Document and Entity Information - USD ($) |
12 Months Ended | ||
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Dec. 31, 2018 |
Feb. 21, 2019 |
Jun. 30, 2018 |
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Entity Information [Line Items] | |||
Entity Registrant Name | LIBBEY INC | ||
Entity Central Index Key | 0000902274 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 22,157,700 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 177,382,478 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Shell Company | false |
Consolidated Balance Sheets Parentheticals - $ / shares |
Dec. 31, 2018 |
Dec. 31, 2017 |
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Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 22,157,220 | 22,018,010 |
Consolidated Statements of Operations - USD ($) $ in Thousands |
12 Months Ended | |
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Dec. 31, 2018 |
Dec. 31, 2017 |
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Total Revenues | $ 801,093 | $ 785,156 |
Cost of sales | 646,202 | 631,115 |
Gross profit | 154,891 | 154,041 |
Selling, general and administrative expenses | 127,851 | 126,205 |
Goodwill impairment | 0 | 79,700 |
Income (loss) from operations | 27,040 | (51,864) |
Other income (expense) | (2,764) | (5,306) |
Earnings (loss) before interest and income taxes | 24,276 | (57,170) |
Interest expense | 21,979 | 20,400 |
Income (loss) before income taxes | 2,297 | (77,570) |
Provision for income taxes | 10,253 | 15,798 |
Net loss | $ (7,956) | $ (93,368) |
Net loss per share: | ||
Basic | $ (0.36) | $ (4.24) |
Diluted | $ (0.36) | $ (4.24) |
Weighted average shares: | ||
Basic | 22,180,102 | 22,030,672 |
Diluted | 22,180,102 | 22,030,672 |
Dividends declared per share | $ 0.1175 | $ 0.47 |
Net sales | ||
Total Revenues | $ 797,858 | $ 781,828 |
Freight billed to customers | ||
Total Revenues | $ 3,235 | $ 3,328 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended | |
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Dec. 31, 2018 |
Dec. 31, 2017 |
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Net loss | $ (7,956) | $ (93,368) |
Other comprehensive income (loss): | ||
Pension and other post-retirement benefit adjustments, net of tax | 1,041 | 7,514 |
Change in fair value of derivative instruments, net of tax | (2,942) | 866 |
Foreign currency translation adjustments, net of tax | (7,057) | 11,645 |
Other comprehensive income (loss), net of tax | (8,958) | 20,025 |
Comprehensive income (loss) | $ (16,914) | $ (73,343) |
Description of the Business |
12 Months Ended |
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Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | Description of the Business 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, metal flatware, hollowware and serveware items for sale primarily in the foodservice, retail and business-to-business channels of distribution. Our sales force 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. |
Significant Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The Consolidated Financial Statements include Libbey Inc. and its majority-owned subsidiaries (collectively, Libbey or the Company). Our fiscal year end is December 31st. The preparation of financial statements and related disclosures in conformity with United States generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results could differ materially from management’s estimates. Revenue Recognition Our customer contracts generally include a single performance obligation, the shipment of specified products, and are recognized at a point in time when control of the product has transferred to the customer. Transfer of control primarily takes place when risk of loss transfers in accordance with applicable shipping terms. Revenue is recognized based on the consideration specified in a contract with the customer, and is measured as the amount of consideration to which we expect to be entitled in exchange for transferring goods or providing services. When applicable, the transaction price includes estimates of variable consideration. We estimate provisions for rebates, customer incentives, allowances, returns and discounts based on the terms of the contracts, historical experience and anticipated customer purchases during the rebate period as sales occur. We continually evaluate the adequacy of these methods used, adjusting our estimates when the amount of consideration to which we expect to be entitled changes. Refund liabilities are included in accrued liabilities on the Consolidated Balance Sheet. Our payment terms are based on customary business practices and can vary by region and customer type, but are generally 0-90 days. Since the term between invoicing and expected payment is less than a year, we do not adjust the transaction price for the effects of a financing component. Taxes collected from customers are excluded from revenues and credited directly to obligations to the appropriate governmental agencies. For contracts with a duration of less than one year, we follow an allowable practical expedient and expense contract acquisition costs when incurred. We do not have any costs to obtain or fulfill a contract that are capitalized under ASC Topic 340-40. For further disclosure on revenue see New Accounting Standards - Adopted below and note 18. Cost of Sales Cost of sales includes cost to manufacture and/or purchase products, warehouse, shipping and delivery costs and other costs. Shipping and delivery costs associated with outbound freight after control of a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales. In addition, reimbursement of certain pre-production costs is considered a development activity and is included in cost of sales. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original or remaining maturity of less than three months at the date of purchase to be cash equivalents. Cash and cash equivalents are maintained with various financial institutions. Accounts Receivable and Allowance for Doubtful Accounts We record trade receivables when revenue is recorded in accordance with our revenue recognition policy and relieve accounts receivable when payments are received from customers. The allowance for doubtful accounts is established through charges to the provision for bad debts. We regularly evaluate the adequacy of the allowance for doubtful accounts based on historical trends in collections and write-offs, our judgment as to the probability of collecting accounts and our evaluation of business risk. This evaluation is inherently subjective, as it requires estimates that are susceptible to revision as more information becomes available. Accounts are determined to be uncollectible when the debt is deemed to be worthless or only recoverable in part and are written off at that time through a charge against the allowance. Generally, we do not require collateral on our accounts receivable. Inventory Valuation Inventories are valued at the lower of cost or market. The last-in, first-out (LIFO) method is used for our U.S. glass inventories, which represented 34.9 percent and 32.2 percent of our total inventories in 2018 and 2017, respectively. The remaining inventories are valued using either the first-in, first-out (FIFO) or average cost method. For those inventories valued on the LIFO method, the excess of FIFO cost over LIFO, was $15.9 million and $13.4 million in 2018 and 2017, respectively. Cost includes the cost of materials, direct labor, in-bound freight and the applicable share of manufacturing overhead. Purchased Intangible Assets and Goodwill Financial Accounting Standards Board Accounting Standards Codification™ ("FASB ASC") Topic 350 - "Intangibles-Goodwill and other" ("FASB ASC 350") requires goodwill and purchased indefinite life intangible assets to be reviewed for impairment annually, or more frequently if impairment indicators arise. Intangible assets with lives restricted by contractual, legal or other means will continue to be amortized over their useful lives. As of October 1st of each year, we update our separate impairment evaluations for both goodwill and indefinite life intangible assets. For further disclosure on goodwill and intangibles, see note 4. Software We account for software in accordance with FASB ASC 350. Software represents the costs of internally developed and/or purchased software for internal use. Capitalized costs include software packages, installation and internal labor costs of employees devoted to the software development project. Costs incurred to modify existing software, providing significant enhancements and creating additional functionality are also capitalized. Once a project is complete, we estimate the useful life of the internal-use software, generally amortizing these costs over a five-year period. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 3 to 14 years for equipment and furnishings and 10 to 40 years for buildings and improvements. Maintenance and repairs are expensed as incurred. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Measurement of an impairment loss for long-lived assets that we expect to hold and use is based on the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. See note 5 for further disclosure. Self-Insurance Reserves Self-insurance reserves reflect the estimated liability for group health and workers' compensation claims not covered by third-party insurance. We accrue estimated losses based on actuarial models and assumptions as well as our historical loss experience. Workers' compensation accruals are recorded at the estimated ultimate payout amounts based on individual case estimates. In addition, we record estimates of incurred-but-not-reported losses based on actuarial models. Pension and Non-pension Post-retirement Benefits We account for pension and non-pension post-retirement benefits in accordance with FASB ASC Topic 715 - "Compensation-Retirement Benefits" ("FASB ASC 715"). FASB ASC 715 requires recognition of the over-funded or under-funded status of pension and other post-retirement benefit plans on the balance sheet. Under FASB ASC 715, gains and losses, prior service costs and credits and any remaining prior transaction amounts that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive loss, net of tax effect where appropriate. The service cost component of pension and post-retirement benefit costs is reported within income from operations while the non-service cost components of net benefit cost (interest costs, expected return on assets, amortization of prior service costs, settlement charges and other costs) are recorded in other income (expense). The U.S. pension plans cover most hourly U.S.-based employees (excluding new hires at Shreveport after December 15, 2008 and at Toledo after September 30, 2010) and those salaried U.S.-based employees hired before January 1, 2006. Effective January 1, 2013, we ceased annual company contribution credits to the cash balance accounts in our Libbey U.S. Salaried Pension Plan and SERP. The non-U.S. pension plans cover the employees of our wholly-owned subsidiary in Mexico. For further discussion see note 8. We also provide certain post-retirement healthcare and life insurance benefits covering substantially all U.S. and Canadian salaried employees hired before January 1, 2004 and a majority of our union hourly employees (excluding employees hired at Shreveport after December 15, 2008 and at Toledo after September 30, 2010). Employees are generally eligible for benefits upon reaching a certain age and completion of a specified number of years of creditable service. Benefits for most hourly retirees are determined by collective bargaining. Under a cross-indemnity agreement, Owens-Illinois, Inc. assumed liability for the non-pension, post-retirement benefit of our retirees who had retired as of June 24, 1993. Therefore, the benefits related to these retirees are not included in our liability. For further discussion see note 9. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax attribute carry-forwards. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is recorded when it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Deferred income tax assets and liabilities are determined separately for each tax paying component in which we conduct our operations or otherwise incur taxable income or losses. We are subject to income taxes in the U.S. and various foreign jurisdictions. Management judgment is required in evaluating our tax positions and determining our provision for income taxes. Throughout the course of business, there are numerous transactions and calculations for which the ultimate tax determination is uncertain. When management believes uncertain tax positions may be challenged despite our belief that the tax return positions are supportable, we record unrecognized tax benefits as liabilities in accordance with the requirements of ASC 740. When our judgment with respect to these uncertain tax positions changes as a result of a change in facts and circumstances, such as the outcome of a tax audit, we adjust these liabilities through increases or decreases to the income tax provision. For further discussion see note 7. Derivatives We account for derivatives in accordance with FASB ASC Topic 815 "Derivatives and Hedging" ("FASB ASC 815"). We hold derivative financial instruments to hedge certain of our interest rate risks associated with long-term debt and commodity price risks associated with forecasted future natural gas requirements. These derivatives qualify for hedge accounting since the hedges are highly effective, and we have designated and documented contemporaneously the hedging relationships involving these derivative instruments. While we intend to continue to meet the conditions for hedge accounting, if we do not believe that forecasted transactions would occur, the changes in the fair value of the derivatives used as hedges would be reflected in earnings. Cash flows from hedges of debt, interest rate swaps and natural gas contracts are classified as operating activities. For further discussion see note 12. Environmental In accordance with U.S. GAAP, we recognize environmental clean-up liabilities on an undiscounted basis when loss is probable and can be reasonably estimated. The cost of the clean-up is estimated by financial and legal specialists based on current law. Such estimates are based primarily upon the estimated cost of investigation and remediation required, and the likelihood that, where applicable, other potentially responsible parties will not be able to fulfill their commitments at the sites where the Company may be jointly and severally liable. Foreign Currency Translation Assets and liabilities of non-U.S. subsidiaries that operate in a local currency environment, where that local currency is the functional currency, are translated to U.S. dollars at exchange rates in effect at the balance sheet date, with the resulting translation adjustments directly recorded to a separate component of accumulated other comprehensive loss. Income and expense accounts are translated at average exchange rates during the year. The effect of exchange rate changes on transactions denominated in currencies other than the functional currency is recorded in other income (expense). For further detail see note 16. Stock-Based Compensation Expense We account for stock-based compensation expense in accordance with FASB ASC Topic 718, “Compensation — Stock Compensation,” ("FASB ASC 718") and FASB ASC Topic 505-50, “Equity-Based Payments to Non-Employees” ("FASB ASC 505-50"). Stock-based compensation cost is measured based on the fair value of the equity instruments issued. FASB ASC 718 and 505-50 apply to all of our outstanding, unvested, stock-based payment awards. Treasury Stock Treasury Stock purchases are recorded at cost. During 2018 and 2017, we did not purchase treasury stock. At December 31, 2018, we had 941,250 shares of common stock available for repurchase, as authorized by our Board of Directors. Research and Development Research and development costs are charged to selling, general and administrative expense in the Consolidated Statements of Operations when incurred. Expenses for 2018 and 2017 were $3.6 million and $3.0 million, respectively. Advertising Costs We expense all advertising costs as incurred. Expenses for 2018 and 2017 were $6.1 million and $5.3 million, respectively. Computation of Earnings (Loss) Per Share of Common Stock Basic earnings (loss) per share of common stock is computed using the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share of common stock is computed using the weighted average number of shares of common stock outstanding plus the dilutive effects of equity-based compensation outstanding during the period using the treasury stock method. Reclassifications In connection with our adoption of ASU 2017-07, certain pension and non-pension expense amounts in the prior year's financial statements have been reclassified to conform with the current year presentation. See New Accounting Standards - Adopted below. New Accounting Standards - Adopted 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 Consolidated Financial Statements. On January 1, 2018, we adopted ASU 2014-09, Revenue From Contracts With Customers and all related amendments, also known as ASC Topic 606, using the modified retrospective method. There was no cumulative effect adjustment required as a result of initially applying the new standard to existing contracts at adoption on January 1, 2018, and we expect the impact of adopting the new standard to be immaterial to our Consolidated Statement of Operations on an ongoing basis. Additionally, there was no impact to our Consolidated Balance Sheets. The enhanced disclosure requirements are included in note 18, Revenue. Results for reporting periods beginning on or after January 1, 2018, are presented under ASC Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our previous accounting under ASC Topic 605. On January 1, 2018, we adopted ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost. ASU 2017-07 improves the presentation of net periodic pension and post-retirement benefit costs. We retrospectively adopted the presentation requirement that the service cost component of pension and post-retirement benefit costs be reported within income from operations. The other components of net benefit cost (interest costs, expected return on assets, amortization of prior service costs, settlement charges and other costs) have been reclassified from cost of sales and selling, general and administrative expenses to other income (expense). On a prospective basis, only the service cost component will be capitalized in inventory or property, plant and equipment, when applicable. The effect of the retrospective presentation change related to the net periodic pension and non-pension benefit costs (credits) on our Consolidated Statement of Operations was as follows:
On January 1, 2018, we early adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 amended the hedge accounting rules to simplify the application of hedge accounting guidance and better portray the economic results of risk management activities in the financial statements. As of January 1, 2018, we recorded a $0.3 million reduction to our retained deficit and an increase in accumulated other comprehensive loss related to our natural gas swap contracts in Mexico that were previously not designated as hedging instruments. On a prospective basis, the change in fair value of these derivatives will be recognized in other comprehensive income (loss) rather than other income (expense) within the Consolidated Statement of Operations. Results and disclosures for reporting periods beginning on or after January 1, 2018, are presented under the new guidance within ASU 2017-12, while prior period amounts and disclosures are not adjusted and continue to be reported in accordance with our previous accounting. See note 12, Derivatives, for further details and disclosures. On December 31, 2018, we early adopted ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. This update modifies the annual disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. ASU 2018-14 removes disclosures that are no longer deemed cost beneficial and adds the following disclosure requirements: 1) weighted-average interest crediting rates for cash balance plans; and 2) an explanation of the reasons for significant gains/losses related to changes in the benefit obligation during the period. The update also clarifies the requirements when entities aggregate disclosures for two or more plans. The new disclosure requirements were applied on a retrospective basis and are included in note 8, Pension, and note 9, Non-pension Post-retirement Benefits. On December 31, 2018, we early adopted ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This standard allows an optional reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the stranded tax effects resulting from the Tax Cuts and Jobs Act will be eliminated, resulting in the reporting of more useful information to financial statement users. ASU 2018-02 relates to only the reclassification of the income tax effects of the Tax Cuts and Jobs Act. The underlying guidance requiring that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early application permitted. We elected not to reclassify the stranded tax effects related to the Tax Cuts and Jobs Act. The adoption did not have an impact on our Consolidated Financial Statements. New Accounting Standards - Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires a lessee to recognize on the balance sheet right-of-use assets and corresponding liabilities for leases with lease terms of more than 12 months. Leases will be classified as either finance or operating leases, with classification affecting the pattern of expense recognition in the income statement. The new guidance also clarifies the definition of a lease and disclosure requirements. ASU 2016-02 is effective for us in the first quarter of 2019. ASU 2016-02 requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach does not require any transition accounting for leases that expired before the earliest comparative period presented. In the third quarter of 2018, the FASB approved an optional transition method permitting an entity to apply the transition provisions of ASU 2016-02 at its adoption date instead of at the earliest comparative period presented in the financial statements. Since this optional adoption method eases the transition burden, we plan to elect it and record a cumulative effect adjustment as of January 1, 2019, without restatement of the previously reported comparative periods. We anticipate recording additional assets and liabilities on the balance sheet similar to the amount of the total present value of our future undiscounted minimum operating lease payments as shown in note 15 of these Consolidated Financial Statements. Additionally, the adoption of this ASU is not expected to have a material impact on our consolidated results of operations or cash flows. We have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, permits us to carry forward our prior conclusions for lease identification and lease classification on existing contracts. We also made an accounting policy election to keep short-term leases off of the balance sheet for all classes of underlying assets. We continue to evaluate the related disclosures in the new lease guidance. We utilized a comprehensive approach to review our lease portfolio, selected a system for managing our leases, completed system implementation, updated our internal controls and conducted training on our new process. 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 application permitted. We are currently assessing the impact that this standard will have on our Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This standard aligns the requirements for capitalizing implementation costs in a cloud computing arrangement service contract with the requirements for capitalizing implementation costs incurred for internal-use software. The new guidance also prescribes the balance sheet, income statement and cash flow classification of the capitalized implementation costs and related amortization expense, and requires additional quantitative and qualitative disclosures. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early application permitted. We are currently assessing the impact that this standard will have on our Consolidated Financial Statements. |
Balance Sheet Details |
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Balance Sheet Details | Balance Sheet Details The following table provides detail of selected balance sheet items:
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Purchased Intangible Assets and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Intangible Assets and Goodwill | Purchased Intangible Assets and Goodwill Purchased Intangibles Changes in purchased intangibles balances are as follows:
Purchased intangible assets are composed of the following:
Amortization expense for definite life intangible assets was $1.0 million and $1.1 million for years 2018 and 2017, respectively. 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. Our measurement date for impairment testing is October 1st of each year. When performing our test for impairment of individual indefinite life intangible assets, we use a relief from royalty method to determine the fair market value that is compared to the carrying value of the indefinite life intangible asset. The inputs used for this analysis are considered Level 3 inputs in the fair value hierarchy. See note 14 for further discussion of the fair value hierarchy. Our October 1st review for 2018 and 2017 did not indicate impairment of our indefinite life intangible assets. The remaining definite life intangible assets at December 31, 2018 consist of customer relationships that are amortized over a period ranging from 13 to 20 years. The weighted average remaining life on the definite life intangible assets is 4.3 years at December 31, 2018. Future estimated amortization expense of definite life intangible assets is as follows (dollars in thousands):
