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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2023
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to
gzgnllmkh1c0000001.jpg
4350 Congress Street, Suite 600
Charlotte, North Carolina 28209
(Address of principal executive offices)
(704) 885-2555
(Registrant's telephone number, including area code)
 
Commission file
number
 
Exact name of registrant as
specified in its charter
 
IRS Employer
Identification No.
 
State or other jurisdiction of
incorporation or organization
 
 1-03560 Glatfelter Corporation 23-0628360 Pennsylvania 
(N/A)
Former name or former address, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock GLT New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at the past 90 days. Yes No .
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No .
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a small reporting company or emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer Accelerated filer
Non-accelerated filer Smaller reporting company
  Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes No .
Common Stock outstanding on July 28, 2023 totaled 45,045,910 shares.


GLATFELTER CORPORATION AND SUBSIDIARIES
REPORT ON FORM 10-Q
For the Quarterly Period Ended
June 30, 2023
Table of Contents
 
Page
 2
 
Condensed Consolidated Statements of Income for the three months and six months ended June 30, 2023 and 2022 (unaudited)
 
Condensed Consolidated Statements of Comprehensive Income for the three months and six months ended June 30, 2023 and 2022 (unaudited)
 
 
 
Statements of Shareholders’ Equity for the three months and six months ended June 30, 2023 and 2022 (unaudited)
 
 
 
 3
 4
5
6
 7
 8
 9
 10
 11
 12
 13
 14
 15
 16
 17
 18
 19
 20
Item 1B
 



PART I
Item 1 – Financial Statements
GLATFELTER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
 Three months ended
June 30,
Six months ended
June 30,
In thousands, except per share2023202220232022
     
Net sales$357,005 $363,963 $735,213 $745,643 
Costs of products sold338,872 326,566 680,866 676,581 
Gross profit18,133 37,397 54,347 69,062 
Selling, general and administrative expenses28,639 28,400 59,384 61,566 
Goodwill and other asset impairment charges   117,349 
Gains (losses) on dispositions of plant, equipment and timberlands, net(21)73 (665)(2,888)
Operating income (loss)(10,485)8,924 (4,372)(106,965)
Non-operating income (expense)
Interest expense(17,261)(7,672)(29,855)(15,534)
Interest income559 38 830 55 
Other, net(3,045)(455)(6,323)(1,795)
Total non-operating expense(19,747)(8,089)(35,348)(17,274)
Income (loss) from continuing operations before income taxes(30,232)835 (39,720)(124,239)
Income tax provision (benefit)6,399 3,295 10,093 (13,489)
Loss from continuing operations(36,631)(2,460)(49,813)(110,750)
 
Discontinued operations:
Income (loss) before income taxes(309)408 (711)371 
Income tax provision    
Income (loss) from discontinued operations(309)408 (711)371 
Net loss$(36,940)$(2,052)$(50,524)$(110,379)
 
Basic earnings per share
Loss from continuing operations$(0.82)$(0.05)$(1.11)$(2.47)
Income (loss) from discontinued operations(0.01)0.01 (0.02)0.01 
Basic loss per share$(0.83)$(0.04)$(1.13)$(2.46)
 
Diluted earnings per share
Loss from continuing operations$(0.82)$(0.05)$(1.11)$(2.47)
Income (loss) from discontinued operations(0.01)0.01 (0.02)0.01 
Diluted loss per share$(0.83)$(0.04)$(1.13)$(2.46)
 
Weighted average shares outstanding
Basic45,04144,841 44,99944,775
Diluted45,04144,841 44,99944,775
The accompanying notes are an integral part of these condensed consolidated financial statements.
- 2 -



