Glatfelter Corp
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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18. Other Current Liabilities
- OTHER CURRENT LIABILITIES
Other current liabilities consist of the following:
| December 31, | ||
|---|---|---|
| In thousands | 2023 | 2022 |
| Accrued payroll and benefits | $28,802 | $32,863 |
| Accrued tornado costs | 29,000 | — |
| Income taxes payable | 9,285 | 6,179 |
| Accrued rebates | 7,100 | 4,328 |
| Operating lease liability | 5,063 | 4,488 |
| Accrued energy costs | 4,409 | 3,844 |
| Accrued interest | 3,626 | 4,147 |
| Other accrued expenses | 25,473 | 32,875 |
| Total | $112,758 | $88,724 |
At December 31, 2023, other current liabilities includes a $29 million estimated accrual for a contractual obligation to repair a leased production and warehouse facility. On December 9, 2023, a series of tornados in Tennessee damaged a portion of one of the Company’s leased Spunlace converting production and warehousing facilities. Under the terms of the lease arrangement, we are responsible for building repairs and are working with our insurers to facilitate rebuilding the site. As only a portion of the facility was damaged, production was able to resume in early 2024 in the undamaged areas within the facility. The costs of the repairs will be covered by the Company's insurance and an insurance recovery receivable of approximately $27 million is reflected in other current assets in the accompanying consolidated balance sheet as of December 31, 2023. Our insurance policy includes a $5 million deductible, which has been expensed in the fourth quarter and included in Cost of Product Sold in the accompanying statement of income (loss) for the year ended December 31, 2023.
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