Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 17, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CRR | ||
Entity Registrant Name | CARBO CERAMICS INC | ||
Entity Central Index Key | 1,009,672 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 23,487,902 | ||
Entity Public Float | $ 704,247,341 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 78,866 | $ 24,298 |
Trade accounts and other receivables, net | 48,596 | 132,573 |
Inventories: | ||
Finished goods | 77,537 | 106,941 |
Raw materials and supplies | 27,021 | 37,502 |
Total inventories | 104,558 | 144,443 |
Prepaid expenses and other current assets | 3,762 | 5,241 |
Prepaid income taxes | 19,708 | |
Deferred income taxes | 49,495 | 11,348 |
Total current assets | 285,277 | 337,611 |
Property, plant and equipment: | ||
Land and land improvements | 45,774 | 40,921 |
Land-use and mineral rights | 19,877 | 19,877 |
Buildings | 83,500 | 74,911 |
Machinery and equipment | 642,396 | 627,517 |
Construction in progress | 96,084 | 109,378 |
Total | 887,631 | 872,604 |
Less accumulated depreciation and amortization | 349,900 | 303,888 |
Net property, plant and equipment | 537,731 | 568,716 |
Goodwill | 3,500 | 12,164 |
Intangible and other assets, net | 9,861 | 15,735 |
Total assets | 836,369 | 934,226 |
Current liabilities: | ||
Bank borrowings | 33,000 | 25,000 |
Accounts payable | 10,709 | 22,922 |
Accrued payroll and benefits | 6,003 | 12,466 |
Accrued freight | 3,068 | 5,925 |
Accrued utilities | 2,414 | 3,714 |
Accrued income taxes | 139 | |
Derivative instruments | 6,240 | |
Other accrued expenses | 8,717 | 7,388 |
Total current liabilities | 70,290 | 77,415 |
Deferred income taxes | 63,858 | $ 80,754 |
Long-term portion of bank borrowings | 55,000 | |
Derivative instruments | $ 4,915 | |
Shareholders' equity: | ||
Preferred stock, par value $0.01 per share, 5,000 shares authorized, none outstanding | ||
Common stock, par value $0.01 per share, 80,000,000 shares authorized; 23,280,696 and 23,092,674 shares issued and outstanding at December 31, 2015 and 2014, respectively | $ 233 | $ 231 |
Additional paid-in capital | 65,067 | 59,297 |
Retained earnings | 614,708 | 739,498 |
Accumulated other comprehensive loss | (37,702) | (22,969) |
Total shareholders' equity | 642,306 | 776,057 |
Total liabilities and shareholders' equity | $ 836,369 | $ 934,226 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, share authorized | 5,000 | 5,000 |
Preferred stock, share outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, share authorized | 80,000,000 | 80,000,000 |
Common stock, share issued | 23,280,696 | 23,092,674 |
Common stock, share outstanding | 23,280,696 | 23,092,674 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | $ 279,574 | $ 648,325 | $ 667,398 |
Cost of sales | 335,699 | 467,045 | 474,403 |
Gross (loss) profit | (56,125) | 181,280 | 192,995 |
Selling, general and administrative expenses | 62,199 | 72,535 | 68,447 |
Start-up costs | 797 | 811 | 0 |
Loss (gain) on disposal or impairment of assets, net | 44,111 | 15,079 | (43) |
Operating (loss) profit | (163,232) | 92,855 | 124,591 |
Other (expense) income: | |||
Interest (expense) income, net | (470) | 597 | 777 |
Foreign currency exchange gain (loss), net | 94 | (303) | (17) |
Other, net | (141) | (278) | (150) |
Nonoperating income (expense), total | (517) | 16 | 610 |
(Loss) income before income taxes | (163,749) | 92,871 | 125,201 |
Income tax (benefit) expense | (54,205) | 37,283 | 40,315 |
Net (loss) income | $ (109,544) | $ 55,588 | $ 84,886 |
(Loss) earnings per share: | |||
Basic | $ (4.76) | $ 2.41 | $ 3.67 |
Diluted | $ (4.76) | $ 2.41 | $ 3.67 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net (loss) income | $ (109,544) | $ 55,588 | $ 84,886 |
Other comprehensive loss: | |||
Foreign currency translation adjustment | (5,880) | (17,952) | (2,031) |
Reclassification of China cumulative translation gain to Net Loss upon substantial liquidation | (8,853) | ||
Deferred income taxes | (1,756) | 710 | |
Other comprehensive loss, net of tax | (14,733) | (19,708) | (1,321) |
Comprehensive (loss) income | $ (124,277) | $ 35,880 | $ 83,565 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balances at Dec. 31, 2012 | $ 713,078 | $ 231 | $ 57,364 | $ 657,423 | $ (1,940) |
Net income (loss) | 84,886 | 84,886 | |||
Foreign currency translation adjustment, net of tax expense (benefit) of ($710) 2013, $1,756 2014 | (1,321) | (1,321) | |||
Comprehensive (loss) income | 83,565 | ||||
Tax (expense) benefit from stock based compensation | (205) | (205) | |||
Stock granted under restricted stock plan, net | 210 | 1 | 209 | ||
Stock based compensation | 5,247 | 5,247 | |||
Shares repurchased and retired | (5,834) | (1) | (5,833) | ||
Shares surrendered by employees to pay taxes | (1,124) | (1,124) | |||
Cash dividends ($1.14 per share) 2013, ($1.26 per share) 2014, ($0.63 per share) 2015 | (26,350) | (26,350) | |||
Balances at Dec. 31, 2013 | 768,587 | 231 | 56,782 | 714,835 | (3,261) |
Net income (loss) | 55,588 | 55,588 | |||
Foreign currency translation adjustment, net of tax expense (benefit) of ($710) 2013, $1,756 2014 | (19,708) | (19,708) | |||
Comprehensive (loss) income | 35,880 | ||||
Tax (expense) benefit from stock based compensation | 303 | 303 | |||
Stock granted under restricted stock plan, net | 700 | 1 | 699 | ||
Stock based compensation | 6,688 | 6,688 | |||
Shares repurchased and retired | (5,176) | (1) | (5,175) | ||
Shares surrendered by employees to pay taxes | (1,804) | (1,804) | |||
Cash dividends ($1.14 per share) 2013, ($1.26 per share) 2014, ($0.63 per share) 2015 | (29,121) | (29,121) | |||
Balances at Dec. 31, 2014 | 776,057 | 231 | 59,297 | 739,498 | (22,969) |
Net income (loss) | (109,544) | (109,544) | |||
Foreign currency translation adjustment, net of tax expense (benefit) of ($710) 2013, $1,756 2014 | (14,733) | ||||
Foreign currency translation adjustment | (5,880) | (5,880) | |||
Reclassification of China cumulative translation gain to Net Loss upon substantial liquidation | (8,853) | (8,853) | |||
Comprehensive (loss) income | (124,277) | ||||
Tax (expense) benefit from stock based compensation | (1,768) | (1,768) | |||
Stock granted under restricted stock plan, net | 700 | 2 | 698 | ||
Stock based compensation | 6,840 | 6,840 | |||
Shares surrendered by employees to pay taxes | (580) | (580) | |||
Cash dividends ($1.14 per share) 2013, ($1.26 per share) 2014, ($0.63 per share) 2015 | (14,666) | (14,666) | |||
Balances at Dec. 31, 2015 | $ 642,306 | $ 233 | $ 65,067 | $ 614,708 | $ (37,702) |
CONSOLIDATED STATEMENTS OF SHA7
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Foreign currency translation adjustment, tax expense (benefit) | $ 1,756 | $ (710) | |
Cash dividends, per share | $ 0.63 | $ 1.26 | $ 1.14 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net (loss) income | $ (109,544) | $ 55,588 | $ 84,886 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 54,457 | 50,860 | 47,472 |
Provision for doubtful accounts | 1,857 | 546 | 354 |
Deferred income taxes | (56,800) | 24,389 | 10,121 |
Excess tax benefits from stock based compensation | (372) | (134) | |
Lower of cost or market adjustment | 4,546 | 5,363 | |
Loss (gain) on disposal or impairment of assets | 44,111 | 15,079 | (43) |
Foreign currency transaction (gain) loss, net | (94) | 303 | 17 |
Stock compensation expense | 7,547 | 7,529 | 5,837 |
Loss on derivative instruments | 11,155 | ||
Changes in operating assets and liabilities: | |||
Trade accounts and other receivables | 81,371 | (9,511) | (22,024) |
Inventories | 27,022 | (25,624) | 6,068 |
Prepaid expenses and other current assets | 1,437 | (112) | (1,136) |
Long-term other assets | 697 | (122) | 2,969 |
Accounts payable | (7,861) | 2,079 | 4,330 |
Accrued expenses | (9,104) | (2,487) | 1,677 |
Accrued income taxes, net | 19,780 | (17,726) | (2,823) |
Net cash provided by operating activities | 70,577 | 105,782 | 137,571 |
Investing activities | |||
Capital expenditures | (62,747) | (161,469) | (99,936) |
Net cash used in investing activities | (62,747) | (161,469) | (99,936) |
Financing activities | |||
Proceeds from bank borrowings | 70,000 | 25,000 | |
Repayments on bank borrowings | (7,000) | ||
Dividends paid | (14,666) | (29,121) | (26,350) |
Purchase of common stock | (580) | (6,979) | (6,958) |
Excess tax benefits from stock based compensation | 372 | 134 | |
Net cash provided by (used in) financing activities | 47,754 | (10,728) | (33,174) |
Effect of exchange rate changes on cash | (1,016) | (3,537) | (846) |
Net increase (decrease) in cash and cash equivalents | 54,568 | (69,952) | 3,615 |
Cash and cash equivalents at beginning of year | 24,298 | 94,250 | 90,635 |
Cash and cash equivalents at end of year | 78,866 | 24,298 | 94,250 |
Supplemental cash flow information | |||
Interest paid | $ 2,613 | 135 | 10 |
Income taxes paid | $ 30,619 | $ 33,015 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies | 1. Significant Accounting Policies Description of Business CARBO Ceramics Inc. (the “Company”) was formed in 1987 and is a manufacturer of ceramic proppants and also produces resin-coated ceramic proppants. The Company has production plants in: New Iberia, Louisiana; Eufaula, Alabama; McIntyre, Georgia; Toomsboro, Georgia; Millen, Georgia; and Kopeysk, Russia; and a sand processing facility in Marshfield, Wisconsin. The Company predominantly sells its proppant products through pumping service companies that perform hydraulic fracturing for oil and gas companies. Finished goods inventories are stored at the plant sites and various domestic and international remote distribution facilities. The Company also provides the industry’s most widely used hydraulic fracture simulation software FracPro ® In late 2014 and early 2015, a severe decline in oil and natural gas prices led to a significant decline in oil and natural gas industry drilling activities and capital spending. Beginning in the three month period ended March 31, 2015, the Company implemented a number of initiatives to preserve cash and lower costs, including: reducing workforce across the organization, lowering production output levels in order to align with lower demand, limiting capital expenditures and reducing dividends. As a result of these measures, the Company temporarily idled production and furloughed employees at the Toomsboro and Millen, Georgia manufacturing plants for approximately 90 days and mothballed the manufacturing plant in McIntyre, Georgia. The manufacturing plant at Luoyang, China was shut down and is not expected to reopen. The Company incurred severance costs of $9,497 during 2015 as a result of these actions. Temporarily idled facilities are expected to remain closed for a short period of time, generally less than one year. Mothballed facilities are expected to remain closed for one year or longer. The accounting treatment is the same for both temporarily idled and mothballed facilities, except that mothballed assets are evaluated for possible impairment while temporarily idled assets are not necessarily assessed for impairment. The Company continues to depreciate both temporarily idled and mothballed assets. Production resumed at both of the temporarily idled facilities during the second quarter of 2015 at reduced levels. The facility in Toomsboro, Georgia is the Company’s largest manufacturing facility consisting of four production lines. During the course of 2015, the Toomsboro plant produced product on one to three of the four production lines. The Company again idled the Millen, Georgia facility during the fourth quarter of 2015. The plant in McIntyre, Georgia resumed production at low output levels in late 2015 but will again be mothballed during the first half of 2016. The Company continues to assess liquidity needs and manage cash flows and, if industry conditions do not improve and/or demand for its products does not otherwise increase, the Company would expect to temporarily idle all or a portion of our currently active facilities in the short term. Given continuing uncertainties with regards to the length of the industry downturn, the Company is evaluating alternative sources of capital, including modifications to its existing credit arrangement, although there can be no assurance that the Company will be able to obtain such financing or modifications on favorable terms, or at all. As a result of the steps the Company has taken to enhance its liquidity, the Company currently believes that cash on hand, cash flow from operations, borrowing capacity under its credit facility and cash flow from other liquidity-generating transactions will enable the Company to meet its working capital, capital expenditure, debt service and other funding requirements for the remainder of the year. Additionally, the Company suspended completion of two large construction projects until such time that market conditions improve enough to warrant completion. The two suspended projects include the second production line at Millen, Georgia and the second phase of the retrofit of an existing plant with the new KRYPTOSPHERE ® Principles of Consolidation The consolidated financial statements include the accounts of CARBO Ceramics Inc. and its operating subsidiaries. All significant intercompany transactions have been eliminated. Concentration of Credit Risk, Accounts Receivable and Other Receivables The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. Receivables are generally due within 30 days. The majority of the Company’s receivables are from customers in the petroleum pressure pumping industry. The Company establishes an allowance for doubtful accounts based on its assessment of collectability risk and periodically evaluates the balance in the allowance based on a review of trade accounts receivable. Trade accounts receivable are periodically reviewed for collectability based on customers’ past credit history and current financial condition, and the allowance is adjusted if necessary. Credit losses historically have been insignificant. The allowance for doubtful accounts at December 31, 2015 and 2014 was $2,688 and $1,842, respectively. Other receivables were $300 and $1,084 as of December 31, 2015 and 2014, respectively, of which related mainly to miscellaneous receivables in the United States. Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amounts reported in the balance sheet for cash equivalents approximate fair value. Inventories Inventories are stated at the lower of cost (weighted average) or market. Finished goods inventories include costs of materials, plant labor and overhead incurred in the production of the Company’s products and costs to transfer finished goods to distribution centers. The Company evaluates the carrying value of its inventories relative to market value generally on a geographic by-country basis. As needed, more specific reviews within a particular country are made on a product group basis. Due to increasing competition in the China proppant market, the Company evaluated the carrying values of its inventories in China and concluded that market prices had fallen below carrying costs. Consequently, the Company recognized $4,546 and $5,363 lower of cost or market adjustments in cost of sales in 2015 and 2014, respectively, to adjust finished goods and raw materials carrying values to the lower market prices. Property, Plant and Equipment Property, plant and equipment are stated at cost. Repair and maintenance costs are expensed as incurred. Depreciation is computed on the straight-line method for financial reporting purposes using the following estimated useful lives: Buildings and improvements 15 to 30 years Machinery and equipment 3 to 30 years Land-use rights 30 years The Company holds approximately 4,618 acres of land and leasehold interests containing kaolin reserves near its plants in Georgia and Alabama. The Company also holds approximately 313 acres of land and leasehold interests containing sand reserves near its sand processing facility in Marshfield, Wisconsin. The capitalized costs of land and mineral rights as well as costs incurred to develop such property are amortized using the units-of-production method based on estimated total tons of these reserves. Impairment of Long-Lived Assets and Intangible Assets Long-lived assets to be held and used and intangible assets that are subject to amortization are reviewed for impairment whenever events or circumstances indicate their carrying amounts might not be recoverable. Recoverability is assessed by comparing the undiscounted expected future cash flows from the assets with their carrying amount. If the carrying amount exceeds the sum of the undiscounted future cash flows an impairment loss is recorded. The impairment loss is measured by comparing the fair value of the assets with their carrying amounts. Intangible assets that are not subject to amortization are tested for impairment at least annually by comparing their fair value with the carrying amount and recording an impairment loss for any excess of carrying amount over fair value. Fair values are generally determined based on discounted expected future cash flows or appraised values, as appropriate. For additional information on the Company’s long-lived assets and intangible assets impairment assessment, please refer to Note 4 – Impairment of Long-Lived Assets. Manufacturing Production Levels Below Normal Capacity As a result of the Company substantially reducing manufacturing production levels, including by idling and mothballing certain facilities, the component of the Company’s accounting policy for inventory relating to operating at production levels below normal capacity was triggered and resulted in certain production costs being expensed instead of being capitalized into inventory. The Company expenses fixed production overhead amounts in excess of amounts that would have been allocated to each unit of production at normal production levels. For the year ended December 31, 2015, the Company expensed $33,724 in production costs. There were no such costs in the prior year periods. Capitalized Software The Company capitalizes certain software costs, after technological feasibility has been established, which are amortized utilizing the straight-line method over the economic lives of the related products, generally not to exceed five years. Goodwill Goodwill represents the excess of the cost of companies acquired over the fair value of their net assets at the date of acquisition. Goodwill relating to each of the Company’s reporting units is tested for impairment annually, during the fourth quarter, as well as when an event, or change in circumstances, indicates an impairment is more likely than not to have occurred. For additional information on the Company’s goodwill impairment assessment, please refer to Note 4 – Impairment of Long-Lived Assets. Revenue Recognition Revenue from proppant sales is recognized when title passes to the customer, generally upon delivery. Revenue from consulting and geotechnical services is recognized at the time service is performed. Revenue from the sale of fracture simulation software is recognized when title passes to the customer at time of shipment. Revenue from the sale of spill prevention services is recognized at the time service is performed. Revenue from the sale of containment goods is recognized at the time goods are delivered. Shipping and Handling Costs Shipping and handling costs are classified as cost of sales. Shipping costs consist of transportation costs to deliver products to customers. Handling costs include labor and overhead to maintain finished goods inventory and operate distribution facilities. Cost of Start-Up Activities Start-up activities, including organization costs, are expensed as incurred. Start-up costs for 2015 related to the start-up of the first phase of a retrofit of an existing plant to produce KRYPTOSPHERE ® Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Research and Development Costs Research and development costs are charged to operations when incurred and are included in Selling, General and Administrative expenses. The amounts incurred in 2015, 2014 and 2013 were $7,047, $10,855 and $8,416, respectively. Foreign Subsidiaries Financial statements of the Company’s foreign subsidiaries are translated using current exchange rates for assets and liabilities; average exchange rates for the period for revenues, expenses, gains and losses; and historical exchange rates for equity accounts. Resulting translation adjustments are included in, and the only component of, Accumulated Other Comprehensive Loss as a separate component of shareholders’ equity. For additional information on the Company’s Cumulative Translation Adjustment, please refer to Note 18 – Foreign Currencies. New Accounting Pronouncements In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740) – Balance Sheet Classification of Deferred Taxes,” (“ASU 2015-17”) which requires that deferred tax liabilities and assets be classified as noncurrent in the balance sheet. ASU 2015-17 will be effective for the interim and annual periods beginning after December 15, 2016 with early adoption permitted. The Company is currently evaluating the potential impact, if any, of adopting this new guidance on the consolidated financial statements and related disclosures. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date,” which revises the effective date of ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” (“ASU 2014-09”) to interim and annual periods beginning after December 15, 2017 with early adoption permitted no earlier than interim and annual periods beginning after December 15, 2016. In May 2014, the FASB issued ASU No. 2014-09, which amends current revenue guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company is currently evaluating the potential impact, if any, of adopting this new guidance on the consolidated financial statements and related disclosures. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330),” In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30),” “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements – Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)”, In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” |
Intangible and Other Assets
Intangible and Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Intangible and Other Assets | 2. Intangible and Other Assets Following is a summary of intangible assets as of December 31: 2015 2014 Weighted Gross Accumulated Gross Accumulated Intangibles: Patents and licenses, software and hardware designs 6 years $ 4,754 $ 2,839 $ 4,222 $ 2,171 Developed technology 10 years 2,782 1,739 2,782 1,461 Customer relationships and non-compete 9 years 2,838 2,042 2,838 1,753 Trademark Indefinite — — 833 — $ 10,374 $ 6,620 $ 10,675 $ 5,385 Amortization expense for 2015, 2014 and 2013 was $1,235, $1,313 and $1,173, respectively. Estimated amortization expense for each of the ensuing years through December 31, 2020 is $915, $638, $565, $279 and $17, respectively. During 2015, the Company recognized an impairment of $833, the full value, relating to the Trademark. Following is a summary of other assets as of December 31: 2015 2014 Other assets: Bauxite raw materials: Inventories $ 4,145 $ 9,404 Other assets 1,962 1,041 $ 6,107 $ 10,445 Bauxite raw materials are used in the production of heavyweight ceramic products. As of December 31, 2015 and 2014, the Company has classified as long-term assets those bauxite raw materials inventories that are not expected to be consumed in production during the upcoming twelve month period. For additional information, refer to Note 4 – Impairment of Long-Lived Assets. |
Bank Borrowings
Bank Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Bank Borrowings | 3. Bank Borrowings The Company has a revolving credit agreement with a bank. On July 27, 2015, the Company entered into a fourth amendment to this credit facility that, among other items, (i) reduced the size of the revolving credit facility from $100,000 to $90,000; (ii) secures borrowings with a blanket lien on substantially all of the Company’s accounts receivable and inventories; (iii) prohibits the Company from granting security interests in the Company’s fixed assets and real property; (iv) sets interest at LIBOR plus 4.00%; (v) sets the maturity date as December 31, 2018; and (vi) waives compliance with the maximum leverage ratio and fixed charge ratio covenants through December 31, 2016. Additionally, the fourth amendment added covenants which (i) requires a minimum assets coverage ratio of 1.25 to 1.0 calculated on a monthly basis and (ii) limits capital expenditures to $65,000 annually through December 31, 2016, subject to maintaining pro forma liquidity of $15,000. Our credit facility also allows for the issuance of up to $9,500 in standby letters of credit, of which $8,875 was issued as of December 31, 2015, primarily as collateral relating to our natural gas commitments. The terms of the credit agreement provide for certain affirmative and negative covenants and require the Company to maintain certain financial ratios. Commitment fees are payable quarterly at an annual rate between 0.375% and 0.50% of the unused line of credit. Commitment fees for 2015, 2014 and 2013 were $75, $207 and $154, respectively. Interest cost for 2015, 2014 and 2013 was $2,973, $135, and $10, respectively, of which $2,038 was capitalized into the cost of property, plant and equipment in 2015. No interest cost was capitalized in 2014 and 2013. As of December 31, 2015, the Company’s outstanding debt under the credit agreement was $88,000 of which $33,000 was classified as current and $55,000 was classified as long-term. The weighted average interest rate was 4.664% based on LIBOR-based rate borrowings. As of December 31, 2014, the Company’s outstanding debt under the credit agreement was $25,000 and the weighted average interest rate was 2.625% based on LIBOR-based rate borrowings. As of December 31, 2015, the Company was in compliance with its debt covenants. As of January 31, 2016, we were in breach of the asset coverage ratio covenant (which requires a ratio of certain assets to total debt of at least 1.25). Our asset coverage ratio as of January 31, 2016 was 1.21. In order to cure this breach, the Company repaid $16,100 of borrowings under the credit facility in February 2016. As of February 26, 2016, the Company’s outstanding debt under the credit agreement was $71,900. Depending on the duration and severity of the industry downturn, there is a risk that the Company may again not be in compliance with certain of the financial covenants under its existing credit agreement. Such a breach would constitute an event of default under the Company’s credit agreement if it remained uncured or a modification or waiver is not agreed to with its lender. In the event of non-compliance and if the Company is unable to secure waivers or modifications to the existing credit agreement or alternative sources of capital, it is possible that the Company may not have the liquidity sufficient to meet operating expenses, capital expenditures and other cash needs. Given continuing uncertainties with regards to the length of the industry downturn, the Company is evaluating alternative sources of capital, including modifications to its existing credit agreement, although there can be no assurance that the Company will be able to obtain such financing or modifications on favorable terms, or at all. |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets | 12 Months Ended |
Dec. 31, 2015 | |
