Document And Entity Information - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2019 |
Feb. 20, 2020 |
Jun. 30, 2019 |
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| Document Information [Line Items] | |||
| Entity Registrant Name | LIBBEY INC | ||
| Entity Central Index Key | 0000902274 | ||
| Trading Symbol | lby | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Filer Category | Non-accelerated Filer | ||
| Entity Current Reporting Status | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Emerging Growth Company | false | ||
| Entity Small Business | true | ||
| Entity Interactive Data Current | Yes | ||
| Entity Common Stock, Shares Outstanding (in shares) | 22,361,002 | ||
| Entity Public Float | $ 40,800,424 | ||
| Entity Shell Company | false | ||
| Document Type | 10-K | ||
| Document Period End Date | Dec. 31, 2019 | ||
| Document Fiscal Year Focus | 2019 | ||
| Document Fiscal Period Focus | FY | ||
| Amendment Flag | false | ||
| Title of 12(b) Security | Common Stock, $.01 par value |
Consolidated Balance Sheets (Parentheticals) - $ / shares |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
| Common stock, shares issued (in shares) | 22,360,125 | 22,157,220 |
Consolidated Statements of Operations - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Revenues | $ 785,602 | $ 801,093 |
| Cost of sales | 631,393 | 646,202 |
| Gross profit | 154,209 | 154,891 |
| Selling, general and administrative expenses | 122,370 | 127,851 |
| Asset impairments (note 4) | 65,152 | |
| Income (loss) from operations | (33,313) | 27,040 |
| Other income (expense) | (4,443) | (2,764) |
| Earnings (loss) before interest and income taxes | (37,756) | 24,276 |
| Interest expense | 22,510 | 21,979 |
| Income (loss) before income taxes | (60,266) | 2,297 |
| Provision for income taxes | 8,753 | 10,253 |
| Net loss | $ (69,019) | $ (7,956) |
| Net loss per share: | ||
| Basic (in dollars per share) | $ (3.08) | $ (0.36) |
| Diluted (in dollars per share) | $ (3.08) | $ (0.36) |
| Weighted average shares: | ||
| Basic (in shares) | 22,419,138 | 22,180,102 |
| Diluted (in shares) | 22,419,138 | 22,180,102 |
| Dividends declared per share (in dollars per share) | $ 0.1175 | |
| Product [Member] | ||
| Revenues | $ 782,437 | $ 797,858 |
| Shipping and Handling [Member] | ||
| Revenues | $ 3,165 | $ 3,235 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Net loss | $ (69,019) | $ (7,956) |
| Other comprehensive income (loss): | ||
| Pension and other post-retirement benefit adjustments, net of tax | 932 | 1,041 |
| Change in fair value of derivative instruments, net of tax | (8,566) | (2,942) |
| Foreign currency translation adjustments, net of tax | (1,907) | (7,057) |
| Other comprehensive income (loss), net of tax | (9,541) | (8,958) |
| Comprehensive income (loss) | $ (78,560) | $ (16,914) |
Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
|---|---|---|---|---|---|
| Balance (in shares) at Dec. 31, 2017 | 22,018,010 | ||||
| Balance at Dec. 31, 2017 | $ 220 | $ 333,011 | $ (161,165) | $ (105,172) | $ 66,894 |
| Cumulative-effect adjustment for the adoption of ASU 2017-12 | 275 | (275) | |||
| Net loss | (7,956) | (7,956) | |||
| Other comprehensive loss | (8,958) | (8,958) | |||
| Stock compensation expense | 2,746 | 2,746 | |||
| Stock issued (in shares) | 139,210 | ||||
| Stock issued | $ 2 | 96 | 98 | ||
| Stock withheld for employee taxes | (336) | (336) | |||
| Dividends | (2,595) | (2,595) | |||
| Balance (in shares) at Dec. 31, 2018 | 22,157,220 | ||||
| Balance at Dec. 31, 2018 | $ 222 | 335,517 | (171,441) | (114,405) | 49,893 |
| Net loss | (69,019) | (69,019) | |||
| Other comprehensive loss | (9,541) | (9,541) | |||
| Stock compensation expense | 3,307 | 3,307 | |||
| Stock issued (in shares) | 202,905 | ||||
| Stock issued | $ 2 | (9) | (7) | ||
| Stock withheld for employee taxes | (420) | (420) | |||
| Balance (in shares) at Dec. 31, 2019 | 22,360,125 | ||||
| Balance at Dec. 31, 2019 | $ 224 | $ 338,395 | $ (240,460) | $ (123,946) | $ (25,787) |
Note 1 - Description of the Business |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2019 | |||
| Notes to Financial Statements | |||
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
Libbey is a leading global manufacturer and marketer of glass tableware products. We produce glass tableware in five countries and sell to customers in over 100 countries. We design and market, under our Libbey® , Libbey Signature® , Master’s Reserve® , Crisa® , Royal Leerdam® , World® Tableware, Syracuse® China and Crisal Glass® brand names (among others), an extensive line of high-quality glass tableware, ceramic dinnerware and metal flatware for sale primarily in the foodservice, retail and business-to-business channels of distribution. Our 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. |
Note 2 - Significant Accounting Policies |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2019 | |||
| Notes to Financial Statements | |||
| Significant Accounting Policies [Text Block] |
Basis of Presentation December 31 st . 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 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 discussion see note 18.Cost of Sales Cash and Cash Equivalents three months at the date of purchase to be cash equivalents. Cash and cash equivalents are maintained with various financial institutions. Outstanding checks in excess of funds on deposit are included in accounts payable or accrued liabilities, depending on the nature of the payment.Accounts Receivable and Allowance for Doubtful Accounts not require collateral on our accounts receivable.Inventory Valuation first -out (LIFO) method is used for our U.S. glass inventories, which represented 34.3 percent and 34.9 percent of our total inventories in 2019 and 2018, 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 $16.6 million and $15.9 million in 2019 and 2018, respectively. Cost includes the cost of materials, direct labor, in-bound freight and the applicable share of manufacturing overhead.Purchased Intangible Assets and Goodwill ® (“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 1 st 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 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 3 to 10 year period. Software is classified on the Consolidated Balance Sheet in property, plant and equipment, and the related cash flows are shown as cash outflows from investing activities.Cloud Computing Arrangements 350. Capitalized costs of hosted cloud computing arrangements include configuration, installation, other upfront costs and internal labor costs of employees devoted to the cloud computing software implementation project. Once a project is complete, amortization is computed using the straight-line method over the term of the associated hosting arrangement, generally 3 to 10 years. In connection with our adoption of Accounting Standards Update (ASU) 2018 -15 on January 1, 2019, these implementation costs are now classified on the Consolidated Balance Sheet in prepaid and other current assets and other assets, and the related cash flows are presented as cash outflows from operations. Prior to January 1, 2019, implementation costs were included in property, plant and equipment, and the related cash flows were shown as cash outflows from investing activities. See New Accounting Standards - Adopted below. Our cloud computing arrangements primarily relate to our new global enterprise resource planning (ERP) system. At December 31, 2019, the net book value of these implementation costs included $0.3 million in prepaid and other current assets and $6.5 million in other assets on the Consolidated Balance Sheet. Expense for 2019 was immaterial.Leases January 1, 2019, operating leases are included in operating lease right-of-use (ROU) assets, current operating lease liabilities and noncurrent operating lease liabilities in our Consolidated Balance Sheet; related payments are included in operating activities on the Consolidated Statement of Cash Flows. We currently do not have any finance leases; but, if we do in the future, we will include them in property, plant and equipment, long-term debt due within one year and long-term debt within our Consolidated Balance Sheet.ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. When our leases do not provide an implicit rate, we use our incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments. We give consideration to our secured borrowing rates as well as publicly available data for instruments with a similar term in a similar environment when calculating our incremental borrowing rates.The operating lease ROU asset also includes any lease prepayments made before commencement or in advance of the payment due date. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Leases with a term of 12 months or less (short-term leases) are not recorded on our Consolidated Balance Sheet. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease costs represent the incremental change in lease payments associated with an indexed rate (i.e. Consumers Price Index), and these costs are not included in the lease liability on the Consolidated Balance Sheet because they are unknown at commencement date.We have lease agreements with lease and non-lease components. Non-lease components for real estate leases relate primarily to common area maintenance, insurance, taxes and utilities associated with the properties. For real estate leases and a limited class of equipment leases, we account for the lease and non-lease components separately. Non-lease components are not recorded on the Consolidated Balance Sheet as a ROU asset and lease liability and are not included in lease costs. For all other equipment leases, we account for the lease and non-lease components as a single lease component.See New Accounting Standards - Adopted below for the adoption impact of this lease accounting standard.Property, Plant and Equipment 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 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 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 the salaried U.S.-based employees of Libbey hired before January 1, 2006, and over half of the hourly U.S.-based employees. Hourly employees hired at Shreveport after December 15, 2008, and at Toledo after September 30, 2010, are not eligible to participate. 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 . 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 January 1, 2004 and over half of our union hourly employees. Hourly employees hired at Shreveport after December 15, 2008, and at Toledo after September 30, 2010, are not eligible to participate. Employees are generally eligible for benefits upon reaching a certain age and completion of a specified number of years of creditable service June 24, 1993. Therefore, the benefits related to these retirees are not included in our liability. For further discussion see note 9.Income Taxes 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 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 not be able to fulfill their commitments at the sites where the Company may be jointly and severally liable.Foreign Currency Translation Stock-Based Compensation Expense 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 2019 and 2018, we did not December 31, 2019, we had 941,250 shares of common stock available for repurchase, as authorized by our Board of Directors.Research and Development 2019 and 2018 were $3.1 million and $3.6 million, respectively.Advertising Costs 2019 and 2018 were $5.0 million and $6.1 million, respectively.Computation of Earnings (Loss) Per Share of Common Stock New Accounting Standards - Adopted Each change to U.S. GAAP is established by the FASB in the form of an ASU to the FASB’s 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.In February 2016, the FASB issued ASU 2016 -02, Leases (Topic 842 ), which requires a lessee to recognize on the balance sheet ROU assets and corresponding liabilities for both finance and operating leases with lease terms greater than 12 months. On January 1, 2019, we adopted this standard using the optional transition method of applying the modified retrospective approach at our adoption date. Under this method, previously reported comparative periods prior to 2019 have not been restated. We have elected the package of practical expedients permitted under the transition guidance, which allowed us to carry forward our prior conclusions on existing contracts for lease identification, lease classification and initial direct costs. In addition, for most of our classes of equipment leases, we elected the practical expedient to not separate lease and non-lease components. We also made an accounting policy election to keep leases with a term of 12 months