post-retirement benefits
    
44,000
  
Noncurrent operating lease liabilities
    
24,995
  
Other long-term liabilities
    
2,365
  
Total liabilities not subject to compromise
    
275,828
  
Liabilities subject to compromise
    
365,100
  
Total liabilities
    
640,928
  
Total shareholders' deficit
    
(145,020
 )
Total liabilities & shareholders' deficit
   $
495,908
  
 
 
 
Debtors' Condensed Combined Statement of Cash Flows
(unaudited)
 
 
(dollars in thousands)
  
Six months ended June 30, 2020
Operating activities:
  
 
 
 
Net loss
   $
(141,254
)
Adjustments to reconcile net loss to net cash used in operating activities:
        
Depreciation and amortization
    
6,647
 
Asset impairments
    
38,431
 
Loss on derivatives de-designated as hedging instruments
    
13,494
 
Reorganization items
    
21,537
 
Change in accounts receivable
    
13,301
 
Change in inventories
    
2,215
 
Change in accounts payable
    
2,458
 
Accrued interest and amortization of discounts and finance fees
    
723
 
Pension & non-pension post-retirement benefits, net
    
26
 
Accrued liabilities & prepaid expenses
    
(24,164
)
Income taxes
    
22,107
 
Other operating activities
    
(1,951
)
Net cash used in operating activities
    
(46,430
)
         
Investing activities:
  
 
 
 
Cash paid for property, plant and equipment
    
(5,175
)
Net cash used in investing activities
    
(5,175
)
         
Financing activities:
  
 
 
 
Borrowings on Prepetition ABL Credit Facility
    
53,000
 
Repayments on Prepetition ABL Credit Facility
    
(21,500
)
Repayments on Term Loan B
    
(1,100
)
DIP Term Loan borrowings - New Money
    
30,000
 
DIP debt financing costs
    
(3,962
)
Taxes paid on distribution of equity awards
    
(181
)
Debt refinancing costs
    
(1,350
)
Net cash provided by financing activities
    
54,907
 
         
Increase in cash
    
3,302
 
         
Cash & cash equivalents at beginning of period
    
11,355
 
Cash & cash equivalents at end of period
   $
14,657
 
 
v3.20.2
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]
Basis of Presentation
 
The accompanying unaudited Condensed Consolidated Financial Statements of Libbey Inc. and its majority-owned subsidiaries (collectively, "Libbey" or the "Company") have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") for interim financial information and with the instructions to Form
10
-Q and Item 
10
of Regulation S-
X.
Accordingly, they do
not
include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the
three
month and
six
month periods ended
June 30, 2020
, are
not
necessarily indicative of the results that
may
be expected for the year ending
December 31, 2020
.
 
The balance sheet at
December 31, 2019
, has been derived from the audited financial statements at that date but does
not
include all of the information and footnotes required by U.S. GAAP for complete financial statements. The financial information included herein should be read in conjunction with our Consolidated Financial Statements in Item
8
of our Form
10
-K for the year ended
December 31, 2019
.
 
As discussed further in note
2
, Bankruptcy Filing, on
June 1, 2020 (
the “Petition Date”), the Company and certain of its direct and indirect subsidiaries (collectively with the Company, the “Debtors”) filed a petition for reorganization in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) under Chapter
11
of the United States Bankruptcy Code (the “Bankruptcy Code”). The Debtors are authorized to continue to operate their businesses and manage their properties as debtors in possession pursuant to sections
1107
(a) and
1108
of the Bankruptcy Code.
Cloud Computing Arrangements, Policy [Policy Text Block]
Cloud Computing Arrangements
 
 
At
June 30, 2020
 and 
December 31, 2019
, the net book value of our implementation costs for hosted cloud computing arrangements included $
0.3
 million in prepaid and other current assets for both periods, as well as $
7.3
 million and
$6.5
million, respectively, in other assets on the Condensed Consolidated Balance Sheets. Amortization expense for the 
three
and
six
-month periods
 ended
June 30, 2020
 and
2019
 was immaterial.
Share-based Payment Arrangement [Policy Text Block]
Stock-Based Compensation Expense
 
Stock-based compensation expense charged to the Condensed Consolidated Statements of Operations is as follows:
 
   
Three months ended June 30,
    
Six months ended June 30,
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
  
Stock-based compensation expense
   $
162
     $
993
     $
696
     $
1,935
  
New Accounting Pronouncements, Policy [Policy Text Block]
New Accounting Standards
 
Each change to U.S. GAAP is established by the Financial Accounting Standards Board (“FASB”) in the form of an Accounting Standards Update (“ASU”) to the FASB's Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs. ASUs
not
listed below were assessed and either were determined to be
not
applicable or are expected to have minimal impact on the Company's Condensed Consolidated Financial Statements.
 
New Accounting Standards -
Not
Yet Adopted
 
In
June 2016,
the FASB issued ASU
2016
-
13,
Financial Instruments - Credit Losses
(Topic
326
):
Measurement of Credit Losses on Financial Instruments
. This standard introduces a new approach to estimating credit losses on certain types of financial instruments, including trade receivables, and modifies the impairment model for available-for-sale debt securities. ASU
2016
-
13
is effective for fiscal years beginning after
December 15, 2019,
including interim periods within those fiscal years, with early applica
tion permitted. In
October
of
2019,
the FASB approved a delayed effective date for Smaller Reporting Company filers; thus, our effective date is now for fiscal years beginning after
December 15, 2022,
including interim periods within those fiscal years.
 Although we are still evaluating the impact of this standard, we believe it will
not
have a material impact on our Condensed Consolidated Financial Statements.
 
In
December 2019,
the FASB issued ASU
2019
-
12,
 
Income Taxes 
(Topic
740
): 
Simplifying the Accounting for Income Taxes
. This standard simplifies the accounting for income taxes by removing certain exceptions in Topic
740
 and simplifying other areas. ASU
2019
-
12
 is effective for fiscal years beginning after
December 15, 2020,
including interim periods within those fiscal years. If early adoption is elected, all amendments must be adopted in the same period. We are currently assessing the impact that this standard will have on our Condensed Consolidated Financial Statements.
Income Tax, Policy [Policy Text Block]
For interim tax reporting, we estimate our annual effective tax rate and apply it to our year-to-date ordinary income. Tax jurisdictions with a projected or year-to-date loss for which a tax benefit cannot be realized are excluded from the annualized effective tax rate. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur.
Segment Reporting, Policy [Policy Text Block]
Our measure of profit for our reportable segments is Segment Earnings Before Interest and Taxes ("Segment EBIT") and excludes amounts related to certain items we consider
not
representative of ongoing operations as well as certain retained corporate costs and other allocations that are
not
considered by management when evaluating performance. Segment EBIT also includes an allocation of manufacturing costs for inventory produced at a Libbey facility that is located in a region other than the end market in which the inventory is sold. This allocation can fluctuate from year to year based on the relative demands for products produced in regions other than the end markets in which they are sold. We use Segment EBIT, along with net sales and selected cash flow information, to evaluate performance and to allocate resources. Segment EBIT for reportable segments includes an allocation of some corporate expenses based on the costs of services performed.
 
Certain activities
not
related to any particular reportable segment are reported within retained corporate costs. These costs include certain headquarter, administrative and facility costs, and other costs that are global in nature and are
not
allocable to the reporting segments.
Fair Value of Financial Instruments, Policy [Policy Text Block]
As a result of the Chapter
11
Cases, all derivative contracts were terminated. Prior to the Chapter
11
Cases, the fair values of our commodity futures natural gas contracts were determined using observable market inputs and credit risk of both the counterparties and the Company. The fair value of our interest rate swaps was based on the market standard methodology of netting discounted expected future variable cash receipts, the discounted future fixed cash payments, and credit risk of both the counterparties and the Company. The variable cash receipts were based on an expectation of future interest rates derived from observed market interest rate forward curves. As of
December 31, 2019,
these inputs were observable in active markets over the terms that the instruments were held, and as such were classified as Level
2
in the hierarchy.
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]
Indefinite life intangible assets are composed of trade names and trademarks that have an indefinite life and are therefore individually tested for impairment on an annual basis, or more frequently in certain circumstances where impairment indicators arise, in accordance with FASB ASC
350.
As of
March 31, 2020,
we tested Libbey Holland's indefinite life intangible asset (Royal Leerdam
®
trade name) for impairment using a relief from royalty method to determine the fair market value that was then compared to the carrying value of the asset. The sales forecast for Royal Leerdam
®
branded product was lowered due to declining demand as a result of COVID-
19
and macroeconomic uncertainty in the near-term. As a result, the estimated fair value was determined to be lower than the carrying value, and we recorded a non-cash impairment charge of
$0.1
 million during the
first
 quarter of
2020
 in our EMEA reporting segment. The inputs used for this analysis are considered Level
3
inputs in the fair value hierarchy (see note
13
). With the Royal Leerdam
® 
trade name fair value equaling its carrying value at
March 31, 2020,
there is potential of future impairment for the remaining intangible asset balance of
$0.8
million if the demand does
not
recover in future periods as expected.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]
When performing our test for impairment, we measured each reporting unit's fair value using a combination of “income” and “market” approaches on a shipping point basis. The income approach calculates the fair value of the reporting unit based on a discounted cash flow analysis, incorporating the weighted average cost of capital of a hypothetical
third
-party buyer. Significant estimates in the income approach include the following: discount rate; expected financial outlook and profitability of the reporting unit's business; and foreign currency impacts (Level
3
inputs). Discount rates use the weighted average cost of capital for companies within our peer group, adjusted for specific company risk premium factors. The market approach uses the “Guideline Company” method, which calculates the fair value of the reporting unit based on a comparison of the reporting unit to comparable publicly traded companies. Significant estimates in the market approach model include identifying similar companies with comparable business factors such as size, growth, profitability, risk and return on investment, assessing comparable multiples, as well as consideration of control premiums (Level
2
inputs). The blended approach assigns a
70
percent weighting to the income approach and
30
percent to the market approach (Level
3
input). The higher weighting is given to the income approach due to some limitations of publicly available peer information used in the market approach. The blended fair value of both approaches is then compared to the carrying value, and to the extent that fair value exceeds the carrying value,
no
impairment exists. However, to the extent the carrying value exceeds the fair value, an impairment is recorded.
v3.20.2
Note 2 - Bankruptcy Filing (Tables)
 6 Months Ended
Jun. 30, 2020
Notes Tables  
Liabilities Subject to Compromise [Table Text Block]
(dollars in thousands)
  