Goodwill Changes in goodwill balances are as follows:
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 14 for further discussion of the fair value hierarchy. When performing our test for impairment, we measure 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. The results of our October 1, 2018 annual impairment test indicated the estimated fair values of all reporting units that have goodwill were in excess of their carrying values, with the Mexico reporting unit's excess fair value exceeding carrying value by approximately 15 percent. The reporting unit within the U.S. and Canada reporting segment, which consists of two aggregated components, had an estimated fair value over carrying value of greater than 50 percent. As part of our on-going assessment of goodwill at September 30, 2017, we noted that third quarter 2017 sales, profitability and cash flow of our Mexico reporting unit (within the Latin America reporting segment) significantly underperformed in comparison to the forecast, and expectations for the fourth quarter of 2017 were lowered as well. These factors, as well as continuing competitive pressures, long-term weakness of the Mexican peso relative to the U.S. dollar, and an increase in the discount rate of 70 basis points from December 31, 2016 to September 30, 2017, contributed to increased pressure on the outlook of the reporting unit. As a result, we determined a triggering event had occurred for our Mexico reporting unit. Accordingly, an interim impairment test was performed, indicating that the carrying value exceeded its fair value, and in accordance with the early adoption of ASU 2017-04, we recorded a non-cash impairment charge of $79.7 million during the third quarter of 2017. As the impairment assessment performed at September 30, 2017 resulted in the fair value of the Mexico reporting unit equaling its carrying value, there was no further impairment as of October 1, 2017. The results of our review performed as of October 1, 2017 also did not indicate an impairment for our other reporting unit with goodwill. |
Property, Plant and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consists of the following:
Depreciation expense was $43.2 million and $44.4 million for the years 2018 and 2017, respectively. |
Borrowings |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings Borrowings consist of the following:
___________________________ (1) Maturity date will be January 9, 2021, if Term Loan B is not refinanced by this date. (2) The interest rate for the ABL Facility is comprised of several different borrowings at various rates. The weighted average rate of all ABL Facility borrowings was 1.94 percent at December 31, 2018. (3) See interest rate swaps under "Term Loan B" below and note 12. Annual maturities for all of our total borrowings for the next five years and beyond are as follows:
Amended and Restated ABL Credit Agreement Libbey Glass and Libbey Europe entered into an Amended and Restated Credit Agreement, dated as of February 8, 2010 and amended as of April 29, 2011, May 18, 2012, April 9, 2014 and December 7, 2017 (as amended, the ABL Facility), with a group of four financial institutions. The ABL Facility provides for borrowings of up to $100.0 million, subject to certain borrowing base limitations, reserves and outstanding letters of credit. All borrowings under the ABL Facility are secured by:
Additionally, borrowings by Libbey Europe under the ABL Facility are secured by:
Swingline borrowings are limited to $10.0 million, with swingline borrowings for Libbey Europe being limited to the U.S. equivalent of $5.0 million. Loans comprising each CBFR (CB Floating Rate) Borrowing, including each Swingline Loan, bear interest at the CB Floating Rate plus the Applicable Rate, and euro-denominated swingline borrowings (Eurocurrency Loans) bear interest calculated at the Netherlands swingline rate, as defined in the ABL Facility, subject to a LIBOR floor of 0.0 percent. The Applicable Rates for CBFR Loans and Eurocurrency Loans vary depending on our aggregate remaining availability. The Applicable Rates for CBFR Loans and Eurocurrency Loans were 0.50 percent and 1.50 percent, respectively, at December 31, 2018. Libbey pays a quarterly Commitment Fee, as defined by the ABL Facility, on the total credit provided under the ABL Facility. The Commitment Fee was 0.25 percent at December 31, 2018. No compensating balances are required by the ABL Facility. The ABL Facility does not require compliance with a fixed charge coverage ratio covenant, unless aggregate unused availability falls below $10.0 million. If our aggregate unused ABL availability were to fall below $10.0 million, the fixed charge coverage ratio requirement would be 1:00 to 1:00. Libbey Glass and Libbey Europe have the option to increase the ABL Facility by $25.0 million. At December 31, 2018, Libbey Glass and Libbey Europe had outstanding borrowings under the ABL Facility of $3.5 million and $16.4 million, respectively. There were no Libbey Glass or Libbey Europe borrowings under the facility at December 31, 2017. Interest is payable on the last day of the interest period, which can range from one month to six months depending on the maturity of each individual borrowing on the ABL facility. The borrowing base under the ABL Facility is determined by a monthly analysis of the eligible accounts receivable and inventory. The borrowing base is the sum of (a) 85 percent of eligible accounts receivable and (b) the lesser of (i) 85 percent of the net orderly liquidation value (NOLV) of eligible inventory, (ii) 65 percent of eligible inventory, or (iii) $75.0 million. At December 31, 2018, the available borrowing base under the ABL Facility was offset by a $0.5 million rent reserve. The ABL Facility also provides for the issuance of up to $15.0 million of letters of credit that, when outstanding, are applied against the $100.0 million limit. At December 31, 2018, $8.0 million in letters of credit were outstanding. Remaining unused availability under the ABL Facility was $71.6 million at December 31, 2018, compared to $91.9 million under the ABL Facility at December 31, 2017. Term Loan B On April 9, 2014, Libbey Glass consummated its $440.0 million Senior Secured Term Loan B of Libbey Glass due 2021 (Term Loan B). The net proceeds of the Term Loan B were $438.9 million, after the 0.25 percent original issue discount of $1.1 million. The Term Loan B had related fees of approximately $6.7 million that will be amortized to interest expense over the life of the loan. The Term Loan B is evidenced by a Senior Secured Credit Agreement, dated April 9, 2014 (Credit Agreement), between Libbey Glass, the Company, the domestic subsidiaries of Libbey Glass listed as guarantors therein (Subsidiary Guarantors and together with the Company, Guarantors), and the lenders. Under the terms of the Credit Agreement, aggregate principal of $1.1 million is due on the last business day of each quarter. The Term Loan B bears interest at the rate of LIBOR plus 3.0 percent, subject to a LIBOR floor of 0.75 percent. The interest rate was 5.39 percent per year at December 31, 2018 and 4.43 percent at December 31, 2017, and will mature on April 9, 2021. Although the Credit Agreement does not contain financial covenants, the Credit Agreement contains other covenants that restrict the ability of Libbey Glass and the Guarantors to, among other things:
We may voluntarily prepay, in whole or in part, the Term Loan B without premium or penalty but with accrued interest. Beginning with the year-ended December 31, 2015, the Credit Agreement requires us to make an annual mandatory prepayment offer to lenders of 0.0 to 50.0 percent of our excess cash flow, depending on our excess cash flow and leverage ratios as defined in the Credit Agreement. The calculation is made at the end of each year and the mandatory prepayment offer to lenders is made no later than ten business days after the filing of our annual compliance certificate to the lenders. The amount of any required mandatory prepayment offer is reduced by the amounts of any optional prepayments we made during the applicable year or prior to the prepayment offer in the year the offer is required to be made. The Credit Agreement provides for customary events of default. In the case of an event of default as defined in the Credit Agreement, all of the outstanding Term Loan B will become due and payable immediately without further action or notice. The Term Loan B and the related guarantees under the Credit Agreement are secured by (i) first priority liens on the Term Priority Collateral and (ii) second priority liens on the ABL Collateral. On April 1, 2015 and September 24, 2018, we executed interest rate swaps on our Term Loan B as part of our risk management strategy to mitigate the risks involved with fluctuating interest rates. The interest rate swaps effectively convert a portion of our 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. See note 12 for further discussion on the interest rate swaps. AICEP Loan From time to time since July 2012, Libbey Portugal has entered into loan agreements with Agencia para Investmento Comercio Externo de Portugal, EPE (AICEP), the Portuguese Agency for investment and external trade. This loan was fully repaid in July 2018, and the interest rate was 0.0 percent. Notes Payable We have an overdraft line of credit for a maximum of €0.8 million. At December 31, 2018 and 2017, there were no borrowings under the facility, which had an interest rate of 1.50 percent. Interest with respect to the note is paid monthly. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The provisions for income taxes were calculated based on the following components of income (loss) before income taxes:
The current and deferred provisions (benefit) for income taxes were:
U.S. income and foreign withholding taxes have not been recognized on the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries that is indefinitely reinvested outside of the United States. This amount becomes taxable upon a repatriation of assets from the subsidiary or a sale or liquidation of the subsidiary. The amount of such temporary differences totaled $14.6 million and $11.4 million as of December 31, 2018 and 2017, respectively. The amount of unrecognized deferred income tax liability on this temporary difference is $3.0 million and $2.4 million as of December 31, 2018 and 2017, respectively. Reconciliation from the statutory U.S. federal income tax rate to the consolidated effective income tax rate was as follows:
Deferred income tax assets and liabilities: Deferred income tax assets and liabilities result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and from income tax carryovers and credits. The significant components of our deferred income tax assets and liabilities are as follows:
___________________________
Valuation Allowances: We currently have a valuation allowance in place on our deferred income tax assets in the Netherlands. We intend to maintain this allowance until a period of sustainable income is achieved and management concludes it is more likely than not that those deferred income tax assets will be realized. A valuation allowance has been recorded against the deferred tax asset related to the limitation on the U.S. deduction for interest expense. Management concluded that it is not more likely than not that the disallowed interest expense for 2018 can be utilized in future years, due to IRS guidance that was issued in the fourth quarter of 2018. In addition, partial valuation allowances have been recorded against state operating loss carryforwards. Uncertain Tax Positions: 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. In August 2016, one of our Mexican subsidiaries received a tax assessment from the Mexican tax authority (SAT) related to the audit of its 2010 tax year. The amount assessed was approximately 3 billion Mexican pesos, which was equivalent to approximately $157 million U.S. dollars as of the date of the assessment. The Company has filed an administrative appeal with SAT requesting that the assessment be fully nullified. We are awaiting the outcome of the appeal. Management, in consultation with external legal counsel, believes that if contested in the Mexican court system, it is more likely than not that the Company would prevail on all significant components of the assessment. Management intends to continue to vigorously contest all significant components of the assessment in the Mexican courts if they are not nullified at the administrative appeal level. We believe that our tax reserves related to uncertain tax positions are adequate at this time. A reconciliation of the beginning and ending gross unrecognized tax benefits, excluding interest and penalties, is as follows:
We recognize interest and penalties related to unrecognized tax benefits in the provision for income taxes. Other disclosures relating to unrecognized tax benefits are as follows:
Based upon the outcome of tax examinations, judicial proceedings, other settlements with taxing jurisdictions, or expiration of statutes of limitations, it is reasonably possible that the ultimate resolution of these unrecognized tax benefits may result in a payment that is materially different from the current estimate of the tax liabilities. It is also reasonably possible that gross unrecognized tax benefits may decrease within the next twelve months by approximately $4.1 million due to settlements with tax authorities. Other Matters: We file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. As of December 31, 2018, the tax years that remained subject to examination by major tax jurisdictions were as follows:
United States Tax Reform: The Tax Cuts and Jobs Act (the Act), signed into law on December 22, 2017, changed many aspects of the U.S. tax code, by reducing the corporate income tax rate from 35 percent to 21 percent, shifting to a territorial tax system with a related one-time transition tax on accumulated, unremitted earnings of foreign subsidiaries, limiting interest deductions, allowing the current expensing of certain capital expenditures, and numerous other changes that applied prospectively beginning in 2018. We recorded a charge of $6.7 million in the fourth quarter of 2017, principally related to re-measurement of the net U.S. deferred income tax assets at the 21 percent tax rate. We applied the guidance in SAB 118 when accounting for the enactment date effects of the Act in 2017 and throughout 2018. As of December 31, 2018, we completed our accounting for all the enactment date income tax effects of the Act. There were no material revisions to the taxes recorded at December 31, 2017. The Act subjects a U.S. shareholder to tax on Global Intangible Low-Taxed Income (GILTI) earned by certain foreign entities. The FASB Staff Q&A Topic 740, No. 5 "Accounting for Global Low-Taxed Income", states that an entity may make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax expense is incurred as a period expense. We have elected to account for GILTI as a period expense when incurred. |
Pension |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension | Pension We have pension plans covering the majority of our employees. Benefits generally are based on compensation and length of service for salaried employees and job grade and length of service for hourly employees. In addition, we have an unfunded supplemental employee retirement plan (SERP) that covers salaried U.S.-based employees of Libbey hired before January 1, 2006. The U.S. pension plans cover the salaried U.S.-based employees of Libbey hired before January 1, 2006, and most hourly U.S.-based employees (excluding employees hired at Shreveport after December 15, 2008, and at Toledo after September 30, 2010). Effective January 1, 2013, we ceased annual company contribution credits to the cash balance accounts in our Libbey U.S. Salaried Pension Plan and SERP. The non-U.S. pension plans cover the employees of our wholly owned subsidiary in Mexico and are unfunded. Effect on Operations The components of our net pension expense, including the SERP, are as follows:
In 2018 and 2017, the pension settlement charges were triggered by excess lump sum distributions taken by employees, which required us to record unrecognized gains and losses in our pension plan accounts. The non-service cost components of pension expense are included in other income (expense) on the Consolidated Statements of Operations. See note 16 for additional information. Actuarial Assumptions The assumptions used to determine net periodic pension expense for each year and the benefit obligations at December 31st were as follows:
The discount rate enables us to estimate the present value of expected future cash flows on the measurement date. The rate used reflects a rate of return on high-quality fixed income investments that match the duration of expected benefit payments at our December 31 measurement date. The discount rate at December 31 is used to measure the year-end benefit obligations and the earnings effects for the subsequent year. A higher discount rate decreases the present value of benefit obligations and decreases pension expense. To determine the expected long-term rate of return on plan assets for our funded plans, we consider the current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. At December 31, 2018, the expected long-term rate of return on plan assets is 6.50 percent, which will be used to measure the earnings effects for 2019. The cash balance interest crediting rate, which applies only to the U.S. Salaried Plan, enables us to calculate the benefit obligation through projecting future interest credits on cash balance accounts between the measurement date and a participant’s assumed retirement date. The rate adjusts annually and is the 30-year Treasury rate in effect as of October in the preceding plan year, subject to a minimum of 5 percent. A lower cash balance interest crediting rate assumption decreases the benefit obligation and decreases pension expense. Future benefits are assumed to increase in a manner consistent with past experience of the plans except for the Libbey U.S. Salaried Pension Plan and SERP as discussed above, which, to the extent benefits are based on compensation, includes assumed compensation increases as presented above. Amortization included in net pension expense is based on the average remaining service of employees. We account for our defined benefit pension plans on an expense basis that reflects actuarial funding methods. The actuarial valuations require significant estimates and assumptions to be made by management, primarily with respect to the discount rate and expected long-term return on plan assets. These assumptions are all susceptible to changes in market conditions. The discount rate is based on a selected settlement portfolio from a universe of high quality bonds. In determining the expected long-term rate of return on plan assets, we consider historical market and portfolio rates of return, asset allocations and expectations of future rates of return. We evaluate these critical assumptions on our annual measurement date of December 31st. Other assumptions involving demographic factors such as retirement age, mortality and turnover are evaluated periodically and are updated to reflect our experience. Actual results in any given year often will differ from actuarial assumptions because of demographic, economic and other factors. For our U.S. pension plans, we use the RP 2014 Sex Distinct Mortality Tables, as released by the Society of Actuaries, to determine our projected benefit obligations. Beginning annually in 2015, the Society of Actuaries has published new generational projection scales reflecting additional years of mortality experience, and we have adopted these updates in each respective year. Projected Benefit Obligation (PBO) and Fair Value of Assets The changes in the projected benefit obligations and fair value of plan assets are as follows:
The U.S. defined benefit pension plans experienced actuarial (gains) losses of $(28.5) million and $23.0 million for the years ended December 31, 2018 and 2017, respectively, primarily driven by assumption changes in the discount rate used to determine the benefit obligations. The non-U.S. defined benefit pension plans experienced actuarial (gains) losses of $(3.1) million and $1.4 million for the years ended December 31, 2018 and 2017, respectively, primarily driven by assumption changes in the discount rate and demographic experience used to determine the benefit obligations. The current portion of the pension liability reflects the amount of expected benefit payments that are greater than the plan assets on a plan-by-plan basis. The net accrued pension benefit liability at December 31st represents underfunded (including unfunded) pension benefits, and is included in the Consolidated Balance Sheets as follows:
The cumulative pretax amounts recognized in accumulated other comprehensive loss (AOCI) as of December 31 are as follows:
Estimated contributions for 2019, as well as, contributions made in 2018 and 2017 to the pension plans are as follows:
It is difficult to estimate future cash contributions to the pension plans, as such amounts are a function of actual investment returns, withdrawals from the plans, changes in interest rates and other factors uncertain at this time. It is possible that greater cash contributions may be required in 2019 than the amounts in the above table. Although a decline in market conditions, changes in current pension law and uncertainties regarding significant assumptions used in the actuarial valuations may have a material impact in future required contributions to our pension plans, we currently do not expect funding requirements to have a material adverse impact on current or future liquidity. Pension benefit payment amounts are anticipated to be paid from the plans (including the SERP) as follows:
Projected and Accumulated Benefit Obligations in Excess of Plan Assets The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with a projected and accumulated benefit obligation in excess of plan assets at December 31, 2018 and 2017 were as follows:
Plan Assets Our investment strategy is to control and manage investment risk through diversification across asset classes and investment styles, within established target asset allocation ranges. The investment risk of the assets is limited by appropriate diversification both within and between asset classes. Assets are diversified among a mix of traditional investments in equity and fixed income instruments, as well as alternative investments including real estate and hedge funds. It would be anticipated that a modest allocation to short-term investments would exist within the plans, since each investment manager is likely to hold some short-term investments in the portfolio with the goal of ensuring that sufficient liquidity will be available to meet expected cash flow requirements. Our investment valuation policy is to state the investments at fair value. Primarily all investments are valued at their respective net asset value (NAV) as a practical expedient and calculated by the Trustee. The real estate, equity securities and fixed income investments are held in a Group Trust which is valued at the unit prices established by the Trustee and are valued using NAV as a practical expedient. Underlying equity securities (including large and small cap domestic and international equities), for which market quotations are readily available, are valued at the last reported readily available sales price on their principal exchange on the valuation date or official close for certain markets. Fixed income investments are valued on a basis of valuations furnished by a trustee-approved pricing service, which determines valuations for normal institutional-size trading units of such securities which are generally recognized at fair value as determined in good faith by the Trustee. The fair value of investments in real estate funds is based on valuation of the fund as determined by periodic appraisals of the underlying investments owned by the respective fund. Investments in registered investment companies are valued at quoted market prices. Collective pooled funds, if any, are recorded using NAV practical expedients. Short-term investments are valued at their respective NAV and have no redemption restrictions. The hedge fund investments using NAV as a practical expedient are valued by using estimated month-end NAV and performance numbers provided by the fund administrator. The Plan is required to provide a month’s advance written notice to liquidate its entire share in the Group Trust. Certain investments in the hedge funds can only be liquidated on either a quarterly or semi-annual basis, require advance notification and are subject to audit holdback provisions. Investments measured at NAV as a practical expedient for fair value have been excluded from the fair value hierarchy, in accordance with U.S. GAAP. The table below presents our U.S. pension plan assets at fair value.