or less off of the balance sheet for all classes of underlying assets. At adoption, we had operating leases which resulted in us recognizing operating ROU assets and lease liabilities on the balance sheet of approximately $69 not have a material impact on our consolidated results of operations or cash flows, and there was no cumulative effect adjustment to retained earnings. The new standard also required additional disclosures which are included in note 15.On January 1, 2019, we early adopted 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. Prior to January 1, 2019, implementation costs for cloud computing arrangements were capitalized into property, plant and equipment and amortized on a straight-line basis. Upon adoption of this new standard, we reclassed $2.8 January 1, 2019, are presented under the new guidance within ASU 2018 -15, while prior period amounts and disclosures are not adjusted and continue to be reported in accordance with our previous accounting.New Accounting Standards - Not Yet Adopted In June 2016, the FASB issued ASU 2016 -13, Financial Instruments - Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments . This standard introduces a new approach to estimating credit losses on certain types of financial instruments, including trade receivables, and modifies the impairment model for available-for-sale debt securities. ASU 2016 -13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early application permitted. In October of 2019, the FASB approved a delayed effective date for Smaller Reporting Company filers; thus, our effective date is now for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Although we are still evaluating the impact of this standard, we believe it will not have a material impact on our Consolidated Financial Statements.In December 2019, the FASB issued ASU 2019 -12, Income Taxes (Topic 740 ): Simplifying the Accounting for Income Taxes . This standard simplifies the accounting for income taxes by removing certain exceptions in Topic 740 and simplifying other areas. ASU 2019 -12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. If early adoption is elected, all amendments must be adopted in the same period. We are currently assessing the impact that this standard will have on our Consolidated Financial Statements. |
Note 3 - Balance Sheet Details |
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| Supplemental Balance Sheet Disclosures [Text Block] |
The following table provides detail of selected balance sheet items:
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Note 4 - Purchased Intangible Assets and Goodwill |
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| Goodwill and Intangible Assets Disclosure [Text Block] |
Purchased Intangibles Changes in purchased intangibles balances are as follows:
Purchased intangible assets are composed of the following:
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 on-going assessment of goodwill as of June 30, 2019 resulted in the need to test Libbey Holland’s indefinite life intangible asset (Royal Leerdam® trade name) for impairment. We used a relief from royalty method to determine the fair market value that was compared to the carrying value of the indefinite life intangible asset. The sales forecast for Royal Leerdam® branded product was lowered due to declining performance of mid-tier retailers as consumers in EMEA move to discount and on-line retailers. As a result, the estimated fair value was determined to be lower than the carrying value, and we recorded a non-cash impairment charge of $0.9 million during the second quarter of 2019 in our EMEA reporting segment. 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 annual impairment testing on October 1, 2019 and 2018 did not indicate impairment of our indefinite life intangible assets.The remaining definite life intangible asset at December 31, 2019 consists of customer relationships that is amortized over 20 years with a remaining life of 5.0 years. Amortization expense for definite life intangible assets was $0.6 million and $1.0 million for years 2019 and 2018, respectively. 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.As part of our on-going assessment of goodwill at June 30, 2019, we determined that a triggering event occurred due to the Company’s market capitalization being less than the carrying value, resulting from the significant decline in the Company’s share price during the quarter. Thus, an interim impairment test was performed as of June 30, 2019. Additionally, during the second quarter, management updated its long-range plan; the updated plan contemplated lower sales and profitability within the Mexico reporting unit (within the Latin America reporting segment) as compared to the projections used in the goodwill impairment testing performed as of October 1, 2018. As the impairment testing indicated that the carrying value of the Mexico reporting unit exceeded its fair value, we recorded a non-cash impairment charge of $46.0 million during the second quarter of 2019. After recording the impairment charge, there is no longer any goodwill on the balance sheet related to the Mexico acquisition.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, 2019 and 2018 annual impairment reviews did not indicate an impairment of goodwill. There were no indicators of impairment in our remaining reporting unit with goodwill at December 31, 2019. For the year ended December 31, 2019, asset impairments on the Consolidated Statement of Operations includes the following (dollars in thousands):
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Note 5 - Property, Plant and Equipment |
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| Property, Plant and Equipment Disclosure [Text Block] |
Property, plant and equipment consists of the following:
Depreciation expense was $38.4 million and $43.2 million for the years 2019 and 2018, respectively.In accordance with FASB ASC 360, management concluded an impairment assessment for the Libbey Holland asset group (within our EMEA segment) was necessary, and it was performed as of December 31, 2019. The recoverability test failed and, therefore, the Libbey Holland asset group was written down to estimated fair value, utilizing both an income approach using a present value technique and a market approach whereby multiple cash flow scenarios reflecting a range of possible outcomes with varying probability weightings are relied upon. 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. As a result, Libbey Holland property, plant and equipment and operating lease right-of-use assets were written down $13.0 million and $5.3 million, respectively, at December 31, 2019. See note 4 for a reconciliation of 2019 non-cash asset impairments to the asset impairments line on the Consolidated Statements of Operations. |
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Note 6 - Borrowings |
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| Debt Disclosure [Text Block] |
Borrowings consist of the following:
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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 0.75 percent and 1.75 percent, respectively, at December 31, 2019. 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, 2019. 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, 2019, Libbey Europe had outstanding borrowings under the ABL Facility of $17.4 million, and Libbey Glass had no outstanding borrowings. 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. 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.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, 2019, $10.0 million in letters of credit and other reserves were outstanding. Remaining unused availability under the ABL Facility was $68.2 million at December 31, 2019, compared to $71.6 million under the ABL Facility at December 31, 2018. 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 4.71 percent per year at December 31, 2019 and 5.39 percent at December 31, 2018, 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 anticipated payment associated with our 2019 financial results is included in long-term debt due within one year on the Consolidated Balance Sheet.The Credit Agreement provides for customary events of default, including cross default with the ABL Facility. 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.Libbey Mexico Line of Credit On June 17, 2019, Crisa Libbey Mexico S. de R.L. de C.V. entered into a $3.0 million working capital line of credit with Banco Santander Mexico to cover seasonal working capital needs, guaranteed by its parent company, Libbey Mexico, S. de R.L. de C.V. The line of credit matures on December 14, 2020, and has a floating interest rate of LIBOR plus 3.20 percent. At December 31, 2019, there were no borrowings under this line of credit. Interest with respect to borrowings on the line of credit is due monthly.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, 2019 and 2018, there were no 1.50 percent. Interest with respect to the note is paid monthly. |
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Note 7 - Income Taxes |
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| Income Tax Disclosure [Text Block] |
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. There were no such temporary differences as of December 31, 2019. At December 31, 2018, the temporary differences totaled $14.6 million and the unrecognized deferred income tax liability was $3.0 million.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:
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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.Management’s outlook regarding the future profitability of our China operations make it unlikely that any of its deferred tax assets will ever be utilized. As a result, a valuation allowance was recorded against the net deferred tax assets of our primary China subsidiary. not more likely than not that the disallowed interest expense for 2019 and 2018 can be fully utilized in future years. Accordingly, a partial valuation allowance has been recorded against the deferred tax asset related to the limitation on the U.S. deduction for interest expense. 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.During December of 2019, Management and SAT reached an agreement whereby Libbey would concede certain tax issues resulting in payment of tax, interest and penalty of $3.2 million. SAT would uphold its adverse finding on the remaining issue. Libbey believes SAT’s position on the remaining issue is invalid, intends to litigate the issue, and believes it is more likely than not that the Company will prevail in litigation. The SAT Legal Division formalized this agreement in January, 2020 by issuing a resolution ordering SAT Audit Division to issue a revised assessment consistent with this agreement. 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 $0.1 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, 2019, the tax years that remained subject to examination by major tax jurisdictions were as follows:
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Note 8 - Pension |
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| Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension and Other Postretirement Benefits Disclosure [Text Block] |
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 over half of the hourly U.S.-based employees. Hourly employees hired at Shreveport after December 15, 2008, and at Toledo after September 30, 2010, are not eligible to participate. 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:
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 31 st 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, 2019, the expected long-term rate of return on plan assets is 6.50 percent, which will be used to measure the earnings effects for 2020. 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 31 st . 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 began using the Pri- 2012 mortality base table and MP-2019 generational mortality improvement projection scale, as released by the Society of Actuaries in October 2019, to determine our projected benefit obligations at December 31, 2019. Prior to this, we used the RP 2014 Sex Distinct Mortality Tables along with the yearly generational projection scale, as released by the Society of Actuaries. 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 $28.8 million and $(28.5 ) million for the years ended December 31, 2019 and 2018, 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 $8.9 million and $(3.1 ) million for the years ended December 31, 2019 and 2018, 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 present value of expected benefit payments to be paid in the subsequent year by the Company. The net accrued pension benefit liability at December 31 st 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 2020, as well as, contributions made in 2019 and 2018 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 2020 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, 2019 and 2018 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 $3.9 million and $3.8 million in 2019 and 2018, 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 2019 and 2018. |
