Carbo Ceramics (CRRTQ) 10-Q 28 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 22, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	CRR
Entity Registrant Name	CARBO CERAMICS INC
Entity Central Index Key	1,009,672
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		23,498,241

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 80,723	$ 78,866
Trade accounts and other receivables, net	21,914	48,596
Inventories:
Finished goods	81,390	77,537
Raw materials and supplies	22,771	27,021
Total inventories	104,161	104,558
Prepaid expenses and other current assets	4,430	3,762
Prepaid income taxes	116
Deferred income taxes		49,495
Total current assets	211,344	285,277
Property, plant and equipment:
Land and land improvements	45,529	45,774
Land-use and mineral rights	19,696	19,877
Buildings	87,132	83,500
Machinery and equipment	645,695	642,396
Construction in progress	93,899	96,084
Total property, plant and equipment	891,951	887,631
Less accumulated depreciation and amortization	374,792	349,900
Net property, plant and equipment	517,159	537,731
Goodwill	3,500	3,500
Intangible and other assets, net	10,675	9,861
Total assets	742,678	836,369
Current liabilities:
Long-term debt, current portion	12,566	33,000
Notes payable	1,468
Accounts payable	4,921	10,709
Accrued payroll and benefits	2,645	6,003
Accrued freight	409	3,068
Accrued utilities	1,310	2,414
Accrued income taxes		139
Derivative instruments	4,014	6,240
Other accrued expenses	6,753	8,717
Total current liabilities	34,086	70,290
Deferred income taxes	28,428	63,858
Long-term debt	48,780	55,000
Notes payable, related parties	25,000
Other long-term liabilities	3,553	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; 23,498,241 and 23,280,696 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	235	233
Additional paid-in capital	69,137	65,067
Retained earnings	568,591	614,708
Accumulated other comprehensive loss	(35,132)	(37,702)
Total shareholders' equity	602,831	642,306
Total liabilities and shareholders' equity	$ 742,678	$ 836,369

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
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	23,498,241	23,280,696
Common stock, share outstanding	23,498,241	23,280,696

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Revenues	$ 20,651	$ 73,252	$ 53,753	$ 146,999
Cost of sales	40,663	83,554	97,406	183,299
Gross loss	(20,012)	(10,302)	(43,653)	(36,300)
Selling, general and administrative expenses	10,034	14,746	21,509	31,292
(Gain) loss on disposal or impairment of assets	(23)	(131)	925	(163)
Operating loss	(30,023)	(24,917)	(66,087)	(67,429)
Other expense:
Interest expense, net	(1,623)	(29)	(2,419)	(31)
Other, net	8	25	83	(105)
Nonoperating income (expense), total	(1,615)	(4)	(2,336)	(136)
Loss before income taxes	(31,638)	(24,921)	(68,423)	(67,565)
Income tax benefit	(11,342)	(7,917)	(23,443)	(21,959)
Net loss	$ (20,296)	$ (17,004)	$ (44,980)	$ (45,606)
Loss per share:
Basic	$ (0.88)	$ (0.74)	$ (1.95)	$ (1.98)
Diluted	$ (0.88)	$ (0.74)	$ (1.95)	(1.98)
Other information:
Dividends declared per common share				$ 0.43

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (20,296)	$ (17,004)	$ (44,980)	$ (45,606)
Other comprehensive income:
Foreign currency translation adjustment	1,127	965	2,570	563
Deferred income taxes	0	0	0	0
Other comprehensive income, net of tax	1,127	965	2,570	563
Comprehensive loss	$ (19,169)	$ (16,039)	$ (42,410)	$ (45,043)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities
Net loss	$ (44,980)	$ (45,606)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	24,448	27,006
Provision for doubtful accounts	829	201
Deferred income taxes	(23,340)	(23,512)
Lower of cost or market inventory adjustment		4,372
Loss (gain) on disposal or impairment of assets	925	(163)
Foreign currency transaction gain (loss), net	(111)	49
Stock compensation expense	3,399	4,457
Change in fair value of derivative instruments	(3,725)	10,958
Changes in operating assets and liabilities:
Trade accounts and other receivables	26,210	63,418
Inventories	(1,207)	17,647
Prepaid expenses and other current assets	833	(866)
Long-term other assets	144	801
Accounts payable	(2,194)	(5,072)
Accrued expenses	(9,136)	(10,304)
Other long-term liabilities	139
Income tax receivable, net	37,200	16,064
Net cash provided by operating activities	9,434	59,450
Investing activities
Capital expenditures	(6,439)	(36,660)
Net cash used in investing activities	(6,439)	(36,660)
Financing activities
Proceeds from long-term debt		70,000
Repayments on long-term debt	(26,033)
Payments of debt issuance costs	(339)
Proceeds from notes payable, related parties	25,000
Dividends paid		(10,009)
Purchase of common stock	(441)	(549)
Net cash (used in) provided by financing activities	(1,813)	59,442
Effect of exchange rate changes on cash	675	54
Net increase in cash and cash equivalents	1,857	82,286
Cash and cash equivalents at beginning of period	78,866	24,298
Cash and cash equivalents at end of period	80,723	106,584
Supplemental cash flow information
Interest paid	1,824	674
Income taxes paid	$ 0	$ 0