Other Retirement Plans We sponsor the Libbey Inc. Salary and Hourly 401(k) plans (the Plans) to provide retirement benefits for our U.S. employees. As allowed under Section 401(k) of the Internal Revenue Code, the Plans provide for tax-deferred wage contributions for eligible employees. For the Salary Plan, we match 100 percent on the first 6 percent of pretax contributions from eligible earnings on a per pay basis. For the Hourly Plan, we match 50 percent of the first 6 percent of pretax contributions from eligible earnings on a per pay basis. All matching contributions are invested according to the employees' deferral elections and vest immediately. Our matching contributions to all U.S. Plans totaled $3.8 million and $3.6 million in 2018 and 2017, respectively. Libbey Holland makes cash contributions to the Pensioenfonds voor de Grafische Bedrijven (“PGB”), an industry wide pension fund, as participating employees earn pension benefits. These related costs are expensed as incurred and amounted to $2.0 million and $1.9 million in 2018 and 2017, respectively. |
Non-pension Post-retirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-pension Post-retirement Benefits | Non-pension Post-retirement Benefits We provide certain retiree healthcare and life insurance benefits covering our U.S. and Canadian salaried employees hired before January 1, 2004 and a majority of our union hourly employees (excluding employees hired at Shreveport after December 15, 2008, and at Toledo after September 30, 2010). Employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. Benefits for most hourly retirees are determined by collective bargaining. The U.S. non-pension, post-retirement plans cover the hourly and salaried U.S.-based employees of Libbey (excluding those mentioned above). The non-U.S., non-pension, post-retirement plans cover the retirees and active employees of Libbey who are located in Canada. The post-retirement benefit plans are unfunded. Effect on Operations The provision for our non-pension, post-retirement, benefit expense consists of the following:
The non-service cost components of benefit expense above are included in other income (expense) on the Consolidated Statements of Operations. See note 16 for additional information. Actuarial Assumptions The significant assumptions used for each year and at December 31st were as follows:
We use various actuarial assumptions, including the discount rate and the expected trend in healthcare costs, to estimate the costs and benefit obligations for our retiree health plan. The discount rate is determined based on high-quality fixed income investments that match the duration of expected retiree medical benefits at our December 31 measurement date to establish the discount rate. The discount rate at December 31 is used to measure the year-end benefit obligations and the earnings effects for the subsequent year. The healthcare cost trend rate represents our expected annual rates of change in the cost of healthcare benefits. The trend rate noted above represents a forward projection of healthcare costs as of the measurement date. Accumulated Post-retirement Benefit Obligation The components of our non-pension, post-retirement, benefit obligation are as follows:
The U.S. non-pension, post-retirement, benefit plans experienced actuarial gains of $5.3 million in 2018 primarily due to lower than expected healthcare costs and the updated discount rate. Actuarial gains in the U.S. of $5.5 million in 2017 were primarily driven by assumption changes related to lower than expected healthcare costs and demographic gains, partially offset by losses from the updated discount rate. The total accrued non-pension, post-retirement, benefits liability at December 31st represents unfunded post-retirement benefits and is included in the Consolidated Balance Sheets as follows:
The cumulative pretax amounts recognized in AOCI as of December 31 are as follows:
Non-pension, post-retirement, benefit payments, net of estimated future Medicare Part D subsidy payments and future retiree contributions, are anticipated to be paid as follows:
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Net Income per Share of Common Stock |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss per Share of Common Stock | Net Loss per Share of Common Stock The following table sets forth the computation of basic and diluted loss per share:
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. |
Employee Stock Benefit Plans |
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Share-based Compensation Arrangement by Share-based Payment Award [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Benefit Plans | Employee Stock Benefit Plans We have two equity participation plans, the Amended and Restated Libbey Inc. 2006 Omnibus Incentive Plan and the Libbey Inc. 2016 Omnibus Incentive Plan, which we refer to as the Omnibus Plans. Up to a total of 2,960,000 and 1,200,000 shares of Libbey Inc. common stock are authorized for issuance as equity-based compensation under the 2006 and 2016 Omnibus Plans, respectively. Under the Omnibus Plans, grants of equity-based compensation may take the form of stock, stock options, stock appreciation rights, performance shares or units, restricted stock or restricted stock units (RSUs) or other stock-based awards. Employees and directors are eligible for awards under these plans. The vesting period of stock options and RSUs is generally four years with one quarter of the award vesting each year. We grant non-employee members of our Board of Directors shares of stock that vest immediately. Awards are subject to alternate vesting plans for death, disability, retirement eligibility and involuntary termination. All grants of equity-based compensation are amortized using a ratable straight-line method over the vesting period and are recorded in selling, general and administrative expenses in the Consolidated Statements of Operations. Shares of common stock to be issued under the plans are made available through authorized and unissued Libbey common stock. As of December 31, 2018, shares available to be issued under the 2006 and 2016 Omnibus Incentive Plans were 784,139 and 184,093, respectively. In addition, we have a limited number of outstanding stock appreciation rights and cash-settled RSUs that are immaterial and will be settled in cash. The Black-Scholes option-pricing model is used to estimate the grant-date fair value for stock options. The exercise price of each stock option equals the closing market price of our common stock on the date of grant. The maximum term is ten years. Grant-date fair value for RSUs is measured based on the closing market price of the stock at date of grant less the present value of expected dividends over the vesting period, as dividends are not payable on unvested RSUs. The following table summarizes award activity for the current fiscal year:
Since all stock options are under water at December 31, 2018, there is no intrinsic value for stock options outstanding or exercisable. At December 31, 2018, the weighted-average remaining contractual life for stock options outstanding and stock options exercisable is 6.6 years and 5.6 years, respectively. The intrinsic value for share-based instruments is defined as the difference between the current market value and the exercise price. As of December 31, 2018, unrecognized compensation expense related to nonvested stock options and nonvested RSUs is $0.1 million and $1.8 million, respectively, which is expected to be recognized over the weighted average period of 1.3 years for stock options and 1.7 years for RSUs. The following table summarizes award expensing and fair value information for the periods presented:
The risk-free interest rate is based on the U.S. Treasury yield curve at the time of grant and has a term equal to the expected life. The expected term represents the period of time the stock options are expected to be outstanding. We use the actual historical exercise activity for determining the expected term. Expected volatility is calculated based on Libbey's daily stock closing prices for a period equal to the expected life of the award. The dividend yield is calculated as the ratio based on our most recent historical dividend payments per share of common stock at the grant date to the stock price on the date of grant. |
Derivatives |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives We utilize 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. These derivatives, except for the natural gas contracts used in our Mexican manufacturing facilities prior to 2018, qualify for hedge accounting since the hedges are highly effective, and we have designated and documented contemporaneously the hedging relationships involving these derivative instruments. While we intend to continue to meet the conditions for hedge accounting, if hedges do not qualify as highly effective or if we do not believe that forecasted transactions would occur, the changes in the fair value of the derivatives used as hedges would be reflected in our earnings. Our contracts with counterparties generally contain right of offset provisions. These provisions effectively reduce our exposure to credit risk in situations where the Company has gain and loss positions outstanding with a single counterparty. It is our policy to offset on the Consolidated Balance Sheets the amounts recognized for derivative instruments executed with the same counterparty under a master netting agreement. Prior to January 1, 2018, our derivatives used to reduce economic volatility of natural gas prices in Mexico were not designated as cash flow hedges. All mark-to-market changes on these derivatives were reflected in other income (expense). On January 1, 2018, we adopted ASU 2017-12 for hedge accounting. Under this new guidance, we apply contractually specified component hedging to all of our natural gas hedges. This allows us to record changes in fair value for outstanding natural gas derivatives to other comprehensive income (loss) beginning January 1, 2018. See note 2 for additional details on the adoption of ASU 2017-12. We do not believe we are exposed to more than a nominal amount of credit risk in our natural gas hedges and interest rate swaps as the counterparties are established financial institutions. The counterparties for the derivative agreements are rated BBB+ or better as of December 31, 2018, by Standard and Poor’s. Fair Values The following table provides the fair values of our derivative financial instruments for the periods presented:
The following table presents cash settlements (paid) received related to the below derivatives:
The following table provides a summary of the impacts of derivative gain (loss) on the Consolidated Statements of Operations and other comprehensive income (OCI):
Natural Gas Contracts We use natural gas swap contracts related to forecasted future North American natural gas requirements. The objective of these commodity contracts is to limit the fluctuations in prices paid due to price movements in the underlying commodity. We consider our forecasted natural gas requirements in determining the quantity of natural gas to hedge. We combine 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 are determined from market quotes. The following table presents the notional amount of our natural gas derivatives on the Consolidated Balance Sheets:
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. Changes in the fair value of these hedges are recorded in other comprehensive income (loss). As the natural gas contracts mature, the accumulated gains (losses) for the respective contracts are reclassified from accumulated other comprehensive loss to current expense in cost of sales in our Consolidated Statements of Operations. Based on our current valuation, we estimate that accumulated gains for natural gas currently carried in accumulated other comprehensive loss that will be reclassified into earnings over the next twelve months will result in $0.2 million of gain to our Consolidated Statements of Operations. 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 Term Loan B. The interest rate swaps effectively convert a portion of our 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.