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Note 9 - Non-pension Post-retirement Benefits |
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| Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Postemployment Benefits Disclosure [Text Block] |
We provide certain retiree healthcare and life insurance benefits covering our U.S. and Canadian salaried employees hired before January 1, 2004 and over half of our union hourly employees. Hourly employees hired at Shreveport after December 15, 2008, and at Toledo after September 30, 2010, are not eligible to participate. 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 31 st 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 changes in the non-pension, post-retirement, benefit obligation are as follows:
The U.S. non-pension, post-retirement, benefit plans experienced actuarial losses of $4.7 million in 2019 primarily due to the updated discount rate and higher than expected healthcare costs. Actuarial (gains) in the U.S. of $(5.3 ) million in 2018 were primarily driven by the updated discount rate and lower than expected healthcare costs. The total accrued non-pension, post-retirement, benefits liability at December 31 st 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 retiree contributions, are anticipated to be paid as follows:
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Note 10 - Net Loss Per Share of Common Stock |
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| Earnings Per Share [Text Block] |
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. |
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Note 11 - Employee Stock Benefit Plans |
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| Share-based Payment Arrangement [Text Block] |
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 2,950,000 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 three or four years with prorated annual vesting. 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 employee 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, 2019, shares available to be issued under the 2006 and 2016 Omnibus Incentive Plans were 251,811 and 1,889,023, 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 stock options is generally equal to the closing market price of our common stock on the date of grant, and 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. On March 25, 2019, the CEO was awarded 150,000 stock options which were divided into four $7.00, $8.50, $10.00 and $11.50, all cliff vesting on March 25, 2022. The following table summarizes award activity for the current fiscal year:
Since all stock options are under water at December 31, 2019, there is no December 31, 2019, the weighted-average remaining contractual life for stock options outstanding and stock options exercisable is 6.1 years and 4.8 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, 2019, unrecognized compensation expense related to nonvested stock options and nonvested RSUs is $0.1 million and $1.3 million, respectively, which is expected to be recognized over the weighted average period of 2.0 years for stock options and 1.5 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. |
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Note 12 - Derivatives |
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| Derivative Instruments and Hedging Activities Disclosure [Text Block] |
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 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.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, 2019, by Standard and Poor’s.Fair Values The following table provides the fair values of our derivative financial instruments for the periods presented, all of which are cash flow hedges:
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) of our cash flow hedges 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 losses for natural gas contracts currently carried in accumulated other comprehensive loss that will be reclassified into earnings over the next twelve months will result in $0.8 million of loss 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, 2019, 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 accumulated losses currently carried in accumulated other comprehensive loss that will be reclassified into earnings over the next twelve months will result in an increase to interest expense of $2.9 million in our Consolidated Statements of Operations. |
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Note 13 - Accumulated Other Comprehensive Income (Loss) |
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| Comprehensive Income (Loss) Note [Text Block] |
Accumulated other comprehensive income (loss) (AOCI), net of tax, is as follows:
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Note 14 - Fair Value |
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| Fair Value Disclosures [Text Block] |
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 is 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 cash and cash equivalents, accounts receivable and accounts payable approximate their carrying value due to their short term nature. |
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Note 15 - Leases |
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| Lessee, Operating Leases [Text Block] |
Globally, we lease certain warehouses, office space, showrooms, manufacturing and office equipment, automobiles and outlet stores. Many of the real estate leases contain one or more options to renew, with renewal options that can extend the lease term from one to 20 years or more. The exercise of lease renewal options is at our discretion and is not reasonably certain at lease commencement. Most of our equipment leases have a lease term of two to eight years with limited renewal options. However, one class of equipment has a lease term of 15 years with annual renewal options thereafter. Generally, the longer term lease agreements contain escalating lease payments or are adjusted periodically for inflation.At December 31, 2019, the weighted-average remaining lease term was 6.4 years, and the weighted-average discount rate was 4.05 percent. Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019. The following table presents the lease costs and supplemental cash flow information related to our operating leases for the year ended December 31:
______________________________ ( Includes variable lease costs which are immaterial.1 )
The following table reconciles the undiscounted cash flows to the operating lease liabilities recorded on the balance sheet:
On December 31, 2019, we recorded a non-cash impairment charge of million against operating lease right-of-use assets in our Libbey Holland asset group (within the EMEA segment) which was recorded in the asset impairments line on the Consolidated Statement of Operations. This will reduce future lease costs on the impaired right-of-use assets. See note 5 for further discussion.$5.3 Prior to the adoption of the new lease standard, rental expense for all non-cancelable operating leases was $18.9 million in 2018. The future minimum rental commitments under ASC 840 for non-cancelable operating leases as of December 31, 2018, was as follows (dollars in thousands):
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Note 16 - Other Income (Expense) |
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| Other Income and Other Expense Disclosure [Text Block] |
Items included in other income (expense) in the Consolidated Statements of Operations are as follows:
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Note 17 - Contingencies |
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| Contingencies Disclosure [Text Block] |
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 $0.4 December 31, 2019 and 2018. Immaterial amounts have been recorded in cost of sales in the Consolidated Statements of Operations during 2019 and 2018. 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 and several other defendants have moved to dismiss the complaint. That motion is currently awaiting a decision from the District Court. 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 $0.5 million and TPC York remains liable for up to an additional $2.8 million. TPC York already has reimbursed the Company for $1.4 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 63 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. Libbey Glass Inc. was named as a defendant in the related lawsuit, BKK Working Group v. , Case 1700 Santa Fe Ltd et alNo #2:18 -cv-05810 -MWF-PLA, but was dismissed without prejudice pursuant to a tolling agreement on July 12, 2019. That tolling agreement tolled all claims against Libbey until July 2, 2021. The underlying case is currently stayed until July 20, 2020. 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. |
Note 18 - Revenue |
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| Revenue from Contract with Customer [Text Block] |
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 years ended December 31, 2019 and 2018, bad debt expense was immaterial. Additionally, adjustments related to revenue recognized in prior periods was immaterial for 2019 and 2018. There were no material contract assets, contract liabilities or deferred contract costs recorded on the Consolidated Balance Sheets as of December 31, 2019 and 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 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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Note 19 - Segments and Geographic Information |
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| Segment Reporting Disclosure [Text Block] |
Our reporting segments are U.S. & Canada; Latin America; Europe, the Middle East and Africa (EMEA); and Other. Segment results are based primarily on the geographical destination of the sale. Our three reportable segments are defined below. Our operating segment that does not meet the criteria to be a reportable segment is disclosed as Other.U.S. & Canada—includes sales of manufactured glassware products and sourced tableware having an end-market destination in the U.S & 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.
______________________________ ( Legal and professional fees associated with a strategic initiative that was terminated during the 1 ) third quarter of 2018.
______________________________ ( Segment assets are defined as net accounts receivable plus net inventory.1 ) Geographic data for the U.S., Mexico and Other countries for 2019 and 2018 is presented below. Net sales are based on the geographical destination of the sale. The long-lived assets include net property, plant and equipment and operating lease right-of-use assets beginning January 1, 2019.
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Note 20 - Subsequent Event |
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| Notes to Financial Statements | |||
| Subsequent Events [Text Block] |
On February 21, 2020, we signed an amendment to a lease in our EMEA segment that, among other things, extended the lease term ten years. This will result in an increase to our operating lease right-of-use assets and lease liabilities of approximately $17 |
Significant Accounting Policies (Policies) |
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Dec. 31, 2019 | |
| Accounting Policies [Abstract] | |
| Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation December 31 st . 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 [Policy Text Block] | Revenue Recognition 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 discussion see note 18. |
| Cost of Goods and Service [Policy Text Block] | Cost of Sales |
| Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three months at the date of purchase to be cash equivalents. Cash and cash equivalents are maintained with various financial institutions. Outstanding checks in excess of funds on deposit are included in accounts payable or accrued liabilities, depending on the nature of the payment. |
| Accounts Receivable [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts not require collateral on our accounts receivable. |