GLATFELTER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
 Three months ended
June 30,
Six months ended
June 30,
In thousands2023202220232022
Net loss$(36,940)$(2,052)$(50,524)$(110,379)
Foreign currency translation adjustments2,820 (28,675)9,483 (39,590)
Net change in:
Deferred gains (losses) on derivatives, net of taxes
 of $96, $(2,029), $149 and $(2,629), respectively
(11)8,534 146 8,177 
Unrecognized retirement obligations, net of taxes
 of $(3), $(49), $(4) and $(101), respectively
18 152 670 304 
Other comprehensive income (loss)2,827 (19,989)10,299 (31,109)
Comprehensive loss$(34,113)$(22,041)$(40,225)$(141,488)
The accompanying notes are an integral part of these condensed consolidated financial statements.
- 3 -



GLATFELTER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
In thousandsJune 30,
2023
December 31,
2022
Assets  
Cash and cash equivalents$53,864 $110,660 
Accounts receivable, net189,628 195,665 
Inventories314,673 309,436 
Prepaid expenses and other current assets56,329 63,723 
Total current assets614,494 679,484 
 
Plant, equipment and timberlands, net670,347 675,811 
Goodwill106,495 105,195 
Intangible assets, net106,043 108,670 
Other assets79,184 78,193 
Total assets$1,576,563 $1,647,353 
 
Liabilities and Shareholders' Equity
Current portion of long-term debt$2,963 $40,435 
Short-term debt7,238 11,422 
Accounts payable161,148 217,625 
Environmental liabilities2,000 2,200 
Other current liabilities89,539 88,724 
Total current liabilities262,888 360,406 
 
Long-term debt853,025 793,252 
Deferred income taxes56,621 54,388 
Other long-term liabilities125,191 121,303 
Total liabilities1,297,725 1,329,349 
 
Commitments and contingencies
 
Shareholders’ equity
Common stock544 544 
Capital in excess of par value57,945 60,663 
Retained earnings448,339 498,863 
Accumulated other comprehensive loss(87,596)(97,895)
 419,232 462,175 
Less cost of common stock in treasury(140,394)(144,171)
Total shareholders’ equity278,838 318,004 
Total liabilities and shareholders’ equity$1,576,563 $1,647,353 
The accompanying notes are an integral part of these condensed consolidated financial statements.
- 4 -



GLATFELTER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 Six months ended June 30,
In thousands20232022
Operating activities  
Net loss$(50,524)$(110,379)
Loss (income) from discontinued operations, net of taxes711 (371)
Adjustments to reconcile to net cash used by continuing operations:
Depreciation, depletion and amortization31,701 34,936 
Amortization of debt issue costs and original issue discount3,281 963 
Pension settlement charge633  
Goodwill and other asset impairment charges 117,349 
Russia/Ukraine conflict charges 3,948 
Deferred income tax expense (benefit)959 (22,186)
Gains on dispositions of plant, equipment and timberlands, net(665)(2,888)
Share-based compensation1,307 2,419 
Change in operating assets and liabilities:
Accounts receivable4,180 (52,936)
Inventories(1,656)(45,148)
Prepaid and other current assets7,418 3,472 
Accounts payable(58,129)9,516 
Accruals and other current liabilities3,633 (16,910)
Other4,130 (1,320)
Net cash used by operating activities from continuing operations(53,021)(79,535)
Investing activities
Expenditures for purchases of plant, equipment and timberlands(17,458)(22,697)
Proceeds from disposals of plant, equipment and timberlands, net735 3,173 
Acquisition, net of cash acquired 1,413 
Other (25)
Net cash used by investing activities from continuing operations(16,723)(18,136)
Financing activities
Proceeds from term loan262,273  
Repayment of term loans(226,451)(23,793)
Net borrowings (repayments) under revolving credit facility(14,988)72,176 
Payments of borrowing costs(10,071)(1,102)
Payments of dividends (12,498)
Payments related to share-based compensation awards and other(248)(1,237)
Net cash provided by financing activities from continuing operations10,515 33,546 
Effect of exchange rate changes on cash1,096 (3,587)
Net decrease in cash, cash equivalents and restricted cash(58,133)(67,712)
Decrease in cash, cash equivalents and restricted cash from discontinued operations(428)(231)
Cash, cash equivalents and restricted cash at the beginning of period119,162 148,814 
Cash, cash equivalents and restricted cash at the end of period60,601 80,871 
Less: restricted cash in Prepaid expenses and other current assets(3,600)(2,000)
Less: restricted cash in Other assets(3,137)(7,395)
Cash and cash equivalents at the end of period$53,864 $71,476 
 