June 30, 2020
  
Debt
   $
317,931
  
Accounts payable
    
27,973
  
Pension liabilities
    
164
  
Accrued liabilities
(1)
    
2,283
  
Other long-term liabilities
    
1,146
  
Liabilities subject to compromise
   $
349,497
  
Reorganization Items, Net [Table Text Block]
(dollars in thousands)
  
Three months ended June 30, 2020
  
Legal & professional fees
   $
20,369
  
Termination of derivatives
    
9,374
  
Write-off prepetition debt finance fees, discounts and PIK fees
    
4,675
  
DIP financing fees
    
3,962
  
Other
    
1,147
  
Total
   $
39,527
  
v3.20.2
Note 3 - Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2020
Notes Tables  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]
   
Three months ended June 30,
    
Six months ended June 30,
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
  
Stock-based compensation expense
   $
162
     $
993
     $
696
     $
1,935
  
v3.20.2
Note 4 - Balance Sheet Details (Tables)
 6 Months Ended
Jun. 30, 2020
Notes Tables  
Condensed Balance Sheet [Table Text Block]
(dollars in thousands)
  
June 30, 2020
    
December 31, 2019
  
Accounts receivable:
      
 
      
 
Trade receivables   $
51,941
     $
79,829
  
Other receivables    
1,128
      
1,478
  
Total accounts receivable, less allowances of $7,176 and $10,803   $
53,069
     $
81,307
  
                 
Inventories:
      
 
      
 
Finished goods   $
147,474
     $
157,348
  
Work in process    
1,483
      
1,183
  
Raw materials    
3,875
      
4,008
  
Repair parts    
10,143
      
10,254
  
Operating supplies    
1,951
      
2,004
  
Total inventories, less loss provisions of $8,432 and $7,750   $
164,926
     $
174,797
  
                 
Accrued liabilities:
      
 
      
 
Accrued incentives   $
11,753
     $
24,337
  
Other accrued liabilities    
17,405
      
26,320
  
Total accrued liabilities   $
29,158
     $
50,657
  
v3.20.2
Note 5 - Borrowings (Tables)
 6 Months Ended
Jun. 30, 2020
Notes Tables  
Schedule of Debt [Table Text Block]
   
 
  
 
  
June 30,
    
December 31,
  
(dollars in thousands)
  
Interest Rate
(1)
  
Maturity Date 
(2)
  
2020
    
2019
  
Prepetition ABL Credit Facility
  
LIBOR + 3.5%
  
January 9, 2021
   $
39,352
     $
17,386
  
DIP ABL Credit Facility  
LIBOR + 3.5%
  
November 28, 2020
    
9,554
      
—
  
DIP Term Loan - new money  
LIBOR + 11.0%
  
November 28, 2020
    
30,000
      
—
  
Roll-up Term Loan B  
LIBOR + 1.0% + 2.0% PIK
  
November 28, 2020
    
60,093
      
—
  
Prepetition Term Loan B
(3)
  
LIBOR + 3.0%
  
April 9, 2021
    
317,931
      
375,800
  
Terminated Swap Obligations  
LIBOR + 4.5%
  
November 28, 2020
    
22,405
      
—
  
Total borrowings
    
479,335
      
393,186
  
Less — unamortized discount and finance fees
    
—
      
1,346
  
Total borrowings — net
    
479,335
      
391,840
  
Less amounts included in liabilities subject to compromise
    
317,931
      
—
  
Total borrowings not subject to compromise
    
161,404
      
391,840
  
Less — short-term debt and long-term debt due within one year
    
161,404
      
16,124
  
Total long-term portion of borrowings — net
   $
—
     $
375,716
  
v3.20.2
Note 7 - Pension and Non-pension Post-retirement Benefits (Tables)
 6 Months Ended
Jun. 30, 2020
Notes Tables  
Schedule of Net Benefit Costs [Table Text Block]
Three months ended June 30,
  
U.S. Plans
    
Non-U.S. Plans
    
Total
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
    
2020
    
2019
  
Service cost
   $
859
     $
783
     $
314
     $
260
     $
1,173
     $
1,043
  
Interest cost
    
2,953
      
3,382
      
712
      
772
      
3,665
      
4,154
  
Expected return on plan assets
    
(5,165
 )    
(5,193
 )    
—
      
—
      
(5,165
 )    
(5,193
 )
Amortization of unrecognized:
                                                
Prior service (credit)
    
—
      
—
      
(41
 )    
(51
 )    
(41
 )    
(51
 )
Actuarial loss
    
1,856
      
1,088
      
194
      
105
      
2,050
      
1,193
  
Pension expense
   $
503
     $
60
     $
1,179
     $
1,086
     $
1,682
     $
1,146
  
Six months ended June 30,
  
U.S. Plans
    
Non-U.S. Plans
    
Total
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
    
2020
    
2019
  
Service cost
   $
1,717
     $
1,566
     $
686
     $
519
     $
2,403
     $
2,085
  
Interest cost
    
5,905
      
6,764
      
1,553
      
1,541
      
7,458
      
8,305
  
Expected return on plan assets
    
(10,329
 )    
(10,386
 )    
—
      
—
      
(10,329
 )    
(10,386
 )
Amortization of unrecognized:
                                                
Prior service (credit)
    
—
      
—
      
(90
 )    
(101
 )    
(90
 )    
(101
 )
Actuarial loss
    
3,713
      
2,175
      
422
      
208
      
4,135
      
2,383
  
Pension expense
   $
1,006
     $
119
     $
2,571
     $
2,167
     $
3,577
     $
2,286
  
Three months ended June 30,
  
U.S. Plans
    
Non-U.S. Plans
    
Total
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
    
2020
    
2019
  
Service cost
   $
110
     $
112
     $
—
     $
—
     $
110
     $
112
  
Interest cost
    
395
      
449
      
7
      
9
      
402
      
458
  
Amortization of unrecognized:
                                                
Prior service (credit)
    
(70
 )    
(71
 )    
—
      
—
      
(70
 )    
(71
 )
Actuarial (gain)
    
(61
 )    
(106
 )    
(18
 )    
(19
 )    
(79
 )    
(125
 )
Non-pension post-retirement benefit expense
   $
374
     $
384
     $
(11
 )   $
(10
 )   $
363
     $
374
  
Six months ended June 30,
  
U.S. Plans
    
Non-U.S. Plans
    
Total
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
    
2020
    
2019
  
Service cost
   $
220
     $
222
     $
—
     $
—
     $
220
     $
222
  
Interest cost
    
791
      
918
      
14
      
18
      
805
      
936
  
Amortization of unrecognized:
                                                
Prior service (credit)
    
(141
 )    
(141
 )    
—
      
—
      
(141
 )    
(141
 )
Actuarial (gain)
    
(123
 )    
(188
 )    
(37
 )    
(37
 )    
(160
 )    
(225
 )
Non-pension post-retirement benefit expense
   $
747
     $
811
     $
(23
 )   $
(19
 )   $
724
     $
792
  
v3.20.2
Note 8 - Net Loss Per Share of Common Stock (Tables)
 6 Months Ended
Jun. 30, 2020
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
   
Three months ended June 30,
    
Six months ended June 30,
  
(dollars in thousands, except earnings per share)
  
2020
    
2019
    
2020
    
2019
  
Numerator for earnings per share:
      
 
      
 
      
 
      
 
Net loss that is available to common shareholders
   $
(83,794
 )   $
(43,767
 )   $
(162,542
 )   $
(48,309
 )
                                 
Denominator for basic earnings per share:
      
 
      
 
      
 
      
 
Weighted average shares outstanding
    
22,995,463
      
22,400,246
      
22,907,791
      
22,331,786
  
                                 
Denominator for diluted earnings per share:
      
 
      
 
      
 
      
 
Effect of stock options and restricted stock units
    
—
      
—
      
—
      
—
  
Adjusted weighted average shares and assumed conversions
    
22,995,463
      
22,400,246
      
22,907,791
      
22,331,786
  
                                 
Basic loss per share
   $
(3.64
 )   $
(1.95
 )   $
(7.10
 )   $
(2.16
 )
                                 
Diluted loss per share
   $
(3.64
 )   $
(1.95
 )   $
(7.10
 )   $
(2.16
 )
                                 
Anti-dilutive shares excluded from computation of diluted loss per share
    
2,323,370
      
1,939,290
      
2,047,320
      
1,700,192
  
v3.20.2
Note 9 - Derivatives (Tables)
 6 Months Ended
Jun. 30, 2020
Notes Tables  
Schedule of Derivative Assets and Liabilities at Fair Value [Table Text Block]
   
 
    
Fair Value of Derivative Liabilities
  
(dollars in thousands)
  
Balance Sheet Location
    
June 30, 2020
      
December 31, 2019
  
Derivatives designated as hedging instruments:                    
Interest rate swaps
  
Accrued liabilities
   $
—
     $
2,931
  
Interest rate swaps
  
Other long-term liabilities
    
—
      
11,632
  
Natural gas contracts
  
Accrued liabilities
    
—
      
836
  
Natural gas contracts
  
Other long-term liabilities
    
—
      
3
  
Total derivative liabilities
  
 
   $
—
     $
15,402
  
Schedule of Derivative Instruments [Table Text Block]
   
Three months ended June 30,
    
Six months ended June 30,
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
  
Natural gas contracts
   $
(298
 )   $
(65
 )   $
(915
 )   $
63
  
Interest rate swaps
    
(790
 )    
347
      
(1,319
 )    
691
  
Total
   $
(1,088
 )   $
282
     $
(2,234
 )   $
754
  
Derivative Instruments, Gain (Loss) [Table Text Block]
 
 
  
Three months ended June 30,
    
Six months ended June 30,
  
(dollars in thousands)
Location
  
2020
    
2019
    
2020
    
2019
  
Derivative gain (loss) recognized into OCI:
        
 
      
 
      
 
      
 
Natural gas contracts
OCI
   $
—
     $
(1,106
 )   $
(199
 )   $
(1,143
 )
Interest rate swaps
OCI
    
—
      
(4,987
 )    
1,273
      
(8,465
 )
Total
   $
—
     $
(6,093
 )   $
1,074
     $
(9,608
 )
                                   