| Inventory, Policy [Policy Text Block] | Inventory Valuation first -out (LIFO) method is used for our U.S. glass inventories, which represented 34.3 percent and 34.9 percent of our total inventories in 2019 and 2018, 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 $16.6 million and $15.9 million in 2019 and 2018, respectively. Cost includes the cost of materials, direct labor, in-bound freight and the applicable share of manufacturing overhead. |
| Goodwill and Intangible Assets, Policy [Policy Text Block] | Purchased Intangible Assets and Goodwill ® (“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 1 st 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. |
| Internal Use Software, Policy [Policy Text Block] | Software 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 3 to 10 year period. Software is classified on the Consolidated Balance Sheet in property, plant and equipment, and the related cash flows are shown as cash outflows from investing activities. |
| Cloud Computing Arrangements, Policy [Policy Text Block] | Cloud Computing Arrangements 350. Capitalized costs of hosted cloud computing arrangements include configuration, installation, other upfront costs and internal labor costs of employees devoted to the cloud computing software implementation project. Once a project is complete, amortization is computed using the straight-line method over the term of the associated hosting arrangement, generally 3 to 10 years. In connection with our adoption of Accounting Standards Update (ASU) 2018 -15 on January 1, 2019, these implementation costs are now classified on the Consolidated Balance Sheet in prepaid and other current assets and other assets, and the related cash flows are presented as cash outflows from operations. Prior to January 1, 2019, implementation costs were included in property, plant and equipment, and the related cash flows were shown as cash outflows from investing activities. See New Accounting Standards - Adopted below. Our cloud computing arrangements primarily relate to our new global enterprise resource planning (ERP) system. At December 31, 2019, the net book value of these implementation costs included $0.3 million in prepaid and other current assets and $6.5 million in other assets on the Consolidated Balance Sheet. Expense for 2019 was immaterial. |
| Lessee, Leases [Policy Text Block] | Leases January 1, 2019, operating leases are included in operating lease right-of-use (ROU) assets, current operating lease liabilities and noncurrent operating lease liabilities in our Consolidated Balance Sheet; related payments are included in operating activities on the Consolidated Statement of Cash Flows. We currently do not have any finance leases; but, if we do in the future, we will include them in property, plant and equipment, long-term debt due within one year and long-term debt within our Consolidated Balance Sheet.ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. When our leases do not provide an implicit rate, we use our incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments. We give consideration to our secured borrowing rates as well as publicly available data for instruments with a similar term in a similar environment when calculating our incremental borrowing rates.The operating lease ROU asset also includes any lease prepayments made before commencement or in advance of the payment due date. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Leases with a term of 12 months or less (short-term leases) are not recorded on our Consolidated Balance Sheet. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease costs represent the incremental change in lease payments associated with an indexed rate (i.e. Consumers Price Index), and these costs are not included in the lease liability on the Consolidated Balance Sheet because they are unknown at commencement date.We have lease agreements with lease and non-lease components. Non-lease components for real estate leases relate primarily to common area maintenance, insurance, taxes and utilities associated with the properties. For real estate leases and a limited class of equipment leases, we account for the lease and non-lease components separately. Non-lease components are not recorded on the Consolidated Balance Sheet as a ROU asset and lease liability and are not included in lease costs. For all other equipment leases, we account for the lease and non-lease components as a single lease component.See New Accounting Standards - Adopted below for the adoption impact of this lease accounting standard. |
| Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment 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. |
| Liability Reserve Estimate, Policy [Policy Text Block] | Self-Insurance Reserves 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 Other Postretirement Plans, Policy [Policy Text Block] | Pension and Non-pension Post-retirement Benefits 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 the salaried U.S.-based employees of Libbey hired before January 1, 2006, and over half of the hourly U.S.-based employees. Hourly employees hired at Shreveport after December 15, 2008, and at Toledo after September 30, 2010, are not eligible to participate. 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 . 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 January 1, 2004 and over half of our union hourly employees. Hourly employees hired at Shreveport after December 15, 2008, and at Toledo after September 30, 2010, are not eligible to participate. Employees are generally eligible for benefits upon reaching a certain age and completion of a specified number of years of creditable service June 24, 1993. Therefore, the benefits related to these retirees are not included in our liability. For further discussion see note 9. |
| Income Tax, Policy [Policy Text Block] | Income Taxes 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, Policy [Policy Text Block] | Derivatives 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 Costs, Policy [Policy Text Block] | Environmental not be able to fulfill their commitments at the sites where the Company may be jointly and severally liable. |
| Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation |
| Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Expense 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 [Policy Text Block] | Treasury Stock 2019 and 2018, we did not December 31, 2019, we had 941,250 shares of common stock available for repurchase, as authorized by our Board of Directors. |
| Research and Development Expense, Policy [Policy Text Block] | Research and Development 2019 and 2018 were $3.1 million and $3.6 million, respectively. |
| Advertising Cost [Policy Text Block] | Advertising Costs 2019 and 2018 were $5.0 million and $6.1 million, respectively. |
| Earnings Per Share, Policy [Policy Text Block] | Computation of Earnings (Loss) Per Share of Common Stock |
| New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards - Adopted Each change to U.S. GAAP is established by the FASB in the form of an ASU to the FASB’s 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.In February 2016, the FASB issued ASU 2016 -02, Leases (Topic 842 ), which requires a lessee to recognize on the balance sheet ROU assets and corresponding liabilities for both finance and operating leases with lease terms greater than 12 months. On January 1, 2019, we adopted this standard using the optional transition method of applying the modified retrospective approach at our adoption date. Under this method, previously reported comparative periods prior to 2019 have not been restated. We have elected the package of practical expedients permitted under the transition guidance, which allowed us to carry forward our prior conclusions on existing contracts for lease identification, lease classification and initial direct costs. In addition, for most of our classes of equipment leases, we elected the practical expedient to not separate lease and non-lease components. We also made an accounting policy election to keep leases with a term of 12 months or less off of the balance sheet for all classes of underlying assets. At adoption, we had operating leases which resulted in us recognizing operating ROU assets and lease liabilities on the balance sheet of approximately $69 not have a material impact on our consolidated results of operations or cash flows, and there was no cumulative effect adjustment to retained earnings. The new standard also required additional disclosures which are included in note 15.On January 1, 2019, we early adopted 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. Prior to January 1, 2019, implementation costs for cloud computing arrangements were capitalized into property, plant and equipment and amortized on a straight-line basis. Upon adoption of this new standard, we reclassed $2.8 January 1, 2019, are presented under the new guidance within ASU 2018 -15, while prior period amounts and disclosures are not adjusted and continue to be reported in accordance with our previous accounting.New Accounting Standards - Not Yet Adopted In June 2016, the FASB issued ASU 2016 -13, Financial Instruments - Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments . This standard introduces a new approach to estimating credit losses on certain types of financial instruments, including trade receivables, and modifies the impairment model for available-for-sale debt securities. ASU 2016 -13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early application permitted. In October of 2019, the FASB approved a delayed effective date for Smaller Reporting Company filers; thus, our effective date is now for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Although we are still evaluating the impact of this standard, we believe it will not have a material impact on our Consolidated Financial Statements.In December 2019, the FASB issued ASU 2019 -12, Income Taxes (Topic 740 ): Simplifying the Accounting for Income Taxes . This standard simplifies the accounting for income taxes by removing certain exceptions in Topic 740 and simplifying other areas. ASU 2019 -12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. If early adoption is elected, all amendments must be adopted in the same period. We are currently assessing the impact that this standard will have on our Consolidated Financial Statements. |
| Fair Value of Financial Instruments, Policy [Policy Text Block] | The fair values of our commodity futures natural gas contracts is 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. |
| Segment Reporting, Policy [Policy Text Block] | Our measure of profit for our reportable segments is Segment Earnings before Interest and Taxes (Segment EBIT) and excludes amounts related to certain items we consider not representative of ongoing operations as well as certain retained corporate costs and other allocations that are not considered by management when evaluating performance. Segment EBIT also includes an allocation of manufacturing costs for inventory produced at a Libbey facility that is located in a region other than the end market in which the inventory is sold. This allocation can fluctuate from year to year based on the relative demands for products produced in regions other than the end markets in which they are sold. We use Segment EBIT, along with net sales and selected cash flow information, to evaluate performance and to allocate resources. Segment EBIT for reportable segments includes an allocation of some corporate expenses based on the costs of services performed.Certain activities not related to any particular reportable segment are reported within retained corporate costs. These costs include certain headquarter, administrative and facility costs, and other costs that are global in nature and are not allocable to the reporting segments. |
Note 3 - Balance Sheet Details (Tables) |
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Note 4 - Purchased Intangible Assets and Goodwill (Tables) |
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Note 5 - Property, Plant and Equipment (Tables) |
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Note 6 - Borrowings (Tables) |
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Note 7 - Income Taxes (Tables) |
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Note 8 - Pension (Tables) |
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] |
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| Schedule of Estimated Contributions to Defined Benefit Plan [Table Text Block] |
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| Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] |
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| Schedule of Allocation of Plan Assets [Table Text Block] |
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| Pension Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Benefit Costs [Table Text Block] |