Impairment of Long-Lived Assets | 4. Impairment of Long-Lived Assets During 2015 and 2014, the Company recorded losses totaling $43,697 and $15,120, respectively, on impairment of certain long-lived assets as market conditions changed with regard to demand for certain products offered by the Company. A decline in oil and natural gas prices during the second half of 2014 resulted in a severe decline in market conditions beginning in early 2015. As a result, the Company temporarily idled production and furloughed employees at the Toomsboro and Millen, Georgia manufacturing plants for approximately 90 days and mothballed the manufacturing plant in McIntyre, Georgia. At the time the manufacturing facility in McIntyre, Georgia was mothballed, the Company conducted an interim impairment analysis of the related long-lived assets, with the primary assumption that the plant would resume production after two years and return to production levels at normal capacity within four years. Pursuant to that analysis, the Company determined that the projected gross cash flows attributable to the facility substantially exceed the carrying value of the assets; therefore, the Company concluded that there was no impairment. The Company did not assess the temporarily idled facilities for impairment because such short-term stoppages of production for less than one year would not significantly impact the long-term expected cash flows of the idled facilities. During the fourth quarter of 2015, industry conditions further deteriorated as oil prices fell below $30 per barrel. As a result of these worsening conditions, the Company evaluated substantially of all its long-lived assets for possible impairment as of December 31, 2015. Key assumptions used in the analysis varied by facility. However, the overriding assumptions included: 1) the industry downturn would last longer than originally anticipated, taking up to five years to fully recover; 2) production levels would rise over the recovery period eventually returning to production levels within normal capacity; 3) market pricing would be similar to lower 2015 levels, thus conservatively reducing expected gross profit and thus cash flows; 4) the Company’s wet process manufacturing plants (Toomsboro and Millen, Georgia and Eufaula Alabama) were evaluated as a group of assets because these facilities manufacture like products; and 5) other facilities were separately evaluated. Pursuant to that analysis, the Company determined that the projected gross cash flows attributable to certain assets did not exceed the carrying value of the assets; therefore, the Company concluded that there was indication of possible impairment. The Company engaged the services of a third party consulting firm to assist with the determination of the fair market value of the related assets and concluded that the assets were impaired. The key assumptions and inputs impacting the fair value analysis were the weighted average cost of capital and perpetuity growth rate as well as certain market data with respect to the property and equipment at each facility. As a result, the Company recorded a $36,177 impairment of long-lived assets, primarily relating to machinery and equipment at the McIntyre, Georgia manufacturing plant and Marshfield, Wisconsin sand processing facility. Related to the impairment evaluation and resulting impairment loss regarding the McIntyre, Georgia manufacturing plant, the Company also evaluated the carrying value of the long-term portion of bauxite raw materials. Much of the bauxite raw material was intended for use in production at the McIntyre facility. Based upon this evaluation, during 2015, the Company recognized an impairment charge of $6,488 on the long-term portion of the bauxite raw material inventories. Market conditions inside China deteriorated somewhat earlier relative to conditions in the United States. As a result of deteriorating market conditions in China during the fourth quarter of 2014, the Company recorded a $10,164 impairment of its long-lived assets in China during that period. As a result of the further deterioration of conditions in 2015, the Company ceased production activities at its Luoyang, China manufacturing plant. During the course of 2015, the Company released substantially all of its employees inside China, sold off inventories and proceeded to wind-down the operation. The Company does not intend to resume operations in China. During the fourth quarter of 2015, the Company incurred a loss of $1,033 related to the write-off of abandoned inventories and other assets, and substantially liquidated the China assets and liabilities, as defined by U.S generally accepted accounting principles. As a result, the foreign currency cumulative translation gain of $8,853 was released into the statement of operations and is netted with other impairment losses. The Company anticipates in the near term commencing the process to legally dissolve the entity, which is expected to be completed by the end of 2016. In addition, during late 2014, the Company made a decision that it will not move forward with construction of a resin coating plant in Marshfield, Wisconsin for which the Company had previously developed engineering plans and procured certain equipment that had long-lead delivery times. As such, the Company recorded a $4,956 impairment of those assets during the year ended December 31, 2014. There were no such impairments during 2013. The Company assesses goodwill for possible impairment annually or sooner if circumstances indicate possible impairment may have occurred. The Company evaluated goodwill during the fourth quarter, and as a result of the further decline in the oil and natural gas industry during the fourth quarter of 2015, concluded that Falcon projected future cash flows were negatively impacted and thus indicated possible impairment of the Falcon goodwill. The Company engaged a third party to assist in the evaluation and concluded that impairment had occurred. Fair value, which was determined using a discounted cash flows method, fell below the carrying value. Consequently, the Company recorded an $8,664 impairment of Falcon goodwill and an $833 impairment of the indefinite-lived Falcon Trademark intangible asset, both the full value of each of those assets. Evaluation of the StrataGen goodwill resulted in no indication of possible impairment. There were no such impairments during 2014 or 2013. During the years ended December 31, 2015, 2014, and 2013, the Company recognized gains of $230, $41, and $43 on disposal of various assets. Components of loss (gain) on disposal or impairment of assets are as follows: For the years ended December 31, 2015 2014 2013 Domestic long-lived assets impairment $ 42,664 $ 4,956 $ — China assets impairment 1,033 10,164 — Goodwill and intangible assets impairment 9,497 — — China CTA gain realization (8,853 ) — — Gain on disposal of assets (230 ) (41 ) (43 ) Total $ 44,111 $ 15,079 $ (43 ) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases | 5. Leases The Company leases certain property, plant and equipment under operating leases, primarily consisting of railroad equipment leases. Net minimum future rental payments due under non-cancelable operating leases with remaining terms in excess of one year as of December 31, 2015 are as follows: 2016 $ 17,197 2017 19,445 2018 17,396 2019 14,519 2020 14,102 Thereafter 49,555 Total $ 132,214 Leases of railroad equipment generally provide for renewal options at their fair rental value at the time of renewal. In the normal course of business, operating leases for railroad equipment are generally renewed or replaced by other leases. For the years ended December 31, 2016, 2017 and 2018, minimum future rental payments in the table above are presented net of sublease income related to subleases of railroad equipment of $4,872, $301 and $71, respectively. Rent expense for all operating leases was $23,757 in 2015, $24,116 in 2014 and $22,542 in 2013. For the years ended December 31, 2015, 2014 and 2013, rent expense is stated net of sublease income of $5,031, $1,816 and $208, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes | 6. Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 31 are as follows: 2015 2014 Deferred tax assets: Employee benefits $ 1,296 $ 1,440 Inventories 7,071 6,966 Natural gas derivatives 4,183 — Goodwill 3,980 874 Net Operating Loss 39,360 — Other 1,723 2,942 Foreign losses 1,230 4,300 Foreign tax assets valuation allowance (1,230 ) (4,300 ) Total deferred tax assets 57,613 12,222 Deferred tax liabilities: Depreciation 71,976 81,628 Total deferred tax liabilities 71,976 81,628 Net deferred tax liabilities $ 14,363 $ 69,406 Significant components of the provision for income taxes for the years ended December 31 are as follows: 2015 2014 2013 Current: Federal $ 1,509 $ 11,310 $ 27,188 State 120 500 2,164 Foreign 966 1,084 842 Total current 2,595 12,894 30,194 Deferred (56,800 ) 24,389 10,121 $(54,205) $ 37,283 $ 40,315 The reconciliation of income taxes computed at the U.S. statutory tax rate to the Company’s income tax expense for the years ended December 31 is as follows: 2015 2014 2013 Amount Percent Amount Percent Amount Percent U.S. statutory rate $ (57,312 ) (35.0 )% $ 32,505 35.0 % $ 43,820 35.0 % State income taxes, net of federal tax benefit (3,474 ) (2.1 ) 1,882 2.0 2,097 1.7 Mining depletion (1,557 ) (0.9 ) (3,035 ) (3.3 ) (2,751 ) (2.2 ) Change in election to deduct foreign taxes paid 1,442 0.9 — — — — Foreign tax assets valuation allowance 1,230 0.7 4,300 4.6 — — Non-recognized benefit on foreign investments 847 0.5 2,980 3.2 — — Section 199 Manufacturing Benefit and other 4,619 2.8 (1,349 ) (1.4 ) (2,851 ) (2.3 ) $ (54,205 ) (33.1 )% $ 37,283 40.1 % $ 40,315 32.2 % Provision has been made for deferred U.S. income taxes on all foreign earnings based on the Company’s intent to repatriate foreign earnings. During the years ended December 31, 2015 and 2014, the Company did not recognize benefits on foreign investments of $847 and $2,980, respectively, and recorded valuation allowances of $1,230 and $4,300, respectively, due to the uncertainty of the Company being able to realize the foreign tax assets in light of current market conditions in China. During 2015, the Company incurred a net operating loss in the United States. The tax benefit of this net operating loss totals $39,360 and is included in the deferred income tax asset. The Company intends to file amended 2013 and 2014 Federal income tax returns to claim refunds and thus realize this income tax benefit. Upon filing the amended Federal tax returns, approximately $36,800 of the tax benefit will become a current income tax receivable and is expected to be refunded during the first half of 2016. Amended state income tax returns will be filed later during 2016 to claim refunds associated with carryback of net operating losses. The Company elected to claim bonus tax depreciation totaling $29,221 and $61,781 on assets placed in service in the United States during 2015 and 2014, respectively. This election increased the net operating loss in 2015 and reduced current taxable income in 2014. The Company did not claim bonus depreciation on assets placed in service during 2013. The Company had a recorded reserve of $153 associated with uncertain tax positions as of December 31, 2015 and there were no significant changes to the recorded reserve during 2015. If these uncertain tax positions are recognized, substantially all of this amount would impact the effective tax rate. Related accrued interest and penalties are recorded in income tax expense and are not material. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates, the most significant of which are U.S. federal and certain state jurisdictions. The 2012 and subsequent tax years are still subject to examination. Various U.S. state jurisdiction tax years remain open to examination as well though the Company believes assessments, if any, would be immaterial to its consolidated financial statements. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Shareholders' Equity | 7. Shareholders’ Equity Common Stock Holders of Common Stock are entitled to one vote per share on all matters to be voted on by shareholders and do not have cumulative voting rights. Subject to preferences of any Preferred Stock, the holders of Common Stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the Board of Directors out of funds legally available for that purpose. In the event of liquidation, dissolution or winding up of the Company, holders of Common Stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of any Preferred Stock then outstanding. The Common Stock has no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the Common Stock. All outstanding shares of Common Stock are fully paid and non-assessable. On January 19, 2016, the Board of Directors suspended the Company’s policy of paying quarterly cash dividends. Preferred Stock The Company’s charter authorizes 5,000 shares of Preferred Stock. The Board of Directors has the authority to issue Preferred Stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series or the designation of such series, without further vote or action by the Company’s shareholders. Common Stock Repurchase Program On January 28, 2015, the Company’s Board of Directors authorized the repurchase of up to two million shares of the Company’s common stock. Shares are effectively retired at the time of purchase. As of December 31, 2015, the Company had not repurchased any shares under the plan. |
Natural Gas Derivative Instrume
Natural Gas Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Natural Gas Derivative Instruments | 8. Natural Gas Derivative Instruments Natural gas is used to fire the kilns at the Company’s domestic manufacturing plants. In an effort to mitigate potential volatility in the cost of natural gas purchases and reduce exposure to short-term spikes in the price of this commodity, from time to time, the Company enters into contracts to purchase a portion of the anticipated monthly natural gas requirements at specified prices. Contracts are geographic by plant location. Historically, the Company has taken delivery of all natural gas quantities under contract, which exempted the Company from accounting for the contracts as derivative instruments. However, due to the severe decline in industry activity in early 2015, the Company significantly reduced production levels and consequently did not take delivery of all of the contracted natural gas quantities. As a result, the Company began to account for relevant contracts as derivative instruments. Derivative accounting requires the natural gas contracts to be recognized as either assets or liabilities at fair value with an offsetting entry in earnings. The Company uses the income approach in determining the fair value of these derivative instruments. The model used considers the difference, as of each balance sheet date, between the contracted prices and the New York Mercantile Exchange (“NYMEX”) forward strip price for each contracted period. The estimated cash flows from these contracts are discounted using a discount rate of 5.5%, which reflects the nature of the contracts as well as the timing and risk of estimated cash flows associated with the contracts. The discount rate had an immaterial impact on the fair value of the contracts for the year ended December 31, 2015. The last natural gas contract will expire in December 2018. As a result, during the year ended December 31, 2015, the Company recognized a loss on derivative instruments of $15,040 in cost of sales. The cumulative present value of the losses on these natural gas derivative contracts as of December 31, 2015 are presented as current and long-term liabilities, as applicable, in the Consolidated Balance Sheet. At December 31, 