Derivative gain (loss) reclassified from accumulated OCI to current earnings:
        
 
      
 
      
 
      
 
Natural gas contracts
Cost of Sales
   $
—
     $
(65
 )   $
(617
 )   $
63
  
Interest rate swaps
Interest expense
    
—
      
335
      
(788
 )    
690
  
Total
   $
—
     $
270
     $
(1,405
 )   $
753
  
                                   
Derivatives de-designated as hedging instruments:
                                  
Gain (loss) recognized in current earnings
        
 
      
 
      
 
      
 
Interest rate swaps
Other Income (expense)
   $
(836
 )   $
—
     $
(13,338
 )   $
—
  
Natural gas contracts
Other Income (expense)
    
(91
 )    
—
      
(512
 )    
—
  
Interest rate swaps
Reorganization items, net
    
(9,115
 )    
—
      
(9,115
 )    
—
  
Natural gas contracts
Reorganization items, net
    
(259
 )    
—
      
(259
 )    
—
  
Total
   $
(10,301
 )   $
—
     $
(23,224
 )   $
—
  
Interest Rate Swap [Member]  
Notes Tables  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
Swap execution date
  
Effective date
  
Expiration date
  
Notional amount
  
Fixed swap rate
April 1, 2015
  
January 11, 2016
  
January 9, 2020
  
$220.0 million
    
4.85
%
September 24, 2018
  
January 9, 2020
  
January 9, 2025
(2)
  
$200.0 million
    
6.19
 %
(1)
Natural Gas Contracts [Member]  
Notes Tables  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
   
 
  
Notional Amounts
  
Derivative Types
  
Unit of Measure
  
June 30, 2020
  
December 31, 2019
  
Natural gas contracts
  
Millions of British Thermal Units (MMBTUs)
  
0
    
2,460,000
  
v3.20.2
Note 10 - Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2020
Notes Tables  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
Three months ended June 30, 2020 (dollars in thousands)
  
Foreign Currency Translation
    
Derivative Instruments
    
Pension and Other Post-retirement Benefits
  
 
  
Accumulated Other Comprehensive Loss
  
Balance on March 31, 2020
   $
(26,784
 )   $
(435
 )   $
(82,517
 )
 
   $
(109,736
 )
                                   
Amounts recognized into AOCI
    
716
      
—
      
—
  
 
    
716
  
Currency impact
    
—
      
—
      
454
  
 
    
454
  
Amounts reclassified from AOCI
    
—
      
—
      
1,860
  
(2)
    
1,860
  
Tax effect
    
—
      
119
      
(2,066
 )
 
    
(1,947
 )
Other comprehensive income (loss), net of tax
    
716
      
119
      
248
  
 
    
1,083
  
Balance on June 30, 2020
   $
(26,068
 )   $
(316
 )   $
(82,269
 )
 
   $
(108,653
 )
Six months ended June 30, 2020 (dollars in thousands)
  
Foreign Currency Translation
      
Derivative Instruments
  
 
  
Pension and Other Post-retirement Benefits
  
 
  
Accumulated Other Comprehensive Loss
  
Balance on December 31, 2019
    
$ (25,147)
        
$ (11,432)
  
 
    
$ (87,367)
  
 
    
$ (123,946
 )
                                       
Amounts recognized into AOCI
    
(921)
        
1,074
  
 
    
—
  
 
    
153
  
Currency impact
    
—
        
—
  
 
    
2,707
  
 
    
2,707
  
Amounts reclassified from AOCI
    
—
        
1,405
  
(1)
    
3,744
  
(2)
    
5,149
  
Amounts reclassified from AOCI for derivatives de-designated    
—
        
12,923
  
(3)
    
—
  
 
    
12,923
  
Tax effect
    
—
        
(4,286
 )
 
    
(1,353
 )
 
    
(5,639
 )
Other comprehensive income (loss), net of tax
    
(921)
        
11,116
  
 
    
5,098
  
 
    
15,293
  
Balance on June 30, 2020
   $
(26,068)
       $
(316
 )
 
   $
(82,269
 )
 
   $
(108,653
 )
Three months ended June 30, 2019 (dollars in thousands)
  
Foreign Currency Translation
      
Derivative Instruments
  
 
  
Pension and Other Post-retirement Benefits
  
 
  
Accumulated Other Comprehensive Loss
  
Balance on March 31, 2019
   $
(23,266
 )     $
(5,920
 )
 
   $
(87,522
 )
 
   $
(116,708
 )
                                       
Amounts recognized into AOCI
    
(533
 )      
(6,093
 )
 
    
1,148
  
 
    
(5,478
 )
Currency impact
    
—
        
—
  
 
    
(84
 )
 
    
(84
 )
Amounts reclassified from AOCI
    
—
        
(270
 )
(1)
    
945
  
(2)
    
675
  
Tax effect
    
262
        
1,533
  
 
    
(499
 )
 
    
1,296
  
Other comprehensive income (loss), net of tax
    
(271
 )      
(4,830
 )
 
    
1,510
  
 
    
(3,591
 )
Balance on June 30, 2019
   $
(23,537
 )     $
(10,750
 )
 
   $
(86,012
 )
 
   $
(120,299
 )
Six months ended June 30, 2019 (dollars in thousands)
  
Foreign Currency Translation
    
Derivative Instruments
  
 
  
Pension and Other Post-retirement Benefits
  
 
  
Accumulated Other Comprehensive Loss
  
Balance on December 31, 2018
    
$ (23,240
 )    
$ (2,866
 )
 
    
$ (88,299)
  
 
    
$ (114,405
 )
                                     
Amounts recognized into AOCI
    
(289
 )    
(9,608)
  
 
    
1,148
  
 
    
(8,749
 )
Currency impact
    
—
      
—
  
 
    
(50
 )
 
    
(50)
  
Amounts reclassified from AOCI
    
—
      
(753
 )
(1)
    
1,915
  
(2)
    
1,162
  
Tax effect
    
(8
 )    
2,477
  
 
    
(726
 )
 
    
1,743
  
Other comprehensive income (loss), net of tax
    
(297
 )    
(7,884
 )
 
    
2,287
  
 
    
(5,894
 )
Balance on June 30, 2019
   $
(23,537
 )   $
(10,750
 )
 
   $
(86,012
 )
 
   $
(120,299
 )
v3.20.2
Note 11 - Segments (Tables)
 6 Months Ended
Jun. 30, 2020
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
   
Three months ended June 30,
    
Six months ended June 30,
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
  
Net Sales:
      
 
      
 
      
 
      
 
U.S. & Canada
   $
42,688
     $
128,897
     $
138,564
     $
238,803
  
Latin America
    
19,841
      
38,208
      
46,484
      
68,609
  
EMEA
    
12,096
      
32,678
      
37,376
      
60,720
  
Other
    
2,907
      
6,375
      
5,629
      
12,992
  
Consolidated
   $
77,532
     $
206,158
     $
228,053
     $
381,124
  
                                 
Segment EBIT:
      
 
      
 
      
 
      
 
U.S. & Canada
   $
(20,586
 )   $
17,267
     $
(13,688
 )   $
27,064
  
Latin America
    
(7,309
 )    
3,187
      
(2,788
 )    
3,836
  
EMEA
    
(4,762
 )    
2,763
      
(6,372
 )    
2,713
  
Other
    
(1,952
 )    
(1,169
 )    
(3,324
 )    
(2,321
 )
Total Segment EBIT
   $
(34,609
 )   $
22,048
     $
(26,172
 )   $
31,292
  
                                 
Reconciliation of Segment EBIT to Net Loss:
      
 
      
 
      
 
      
 
Segment EBIT
   $
(34,609
 )   $
22,048
     $
(26,172
 )   $
31,292
  
Retained corporate costs
    
(5,451
 )    
(6,756
 )    
(12,649
 )    
(16,206
 )
Asset impairments (note 17)
    
—
      
(46,881
 )    
(38,535
 )    
(46,881
 )
Fees associated with strategic initiative
    
—
      
—
      
(406
 )    
—
  
Debt refinancing & prepetition reorganization charges (note 15)
    
—
      
—
      
(3,356
 )    
—
  
Workforce reduction
    
—
      
—
      
(517
 )    
—
  
Reorganization items, net (note 2)    
(39,527
 )    
—
      
(39,527
 )    
—
  
Grant recognition    
1,000
      
—
      
1,000
      
—
  
Loss on derivatives de-designated as hedging instruments
    
(927
 )    
—
      
(13,850
 )    
—
  
Employee benefit liability adjustment
(1)
(note 15)
    
—
      
—
      
1,720
      
—
  
Interest expense
    
(3,837
 )    
(5,879
 )    
(9,428
 )    
(11,511
 )
Provision for income taxes
    
(443
 )    
(6,299
 )    
(20,822
 )    
(5,003
 )
Net loss
   $
(83,794
 )   $
(43,767
 )   $
(162,542
 )   $
(48,309
 )
                                 
Depreciation & Amortization:
      
 
      
 
      
 
      
 
U.S. & Canada
   $
2,945
     $
3,214
     $
5,908
     $
6,347
  
Latin America
    
3,329
      
3,837
      
6,697
      
7,617
  
EMEA
    
1,242
      
1,706
      
2,556
      
3,405
  
Other
    
811
      
893
      
1,634
      
1,775
  
Corporate
    
362
      
341
      
739
      
778
  
Consolidated
   $
8,689
     $
9,991
     $
17,534
     $
19,922
  
                                 
Capital Expenditures:
      
 
      
 
      
 
      
 
U.S. & Canada
   $
710
     $
2,540
     $
4,997
     $
5,924
  
Latin America
    
276
      
3,531
      
1,180
      
7,722
  
EMEA
    
900
      
1,392
      
2,090
      
3,738
  
Other
    
5
      
41
      
29
      
300
  
Corporate
    
175
      
435
      
178
      
616
  
Consolidated
   $
2,066
     $
7,939
     $
8,474
     $
18,300
  
v3.20.2
Note 12 - Revenue (Tables)
 6 Months Ended
Jun. 30, 2020
Notes Tables  
Disaggregation of Revenue [Table Text Block]
   