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| Defined Benefit Plan, Assumptions [Table Text Block] |
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| Schedule of Amounts Recognized in Balance Sheet [Table Text Block] |
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| Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] |
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| Schedule of Expected Benefit Payments [Table Text Block] |
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Note 9 - Non-pension Post-retirement Benefits (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] |
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| Non-Pension Post-retirement Benefit Plans [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Benefit Costs [Table Text Block] |
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. |
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| Defined Benefit Plan, Assumptions [Table Text Block] |
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| Schedule of Amounts Recognized in Balance Sheet [Table Text Block] |
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| Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] |
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| Schedule of Expected Benefit Payments [Table Text Block] |
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Note 10 - Net Loss Per Share of Common Stock (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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Note 11 - Employee Stock Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Payment Arrangement, Activity [Table Text Block] |
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| Schedule of Share Based Payment Award, Award Expensing and Valuation Assumptions [Table Text Block] |
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Note 12 - Derivatives (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Schedule of Derivative Instruments [Table Text Block] |
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Note 13 - Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Note 14 - Fair Value (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Note 15 - Leases (Tables) |
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| Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] |
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Note 16 - Other Income (Expense) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Schedule of Other Nonoperating Income (Expense) [Table Text Block] |
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Note 18 - Revenue (Tables) |
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Note 19 - Segments and Geographic Information (Tables) |
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| Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] |
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Note 1 - Description of the Business (Details Textual) |
Dec. 31, 2019 |
|---|---|
| Number of Countries in which Entity Operates | 5 |
| UNITED STATES | |
| Number of Glass Tableware Manufacturing Facilities | 2 |
| Minimum [Member] | |
| Number of Countries in which Entity Sales Products | 100 |
Note 3 - Balance Sheet Details - Selected Balance Sheet Items (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Accounts receivable: | ||
| Trade receivables | $ 79,829 | $ 82,521 |
| Other receivables | 1,478 | 1,456 |
| Total accounts receivable, less allowances of $10,803 and $8,538 | 81,307 | 83,977 |
| Inventories: | ||
| Finished goods | 157,348 | 175,074 |
| Work in process | 1,183 | 1,363 |
| Raw materials | 4,008 | 4,026 |
| Repair parts | 10,254 | 10,116 |
| Operating supplies | 2,004 | 1,524 |
| Total inventories, less loss provisions of $7,750 and $9,453 | 174,797 | 192,103 |
| Accrued liabilities: | ||
| Accrued incentives | 24,337 | 19,359 |
| Other accrued liabilities | 26,320 | 24,369 |
| Total accrued liabilities | $ 50,657 | $ 43,728 |
Note 3 - Balance Sheet Details - Selected Balance Sheet Items (Details) (Parentheticals) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Allowance for accounts receivable | $ 10,803 | $ 8,538 |
| Inventory loss provisions | $ 7,750 | $ 9,453 |
Note 4 - Purchased Intangible Assets and Goodwill (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 900 | |||
| Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
| Amortization of Intangible Assets, Total | $ 560 | 1,049 | ||
| Goodwill, Impairment Loss | 45,981 | |||
| Goodwill, Ending Balance | $ 38,431 | $ 84,412 | $ 84,412 | |
| Valuation, Income Approach [Member] | ||||
| Fair Value Goodwill Valuation Approach Allocation | 70.00% | |||
| Valuation, Market Approach [Member] | ||||
| Fair Value Goodwill Valuation Approach Allocation | 30.00% | |||
| Mexico Reporting Unit [Member] | ||||
| Goodwill, Impairment Loss | $ 46,000 | |||
| Goodwill, Ending Balance | $ 0 | |||
| Maximum [Member] | ||||
| Finite-Lived Intangible Asset, Useful Life | 20 years | |||
| EMEA Segment [Member] | ||||
| Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 900 | $ 900 | ||
Note 4 - Purchased Intangible Assets and Goodwill - Changes in Purchased Intangibles (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Beginning balance | $ 13,385 | $ 14,565 |
| Amortization | (560) | (1,049) |
| Impairment (see below) | (900) | |
| Foreign currency impact | (50) | (131) |
| Ending balance | $ 11,875 | $ 13,385 |
Note 4 - Purchased Intangible Assets and Goodwill - Purchased Intangible Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|---|
| Indefinite life intangible assets | $ 11,104 | $ 12,035 | |
| Definite life intangible assets, net of accumulated amortization of $20,507 and $20,006 | 771 | 1,350 | |
| Total | $ 11,875 | $ 13,385 | $ 14,565 |
Note 4 - Purchased Intangible Assets and Goodwill - Purchased Intangible Assets (Details) (Parentheticals) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Definite life intangible assets, accumulated amortization | $ 20,507 | $ 20,006 |
Note 4 - Purchased Intangible Assets and Goodwill - Future Estimated Amortization Expense (Details) $ in Thousands |
Dec. 31, 2019
USD ($)
|
|---|---|
| 2020 | $ 154 |
| 2021 | 154 |
| 2022 | 154 |
| 2023 | 154 |
| 2024 | $ 154 |
Note 4 - Purchased Intangible Assets and Goodwill - Asset Impairments (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Goodwill | $ 45,981 | ||
| Purchased intangible assets - net | 900 | ||
| Operating lease right-of-use assets | 5,300 | ||
| Total asset impairments | 65,152 | ||
| Latin America Segment [Member] | |||
| Goodwill | 45,981 | ||
| EMEA Segment [Member] | |||
| Purchased intangible assets - net | $ 900 | 900 | |
| Property, plant and equipment - net | 12,956 | ||
| Operating lease right-of-use assets | $ 5,315 | ||
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Depreciation, Total | $ 38,400 | $ 43,200 |
| Operating Lease, Impairment Loss | 5,300 | |
| EMEA Segment [Member] | ||
| Tangible Asset Impairment Charges, Total | 12,956 | |
| Operating Lease, Impairment Loss | $ 5,315 | |
Note 5 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Gross property, plant and equipment | $ 660,424 | $ 727,513 |
| Less accumulated depreciation | 426,501 | 462,553 |
| Net property, plant and equipment | 233,923 | 264,960 |
| Land [Member] | ||
| Gross property, plant and equipment | 16,515 | 20,374 |
| Building [Member] | ||
| Gross property, plant and equipment | 100,730 | 109,470 |
| Machinery and Equipment [Member] | ||
| Gross property, plant and equipment | 486,517 | 531,838 |
| Furniture and Fixtures [Member] | ||
| Gross property, plant and equipment | 15,594 | 15,668 |
| Software and Software Development Costs [Member] | ||
| Gross property, plant and equipment | 22,440 | 25,218 |
| Construction in Progress [Member] | ||
| Gross property, plant and equipment | $ 18,628 | $ 24,945 |
Note 6 - Borrowings - Borrowings (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|||||||
| Total borrowings | $ 393,186 | $ 400,068 | ||||||
| Less — unamortized discount and finance fees | 1,346 | 2,368 | ||||||
| Total borrowings — net | 391,840 | 397,700 | ||||||
| Less — long term debt due within one year | 16,124 | 4,400 | ||||||
| Total long-term portion of borrowings — net | $ 375,716 | 393,300 | ||||||
| Asset-backed Loan Facility [Member] | ||||||||
| Interest Rate | [1] | floating | ||||||
| Maturity Date | [2] | Dec. 07, 2022 | ||||||
| Total borrowings | $ 17,386 | 19,868 | ||||||
| Term Loan B [Member] | ||||||||
| Interest Rate | [3] | floating | ||||||
| Maturity Date | Apr. 09, 2021 | |||||||
| Total borrowings | $ 375,800 | $ 380,200 | ||||||
| ||||||||
Note 6 - Borrowings - Annual Maturities (Details) $ in Thousands |
Dec. 31, 2019
USD ($)
|
|---|---|
| 2020 | $ 16,124 |
| 2021 | 359,676 |
| 2022 | 17,386 |
| 2023 | |
| 2024 | |
| Thereafter |
Note 7 - Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| United States | $ (6,405) | $ (12,682) |
| Non-U.S. | (53,861) | 14,979 |
| Total income (loss) before income taxes | $ (60,266) | $ 2,297 |
Note 7 - Income Taxes - Current and Deferred Provisions (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Current: | ||
| U.S. federal | $ 1,011 | $ 1,945 |
| Non-U.S. | 5,142 | 6,780 |
| U.S. state and local | 326 | 694 |
| Total current income tax provision | 6,479 | 9,419 |
| Deferred: | ||
| U.S. federal | 576 | 687 |
| Non-U.S. | 1,645 | 310 |
| U.S. state and local | 53 | (163) |
| Total deferred income tax provision | 2,274 | 834 |
| Total: | ||
| U.S. federal | 1,587 | 2,632 |
| Non-U.S. | 6,787 | 7,090 |
| U.S. state and local | 379 | 531 |
| Total income tax provision | $ 8,753 | $ 10,253 |
Note 7 - Income Taxes - Reconciliation of the Statutory U.S. Federal Income Tax Rate to the Consolidated Effective Income Tax Rate (Details) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Statutory U.S. federal income tax rate | 21.00% | 21.00% |
| Increase (decrease) in rate due to: | ||
| Non-U.S. income tax differential | 0.20% | 19.90% |
| U.S. state and local income taxes, net of related U.S. federal income taxes | 0.30% | 22.60% |
| U.S. federal credits | 1.40% | (9.80%) |
| Permanent adjustments | (1.90%) | 27.70% |
| Foreign withholding taxes | (1.00%) | 75.90% |
| Valuation allowances | (9.60%) | 143.50% |
| Unrecognized tax benefits | 0.70% | 48.40% |
| Impact of foreign exchange | (1.60%) | 71.60% |
| Asset impairments | (17.60%) | |
| Other | (6.40%) | 25.60% |
| Consolidated effective income tax rate | (14.50%) | 446.40% |
Note 7 - Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
||||||
|---|---|---|---|---|---|---|---|---|
| Deferred income tax assets: | ||||||||
| Pension | $ 7,510 | $ 9,722 | ||||||
| Non-pension post-retirement benefits | 12,271 | 11,712 | ||||||
| Other accrued liabilities | 22,486 | 16,477 | ||||||
| Receivables | 2,544 | 1,994 | ||||||
| Operating lease liabilities | 15,068 | |||||||
| Net operating loss and charitable contribution carryforwards | [1] | 11,333 | 14,143 | |||||
| Tax credits | [2] | 11,432 | 13,373 | |||||
| Total deferred income tax assets | [3] | 82,644 | 67,421 | |||||
| Valuation allowances | (26,963) | (22,068) | ||||||
| Net deferred income tax assets | 55,681 | 45,353 | ||||||
| Deferred income tax liabilities: | ||||||||
| Property, plant and equipment | 13,213 | 15,332 | ||||||
| Inventories | 1,587 | 1,699 | ||||||
| Operating lease right-of-use assets | 14,009 | |||||||
| Intangibles and other | 4,229 | 4,987 | ||||||
| Total deferred income tax liabilities | 33,038 | 22,018 | ||||||
| Net deferred income tax asset | $ 22,643 | $ 23,335 | ||||||
| ||||||||
Note 7 - Income Taxes - Change in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Beginning balance | $ 4,212 | $ 5,007 |
| Additions based on tax positions related to the current year | 1,199 | 438 |
| Additions for tax positions of prior years | 6 | 9 |
| Reductions for tax positions of prior years | (82) | (1,698) |
| Changes due to lapse of statute of limitations | 513 | |
| Reductions due to settlements with tax authorities | (3,045) | (57) |
| Ending balance | $ 2,290 | $ 4,212 |
Note 7 - Income Taxes - Other Disclosures Relating to Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate | $ 2,455 | $ 5,283 |
| Interest, net of tax benefit, accrued in the Consolidated Balance Sheets | 91 | 1,027 |
| Penalties, accrued in the Consolidated Balance Sheets | 74 | 43 |
| Interest expense recognized in the Consolidated Statements of Operations | 36 | 523 |
| Penalties expense (benefit) recognized in the Consolidated Statements of Operations | $ 31 | $ 5 |
Note 7 - Income Taxes - Tax Years Subject to Examination (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2019 | |
| CANADA | |
| Open Tax Year | 2016 2017 2018 2019 |
| CHINA | |
| Open Tax Year | 2014 2015 2016 2017 2018 2019 |
| MEXICO | |
| Open Tax Year | 2010 2012 2013 2014 2015 2016 2017 2018 2019 |