2015, the Company has contracted for delivery a total of 7,920,000 MMBtu of natural gas at an average price of $4.48 per MMBtu through December 31, 2018. Contracts covering 6,600,000 MMBtu are subject to accounting as derivative instruments. Future decreases in the NYMEX forward strip prices will result in additional derivative losses while future increases in the NYMEX forward strip prices will result in derivative gains. Future gains or losses will approximate the change in NYMEX natural gas prices relative to the total quantity of natural gas under contracts now subject to accounting as derivatives. The historical average NYMEX natural gas contract settlement prices for the years ended December 31, 2015 and 2014 were $2.66 per MMBtu and $4.41 per MMBtu, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements | 9. Fair Value Measurements The Company’s derivative instruments are measured at fair value on a recurring basis. U.S. GAAP establishes a fair value hierarchy that has three levels based on the reliability of the inputs used to determine the fair value. These levels include: Level 1, defined as inputs such as unadjusted quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for use when little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s natural gas derivative instruments are included within the Level 2 fair value hierarchy. For additional information on the derivative instruments, refer to Note 8 – Natural Gas Derivative Instruments. The Company’s impaired long-lived assets primarily relating machinery and equipment at its McIntyre, Georgia ceramic proppant manufacturing facility and its Marshfield, Wisconsin sand processing plant are included within the Level 3 fair value hierarchy. The fair value measurements used in those impairment evaluations were based on discounted cash flow estimates using unobservable inputs and certain other market data. For additional information, refer to Note 4 – Impairment of Long-Lived Assets. The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value: Fair value as of December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Impaired long-lived assets $ — $ — $ 5,896 $ 5,896 Liabilities: Derivative instruments — (11,155 ) — (11,155 ) Total fair value $ — $ (11,155 ) $ 5,896 $ (5,259 ) Fair value as of December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Impaired long-lived assets $ — $ — $ 2,138 $ 2,138 Liabilities: Derivative instruments — — — — Total fair value $ — $ — $ 2,138 $ 2,138 At December 31, 2015, the fair value of the Company’s bank borrowings approximated the carrying value. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Stock Based Compensation | 10. Stock Based Compensation On May 20, 2014, the shareholders approved the 2014 CARBO Ceramics Inc. Omnibus Incentive Plan (the “2014 Omnibus Incentive Plan”). The 2014 Omnibus Incentive Plan replaces the expired 2009 Omnibus Incentive Plan. Under the 2014 Omnibus Incentive Plan, the Company may grant cash-based awards, stock options (both non-qualified and incentive) and other equity-based awards (including stock appreciation rights, phantom stock, restricted stock, restricted stock units, performance shares, deferred share units or share-denominated performance units) to employees and non-employee directors. The amount paid under the 2014 Omnibus Incentive Plan to any single participant in any calendar year with respect to any cash-based award shall not exceed $5,000. Awards may be granted with respect to a number of shares of the Company’s Common Stock that in the aggregate does not exceed 750,000 shares prior to the fifth anniversary of its effective date, plus (i) the number of shares that are forfeited, cancelled or returned, and (ii) the number of shares that are withheld from the participants to satisfy an option exercise price or minimum statutory tax withholding obligations. No more than 50,000 shares may be granted to any single participant in any calendar year. Equity-based awards may be subject to performance-based and/or service-based conditions. With respect to stock options and stock appreciation rights granted, the exercise price shall not be less than the market value of the underlying Common Stock on the date of grant. The maximum term of an option is ten years. Restricted stock awards granted generally vest (i.e., transfer and forfeiture restrictions on these shares are lifted) proportionately on each of the first three anniversaries of the grant date, but subject to certain limitations, awards may specify other vesting periods. As of December 31, 2015, 526,563 shares were available for issuance under the 2014 Omnibus Incentive Plan. Although the Company’s 2009 Omnibus Incentive Plan has expired, certain unvested shares granted under that plan remain outstanding in accordance with its terms. Additionally, certain units of phantom stock remain outstanding under the 2009 Omnibus Incentive Plan, as described below. A summary of restricted stock activity and related information for the year ended December 31, 2015 is presented below: Shares Weighted- Grant-Date Nonvested at January 1, 2015 147,489 $ 99.51 Granted 225,487 $ 34.62 Vested (70,089 ) $ 98.59 Forfeited (36,735 ) $ 51.62 Nonvested at December 31, 2015 266,152 $ 51.39 As of December 31, 2015, there was $8,057 of total unrecognized compensation cost, net of estimated forfeitures, related to restricted shares granted under the Omnibus Incentive Plans. That cost is expected to be recognized over a weighted-average period of 1.8 years. The weighted-average grant date fair value of restricted stock granted during the years ended December 31, 2015, 2014 and 2013 was $34.62, $111.99 and $82.18, respectively. The total fair value of shares vested during the years ended December 31, 2015, 2014 and 2013 was $6,910, $5,638 and $4,995, respectively. As of December 31, 2015, the Company’s outstanding market-based cash awards to certain executives of the Company had a total Target Award of $753. The amount of awards that will ultimately vest can range from 0% to 200% based on the Company’s Relative Total Shareholder Return calculated over a three year period beginning January 1, 2015 through December 31, 2017. The Company also made phantom stock awards to key international employees pursuant to the expired 2009 Omnibus Incentive Plan prior to its expiration and pursuant to the 2014 Omnibus Incentive Plan. The units subject to an award vest and cease to be forfeitable in equal annual installments over a three-year period. Participants awarded units of phantom stock are entitled to a lump sum cash payment equal to the fair market value of a share of Common Stock on the vesting date. In no event will Common Stock of the Company be issued with regard to outstanding phantom stock awards. As of December 31, 2015, there were 18,180 units of phantom stock granted under the expired 2009 Omnibus Incentive Plan, of which 12,569 have vested and 3,904 have been forfeited. As of December 31, 2015, there were 5,020 units of phantom stock granted under the 2014 Omnibus Incentive Plan, of which none have vested and 1,110 have been forfeited. As of December 31, 2015, nonvested units of phantom stock under the 2009 Omnibus Incentive Plan and the 2014 Omnibus Incentive Plan have a total value of $97, a portion of which is accrued as a liability within Accrued Payroll and Benefits. |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
(Loss) Earnings Per Share | 11. (Loss) Earnings Per Share ASC Topic 260, “ Earnings Per Share The following table sets forth the computation of basic and diluted (loss) earnings per share under the two-class method: 2015 2014 2013 Numerator for basic and diluted (loss) earnings per share: Net (loss) income $ (109,544 ) $ 55,588 $ 84,886 Effect of reallocating undistributed earnings of participating securities — (376 ) (530 ) Net (loss) income available under the two-class method $ (109,544 ) $ 55,212 $ 84,356 Denominator: Denominator for basic (loss) earnings per share—weighted-average shares 22,999,318 22,946,395 22,957,013 Effect of dilutive potential common shares — — — Denominator for diluted (loss) earnings per share—adjusted weighted-average shares 22,999,318 22,946,395 22,957,013 Basic (loss) earnings per share $ (4.76 ) $ 2.41 $ 3.67 Diluted (loss) earnings per share $ (4.76 ) $ 2.41 $ 3.67 |
Quarterly Operating Results--(U
Quarterly Operating Results--(Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Operating Results--(Unaudited) | 12. Quarterly Operating Results––(Unaudited) Quarterly results for the years ended December 31, 2015 and 2014 were as follows: Three Months Ended March 31 June 30 September 30 December 31 2015 Revenues $ 73,747 $ 73,752 $ 75,807 $ 56,768 Gross loss (25,998 ) (10,302 ) (4,597 ) (15,228 ) Net loss (28,602 ) (17,004 ) (13,898 ) (50,040 ) Loss per share: Basic $ (1.24 ) $ (0.74 ) $ (0.60 ) $ (2.17 ) Diluted $ (1.24 ) $ (0.74 ) $ (0.60 ) $ (2.17 ) 2014 Revenues $ 148,564 $ 176,561 $ 155,402 $ 167,798 Gross profit 44,364 53,648 42,150 41,118 Net income 18,427 23,017 13,744 399 Earnings per share: Basic $ 0.80 $ 1.00 $ 0.60 $ 0.02 Diluted $ 0.80 $ 1.00 $ 0.60 $ 0.02 Quarterly data may not sum to full year data reported in the Consolidated Financial Statements due to rounding. |
Sales to Customers
Sales to Customers | 12 Months Ended |
Dec. 31, 2015 | |
Sales to Customers | 13. Sales to Customers The following schedule presents customers from whom the Company derived 10% or more of total revenues for the years ended December 31: Major Customers A B 2015 10.7 % 26.9 % 2014 22.4 % 29.9 % 2013 13.1 % 34.7 % |
Geographic Information
Geographic Information | 12 Months Ended |
Dec. 31, 2015 | |
Geographic Information | 14. Geographic Information Long-lived assets, consisting of net property, plant and equipment and other long-term assets, as of December 31 in the United States and other countries are as follows: 2015 2014 2013 Long-lived assets: United States $ 531,518 $ 561,109 $ 454,031 International 12,320 18,052 35,372 Total $ 543,838 $ 579,161 $ 489,403 Long-lived international assets in 2013 are primarily associated with China and Russia. During 2014, the Company recorded an impairment of long-lived assets in China. Consequently, long-lived international assets in 2014 and 2015 are primarily associated with Russia and Canada. Revenues outside the United States accounted for 29%, 24% and 21% of the Company’s revenues for 2015, 2014 and 2013, respectively. Revenues for the years ended December 31 in the United States, Canada and other countries are as follows: 2015 2014 2013 Revenues: United States $ 199,187 $ 491,004 $ 529,603 Canada 33,614 73,092 43,329 Other international 46,773 84,229 94,466 Total $ 279,574 $ 648,325 $ 667,398 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Benefit Plans | 15. Benefit Plans The Company has defined contribution savings and profit sharing plans pursuant to Section 401(k) of the Internal Revenue Code. Benefit costs recognized as expense under these plans consisted of the following for the years ended December 31: 2015 2014 2013 Contributions: Profit sharing $ — $ 2,337 $ 2,126 Savings 1,547 1,849 1,609 $ 1,547 $ 4,186 $ 3,735 All contributions to the plans are 100% participant directed. Participants are allowed to invest up to 20% of contributions in the Company’s Common Stock. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Commitments | 16. Commitments In January 2011, the Company entered into an agreement with one of the Company’s existing suppliers to purchase from the supplier at least 70 percent of the annual kaolin requirements for the Eufaula plant at specified contract prices. The term of the agreement was three years, with options to extend for an additional six years. In May 2012, the agreement was amended to require the Company to purchase from the supplier at least 50 percent of the annual kaolin requirements for the Eufaula, Alabama plant at specified contract prices for the remainder of 2012 and the ensuing five calendar years. The agreement has options to extend the term for an additional three years. For the years ended December 31, 2015, 2014 and 2013, the Company purchased from the supplier $2,380, $2,263 and $3,788, respectively, of kaolin under the agreement. In January 2003, the Company entered into a mining agreement with a contractor to provide kaolin for the Company’s McIntyre plant at specified contract prices, from lands owned or leased by either the Company or the contractor. The term of the agreement, which commenced on January 1, 2003, and remains in effect until such time as all Company-owned minerals have been depleted, previously required the Company to accept delivery from the contractor of at least 80 percent of the McIntyre plant’s annual kaolin requirements. In 2006, the Company’s plant in Toomsboro, Georgia commenced operations and became part of this agreement. In November 2015, the agreement was amended to require the Company to accept delivery from the contractor of 100 percent of the annual kaolin requirements for the plants in McIntyre and Toomsboro. For the years ended December 31, 2015, 2014 and 2013, the Company purchased $3,245, $14,823 and $13,091, respectively, of kaolin under the agreement. In July 2011, the Company entered into an agreement with a supplier to provide hydro sized sand for the Company’s Marshfield, Wisconsin plant at a specified contract price. The term of the agreement was five years commencing on July 30, 2011 and required the Company to purchase a minimum of 40,000 tons and 100,000 tons of hydro sized sand during 2011 and 2012, respectively. Effective January 30, 2012, the agreement was amended and requires the Company to purchase a minimum of 150,000 tons of hydro sized sand annually during 2012 and 2013 and a minimum of 350,000 tons of hydro sized sand in 2014, all at a stated contract price. There were no purchase commitments required during 2015 or through the end of the agreement. For the years ended December 31, 2015, 2014 and 2013, the Company purchased $3,997, $6,922, and $3,546, respectively, of sand under this agreement. In May 2012, the Company entered into a supply agreement to provide kaolin for the Company’s manufacturing plant in Millen, Georgia at specified contract prices, from lands owned or leased by either the Company or the contractor. The term of the agreement, which commenced in July 2014, has an initial term of five years with options to extend for an additional five years and requires the Company to accept