Three months ended June 30,
    
Six months ended June 30,
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
  
Foodservice
   $
9,482
     $
86,999
     $
64,808
     $
157,816
  
Retail
    
35,942
      
60,222
      
86,593
      
115,795
  
Business-to-business
    
32,108
      
58,937
      
76,652
      
107,513
  
Consolidated
   $
77,532
     $
206,158
     $
228,053
     $
381,124
  
v3.20.2
Note 13 - Fair Value (Tables)
 6 Months Ended
Jun. 30, 2020
Notes Tables  
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]
   
Fair Value at
  
Fair Value at
Asset / (Liability)
  
June 30, 2020
  
December 31, 2019
(dollars in thousands)
  
Level 1
  
Level 2
  
Level 3
  
Total
  
Level 1
  
Level 2
  
Level 3
  
Total
Commodity futures natural gas contracts
   $
—
 
   $
—
 
   $
—
 
   $
—
 
   $
—
 
   $
(839
)
   $
—
 
   $
(839
)
Interest rate swaps    
—
 
    
—
 
    
—
 
    
—
 
    
—
 
    
(14,563
)
    
—
 
    
(14,563
)
Net derivative asset (liability)   $
—
 
   $
—
 
   $
—
 
   $
—
 
   $
—
 
   $
(15,402
)
   $
—
 
   $
(15,402
)
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
   
Fair Value
  
June 30, 2020
    
December 31, 2019
  
(dollars in thousands)
  
Hierarchy Level
  
Carrying Amount
    
Fair Value
    
Carrying Amount
    
Fair Value
  
Prepetition Term Loan B
  
Level 2
   $
317,931
     $
55,638
     $
375,800
     $
304,398
  
v3.20.2
Note 14 - Leases (Tables)
 6 Months Ended
Jun. 30, 2020
Notes Tables  
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
(dollars in thousands)
  
June 30, 2020
    
December 31, 2019
  
2020 (remainder of year)
   $
7,205
     $
14,970
  
2021
    
13,578
      
11,255
  
2022
    
12,555
      
9,987
  
2023
    
11,898
      
9,283
  
2024
    
10,478
      
8,005
  
2025 and thereafter
    
30,242
      
15,768
  
Total minimum lease payments
    
85,956
      
69,268
  
Less: interest
    
(11,933
 )    
(8,176
 )
Present value of future minimum lease payments
    
74,023
      
61,092
  
Less: lease liabilities (current portion)
    
(11,369
 )    
(12,769
 )
Noncurrent lease liabilities
   $
62,654
     $
48,323
  
v3.20.2
Note 15 - Other Income (Expense) (Tables)
 6 Months Ended
Jun. 30, 2020
Notes Tables  
Schedule of Other Nonoperating Income (Expense) [Table Text Block]
   
Three months ended June 30,
    
Six months ended June 30,
  
(dollars in thousands)
  
2020
    
2019
    
2020
    
2019
  
Gain (loss) on currency transactions
   $
(522
 )   $
(186
 )   $
4,257
     $
(1,349
 )
Pension and non-pension benefits, excluding service cost
    
(762
 )    
(365
 )    
(1,678
 )    
(771
 )
Loss on derivatives de-designated as hedging instruments (note 9)
    
(927
 )    
—
      
(13,850
 )    
—
  
Debt refinancing fees
    
—
      
—
      
(2,088
 )    
—
  
Prepetition reorganization charges
    
—
      
—
      
(1,268
 )    
—
  
Employee benefit liability adjustment
    
—
      
—
      
1,720
      
—
  
Other non-operating income (expense)
    
1,011
      
(69
 )    
1,055
      
(84
 )
Other income (expense)
   $
(1,200
 )   $
(620
 )   $
(11,852
 )   $
(2,204
 )
v3.20.2
Note 17 - Purchased Intangible Assets and Goodwill (Tables)
 6 Months Ended
Jun. 30, 2020
Notes Tables  
Schedule of Changes in Acquired Intangible Assets [Table Text Block]
(dollars in thousands)
  
Six months ended June 30, 2020
  
Beginning balance December 31, 2019
   $
11,875
  
Amortization
    
(76
 )
Impairment
(see below)
    
(104
 )
Foreign currency impact
    
(1
 )
Ending balance June 30, 2020
   $
11,694
  
Schedule of Acquired Intangible Assets [Table Text Block]
(dollars in thousands)
  
June 30, 2020
    
December 31, 2019
  
Indefinite life intangible assets
   $
10,999
     $
11,104
  
Definite life intangible assets, net of accumulated amortization of $20,588 and $20,507    
695
      
771
  
Total
   $
11,694
     $
11,875
  
Schedule of Goodwill [Table Text Block]
(dollars in thousands)
  
U.S. & Canada
    
Latin America
    
Total
  
Beginning balance December 31, 2019:
                        
Goodwill
   $
43,872
     $
125,681
     $
169,553
  
Accumulated impairment losses
    
(5,441
 )    
(125,681
 )    
(131,122
 )
Net beginning balance
    
38,431
      
—
      
38,431
  
Impairment
(see below)
    
(38,431
 )    
—
      
(38,431
 )
Ending balance June 30, 2020:
                        
Goodwill
    
43,872
      
125,681
      
169,553
  
Accumulated impairment losses
    
(43,872
 )    
(125,681
 )    
(169,553
 )
Net ending balance
   $
—
     $
—
     $
—
  
v3.20.2
Note 18 - Debtor-in-Possession Financial Information (Tables)
 6 Months Ended
Jun. 30, 2020
Notes Tables  
Debtor-In-Possession Financial Information, Statement of Operations [Table Text Block]
(dollars in thousands)
  
Six months ended June 30, 2020
  
Net sales
   $
141,597
  
Freight billed to customers
    
509
  
Total revenues
    
142,106
  
Cost of sales
    
135,769
  
Gross profit
    
6,337
  
Selling, general and administrative expenses
    
30,184
  
Asset impairments
    
38,431
  
Loss from operations
    
(62,278
 )
Other income (expense)
    
(14,219
 )
Loss before interest, reorganization items and income taxes
    
(76,497
 )
Interest expense
    
9,016
  
Reorganization items, net
    
39,308
  
Loss before income taxes
    
(124,821
 )
Provision for income taxes
    
16,433
  
Net loss
   $
(141,254
 )
Debtor-In-Possession Financial Information, Balance Sheet [Table Text Block]
(dollars in thousands)
  
June 30, 2020
  
ASSETS
      
 
Cash and cash equivalents
   $
14,657
  
Accounts receivable    
27,082
  
Non-Debtor affiliate receivables
    
19,334
  
Inventories — net
    
91,903
  
Prepaid and other current assets
    
7,478
  
Total current assets
    
160,454
  
Pension asset
    
6,927
  
Purchased intangible assets — net
    
1,340
  
Other assets
    
11,048
  
Investments in subsidiaries
    
197,097
  
Operating lease right-of-use assets
    
28,911
  
Property, plant and equipment — net
    
90,131
  
Total assets
   $
495,908
  
         
LIABILITIES AND SHAREHOLDERS' DEFICIT
      
 
Accounts payable
   $
11,723
  
Non-Debtor affiliate payables    
4,896
  
Salaries and wages
    
8,533
  
Accrued liabilities
    
21,494
  
Accrued income taxes
    
165
  
Non-pension post-retirement benefits (current portion)
    
3,705
  
Operating lease liabilities (current portion)
    
6,043
  
Short-term debt and long-term debt due within one year
    
141,698
  
Total current liabilities
    
198,257
  
Pension liability
    
6,211
  
Non-pension post-retirement benefits
    
44,000
  
Noncurrent operating lease liabilities
    
24,995
  
Other long-term liabilities
    
2,365
  
Total liabilities not subject to compromise
    
275,828
  
Liabilities subject to compromise
    
365,100
  
Total liabilities
    
640,928
  
Total shareholders' deficit
    
(145,020
 )
Total liabilities & shareholders' deficit
   $
495,908
  
Debtor-In-Possession Financial Information, Statement of Cash Flows [Table Text Block]
(dollars in thousands)
  
Six months ended June 30, 2020
Operating activities:
  
 
 
 
Net loss
   $
(141,254
)
Adjustments to reconcile net loss to net cash used in operating activities:
        
Depreciation and amortization
    
6,647
 
Asset impairments
    
38,431
 
Loss on derivatives de-designated as hedging instruments
    
13,494
 
Reorganization items
    
21,537
 
Change in accounts receivable
    
13,301
 
Change in inventories
    
2,215
 
Change in accounts payable
    
2,458
 
Accrued interest and amortization of discounts and finance fees
    
723
 
Pension & non-pension post-retirement benefits, net
    
26
 
Accrued liabilities & prepaid expenses
    
(24,164
)
Income taxes
    
22,107
 
Other operating activities
    
(1,951
)
Net cash used in operating activities
    
(46,430
)
         
Investing activities:
  
 
 
 
Cash paid for property, plant and equipment
    
(5,175
)
Net cash used in investing activities
    
(5,175
)
         
Financing activities:
  
 
 