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Our interest rate swaps are valued using the market standard methodology of netting the discounted expected future variable cash receipts and the discounted future fixed cash payments. The variable cash receipts are based on an expectation of future interest rates derived from observed market interest rate forward curves. Our interest rate swaps qualify and are designated as cash flow hedges at December 31, 2018, and are accounted for 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. Changes in the fair value of these hedges are recorded in other comprehensive income (loss). Based on our current valuation, we estimate that $1.4 million will be reclassified into earnings over the next twelve months, resulting in a reduction to interest expense in our Consolidated Statements of Operations. |
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Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) (AOCI), net of tax, is as follows:
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | 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:
The fair value of our derivative financial instruments by level is as follows:
The fair values of our commodity futures natural gas contracts are determined using observable market inputs. The fair value of our interest rate swaps are based on the market standard methodology of netting the discounted expected future variable cash receipts and the discounted future fixed cash payments. The variable cash receipts are based on an expectation of future interest rates derived from observed market interest rate forward curves. Since these inputs are observable in active markets over the terms that the instruments are held, the derivatives are classified as Level 2 in the hierarchy. We also evaluate Company and counterparty risk in determining fair values. The commodity futures natural gas contracts and interest rate swaps are hedges of either recorded assets or liabilities or anticipated transactions. Changes in values of the underlying hedged assets and liabilities or anticipated transactions are not reflected in the above table. Financial instruments carried at cost on the Consolidated Balance Sheets, as well as the related fair values, are as follows:
The fair value of our Term Loan B has been calculated based on quoted market prices for the same or similar issues, and the fair value of our ABL Facility approximates carrying value due to variable rates. The fair value of our other immaterial debt approximates carrying value at December 31, 2017. The fair value of our cash and cash equivalents, accounts receivable and accounts payable approximate their carrying value due to their short term nature. |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases | Operating Leases Rental expense for all non-cancelable operating leases was $18.9 million and $17.0 million in 2018 and 2017, respectively. Future minimum rentals under operating leases are as follows (dollars in thousands):
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Other Income (Expense) | Other Income (Expense) Items included in other income (expense) in the Consolidated Statements of Operations are as follows:
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Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 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 clean-up 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. On October 30, 2009, the United States Environmental Protection Agency ("U.S. EPA") designated Syracuse China Company ("Syracuse China"), our wholly-owned subsidiary, as one of eight PRPs with respect to the Lower Ley Creek sub-site of the Onondaga Lake Superfund site located near the ceramic dinnerware manufacturing facility that Syracuse China operated from 1995 to 2009 in Syracuse, New York. As a PRP, we may be required to pay a share of the costs of investigation and remediation of the Lower Ley Creek sub-site. U.S. EPA has completed its Remedial Investigation (RI), Feasibility Study (FS), Risk Assessment (RA) and Proposed Remedial Action Plan (PRAP). U.S. EPA issued its Record of Decision (RoD) on September 30, 2014. The RoD indicates that U.S. EPA's estimate of the undiscounted cost of remediation ranges between approximately $17.0 million (assuming local disposal of contaminated sediments is feasible) and approximately $24.8 million (assuming local disposal is not feasible). However, the RoD acknowledges that the final cost of the cleanup will depend upon the actual volume of contaminated material, the degree to which it is contaminated, and where the excavated soil and sediment is properly disposed. In connection with the General Motors Corporation (“GM”) bankruptcy, U.S. EPA recovered $22.0 million from Motors Liquidation Company (MLC), the successor to GM. If the cleanup costs do not exceed the amount recovered by U.S. EPA from MLC, Syracuse China may suffer no loss. If and to the extent the cleanup costs exceed the amount recovered by U.S. EPA from MLC, it is not yet known whether other PRPs will be added to the current group of PRPs or how any excess costs may be allocated among the PRPs. On March 3, 2015, the EPA issued to the PRPs notices and requests to negotiate performance of the remedial design (RD), work. The notices contemplate that any agreement to perform the RD work would be memorialized in an Administrative Order on Consent (AOC). On July 14, 2016, the PRPs entered into an AOC to perform the RD work. The EPA and PRPs anticipate that the RD work will produce additional information from which the feasibility of a local disposal option and the cleanup costs can be better determined. The EPA has declined to advance the GM Settlement Funds for the RD work, instead conditioning use of those funds to reimburse for the RD work upon the successful completion of the RD work and the finalization of an AOC to perform the remedial action work. In connection with the above proceedings relating to the Lower Ley Creek sub-site, an estimated environmental liability of $0.7 million and a recoverable amount of $0.4 million in other assets have been recorded in the Consolidated Balance Sheet at December 31, 2018. An estimated liability of $0.8 million and a recoverable amount of $0.4 million in other assets have been recorded in the Consolidated Balance Sheet at December 31, 2017. Immaterial amounts have been recorded in cost of sales in the Consolidated Statements of Operations during 2018 and 2017. 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. On October 26, 2018, Revitalizing Auto Communities Environmental Response Trust (“RACER Trust”) and RACER Properties LLC filed a complaint in the United States District Court for the Northern District of New York against our wholly-owned subsidiaries Syracuse China Company and Libbey Glass Inc. (collectively, “SCC”) and more than 30 other companies. RACER Properties LLC is the owner of a former GM manufacturing facility located in Onondaga County, New York, and the RACER Trust, established pursuant to a 2010 Environmental Response Trust Consent Decree and Settlement Agreement approved by the U.S. Bankruptcy Court (the "2010 Trust Consent Decree"), was created to clean up and reposition for development certain properties owned by the former GM. The complaint alleges that SCC and the other defendants are jointly and severally liable, along with the plaintiffs, for the remediation of polychlorinated biphenyls (“PCBs”) and certain other hazardous substances in soils and sediments in Upper Ley Creek between Town Line Road and the Route 11 Bridge in Onondaga County, New York (the “Upper Ley Creek sub-site”). The Upper Ley Creek sub-site is located immediately upstream of the Lower Ley Creek sub-site. Pursuant to a 2015 Consent Order with the New York State Department of Environmental Conservation (“NYSDEC”), the RACER Trust committed to undertake certain remedial work with respect to the Upper Ley Creek sub-site utilizing funds set aside for this purpose by the Bankruptcy Court. According to the complaint, the NYSDEC has directed the RACER Trust to investigate a 22-acre area of land on the north side of Upper Ley Creek that is allegedly outside of the original geographic scope of the remedial work contemplated by the 2010 Trust Consent Decree. The complaint alleges that if additional remediation in that area becomes necessary, the remediation budget for the Upper Ley Creek sub-site could increase to as much as approximately $93.5 million. If SCC is determined to be a PRP for the Upper Ley Creek sub-site, SCC may be required to pay a share of the costs of investigation and remediation of the Upper Ley Creek sub-site. SCC intends to defend this action vigorously and is currently evaluating its legal options. We cannot predict the ultimate outcome of this proceeding, and the amount that SCC may ultimately be required to pay is currently not reasonably estimable. To the extent that Syracuse China has a liability with respect to the Lower Ley Creek sub-site, including without limitation costs to fund the RD work, or with respect to the Upper Ley Creek sub-site, and to the extent the liability arose prior to our 1995 acquisition of the Syracuse China assets, the liability would be subject to the indemnification provisions contained in the Asset Purchase Agreement between the Company and The Pfaltzgraff Co. (now known as TPC-York, Inc. ("TPC York")) and certain of its subsidiaries. Accordingly, Syracuse China has notified TPC York of its claims for indemnification under the Asset Purchase Agreement. Such costs will be shared up to an aggregate cost of $7.5 million. Of this amount, the Company already has incurred $0.4 million and TPC York remains liable for up to an additional $2.9 million. TPC York already has reimbursed the Company for $1.3 million. On November 12, 2018, we received notice from the BKK Working Group that Libbey Glass Inc. is a PRP with respect to waste disposal at a former landfill (the "BKK Landfill") in West Covina, California. The BKK Working Group consists of approximately 50 entities who are cooperating with the California Department of Toxic Substances Control to investigate and remediate the BKK Landfill. The BKK Working Group alleges that Libbey Glass Inc., along with over 500 other entities, disposed of manifested waste at the landfill between 1963 and 1984 and therefore may be liable for a portion of the costs incurred. As of the date of this disclosure, Libbey Glass Inc. has not been named a defendant in the related lawsuit. Accordingly, at this time we are evaluating our legal options and have not formed an opinion that an unfavorable outcome is either probable or remote or the range of any potential loss. 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. Please refer to note 7, Income Taxes, for a detailed discussion on tax contingencies. |
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Revenue | 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. For the year ended December 31, 2018, bad debt expense was immaterial. Additionally, adjustments related to revenue recognized in prior periods was not material for 2018. There were no material contract assets, contract liabilities or deferred contract costs recorded on the Consolidated Balance Sheet as of December 31, 2018. Disaggregation of Revenue: The following table presents our net sales disaggregated by business channel:
Each operating segment has revenues across all our business channels. Each channel has a different marketing strategy, customer base and product composition. Over 75 percent of each segment's revenue is derived from the following business channels: U.S. and Canada from foodservice and retail; Latin America from retail and business-to-business; and EMEA from retail and business-to-business. Foodservice The majority of our tabletop products sold in the foodservice channel are sold through a network of foodservice distributors. Our strong foodservice distributor network and in-house sales force provide broad coverage to a wide variety of foodservice establishments, including restaurants, bars, hotels and other travel and tourism venues. A high percentage of foodservice sales are replacements, driving a relatively predictable revenue stream. Retail Our primary customers in the retail channel include mass merchants, department stores, national retail chains, pure play e-commerce retailers or marketers, retail and wholesale distributors, value-oriented retailers, grocers and specialty housewares stores. We also operate outlet stores in the U.S., Mexico and Portugal. Business-to-business Our customers for products sold in the diverse business-to-business channel include beverage companies and custom decorators of glass tableware for promotional purposes and resale. In addition, sales of our products in this channel include products for candle and floral applications, craft industries and gourmet food-packing companies. Our Latin America region also sells blender jars and various OEM products in this channel. |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments and Geographic Information | Segments and Geographic Information Our reporting segments align with our regionally focused organizational structure, which we believe enables us to better serve customers across the globe. Under this structure, we report financial results for 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 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 described in note 2. 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. It is impracticable to provide revenue by product categories.
______________________________ (1) Legal and professional fees associated with a strategic initiative that was terminated during the third quarter of 2018.
______________________________ (1) Segment assets are defined as net accounts receivable plus net inventory. Geographic data for the U.S., Mexico and Other countries for 2018 and 2017 is presented below. Net sales are based on the geographical destination of the sale. The long-lived assets include net property, plant and equipment.
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Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On February 18, 2019, the Board of Directors of Libbey approved a plan to pursue strategic alternatives with respect to our business in the People’s Republic of China (PRC), including the sale or closure of our manufacturing and distribution facility located in Langfang, PRC. The Board’s decision supports our ongoing efforts to optimize our manufacturing and supply network to deliver customer value and achieve our strategic objectives, including deployment of our capital to better drive shareholder value. Due to the current level of uncertainty surrounding the ultimate course of action, we are unable, at this time, to estimate an amount or range of amounts of any potential asset impairment charges that we may incur or cash expenditures that may be required as a result of the outcome of the planned strategic review. At such time as we have determined an estimate or range of estimates of any cash and non-cash charges resulting from our planned strategic review, we will report the estimate or range of estimates as required pursuant to Item 2.05 of Form 8-K. |
Significant Accounting Policies (Policies) |
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Basis of Presentation | Basis of Presentation The Consolidated Financial Statements include Libbey Inc. and its majority-owned subsidiaries (collectively, Libbey or the Company). Our fiscal year end is December 31st. The preparation of financial statements and related disclosures in conformity with United States generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results could differ materially from management’s estimates. |
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Revenue Recognition | Revenue Recognition Our customer contracts generally include a single performance obligation, the shipment of specified products, and are recognized at a point in time when control of the product has transferred to the customer. Transfer of control primarily takes place when risk of loss transfers in accordance with applicable shipping terms. Revenue is recognized based on the consideration specified in a contract with the customer, and is measured as the amount of consideration to which we expect to be entitled in exchange for transferring goods or providing services. When applicable, the transaction price includes estimates of variable consideration. We estimate provisions for rebates, customer incentives, allowances, returns and discounts based on the terms of the contracts, historical experience and anticipated customer purchases during the rebate period as sales occur. We continually evaluate the adequacy of these methods used, adjusting our estimates when the amount of consideration to which we expect to be entitled changes. Refund liabilities are included in accrued liabilities on the Consolidated Balance Sheet. Our payment terms are based on customary business practices and can vary by region and customer type, but are generally 0-90 days. Since the term between invoicing and expected payment is less than a year, we do not adjust the transaction price for the effects of a financing component. Taxes collected from customers are excluded from revenues and credited directly to obligations to the appropriate governmental agencies. For contracts with a duration of less than one year, we follow an allowable practical expedient and expense contract acquisition costs when incurred. We do not have any costs to obtain or fulfill a contract that are capitalized under ASC Topic 340-40. |
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Cost of Sales | Cost of Sales Cost of sales includes cost to manufacture and/or purchase products, warehouse, shipping and delivery costs and other costs. Shipping and delivery costs associated with outbound freight after control of a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales. In addition, reimbursement of certain pre-production costs is considered a development activity and is included in cost of sales. |
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Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments purchased with an original or remaining maturity of less than three months at the date of purchase to be cash equivalents. Cash and cash equivalents are maintained with various financial institutions. |
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Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts We record trade receivables when revenue is recorded in accordance with our revenue recognition policy and relieve accounts receivable when payments are received from customers. The allowance for doubtful accounts is established through charges to the provision for bad debts. We regularly evaluate the adequacy of the allowance for doubtful accounts based on historical trends in collections and write-offs, our judgment as to the probability of collecting accounts and our evaluation of business risk. This evaluation is inherently subjective, as it requires estimates that are susceptible to revision as more information becomes available. Accounts are determined to be uncollectible when the debt is deemed to be worthless or only recoverable in part and are written off at that time through a charge against the allowance. Generally, we do not require collateral on our accounts receivable. |
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Inventory Valuation | Inventory Valuation Inventories are valued at the lower of cost or market. The last-in, first-out (LIFO) method is used for our U.S. glass inventories, which represented 34.9 percent and 32.2 percent of our total inventories in 2018 and 2017, respectively. The remaining inventories are valued using either the first-in, first-out (FIFO) or average cost method. For those inventories valued on the LIFO method, the excess of FIFO cost over LIFO, was $15.9 million and $13.4 million in 2018 and 2017, respectively. Cost includes the cost of materials, direct labor, in-bound freight and the applicable share of manufacturing overhead. |
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Goodwill and Intangible Assets | Purchased Intangible Assets and Goodwill Financial Accounting Standards Board Accounting Standards Codification™ ("FASB ASC") Topic 350 - "Intangibles-Goodwill and other" ("FASB ASC 350") requires goodwill and purchased indefinite life intangible assets to be reviewed for impairment annually, or more frequently if impairment indicators arise. Intangible assets with lives restricted by contractual, legal or other means will continue to be amortized over their useful lives. As of October 1st of each year, we update our separate impairment evaluations for both goodwill and indefinite life intangible assets. 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. |
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Software | Software We account for software in accordance with FASB ASC 350. Software represents the costs of internally developed and/or purchased software for internal use. Capitalized costs include software packages, installation and internal labor costs of employees devoted to the software development project. Costs incurred to modify existing software, providing significant enhancements and creating additional functionality are also capitalized. Once a project is complete, we estimate the useful life of the internal-use software, generally amortizing these costs over a five-year period. |
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Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 3 to 14 years for equipment and furnishings and 10 to 40 years for buildings and improvements. Maintenance and repairs are expensed as incurred. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Measurement of an impairment loss for long-lived assets that we expect to hold and use is based on the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. |
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Self-Insurance Reserves | Self-Insurance Reserves Self-insurance reserves reflect the estimated liability for group health and workers' compensation claims not covered by third-party insurance. We accrue estimated losses based on actuarial models and assumptions as well as our historical loss experience. Workers' compensation accruals are recorded at the estimated ultimate payout amounts based on individual case estimates. In addition, we record estimates of incurred-but-not-reported losses based on actuarial models. |
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Pension and Non-pension Post-retirement Benefits | Pension and Non-pension Post-retirement Benefits We account for pension and non-pension post-retirement benefits in accordance with FASB ASC Topic 715 - "Compensation-Retirement Benefits" ("FASB ASC 715"). FASB ASC 715 requires recognition of the over-funded or under-funded status of pension and other post-retirement benefit plans on the balance sheet. Under FASB ASC 715, gains and losses, prior service costs and credits and any remaining prior transaction amounts that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive loss, net of tax effect where appropriate. The service cost component of pension and post-retirement benefit costs is reported within income from operations while the non-service cost components of net benefit cost (interest costs, expected return on assets, amortization of prior service costs, settlement charges and other costs) are recorded in other income (expense). The U.S. pension plans cover most hourly U.S.-based employees (excluding new hires at Shreveport after December 15, 2008 and at Toledo after September 30, 2010) and those salaried U.S.-based employees hired before January 1, 2006. Effective January 1, 2013, we ceased annual company contribution credits to the cash balance accounts in our Libbey U.S. Salaried Pension Plan and SERP. The non-U.S. pension plans cover the employees of our wholly-owned subsidiary in Mexico. For further discussion see note 8. We also provide certain post-retirement healthcare and life insurance benefits covering substantially all U.S. and Canadian salaried employees hired before January 1, 2004 and a majority of our union hourly employees (excluding employees hired at Shreveport after December 15, 2008 and at Toledo after September 30, 2010). Employees are generally eligible for benefits upon reaching a certain age and completion of a specified number of years of creditable service. Benefits for most hourly retirees are determined by collective bargaining. Under a cross-indemnity agreement, Owens-Illinois, Inc. assumed liability for the non-pension, post-retirement benefit of our retirees who had retired as of June 24, 1993. Therefore, the benefits related to these retirees are not included in our liability. |
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Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax attribute carry-forwards. Deferred income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is recorded when it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Deferred income tax assets and liabilities are determined separately for each tax paying component in which we conduct our operations or otherwise incur taxable income or losses. We currently have a valuation allowance in place on our deferred income tax assets in the Netherlands. We intend to maintain this allowance until a period of sustainable income is achieved and management concludes it is more likely than not that those deferred income tax assets will be realized. A valuation allowance has been recorded against the deferred tax asset related to the limitation on the U.S. deduction for interest expense. Management concluded that it is not more likely than not that the disallowed interest expense for 2018 can be utilized in future years, due to IRS guidance that was issued in the fourth quarter of 2018. In addition, partial valuation allowances have been recorded against state operating loss carryforwards. Deferred income tax assets and liabilities result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and from income tax carryovers and credits. |
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Derivatives | Derivatives We account for derivatives in accordance with FASB ASC Topic 815 "Derivatives and Hedging" ("FASB ASC 815"). We hold derivative financial instruments to hedge certain of our interest rate risks associated with long-term debt and commodity price risks associated with forecasted future natural gas requirements. These derivatives qualify for hedge accounting since the hedges are highly effective, and we have designated and documented contemporaneously the hedging relationships involving these derivative instruments. While we intend to continue to meet the conditions for hedge accounting, if we do not believe that forecasted transactions would occur, the changes in the fair value of the derivatives used as hedges would be reflected in earnings. Cash flows from hedges of debt, interest rate swaps and natural gas contracts are classified as operating activities. |
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Environmental | Environmental In accordance with U.S. GAAP, we recognize environmental clean-up liabilities on an undiscounted basis when loss is probable and can be reasonably estimated. The cost of the clean-up is estimated by financial and legal specialists based on current law. Such estimates are based primarily upon the estimated cost of investigation and remediation required, and the likelihood that, where applicable, other potentially responsible parties will not be able to fulfill their commitments at the sites where the Company may be jointly and severally liable. |
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Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of non-U.S. subsidiaries that operate in a local currency environment, where that local currency is the functional currency, are translated to U.S. dollars at exchange rates in effect at the balance sheet date, with the resulting translation adjustments directly recorded to a separate component of accumulated other comprehensive loss. Income and expense accounts are translated at average exchange rates during the year. The effect of exchange rate changes on transactions denominated in currencies other than the functional currency is recorded in other income (expense). |