| NETHERLANDS | |
| Open Tax Year | 2018 2019 |
| PORTUGAL | |
| Open Tax Year | 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 |
| UNITED STATES | |
| Open Tax Year | 2011 2014 2015 2016 2017 2018 2019 |
Note 8 - Pension (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.50% | |
| UNITED STATES | ||
| Defined Contribution Plan, Cost | $ 3,900 | $ 3,800 |
| Foreign Plan [Member] | ||
| Defined Contribution Plan, Cost | 2,000 | 2,000 |
| Pension Plan [Member] | ||
| Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ (37,698) | $ 31,537 |
| Pension Plan [Member] | UNITED STATES | ||
| Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.50% | 7.00% |
| Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ (28,820) | $ 28,481 |
| Pension Plan [Member] | Foreign Plan [Member] | ||
| Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ (8,878) | $ 3,056 |
| U.S. Salaried Plan [Member] | ||
| Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |
| Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |
| U.S. Salaried Plan [Member] | Minimum [Member] | ||
| Defined Benefit Plan, Cash Balance Interest Crediting Rate | 5.00% | |
| US Hourly Plan [Member] | ||
| Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |
| Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |
Note 8 - Pension - Components of Pension Expense (Details) - Defined Benefit Pension Plan [Member] - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Service cost (benefits earned during the period) | $ 4,400 | $ 5,151 |
| Interest cost on projected benefit obligation | 16,598 | 15,599 |
| Expected return on plan assets | (20,781) | (22,658) |
| Prior service cost (credit) | (200) | (200) |
| Actuarial (gain) loss | 4,809 | 7,094 |
| Settlement charge | 9 | 92 |
| Pension expense | 4,835 | 5,078 |
| UNITED STATES | ||
| Service cost (benefits earned during the period) | 3,368 | 4,009 |
| Interest cost on projected benefit obligation | 13,530 | 12,615 |
| Expected return on plan assets | (20,781) | (22,658) |
| Prior service cost (credit) | 1 | |
| Actuarial (gain) loss | 4,396 | 6,472 |
| Settlement charge | 9 | |
| Pension expense | 522 | 439 |
| Foreign Plan [Member] | ||
| Service cost (benefits earned during the period) | 1,032 | 1,142 |
| Interest cost on projected benefit obligation | 3,068 | 2,984 |
| Expected return on plan assets | ||
| Prior service cost (credit) | (200) | (201) |
| Actuarial (gain) loss | 413 | 622 |
| Settlement charge | 92 | |
| Pension expense | $ 4,313 | $ 4,639 |
Note 8 - Pension - Assumptions (Details) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Expected long-term rate of return on plan assets | 6.50% | |
| UNITED STATES | Pension Plan [Member] | ||
| Expected long-term rate of return on plan assets | 6.50% | 7.00% |
| Cash balance interest crediting rate | 5.50% | 5.50% |
| Cash balance interest crediting rate | 5.50% | 5.50% |
| UNITED STATES | Minimum [Member] | Pension Plan [Member] | ||
| Discount rate | 4.31% | 3.64% |
| Discount rate | 3.45% | 4.31% |
| UNITED STATES | Maximum [Member] | Pension Plan [Member] | ||
| Discount rate | 4.33% | 3.69% |
| Discount rate | 3.50% | 4.33% |
| Foreign Plan [Member] | Pension Plan [Member] | ||
| Discount rate | 10.06% | 9.40% |
| Rate of compensation increase | 4.30% | 4.30% |
| Discount rate | 8.80% | 10.60% |
| Rate of compensation increase | 4.30% | 4.30% |
Note 8 - Pension - Changes in Projected Benefit Obligations and Fair Value of Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Projected benefit obligation | $ 352,572 | $ 386,020 |
| Service cost | 4,400 | 5,151 |
| Interest cost | 16,598 | 15,599 |
| Exchange rate fluctuations | 1,549 | 138 |
| Actuarial (gain) loss | 37,698 | (31,537) |
| Settlements paid | (112) | |
| Benefits paid | (22,955) | (22,799) |
| Projected benefit obligation | 389,750 | 352,572 |
| Fair value of plan assets | 304,084 | 343,219 |
| Actual return on plan assets | 61,961 | (19,533) |
| Contributions made in 2019 | 3,322 | 3,197 |
| Settlements paid | (112) | |
| Benefits paid | (22,955) | (22,799) |
| Fair value of plan assets | $ 346,300 | $ 304,084 |
| Funded ratio | 88.90% | 86.20% |
| Funded status and net accrued pension benefit cost | $ (43,450) | $ (48,488) |
| UNITED STATES | ||
| Projected benefit obligation | 322,594 | 354,053 |
| Service cost | 3,368 | 4,009 |
| Interest cost | 13,530 | 12,615 |
| Exchange rate fluctuations | ||
| Actuarial (gain) loss | 28,820 | (28,481) |
| Settlements paid | (112) | |
| Benefits paid | (19,745) | (19,602) |
| Projected benefit obligation | 348,455 | 322,594 |
| Fair value of plan assets | 304,084 | 343,219 |
| Actual return on plan assets | 61,961 | (19,533) |
| Contributions made in 2019 | 112 | |
| Settlements paid | (112) | |
| Benefits paid | (19,745) | (19,602) |
| Fair value of plan assets | $ 346,300 | $ 304,084 |
| Funded ratio | 99.40% | 94.30% |
| Funded status and net accrued pension benefit cost | $ (2,155) | $ (18,510) |
| Foreign Plan [Member] | ||
| Projected benefit obligation | 29,978 | 31,967 |
| Service cost | 1,032 | 1,142 |
| Interest cost | 3,068 | 2,984 |
| Exchange rate fluctuations | 1,549 | 138 |
| Actuarial (gain) loss | 8,878 | (3,056) |
| Settlements paid | ||
| Benefits paid | (3,210) | (3,197) |
| Projected benefit obligation | 41,295 | 29,978 |
| Fair value of plan assets | ||
| Actual return on plan assets | ||
| Contributions made in 2019 | 3,210 | 3,197 |
| Settlements paid | ||
| Benefits paid | (3,210) | (3,197) |
| Fair value of plan assets | ||
| Funded ratio | 0.00% | 0.00% |
| Funded status and net accrued pension benefit cost | $ (41,295) | $ (29,978) |
Note 8 - Pension - Amounts Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Pension asset | $ 5,712 | |
| Pension liability (current portion) | (2,543) | (3,282) |
| Pension liability | (46,619) | (45,206) |
| Pension Plan [Member] | ||
| Pension asset | 5,712 | |
| Pension liability (current portion) | (2,543) | (3,282) |
| Pension liability | (46,619) | (45,206) |
| Net accrued pension liability | $ (43,450) | $ (48,488) |
Note 8 - Pension - Pretax Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - Pension Plan [Member] - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Net actuarial loss | $ 106,475 | $ 114,200 |
| Prior service cost (credit) | (2,351) | (2,447) |
| Total cost in AOCI | 104,124 | 111,753 |
| UNITED STATES | ||
| Net actuarial loss | 88,703 | 105,468 |
| Prior service cost (credit) | ||
| Total cost in AOCI | 88,703 | 105,468 |
| Foreign Plan [Member] | ||
| Net actuarial loss | 17,772 | 8,732 |
| Prior service cost (credit) | (2,351) | (2,447) |
| Total cost in AOCI | $ 15,421 | $ 6,285 |
Note 8 - Pension - Estimated Contributions to Pension Plans (Details) - Pension Plan [Member] - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Estimated contributions in 2020 | $ 2,649 | |
| Contributions made in 2019 | 3,322 | $ 3,197 |
| UNITED STATES | ||
| Estimated contributions in 2020 | 163 | |
| Contributions made in 2019 | 112 | |
| Foreign Plan [Member] | ||
| Estimated contributions in 2020 | 2,486 | |
| Contributions made in 2019 | $ 3,210 | $ 3,197 |
Note 8 - Pension - Pension Benefit Payment Amounts (Details) - Pension Plan [Member] $ in Thousands |
Dec. 31, 2019
USD ($)
|
|---|---|
| 2020 | $ 22,526 |
| 2021 | 22,792 |
| 2022 | 23,400 |
| 2023 | 23,432 |
| 2024 | 23,750 |
| 2025-2029 | 121,356 |
| UNITED STATES | |
| 2020 | 20,040 |
| 2021 | 20,212 |
| 2022 | 20,412 |
| 2023 | 20,669 |
| 2024 | 20,748 |
| 2025-2029 | 103,285 |
| Foreign Plan [Member] | |
| 2020 | 2,486 |
| 2021 | 2,580 |
| 2022 | 2,988 |
| 2023 | 2,763 |
| 2024 | 3,002 |
| 2025-2029 | $ 18,071 |
Note 8 - Pension - Projected and Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Projected benefit obligation | $ 309,527 | $ 352,572 |
| Accumulated benefit obligation | 303,789 | 349,311 |
| Fair value of plan assets | 260,365 | 304,084 |
| UNITED STATES | ||
| Projected benefit obligation | 268,232 | 322,594 |
| Accumulated benefit obligation | 268,232 | 322,594 |
| Fair value of plan assets | 260,365 | 304,084 |
| Foreign Plan [Member] | ||
| Projected benefit obligation | 41,295 | 29,978 |
| Accumulated benefit obligation | 35,557 | 26,717 |
| Fair value of plan assets |
Note 8 - Pension - U.S. Pension Plan Assets at Fair Value (Details) - Pension Plan [Member] - USD ($) |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Defined Benefit Plan, Short-term Investments [Member] | ||
| Measured at NAV as a practical expedient | $ 7,489,000 | $ 9,796,000 |
| Target Allocation 2020 | 3.00% | |
| Defined Benefit Plan, Real Estate [Member] | ||
| Measured at NAV as a practical expedient | $ 7,623,000 | 6,198,000 |
| Target Allocation 2020 | 2.00% | |
| Defined Benefit Plan, Equity Securities [Member] | ||
| Measured at NAV as a practical expedient | $ 139,060,000 | 108,952,000 |
| Target Allocation 2020 | 40.00% | |
| Defined Benefit Plan, Debt Security [Member] | ||
| Measured at NAV as a practical expedient | $ 155,574,000 | 146,080,000 |
| Target Allocation 2020 | 45.00% | |
| Hedge Funds [Member] | ||
| Measured at NAV as a practical expedient | $ 36,554,000 | 33,058,000 |
| Target Allocation 2020 | 10.00% | |
| Plan Asset Investments [Member] | ||
| Measured at NAV as a practical expedient | $ 346,300 | $ 304,084 |
| Target Allocation 2020 | 100.00% |
Note 9 - Non-pension Post-retirement Benefits (Details Textual) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| U.S. Non-Pension Post-retirement Benefit Plans [Member] | ||
| Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ (4.7) | $ 5.3 |
Note 9 - Non-pension Post-retirement Benefits - Non-pension Post-retirement Benefit Expense (Details) - Non-Pension Post-retirement Benefit Plans [Member] - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Service cost (benefits earned during the period) | $ 444 | $ 605 |
| Interest cost on projected benefit obligation | 1,872 | 1,860 |
| Prior service cost (credit) | (282) | (282) |
| Actuarial (gain) loss | (452) | (273) |
| Non-pension post-retirement benefit expense (income) | 1,582 | 1,910 |
| UNITED STATES | ||
| Service cost (benefits earned during the period) | 443 | 604 |
| Interest cost on projected benefit obligation | 1,836 | 1,822 |
| Prior service cost (credit) | (282) | (282) |
| Actuarial (gain) loss | (376) | (209) |
| Non-pension post-retirement benefit expense (income) | 1,621 | 1,935 |
| Foreign Plan [Member] | ||
| Service cost (benefits earned during the period) | 1 | 1 |
| Interest cost on projected benefit obligation | 36 | 38 |
| Prior service cost (credit) | ||
| Actuarial (gain) loss | (76) | (64) |
| Non-pension post-retirement benefit expense (income) | $ (39) | $ (25) |
Note 9 - Non-pension Post-retirement Benefits - Assumptions (Details) - Non-Pension Post-retirement Benefit Plans [Member] |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| UNITED STATES | ||
| Discount rate | 4.27% | 3.60% |
| Discount rate | 3.41% | 4.27% |
| Healthcare cost trend rate assumed for next year | 6.00% | 6.25% |
| Ultimate healthcare trend rate | 4.50% | 5.00% |
| Year the ultimate healthcare trend rate is reached | 2026 | 2024 |
| Foreign Plan [Member] | ||
| Discount rate | 3.52% | 3.26% |
| Discount rate | 2.92% | 3.52% |
| Healthcare cost trend rate assumed for next year | 6.00% | 6.25% |
| Ultimate healthcare trend rate | 5.00% | 5.00% |
| Year the ultimate healthcare trend rate is reached | 2024 | 2024 |
Note 9 - Non-pension Post-retirement Benefits - Benefit Obligation (Details) - Non-Pension Post-retirement Benefit Plans [Member] - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Projected benefit obligation | $ 46,966 | $ 53,943 |
| Service cost | 444 | 605 |
| Interest cost | 1,872 | 1,860 |
| Plan participants’ contributions | 409 | 512 |
| Actuarial (gain) loss | 4,625 | (5,411) |
| Exchange rate fluctuations | 49 | (96) |
| Benefits paid | (5,041) | (4,447) |
| Projected benefit obligation | 49,324 | 46,966 |
| Funded status and accrued benefit cost | 49,324 | 46,966 |
| UNITED STATES | ||
| Projected benefit obligation | 45,899 | 52,648 |
| Service cost | 443 | 604 |
| Interest cost | 1,836 | 1,822 |
| Plan participants’ contributions | 409 | 512 |
| Actuarial (gain) loss | 4,666 | (5,305) |
| Exchange rate fluctuations | ||
| Benefits paid | (4,990) | (4,382) |
| Projected benefit obligation | 48,263 | 45,899 |
| Funded status and accrued benefit cost | 48,263 | 45,899 |
| Foreign Plan [Member] | ||
| Projected benefit obligation | 1,067 | 1,295 |
| Service cost | 1 | 1 |
| Interest cost | 36 | 38 |
| Plan participants’ contributions | ||
| Actuarial (gain) loss | (41) | (106) |
| Exchange rate fluctuations | 49 | (96) |
| Benefits paid | (51) | (65) |
| Projected benefit obligation | 1,061 | 1,067 |