 
Borrowings on Prepetition ABL Credit Facility
    
53,000
 
Repayments on Prepetition ABL Credit Facility
    
(21,500
)
Repayments on Term Loan B
    
(1,100
)
DIP Term Loan borrowings - New Money
    
30,000
 
DIP debt financing costs
    
(3,962
)
Taxes paid on distribution of equity awards
    
(181
)
Debt refinancing costs
    
(1,350
)
Net cash provided by financing activities
    
54,907
 
         
Increase in cash
    
3,302
 
         
Cash & cash equivalents at beginning of period
    
11,355
 
Cash & cash equivalents at end of period
   $
14,657
 
v3.20.2
Note 1 - Description of the Business and Basis of Presentation (Details Textual)
Jun. 30, 2020
Number of Countries in which Entity Operates 5
UNITED STATES  
Number of Glass Tableware Manufacturing Facilities 2
Minimum [Member]  
Number of Countries in which Entity Sales Products 100
v3.20.2
Note 2 - Bankruptcy Filing (Details Textual)
$ in Millions
 3 Months Ended
Jun. 30, 2020
USD ($)
Payments for Reorganization Items $ 18.0
DIP Financing [Member]  
Debt Agreement, Maximum Borrowing Capacity 160.0
Prepetition Term Loan B [Member]  
Liabilities Subject to Compromise, Accrued Interest $ 0.8
v3.20.2
Note 2 - Bankruptcy Filing - Liabilities Subject to Compromise (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Liabilities Subject to Compromise, Debt $ 317,931
Accounts payable 27,973  
Pension liabilities 164  
Accrued liabilities (1) [1] 2,283  
Other long-term liabilities 1,146  
Liabilities subject to compromise $ 349,497
[1] Includes $0.8M of pre-petition term loan accrued interest.
v3.20.2
Note 2 - Bankruptcy Filing - Reorganizations Items, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Legal & professional fees $ 20,369      
Termination of derivatives 9,374      
Write-off prepetition debt finance fees, discounts and PIK fees 4,675      
Debtor Reorganization Items, Debtor-in-Possession Facility Financing Costs 3,962      
Other 1,147      
Total $ 39,527 $ 39,527
v3.20.2
Note 3 - Significant Accounting Policies (Details Textual) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Prepaid Expenses and Other Current Assets [Member]    
Capitalized Computer Software Implementation Costs $ 0.3 $ 0.3
Other Assets [Member]    
Capitalized Computer Software Implementation Costs $ 7.3 $ 6.5
v3.20.2
Note 3 - Significant Accounting Policies - Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Stock-based compensation expense $ 162 $ 993 $ 696 $ 1,935
v3.20.2
Note 4 - Balance Sheet Details (Details Textual)
$ in Millions
 1 Months Ended 3 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Accounts Payable, Current [Member]    
Accounts Payable, Extended Amount $ 7.0 $ 7.0
Libbey Mexico [Member]    
Number of Extended Days for Accounts Payable (Day) 120 days  
Accounts Payable, Extended Amount $ 7.0 7.0
Accounts Payable, Interest Fee for Extension   $ 0.2
v3.20.2
Note 4 - Balance Sheet Details - Selected Balance Sheet Items (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Accounts receivable:    
Trade receivables $ 51,941 $ 79,829
Other receivables 1,128 1,478
Total accounts receivable, less allowances of $7,176 and $10,803 53,069 81,307
Inventories:    
Finished goods 147,474 157,348
Work in process 1,483 1,183
Raw materials 3,875 4,008
Repair parts 10,143 10,254
Operating supplies 1,951 2,004
Total inventories, less loss provisions of $8,432 and $7,750 164,926 174,797
Accrued liabilities:    
Accrued incentives 11,753 24,337
Other accrued liabilities 17,405 26,320
Total accrued liabilities $ 29,158 $ 50,657
v3.20.2
Note 4 - Balance Sheet Details - Selected Balance Sheet Items (Details) (Parentheticals) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Allowance for accounts receivable $ 7,176 $ 10,803
Inventory loss provisions $ 8,432 $ 7,750
v3.20.2
Note 5 - Borrowings (Details Textual) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 20, 2020
Jul. 02, 2020
Jun. 03, 2020
Jun. 17, 2019
Jun. 30, 2020
Jun. 30, 2020
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Debt Instrument, LIBOR Floor         1.00% 1.00% 1.00%    
Repayments of Lines of Credit             $ 21,500 $ 46,300  
Debtor Reorganization Items, Debtor-in-Possession Facility Financing Costs           $ 3,962      
Liabilities Subject to Compromise, Debt         $ 317,931 317,931 317,931  
Terminated Swap Obligations [Member] | Terminated Swap Obligation Reclassed from Accrued Liabilities and Other Long-term Liabilities [Member]                  
Swap Obligations Reclassified as Debt         22,400        
Debtor-in-Possession Asset Backed Loan Credit Facility [Member]                  
Short-term Debt, Total [1]         9,554 9,554 9,554  
Debtor-in-Possession Asset Backed Loan Credit Facility [Member] | Secured Debtor-in-Possession Revolving Credit Facility [Member]                  
Debt Instrument, LIBOR Floor     1.00%            
Debtor-in-Possession Asset Backed Loan Credit Facility [Member] | Secured Debtor-in-Possession Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]                  
Debt Instrument, Basis Spread on Variable Rate     3.50%            
Debtor-in-Possession Asset Backed Loan Credit Facility [Member] | Secured Debtor-in-Possession Revolving Credit Facility [Member] | CB Floating Rate [Member]                  
Debt Instrument, Basis Spread on Variable Rate     2.50%            
Roll-up of Outstanding Prepetition Term Loan B Obligations [Member]                  
Debt Issued         60,000        
Debt Instrument, Face Amount     $ 60,000            
Short-term Debt, Total         60,093 60,093 60,093   [1]
Paid-in-Kind Interest             100    
Roll-up of Outstanding Prepetition Term Loan B Obligations [Member] | Eurodollar Loans [Member]                  
Debt Instrument, LIBOR Floor     1.00%            
Debt Instrument, Percent Payable in Cash     1.00%            
Debt Instrument, Paid-in-Kind Interest, Percent     2.00%            
Roll-up of Outstanding Prepetition Term Loan B Obligations [Member] | Base Rate Loans [Member]                  
Debt Instrument, Base Rate Floor     2.00%            
Debt Instrument, Percent Payable in Cash     0.00%            
Debt Instrument, Paid-in-Kind Interest, Percent     2.00%            
Prepetition Term Loan B [Member]                  
Debt Reduction         60,000        
Liabilities Subject to Compromise, Debt         317,900 317,900 317,900    
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations             1,000    
Terminated Swap Obligations [Member]                  
Debt Instrument, LIBOR Floor     1.00%            
Short-term Debt, Total [1],[2]         22,405 22,405 22,405  
Terminated Swap Obligations [Member] | London Interbank Offered Rate (LIBOR) [Member]                  
Debt Instrument, Basis Spread on Variable Rate     4.50%            
Terminated Swap Obligations [Member] | CB Floating Rate [Member]                  
Debt Instrument, Basis Spread on Variable Rate     3.50%            
Terminated Swap Obligations [Member] | CB Floating Rate [Member] | Maturity Without Sale of Debtor's Assets [Member\                  
Debt Instrument, Term (Day)     180 days            
Terminated Swap Obligations [Member] | CB Floating Rate [Member] | Maturity With Consummation of Sale of Debtor's Assets [Member]                  
Debt Instrument, Term (Day)     35 days            
Debtor-in-Possession Term Loan [Member]                  
Percent of Equity of Foreign Subsidiaries with Priority Lien     100.00%            
Debt Instrument, Face Amount     $ 60,000            
Amount Available Upon Entry of Interim Order by Bankruptcy Court     $ 30,000            
Debtor Reorganization Items, Debtor-in-Possession Facility Financing Costs             3,600    
Short-term Debt, Total [1]         30,000 30,000 $ 30,000  
Debtor-in-Possession Term Loan [Member] | Eurodollar Loans [Member]                  
Debt Instrument, LIBOR Floor     1.00%            
Debt Instrument, Basis Spread on Variable Rate     11.00%            
Debtor-in-Possession Term Loan [Member] | Base Rate Loans [Member]                  
Debt Instrument, Basis Spread on Variable Rate     10.00%            
Debt Instrument, Base Rate Floor     2.00%            
Debtor-in-Possession Term Loan [Member] | Subsequent Event [Member]                  
Amount Available Upon Entry of Final Order by Bankruptcy Court   $ 30,000              
Debtor-in-Possession Credit Facilities, Terminated Swap Obligations [Member] | London Interbank Offered Rate (LIBOR) [Member]                  
Debt Instrument, Basis Spread on Variable Rate             4.50%    
Subsidiary, Crisa Libbey Mexico S. de R.L. de C.V. [Member]                  
Line of Credit Facility, Maximum Borrowing Capacity       $ 3,000          
Subsidiary, Crisa Libbey Mexico S. de R.L. de C.V. [Member] | London Interbank Offered Rate (LIBOR) [Member]                  
Debt Instrument, Basis Spread on Variable Rate       3.20%          
Libbey Glass and Europe [Member] | Debtor-in-Possession Asset Backed Loan Credit Facility [Member] | Secured Debtor-in-Possession Revolving Credit Facility [Member]                  
Debt Issued         9,600        
Line of Credit Facility, Maximum Borrowing Capacity     $ 100,000            
Long-term Line of Credit, Total         9,600 9,600 $ 9,600    
Outstanding Reserves Reducing Borrowing Capacity         22,800 22,800 22,800    
Line of Credit Facility, Remaining Borrowing Capacity         (300) (300) (300)    
Percent of Equity of Foreign Subsidiaries with Priority Lien     100.00%            
Libbey Glass and Europe [Member] | Debtor-in-Possession Asset Backed Loan Credit Facility [Member] | Secured Debtor-in-Possession Revolving Credit Facility [Member] | Subsequent Event [Member]                  
Line of Credit Facility, Remaining Borrowing Capacity $ 100                
Repayments of Lines of Credit $ 400                
Libbey Glass and Europe [Member] | Debtor-in-Possession Asset Backed Loan Credit Facility [Member] | Letter of Credit [Member]                  
Line of Credit Facility, Maximum Borrowing Capacity     $ 15,000            
Long-term Line of Credit, Total         9,700 9,700 9,700    
Libbey Glass and Europe [Member] | Prepetition ABL Facility [Member]                  
Debt Reduction         9,600        
Long-term Line of Credit, Total         $ 39,400 $ 39,400 39,400    
Line of Credit Facility, Remaining Borrowing Capacity                 $ 68,200
Repayments of Long-term Lines of Credit             $ 9,600    
[1] All LIBOR borrowings have a 1.0 percent floor.
[2] The filing of our Bankruptcy Petitions constituted an event of default with respect to our Prepetition Term Loan B and Prepetition ABL Credit Facility.