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Stock-Based Compensation Expense | Stock-Based Compensation Expense We account for stock-based compensation expense in accordance with FASB ASC Topic 718, “Compensation — Stock Compensation,” ("FASB ASC 718") and FASB ASC Topic 505-50, “Equity-Based Payments to Non-Employees” ("FASB ASC 505-50"). Stock-based compensation cost is measured based on the fair value of the equity instruments issued. FASB ASC 718 and 505-50 apply to all of our outstanding, unvested, stock-based payment awards. |
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Treasury Stock | Treasury Stock Treasury Stock purchases are recorded at cost. |
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Research and Development | Research and Development Research and development costs are charged to selling, general and administrative expense in the Consolidated Statements of Operations when incurred. |
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Advertising Costs | Advertising Costs We expense all advertising costs as incurred. |
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Computation of Earnings (Loss) Per Share of Common Stock | Computation of Earnings (Loss) Per Share of Common Stock Basic earnings (loss) per share of common stock is computed using the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share of common stock is computed using the weighted average number of shares of common stock outstanding plus the dilutive effects of equity-based compensation outstanding during the period using the treasury stock method. |
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Reclassifications | Reclassifications In connection with our adoption of ASU 2017-07, certain pension and non-pension expense amounts in the prior year's financial statements have been reclassified to conform with the current year presentation. |
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New Accounting Standards | New Accounting Standards - Adopted 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 Consolidated Financial Statements. On January 1, 2018, we adopted ASU 2014-09, Revenue From Contracts With Customers and all related amendments, also known as ASC Topic 606, using the modified retrospective method. There was no cumulative effect adjustment required as a result of initially applying the new standard to existing contracts at adoption on January 1, 2018, and we expect the impact of adopting the new standard to be immaterial to our Consolidated Statement of Operations on an ongoing basis. Additionally, there was no impact to our Consolidated Balance Sheets. The enhanced disclosure requirements are included in note 18, Revenue. Results for reporting periods beginning on or after January 1, 2018, are presented under ASC Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our previous accounting under ASC Topic 605. On January 1, 2018, we adopted ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost. ASU 2017-07 improves the presentation of net periodic pension and post-retirement benefit costs. We retrospectively adopted the presentation requirement that the service cost component of pension and post-retirement benefit costs be reported within income from operations. The other components of net benefit cost (interest costs, expected return on assets, amortization of prior service costs, settlement charges and other costs) have been reclassified from cost of sales and selling, general and administrative expenses to other income (expense). On a prospective basis, only the service cost component will be capitalized in inventory or property, plant and equipment, when applicable. The effect of the retrospective presentation change related to the net periodic pension and non-pension benefit costs (credits) on our Consolidated Statement of Operations was as follows:
On January 1, 2018, we early adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 amended the hedge accounting rules to simplify the application of hedge accounting guidance and better portray the economic results of risk management activities in the financial statements. As of January 1, 2018, we recorded a $0.3 million reduction to our retained deficit and an increase in accumulated other comprehensive loss related to our natural gas swap contracts in Mexico that were previously not designated as hedging instruments. On a prospective basis, the change in fair value of these derivatives will be recognized in other comprehensive income (loss) rather than other income (expense) within the Consolidated Statement of Operations. Results and disclosures for reporting periods beginning on or after January 1, 2018, are presented under the new guidance within ASU 2017-12, while prior period amounts and disclosures are not adjusted and continue to be reported in accordance with our previous accounting. See note 12, Derivatives, for further details and disclosures. On December 31, 2018, we early adopted ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. This update modifies the annual disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. ASU 2018-14 removes disclosures that are no longer deemed cost beneficial and adds the following disclosure requirements: 1) weighted-average interest crediting rates for cash balance plans; and 2) an explanation of the reasons for significant gains/losses related to changes in the benefit obligation during the period. The update also clarifies the requirements when entities aggregate disclosures for two or more plans. The new disclosure requirements were applied on a retrospective basis and are included in note 8, Pension, and note 9, Non-pension Post-retirement Benefits. On December 31, 2018, we early adopted ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This standard allows an optional reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the stranded tax effects resulting from the Tax Cuts and Jobs Act will be eliminated, resulting in the reporting of more useful information to financial statement users. ASU 2018-02 relates to only the reclassification of the income tax effects of the Tax Cuts and Jobs Act. The underlying guidance requiring that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early application permitted. We elected not to reclassify the stranded tax effects related to the Tax Cuts and Jobs Act. The adoption did not have an impact on our Consolidated Financial Statements. New Accounting Standards - Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires a lessee to recognize on the balance sheet right-of-use assets and corresponding liabilities for leases with lease terms of more than 12 months. Leases will be classified as either finance or operating leases, with classification affecting the pattern of expense recognition in the income statement. The new guidance also clarifies the definition of a lease and disclosure requirements. ASU 2016-02 is effective for us in the first quarter of 2019. ASU 2016-02 requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach does not require any transition accounting for leases that expired before the earliest comparative period presented. In the third quarter of 2018, the FASB approved an optional transition method permitting an entity to apply the transition provisions of ASU 2016-02 at its adoption date instead of at the earliest comparative period presented in the financial statements. Since this optional adoption method eases the transition burden, we plan to elect it and record a cumulative effect adjustment as of January 1, 2019, without restatement of the previously reported comparative periods. We anticipate recording additional assets and liabilities on the balance sheet similar to the amount of the total present value of our future undiscounted minimum operating lease payments as shown in note 15 of these Consolidated Financial Statements. Additionally, the adoption of this ASU is not expected to have a material impact on our consolidated results of operations or cash flows. We have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, permits us to carry forward our prior conclusions for lease identification and lease classification on existing contracts. We also made an accounting policy election to keep short-term leases off of the balance sheet for all classes of underlying assets. We continue to evaluate the related disclosures in the new lease guidance. We utilized a comprehensive approach to review our lease portfolio, selected a system for managing our leases, completed system implementation, updated our internal controls and conducted training on our new process. 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 application permitted. We are currently assessing the impact that this standard will have on our Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This standard aligns the requirements for capitalizing implementation costs in a cloud computing arrangement service contract with the requirements for capitalizing implementation costs incurred for internal-use software. The new guidance also prescribes the balance sheet, income statement and cash flow classification of the capitalized implementation costs and related amortization expense, and requires additional quantitative and qualitative disclosures. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early application permitted. We are currently assessing the impact that this standard will have on our Consolidated Financial Statements. |
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Indefinite Life Intangible Assets | 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. Our measurement date for impairment testing is October 1st of each year. When performing our test for impairment of individual indefinite life intangible assets, we use a relief from royalty method to determine the fair market value that is compared to the carrying value of the indefinite life intangible asset. The inputs used for this analysis are considered Level 3 inputs in the fair value hierarchy. |
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Goodwill | When performing our test for impairment, we measure 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. |
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Pension | We have pension plans covering the majority of our employees. Benefits generally are based on compensation and length of service for salaried employees and job grade and length of service for hourly employees. In addition, we have an unfunded supplemental employee retirement plan (SERP) that covers salaried U.S.-based employees of Libbey hired before January 1, 2006. The U.S. pension plans cover the salaried U.S.-based employees of Libbey hired before January 1, 2006, and most hourly U.S.-based employees (excluding employees hired at Shreveport after December 15, 2008, and at Toledo after September 30, 2010). Effective January 1, 2013, we ceased annual company contribution credits to the cash balance accounts in our Libbey U.S. Salaried Pension Plan and SERP. The non-U.S. pension plans cover the employees of our wholly owned subsidiary in Mexico and are unfunded. The discount rate enables us to estimate the present value of expected future cash flows on the measurement date. The rate used reflects a rate of return on high-quality fixed income investments that match the duration of expected benefit payments at our December 31 measurement date. The discount rate at December 31 is used to measure the year-end benefit obligations and the earnings effects for the subsequent year. A higher discount rate decreases the present value of benefit obligations and decreases pension expense. To determine the expected long-term rate of return on plan assets for our funded plans, we consider the current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. At December 31, 2018, the expected long-term rate of return on plan assets is 6.50 percent, which will be used to measure the earnings effects for 2019. The cash balance interest crediting rate, which applies only to the U.S. Salaried Plan, enables us to calculate the benefit obligation through projecting future interest credits on cash balance accounts between the measurement date and a participant’s assumed retirement date. The rate adjusts annually and is the 30-year Treasury rate in effect as of October in the preceding plan year, subject to a minimum of 5 percent. A lower cash balance interest crediting rate assumption decreases the benefit obligation and decreases pension expense. Future benefits are assumed to increase in a manner consistent with past experience of the plans except for the Libbey U.S. Salaried Pension Plan and SERP as discussed above, which, to the extent benefits are based on compensation, includes assumed compensation increases as presented above. Amortization included in net pension expense is based on the average remaining service of employees. We account for our defined benefit pension plans on an expense basis that reflects actuarial funding methods. The actuarial valuations require significant estimates and assumptions to be made by management, primarily with respect to the discount rate and expected long-term return on plan assets. These assumptions are all susceptible to changes in market conditions. The discount rate is based on a selected settlement portfolio from a universe of high quality bonds. In determining the expected long-term rate of return on plan assets, we consider historical market and portfolio rates of return, asset allocations and expectations of future rates of return. We evaluate these critical assumptions on our annual measurement date of December 31st. Other assumptions involving demographic factors such as retirement age, mortality and turnover are evaluated periodically and are updated to reflect our experience. Actual results in any given year often will differ from actuarial assumptions because of demographic, economic and other factors. Our investment strategy is to control and manage investment risk through diversification across asset classes and investment styles, within established target asset allocation ranges. The investment risk of the assets is limited by appropriate diversification both within and between asset classes. Assets are diversified among a mix of traditional investments in equity and fixed income instruments, as well as alternative investments including real estate and hedge funds. It would be anticipated that a modest allocation to short-term investments would exist within the plans, since each investment manager is likely to hold some short-term investments in the portfolio with the goal of ensuring that sufficient liquidity will be available to meet expected cash flow requirements. Our investment valuation policy is to state the investments at fair value. Primarily all investments are valued at their respective net asset value (NAV) as a practical expedient and calculated by the Trustee. The real estate, equity securities and fixed income investments are held in a Group Trust which is valued at the unit prices established by the Trustee and are valued using NAV as a practical expedient. Underlying equity securities (including large and small cap domestic and international equities), for which market quotations are readily available, are valued at the last reported readily available sales price on their principal exchange on the valuation date or official close for certain markets. Fixed income investments are valued on a basis of valuations furnished by a trustee-approved pricing service, which determines valuations for normal institutional-size trading units of such securities which are generally recognized at fair value as determined in good faith by the Trustee. The fair value of investments in real estate funds is based on valuation of the fund as determined by periodic appraisals of the underlying investments owned by the respective fund. Investments in registered investment companies are valued at quoted market prices. Collective pooled funds, if any, are recorded using NAV practical expedients. Short-term investments are valued at their respective NAV and have no redemption restrictions. The hedge fund investments using NAV as a practical expedient are valued by using estimated month-end NAV and performance numbers provided by the fund administrator. The Plan is required to provide a month’s advance written notice to liquidate its entire share in the Group Trust. Certain investments in the hedge funds can only be liquidated on either a quarterly or semi-annual basis, require advance notification and are subject to audit holdback provisions. |
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Non-pension Post-retirement Benefits | We provide certain retiree healthcare and life insurance benefits covering our U.S. and Canadian salaried employees hired before January 1, 2004 and a majority of our union hourly employees (excluding employees hired at Shreveport after December 15, 2008, and at Toledo after September 30, 2010). Employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. Benefits for most hourly retirees are determined by collective bargaining. The U.S. non-pension, post-retirement plans cover the hourly and salaried U.S.-based employees of Libbey (excluding those mentioned above). The non-U.S., non-pension, post-retirement plans cover the retirees and active employees of Libbey who are located in Canada. The post-retirement benefit plans are unfunded. |
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Fair Value | The fair values of our commodity futures natural gas contracts are determined using observable market inputs. The fair value of our interest rate swaps are based on the market standard methodology of netting the discounted expected future variable cash receipts and the discounted future fixed cash payments. The variable cash receipts are based on an expectation of future interest rates derived from observed market interest rate forward curves. Since these inputs are observable in active markets over the terms that the instruments are held, the derivatives are classified as Level 2 in the hierarchy. We also evaluate Company and counterparty risk in determining fair values. The commodity futures natural gas contracts and interest rate swaps are hedges of either recorded assets or liabilities or anticipated transactions. Changes in values of the underlying hedged assets and liabilities or anticipated transactions are not reflected in the above table. |
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Segment Reporting | 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. |
Significant Accounting Policies (Tables) |
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Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The effect of the retrospective presentation change related to the net periodic pension and non-pension benefit costs (credits) on our Consolidated Statement of Operations was as follows:
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Balance Sheet Details (Tables) |
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Schedule of Other Assets and Other Liabilities [Table Text Block] | The following table provides detail of selected balance sheet items:
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Purchased Intangible Assets and Goodwill (Tables) |
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Changes in Purchased Intangibles | Changes in purchased intangibles balances are as follows:
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Composition of Purchased Intangible Assets | Purchased intangible assets are composed of the following:
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Future Estimated Amortization Expense of Definite Life Intangible Assets | Future estimated amortization expense of definite life intangible assets is as follows (dollars in thousands):
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Changes in Goodwill | Changes in goodwill balances are as follows:
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Property, Plant and Equipment (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, plant and equipment consists of the following:
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Borrowings (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Borrowings | Borrowings consist of the following:
___________________________ (1) Maturity date will be January 9, 2021, if Term Loan B is not refinanced by this date. (2) The interest rate for the ABL Facility is comprised of several different borrowings at various rates. The weighted average rate of all ABL Facility borrowings was 1.94 percent at December 31, 2018. (3) See interest rate swaps under "Term Loan B" below and note 12. |
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Schedule of Annual Maturities of Borrowings | Annual maturities for all of our total borrowings for the next five years and beyond are as follows:
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Income Taxes (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Income (Loss) before Income Taxes, Domestic and Foreign | The provisions for income taxes were calculated based on the following components of income (loss) before income taxes:
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Current and Deferred Provisions (Benefit) for Income Taxes | The current and deferred provisions (benefit) for income taxes were:
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Reconciliation of Statutory to Effective Income Tax Rate | Reconciliation from the statutory U.S. federal income tax rate to the consolidated effective income tax rate was as follows:
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Components of Deferred Income Tax Assets and Liabilities | The significant components of our deferred income tax assets and liabilities are as follows:
___________________________
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Change in Unrecognized Tax Benefits | A reconciliation of the beginning and ending gross unrecognized tax benefits, excluding interest and penalties, is as follows:
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Other Unrecognized Tax Benefits Disclosures | We recognize interest and penalties related to unrecognized tax benefits in the provision for income taxes. Other disclosures relating to unrecognized tax benefits are as follows:
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Tax Years Subject to Income Tax Examination | As of December 31, 2018, the tax years that remained subject to examination by major tax jurisdictions were as follows:
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Pension (Tables) - Pension Plan |
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Benefit Costs | The components of our net pension expense, including the SERP, are as follows:
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Schedule of Assumptions Used | The assumptions used to determine net periodic pension expense for each year and the benefit obligations at December 31st were as follows:
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Schedule of Changes in Projected Benefit Obligation and Fair Value of Plan Assets | The changes in the projected benefit obligations and fair value of plan assets are as follows:
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Net Accrued Benefit Liability | The current portion of the pension liability reflects the amount of expected benefit payments that are greater than the plan assets on a plan-by-plan basis. The net accrued pension benefit liability at December 31st represents underfunded (including unfunded) pension benefits, and is included in the Consolidated Balance Sheets as follows:
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Amounts Recognized in Accumulated Other Comprehensive Loss | The cumulative pretax amounts recognized in accumulated other comprehensive loss (AOCI) as of December 31 are as follows:
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Estimated Contributions to Defined Benefit Plan | Estimated contributions for 2019, as well as, contributions made in 2018 and 2017 to the pension plans are as follows:
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Anticipated Benefit Payments | Pension benefit payment amounts are anticipated to be paid from the plans (including the SERP) as follows:
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Projected and Accumulated Benefit Obligations in Excess of Plan Assets | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with a projected and accumulated benefit obligation in excess of plan assets at December 31, 2018 and 2017 were as follows:
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Plan Asset Fair Value Measurement | Investments measured at NAV as a practical expedient for fair value have been excluded from the fair value hierarchy, in accordance with U.S. GAAP. The table below presents our U.S. pension plan assets at fair value.
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Non-pension Post-retirement Benefits (Tables) |
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Nonpension Postretirement Benefit Obligation | The components of our non-pension, post-retirement, benefit obligation are as follows:
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Non-pension Post-retirement Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Benefit Costs | The provision for our non-pension, post-retirement, benefit expense consists of the following:
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Schedule of Assumptions Used | The significant assumptions used for each year and at December 31st were as follows:
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Net Accrued Benefit Liability | The total accrued non-pension, post-retirement, benefits liability at December 31st represents unfunded post-retirement benefits and is included in the Consolidated Balance Sheets as follows:
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Amounts Recognized in Accumulated Other Comprehensive Loss | The cumulative pretax amounts recognized in AOCI as of December 31 are as follows:
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Anticipated Benefit Payments | Non-pension, post-retirement, benefit payments, net of estimated future Medicare Part D subsidy payments and future retiree contributions, are anticipated to be paid as follows:
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Net Loss per Share of Common Stock (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted loss per share:
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Employee Stock Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Award Activity | The following table summarizes award activity for the current fiscal year:
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Schedule of Award Expensing and Fair Value Information | The following table summarizes award expensing and fair value information for the periods presented:
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Derivatives (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | The following table provides the fair values of our derivative financial instruments for the periods presented:
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Cash Settlements | The following table presents cash settlements (paid) received related to the below derivatives:
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Summary of the gain (loss) recognized in the Statement of Operations and AOCI | The following table provides a summary of the impacts of derivative gain (loss) on the Consolidated Statements of Operations and other comprehensive income (OCI):
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Natural Gas Contracts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table presents the notional amount of our natural gas derivatives on the Consolidated Balance Sheets:
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Interest Rate Swaps | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | 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 Term Loan B. The interest rate swaps effectively convert a portion of our 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.