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited consolidated financial statements of CARBO Ceramics Inc. have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation have been included. The results of the interim periods presented herein are not necessarily indicative of the results to be expected for any other interim period or the full year. The consolidated balance sheet as of December 31, 2015 has been derived from the audited financial statements at that date. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2015 included in the annual report on Form 10-K of CARBO Ceramics Inc. for the year ended December 31, 2015. The consolidated financial statements include the accounts of CARBO Ceramics Inc. and its operating subsidiaries (the “Company”). All significant intercompany transactions have been eliminated. 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 early 2015, the Company implemented a number of initiatives to preserve cash and lower costs, including: (1) reducing workforce across the organization, (2) lowering production output levels in order to align with lower demand, (3) limiting capital expenditures and (4) eliminating dividends. As a result of these measures, the Company temporarily idled production and furloughed employees at alternating manufacturing plants. The Company continues to depreciate these assets. During 2016, the Company also implemented programs that allow it to further reduce cash compensation. Further, during 2016, the Company idled the majority of the production activities at its New Iberia, Louisiana plant and its Toomsboro, Georgia facility until such time as market conditions warrant bringing them back online. 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. 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, 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 next twelve months. Additionally, the construction projects relating to the second production line at Millen, Georgia and the second phase of the retrofit of an existing plant with the new KRYPTOSPHERE® technology remain suspended. As of June 30, 2016, the value of the temporarily suspended projects relating to these two projects totaled approximately 90% of the Company’s total construction in progress, and both projects are over 90% complete. Lower of Cost or Market Adjustments During the three-month period ended March 31, 2015, the Company reviewed the carrying values of all inventories and concluded that certain inventories in China had been impacted by changes in market conditions. Current market prices had fallen below carrying costs for certain inventories. Consequently, during the three-month period ended March 31, 2015, the Company recognized a $4,372 loss in cost of sales, primarily to adjust finished goods and raw materials carrying values to the lower market prices on inventories inside China. The adjustments were based on current market prices for these or similar products, as determined by actual sales, bids, and/or quotes from third parties. As of June 30, 2016, the Company reviewed the carrying values of all inventories and concluded that no adjustments were warranted for finished goods and raw materials intended for use in the Company’s manufacturing process. Manufacturing Production Levels Below Normal Capacity As a result of the Company substantially reducing manufacturing production levels, including by idling certain facilities, certain production costs have been 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 three months ended June 30, 2016 and 2015, the Company expensed $13,515 and $11,208, respectively, in production costs. For the six months ended June 30, 2016 and 2015, the Company expensed $23,222 and $19,629, respectively, in production costs. Long-lived and other noncurrent assets impairment considerations As noted, the Company has temporarily idled production at various manufacturing facilities throughout 2016. The Company does not necessarily assess temporarily idled assets for impairment unless events or circumstances indicate that the carrying amounts of those assets may not be recoverable. Short-term stoppages of production for less than one year do not generally significantly impact the long-term expected cash flows of the idled facility. As of March 31, 2016, as a result of changes in the planned usage of certain long-term bauxite raw materials, the Company evaluated the carrying value of those bauxite raw materials. Based upon this evaluation, during the three months ended March 31, 2016, the Company recognized an impairment charge of $1,065 on these bauxite raw material inventories. As of June 30, 2016, the Company concluded that there were no events or circumstances that would indicate that carrying amounts of other long-lived and other noncurrent assets might be further impaired. However, the Company continues to monitor market conditions closely. Further deterioration of market conditions could result in impairment charges being taken on these and/or other long-lived and other noncurrent assets, including the Company’s manufacturing plants, goodwill and intangible assets. The Company will evaluate long-lived and other noncurrent assets for impairment at such time that events or circumstances indicate that carrying amounts might be impaired.