Supplemental cash flow information
Cash paid for:
Interest$27,001 $15,879 
Income taxes, net4,109 14,699 
The accompanying notes are an integral part of these condensed consolidated financial statements.
- 5 -



GLATFELTER CORPORATION AND SUBSIDIARIES
STATEMENTS OF SHAREHOLDERS’ EQUITY
(unaudited)
In thousands
Common
stock
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
Shareholders’
Equity
Balance at April 1, 2023$544 $59,256 $485,279 $(90,423)$(142,069)$312,587 
Net loss(36,940)(36,940)
Other comprehensive income2,827 2,827 
Comprehensive loss(34,113)
Share-based compensation expense376 376 
Delivery of treasury shares:
RSUs and PSAs(1,687)1,675 (12)
Balance at June 30, 2023$544 $57,945 $448,339 $(87,596)$(140,394)$278,838 
 
Balance at April 1, 2022$544 $61,873 $591,012 $(91,424)$(145,272)$416,733 
Net loss(2,052)(2,052)
Other comprehensive loss(19,989)(19,989)
Comprehensive loss(22,041)
Cash dividends declared ($0.14 per share)
(6,273)(6,273)
Share-based compensation expense1,510 1,510 
Delivery of treasury shares:
RSUs and PSAs(828)821 (7)
Balance at June 30, 2022$544 $62,555 $582,687 $(111,413)$(144,451)$389,922 
 
Balance at January 1, 2023
$544 $60,663 $498,863 $(97,895)$(144,171)$318,004 
Net loss(50,524)(50,524)
Other comprehensive income10,299 10,299 
Comprehensive loss(40,225)
Share-based compensation expense1,307 1,307 
Delivery of treasury shares:
RSUs and PSAs(4,025)3,777 (248)
Balance at June 30, 2023$544 $57,945 $448,339 $(87,596)$(140,394)$278,838 
 
Balance at January 1, 2022
$544 $64,779 $705,600 $(80,304)$(147,857)$542,762 
Net loss(110,379)(110,379)
Other comprehensive loss(31,109)(31,109)
Comprehensive loss(141,488)
Cash dividends declared (0.14 per share)
(12,534)(12,534)
Share-based compensation expense2,419 2,419 
Delivery of treasury shares:
RSUs and PSAs(4,643)3,406 (1,237)
Balance at June 30, 2022$544 $62,555 $582,687 $(111,413)$(144,451)$389,922 


The accompanying notes are an integral part of these condensed consolidated financial statements.
- 6 -




GLATFELTER CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1.ORGANIZATION
Glatfelter Corporation and subsidiaries ("Glatfelter") is a leading global supplier of engineered materials with a strong focus on innovation and sustainability. Glatfelter's high quality, technology-driven, innovative, and customizable nonwovens solutions can be found in products that are Enhancing Everyday Life®. These include personal care and hygiene products, food and beverage filtration, critical cleaning products, medical and personal protection, packaging products, as well as home improvement and industrial applications. Headquartered in Charlotte, NC, our 2022 net sales were $1.5 billion. At December 31, 2022, we employed approximately 3,250 employees worldwide. Glatfelter’s operations utilize a variety of manufacturing technologies including airlaid, wetlaid, and spunlace with sixteen manufacturing sites located in the United States, Canada, Germany, the United Kingdom, France, Spain, and the Philippines. The Company has sales offices in all major geographies serving customers under the Glatfelter and Sontara brands. Additional information about Glatfelter may be found at www.glatfelter.com. The terms “we,” “us,” “our,” “the Company,” or “Glatfelter,” refer to Glatfelter Corporation and subsidiaries unless the context indicates otherwise.