________________________
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Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated other comprehensive income (loss) (AOCI), net of tax, is as follows:
_________________________
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Fair Value (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivatives | The fair value of our derivative financial instruments by level is as follows:
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Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Financial instruments carried at cost on the Consolidated Balance Sheets, as well as the related fair values, are as follows:
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Operating Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Rental Payments Under Operating Leases | Future minimum rentals under operating leases are as follows (dollars in thousands):
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Other Income and Expense (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Income (Expense) | Items included in other income (expense) in the Consolidated Statements of Operations are as follows:
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Revenue (Tables) |
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table presents our net sales disaggregated by business channel:
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Segments and Geographic Information (Tables) |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation from Segment Totals to Consolidated |
______________________________ (1) Legal and professional fees associated with a strategic initiative that was terminated during the third quarter of 2018.
______________________________ (1) Segment assets are defined as net accounts receivable plus net inventory. |
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Schedule of Net Sales to Customers and Long-Lived Assets, by Geographical Areas | Geographic data for the U.S., Mexico and Other countries for 2018 and 2017 is presented below. Net sales are based on the geographical destination of the sale. The long-lived assets include net property, plant and equipment.
|
Description of the Business (Details) |
Dec. 31, 2018
plant
country
|
---|---|
Production Operations | |
Description of Business [Line Items] | |
Number of countries in which entity operates | 5 |
Sales Operations | Minimum | |
Description of Business [Line Items] | |
Number of countries in which entity operates | 100 |
United States | |
Description of Business [Line Items] | |
Number of glass tableware manufacturing plants | plant | 2 |
Significant Accounting Policies (Revenue Recognition) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Minimum | |
Revenue from External Customer [Line Items] | |
Payment Terms | 0 days |
Maximum | |
Revenue from External Customer [Line Items] | |
Payment Terms | 90 days |
Significant Accounting Policies (Inventory) (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Accounting Policies [Abstract] | ||
LIFO inventory as a percent of total inventory | 34.90% | 32.20% |
Excess of FIFO cost over LIFO | $ 15.9 | $ 13.4 |
Significant Accounting Policies (Property, Plant and Equipment) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Software | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Equipment and furnishings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Equipment and furnishings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 14 years |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Significant Accounting Policies (Treasury Stock) (Details) |
Dec. 31, 2018
shares
|
---|---|
Common Stock | |
Equity, Class of Treasury Stock [Line Items] | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 941,250 |
Significant Accounting Policies (Research and Development) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Selling, General and Administrative Expenses | ||
Schedule of Research and Development [Line Items] | ||
Research and development expense | $ 3.6 | $ 3.0 |
Significant Accounting Policies (Advertising Costs) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Marketing and Advertising Expense [Abstract] | ||
Advertising Expense | $ 6.1 | $ 5.3 |
Significant Accounting Policies (ASU 2017-07 Retirement) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cost of sales | $ 646,202 | $ 631,115 |
Selling, general and administrative expenses | 127,851 | 126,205 |
Other income (expense) | $ (2,764) | (5,306) |
Previously Reported | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cost of sales | 634,185 | |
Selling, general and administrative expenses | 124,926 | |
Other income (expense) | (3,515) | |
Accounting Standards Update 2017-07 | Reclassification | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cost of sales | (3,070) | |
Selling, general and administrative expenses | 1,279 | |
Other income (expense) | $ (1,791) |
Significant Accounting Policies (ASU 2017-12 Derivatives) (Details) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained deficit | $ (171,441) | $ (161,165) | |
Accumulated other comprehensive loss | $ (114,405) | $ (105,172) | |
Accounting Standards Update 2017-12 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained deficit | $ 300 | ||
Accumulated other comprehensive loss | $ (300) |
Balance Sheet Details (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Accounts receivable: | ||
Accounts receivable | $ 83,977 | $ 89,997 |
Allowance for doubtful accounts | 8,538 | 9,051 |
Inventories: | ||
Finished goods | 175,074 | 170,774 |
Work in process | 1,363 | 1,485 |
Raw materials | 4,026 | 3,906 |
Repair parts | 10,116 | 10,240 |
Operating supplies | 1,524 | 1,481 |
Total inventories, less loss provisions of $9,453 and $10,308 | 192,103 | 187,886 |
Inventory loss provision | 9,453 | 10,308 |
Accrued liabilities: | ||
Accrued incentives | 19,359 | 19,728 |
Other accrued liabilities | 24,369 | 24,192 |
Total accrued liabilities | 43,728 | 43,920 |
Trade receivables | ||
Accounts receivable: | ||
Accounts receivable | 82,521 | 88,786 |
Other receivables | ||
Accounts receivable: | ||
Accounts receivable | $ 1,456 | $ 1,211 |
Purchased Intangible Assets and Goodwill (Changes in Purchased Intangibles Balances) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Intangible Assets [Roll Forward] | ||
Beginning balance | $ 14,565 | $ 15,225 |
Amortization | (1,049) | (1,073) |
Foreign currency impact | (131) | 413 |
Ending balance | $ 13,385 | $ 14,565 |
Purchased Intangible Assets and Goodwill (Composition of Purchased Intangibles) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Indefinite life intangible assets | $ 12,035 | $ 12,120 | |
Definite life intangible assets, net of accumulated amortization of $20,006 and $19,093 | 1,350 | 2,445 | |
Total | 13,385 | 14,565 | $ 15,225 |
Definite life intangible assets, accumulated amortization | $ 20,006 | $ 19,093 |
Purchased Intangible Assets and Goodwill (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization | $ 1,049 | $ 1,073 |
Definite life intangible assets, weighted average remaining life | 4 years 4 months 2 days | |
Minimum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Definite life intangible assets, amortization period | 13 years | |
Maximum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Definite life intangible assets, amortization period | 20 years |
Purchased Intangible Assets and Goodwill (Future Estimated Amortization Expense of Definite Life Intangible Assets) (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2019 | $ 564 |
2020 | 157 |
2021 | 157 |
2022 | 157 |
2023 | $ 157 |
Borrowings (Debt Schedule) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||||||
Total borrowings | $ 400,068 | $ 387,685 | |||||||
Less — unamortized discount and finance fees | 2,368 | 3,295 | |||||||
Total borrowings — net | 397,700 | 384,390 | |||||||
Less — long term debt due within one year | 4,400 | 7,485 | |||||||
Total long-term portion of borrowings — net | 393,300 | $ 376,905 | |||||||
Libbey Glass and Libbey Europe | ABL Facility | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Total borrowings | [1],[2] | $ 19,868 | |||||||
Weighted average interest rate | 1.94% | ||||||||
Libbey Glass | Senior Loans | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 5.39% | 4.43% | |||||||
Total borrowings | [3] | $ 380,200 | $ 384,600 | ||||||
Libbey Glass | ABL Facility | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Total borrowings | $ 3,500 | 0 | |||||||
Libbey Portugal | AICEP Loan | Loans Payable | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 0.00% | ||||||||
Total borrowings | $ 0 | $ 3,085 | |||||||
|
Borrowings (Annual Maturities of Borrowings) (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
All borrowings, repayments of principal, 2019 | $ 4,400 |
All borrowings, repayments of principal, 2020 | 4,400 |
All borrowings, repayments of principal, 2021 | 391,268 |
All borrowings, repayments of principal, 2022 | 0 |
All borrowings, repayments of principal, 2023 | 0 |
All borrowings, repayments of principal, thereafter | $ 0 |
Borrowings (Term Loan B) (Details) - Libbey Glass - Senior Loans $ in Millions |
Apr. 09, 2014
USD ($)
|
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 440.0 | ||
Proceeds from Term Loan B | $ 438.9 | ||
Debt Instrument, Discount, Percentage | 0.25% | ||
Original issue discount | $ 1.1 | ||
Deferred finance costs, gross | 6.7 | ||
Aggregate Principal Payments, Quarterly | $ 1.1 | ||
Interest rate | 5.39% | 4.43% | |
Maximum business days for mandatory prepayment offer | 10 | ||
Minimum | |||
Debt Instrument [Line Items] | |||
Percentage Used For Mandatory Prepayments | 0.00% | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Percentage Used For Mandatory Prepayments | 50.00% | ||
London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Applicable rates | 3.00% | ||
London Interbank Offered Rate (LIBOR) | Minimum | |||
Debt Instrument [Line Items] | |||
Applicable rates | 0.75% |
Borrowings (Other Borrowings Narrative) (Details) $ in Thousands, € in Millions |
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
EUR (€)
|
Dec. 31, 2017
USD ($)
|
---|---|---|---|
Debt Instrument [Line Items] | |||
Total borrowings | $ 400,068 | $ 387,685 | |
Libbey Portugal | AICEP Loan | Loans Payable | |||
Debt Instrument [Line Items] | |||
Total borrowings | $ 0 | 3,085 | |
Interest rate | 0.00% | 0.00% | |
Notes Payable | |||
Debt Instrument [Line Items] | |||
Total borrowings | $ 0 | $ 0 | |
Line of credit facility, maximum borrowing capacity | € | € 0.8 | ||
Line of credit facility, interest rate at period end | 1.50% | 1.50% |
Income Taxes (Components of Income Before Income Taxes) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | ||
United States | $ (12,682) | $ (65,224) |
Non-U.S. | 14,979 | (12,346) |
Income (loss) before income taxes | $ 2,297 | $ (77,570) |
Income Taxes (Current and Deferred Income Tax Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Current: | ||
U.S. federal | $ 1,945 | $ (183) |
Non-U.S. | 6,780 | 4,517 |
U.S. state and local | 694 | 834 |
Total current income tax provision | 9,419 | 5,168 |
Deferred: | ||
U.S. federal | 687 | 9,950 |
Non-U.S. | 310 | 1,190 |
U.S. state and local | (163) | (510) |
Total deferred income tax provision | 834 | 10,630 |
Total: | ||
U.S. federal | 2,632 | 9,767 |
Non-U.S. | 7,090 | 5,707 |
U.S. state and local | 531 | 324 |
Total income tax provision | $ 10,253 | $ 15,798 |
Income Taxes (Narrative) (Details) $ in Millions, $ in Billions |
3 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2018
USD ($)
|
Aug. 31, 2016
USD ($)
|
Aug. 31, 2016
MXN ($)
|
|
Income Tax Contingency [Line Items] | ||||
Basis difference indefintely reinvested | $ 11.4 | $ 14.6 | ||
Deferred tax liability not recognized, amount of unrecognized deferred tax liability, temporary differences | 2.4 | 3.0 | ||
Reasonably possible decrease in gross unrecognized tax benefits, within 12 months | $ 4.1 | |||
Effective income tax rate reconciliation, change in enacted tax rate, amount | $ 6.7 | |||
Tax Year 2010 | Mexico | ||||
Income Tax Contingency [Line Items] | ||||
Administrative assessment amount from tax administration service | $ 157.0 | $ 3 |
Income Taxes (Reconciliation of Statutory to Effective Income Tax Rate) (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | ||
Statutory U.S. federal income tax rate | 21.00% | 35.00% |
Increase (decrease) in rate due to: | ||
Non-U.S. income tax differential | 19.90% | 1.20% |
U.S. state and local income taxes, net of related U.S. federal income taxes | 22.60% | 0.10% |
U.S. federal credits | (9.80%) | 0.30% |
Permanent adjustments | 27.70% | 0.60% |
Foreign withholding taxes | 75.90% | (2.00%) |
Valuation allowance | 143.50% | (4.40%) |
Unrecognized tax benefits | 48.40% | (3.90%) |
Impact of foreign exchange | 71.60% | (1.60%) |
Impact of legislative changes | 0.00% | (8.70%) |
Goodwill impairment | 0.00% | (36.00%) |
Other | 25.60% | (1.00%) |
Consolidated effective income tax rate | 446.40% | (20.40%) |
Income Taxes (Components of Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Deferred income tax assets: | |||||||||
Pension | $ 9,722 | $ 8,108 | |||||||
Non-pension post-retirement benefits | 11,712 | 13,385 | |||||||
Other accrued liabilities | 16,477 | 13,213 | |||||||
Receivables | 1,994 | 2,118 | |||||||
Net operating loss and charitable contribution carry forwards | 14,143 | [1] | 16,599 | ||||||
Tax credits | 13,373 | [2] | 13,288 | ||||||
Total deferred income tax assets | 67,421 | [3] | 66,711 | ||||||
Valuation allowances | (22,068) | (19,076) | |||||||
Net deferred income tax assets | 45,353 | 47,635 | |||||||
Deferred income tax liabilities: | |||||||||
Property, plant and equipment | 15,332 | 18,246 | |||||||
Inventories | 1,699 | 1,639 | |||||||
Intangibles and other | 4,987 | 4,708 | |||||||
Total deferred income tax liabilities | 22,018 | 24,593 | |||||||
Net deferred income tax asset | 23,335 | $ 23,042 | |||||||
U.S. AMT credits | 1,300 | ||||||||
Foreign tax credits | 9,000 | ||||||||
Future taxable income needed to realize deferred tax assets | 151,900 | ||||||||
Tax Period 2024 - 2038 | |||||||||
Deferred income tax liabilities: | |||||||||
U.S. general business credits | 3,000 | ||||||||
U.S. Federal | Tax Period 2019 - 2038 | |||||||||
Deferred income tax assets: | |||||||||
Net operating loss and charitable contribution carry forwards | 3,900 | ||||||||
Non-US | Tax Period 2021 - 2027 | |||||||||
Deferred income tax assets: | |||||||||
Net operating loss and charitable contribution carry forwards | $ 10,200 | ||||||||
|
Income Taxes (Change in Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 5,007 | $ 3,521 |
Additions based on tax positions related to the current year | 438 | 435 |
Additions for tax positions of prior years | 9 | 1,735 |
Reductions for tax positions of prior years | (1,698) | (468) |
Changes due to lapse of statute of limitations | 513 | 279 |
Reductions due to settlements with tax authorities | (57) | (495) |
Ending balance | $ 4,212 | $ 5,007 |
Income Taxes (Other Unrecognized Tax Benefits Disclosures) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | ||
Amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate | $ 5,283 | $ 4,107 |
Interest, net of tax benefit, accrued in the Consolidated Balance Sheets | 1,027 | 572 |
Penalties, accrued in the Consolidated Balance Sheets | 43 | 38 |
Interest expense recognized in the Consolidated Statements of Operations | 523 | 506 |
Penalties expense (benefit) recognized in the Consolidated Statements of Operations | $ 5 | $ (67) |
Pension (Net Pension Expense) (Details) - Pension Plan - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost (benefits earned during the period) | $ 5,151 | $ 5,001 |
Interest cost on projected benefit obligation | 15,599 | 16,536 |
Expected return on plan assets | (22,658) | (22,479) |
Amortization of unrecognized: | ||
Prior service cost (credit) | (200) | 32 |
Actuarial loss | 7,094 | 5,826 |
Settlement charge | 92 | 245 |
Pension expense | 5,078 | 5,161 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost (benefits earned during the period) | 4,009 | 3,916 |
Interest cost on projected benefit obligation | 12,615 | 13,787 |
Expected return on plan assets | (22,658) | (22,479) |
Amortization of unrecognized: | ||
Prior service cost (credit) | 1 | 236 |
Actuarial loss | 6,472 | 5,232 |
Settlement charge | 0 | 245 |
Pension expense | 439 | 937 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost (benefits earned during the period) | 1,142 | 1,085 |
Interest cost on projected benefit obligation | 2,984 | 2,749 |
Expected return on plan assets | 0 | 0 |
Amortization of unrecognized: | ||
Prior service cost (credit) | (201) | (204) |
Actuarial loss | 622 | 594 |
Settlement charge | 92 | 0 |
Pension expense | $ 4,639 | $ 4,224 |
Pension (Assumptions Used) (Details) - Pension Plan |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected long-term rate of return on plan assets | 6.50% | |
Assumptions Used Determine Net Periodic Pension Costs: | ||
Expected long-term rate of return on plan assets | 7.00% | 7.00% |
Cash balance interest crediting rate | 5.50% | 5.50% |
Assumptions Used Determine Benefit Obligation: | ||
Cash balance interest crediting rate | 5.50% | 5.50% |
U.S. Plans | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash balance interest crediting rate | 5.00% | |
Assumptions Used Determine Net Periodic Pension Costs: | ||
Discount rate | 3.64% | 4.18% |
Assumptions Used Determine Benefit Obligation: | ||
Discount rate | 4.31% | 3.64% |
U.S. Plans | Maximum | ||
Assumptions Used Determine Net Periodic Pension Costs: | ||
Discount rate | 3.69% | 4.23% |
Assumptions Used Determine Benefit Obligation: | ||
Discount rate | 4.33% | 3.69% |
Non-U.S. Plans | ||
Assumptions Used Determine Net Periodic Pension Costs: | ||
Discount rate | 9.40% | 9.30% |
Rate of compensation increase | 4.30% | 4.30% |
Assumptions Used Determine Benefit Obligation: | ||
Discount rate | 10.60% | 9.40% |
Rate of compensation increase | 4.30% | 4.30% |
Pension (Projected Benefit Obligation and Fair Value of Assets) (Details) - Pension Plan - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Change in projected benefit obligation: | ||