delivery from the contractor of at least 50 percent of the Millen plant’s annual kaolin requirements. For the years ended December 31, 2015 and 2014, the Company purchased $561 and $1,465, respectively, of kaolin under this agreement. In October 2014, the Company entered into an agreement with a supplier to mine kaolin and process into a slurry for the Company’s manufacturing plant in Millen, Georgia at specified contract prices. The term of the agreement was five years with automatic two (2) year extensions and requires the Company to source at least 50 percent of the Millen plant’s annual slurry requirement from the supplier. For the years ended December 31, 2015 and 2014, the Company purchased $1,300 and $577, respectively, of slurry under this agreement. In November 2014, the Company entered into an agreement with a supplier to provide frac sand for the Company’s Marshfield, Wisconsin plant at a specified contract price. The term of the agreement, which commenced on November 13, 2014, remains in effect until the specified sand is depleted and required the Company to purchase a minimum of 300,000 tons of frac sand during 2015 and 400,000 tons of frac sand for each year thereafter. Effective October 12, 2015, the Company entered into a Letter Agreement with the supplier resulting in the adjustment of required annual minimum purchased tons of frac sand to 123,203 and 116,599 for years 2015 and 2016, respectively. The minimum frac sand purchase requirements of 400,000 tons for years 2017 and thereafter until the specified sand is depleted remains unchanged. For the year ended December 31, 2015, the Company purchased $1,751 of frac sand under this agreement. The Company has entered into a lease agreement dated November 1, 2008 with the Development Authority of Wilkinson County (the “Wilkinson County Development Authority”) and a lease agreement dated November 1, 2012 with the Development Authority of Jenkins County (the “Jenkins County Development Authority” and together with the Wilkinson County Development Authority, the “Development Authorities”) each in the State of Georgia. Pursuant to the 2008 agreement, the Wilkinson County Development Authority holds the title to the real and personal property of the Company’s McIntyre and Toomsboro manufacturing facilities and leases the facilities to the Company for an annual rental fee of $50 per year through November 1, 2017, and includes a Company renewal option to extend through November 1, 2021. Pursuant to the 2012 agreement, the Jenkins County Development Authority holds title to the real estate and personal property of the Company’s Millen, Georgia manufacturing facility, and leases the facility to the Company until the tenth anniversary of completion of the final phase of the facility. At any time prior to the scheduled termination of either lease, the Company has the option to terminate the lease and purchase the property for a nominal fee plus the payment of any rent payable through the balance of the lease term. Furthermore, the Company has security interests in the titles held by the Development Authorities. The Company has also entered into a Memorandum of Understanding (the “MOU”) with the Development Authorities and other local agencies, under which the Company receives tax incentives in exchange for its commitment to invest in the county and increase employment. The MOU with the Jenkins County Development Authority also requires the Company to pay an administrative payment of $50 per year during the term of the Millen lease. The Company is required to achieve certain employment levels in order to retain its tax incentives. In the event the Company does not meet the agreed-upon employment targets or the MOU is otherwise terminated, the Company would be subjected to additional property taxes annually. Based on adverse economic conditions beyond the Company’s control that negatively impacted employment levels, a notice dated December 1, 2015 sent by the Company to the Development Authority of Jenkins County declared a force majeure, which suspended employment levels defined in the original agreement and preserved tax incentives until further notification of the restart of plant operations. The suspension period defined in the amended agreement cannot extend beyond January 1, 2021. Based on adverse economic conditions beyond the Company’s control that negatively impacted employment levels, a notice dated February 1, 2016 sent by the Company to the Development Authority of Wilkinson County declared a force majeure, which suspended employment levels defined in the original agreement and preserved tax incentives until further notification of the restart of plant operations. The properties subject to these lease agreements are included in Property, Plant and Equipment (net book value of $316,458 at December 31, 2015) in the accompanying consolidated financial statements. |
Employment Agreements
Employment Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Employment Agreements | 17. Employment Agreements The Company has an employment agreement through December 31, 2016 with its President and Chief Executive Officer. The agreement provides for an annual base salary and incentive bonus. If the President and Chief Executive Officer is terminated early without cause, the Company will be obligated to pay two years base salary and a prorated incentive bonus. Under the agreement, the timing of the payment of severance obligations to the President in the event of the termination of his employment under certain circumstances has been conformed so that a portion of such obligations will be payable in a lump sum, with the remainder of the obligations to be paid over an 18 month period. The agreement also contains a two-year non-competition covenant that would become effective upon termination for any reason. The employment agreement extends automatically for successive one-year periods without prior written notice. |
Foreign Currencies
Foreign Currencies | 12 Months Ended |
Dec. 31, 2015 | |
Foreign Currencies | 18. Foreign Currencies As of December 31, 2015, the Company’s net investment that is subject to foreign currency fluctuations totaled $16,559, and the Company has recorded a cumulative foreign currency translation loss of $37,702, all related to Russia. This cumulative translation loss is included in and is the only component of accumulated other comprehensive loss within shareholders’ equity. As a result of the substantial liquidation of China assets and liabilities in 2015, the Company reclassified an $8,853 cumulative translation adjustment gain, with no tax impact, from accumulated other comprehensive loss to loss (gain) on disposal or impairment of assets within the statement of operations during the year ended December 31, 2015. For additional information, refer to Note 4 – Impairment of Long-Lived Assets. During 2014 and continuing into 2015, the value of the Russian Ruble significantly declined relative to the U.S. dollar for which the financial impact on the Company’s net assets in Russia is included in other comprehensive income and the cumulative foreign currency translation loss noted above. No income tax benefits have been recorded on these losses as a result of the uncertainty about recoverability of the related deferred income tax benefits. |
Legal Proceedings and Regulator
Legal Proceedings and Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Legal Proceedings and Regulatory Matters | 19. Legal Proceedings and Regulatory Matters The Company is subject to legal proceedings, claims and litigation arising in the ordinary course of business. While the outcome of these matters is currently not determinable, management does not expect that the ultimate costs to resolve these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events | 20. Subsequent Events In January 2016, the Company awarded the following: 234,412 shares of restricted stock to certain employees. The fair value of the stock award on the date of grant totaled $4,048, which will be recognized as expense, net of estimated forfeitures, on a straight-line basis over the three-year vesting period. 6,095 units of phantom shares to certain key international employees. The fair value of the stock award on the date of grant totaled $105. Market-based cash awards to certain executives of the Company with a total target award of $1,324. The amount of awards that will ultimately vest can range from 0 to 200% based on the Company’s Relative Total Shareholder Return calculated over a three year period beginning January 1, 2016 through December 31, 2018. As of January 31, 2016, we were in breach of the asset coverage ratio covenant (which requires a ratio of certain assets to total debt of at least 1.25). Our asset coverage ratio as of January 31, 2016 was 1.21. In order to cure this breach, the Company repaid $16,100 of borrowings under the credit facility in February 2016. On February 26, 2016, the Company entered into a sixth amendment to the credit facility that, among other items, removed the minimum tangible net worth covenant effective July 1, 2016 through March 31, 2017, and replaced it with a minimum liquidity covenant calculated monthly beginning as of July 31, 2016 through as of March 31, 2017. |
Significant Accounting Polici29
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of CARBO Ceramics Inc. and its operating subsidiaries. All significant intercompany transactions have been eliminated. |
Concentration of Credit Risk, Accounts Receivable and Other Receivables | Concentration of Credit Risk, Accounts Receivable and Other Receivables The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. Receivables are generally due within 30 days. The majority of the Company’s receivables are from customers in the petroleum pressure pumping industry. The Company establishes an allowance for doubtful accounts based on its assessment of collectability risk and periodically evaluates the balance in the allowance based on a review of trade accounts receivable. Trade accounts receivable are periodically reviewed for collectability based on customers’ past credit history and current financial condition, and the allowance is adjusted if necessary. Credit losses historically have been insignificant. The allowance for doubtful accounts at December 31, 2015 and 2014 was $2,688 and $1,842, respectively. Other receivables were $300 and $1,084 as of December 31, 2015 and 2014, respectively, of which related mainly to miscellaneous receivables in the United States. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amounts reported in the balance sheet for cash equivalents approximate fair value. |
Inventories | Inventories Inventories are stated at the lower of cost (weighted average) or market. Finished goods inventories include costs of materials, plant labor and overhead incurred in the production of the Company’s products and costs to transfer finished goods to distribution centers. The Company evaluates the carrying value of its inventories relative to market value generally on a geographic by-country basis. As needed, more specific reviews within a particular country are made on a product group basis. Due to increasing competition in the China proppant market, the Company evaluated the carrying values of its inventories in China and concluded that market prices had fallen below carrying costs. Consequently, the Company recognized $4,546 and $5,363 lower of cost or market adjustments in cost of sales in 2015 and 2014, respectively, to adjust finished goods and raw materials carrying values to the lower market prices. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Repair and maintenance costs are expensed as incurred. Depreciation is computed on the straight-line method for financial reporting purposes using the following estimated useful lives: Buildings and improvements 15 to 30 years Machinery and equipment 3 to 30 years Land-use rights 30 years The Company holds approximately 4,618 acres of land and leasehold interests containing kaolin reserves near its plants in Georgia and Alabama. The Company also holds approximately 313 acres of land and leasehold interests containing sand reserves near its sand processing facility in Marshfield, Wisconsin. The capitalized costs of land and mineral rights as well as costs incurred to develop such property are amortized using the units-of-production method based on estimated total tons of these reserves. |
Impairment of Long-Lived Assets and Intangible Assets | Impairment of Long-Lived Assets and Intangible Assets Long-lived assets to be held and used and intangible assets that are subject to amortization are reviewed for impairment whenever events or circumstances indicate their carrying amounts might not be recoverable. Recoverability is assessed by comparing the undiscounted expected future cash flows from the assets with their carrying amount. If the carrying amount exceeds the sum of the undiscounted future cash flows an impairment loss is recorded. The impairment loss is measured by comparing the fair value of the assets with their carrying amounts. Intangible assets that are not subject to amortization are tested for impairment at least annually by comparing their fair value with the carrying amount and recording an impairment loss for any excess of carrying amount over fair value. Fair values are generally determined based on discounted expected future cash flows or appraised values, as appropriate. For additional information on the Company’s long-lived assets and intangible assets impairment assessment, please refer to Note 4 – Impairment of Long-Lived Assets. |
Manufacturing Production Levels Below Normal Capacity | Manufacturing Production Levels Below Normal Capacity As a result of the Company substantially reducing manufacturing production levels, including by idling and mothballing certain facilities, the component of the Company’s accounting policy for inventory relating to operating at production levels below normal capacity was triggered and resulted in certain production costs being expensed instead of being capitalized into inventory. The Company expenses fixed production overhead amounts in excess of amounts that would have been allocated to each unit of production at normal production levels. For the year ended December 31, 2015, the Company expensed $33,724 in production costs. There were no such costs in the prior year periods. |