| Funded status and accrued benefit cost | $ 1,061 | $ 1,067 |
Note 9 - Non-pension Post-retirement Benefits - Amounts Recognized in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Non-pension post-retirement benefits (current portion) | $ 3,817 | $ 3,951 |
| Non-pension post-retirement benefits | 45,507 | 43,015 |
| Non-Pension Post-retirement Benefit Plans [Member] | ||
| Non-pension post-retirement benefits (current portion) | 3,817 | 3,951 |
| Non-pension post-retirement benefits | 45,507 | 43,015 |
| Total non-pension post-retirement benefits liability | $ 49,324 | $ 46,966 |
Note 9 - Non-pension Post-retirement Benefits - Pretax Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - Non-Pension Post-retirement Benefit Plans [Member] - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Net actuarial loss | $ (942) | $ (5,982) |
| Prior service cost (credit) | (698) | (980) |
| Total cost in AOCI | (1,640) | (6,962) |
| UNITED STATES | ||
| Net actuarial loss | (134) | (5,176) |
| Prior service cost (credit) | (698) | (980) |
| Total cost in AOCI | (832) | (6,156) |
| Foreign Plan [Member] | ||
| Net actuarial loss | (808) | (806) |
| Prior service cost (credit) | ||
| Total cost in AOCI | $ (808) | $ (806) |
Note 9 - Non-pension Post-retirement Benefits - Anticipated Benefit Payments (Details) - Non-Pension Post-retirement Benefit Plans [Member] $ in Thousands |
Dec. 31, 2019
USD ($)
|
|---|---|
| 2020 | $ 3,882 |
| 2021 | 3,795 |
| 2022 | 3,791 |
| 2023 | 3,687 |
| 2024 | 3,582 |
| 2025-2029 | 15,615 |
| UNITED STATES | |
| 2020 | 3,768 |
| 2021 | 3,686 |
| 2022 | 3,688 |
| 2023 | 3,594 |
| 2024 | 3,498 |
| 2025-2029 | 15,370 |
| Foreign Plan [Member] | |
| 2020 | 114 |
| 2021 | 109 |
| 2022 | 103 |
| 2023 | 93 |
| 2024 | 84 |
| 2025-2029 | $ 245 |
Note 10 - Net Loss Per Share of Common Stock - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Net loss that is available to common shareholders | $ (69,019) | $ (7,956) |
| Basic (in shares) | 22,419,138 | 22,180,102 |
| Effect of stock options and restricted stock units (in shares) | ||
| Adjusted weighted average shares and assumed conversions (in shares) | 22,419,138 | 22,180,102 |
| Basic loss per share (in dollars per share) | $ (3.08) | $ (0.36) |
| Diluted loss per share (in dollars per share) | $ (3.08) | $ (0.36) |
| Anti-dilutive shares excluded from computation of diluted loss per share (in shares) | 1,825,727 | 1,285,307 |
Note 11 - Employee Stock Benefit Plans (Details Textual) $ / shares in Units, $ in Thousands |
12 Months Ended | |
|---|---|---|
|
Mar. 25, 2019
$ / shares
shares
|
Dec. 31, 2019
USD ($)
$ / shares
shares
|
|
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Plans | 2 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 0 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 0 | |
| Chief Executive Officer [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 150,000 | |
| Share-based Payment Arrangement, Option [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 150,000 | |
| Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 9.25 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 36 days | |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 292 days | |
| Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 100 | |
| Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | |
| Restricted Stock Units (RSUs) [Member] | ||
| Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 1,300 | |
| Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 182 days | |
| Vesting Annually [Member] | RSUs and Stock Option [Member] | Minimum [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
| Vesting Annually [Member] | RSUs and Stock Option [Member] | Maximum [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
| Share-based Payment Arrangement, Tranche One [Member] | Chief Executive Officer [Member] | ||
| Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 7 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
| Share-based Payment Arrangement, Tranche Two [Member] | Chief Executive Officer [Member] | ||
| Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 8.50 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
| Share-based Payment Arrangement, Tranche Three [Member] | Chief Executive Officer [Member] | ||
| Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 10 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
| Share-based Payment Arrangement, Tranche Four [Member] | Chief Executive Officer [Member] | ||
| Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 11.50 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
| 2006 A&R Omnibus Incentive Plan [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,960,000 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 251,811 | |
| 2016 Omnibus Incentive Plan [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,950,000 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,889,023 |
Note 11 - Employee Stock Benefit Plans - Award Activity (Details) - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Share-based Payment Arrangement, Option [Member] | ||
| Outstanding balance, stock options (in shares) | 590,572 | |
| Outstanding balance, stock options, weighted average exercise price (in dollars per share) | $ 16.82 | |
| Granted, stock options (in shares) | 150,000 | |
| Granted, stock options, weighted average exercise price (in dollars per share) | $ 9.25 | |
| Exercised or vested, stock options (in shares) | ||
| Exercised or vested, stock options, weighted average exercise price (in dollars per share) | ||
| Forfeited or expired, stock options (in shares) | (31,249) | |
| Forfeited or expired, stock options, weighted average exercise price (in dollars per share) | $ 14.69 | |
| Outstanding balance, stock options (in shares) | 709,323 | 590,572 |
| Outstanding balance, stock options, weighted average exercise price (in dollars per share) | $ 15.31 | $ 16.82 |
| Exercisable, stock options (in shares) | 438,915 | |
| Exercisable, stock options, weighted average exercise price (in dollars per share) | $ 17.94 | |
| Restricted Stock Units (RSUs) [Member] | ||
| Outstanding balance, stock and RSUs (in shares) | 692,929 | |
| Outstanding balance, stock and RSUs, weighted average grant date fair value (in dollars per share) | $ 7.66 | |
| Granted, stock and RSUs (in shares) | 848,803 | |
| Granted, stock and RSUs, weighted average grant date fair value (in dollars per share) | $ 3.37 | $ 5.50 |
| Exercised or vested, stock and RSUs (in shares) | (336,182) | |
| Exercised or vested, stock and RSUs, weighted average grant date fair value (in dollars per share) | $ 6.94 | |
| Forfeited or expired, stock and RSUs (in shares) | (98,713) | |
| Forfeited or expired, stock and RSUs, weighted average grant date fair value (in dollars per share) | $ 5.13 | |
| Outstanding balance, stock and RSUs (in shares) | 1,106,837 | 692,929 |
| Outstanding balance, stock and RSUs, weighted average grant date fair value (in dollars per share) | $ 4.82 | $ 7.66 |
Note 11 - Employee Stock Benefit Plans - Award Expensing and Fair Value Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Total stock compensation expense | $ 3,231 | $ 2,827 |
| Total fair value of stock, stock options and RSUs vested | $ 2,808 | 3,371 |
| Share-based Payment Arrangement, Option [Member] | ||
| Weighted average grant date fair value of stock options granted (in dollars per share) | $ 0.80 | |
| Intrinsic value of stock options exercised | $ 38 | |
| Risk-free interest | 2.28% | |
| Expected term (Year) | 6 years 182 days | |
| Expected volatility | 50.94% | |
| Dividend yield | 0.00% | |
| Restricted Stock Units (RSUs) [Member] | ||
| Granted, stock and RSUs, weighted average grant date fair value (in dollars per share) | $ 3.37 | $ 5.50 |
| Intrinsic value of stock and RSUs vested | $ 1,256 | $ 1,230 |
Note 12 - Derivatives (Details Textual) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2019
USD ($)
| |
| Derivative, Fixed Interest Rate Excluding Credit Spread | 3.19% |
| Cash Flow Hedging [Member] | Natural Gas Contracts [Member] | |
| Maximum Length of Time Hedged in Cash Flow Hedge | 1 year 180 days |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (0.8) |
| Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | Interest Expense [Member] | |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (2.9) |
| Minimum [Member] | Cash Flow Hedging [Member] | Natural Gas Contracts [Member] | |
| Derivative, Nonmonetary Notional Amount, Percent of Required Need, Coverage | 40.00% |
| Maximum [Member] | Cash Flow Hedging [Member] | Natural Gas Contracts [Member] | |
| Derivative, Nonmonetary Notional Amount, Percent of Required Need, Coverage | 70.00% |
Note 12 - Derivatives - Fair Value of Derivative Assets and Liabilities (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Fair value, derivative asset | $ 1,690 | |
| Fair value, derivative liabilities | 15,402 | 5,713 |
| Interest Rate Swap [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
| Fair value, derivative asset | 1,425 | |
| Interest Rate Swap [Member] | Accrued Liabilities [Member] | ||
| Fair value, derivative liabilities | 2,931 | |
| Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | ||
| Fair value, derivative liabilities | 11,632 | 5,713 |
| Natural Gas Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
| Fair value, derivative asset | 226 | |
| Natural Gas Contracts [Member] | Other Assets [Member] | ||
| Fair value, derivative asset | 39 | |
| Natural Gas Contracts [Member] | Accrued Liabilities [Member] | ||
| Fair value, derivative liabilities | 836 | |
| Natural Gas Contracts [Member] | Other Noncurrent Liabilities [Member] | ||
| Fair value, derivative liabilities | $ 3 |
Note 12 - Derivatives - Cash Settlements (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Derivative, Additional Cash Settlements Received (Paid) on Hedge | $ 342 | $ 585 |
| Cash Flow Hedging [Member] | Natural Gas Contracts [Member] | ||
| Derivative, Additional Cash Settlements Received (Paid) on Hedge | (651) | 426 |
| Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||
| Derivative, Additional Cash Settlements Received (Paid) on Hedge | $ 993 | $ 159 |
Note 12 - Derivatives - Summary of Gains (Losses) Recognized in Statement of Operations and AOCI (Details) - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Derivative gain (loss) reclassified from accumulated OCI to current earnings | $ 250 | $ 711 |
| Other Comprehensive Income (Loss) [Member] | ||
| Derivative gain (loss) recognized into OCI | (11,130) | (3,242) |
| Other Comprehensive Income (Loss) [Member] | Natural Gas Contracts [Member] | ||
| Derivative gain (loss) recognized into OCI | (1,755) | 1,194 |
| Other Comprehensive Income (Loss) [Member] | Interest Rate Swap [Member] | ||
| Derivative gain (loss) recognized into OCI | (9,375) | (4,436) |
| Cost of Sales [Member] | Natural Gas Contracts [Member] | ||
| Derivative gain (loss) reclassified from accumulated OCI to current earnings | (651) | 426 |
| Interest Expense [Member] | Interest Rate Swap [Member] | ||
| Derivative gain (loss) reclassified from accumulated OCI to current earnings | $ 901 | $ 285 |
Note 12 - Derivatives - Natural Gas Contracts (Details) - MMBTU |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Cash Flow Hedging [Member] | Natural Gas Contracts [Member] | ||
| Derivative, nonmonetary notional amount (Millions of British Thermal Unit) | 2,460,000 | 3,150,000 |
Note 12 - Derivatives - Interest Rate Swaps (Details) - Interest Rate Swap [Member] - USD ($) $ in Millions |
Sep. 24, 2018 |
Apr. 01, 2015 |
|||
|---|---|---|---|---|---|
| Derivative, notional amount | $ 200 | $ 220 | |||
| Derivative, fixed interest rate | 6.19% | [1] | 4.85% | ||
| |||||
Note 13 - Accumulated Other Comprehensive Income (Loss) - Schedule of AOCI (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
||||||
| Balance | $ 49,893 | $ 66,894 | |||||
| Other comprehensive income (loss), net of tax | (9,541) | (8,958) | |||||
| Balance | (25,787) | 49,893 | |||||
| Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||||
| Balance | (23,240) | (16,183) | |||||
| Cumulative-effect adjustment for the adoption of ASU 2017-12 | |||||||
| Amounts recognized into AOCI | (1,974) | (7,057) | |||||
| Currency impact | |||||||
| Amounts reclassified from AOCI | |||||||
| Tax effect | 67 | ||||||
| Other comprehensive income (loss), net of tax | (1,907) | (7,057) | |||||
| Balance | (25,147) | (23,240) | |||||
| Derivative Instruments [Member] | |||||||
| Balance | (2,866) | 351 | |||||
| Cumulative-effect adjustment for the adoption of ASU 2017-12 | (275) | ||||||
| Amounts recognized into AOCI | (11,130) | (3,242) | |||||
| Currency impact | |||||||
| Amounts reclassified from AOCI | (250) | (711) | [1] | ||||
| Tax effect | 2,814 | 1,011 | |||||