v3.20.2
Note 5 - Borrowings - Borrowings (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Total borrowings $ 479,335 $ 393,186
Less — unamortized discount and finance fees 1,346
Total borrowings — net 479,335 391,840
Liabilities Subject to Compromise, Debt 317,931
Total borrowings not subject to compromise 161,404 391,840
Less — short-term debt and long-term debt due within one year 161,404 16,124
Total long-term portion of borrowings — net 375,716
Prepetition ABL Facility [Member]    
Debt instrument, interest rate [1] LIBOR + 3.5%  
Debt instrument, maturity date [2] Jan. 09, 2021  
Debt instrument [1] $ 39,352 17,386
Debtor-in-Possession Asset Backed Loan Credit Facility [Member]    
Debt instrument, interest rate [1] LIBOR + 3.5%  
Debt instrument, maturity date [2] Nov. 28, 2020  
Short-term Debt, Total [1] $ 9,554
Debtor-in-Possession Term Loan [Member]    
Debt instrument, interest rate [1] LIBOR + 11.0%  
Debt instrument, maturity date [2] Nov. 28, 2020  
Short-term Debt, Total [1] $ 30,000
Roll-up of Outstanding Prepetition Term Loan B Obligations [Member]    
Debt instrument, interest rate [1] LIBOR + 1.0% + 2.0% PIK  
Debt instrument, maturity date [2] Nov. 28, 2020  
Short-term Debt, Total $ 60,093 [1]
Prepetition Term Loan B [Member]    
Debt instrument, interest rate [1],[3] LIBOR + 3.0%  
Debt instrument, maturity date [2],[3] Apr. 09, 2021  
Debt instrument [1],[3] $ 317,931 375,800
Liabilities Subject to Compromise, Debt $ 317,900  
Terminated Swap Obligations [Member]    
Debt instrument, interest rate [1] LIBOR + 4.5%  
Debt instrument, maturity date [2] Nov. 28, 2020  
Short-term Debt, Total [1],[2] $ 22,405
[1] All LIBOR borrowings have a 1.0 percent floor.
[2] The filing of our Bankruptcy Petitions constituted an event of default with respect to our Prepetition Term Loan B and Prepetition ABL Credit Facility.
[3] Reclassified to liabilities subject to compromise at June 30, 2020.
v3.20.2
Note 6 - Income Taxes (Details Textual)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Effective Income Tax Rate Reconciliation, Percent, Total (14.70%) (11.60%)
v3.20.2
Note 7 - Pension and Non-pension Post-retirement Benefits (Details Textual)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Defined Benefit Pension Plan [Member]    
Defined Benefit Plan, Plan Assets, Contributions by Employer $ 0.5 $ 1.5
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year 1.2 1.2
Non-Pension Post-retirement Benefit Plans [Member]    
Defined Benefit Plan, Plan Assets, Contributions by Employer 1.1 1.9
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year $ 3.9 $ 3.9
v3.20.2
Note 7 - Pension and Non-pension Post-retirement Benefits - Components of Pension Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Defined Benefit Pension Plan [Member]        
Service cost $ 1,173 $ 1,043 $ 2,403 $ 2,085
Interest cost 3,665 4,154 7,458 8,305
Expected return on plan assets (5,165) (5,193) (10,329) (10,386)
Prior service (credit) (41) (51) (90) (101)
Actuarial (gain) loss 2,050 1,193 4,135 2,383
Pension expense 1,682 1,146 3,577 2,286
Defined Benefit Pension Plan [Member] | UNITED STATES        
Service cost 859 783 1,717 1,566
Interest cost 2,953 3,382 5,905 6,764
Expected return on plan assets (5,165) (5,193) (10,329) (10,386)
Prior service (credit)
Actuarial (gain) loss 1,856 1,088 3,713 2,175
Pension expense 503 60 1,006 119
Defined Benefit Pension Plan [Member] | Foreign Plan [Member]        
Service cost 314 260 686 519
Interest cost 712 772 1,553 1,541
Expected return on plan assets
Prior service (credit) (41) (51) (90) (101)
Actuarial (gain) loss 194 105 422 208
Pension expense 1,179 1,086 2,571 2,167
Non-Pension Post-retirement Benefit Plans [Member]        
Service cost 110 112 220 222
Interest cost 402 458 805 936
Prior service (credit) (70) (71) (141) (141)
Actuarial (gain) loss (79) (125) (160) (225)
Pension expense 363 374 724 792
Non-Pension Post-retirement Benefit Plans [Member] | UNITED STATES        
Service cost 110 112 220 222
Interest cost 395 449 791 918
Prior service (credit) (70) (71) (141) (141)
Actuarial (gain) loss (61) (106) (123) (188)
Pension expense 374 384 747 811
Non-Pension Post-retirement Benefit Plans [Member] | Foreign Plan [Member]        
Service cost
Interest cost 7 9 14 18
Prior service (credit)
Actuarial (gain) loss (18) (19) (37) (37)
Pension expense $ (11) $ (10) $ (23) $ (19)
v3.20.2
Note 8 - Net Loss Per Share of Common Stock - Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Net loss that is available to common shareholders $ (83,794) $ (43,767) $ (162,542) $ (48,309)
Weighted average shares outstanding (in shares) 22,995,463 22,400,246 22,907,791 22,331,786
Effect of stock options and restricted stock units (in shares)
Adjusted weighted average shares and assumed conversions (in shares) 22,995,463 22,400,246 22,907,791 22,331,786
Basic loss per share (in dollars per share) $ (3.64) $ (1.95) $ (7.10) $ (2.16)
Diluted loss per share (in dollars per share) $ (3.64) $ (1.95) $ (7.10) $ (2.16)
Anti-dilutive shares excluded from computation of diluted loss per share (in shares) 2,323,370 1,939,290 2,047,320 1,700,192
v3.20.2
Note 9 - Derivatives (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 01, 2020
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net, Total   $ (927)   $ (13,850)
Derivative, Fixed Interest Rate Excluding Credit Spread   3.19%     3.19%  
Cash Flow Hedging [Member] | Natural Gas Contracts [Member]            
Maximum Length of Time Hedged in Cash Flow Hedge (Month)         1 year 180 days  
Derivative Credit Risk Valuation Adjustment, Derivative Liabilities     $ 500      
Reversal of Derivative Credit Risk Valuation Adjustment, Derivative Liabilities $ (300)          
Cash Flow Hedging [Member] | Natural Gas Contracts [Member] | Nonoperating Income (Expense) [Member]            
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net, Total     400      
Cash Flow Hedging [Member] | Interest Rate Swaps [Member]            
Derivative Credit Risk Valuation Adjustment, Derivative Liabilities     9,200      
Reversal of Derivative Credit Risk Valuation Adjustment, Derivative Liabilities $ (9,100)          
Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | Nonoperating Income (Expense) [Member]            
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net, Total     $ 12,500      
Minimum [Member] | Cash Flow Hedging [Member] | Natural Gas Contracts [Member]            
Derivative, Nonmonetary Notional Amount, Percent of Required Need, Coverage   40.00%     40.00%  
Maximum [Member] | Cash Flow Hedging [Member] | Natural Gas Contracts [Member]            
Derivative, Nonmonetary Notional Amount, Percent of Required Need, Coverage   70.00%     70.00%  
v3.20.2
Note 9 - Derivatives - Fair Value of Derivative Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Fair value, derivative liabilities $ 15,402
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member]    
Fair value, derivative liabilities 2,931
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]    
Fair value, derivative liabilities 11,632
Natural Gas Contracts [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member]    
Fair value, derivative liabilities 836
Natural Gas Contracts [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]    
Fair value, derivative liabilities $ 3
v3.20.2
Note 9 - Derivatives - Cash Settlements (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Derivative, Additional Cash Settlements Received (Paid) on Hedge $ (1,088) $ 282 $ (2,234) $ 754
Cash Flow Hedging [Member] | Natural Gas Contracts [Member]        
Derivative, Additional Cash Settlements Received (Paid) on Hedge (298) (65) (915) 63
Cash Flow Hedging [Member] | Interest Rate Swap [Member]        
Derivative, Additional Cash Settlements Received (Paid) on Hedge $ (790) $ 347 $ (1,319) $ 691
v3.20.2
Note 9 - Derivatives - Summary of Gains (Losses) Recognized in Statement of Operations and AOCI (Details) - Cash Flow Hedging [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Designated as Hedging Instrument [Member]        
Derivative gain (loss) reclassified from accumulated OCI to current earnings $ 270 $ (1,405) $ 753
Not Designated as Hedging Instrument [Member]        
Derivative gain (loss) recognized in current earnings (10,301) (23,224)
Other Comprehensive Income (Loss) [Member] | Designated as Hedging Instrument [Member]        
Derivative gain (loss) recognized into OCI (6,093) 1,074 (9,608)
Other Comprehensive Income (Loss) [Member] | Designated as Hedging Instrument [Member] | Natural Gas Contracts [Member]        
Derivative gain (loss) recognized into OCI (1,106) (199) (1,143)
Other Comprehensive Income (Loss) [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]        
Derivative gain (loss) recognized into OCI (4,987) 1,273 (8,465)
Cost of Sales [Member] | Designated as Hedging Instrument [Member] | Natural Gas Contracts [Member]        
Derivative gain (loss) reclassified from accumulated OCI to current earnings (65) (617) 63
Interest Expense [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]        
Derivative gain (loss) reclassified from accumulated OCI to current earnings 335 (788) 690
Other Operating Income (Expense) [Member] | Not Designated as Hedging Instrument [Member] | Natural Gas Contracts [Member]        
Derivative gain (loss) recognized in current earnings (91) (512)
Other Operating Income (Expense) [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]        
Derivative gain (loss) recognized in current earnings (836) (13,338)
Reorganization Items, Net [Member] | Not Designated as Hedging Instrument [Member] | Natural Gas Contracts [Member]        
Derivative gain (loss) recognized in current earnings (259) (259)
Reorganization Items, Net [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]        
Derivative gain (loss) recognized in current earnings $ (9,115) $ (9,115)
v3.20.2
Note 9 - Derivatives - Natural Gas Contracts (Details) - MMBTU
 6 Months Ended 12 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Cash Flow Hedging [Member] | Natural Gas Contracts [Member]    
Derivative, nonmonetary notional amount (Millions of British Thermal Unit) 0 2,460,000
v3.20.2
Note 9 - Derivatives - Interest Rate Swaps (Details) - Interest Rate Swap [Member] - USD ($)
$ in Millions
Sep. 24, 2018
Apr. 01, 2015
Derivative, notional amount $ 200 [1] $ 220
Derivative, fixed interest rate 6.19% [2] 4.85%
[1] Terminated on June 1, 2020 upon the filing of the Chapter 11 Cases.
[2] Includes a LIBOR portion that was fixed at 3.19 percent plus the credit spread.
v3.20.2