2. ACCOUNTING POLICIES
Basis of Presentation The unaudited condensed consolidated financial statements (“financial statements”) include the accounts of Glatfelter and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.
We prepared these financial statements in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles” or “GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. In our opinion, the financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. When preparing these financial statements, we have assumed you have read the audited consolidated financial statements included in our 2022 Annual Report on Form 10-K.
Discontinued Operations The results of operations and cash flows of our former Specialty Papers business have been classified as discontinued operations for all periods presented in the condensed consolidated statements of income.
Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies as of the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Management believes the estimates and assumptions used in the preparation of these financial statements are reasonable, based upon currently available facts and known circumstances, but recognizes actual results may differ from those estimates and assumptions.

3.REVENUE
The following tables set forth disaggregated information pertaining to our net sales:

 Three months ended
June 30,
Six months ended
June 30,
In thousands2023202220232022
Revenue by product category    
Airlaid Materials
Feminine hygiene$51,882 $56,943 $110,127 $116,255 
Specialty wipes45,535 37,908 90,329 75,003 
Tabletop31,778 26,771 62,193 57,518 
Food pads3,361 3,475 6,901 6,951 
Home care6,781 5,513 14,140 11,798 
Adult incontinence7,063 6,260 14,422 12,989 
- 7 -



Other6,111 6,838 13,840 12,658 
152,511 143,708 311,952 293,172 
Composite Fibers
Food & beverage70,755 74,465 149,699 149,688 
Wallcovering19,570 9,902 35,727 25,733 
Technical specialties20,542 18,603 41,995 41,739 
Composite laminates8,818 11,570 17,801 22,867 
Metallized6,040 8,798 13,094 19,140 
125,725 123,338 258,316 259,167 
Spunlace
Consumer wipes34,759 39,549 72,868 85,706 
Critical cleaning17,584 27,783 46,733 52,061 
Health care16,808 15,434 27,183 29,039 
Hygiene5,034 6,233 10,694 12,146 
High performance4,608 4,018 7,817 8,130 
Beauty care627 3,900 848 6,222 
79,420 96,917 166,143 193,304 
Inter-segment sales elimination(651) (1,198) 
Total$357,005 $363,963 $735,213 $745,643 
Revenue by geography
Airlaid Materials
Americas$85,492 $77,608 $175,329 $158,521 
Europe, Middle East and Africa63,519 63,355 129,510 126,491 
Asia Pacific3,500 2,745 7,113 8,160 
152,511 143,708 311,952 293,172 
Composite Fibers
Americas32,416 42,077 66,628 80,053 
Europe, Middle East and Africa72,680 59,868 146,530 133,472 
Asia Pacific20,629 21,393 45,158 45,642 
125,725 123,338 258,316 259,167 
Spunlace
Americas50,001 54,985 103,153 110,469 
Europe, Middle East and Africa23,289 30,245 48,352 60,070 
Asia Pacific6,130 11,687 14,638 22,765 
79,420 96,917 166,143 193,304 
Inter-segment sales elimination(651) (1,198) 
Total$357,005 $363,963 $735,213 $745,643 







- 8 -



4.CLOSURE OF OBER-SCHMITTEN, GERMANY FACILITY
In the second quarter of 2023, we announced our plans to close Composite Fibers’ Ober-Schmitten, Germany facility as part of the Company’s turnaround strategy that aimed at improving financial performance of the Company’s overall business. Pending the completion of negotiations with the Ober-Schmitten Economic Committee and Works Council (“Works Council”), we expect to cease operations at the site during the third quarter of 2023 with some final finishing, shipping wind-down and decommissioning to follow. In connection with the planned closure, we recognized the following costs which are included in our condensed consolidated statements of income:

 Three months ended
June 30,
Six months ended
June 30,
In thousands20232023
Severance and benefit continuation 10,368 10,368 
Other costs424 373 
Total$10,792 $10,741 
The Company now estimates that it will incur approximately $10.4 million of cash expenses in connection with employee severance and benefit costs associated with the termination of the employees at the Facility and has recognized an expense for this amount included in “Cost of Goods Sold” in its condensed consolidated financial statements for the three and six months ended June 30, 2023. This estimate is based on the Company’s estimate of the cost of the current proposed compromise of interest and social plan made to the Works Council. As negotiations between the Company and the Works Council have not been finalized, the total amount of severance and benefit continuation costs that will ultimately be recognized is subject to change until such time as negotiations with the local works council are concluded. The accrued and unpaid severance and benefit continuation totaled approximately $10.4 million as of June 30, 2023.