Capitalized Software | Capitalized Software The Company capitalizes certain software costs, after technological feasibility has been established, which are amortized utilizing the straight-line method over the economic lives of the related products, generally not to exceed five years. |
Goodwill | Goodwill Goodwill represents the excess of the cost of companies acquired over the fair value of their net assets at the date of acquisition. Goodwill relating to each of the Company’s reporting units is tested for impairment annually, during the fourth quarter, as well as when an event, or change in circumstances, indicates an impairment is more likely than not to have occurred. For additional information on the Company’s goodwill impairment assessment, please refer to Note 4 – Impairment of Long-Lived Assets. |
Revenue Recognition | Revenue Recognition Revenue from proppant sales is recognized when title passes to the customer, generally upon delivery. Revenue from consulting and geotechnical services is recognized at the time service is performed. Revenue from the sale of fracture simulation software is recognized when title passes to the customer at time of shipment. Revenue from the sale of spill prevention services is recognized at the time service is performed. Revenue from the sale of containment goods is recognized at the time goods are delivered. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are classified as cost of sales. Shipping costs consist of transportation costs to deliver products to customers. Handling costs include labor and overhead to maintain finished goods inventory and operate distribution facilities. |
Cost of Start-Up Activities | Cost of Start-Up Activities Start-up activities, including organization costs, are expensed as incurred. Start-up costs for 2015 related to the start-up of the first phase of a retrofit of an existing plant to produce KRYPTOSPHERE ® |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Research and Development Costs | Research and Development Costs Research and development costs are charged to operations when incurred and are included in Selling, General and Administrative expenses. The amounts incurred in 2015, 2014 and 2013 were $7,047, $10,855 and $8,416, respectively. |
Foreign Subsidiaries | Foreign Subsidiaries Financial statements of the Company’s foreign subsidiaries are translated using current exchange rates for assets and liabilities; average exchange rates for the period for revenues, expenses, gains and losses; and historical exchange rates for equity accounts. Resulting translation adjustments are included in, and the only component of, Accumulated Other Comprehensive Loss as a separate component of shareholders’ equity. For additional information on the Company’s Cumulative Translation Adjustment, please refer to Note 18 – Foreign Currencies. |
New Accounting Pronouncements | New Accounting Pronouncements In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740) – Balance Sheet Classification of Deferred Taxes,” (“ASU 2015-17”) which requires that deferred tax liabilities and assets be classified as noncurrent in the balance sheet. ASU 2015-17 will be effective for the interim and annual periods beginning after December 15, 2016 with early adoption permitted. The Company is currently evaluating the potential impact, if any, of adopting this new guidance on the consolidated financial statements and related disclosures. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date,” which revises the effective date of ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” (“ASU 2014-09”) to interim and annual periods beginning after December 15, 2017 with early adoption permitted no earlier than interim and annual periods beginning after December 15, 2016. In May 2014, the FASB issued ASU No. 2014-09, which amends current revenue guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company is currently evaluating the potential impact, if any, of adopting this new guidance on the consolidated financial statements and related disclosures. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330),” In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30),” “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements – Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update)”, In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” |
Significant Accounting Polici30
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Estimated Useful Lives of Property Plant and Equipment | Depreciation is computed on the straight-line method for financial reporting purposes using the following estimated useful lives: Buildings and improvements 15 to 30 years Machinery and equipment 3 to 30 years Land-use rights 30 years |
Intangible and Other Assets (Ta
Intangible and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Intangible Assets | Following is a summary of intangible assets as of December 31: 2015 2014 Weighted Gross Accumulated Gross Accumulated Intangibles: Patents and licenses, software and hardware designs 6 years $ 4,754 $ 2,839 $ 4,222 $ 2,171 Developed technology 10 years 2,782 1,739 2,782 1,461 Customer relationships and non-compete 9 years 2,838 2,042 2,838 1,753 Trademark Indefinite — — 833 — $ 10,374 $ 6,620 $ 10,675 $ 5,385 |
Other Assets | Following is a summary of other assets as of December 31: 2015 2014 Other assets: Bauxite raw materials: Inventories $ 4,145 $ 9,404 Other assets 1,962 1,041 $ 6,107 $ 10,445 |
Impairment of Long-Lived Asse32
Impairment of Long-Lived Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Components Of Loss (Gain) On Disposal or Impairment Of Assets | Components of loss (gain) on disposal or impairment of assets are as follows: For the years ended December 31, 2015 2014 2013 Domestic long-lived assets impairment $ 42,664 $ 4,956 $ — China assets impairment 1,033 10,164 — Goodwill and intangible assets impairment 9,497 — — China CTA gain realization (8,853 ) — — Gain on disposal of assets (230 ) (41 ) (43 ) Total $ 44,111 $ 15,079 $ (43 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Net Minimum Future Rental Payments Due Under Non-Cancelable Operating Leases | Net minimum future rental payments due under non-cancelable operating leases with remaining terms in excess of one year as of December 31, 2015 are as follows: 2016 $ 17,197 2017 19,445 2018 17,396 2019 14,519 2020 14,102 Thereafter 49,555 Total $ 132,214 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31 are as follows: 2015 2014 Deferred tax assets: Employee benefits $ 1,296 $ 1,440 Inventories 7,071 6,966 Natural gas derivatives 4,183 — Goodwill 3,980 874 Net Operating Loss 39,360 — Other 1,723 2,942 Foreign losses 1,230 4,300 Foreign tax assets valuation allowance (1,230 ) (4,300 ) Total deferred tax assets 57,613 12,222 Deferred tax liabilities: Depreciation 71,976 81,628 Total deferred tax liabilities 71,976 81,628 Net deferred tax liabilities $ 14,363 $ 69,406 |
Significant Components of Provision for Income Taxes | Significant components of the provision for income taxes for the years ended December 31 are as follows: 2015 2014 2013 Current: Federal $ 1,509 $ 11,310 $ 27,188 State 120 500 2,164 Foreign 966 1,084 842 Total current 2,595 12,894 30,194 Deferred (56,800 ) 24,389 10,121 $(54,205) $ 37,283 $ 40,315 |
Reconciliation of Income Taxes Computed at U.S. Statutory Tax Rate to Income Tax Expense | The reconciliation of income taxes computed at the U.S. statutory tax rate to the Company’s income tax expense for the years ended December 31 is as follows: 2015 2014 2013 Amount Percent Amount Percent Amount Percent U.S. statutory rate $ (57,312 ) (35.0 )% $ 32,505 35.0 % $ 43,820 35.0 % State income taxes, net of federal tax benefit (3,474 ) (2.1 ) 1,882 2.0 2,097 1.7 Mining depletion (1,557 ) (0.9 ) (3,035 ) (3.3 ) (2,751 ) (2.2 ) Change in election to deduct foreign taxes paid 1,442 0.9 — — — — Foreign tax assets valuation allowance 1,230 0.7 4,300 4.6 — — Non-recognized benefit on foreign investments 847 0.5 2,980 3.2 — — Section 199 Manufacturing Benefit and other 4,619 2.8 (1,349 ) (1.4 ) (2,851 ) (2.3 ) $ (54,205 ) (33.1 )% $ 37,283 40.1 % $ 40,315 32.2 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements of Financial Assets and Liabilities on Recurring and Non Recurring Basis | The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value: Fair value as of December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Impaired long-lived assets $ — $ — $ 5,896 $ 5,896 Liabilities: Derivative instruments — (11,155 ) — (11,155 ) Total fair value $ — $ (11,155 ) $ 5,896 $ (5,259 ) Fair value as of December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Impaired long-lived assets $ — $ — $ 2,138 $ 2,138 Liabilities: Derivative instruments — — — — Total fair value $ — $ — $ 2,138 $ 2,138 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Restricted Stock Activity and Related Information | A summary of restricted stock activity and related information for the year ended December 31, 2015 is presented below: Shares Weighted- Grant-Date Nonvested at January 1, 2015 147,489 $ 99.51 Granted 225,487 $ 34.62 Vested (70,089 ) $ 98.59 Forfeited (36,735 ) $ 51.62 Nonvested at December 31, 2015 266,152 $ 51.39 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Computation of Basic and Diluted (Loss) Earnings per Share under Two-Class Method | The following table sets forth the computation of basic and diluted (loss) earnings per share under the two-class method: 2015 2014 2013 Numerator for basic and diluted (loss) earnings per share: Net (loss) income $ (109,544 ) $ 55,588 $ 84,886 Effect of reallocating undistributed earnings of participating securities — (376 ) (530 ) Net (loss) income available under the two-class method $ (109,544 ) $ 55,212 $ 84,356 Denominator: Denominator for basic (loss) earnings per share—weighted-average shares 22,999,318 22,946,395 22,957,013 Effect of dilutive potential common shares — — — Denominator for diluted (loss) earnings per share—adjusted weighted-average shares 22,999,318 22,946,395 22,957,013 Basic (loss) earnings per share $ (4.76 ) $ 2.41 $ 3.67 Diluted (loss) earnings per share $ (4.76 ) $ 2.41 $ 3.67 |
Quarterly Operating Results--38
Quarterly Operating Results--(Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Operating Results | Quarterly results for the years ended December 31, 2015 and 2014 were as follows: Three Months Ended March 31 June 30 September 30 December 31 2015 Revenues $ 73,747 $ 73,752 $ 75,807 $ 56,768 Gross loss (25,998 ) (10,302 ) (4,597 ) (15,228 ) Net loss (28,602 ) (17,004 ) (13,898 ) (50,040 ) Loss per share: Basic $ (1.24 ) $ (0.74 ) $ (0.60 ) $ (2.17 ) Diluted $ (1.24 ) $ (0.74 ) $ (0.60 ) $ (2.17 ) 2014 Revenues $ 148,564 $ 176,561 $ 155,402 $ 167,798 Gross profit 44,364 53,648 42,150 41,118 Net income 18,427 23,017 13,744 399 Earnings per share: Basic $ 0.80 $ 1.00 $ 0.60 $ 0.02 Diluted $ 0.80 $ 1.00 $ 0.60 $ 0.02 |
Sales to Customers (Tables)
Sales to Customers (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Total Revenue from Major Customers | The following schedule presents customers from whom the Company derived 10% or more of total revenues for the years ended December 31: Major Customers A B 2015 10.7 % 26.9 % 2014 22.4 % 29.9 % 2013 13.1 % 34.7 % |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long Lived Assets | |
Geographic Information for Long-Lived Assets and Revenues in United States and other Countries | Long-lived assets, consisting of net property, plant and equipment and other long-term assets, as of December 31 in the United States and other countries are as follows: 2015 2014 2013 Long-lived assets: United States $ 531,518 $ 561,109 $ 454,031 International 12,320 18,052 35,372 Total $ 543,838 $ 579,161 $ 489,403 |
Revenues From External Customers | |
Geographic Information for Long-Lived Assets and Revenues in United States and other Countries | Revenues for the years ended December 31 in the United States, Canada and other countries are as follows: 2015 2014 2013 Revenues: United States $ 199,187 $ 491,004 $ 529,603 Canada 33,614 73,092 43,329 Other international 46,773 84,229 94,466 Total $ 279,574 $ 648,325 $ 667,398 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Benefit Costs Recognized as Expense under Plans | Benefit costs recognized as expense under these plans consisted of the following for the years ended December 31: 2015 2014 2013 Contributions: Profit sharing $ — $ 2,337 $ 2,126 Savings 1,547 1,849 1,609 $ 1,547 $ 4,186 $ 3,735 |
Significant Accounting Polici42
Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)aProject | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Significant Accounting Policies [Line Items] | |||
Number of projects suspended | Project | 2 | ||
Percentage of suspended assets relating to two projects | 85.00% | ||
Projects completed percentage | 90.00% | ||
Allowance for doubtful accounts | $ 2,688 | $ 1,842 | |
Other receivables | 300 | 1,084 | |
Lower of Cost or Market Inventory Adjustments | 4,546 | 5,363 | |
Production cost | 33,724 | ||
Start-up costs | 797 | 811 | $ 0 |
Research and development expenses | 7,047 | $ 10,855 | $ 8,416 |
Georgia | |||
Significant Accounting Policies [Line Items] | |||
Severance costs | $ 9,497 | ||
Georgia | Millen | |||
Significant Accounting Policies [Line Items] | |||
Production idling period | 90 days | ||
Georgia | Toomsboro | |||
Significant Accounting Policies [Line Items] | |||
Production idling period | 90 days | ||
Georgia and Alabama | |||
Significant Accounting Policies [Line Items] | |||
Area of land and leasehold interests | a | 4,618 | ||
Marshfield, Wisconsin | |||
Significant Accounting Policies [Line Items] | |||
Area of land and leasehold interests | a | 313 | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Receivables collection period | 30 days | ||
Maturity period for all highly liquid investments when purchased to be cash equivalents | 3 months | ||
Capitalized software estimated useful life | 5 years |
Estimated Useful Lives of Prope
Estimated Useful Lives of Property Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Building and Building Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property plant and equipment | 15 years |
Building and Building Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property plant and equipment | 30 years |
Machinery and Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property plant and equipment | 3 years |
Machinery and Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property plant and equipment | 30 years |