| Other comprehensive income (loss), net of tax | (8,566) | (2,942) | |||||
| Balance | (11,432) | (2,866) | |||||
| Pension and Other Post-retirement Benefits [Member] | |||||||
| Balance | (88,299) | (89,340) | |||||
| Cumulative-effect adjustment for the adoption of ASU 2017-12 | |||||||
| Amounts recognized into AOCI | (1,143) | (5,245) | |||||
| Currency impact | (428) | (164) | |||||
| Amounts reclassified from AOCI | 3,884 | 6,431 | [2] | ||||
| Tax effect | (1,381) | 19 | |||||
| Other comprehensive income (loss), net of tax | 932 | 1,041 | |||||
| Balance | (87,367) | (88,299) | |||||
| AOCI Attributable to Parent [Member] | |||||||
| Balance | (114,405) | (105,172) | |||||
| Cumulative-effect adjustment for the adoption of ASU 2017-12 | (275) | ||||||
| Amounts recognized into AOCI | (14,247) | (15,544) | |||||
| Currency impact | (428) | (164) | |||||
| Amounts reclassified from AOCI | 3,634 | 5,720 | |||||
| Tax effect | 1,500 | 1,030 | |||||
| Other comprehensive income (loss), net of tax | (9,541) | (8,958) | |||||
| Balance | $ (123,946) | $ (114,405) | |||||
| |||||||
Note 14 - Fair Value - Derivative Financial Instruments (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Net derivative asset (liability) | $ (15,402) | $ (4,023) |
| Fair Value, Inputs, Level 1 [Member] | ||
| Net derivative asset (liability) | ||
| Fair Value, Inputs, Level 2 [Member] | ||
| Net derivative asset (liability) | (15,402) | (4,023) |
| Fair Value, Inputs, Level 3 [Member] | ||
| Net derivative asset (liability) | ||
| Commodity Contract [Member] | Fair Value, Recurring [Member] | ||
| Net derivative asset (liability) | (839) | 265 |
| Commodity Contract [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
| Net derivative asset (liability) | ||
| Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
| Net derivative asset (liability) | (839) | 265 |
| Commodity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
| Net derivative asset (liability) | ||
| Interest Rate Swap [Member] | Fair Value, Recurring [Member] | ||
| Net derivative asset (liability) | (14,563) | (4,288) |
| Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
| Net derivative asset (liability) | ||
| Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
| Net derivative asset (liability) | (14,563) | (4,288) |
| Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
| Net derivative asset (liability) |
Note 14 - Fair Value - Financial Instruments Carried at Cost, as Well as the Related Fair Values (Details) - Fair Value, Inputs, Level 2 [Member] - Term Loan B [Member] - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Reported Value Measurement [Member] | ||
| Term Loan B | $ 375,800 | $ 380,200 |
| Estimate of Fair Value Measurement [Member] | ||
| Term Loan B | $ 304,398 | $ 362,141 |
Note 15 - Leases (Details Textual) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Operating Lease, Weighted Average Remaining Lease Term | 6 years 146 days | |
| Operating Lease, Weighted Average Discount Rate, Percent | 4.05% | |
| Operating Lease, Impairment Loss | $ 5.3 | |
| Operating Lease, Expense | $ 18.9 | |
| One Class of Equipment [Member] | ||
| Lessee, Operating Lease, Term of Contract | 15 years | |
| Minimum [Member] | Land, Buildings and Improvements [Member] | ||
| Lessee, Operating Lease, Renewal Term | 1 year | |
| Minimum [Member] | Equipment [Member] | ||
| Lessee, Operating Lease, Term of Contract | 2 years | |
| Maximum [Member] | Land, Buildings and Improvements [Member] | ||
| Lessee, Operating Lease, Renewal Term | 20 years | |
| Maximum [Member] | Equipment [Member] | ||
| Lessee, Operating Lease, Term of Contract | 8 years | |
Note 15 - Leases - Lease Costs and Supplemental Cash Flow Information (Details) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2019
USD ($)
| ||||
| Operating lease costs | $ 15,669 | |||
| Short-term lease costs (1) | 4,446 | [1] | ||
| Total lease costs | 20,115 | |||
| Cash paid for operating leases included in the measurement of lease liabilities | 15,584 | |||
| ROU assets obtained in exchange for lease liabilities | $ 74,084 | |||
| ||||
Note 15 - Leases - Reconciliation of Undiscounted Cash Flows to the Operating Lease Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| 2020 | $ 14,970 | |
| 2021 | 11,255 | |
| 2022 | 9,987 | |
| 2023 | 9,283 | |
| 2024 | 8,005 | |
| 2025 and thereafter | 15,768 | |
| Total minimum lease payments | 69,268 | |
| Less: interest | (8,176) | |
| Present value of future minimum lease payments | 61,092 | |
| Less: lease liabilities (current portion) | (12,769) | |
| Noncurrent lease liabilities | $ 48,323 |
Note 15 - Leases - Future Minimum Rental Commitments Under ASC 840 (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
|---|---|
| Future minimum payments, 2019 | $ 15,407 |
| Future minimum payments, 2020 | 13,787 |
| Future minimum payments, 2021 | 10,339 |
| Future minimum payments, 2022 | 9,143 |
| Future minimum payments, 2023 | 8,551 |
| Future minimum payments, 2024 and thereafter | $ 20,755 |
Note 16 - Other Income (Expense) - Other Income (Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Gain (loss) on currency transactions | $ (2,318) | $ (1,454) |
| Pension and non-pension benefits, excluding service cost | (1,573) | (1,232) |
| Debt refinancing fees | (525) | |
| Other non-operating income (expense) | (27) | (78) |
| Other income (expense) | $ (4,443) | $ (2,764) |
Note 17 - Contingencies (Details Textual) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Oct. 30, 2009 |
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
Oct. 26, 2018 |
|
| BKK Working Group [Member] | ||||
| Loss Contingency, Number of Entities Cooperating With Legal Matter | 63 | |||
| Minimum [Member] | BKK Working Group [Member] | ||||
| Loss Contingency, Number of Companies Involved | 500 | |||
| Syracuse China Company and Libbey Glass Inc. [Member] | ||||
| Loss Contingency, Claim for Indemnification, Incurred | $ 500 | |||
| Syracuse China Company and Libbey Glass Inc. [Member] | TPC York [Member] | ||||
| Loss Contingency, Claim for Indemnification, Remaining Liability Of Counterparty | 2,800 | |||
| Loss Contingency, Claim for Indemnification, Reimbursement Received | 1,400 | |||
| Syracuse China Company and Libbey Glass Inc. [Member] | Maximum [Member] | TPC York [Member] | ||||
| Loss Contingency, Claim for Indemnification | 7,500 | |||
| Lower Ley Creek Sub-site [Member] | ||||
| Site Contingency Number of Potentially Responsible Parties | 8 | |||
| Lower Ley Creek Sub-site [Member] | Unfavorable Regulatory Action [Member] | Other Noncurrent Liabilities [Member] | ||||
| Accrued Environmental Loss Contingencies, Noncurrent | 700 | $ 700 | ||
| Lower Ley Creek Sub-site [Member] | Unfavorable Regulatory Action [Member] | Other Noncurrent Assets [Member] | ||||
| Recorded Third-Party Environmental Recoveries, Noncurrent | 400 | $ 400 | ||
| Lower Ley Creek Sub-site [Member] | Unfavorable Regulatory Action [Member] | Motors Liquidation Company [Member] | ||||
| Loss Contingency, Damages Paid, Value | 22,000 | |||
| Lower Ley Creek Sub-site [Member] | Minimum [Member] | Unfavorable Regulatory Action [Member] | ||||
| Site Contingency, Loss Exposure Not Accrued, Best Estimate | 17,000 | |||
| Loss Contingency, Estimate of Possible Loss | 0 | |||
| Lower Ley Creek Sub-site [Member] | Maximum [Member] | Unfavorable Regulatory Action [Member] | ||||
| Site Contingency, Loss Exposure Not Accrued, Best Estimate | 24,800 | |||
| Lower Ley Creek Sub-site [Member] | Syracuse China Company [Member] | ||||
| Site Contingency Number of Potentially Responsible Parties | 1 | |||
| Upper Ley Creek Sub-site [Member] | Minimum [Member] | ||||
| Loss Contingency, Number of Companies Involved | 30 | |||
| Upper Ley Creek Sub-site [Member] | Syracuse China Company and Libbey Glass Inc. [Member] | ||||
| Site Contingency, Loss Exposure Not Accrued, Best Estimate | $ 93,500 |
Note 18 - Revenue (Details Textual) - Revenue Benchmark [Member] - Business Channels Concentration Risk [Member] - Minimum [Member] |
12 Months Ended |
|---|---|
Dec. 31, 2019 | |
| EMEA Segment [Member] | Retail and Business-to-business [Member] | |
| Concentration Risk, Percentage | 75.00% |
| U.S. and Canada Segment [Member] | Foodservice and Retail [Member] | |
| Concentration Risk, Percentage | 75.00% |
| Latin America Segment [Member] | Retail and Business-to-business [Member] | |
| Concentration Risk, Percentage | 75.00% |
Note 18 - Revenue - Net Sales Disaggregated by Business Channel (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Net sales | $ 785,602 | $ 801,093 |
| Product [Member] | ||
| Net sales | 782,437 | 797,858 |
| Product [Member] | Foodservice [Member] | ||
| Net sales | 319,766 | 327,550 |
| Product [Member] | Retail [Member] | ||
| Net sales | 252,256 | 256,646 |
| Product [Member] | Business-to-business [Member] | ||
| Net sales | $ 210,415 | $ 213,662 |
Note 19 - Segments and Geographic Information (Details Textual) |
12 Months Ended |
|---|---|
Dec. 31, 2019 | |
| Number of Reportable Segments | 3 |
Note 19 - Segments and Geographic Information - Segments and Geographic Information (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|||||
| Net sales | $ 785,602 | $ 801,093 | ||||
| Segment EBIT | 63,146 | 58,495 | ||||
| Retained corporate costs | (31,884) | (31,878) | ||||
| Impairment of goodwill (note 4) | (45,981) | |||||
| Impairment of long-lived assets (notes 4, 5 & 15) | (19,171) | |||||
| Fees associated with strategic initiative (1) | [1] | (2,341) | ||||
| Organizational realignment | (3,341) | |||||
| Debt refinancing fees | (525) | |||||
| Interest expense | (22,510) | (21,979) | ||||
| Provision for income taxes | (8,753) | (10,253) | ||||
| Net loss | (69,019) | (7,956) | ||||
| Depreciation and amortization | 39,046 | 44,333 | ||||
| Capital Expenditures | 31,159 | 45,087 | ||||
| Accounts Receivable, Net and Inventory, Net | [2] | 256,104 | 276,080 | |||
| Product [Member] | ||||||
| Net sales | 782,437 | 797,858 | ||||
| U.S. and Canada Segment [Member] | ||||||
| Segment EBIT | 54,072 | 36,805 | ||||
| Impairment of goodwill (note 4) | ||||||
| Depreciation and amortization | 12,547 | 13,358 | ||||
| Capital Expenditures | 8,464 | 22,203 | ||||
| Accounts Receivable, Net and Inventory, Net | [2] | 137,072 | 152,168 | |||
| U.S. and Canada Segment [Member] | Product [Member] | ||||||
| Net sales | 491,230 | 483,741 | ||||
| Latin America Segment [Member] | ||||||
| Segment EBIT | 6,208 | 12,599 | ||||
| Impairment of goodwill (note 4) | (45,981) | |||||
| Depreciation and amortization | 14,758 | 17,457 | ||||
| Capital Expenditures | 16,090 | 13,527 | ||||
| Accounts Receivable, Net and Inventory, Net | [2] | 62,635 | 64,166 | |||
| Latin America Segment [Member] | Product [Member] | ||||||
| Net sales | 141,584 | 148,091 | ||||
| EMEA Segment [Member] | ||||||
| Segment EBIT | 5,529 | 7,219 | ||||
| Depreciation and amortization | 6,845 | 7,412 | ||||
| Capital Expenditures | 5,036 | 5,051 | ||||
| Accounts Receivable, Net and Inventory, Net | [2] | 45,454 | 46,576 | |||
| EMEA Segment [Member] | Product [Member] | ||||||
| Net sales | 123,945 | 138,399 | ||||
| Other Segments [Member] | ||||||
| Segment EBIT | (2,663) | 1,872 | ||||
| Depreciation and amortization | 3,359 | 4,431 | ||||
| Capital Expenditures | 488 | 745 | ||||
| Accounts Receivable, Net and Inventory, Net | [2] | 10,943 | 13,170 | |||
| Other Segments [Member] | Product [Member] | ||||||
| Net sales | 25,678 | 27,627 | ||||
| Corporate Segment [Member] | ||||||
| Depreciation and amortization | 1,537 | 1,675 | ||||
| Capital Expenditures | $ 1,081 | $ 3,561 | ||||
| ||||||
Note 19 - Segments and Geographic Information - Sales and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Net sales | $ 785,602 | $ 801,093 |
| Long-lived assets | 288,609 | 264,960 |
| Product [Member] | ||
| Net sales | 782,437 | 797,858 |
| UNITED STATES | ||
| Long-lived assets | 124,062 | 99,135 |
| UNITED STATES | Product [Member] | ||
| Net sales | 485,443 | 480,868 |
| MEXICO | ||
| Long-lived assets | 100,288 | 86,775 |
| MEXICO | Product [Member] | ||
| Net sales | 104,192 | 101,656 |
| All Other [Member] | ||
| Long-lived assets | 64,259 | 79,050 |
| All Other [Member] | Product [Member] | ||
| Net sales | $ 192,802 | $ 215,334 |
Note 20 - Subsequent Event (Details Textual) - USD ($) $ in Thousands |
Feb. 21, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|---|
| Operating Lease, Right-of-Use Asset | $ 54,686 | ||
| Operating Lease, Liability, Total | $ 61,092 | ||
| Subsequent Event [Member] | Amendment to EMEA Segment Lease [Member] | |||
| Lessee, Operating Lease, Term of Contract | 10 years | ||
| Operating Lease, Right-of-Use Asset | $ 17,000 | ||
| Operating Lease, Liability, Total | $ 17,000 |