The Company has also recognized other shutdown related costs at the Facility, related to potential contract termination costs, site closure costs, and other associated costs, and the Company expects that it will continue to incur other shutdown related costs. The Company has recognized such other costs of approximately $0.4 million, which are predominately non-cash expenses and included in “Selling, general & administrative expenses” in its condensed consolidated financial statements for the three and six months ended June 30, 2023. The Company is currently unable to make a good faith determination of an estimate of the amount or range of the amounts of the charges expected to be recorded in connection with other major types of cost associated with the closure (such as contract termination costs and other associated costs) or the amount or range of amounts of such charges that will result in future cash expenditures.



5.GAINS ON DISPOSITION OF PLANT, EQUIPMENT AND TIMBERLANDS
The following table sets forth sales of timberlands and other assets completed during the first six months of 2023 and 2022:
Dollars in thousandsAcresProceedsGain (loss)
2023   
Timberlands216$630 $617 
Othern/a 105 48 
Total$735 $665 
 
2022
Timberlands790$3,130 $2,962 
Othern/a 43 (74)
Total$3,173 $2,888 

6.GOODWILL AND OTHER ASSET IMPAIRMENT
No impairment charges were recognized during the first six months of 2023.
- 9 -



During the first quarter of 2022, in connection with an assessment of potential impairment of long-lived and indefinite lived intangible assets stemming from the compounding impacts resulting from the Russia/Ukraine military conflict and related sanctions, we recorded a $117.3 million non-cash asset impairment charge related to Composite Fibers' Dresden facility and an impairment of Composite Fibers' goodwill. Dresden is a single-line facility that produces wallcover base paper, the majority of which is sold into the Russian and Ukrainian markets. As a direct result of the economic impacts from the conflict, and the disruptions in the underlying financial systems and restrictions on our ability to export wallcover base paper to Russia due to related sanctions, management expected a significant reduction in wallcover revenues and associated cash flows for the foreseeable future. In addition, the conflict also impacted other Composite Fibers products that are also subject to export sanctions into this region, and continued to significantly impact energy prices. Accordingly, a charge was recorded to reduce the carrying value of the Dresden fixed assets and intangible assets (technological know-how, customer relationships, and an indefinite-lived trade name), along with Composite Fibers’ goodwill to fair value.
The following table summarizes the impairment charges recorded during the six months ended June 30, 2023 and 2022, respectively, in the accompanying condensed consolidated statements of income under the caption “Goodwill and other asset impairment charges:”
In thousands20232022
Plant, property and equipment$ $27,619 
Technological know-how 18,443 
Customer relationships 11,695 
Tradename 3,530 
Goodwill 56,062 
Total$ $117,349 
The fair value of the underlying assets was estimated using discounted cash flow models, independent appraisals and similar methods, all of which are Level 3 fair value classification.


7.DISCONTINUED OPERATIONS
For the three and six months ended June 30, 2023, we recognized a loss in discontinued operations of $0.3 million and $0.7 million, respectively, primarily related to an insurance claim and legal costs. For both the three and six months ended June 30 2022, we recognized income of $0.4 million which primarily represents the successful appeal of a sales and use tax audit partially offset by legal costs.
The following table sets forth a summary of cash flows from discontinued operations which is included in the condensed consolidated statements of cash flows:
 Six months ended June 30,
In thousands20232022
Net cash used by operating activities$(428)$(231)
Net cash used by investing activities  
Net cash provided by financing activities  
Change in cash and cash equivalents from discontinued operations$(428)$(231)