Projected benefit obligation, beginning of year | $ 386,020 | $ 364,809 |
Service cost | 5,151 | 5,001 |
Interest cost | 15,599 | 16,536 |
Exchange rate fluctuations | 138 | 1,214 |
Actuarial (gain) loss | (31,537) | 24,400 |
Settlements paid | 0 | (281) |
Benefits paid | (22,799) | (25,659) |
Projected benefit obligation, end of year | 352,572 | 386,020 |
Change in fair value of plan assets: | ||
Fair value of plan assets, beginning of year | 343,219 | 318,414 |
Actual return on plan assets | (19,533) | 47,595 |
Employer contributions | 3,197 | 3,150 |
Settlements paid | 0 | (281) |
Benefits paid | (22,799) | (25,659) |
Fair value of plan assets, end of year | $ 304,084 | $ 343,219 |
Funded status of plan: | ||
Funded ratio | 86.20% | 88.90% |
Funded status and net accrued pension benefit cost | $ (48,488) | $ (42,801) |
U.S. Plans | ||
Change in projected benefit obligation: | ||
Projected benefit obligation, beginning of year | 354,053 | 336,648 |
Service cost | 4,009 | 3,916 |
Interest cost | 12,615 | 13,787 |
Exchange rate fluctuations | 0 | 0 |
Actuarial (gain) loss | (28,481) | 22,991 |
Settlements paid | 0 | (281) |
Benefits paid | (19,602) | (23,008) |
Projected benefit obligation, end of year | 322,594 | 354,053 |
Change in fair value of plan assets: | ||
Fair value of plan assets, beginning of year | 343,219 | 318,414 |
Actual return on plan assets | (19,533) | 47,595 |
Employer contributions | 0 | 499 |
Settlements paid | 0 | (281) |
Benefits paid | (19,602) | (23,008) |
Fair value of plan assets, end of year | $ 304,084 | $ 343,219 |
Funded status of plan: | ||
Funded ratio | 94.30% | 96.90% |
Funded status and net accrued pension benefit cost | $ (18,510) | $ (10,834) |
Non-U.S. Plans | ||
Change in projected benefit obligation: | ||
Projected benefit obligation, beginning of year | 31,967 | 28,161 |
Service cost | 1,142 | 1,085 |
Interest cost | 2,984 | 2,749 |
Exchange rate fluctuations | 138 | 1,214 |
Actuarial (gain) loss | (3,056) | 1,409 |
Settlements paid | 0 | 0 |
Benefits paid | (3,197) | (2,651) |
Projected benefit obligation, end of year | 29,978 | 31,967 |
Change in fair value of plan assets: | ||
Fair value of plan assets, beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contributions | 3,197 | 2,651 |
Settlements paid | 0 | 0 |
Benefits paid | (3,197) | (2,651) |
Fair value of plan assets, end of year | $ 0 | $ 0 |
Funded status of plan: | ||
Funded ratio | 0.00% | 0.00% |
Funded status and net accrued pension benefit cost | $ (29,978) | $ (31,967) |
Pension (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Pension asset | $ 0 | $ 2,939 |
Pension liability (current portion) | 3,282 | 2,185 |
Pension liability | 45,206 | 43,555 |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension asset | 0 | 2,939 |
Pension liability (current portion) | 3,282 | 2,185 |
Pension liability | 45,206 | 43,555 |
Net accrued pension liability | $ (48,488) | $ (42,801) |
Pension (Pre-tax Amounts Recognized in Accumulated Other Comprehensive Loss) (Details) - Pension Plan - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 114,200 | $ 110,606 |
Prior service cost (credit) | (2,447) | (2,635) |
Total cost in AOCI | 111,753 | 107,971 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 105,468 | 98,228 |
Prior service cost (credit) | 0 | 1 |
Total cost in AOCI | 105,468 | 98,229 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 8,732 | 12,378 |
Prior service cost (credit) | (2,447) | (2,636) |
Total cost in AOCI | $ 6,285 | $ 9,742 |
Pension (Contributions to Pension Plans) (Details) - Pension Plan - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Estimated contributions in 2019 | $ 3,448 | |
Employer contributions | 3,197 | $ 3,150 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Estimated contributions in 2019 | 138 | |
Employer contributions | 0 | 499 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Estimated contributions in 2019 | 3,310 | |
Employer contributions | $ 3,197 | $ 2,651 |
Pension (Anticipated Benefit Payments) (Details) - Pension Plan $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Defined Benefit Plan Disclosure [Line Items] | |
2019 | $ 23,146 |
2020 | 22,266 |
2021 | 22,747 |
2022 | 23,014 |
2023 | 23,290 |
2024-2028 | 118,419 |
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | 19,836 |
2020 | 20,046 |
2021 | 20,211 |
2022 | 20,465 |
2023 | 20,750 |
2024-2028 | 103,988 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | 3,310 |
2020 | 2,220 |
2021 | 2,536 |
2022 | 2,549 |
2023 | 2,540 |
2024-2028 | $ 14,431 |
Pension (Projected & Accumulated Benefit Obligations in Excess of Plan Assets) (Details) - Pension Plan - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 352,572 | $ 300,854 |
Accumulated benefit obligation | 349,311 | 295,942 |
Fair value of plan assets | 304,084 | 255,115 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 322,594 | 268,887 |
Accumulated benefit obligation | 322,594 | 268,887 |
Fair value of plan assets | 304,084 | 255,115 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 29,978 | 31,967 |
Accumulated benefit obligation | 26,717 | 27,055 |
Fair value of plan assets | $ 0 | $ 0 |
Pension (Plan Asset Allocation, Fair Value) (Details) - Pension Plan - U.S. Plans - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 100.00% | |
Short-term investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 3.00% | |
Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 2.00% | |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 40.00% | |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 45.00% | |
Hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 10.00% | |
Measured at NAV as a practical expedient | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Measured at NAV as a practical expedient | $ 304,084 | $ 343,219 |
Measured at NAV as a practical expedient | Short-term investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Measured at NAV as a practical expedient | 9,796 | 8,061 |
Measured at NAV as a practical expedient | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Measured at NAV as a practical expedient | 6,198 | 16,390 |
Measured at NAV as a practical expedient | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Measured at NAV as a practical expedient | 108,952 | 156,434 |
Measured at NAV as a practical expedient | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Measured at NAV as a practical expedient | 146,080 | 125,671 |
Measured at NAV as a practical expedient | Hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Measured at NAV as a practical expedient | $ 33,058 | $ 36,663 |
Pension (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
U.S. Plans | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Total matching contribution to all Plans | $ 3.8 | $ 3.6 |
NETHERLANDS | Non-U.S. Plans | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Total matching contribution to all Plans | $ 2.0 | $ 1.9 |
Salaried Employees | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Employer matching contribution, percent of match | 100.00% | |
Employer matching contribution, percent | 6.00% | |
Hourly Employees | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Employer matching contribution, percent of match | 50.00% | |
Employer matching contribution, percent | 6.00% |
Non-pension Post-retirement Benefits (Net Benefit Costs) (Details) - Non-pension Post-retirement Benefit Plans - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 605 | $ 632 |
Interest cost on projected benefit obligation | 1,860 | 2,148 |
Amortization of unrecognized: | ||
Prior service cost (credit) | (282) | (201) |
Actuarial gain | (273) | (316) |
Non-pension post-retirement benefit expense (income) | 1,910 | 2,263 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 604 | 631 |
Interest cost on projected benefit obligation | 1,822 | 2,104 |
Amortization of unrecognized: | ||
Prior service cost (credit) | (282) | (201) |
Actuarial gain | (209) | (257) |
Non-pension post-retirement benefit expense (income) | 1,935 | 2,277 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1 | 1 |
Interest cost on projected benefit obligation | 38 | 44 |
Amortization of unrecognized: | ||
Prior service cost (credit) | 0 | 0 |
Actuarial gain | (64) | (59) |
Non-pension post-retirement benefit expense (income) | $ (25) | $ (14) |
Non-pension Post-retirement Benefits (Assumptions Used) (Details) - Other Post-retirement Benefits Plan |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate used to determine net postretirement benefit cost | 3.60% | 4.05% |
Discount rate used to determine accumulated postretirement benefit obligation | 4.27% | 3.60% |
Healthcare cost trend rate assumed for next year | 6.25% | 6.50% |
Ultimate healthcare trend rate | 5.00% | 5.00% |
Year that ultimate trend rate is reached | 2024 | 2024 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate used to determine net postretirement benefit cost | 3.26% | 3.48% |
Discount rate used to determine accumulated postretirement benefit obligation | 3.52% | 3.26% |
Healthcare cost trend rate assumed for next year | 6.25% | 6.50% |
Ultimate healthcare trend rate | 5.00% | 5.00% |
Year that ultimate trend rate is reached | 2024 | 2024 |
Non-pension Post-retirement Benefits (Change in Accumulated Benefit Obligation) (Details) - Non-pension Post-retirement Benefit Plans - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Change in projected benefit obligation: | ||
Projected benefit obligation, beginning of year | $ 53,943 | $ 60,265 |
Service cost | 605 | 632 |
Interest cost | 1,860 | 2,148 |
Plan participants' contributions | 512 | 525 |
Actuarial (gain) loss | (5,411) | (5,591) |
Exchange rate fluctuations | (96) | 90 |
Benefits paid | (4,447) | (4,126) |
Projected benefit obligation, end of year | 46,966 | 53,943 |
Funded status and accrued benefit cost | (46,966) | (53,943) |
U.S. Plans | ||
Change in projected benefit obligation: | ||
Projected benefit obligation, beginning of year | 52,648 | 58,921 |
Service cost | 604 | 631 |
Interest cost | 1,822 | 2,104 |
Plan participants' contributions | 512 | 525 |
Actuarial (gain) loss | (5,305) | (5,483) |
Exchange rate fluctuations | 0 | 0 |
Benefits paid | (4,382) | (4,050) |
Projected benefit obligation, end of year | 45,899 | 52,648 |
Funded status and accrued benefit cost | (45,899) | (52,648) |
Non-U.S. Plans | ||
Change in projected benefit obligation: | ||
Projected benefit obligation, beginning of year | 1,295 | 1,344 |
Service cost | 1 | 1 |
Interest cost | 38 | 44 |
Plan participants' contributions | 0 | 0 |
Actuarial (gain) loss | (106) | (108) |
Exchange rate fluctuations | (96) | 90 |
Benefits paid | (65) | (76) |
Projected benefit obligation, end of year | 1,067 | 1,295 |
Funded status and accrued benefit cost | $ (1,067) | $ (1,295) |
Non-pension Post-retirement Benefits (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Non-pension post-retirement benefits (current portion) | $ 3,951 | $ 4,185 |
Non-pension post-retirement benefits | 43,015 | 49,758 |
Non-pension Post-retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-pension post-retirement benefits (current portion) | 3,951 | 4,185 |
Non-pension post-retirement benefits | 43,015 | 49,758 |
Total non-pension post-retirement benefits liability | $ 46,966 | $ 53,943 |
Non-pension Post-retirement Benefits (Pre-tax Amounts Recognized in Accumulated Other Comprehensive Loss) (Details) - Non-pension Post-retirement Benefit Plans - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain | $ (5,982) | $ (912) |
Prior service cost (credit) | (980) | (1,262) |
Total credit in AOCI | (6,962) | (2,174) |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain | (5,176) | (80) |
Prior service cost (credit) | (980) | (1,262) |
Total credit in AOCI | (6,156) | (1,342) |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain | (806) | (832) |
Prior service cost (credit) | 0 | 0 |
Total credit in AOCI | $ (806) | $ (832) |
Non-pension Post-retirement Benefits (Anticipated Benefit Payments) (Details) - Non-pension Post-retirement Benefit Plans $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Defined Benefit Plan Disclosure [Line Items] | |
2019 | $ 4,034 |
2020 | 4,020 |
2021 | 3,891 |
2022 | 3,866 |
2023 | 3,701 |
2024-2028 | 15,993 |
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | 3,888 |
2020 | 3,879 |
2021 | 3,761 |
2022 | 3,746 |
2023 | 3,593 |
2024-2028 | 15,739 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | 146 |
2020 | 141 |
2021 | 130 |
2022 | 120 |
2023 | 108 |
2024-2028 | $ 254 |
Net Loss per Share of Common Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Numerator for loss per share: | ||
Net loss that is available to common shareholders | $ (7,956) | $ (93,368) |
Denominator for basic loss per share: | ||
Weighted average shares outstanding | 22,180,102 | 22,030,672 |
Denominator for diluted loss per share: | ||
Effect of stock options and restricted stock units | 0 | 0 |
Adjusted weighted average shares and assumed conversions | 22,180,102 | 22,030,672 |
Basic loss per share | $ (0.36) | $ (4.24) |
Diluted loss per share | $ (0.36) | $ (4.24) |
Anti-dilutive shares excluded from computation of diluted loss per share | 1,285,307 | 1,075,175 |
Employee Stock Benefit Plans (Narrative) (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of plans | 2 |
Award vesting period | 4 years |
Options outstanding, intrinsic value | $ | $ 0.0 |
Options exercisable, intrinsic value | $ | $ 0.0 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award expiration period | 10 years |
Options outstanding, weighted average remaining contractual term | 6 years 7 months 6 days |
Options exercisable, weighted average remaining contractual term | 5 years 7 months 6 days |
Unrecognized compensation expense related to nonvested stock options | $ | $ 0.1 |
Weighted average period for unrecognized compensation costs to be recognized | 1 year 3 months 16 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense related to nonvested non-option awards | $ | $ 1.8 |
Weighted average period for unrecognized compensation costs to be recognized | 1 year 8 months 1 day |
2006 A&R Omnibus Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of common stock authorized for issuance as equity-based compensation | shares | 2,960,000 |
Number of shares available to be issued | shares | 784,139 |
2016 Omnibus Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of common stock authorized for issuance as equity-based compensation | shares | 1,200,000 |
Number of shares available to be issued | shares | 184,093 |
Employee Stock Benefit Plans (Award Activity) (Details) - $ / shares |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding balance at beginning of period | 762,550 | |
Granted | 0 | |
Exercised or vested | (5,300) | |
Forfeited or expired | (166,678) | |
Outstanding balance at end of period | 590,572 | 762,550 |
Exercisable balance at end of period | 344,233 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Outstanding, weighted-average exercise price, balance at beginning of period (in USD per share) | $ 16.91 | |
Exercised or vested, weighted-average exercise price (in USD per share) | 1.01 | |
Forfeited or expired, weighted-average exercise price (in USD per share) | 17.74 | |
Outstanding, weighted-average exercise price, balance at end of period (in USD per share) | 16.82 | $ 16.91 |
Exercisable balance at end of period, weighted-average exercise price (in USD per share) | $ 18.94 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares/Units [Roll Forward] | ||
Outstanding at beginning of period | 354,204 | |
Granted | 596,688 | |
Exercised or vested | (200,612) | |
Forfeited or expired | (57,351) | |
Outstanding at end of period | 692,929 | 354,204 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Outstanding, weighted-average value, balance at beginning of period (in USD per Share) | $ 15.30 | |
Granted, weighted-average value (in USD per share) | 5.50 | $ 10.38 |
Exercied or vested, weighted-average value (in USD per share) | 13.04 | |
Forfeited or expired, weighted-average value (in USD per share) | 13.53 | |
Outstanding, weighted-average value, balance at end of period (in USD per Share) | $ 7.66 | $ 15.30 |
Employee Stock Benefit Plans (Award Expensing and Fair Value Information) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock compensation expense | $ 2,827 | $ 3,460 |
Total fair value of stock, stock options and RSUs vested | $ 3,371 | $ 2,643 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value of stock and RSUs granted | $ 5.50 | $ 10.38 |
Intrinsic value of stock and RSUs vested | $ 1,230 | $ 1,918 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value of stock options granted | $ 3.00 | |
Intrinsic value of stock options exercised | $ 38 | $ 17 |
Weighted-average assumptions for stock option grants: | ||
Risk-free interest | 2.07% | |
Expected term | 5 years 9 months 18 days | |
Expected volatility | 38.54% | |
Dividend yield | 4.32% |
Derivatives (Fair Value of Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | $ 1,690 | $ 646 |
Fair value, derivative liability | 5,713 | 716 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 1,690 | 646 |
Fair value, derivative liability | 5,713 | 440 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 0 | 0 |
Fair value, derivative liability | 0 | 276 |
Interest Rate Swaps | Designated as Hedging Instrument | Prepaid and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 1,425 | 0 |
Interest Rate Swaps | Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 0 | 646 |
Interest Rate Swaps | Designated as Hedging Instrument | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | 0 | 213 |
Interest Rate Swaps | Designated as Hedging Instrument | Other Long-Term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | 5,713 | 0 |
Natural Gas Contracts | Designated as Hedging Instrument | Prepaid and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 226 | 0 |
Natural Gas Contracts | Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative asset | 39 | 0 |
Natural Gas Contracts | Designated as Hedging Instrument | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | 0 | 220 |