Loss Per Share

Loss Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Loss Per Share	2. Loss Per Share The following table sets forth the computation of basic and diluted loss per share under the two-class method: Three months ended Six months ended June 30, June 30, 2016 2015 2016 2015 Numerator for basic and diluted loss per share: Net loss $ (20,296 ) $ (17,004 ) $ (44,980 ) $ (45,606 ) Effect of reallocating undistributed earnings of participating securities — — — — Net loss available under the two-class method $ (20,296 ) $ (17,004 ) $ (44,980 ) $ (45,606 ) Denominator: Denominator for basic loss per share--weighted-average shares 23,108,889 22,999,157 23,085,725 22,987,086 Effect of dilutive potential common shares — — — — Denominator for diluted loss per share--adjusted weighted-average shares 23,108,889 22,999,157 23,085,725 22,987,086 Basic loss per share $ (0.88 ) $ (0.74 ) $ (1.95 ) $ (1.98 ) Diluted loss per share $ (0.88 ) $ (0.74 ) $ (1.95 ) $ (1.98 )

Common Stock Repurchase Program

Common Stock Repurchase Program	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Common Stock Repurchase Program	3. 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 June 30, 2016, the Company had not repurchased any shares under the plan.

Natural Gas Derivative Instrume

Natural Gas Derivative Instruments	6 Months Ended
	Jun. 30, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Natural Gas Derivative Instruments	4. 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. As a result of the Company’s significantly reducing production levels and not taking delivery of all of the contracted natural gas quantities, the Company accounts 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 six months ended June 30, 2016. The last of these natural gas contracts will expire in December 2018. During the three months ended June 30, 2016 and 2015, the Company recognized an $824 gain and $58 loss, respectively, in cost of sales on derivatives instruments. During the six months ended June 30, 2016 and 2015, the Company recognized a $597 gain and $12,605 loss, respectively, in cost of sales on derivatives instruments. The cumulative present value of these natural gas derivative contracts as of June 30, 2016 are presented as current and long-term liabilities, as applicable, in the Consolidated Balance Sheet. At June 30, 2016, the Company had contracted for delivery a total of 6,120,000 MMBtu of natural gas at an average price of $4.44 per MMBtu through December 31, 2018. Contracts covering 5,820,000 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 three months ended June 30, 2016 and 2015 were $1.95 per MMBtu and $2.64 per MMBtu, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. 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: (1) Level 1, defined as inputs such as unadjusted quoted prices in active markets for identical assets or liabilities; (2) Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and (3) 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 Level 2 of the fair value hierarchy (see Note 4 herein for additional information on the derivative instruments). 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 June 30, 2016 Level 1 Level 2 Level 3 Total Assets $ — $ — $ — $ — Liabilities: Derivative instruments — (7,429 ) — (7,429 ) Total fair value $ — $ (7,429 ) $ — $ (7,429 ) Fair value as of December 31, 2015 Level 1 Level 2 Level 3 Total Assets $ — $ — $ — $ — Liabilities: Derivative instruments — (11,155 ) — (11,155 ) Total fair value $ — $ (11,155 ) $ — $ (11,155 ) At June 30, 2016, the fair value of the Company’s long-term debt approximated the carrying value.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Based Compensation	6. Stock Based Compensation The 2014 CARBO Ceramics Inc. Omnibus Incentive Plan (the “2014 Omnibus Incentive Plan”) provides for the granting of 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. As of June 30, 2016, 295,833 shares were available for issuance under the 2014 Omnibus Incentive Plan. Although the 2009 CARBO Ceramics Inc. Omnibus Incentive Plan (the “2009 Omnibus Incentive Plan”) has expired, certain nonvested restricted 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 six months ended June 30, 2016 is presented below: Shares Weighted-Average Grant-Date Fair Value Per Share Nonvested at January 1, 2016 266,152 $ 51.39 Granted 234,412 $ 17.27 Vested (106,885 ) $ 58.34 Forfeited (28,941 ) $ 30.68 Nonvested at June 30, 2016 364,738 $ 29.07 As of June 30, 2016, there was $8,111 of total unrecognized compensation cost related to restricted shares granted under both the expired 2009 Omnibus Incentive Plan and the 2014 Omnibus Incentive Plan. That cost is expected to be recognized over a weighted-average period of 2.1 years. The total fair value of shares vested during the six months ended June 30, 2016 was $6,236. The Company made market-based cash awards to certain executives of the Company pursuant to the 2014 Omnibus Incentive Plan. As of June 30, 2016, the total target award outstanding was $2,077. The payout of awards can range from 0% to 200% based on the Company’s Relative Total Shareholder Return calculated over a three year period beginning January 1 of the year each grant was made. 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 a phantom stock 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 June 30, 2016, there were 18,180 units of phantom stock granted under the expired 2009 Omnibus Incentive Plan, of which 13,737 have vested and 3,954 have been forfeited. As of June 30, 2016, there were 11,115 units of phantom stock granted under the 2014 Omnibus Incentive Plan, of which 1,302 have vested and 2,292 have been forfeited. As of June 30, 2016, nonvested units of phantom stock under the 2009 Omnibus Incentive Plan and the 2014 Omnibus Incentive Plan had a total value of $105, a portion of which is accrued as a liability within Accrued Payroll and Benefits.