Note 10 - Accumulated Other Comprehensive Income (Loss) - Schedule of AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Balance $ (89,929) $ (25,787) $ 43,661 $ 49,893 $ (25,787) $ 49,893
Other comprehensive income (loss), net of tax 1,083 14,210 (3,591) (2,303) 15,293 (5,894)
Balance (172,487) (89,929) (2,671) 43,661 (172,487) (2,671)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]            
Balance (26,784) (25,147) (23,266) (23,240) (25,147) (23,240)
Amounts recognized into AOCI 716   (533)   (921) (289)
Currency impact    
Amounts reclassified from AOCI    
Amounts reclassified from AOCI for derivatives de-designated          
Tax effect   262   (8)
Other comprehensive income (loss), net of tax 716   (271)   (921) (297)
Balance (26,068) (26,784) (23,537) (23,266) (26,068) (23,537)
Derivative Instruments [Member]            
Balance (435) (11,432) (5,920) (2,866) (11,432) (2,866)
Amounts recognized into AOCI   (6,093)   1,074 (9,608)
Currency impact    
Amounts reclassified from AOCI [1]   (270)   1,405 (753)
Amounts reclassified from AOCI for derivatives de-designated [2]         12,923  
Tax effect 119   1,533   (4,286) 2,477
Other comprehensive income (loss), net of tax 119   (4,830)   11,116 (7,884)
Balance (316) (435) (10,750) (5,920) (316) (10,750)
Pension and Other Post-retirement Benefits [Member]            
Balance (82,517) (87,367) (87,522) (88,299) (87,367) (88,299)
Amounts recognized into AOCI     1,148   1,148
Currency impact 454   (84)   2,707 (50)
Amounts reclassified from AOCI [3] 1,860   945   3,744 1,915
Amounts reclassified from AOCI for derivatives de-designated          
Tax effect (2,066)   (499)   (1,353) (726)
Other comprehensive income (loss), net of tax 248   1,510   5,098 2,287
Balance (82,269) (82,517) (86,012) (87,522) (82,269) (86,012)
AOCI Attributable to Parent [Member]            
Balance (109,736) (123,946) (116,708) (114,405) (123,946) (114,405)
Amounts recognized into AOCI 716   (5,478)   153 (8,749)
Currency impact 454   (84)   2,707 (50)
Amounts reclassified from AOCI 1,860   675   5,149 1,162
Amounts reclassified from AOCI for derivatives de-designated         12,923  
Tax effect (1,947)   1,296   (5,639) 1,743
Other comprehensive income (loss), net of tax 1,083 14,210 (3,591) (2,303) 15,293 (5,894)
Balance $ (108,653) $ (109,736) $ (120,299) $ (116,708) $ (108,653) $ (120,299)
[1] We reclassified natural gas contracts through cost of sales and the interest rate swaps through interest expense on the Condensed Consolidated Statements of Operations. See note 9 for additional information.
[2] Libbey de-designated the interest rate swaps and natural gas swaps as of March 31, 2020, as the transactions were no longer probable of occurring. Amounts were reclassified to other income (expense). See note 9 for additional information.
[3] We reclassified the net pension and non-pension post-retirement benefits amortization and settlement charges through other income (expense) on the Condensed Consolidated Statements of Operations. See note 7 for additional information.
v3.20.2
Note 11 - Segments (Details Textual)
 6 Months Ended
Jun. 30, 2020
Number of Reportable Segments 3
v3.20.2
Note 11 - Segments - Segments and Geographic Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Net sales $ 77,827   $ 206,969   $ 228,991 $ 382,618
Segment EBIT (34,609)   22,048   (26,172) 31,292
Retained corporate costs (5,451)   (6,756)   (12,649) (16,206)
Asset impairments (note 17)   (46,881)   (38,535) (46,881)
Fees associated with strategic initiative     (406)
Debt refinancing & prepetition reorganization charges (note 15)     (3,356)
Workforce reduction     (517)
Reorganization items, net (note 2) (39,527)     (39,527)
Grant recognition 1,000     1,000
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net, Total (927)     (13,850)
Employee benefit liability adjustment (1) (note 15) [1]     1,720
Interest expense (3,837)   (5,879)   (9,428) (11,511)
Provision for income taxes (443)   (6,299)   (20,822) (5,003)
Net loss (83,794) $ (78,748) (43,767) $ (4,542) (162,542) (48,309)
Depreciation and amortization 8,689   9,991   17,534 19,922
Capital Expenditures 2,066   7,939   8,474 18,300
Product [Member]            
Net sales 77,532   206,158   228,053 381,124
U.S. and Canada Segment [Member]            
Segment EBIT (20,586)   17,267   (13,688) 27,064
Depreciation and amortization 2,945   3,214   5,908 6,347
Capital Expenditures 710   2,540   4,997 5,924
U.S. and Canada Segment [Member] | Product [Member]            
Net sales 42,688   128,897   138,564 238,803
Latin America Segment [Member]            
Segment EBIT (7,309)   3,187   (2,788) 3,836
Depreciation and amortization 3,329   3,837   6,697 7,617
Capital Expenditures 276   3,531   1,180 7,722
Latin America Segment [Member] | Product [Member]            
Net sales 19,841   38,208   46,484 68,609
EMEA Segment [Member]            
Segment EBIT (4,762)   2,763   (6,372) 2,713
Depreciation and amortization 1,242   1,706   2,556 3,405
Capital Expenditures 900   1,392   2,090 3,738
EMEA Segment [Member] | Product [Member]            
Net sales 12,096   32,678   37,376 60,720
Other Segments [Member]            
Segment EBIT (1,952)   (1,169)   (3,324) (2,321)
Depreciation and amortization 811   893   1,634 1,775
Capital Expenditures 5   41   29 300
Other Segments [Member] | Product [Member]            
Net sales 2,907   6,375   5,629 12,992
Corporate Segment [Member]            
Depreciation and amortization 362   341   739 778
Capital Expenditures $ 175   $ 435   $ 178 $ 616
[1] Relates to a post-employment benefit liability adjustment within the U.S. & Canada segment that was not related to current period operations and, therefore, excluded from Segment EBIT.
v3.20.2
Note 12 - Revenue (Details Textual) - Revenue Benchmark [Member] - Business Channels Concentration Risk [Member] - Minimum [Member]
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
EMEA Segment [Member] | Retail and Business-to-business [Member]        
Concentration Risk, Percentage 75.00% 75.00% 75.00% 75.00%
U.S. and Canada Segment [Member] | Retail and Business-to-business [Member]        
Concentration Risk, Percentage 75.00%      
U.S. and Canada Segment [Member] | Foodservice and Retail [Member]        
Concentration Risk, Percentage   75.00% 75.00% 75.00%
Latin America Segment [Member] | Retail and Business-to-business [Member]        
Concentration Risk, Percentage 75.00% 75.00% 75.00% 75.00%
v3.20.2
Note 12 - Revenue - Net Sales Disaggregated by Business Channel (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues $ 77,827 $ 206,969 $ 228,991 $ 382,618
Product [Member]        
Revenues 77,532 206,158 228,053 381,124
Product [Member] | Foodservice [Member]        
Revenues 9,482 86,999 64,808 157,816
Product [Member] | Retail Channel [Member]        
Revenues 35,942 60,222 86,593 115,795
Product [Member] | Business-to-business [Member]        
Revenues $ 32,108 $ 58,937 $ 76,652 $ 107,513
v3.20.2
Note 13 - Fair Value - Derivative Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Net derivative asset (liability) $ (15,402)
Fair Value, Inputs, Level 1 [Member]    
Net derivative asset (liability)
Fair Value, Inputs, Level 2 [Member]    
Net derivative asset (liability) (15,402)
Fair Value, Inputs, Level 3 [Member]    
Net derivative asset (liability)
Commodity Contract [Member] | Fair Value, Recurring [Member]    
Net derivative asset (liability) (839)
Commodity Contract [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Net derivative asset (liability)
Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Net derivative asset (liability) (839)
Commodity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Net derivative asset (liability)
Interest Rate Swap [Member] | Fair Value, Recurring [Member]    
Net derivative asset (liability) (14,563)
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Net derivative asset (liability)
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]    
Net derivative asset (liability) (14,563)
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]    
Net derivative asset (liability)
v3.20.2
Note 13 - Fair Value - Financial Instruments Carried at Cost, as Well as the Related Fair Values (Details) - Fair Value, Inputs, Level 2 [Member] - Term Loan B [Member] - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Reported Value Measurement [Member]    
Prepetition Term Loan B $ 317,931 $ 375,800
Estimate of Fair Value Measurement [Member]    
Prepetition Term Loan B $ 55,638 $ 304,398
v3.20.2
Note 14 - Leases (Details Textual) - Land, Buildings and Improvements [Member]
Jun. 30, 2020
Lessee, Operating Lease, Term of Contract (Year) 10 years
Minimum [Member]  
Lessee, Operating Lease, Renewal Term (Year) 1 year
Maximum [Member]  
Lessee, Operating Lease, Renewal Term (Year) 20 years
v3.20.2
Note 14 - Leases - Reconciliation of Undiscounted Cash Flows to the Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
2020 (remainder of year) $ 7,205 $ 14,970
2021 13,578 11,255
2022 12,555 9,987
2023 11,898 9,283
2024 10,478 8,005
2025 and thereafter 30,242 15,768
Total minimum lease payments 85,956 69,268
Less: interest (11,933) (8,176)
Present value of future minimum lease payments 74,023 61,092
Less: lease liabilities (current portion) (11,369) (12,769)
Noncurrent operating lease liabilities $ 62,654 $ 48,323
v3.20.2
Note 15 - Other Income (Expense) - Other Income (Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Gain (loss) on currency transactions $ (522) $ (186) $ 4,257 $ (1,349)
Pension and non-pension benefits, excluding service cost (762) (365) (1,678) (771)
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net, Total (927) (13,850)
Debt refinancing fees (2,088)
Prepetition reorganization charges (1,268)
Employee benefit liability adjustment [1] 1,720
Other non-operating income (expense) 1,011 (69) 1,055 (84)
Other income (expense) $ (1,200) $ (620) $ (11,852) $ (2,204)
[1] Relates to a post-employment benefit liability adjustment within the U.S. & Canada segment that was not related to current period operations and, therefore, excluded from Segment EBIT.
v3.20.2
Note 17 - Purchased Intangible Assets and Goodwill (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2020
Jun. 30, 2020
Dec. 31, 2019
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)   $ 104  
Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance   $ 10,999 $ 11,104
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)   4 years 182 days  
Goodwill, Impairment Loss   $ 38,431  
Goodwill, Ending Balance $ 0 $ 38,431
Valuation, Income Approach [Member]      
Fair Value Goodwill Valuation Approach Allocation   70.00%  
Valuation, Market Approach [Member]      