Natural Gas Contracts | Designated as Hedging Instrument | Other Long-Term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | 0 | 7 |
Natural Gas Contracts | Not Designated as Hedging Instrument | Accrued Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | 0 | 264 |
Natural Gas Contracts | Not Designated as Hedging Instrument | Other Long-Term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, derivative liability | $ 0 | $ 12 |
Derivatives Derivatives - Cash Settlements (Details) - Cash Flow Hedging - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Additional Cash Settlements Received (Paid) on Hedge | $ 585 | $ (1,883) |
Natural Gas Contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Additional Cash Settlements Received (Paid) on Hedge | 426 | (47) |
Interest Rate Swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Additional Cash Settlements Received (Paid) on Hedge | $ 159 | $ (1,836) |
Derivatives Summary of gains (losses) recognized in Statement of Operations and OCI (Details) - Cash Flow Hedging - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Designated as Hedging Instrument | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Effective portion of derivative gain (loss) reclassified from accumulated OCI to current earnings | $ 711 | $ (1,780) |
Not Designated as Hedging Instrument | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Gain (loss) recognized in current earnings | 0 | (1,036) |
Other Comprehensive Income (Loss) | Designated as Hedging Instrument | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Effective portion of derivative gain (loss) recognized in OCI | (3,242) | (286) |
Natural Gas Contracts | Other Comprehensive Income (Loss) | Designated as Hedging Instrument | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Effective portion of derivative gain (loss) recognized in OCI | 1,194 | (1,019) |
Natural Gas Contracts | Cost of Sales | Designated as Hedging Instrument | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Effective portion of derivative gain (loss) reclassified from accumulated OCI to current earnings | 426 | (45) |
Natural Gas Contracts | Other Income (Expense) | Not Designated as Hedging Instrument | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Gain (loss) recognized in current earnings | 0 | (1,036) |
Interest Rate Swaps | Other Comprehensive Income (Loss) | Designated as Hedging Instrument | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Effective portion of derivative gain (loss) recognized in OCI | (4,436) | 733 |
Interest Rate Swaps | Interest Expense | Designated as Hedging Instrument | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Effective portion of derivative gain (loss) reclassified from accumulated OCI to current earnings | $ 285 | $ (1,735) |
Derivatives (Natural Gas Contracts) (Details) - Cash Flow Hedging - Natural Gas Contracts $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018
USD ($)
MMBTU
|
Dec. 31, 2017
MMBTU
|
|
Derivative [Line Items] | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 18 months | |
Derivative, Nonmonetary Notional Amount | MMBTU | 3,150,000 | 2,480,000 |
Gain (loss) to be reclassified from AOCI into earnings within 12 months | $ | $ 0.2 | |
Minimum | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, percent of anticipated requirements | 40.00% | |
Maximum | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, percent of anticipated requirements | 70.00% |
Derivatives (Interest Rate Swap) (Details) - Interest Rate Swaps - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 24, 2018 |
Apr. 01, 2015 |
||||
Derivative [Line Items] | ||||||
Derivative, fixed interest rate | 6.19% | [1] | 4.85% | |||
Senior Loans | ||||||
Derivative [Line Items] | ||||||
Derivative, floor interest rate at a future date | 3.19% | |||||
Senior Loans | Cash Flow Hedging | ||||||
Derivative [Line Items] | ||||||
Derivative, notional amount | $ 200.0 | $ 220.0 | ||||
Interest Expense | Cash Flow Hedging | ||||||
Derivative [Line Items] | ||||||
Gain (loss) to be reclassified from AOCI into earnings within 12 months | $ 1.4 | |||||
|
Accumulated Comprehensive Income (Loss) (Schedule of AOCI) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning balance | $ (105,172) | ||||||
Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||
Ending balance | (114,405) | $ (105,172) | |||||
Foreign Currency Translation | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning balance | (16,183) | (27,828) | |||||
Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||
Amounts recognized into AOCI | (7,057) | 12,835 | |||||
Currency impact | 0 | 0 | |||||
Amounts reclassified from AOCI, Currency | 0 | 0 | |||||
Tax effect | 0 | (1,190) | |||||
Other comprehensive income (loss), net of tax | (7,057) | 11,645 | |||||
Ending balance | (23,240) | (16,183) | |||||
Derivative Instruments | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning balance | 351 | (515) | |||||
Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||
Amounts recognized into AOCI | (3,242) | (286) | |||||
Currency impact | 0 | 0 | |||||
Amounts reclassified from AOCI, Derivatives | [1] | (711) | 1,780 | ||||
Tax effect | 1,011 | (628) | |||||
Other comprehensive income (loss), net of tax | (2,942) | 866 | |||||
Ending balance | (2,866) | 351 | |||||
Pension and Other Postretirement Benefits | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning balance | (89,340) | (96,854) | |||||
Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||
Amounts recognized into AOCI | (5,245) | 6,307 | |||||
Currency impact | (164) | (152) | |||||
Amounts reclassified from AOCI, Pension/PRW | [2] | 6,431 | 5,586 | ||||
Tax effect | 19 | (4,227) | |||||
Other comprehensive income (loss), net of tax | 1,041 | 7,514 | |||||
Ending balance | (88,299) | (89,340) | |||||
Accumulated Other Comprehensive Loss | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning balance | (105,172) | (125,197) | |||||
Change in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||||
Amounts recognized into AOCI | (15,544) | 18,856 | |||||
Currency impact | (164) | (152) | |||||
Amounts reclassified from AOCI | 5,720 | 7,366 | |||||
Tax effect | 1,030 | (6,045) | |||||
Other comprehensive income (loss), net of tax | (8,958) | 20,025 | |||||
Ending balance | $ (114,405) | (105,172) | |||||
Accounting Standards Update 2017-12 | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Cumulative-effect adjustment | 0 | ||||||
Accounting Standards Update 2017-12 | Foreign Currency Translation | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Cumulative-effect adjustment | 0 | ||||||
Accounting Standards Update 2017-12 | Derivative Instruments | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Cumulative-effect adjustment | (275) | ||||||
Accounting Standards Update 2017-12 | Pension and Other Postretirement Benefits | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Cumulative-effect adjustment | 0 | ||||||
Accounting Standards Update 2017-12 | Accumulated Other Comprehensive Loss | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Cumulative-effect adjustment | $ (275) | ||||||
|
Fair Value (Derivative Assets and Liabilities by Hierarchy) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Level One | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative asset (liability) | $ 0 | $ 0 |
Level Two | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative asset (liability) | (4,023) | (70) |
Level Three | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative asset (liability) | 0 | 0 |
Commodity Futures Natural Gas Contracts | Level One | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative asset (liability) | 0 | 0 |
Commodity Futures Natural Gas Contracts | Level Two | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative asset (liability) | 265 | (503) |
Commodity Futures Natural Gas Contracts | Level Three | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative asset (liability) | 0 | 0 |
Interest Rate Swaps | Level One | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative asset (liability) | 0 | 0 |
Interest Rate Swaps | Level Two | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative asset (liability) | (4,288) | 433 |
Interest Rate Swaps | Level Three | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative asset (liability) | 0 | 0 |
Total | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative asset (liability) | (4,023) | (70) |
Total | Commodity Futures Natural Gas Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative asset (liability) | 265 | (503) |
Total | Interest Rate Swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative asset (liability) | $ (4,288) | $ 433 |
Fair Value Fair Value (Debt Disclosure) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
||
---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Term Loan B, Carrying Value | $ 400,068 | $ 387,685 | ||
Libbey Glass | Senior Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Term Loan B, Carrying Value | [1] | 380,200 | 384,600 | |
Libbey Glass | Senior Loans | Level Two | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Term Loan B, Fair Value | $ 362,141 | $ 370,178 | ||
|
Operating Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Leases [Abstract] | ||
Rental expense for all non-cancelable operating leases | $ 18,900 | $ 17,000 |
Future minimum rentals under operating leases: | ||
Future minimum operating lease payments due, 2019 | 15,407 | |
Future minimum operating lease payments due, 2020 | 13,787 | |
Future minimum operating lease payments due, 2021 | 10,339 | |
Future minimum operating lease payments due, 2022 | 9,143 | |
Future minimum operating lease payments due, 2023 | 8,551 | |
Future minimum operating lease payments due, 2024 and thereafter | $ 20,755 |
Other Income (Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Component of Other Income (Expense), Nonoperating [Line Items] | ||
Other income (expense) | $ (2,764) | $ (5,306) |
Gain (loss) on currency transactions | ||
Component of Other Income (Expense), Nonoperating [Line Items] | ||
Other income (expense) | (1,454) | (2,788) |
(Loss) on mark-to-market natural gas contracts | ||
Component of Other Income (Expense), Nonoperating [Line Items] | ||
Other income (expense) | 0 | (1,036) |
Pension and non-pension benefits, excluding service cost | ||
Component of Other Income (Expense), Nonoperating [Line Items] | ||
Other income (expense) | (1,232) | (1,791) |
Other non-operating income (expense) | ||
Component of Other Income (Expense), Nonoperating [Line Items] | ||
Other income (expense) | $ (78) | $ 309 |
Contingencies Environmental Liability (Details) |
12 Months Ended | ||||
---|---|---|---|---|---|
Nov. 12, 2018
entity
|
Oct. 26, 2018 |
Oct. 30, 2009 |
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
BKK Working Group | |||||
Site Contingency [Line Items] | |||||
Loss contingency, number of entities cooperating with legal matter | entity | 50 | ||||
Minimum | BKK Working Group | |||||
Site Contingency [Line Items] | |||||
Loss contingency, number of companies involved | 500 | ||||
Syracuse China Company and Libbey Glass Inc. | |||||
Site Contingency [Line Items] | |||||
Loss contingency, claim for indemnification, incurred | $ 400,000 | ||||
Syracuse China Company and Libbey Glass Inc. | TPC York | |||||
Site Contingency [Line Items] | |||||
Loss contingency, claim for indemnification, remaining liability of counterparty | 2,900,000 | ||||
Loss contingency, claim for indemnification, reimbursement received | 1,300,000 | ||||
Syracuse China Company and Libbey Glass Inc. | Maximum | TPC York | |||||
Site Contingency [Line Items] | |||||
Loss contingency, claim for indemnification | 7,500,000 | ||||
Lower Ley Creek sub-site | |||||
Site Contingency [Line Items] | |||||
Site contingency, number of potentially responsible parties | 8 | ||||
Lower Ley Creek sub-site | Unfavorable Regulatory Action | Other Long-Term Liabilities | |||||
Site Contingency [Line Items] | |||||
Accrued environmental loss contingencies, noncurrent | 700,000 | $ 800,000 | |||
Lower Ley Creek sub-site | Unfavorable Regulatory Action | Other Noncurrent Assets | |||||
Site Contingency [Line Items] | |||||
Recorded third-party environmental recoveries, noncurrent | 400,000 | $ 400,000 | |||
Lower Ley Creek sub-site | Syracuse China | |||||
Site Contingency [Line Items] | |||||
Site Contingency, Number of Potentially Responsible Related Parties | 1 | ||||
Lower Ley Creek sub-site | Motors Liquidation Company | Unfavorable Regulatory Action | |||||
Site Contingency [Line Items] | |||||
Loss contingency, damages paid, value | 22,000,000 | ||||
Lower Ley Creek sub-site | Minimum | Unfavorable Regulatory Action | |||||
Site Contingency [Line Items] | |||||
Site contingency, loss exposure not accrued, best estimate | 17,000,000 | ||||
Loss contingency, range of possible loss, minimum | 0 | ||||
Lower Ley Creek sub-site | Maximum | Unfavorable Regulatory Action | |||||
Site Contingency [Line Items] | |||||
Site contingency, loss exposure not accrued, best estimate | 24,800,000 | ||||
Upper Ley Creek sub-site | Minimum | |||||
Site Contingency [Line Items] | |||||
Loss contingency, number of companies involved | 30 | ||||
Upper Ley Creek sub-site | Syracuse China Company and Libbey Glass Inc. | Maximum | |||||
Site Contingency [Line Items] | |||||
Site contingency, loss exposure not accrued, best estimate | $ 93,500,000 |
Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 801,093 | $ 785,156 |
Product | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 797,858 | 781,828 |
Product | Foodservice | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 327,550 | |
Product | Retail | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 256,646 | |
Product | Business-to-business | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 213,662 | |
Latin America | Product | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 148,091 | 144,322 |
United States | Product | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 483,741 | 481,797 |
EMEA | Product | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 138,399 | $ 126,924 |
Net Sales | Latin America | Minimum | Retail and Business-to-business | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 75.00% | |
Net Sales | United States | Minimum | Foodservice and Retail | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 75.00% | |
Net Sales | EMEA | Minimum | Retail and Business-to-business | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue | 75.00% |
Segments and Geographic Information (Reconciliation of Segment EBIT to Net Income) (Details) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018
USD ($)
segment
|
Dec. 31, 2017
USD ($)
|
|||
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Net Sales: | ||||
Net sales | $ 801,093 | $ 785,156 | ||
Segment EBIT: | ||||
Segment EBIT | 58,495 | 52,117 | ||
Reconciliation of Segment EBIT to Net Loss: | ||||
Retained corporate costs | (31,878) | (27,099) | ||
Goodwill impairment (note 4) | 0 | (79,700) | ||
Fees associated with strategic initiative (1) | [1] | (2,341) | 0 | |
Reorganization charges | 0 | (2,488) | ||
Interest expense | (21,979) | (20,400) | ||
Provision for income taxes | (10,253) | (15,798) | ||
Net loss | (7,956) | (93,368) | ||
Depreciation & Amortization: | ||||
Depreciation and amortization | 44,333 | 45,544 | ||
Capital Expenditures: | ||||
Capital Expenditures | 45,087 | 47,628 | ||
Segment Assets: | ||||
Accounts Receivable, Net and Inventory, Net | 276,080 | 277,883 | ||
U.S. & Canada | ||||
Segment EBIT: | ||||
Segment EBIT | 36,805 | 48,044 | ||
Depreciation & Amortization: | ||||
Depreciation and amortization | 13,358 | 12,665 | ||
Capital Expenditures: | ||||
Capital Expenditures | 22,203 | 10,056 | ||
Segment Assets: | ||||
Accounts Receivable, Net and Inventory, Net | 152,168 | 147,809 | ||
Latin America | ||||
Segment EBIT: | ||||
Segment EBIT | 12,599 | 6,590 | ||
Reconciliation of Segment EBIT to Net Loss: | ||||
Goodwill impairment (note 4) | 0 | (79,700) | ||
Depreciation & Amortization: | ||||
Depreciation and amortization | 17,457 | 18,576 | ||
Capital Expenditures: | ||||
Capital Expenditures | 13,527 | 18,520 | ||
Segment Assets: | ||||
Accounts Receivable, Net and Inventory, Net | 64,166 | 63,093 | ||
EMEA | ||||
Segment EBIT: | ||||
Segment EBIT | 7,219 | 1,321 | ||
Depreciation & Amortization: | ||||
Depreciation and amortization | 7,412 | 7,377 | ||
Capital Expenditures: | ||||
Capital Expenditures | 5,051 | 17,158 | ||
Segment Assets: | ||||
Accounts Receivable, Net and Inventory, Net | 46,576 | 48,270 | ||
Other Segments | ||||
Segment EBIT: | ||||
Segment EBIT | 1,872 | (3,838) | ||
Depreciation & Amortization: | ||||
Depreciation and amortization | 4,431 | 5,088 | ||
Capital Expenditures: | ||||
Capital Expenditures | 745 | 1,226 | ||
Segment Assets: | ||||
Accounts Receivable, Net and Inventory, Net | 13,170 | 18,711 | ||
Corporate | ||||
Depreciation & Amortization: | ||||
Depreciation and amortization | 1,675 | 1,838 | ||
Capital Expenditures: | ||||
Capital Expenditures | 3,561 | 668 | ||
Product | ||||
Net Sales: | ||||
Net sales | 797,858 | 781,828 | ||
Product | U.S. & Canada | ||||
Net Sales: | ||||
Net sales | 483,741 | 481,797 | ||
Product | Latin America | ||||
Net Sales: | ||||
Net sales | 148,091 | 144,322 | ||
Product | EMEA | ||||
Net Sales: | ||||
Net sales | 138,399 | 126,924 | ||
Product | Other Segments | ||||
Net Sales: | ||||
Net sales | $ 27,627 | $ 28,785 | ||
|
Segments and Geographic Information (Sales and Long-Lived Assets by Geographic Area) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 801,093 | $ 785,156 |
Long-lived assets | 264,960 | 265,675 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 99,135 | 89,838 |
Mexico | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 86,775 | 87,836 |
All Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 79,050 | 88,001 |
Product | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 797,858 | 781,828 |
Product | United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 480,868 | 479,018 |
Product | Mexico | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 101,656 | 93,370 |
Product | All Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 215,334 | $ 209,440 |