Long-Term Debt and Notes Payabl

Long-Term Debt and Notes Payable	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt and Notes Payable	7. Long-Term Debt and Notes Payable The Company maintains a credit agreement, which until April 2016 included a revolving line of credit, with a bank lender. As of January 31, 2016, February 29, 2016 and March 31, 2016, the Company failed to comply with the asset coverage ratio covenant in such credit agreement. In connection with entering into Agreement and Amendment No. 7 to the Credit Agreement referred to below (the “Amended Credit Agreement”), the bank lender waived non-compliance with the asset coverage ratio for the months of January, February and March 2016. As of June 30, 2016, the Company’s outstanding debt under its Amended Credit Agreement was $61,967, of which $12,566 was classified as current and $49,401 was classified as long-term. As of June 30, 2016, the Company had $621 of debt issuance costs that are presented as a direct reduction from the carrying amount of the long-term debt obligation. For the six months ended June 30, 2016, the weighted average interest rate was 5.604% based on LIBOR-based rate borrowings. The Company had $9,355 and $8,875 in standby letters of credit issued as of June 30, 2016 and December 31, 2015, respectively, primarily as collateral relating to our natural gas commitments. As of December 31, 2015, the Company’s outstanding debt under the prior credit agreement was $88,000, of which $33,000 was classified as current and $55,000 was classified as long-term. As of December 31, 2015, the weighted average interest rate was 4.664% based on LIBOR-based rate borrowings. Interest cost for the six months ended June 30, 2016 and 2015 was $2,747 and $937, respectively, of which $80 and $639 was capitalized into the cost of property, plant and equipment in the six months ended June 30, 2016 and 2015, respectively. In April 2016, the Company restructured its revolving credit agreement by entering into the Amended Credit Agreement, as it is reasonably likely the Company would have been unable to comply with certain financial covenants under the prior credit agreement. The Amended Credit Agreement consists of a $65,000 fully drawn term loan, which replaced the previous $90,000 revolving line of credit, and up to $15,000 in standby letters of credit. The Company’s obligations under the Amended Credit Agreement are secured by a pledge of substantially all of the Company’s domestic assets and guaranteed by its two domestic operating subsidiaries. Such obligations bear interest at a floating rate of LIBOR plus 7.00%. Under the Amended Credit Agreement, all of the cash of the Company, including any of the subsidiary guarantors, that is held in U.S. banks must be deposited into accounts at the administrative agent and therefore will be subject to set-off in the event, and to the extent, CARBO Ceramics Inc. or any of the subsidiary guarantors is unable to satisfy its obligations under the Amended Credit Agreement. The Amended Credit Agreement requires minimum quarterly repayments of principal of $3,033 during each remaining quarter in 2016, and $3,250 per quarter thereafter until its maturity on December 31, 2018. The Amended Credit Agreement eliminates the financial covenants contained in the prior credit agreement, but instead requires the Company to maintain minimum cash amounts held with the administrative agent at the end of each calendar month commencing August 2016 as follows: $40,000 from August 2016 until March 2017; $30,000 from April 2017 until December 2017; and $25,000 thereafter. The Company is required to use proceeds from the sale of certain assets to repay principal amounts outstanding under the Amended Credit Agreement. As of July 28, 2016, the Company’s outstanding debt under the Amended Credit Agreement was $58,934. In May 2016, the Company received proceeds of $25,000 from the issuance of separate unsecured Promissory Notes (the “Notes”) to two of the Company’s Directors. Each Note matures on April 1, 2019 and bears interest at 7.00%. Additionally, in May 2016, each of those directors entered into a Subordination and Intercreditor Agreement with the Company’s bank lender, which, among other things, provides that each Note is subordinated to the indebtedness outstanding under the Amended Credit Agreement. In June 2016, the Company entered into an agreement with a financing company to finance certain insurance premiums in the amount of $1,468. Payments are due monthly through April 1, 2017 with an effective interest rate of 0.75%. The liability is included in Notes Payable within Current Liabilities on the Consolidated Balance Sheet.