Land Use Rights | Average | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property plant and equipment | 30 years |
Summary of Intangible Assets (D
Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Intangible Asset by Major Class [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill), Total | $ 10,374 | $ 10,675 |
Finite Lived Intangible Assets, Accumulated Amortization | $ 6,620 | 5,385 |
Trademark | ||
Schedule of Intangible Asset by Major Class [Line Items] | ||
Weighted average life | Indefinite | |
Indefinite-lived intangible assets | 833 | |
Patents and licenses, software and hardware designs | ||
Schedule of Intangible Asset by Major Class [Line Items] | ||
Weighted average life | 6 years | |
Finite-lived intangible assets, gross | $ 4,754 | 4,222 |
Finite Lived Intangible Assets, Accumulated Amortization | $ 2,839 | 2,171 |
Developed technology | ||
Schedule of Intangible Asset by Major Class [Line Items] | ||
Weighted average life | 10 years | |
Finite-lived intangible assets, gross | $ 2,782 | 2,782 |
Finite Lived Intangible Assets, Accumulated Amortization | $ 1,739 | 1,461 |
Customer relationships and non-compete | ||
Schedule of Intangible Asset by Major Class [Line Items] | ||
Weighted average life | 9 years | |
Finite-lived intangible assets, gross | $ 2,838 | 2,838 |
Finite Lived Intangible Assets, Accumulated Amortization | $ 2,042 | $ 1,753 |
Intangible and Other Assets - A
Intangible and Other Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Intangible Assets Disclosure [Line Items] | |||
Amortization expense for intangible assets | $ 1,235 | $ 1,313 | $ 1,173 |
Estimated amortization expense for intangible assets for year one | 915 | ||
Estimated amortization expense for intangible assets for year two | 638 | ||
Estimated amortization expense for intangible assets for year three | 565 | ||
Estimated amortization expense for intangible assets for year four | 279 | ||
Estimated amortization expense for intangible assets for year five | 17 | ||
Trademark | |||
Schedule of Intangible Assets Disclosure [Line Items] | |||
Impairment of trademark | $ 833 |
Other Assets (Detail)
Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Assets [Line Items] | ||
Other Assets | $ 1,962 | $ 1,041 |
Other Assets, Total | 6,107 | 10,445 |
Bauxite raw materials | ||
Other Assets [Line Items] | ||
Inventories | $ 4,145 | $ 9,404 |
Bank Borrowings - Additional In
Bank Borrowings - Additional Information (Detail) - USD ($) | Feb. 26, 2016 | Feb. 25, 2016 | Jan. 31, 2016 | Jul. 27, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | |||||||
Asset coverage ratio | 125.00% | ||||||
Frequency of payments for commitment fees | Quarterly | ||||||
Commitment fees | $ 75,000 | $ 207,000 | $ 154,000 | ||||
Interest cost | 2,973,000 | 135,000 | 10,000 | ||||
Line of credit facility, current | 33,000,000 | 25,000,000 | |||||
Line of credit facility, long term | 55,000,000 | ||||||
Repayments on bank borrowings | 7,000,000 | ||||||
Property, Plant and Equipment | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest cost capitalized | $ 2,038,000 | 0 | $ 0 | ||||
Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment fees on unused line of credit, percentage | 0.375% | ||||||
Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment fees on unused line of credit, percentage | 0.50% | ||||||
Subsequent Event | |||||||
Line of Credit Facility [Line Items] | |||||||
Asset coverage ratio | 121.00% | ||||||
Line of credit facility, amount outstanding | $ 71,900,000 | ||||||
Repayments on bank borrowings | $ 16,100,000 | $ 16,100,000 | |||||
Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit amendment date | Jul. 27, 2015 | ||||||
Line of credit, maximum borrowing capacity | $ 100,000,000 | ||||||
Line of credit facility, amount outstanding | 88,000,000 | $ 25,000,000 | |||||
Line of credit facility, current | 33,000,000 | ||||||
Line of credit facility, long term | $ 55,000,000 | ||||||
Line of credit, weighted average interest rate | 4.664% | 2.625% | |||||
Standby Letters of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 8,875,000 | ||||||
Fourth Amendment | Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 90,000,000 | ||||||
Revolving credit facility, maturity date | Dec. 31, 2018 | ||||||
Asset coverage ratio | 125.00% | ||||||
Capital expenditures | $ 65,000,000 | ||||||
Proforma liquidity | $ 15,000,000 | ||||||
Fourth Amendment | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||
Line of Credit Facility [Line Items] | |||||||
Revolving Credit Facility, percentage points added to the reference rate | 4.00% | ||||||
Fourth Amendment | Standby Letters of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 9,500,000 |
Impairment of Long-Lived Asse48
Impairment of Long-Lived Assets - Additional information (Detail) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015USD ($)$ / bbl | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Impairment Of Long Lived Assets [Line Items] | |||||
Loss (gain) on disposal or impairment of assets | $ (44,111,000) | $ (15,079,000) | $ 43,000 | ||
Impairment of long-lived assets | $ 36,177,000 | 5,896,000 | 2,138,000 | ||
Deterioration of oil price | $ / bbl | 30 | ||||
Industry fully recovery period | 5 years | ||||
Reclassification of China cumulative translation gain to Net Loss upon substantial liquidation | (8,853,000) | ||||
Gain on disposal of assets | 230,000 | 41,000 | 43,000 | ||
Long Lived Asset Impairments | |||||
Impairment Of Long Lived Assets [Line Items] | |||||
Loss (gain) on disposal or impairment of assets | (43,697,000) | (15,120,000) | |||
Bauxite raw materials | |||||
Impairment Of Long Lived Assets [Line Items] | |||||
Impairment of long-term portion of the bauxite raw material | $ 6,488,000 | 6,488,000 | |||
Falcon | |||||
Impairment Of Long Lived Assets [Line Items] | |||||
Impairment of goodwill | 8,664,000 | ||||
Impairment of trademark | $ 833,000 | ||||
StrataGen | |||||
Impairment Of Long Lived Assets [Line Items] | |||||
Impairment of goodwill | 0 | 0 | |||
Marshfield, Wisconsin | |||||
Impairment Of Long Lived Assets [Line Items] | |||||
Impairment of long-lived assets | 4,956,000 | $ 0 | |||
Georgia | |||||
Impairment Of Long Lived Assets [Line Items] | |||||
Period Required to Resume Production | 2 years | ||||
Period Required to Return to Production Levels at Normal Capacity | 4 years | ||||
Impairment of long-lived assets | $ 0 | ||||
Georgia | Millen | |||||
Impairment Of Long Lived Assets [Line Items] | |||||
Production idling period | 90 days | ||||
Georgia | Toomsboro | |||||
Impairment Of Long Lived Assets [Line Items] | |||||
Production idling period | 90 days | ||||
CHINA | |||||
Impairment Of Long Lived Assets [Line Items] | |||||
Impairment of long-lived assets | $ 10,164,000 | ||||
Reclassification of China cumulative translation gain to Net Loss upon substantial liquidation | 8,853,000 | $ 8,853,000 | |||
China assets impairment | $ 1,033,000 | $ 1,033,000 | $ 10,164,000 |
Components Of Loss (Gain) On Di
Components Of Loss (Gain) On Disposal or Impairment Of Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Impairment Of Assets [Line Items] | |||||
Impairment of long-lived assets | $ 36,177 | $ 5,896 | $ 2,138 | ||
Goodwill and intangible assets impairment | 9,497 | ||||
China CTA gain realization | 8,853 | ||||
Gain on disposal of assets | (230) | (41) | $ (43) | ||
Total | 44,111 | 15,079 | $ (43) | ||
UNITED STATES | |||||
Impairment Of Assets [Line Items] | |||||
Impairment of long-lived assets | 42,664 | 4,956 | |||
CHINA | |||||
Impairment Of Assets [Line Items] | |||||
Impairment of long-lived assets | $ 10,164 | ||||
China assets impairment | 1,033 | 1,033 | $ 10,164 | ||
China CTA gain realization | $ (8,853) | $ (8,853) |
Net Minimum Future Rental Payme
Net Minimum Future Rental Payments Due Under Non-Cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Property, plant and equipment, operating lease payments | |
2,016 | $ 17,197 |
2,017 | 19,445 |
2,018 | 17,396 |
2,019 | 14,519 |
2,020 | 14,102 |
Thereafter | 49,555 |
Total | $ 132,214 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | ||||||
Sublease income | $ 5,031 | $ 1,816 | $ 208 | |||
Rent expense for all operating leases | $ 23,757 | $ 24,116 | $ 22,542 | |||
Scenario, Forecast | Railroad Equipment | ||||||
Operating Leased Assets [Line Items] | ||||||
Sublease income | $ 71 | $ 301 | $ 4,872 |
Significant Components of Defer
Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Employee benefits | $ 1,296 | $ 1,440 |
Inventories | 7,071 | 6,966 |
Natural gas derivatives | 4,183 | |
Goodwill | 3,980 | 874 |
Net Operating Loss | 39,360 | |
Other | 1,723 | 2,942 |
Foreign losses | 1,230 | 4,300 |
Foreign tax assets valuation allowance | (1,230) | (4,300) |
Total deferred tax assets | 57,613 | 12,222 |
Deferred tax liabilities: | ||
Depreciation | 71,976 | 81,628 |
Total deferred tax liabilities | 71,976 | 81,628 |
Net deferred tax liabilities | $ 14,363 | $ 69,406 |
Significant Components of Provi
Significant Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 1,509 | $ 11,310 | $ 27,188 |
State | 120 | 500 | 2,164 |
Foreign | 966 | 1,084 | 842 |
Total current | 2,595 | 12,894 | 30,194 |
Deferred | (56,800) | 24,389 | 10,121 |
Income taxes | $ (54,205) | $ 37,283 | $ 40,315 |
Reconciliation of Income Taxes
Reconciliation of Income Taxes Computed at U.S. Statutory Tax Rate to Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of income taxes amount | ||||
U.S. statutory rate | $ (57,312) | $ 32,505 | $ 43,820 | |
State income taxes, net of federal tax benefit | (3,474) | 1,882 | 2,097 | |
Mining depletion | (1,557) | (3,035) | (2,751) | |
Change in election to deduct foreign taxes paid | 1,442 | |||
Foreign tax assets valuation allowance | $ 4,300 | 1,230 | 4,300 | |
Non-recognized benefit on foreign investments | $ 2,980 | 847 | 2,980 | |
Section 199 Manufacturing Benefit and other | 4,619 | (1,349) | (2,851) | |
Income taxes | $ (54,205) | $ 37,283 | $ 40,315 | |
Reconciliation of income taxes rate | ||||
U.S. statutory rate | (35.00%) | 35.00% | 35.00% | |
State income taxes, net of federal tax benefit | (2.10%) | 2.00% | 1.70% | |
Mining depletion | (0.90%) | (3.30%) | (2.20%) | |
Change in election to deduct foreign taxes paid | 0.90% | |||
Foreign tax assets valuation allowance | 0.70% | 4.60% | ||
Non-recognized benefit on foreign investments | 0.50% | 3.20% | ||
Section 199 Manufacturing Benefit and other | 2.80% | (1.40%) | (2.30%) | |
Effective Income Tax Rate, Continuing Operations, Total | (33.10%) | 40.10% | 32.20% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes Disclosure [Line Items] | ||||
Non-recognized benefit on foreign investments | $ 2,980,000 | $ 847,000 | $ 2,980,000 | |
Foreign tax assets valuation allowance | $ 4,300,000 | 1,230,000 | 4,300,000 | |
Net Operating Loss | 39,360,000 | |||
Current income tax receivable | 36,800,000 | |||
Claim of bonus tax depreciation | 29,221,000 | $ 61,781,000 | $ 0 | |
Uncertain tax positions | $ 153,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015Voteshares | Jan. 28, 2015shares | Dec. 31, 2014shares | |
Stockholders Equity Note [Line Items] | |||
Common stock votes per share | Vote | 1 | ||
Preferred stock, shares authorized | 5,000 | 5,000 | |
Shares repurchased | 0 | ||
Maximum | |||
Stockholders Equity Note [Line Items] | |||
Board of Directors authorized the repurchase of common stock | 2,000,000 |
Natural Gas Derivative Instru57
Natural Gas Derivative Instruments - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)MMBTU$ / MMBTU | Dec. 31, 2014$ / MMBTU | |
Derivative [Line Items] | ||
Loss on derivative instruments | $ | $ (11,155) | |
Natural gas derivative contract | ||
Derivative [Line Items] | ||
Estimated cash flows, discount rate | 5.50% | |
Last derivative contract expiration month and year | 2018-12 | |
Contracts volume, derivative instruments | MMBTU | 6,600,000 | |
Average price | $ / MMBTU | 2.66 | 4.41 |
Natural gas derivative contract | 2015 through December 31, 2018 | ||
Derivative [Line Items] | ||
Contracts volume, derivative instruments | MMBTU | 7,920,000 | |
Average price | $ / MMBTU | 4.48 | |
Cost of Sales | ||
Derivative [Line Items] | ||
Loss on derivative instruments | $ | $ 15,040 |
Fair Value Measurements of Fina
Fair Value Measurements of Financial Assets and Liabilities on Recurring and Non Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets: | |||
Impaired long-lived assets | $ 36,177 | $ 5,896 | $ 2,138 |
Liabilities: | |||
Derivative instruments | (11,155) | (11,155) | |
Total fair value | (5,259) | (5,259) | 2,138 |
Fair Value, Inputs, Level 2 | |||
Liabilities: | |||
Derivative instruments | (11,155) | (11,155) | |
Total fair value | (11,155) | (11,155) | |
Fair Value, Inputs, Level 3 | |||
Assets: | |||
Impaired long-lived assets | 5,896 | 2,138 | |
Liabilities: | |||
Total fair value | $ 5,896 | $ 5,896 | $ 2,138 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Executive Officer | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Cash awards | $ 753 | ||
Executive Officer | Beginning January 1, 2015 through December 31, 2017 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 200.00% | ||
Executive Officer | Beginning January 1, 2015 through December 31, 2017 | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 0.00% | ||
Omnibus Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted to any single participant in any calendar year | 50,000 | ||
Shares available for issuance under the plan | 526,563 | ||
Omnibus Incentive Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash-based award paid to a single participant in any calendar year | $ 5,000 | ||
Aggregate number of common stock for issuance under the plan | 750,000 | ||
Period of years for which the 750,000 shares can be granted over | 5 years | ||
Omnibus Incentive Plan | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Unrecognized compensation expense, net | $ 8,057 | ||
Unrecognized compensation expense, net, weighted average period | 1 year 9 months 18 days | ||
Weighted average grant date fair value | $ 34.62 | $ 111.99 | $ 82.18 |
Total fair value of restricted stock vested | $ 6,910 | $ 5,638 | $ 4,995 |
Omnibus Incentive Plan | Phantom Share Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Total fair value of units outstanding | $ 97 | ||
Omnibus Incentive Plan | Employee Stock Options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term Period | 10 years | ||