Fair Value Goodwill Valuation Approach Allocation   30.00%  
U.S. & Canada Reporting Unit [Member]      
Goodwill, Impairment Loss 38,400    
Maximum [Member]      
Finite-Lived Intangible Asset, Useful Life (Year)   20 years  
Royal Leerdam Trade Name [Member]      
Indefinite-lived Intangible Assets (Excluding Goodwill), Ending Balance   $ 800  
EMEA Segment [Member]      
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) $ 100    
v3.20.2
Note 17 - Purchased Intangible Assets and Goodwill - Changes in Purchased Intangibles (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
USD ($)
Beginning balance $ 11,875
Amortization (76)
Impairment (see below) (104)
Foreign currency impact (1)
Ending balance $ 11,694
v3.20.2
Note 17 - Purchased Intangible Assets and Goodwill - Purchased Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Indefinite life intangible assets $ 10,999 $ 11,104
Definite life intangible assets, net of accumulated amortization of $20,588 and $20,507 695 771
Total $ 11,694 $ 11,875
v3.20.2
Note 17 - Purchased Intangible Assets and Goodwill - Purchased Intangible Assets (Details) (Parentheticals) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Definite life intangible assets, accumulated amortization $ 20,588 $ 20,507
v3.20.2
Note 17 - Purchased Intangible Assets and Goodwill - Changes in Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2020
Jun. 30, 2020
Goodwill $ 169,553 $ 169,553
Accumulated impairment losses, beiginning balance (131,122) (131,122)
Goodwill, net 38,431 38,431
Impairment (see below)   (38,431)
Goodwill   169,553
Accumulated impairment losses, ending balance   (169,553)
Goodwill, net 0
U.S. and Canada Segment [Member]    
Goodwill 43,872 43,872
Accumulated impairment losses, beiginning balance (5,441) (5,441)
Goodwill, net 38,431 38,431
Impairment (see below)   (38,431)
Goodwill   43,872
Accumulated impairment losses, ending balance   (43,872)
Goodwill, net  
Latin America Segment [Member]    
Goodwill 125,681 125,681
Accumulated impairment losses, beiginning balance (125,681) (125,681)
Goodwill, net
Impairment (see below)  
Goodwill   125,681
Accumulated impairment losses, ending balance   (125,681)
Goodwill, net  
v3.20.2
Note 18 - Debtor-in-Possession Financial Information - Debtor's Condensed Combined Statement of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues $ 77,827   $ 206,969   $ 228,991 $ 382,618
Cost of sales 97,879   160,244   226,120 301,935
Gross profit (20,052)   46,725   2,871 80,683
Selling, general and administrative expenses 18,735   30,813   45,249 63,393
Asset impairments   46,881   38,535 46,881
Loss from operations (38,787)   (30,969)   (80,913) (29,591)
Other income (expense) (1,200)   (620)   (11,852) (2,204)
Loss before interest, reorganization items and income taxes (39,987)   (31,589)   (92,765) (31,795)
Interest expense 3,837   5,879   9,428 11,511
Reorganization items, net 39,527     39,527
Loss before income taxes (83,351)   (37,468)   (141,720) (43,306)
Provision for income taxes 443   6,299   20,822 5,003
Net loss (83,794) $ (78,748) (43,767) $ (4,542) (162,542) (48,309)
Debtors-in-Possession [Member]            
Revenues         142,106  
Cost of sales         135,769  
Gross profit         6,337  
Selling, general and administrative expenses         30,184  
Asset impairments         38,431  
Loss from operations         (62,278)  
Other income (expense)         (14,219)  
Loss before interest, reorganization items and income taxes         (76,497)  
Interest expense         9,016  
Reorganization items, net         39,308  
Loss before income taxes         (124,821)  
Provision for income taxes         16,433  
Net loss         (141,254)  
Product [Member]            
Revenues 77,532   206,158   228,053 381,124
Product [Member] | Debtors-in-Possession [Member]            
Revenues         141,597  
Shipping and Handling [Member]            
Revenues $ 295   $ 811   938 $ 1,494
Shipping and Handling [Member] | Debtors-in-Possession [Member]            
Revenues         $ 509  
v3.20.2
Note 18 - Debtor-in-Possession Financial Information - Debtor's Condensed Combined Balance Sheet (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
ASSETS            
Cash and cash equivalents $ 45,781   $ 48,918      
Total accounts receivable, less allowances of $7,176 and $10,803 53,069   81,307      
Inventories — net 164,926   174,797      
Prepaid and other current assets 17,768   17,683      
Total current assets 281,544   322,705      
Pension asset 6,927   5,712      
Purchased intangible assets — net 11,694   11,875      
Other assets 15,700   14,608      
Operating lease right-of-use assets 67,941   54,686      
Property, plant and equipment — net 222,871   233,923      
Total assets 606,677   706,687      
LIABILITIES AND SHAREHOLDERS' DEFICIT            
Accounts payable 45,503   79,262      
Salaries and wages 21,552   30,188      
Accrued liabilities 29,158   50,657      
Accrued income taxes 1,118   382      
Non-pension post-retirement benefits (current portion) 3,812   3,817      
Operating lease liabilities (current portion) 11,369   12,769      
Short-term debt and long-term debt due within one year 161,404   16,124      
Total current liabilities 275,872   195,742      
Pension liability 38,864   46,619      
Non-pension post-retirement benefits 44,873   45,507      
Noncurrent operating lease liabilities 62,654   48,323      
Other long-term liabilities 5,303   18,463      
Total liabilities not subject to compromise 429,667   732,474      
Liabilities subject to compromise 349,497        
Total liabilities 779,164   732,474      
Total shareholders' deficit (172,487) $ (89,929) (25,787) $ (2,671) $ 43,661 $ 49,893
Total liabilities & shareholders' deficit 606,677   706,687      
Debtors-in-Possession [Member]            
ASSETS            
Cash and cash equivalents 14,657   $ 11,355      
Total accounts receivable, less allowances of $7,176 and $10,803 27,082          
Non-Debtor affiliate receivables 19,334          
Inventories — net 91,903          
Prepaid and other current assets 7,478          
Total current assets 160,454          
Pension asset 6,927          
Purchased intangible assets — net 1,340          
Other assets 11,048          
Investments in subsidiaries 197,097          
Operating lease right-of-use assets 28,911          
Property, plant and equipment — net 90,131          
Total assets 495,908          
LIABILITIES AND SHAREHOLDERS' DEFICIT            
Accounts payable 11,723          
Non-Debtor affiliate payables 4,896          
Salaries and wages 8,533          
Accrued liabilities 21,494          
Accrued income taxes 165          
Non-pension post-retirement benefits (current portion) 3,705          
Operating lease liabilities (current portion) 6,043          
Short-term debt and long-term debt due within one year 141,698          
Total current liabilities 198,257          
Pension liability 6,211          
Non-pension post-retirement benefits 44,000          
Noncurrent operating lease liabilities 24,995          
Other long-term liabilities 2,365          
Total liabilities not subject to compromise 275,828          
Liabilities subject to compromise 365,100          
Total liabilities 640,928          
Total shareholders' deficit (145,020)          
Total liabilities & shareholders' deficit $ 495,908          
v3.20.2
Note 18 - Debtor-in-Possession Financial Information - Debtor's Condensed Combined Statement of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Operating activities:            
Net loss $ (83,794) $ (78,748) $ (43,767) $ (4,542) $ (162,542) $ (48,309)
Depreciation and amortization 8,689   9,991   17,534 19,922
Asset impairments   46,881   38,535 46,881
Loss on derivatives de-designated as hedging instruments 927     13,850
Reorganization items         21,648
Change in accounts receivable         25,028 (9,060)
Change in inventories         8,673 (10,593)
Change in accounts payable         (8,128) 6,743
Accrued interest and amortization of discounts and finance fees         723 557
Pension & non-pension post-retirement benefits, net         1,069 (1,165)
Accrued liabilities & prepaid expenses         (23,145) (2,768)
Income taxes         18,776 (2,483)
Other operating activities         (2,274) 799
Net cash used in operating activities         (50,115) 752
Investing activities:            
Cash paid for property, plant and equipment (2,066)   $ (7,939)   (8,474) (18,300)
Net cash used in investing activities         (8,474) (18,300)
Financing activities:            
Borrowings on Prepetition ABL Credit Facility         53,000 73,871
Repayments on Prepetition ABL Credit Facility         (21,500) (46,300)
Repayments on Term Loan B         (1,100) (2,200)
DIP Term Loan borrowings - New Money         30,000
DIP debt financing costs         (3,962)
Taxes paid on distribution of equity awards         (181) (409)
Debt refinancing costs         (1,350)
Net cash provided by financing activities         56,220 $ 24,962
Cash & cash equivalents at beginning of period   48,918     48,918  
Cash & cash equivalents at end of period 45,781       45,781  
Debtors-in-Possession [Member]            
Operating activities:            
Net loss         (141,254)  
Depreciation and amortization         6,647  
Asset impairments         38,431  
Loss on derivatives de-designated as hedging instruments         13,494  
Reorganization items         21,537  
Change in accounts receivable         13,301  
Change in inventories         2,215  
Change in accounts payable         2,458  
Accrued interest and amortization of discounts and finance fees         723  
Pension & non-pension post-retirement benefits, net         26  
Accrued liabilities & prepaid expenses         (24,164)  
Income taxes         22,107  
Other operating activities         (1,951)  
Net cash used in operating activities         (46,430)  
Investing activities:            
Cash paid for property, plant and equipment         (5,175)  
Net cash used in investing activities         (5,175)  
Financing activities:            
Borrowings on Prepetition ABL Credit Facility         53,000  
Repayments on Prepetition ABL Credit Facility         (21,500)  
Repayments on Term Loan B         (1,100)  
DIP Term Loan borrowings - New Money         30,000  
DIP debt financing costs         (3,962)  
Taxes paid on distribution of equity awards         (181)  
Debt refinancing costs         (1,350)  
Net cash provided by financing activities         54,907  
Increase in cash         3,302  
Cash & cash equivalents at beginning of period   $ 11,355     11,355  
Cash & cash equivalents at end of period $ 14,657       $ 14,657