8.EARNINGS PER SHARE
The following table sets forth the details of basic and diluted earnings per share (“EPS”) from continuing operations:
- 10 -



 Three months ended June 30, Six months ended June 30,
In thousands, except per share20232022 20232022
Loss from continuing operations$(36,631)$(2,460)$(49,813)$(110,750)
 
Weighted average common shares outstanding used in basic EPS45,041 44,841 44,999 44,775 
Common shares issuable upon exercise of dilutive stock options
 and PSAs / RSUs
    
Weighted average common shares outstanding and common share
 equivalents used in diluted EPS
45,041 44,841 44,999 44,775 
 
Loss per share from continuing operations
Basic$(0.82)$(0.05)$(1.11)$(2.47)
Diluted(0.82)(0.05)(1.11)(2.47)
The following table sets forth potential common shares outstanding that were not included in the computation of diluted EPS for the periods indicated, because their effect would be anti-dilutive:
 Three months ended June 30,Six months ended June 30,
In thousands20232022 20232022
Potential common shares618 934 618 934 

- 11 -



9.ACCUMULATED OTHER COMPREHENSIVE INCOME
The following table sets forth details of the changes in accumulated other comprehensive income (losses) for the three months and six months ended June 30, 2023 and 2022.
In thousandsCurrency translation adjustments Unrealized gain (loss) on derivativesChange in pensions Change in other postretirement defined benefit plans Total
Balance at April 1, 2023$(99,579)$11,333 $(2,587)$410 $(90,423)
Other comprehensive income before reclassifications (net of tax)2,820 57   2,877 
Amounts reclassified from accumulated
 other comprehensive income (net of tax)
 (68)25 (7)(50)
Net current period other comprehensive income (loss)2,820 (11)25 (7)2,827 
Balance at June 30, 2023$(96,759)$11,322 $(2,562)$403 $(87,596)
 
Balance at April 1, 2022$(80,672)$1,631 $(11,356)$(1,027)$(91,424)
Other comprehensive income (loss) before reclassifications (net of tax)(28,675)9,760   (18,915)
Amounts reclassified from accumulated
 other comprehensive income (net of tax)
 (1,226)126 26 (1,074)
Net current period other comprehensive income (loss)(28,675)8,534 126 26 (19,989)
Balance at June 30, 2022$(109,347)$10,165 $(11,230)$(1,001)$(111,413)
Balance at January 1, 2023$(106,242)$11,176 $(3,247)$418 $(97,895)
Other comprehensive income before reclassifications (net of tax)9,483 1,613   11,096 
Amounts reclassified from accumulated other comprehensive income (net of tax)
 (1,467)685 (15)(797)
Net current period other comprehensive income (loss)9,483 146 685 (15)10,299 
Balance at June 30, 2023$(96,759)$11,322 $(2,562)$403 $(87,596)
 
Balance at January 1, 2022$(69,757)$1,988 $(11,482)$(1,053)$(80,304)
Other comprehensive income (loss) before reclassifications (net of tax)(39,590)10,143   (29,447)
Amounts reclassified from accumulated other comprehensive income (net of tax)
 (1,966)252 52 (1,662)
Net current period other comprehensive income (loss)(39,590)8,177 252 52 (31,109)
Balance at June 30, 2022$(109,347)$10,165 $(11,230)$(1,001)$(111,413)

- 12 -



Reclassifications out of accumulated other comprehensive income and into the condensed consolidated statements of income were as follows:
 Three months ended
June 30,
Six months ended
June 30,
 
In thousands2023202220232022 
Description    Line Item in Statements of Income
Cash flow hedges (Note 18)     
Gains on cash flow hedges$(400)$(1,697)$(1,318)$(2,769)Costs of products sold
Tax expense (benefit)332 480 (149)792 Income tax provision
Net of tax(68)(1,217)(1,467)(1,977) 
  
Loss (gain) on interest rate swaps (9) 11 Interest expense
Tax expense