2014 Omnibus Incentive Plan | Phantom Share Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted | 5,020 | ||
Units vested | 0 | ||
Units forfeited | 1,110 | ||
2009 Omnibus Incentive Plan | Phantom Share Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units granted | 18,180 | ||
Units vested | 12,569 | ||
Units forfeited | 3,904 |
Summary of Restricted Stock Act
Summary of Restricted Stock Activity and Related Information (Detail) - Restricted Stock Units (RSUs) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Shares | |
Beginning Balance | shares | 147,489 |
Granted | shares | 225,487 |
Vested | shares | (70,089) |
Forfeited | shares | (36,735) |
Ending Balance | shares | 266,152 |
Weighted-Average Grant-Date Fair Value Per Share | |
Beginning Balance | $ / shares | $ 99.51 |
Granted | $ / shares | 34.62 |
Vested | $ / shares | 98.59 |
Forfeited | $ / shares | 51.62 |
Ending Balance | $ / shares | $ 51.39 |
Computation of Basic and Dilute
Computation of Basic and Diluted (Loss) Earnings per Share under Two-Class Method (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator for basic and diluted (loss) earnings per share: | |||||||||||
Net (loss) income | $ (50,040) | $ (13,898) | $ (17,004) | $ (28,602) | $ 399 | $ 13,744 | $ 23,017 | $ 18,427 | $ (109,544) | $ 55,588 | $ 84,886 |
Effect of reallocating undistributed earnings of participating securities | (376) | (530) | |||||||||
Net (loss) income available under the two-class method | $ (109,544) | $ 55,212 | $ 84,356 | ||||||||
Denominator: | |||||||||||
Denominator for basic (loss) earnings per share-weighted-average shares | 22,999,318 | 22,946,395 | 22,957,013 | ||||||||
Effect of dilutive potential common shares | 0 | 0 | 0 | ||||||||
Denominator for diluted (loss) earnings per share-adjusted weighted-average shares | 22,999,318 | 22,946,395 | 22,957,013 | ||||||||
Basic (loss) earnings per share | $ (2.17) | $ (0.60) | $ (0.74) | $ (1.24) | $ 0.02 | $ 0.60 | $ 1 | $ 0.80 | $ (4.76) | $ 2.41 | $ 3.67 |
Diluted (loss) earnings per share | $ (2.17) | $ (0.60) | $ (0.74) | $ (1.24) | $ 0.02 | $ 0.60 | $ 1 | $ 0.80 | $ (4.76) | $ 2.41 | $ 3.67 |
Quarterly Operating Results (De
Quarterly Operating Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information | |||||||||||
Revenues | $ 56,768 | $ 75,807 | $ 73,752 | $ 73,747 | $ 167,798 | $ 155,402 | $ 176,561 | $ 148,564 | $ 279,574 | $ 648,325 | $ 667,398 |
Gross loss | (15,228) | (4,597) | (10,302) | (25,998) | 41,118 | 42,150 | 53,648 | 44,364 | (56,125) | 181,280 | 192,995 |
Net income | $ (50,040) | $ (13,898) | $ (17,004) | $ (28,602) | $ 399 | $ 13,744 | $ 23,017 | $ 18,427 | $ (109,544) | $ 55,588 | $ 84,886 |
Earnings (loss) per share: | |||||||||||
Basic | $ (2.17) | $ (0.60) | $ (0.74) | $ (1.24) | $ 0.02 | $ 0.60 | $ 1 | $ 0.80 | $ (4.76) | $ 2.41 | $ 3.67 |
Diluted | $ (2.17) | $ (0.60) | $ (0.74) | $ (1.24) | $ 0.02 | $ 0.60 | $ 1 | $ 0.80 | $ (4.76) | $ 2.41 | $ 3.67 |
Schedule of Total Revenue from
Schedule of Total Revenue from Major Customers (Detail) - Customer Concentration Risk - Sales Revenue, Net | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Major Customer A | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk percentage | 10.70% | 22.40% | 13.10% |
Major Customer B | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk percentage | 26.90% | 29.90% | 34.70% |
Geographic Information for Long
Geographic Information for Long-Lived Assets and Revenues in United States and other Countries (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long-lived assets: | |||||||||||
Long-lived assets | $ 543,838 | $ 579,161 | $ 543,838 | $ 579,161 | $ 489,403 | ||||||
Revenues: | |||||||||||
Revenues | 56,768 | $ 75,807 | $ 73,752 | $ 73,747 | 167,798 | $ 155,402 | $ 176,561 | $ 148,564 | 279,574 | 648,325 | 667,398 |
UNITED STATES | |||||||||||
Long-lived assets: | |||||||||||
Long-lived assets | 531,518 | 561,109 | 531,518 | 561,109 | 454,031 | ||||||
Revenues: | |||||||||||
Revenues | 199,187 | 491,004 | 529,603 | ||||||||
International | |||||||||||
Long-lived assets: | |||||||||||
Long-lived assets | $ 12,320 | $ 18,052 | 12,320 | 18,052 | 35,372 | ||||||
CANADA | |||||||||||
Revenues: | |||||||||||
Revenues | 33,614 | 73,092 | 43,329 | ||||||||
Other International | |||||||||||
Revenues: | |||||||||||
Revenues | $ 46,773 | $ 84,229 | $ 94,466 |
Geographic Information - Additi
Geographic Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sales Revenue, Net | Customer Concentration Risk | Outside United States | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk percentage | 29.00% | 24.00% | 21.00% |
Benefit Costs Recognized as Exp
Benefit Costs Recognized as Expense Under Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Benefit plan contributions | |||
Benefit plan contributions | $ 1,547 | $ 4,186 | $ 3,735 |
Profit Sharing Plan | |||
Benefit plan contributions | |||
Benefit plan contributions | 2,337 | 2,126 | |
Savings Plan | |||
Benefit plan contributions | |||
Benefit plan contributions | $ 1,547 | $ 1,849 | $ 1,609 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Contribution Plan Disclosure [Line Items] | |
Percentage of participant directed contributions to benefit plans | 100.00% |
Maximum | |
Defined Contribution Plan Disclosure [Line Items] | |
Participants contribution percentage allowed to invest in Company's common stock | 20.00% |
Commitments - Additional Inform
Commitments - Additional Information (Detail) $ in Thousands | Oct. 12, 2015T | Nov. 13, 2014T | Nov. 30, 2012USD ($) | Jan. 30, 2012T | Nov. 01, 2008USD ($) | Oct. 31, 2014 | May. 31, 2012 | Jul. 31, 2011T | Jan. 31, 2003 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2011 | Nov. 30, 2015 |
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Annual rental fee | $ 23,757 | $ 24,116 | $ 22,542 | |||||||||||
Net book value of property leased | 537,731 | 568,716 | ||||||||||||
Lease Agreements | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Net book value of property leased | 316,458 | |||||||||||||
Eufaula | kaolin | Supplier 2 | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Commitment effective date | Jan. 1, 2011 | |||||||||||||
Purchase commitment, period | 3 years | |||||||||||||
Additional purchase commitment, period | 6 years | |||||||||||||
Purchase commitment amount | $ 2,380 | 2,263 | 3,788 | |||||||||||
Eufaula | kaolin | Supplier 2 | After Amendment | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Additional purchase commitment, period | 3 years | |||||||||||||
Eufaula | kaolin | Supplier 2 | Minimum | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Purchase obligation percentage of annual requirements | 70.00% | |||||||||||||
Eufaula | kaolin | Supplier 2 | Minimum | After Amendment | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Purchase commitment, period | 5 years | |||||||||||||
Purchase obligation percentage of annual requirements | 50.00% | |||||||||||||
McIntyre | Wilkinson County Development Authority | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Agreement entry date | Nov. 1, 2008 | |||||||||||||
Annual rental fee | $ 50 | |||||||||||||
Lease agreement period | Through November 1, 2017 | |||||||||||||
McIntyre | Lease Agreements | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Lease expiration period | Jan. 1, 2021 | |||||||||||||
McIntyre | kaolin | Supplier 3 | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Commitment effective date | Jan. 1, 2003 | |||||||||||||
Purchase commitment amount | $ 3,245 | 14,823 | 13,091 | |||||||||||
Agreement entry date | Jan. 1, 2003 | |||||||||||||
McIntyre | kaolin | Supplier 3 | Minimum | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Purchase obligation percentage of annual requirements | 80.00% | |||||||||||||
McIntyre And Toomsboro [Member] | kaolin | Supplier 3 | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Purchase obligation percentage of annual requirements | 100.00% | |||||||||||||
Marshfield, Wisconsin | Hydro sized sand | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Purchase commitment amount | 3,997 | 6,922 | $ 3,546 | |||||||||||
Marshfield, Wisconsin | Hydro sized sand | After Amendment | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Purchase commitment, commencing date | Jan. 30, 2012 | |||||||||||||
Marshfield, Wisconsin | Hydro sized sand | Prior Agreement | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Commitment effective date | Jul. 30, 2011 | |||||||||||||
Purchase commitment, period | 5 years | |||||||||||||
Marshfield, Wisconsin | Frac sand | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Purchase commitment amount | 1,751 | |||||||||||||
Marshfield, Wisconsin | During 2011 | Hydro sized sand | Prior Agreement | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Minimum quantity to be purchased annually | T | 40,000 | |||||||||||||
Marshfield, Wisconsin | During 2012 | Hydro sized sand | After Amendment | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Minimum quantity to be purchased annually | T | 150,000 | |||||||||||||
Marshfield, Wisconsin | During 2012 | Hydro sized sand | Prior Agreement | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Minimum quantity to be purchased annually | T | 100,000 | |||||||||||||
Marshfield, Wisconsin | During 2013 | Hydro sized sand | After Amendment | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Minimum quantity to be purchased annually | T | 150,000 | |||||||||||||
Marshfield, Wisconsin | During 2014 | Hydro sized sand | After Amendment | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Minimum quantity to be purchased annually | T | 350,000 | |||||||||||||
Marshfield, Wisconsin | During 2015 | Frac sand | After Amendment | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Minimum quantity to be purchased annually | T | 123,203 | |||||||||||||
Marshfield, Wisconsin | During 2015 | Frac sand | Prior Agreement | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Minimum quantity to be purchased annually | T | 300,000 | |||||||||||||
Marshfield, Wisconsin | Each year after 2015 | Frac sand | Prior Agreement | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Minimum quantity to be purchased annually | T | 400,000 | |||||||||||||
Marshfield, Wisconsin | During 2016 | Frac sand | After Amendment | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Minimum quantity to be purchased annually | T | 116,599 | |||||||||||||
Marshfield, Wisconsin | 2017 and thereafter | Frac sand | After Amendment | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Minimum quantity to be purchased annually | T | 400,000 | |||||||||||||
Millen Georgia | Jenkins County Development Authority | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Agreement entry date | Nov. 1, 2012 | |||||||||||||
Lease agreement period | Until the tenth anniversary of completion of the final phase of the facility. | |||||||||||||
Lease administrative fees | $ 50 | |||||||||||||
Millen Georgia | Kaolin And Bauxite | Supplier 7 | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Purchase commitment, period | 5 years | |||||||||||||
Additional purchase commitment, period | 5 years | |||||||||||||
Purchase commitment amount | 561 | 1,465 | ||||||||||||
Agreement entry date | May 31, 2012 | |||||||||||||
Millen Georgia | Kaolin And Bauxite | Supplier 7 | Minimum | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Purchase obligation percentage of annual requirements | 50.00% | |||||||||||||
Millen Georgia | Kaolin And Bauxite | Supplier 8 | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Purchase commitment, period | 5 years | |||||||||||||
Additional purchase commitment, period | 2 years | |||||||||||||
Purchase commitment amount | $ 1,300 | $ 577 | ||||||||||||
Agreement entry date | Oct. 31, 2014 | |||||||||||||
Millen Georgia | Kaolin And Bauxite | Supplier 8 | Minimum | ||||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||||
Purchase obligation percentage of annual requirements | 50.00% |
Employment Agreements - Additio
Employment Agreements - Additional Information (Detail) - President and Chief Executive Officer | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Obligation payable | 18 months |
Employee benefit payments period | 2 years |
Non competition covenant period | 2 years |
Employment agreement extension period | 1 year |
Foreign Currencies - Additional
Foreign Currencies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Foreign Currency Balance [Line Items] | |||
Investment subject to foreign currency fluctuations | $ 16,559,000 | ||
Cumulative foreign currency translation loss, net of deferred income tax benefit | (37,702,000) | $ (22,969,000) | |
Amount reclassified to net income | 8,853,000 | ||
Income tax (benefit) expense | (54,205,000) | $ 37,283,000 | $ 40,315,000 |
Foreign Currency Exchange Gain (Loss), Net | |||
Schedule of Foreign Currency Balance [Line Items] | |||
Income tax (benefit) expense | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 26, 2016 | Feb. 25, 2016 | Jan. 31, 2016 | Jan. 31, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | |||||
Asset coverage ratio | 125.00% | ||||
Repayments on bank borrowings | $ 7,000 | ||||
Executive Officer | |||||
Subsequent Event [Line Items] | |||||
Vesting period | 3 years | ||||
Cash awards | $ 753 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Asset coverage ratio | 121.00% | ||||
Repayments on bank borrowings | $ 16,100 | $ 16,100 | |||
Subsequent Event | Restricted Stock | |||||
Subsequent Event [Line Items] | |||||
Shares or units awarded to certain employees | 234,412 | ||||
Fair value of the stock award on the date of grant | $ 4,048 | $ 4,048 | |||
Vesting period | 3 years | ||||
Subsequent Event | Phantom Share Units (PSUs) | |||||
Subsequent Event [Line Items] | |||||
Shares or units awarded to certain employees | 6,095 | ||||
Fair value of the stock award on the date of grant | 105 | $ 105 | |||
Subsequent Event | Market Based Awards | Executive Officer | |||||
Subsequent Event [Line Items] | |||||
Vesting period | 3 years | ||||
Cash awards | $ 1,324 | $ 1,324 | |||
Subsequent Event | Market Based Awards | Executive Officer | Beginning January 1, 2016 through December 31, 2018 | |||||
Subsequent Event [Line Items] | |||||
Vesting percentage | 200.00% | ||||
Subsequent Event | Market Based Awards | Executive Officer | Beginning January 1, 2016 through December 31, 2018 | Minimum | |||||
Subsequent Event [Line Items] | |||||
Vesting percentage | 0.00% |