Foreign Currencies

Foreign Currencies	6 Months Ended
	Jun. 30, 2016
Foreign Currency [Abstract]
Foreign Currencies	8. Foreign Currencies As of June 30, 2016, the Company’s net investment that is subject to foreign currency fluctuations totaled $17,789, and the Company has recorded a cumulative foreign currency translation loss of $35,132, all related to the Russian Ruble. This cumulative translation loss is included in and is the only component of accumulated other comprehensive loss within shareholders’ equity. 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.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Accounting Changes And Error Corrections [Abstract]
New Accounting Pronouncements	9. New Accounting Pronouncements In March 2016, the FASB issued ASU No. 2016-09, “ Compensation – Stock Compensation (Topic 718) In February 2016, the FASB issued ASU No. 2016-02, “ Leases (Topic 842) In August 2015, the FASB issued ASU No. 2015-14, “ Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date, Revenue from Contracts with Customers (Topic 606) 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),”

Legal Proceedings

Legal Proceedings	6 Months Ended
	Jun. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Legal Proceedings	10. Legal Proceedings 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	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events On July 20, 2016, the Company repaid $3,033 under its Amended Credit Agreement. On July 28, 2016, the Company filed a prospectus supplement and associated sales agreement related to an “at-the-market” equity offering program pursuant to which the Company may sell, from time to time, common stock having an aggregate offering price of up to $75,000 through Cowen and Company LLC, as sales agent, for general corporate purposes.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Lower of Cost or Market Adjustments	Lower of Cost or Market Adjustments During the three-month period ended March 31, 2015, the Company reviewed the carrying values of all inventories and concluded that certain inventories in China had been impacted by changes in market conditions. Current market prices had fallen below carrying costs for certain inventories. Consequently, during the three-month period ended March 31, 2015, the Company recognized a $4,372 loss in cost of sales, primarily to adjust finished goods and raw materials carrying values to the lower market prices on inventories inside China. The adjustments were based on current market prices for these or similar products, as determined by actual sales, bids, and/or quotes from third parties. As of June 30, 2016, the Company reviewed the carrying values of all inventories and concluded that no adjustments were warranted for finished goods and raw materials intended for use in the Company’s manufacturing process.
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 certain facilities, certain production costs have been 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 three months ended June 30, 2016 and 2015, the Company expensed $13,515 and $11,208, respectively, in production costs. For the six months ended June 30, 2016 and 2015, the Company expensed $23,222 and $19,629, respectively, in production costs.
Long-lived and other noncurrent assets impairment considerations	Long-lived and other noncurrent assets impairment considerations As noted, the Company has temporarily idled production at various manufacturing facilities throughout 2016. The Company does not necessarily assess temporarily idled assets for impairment unless events or circumstances indicate that the carrying amounts of those assets may not be recoverable. Short-term stoppages of production for less than one year do not generally significantly impact the long-term expected cash flows of the idled facility. As of March 31, 2016, as a result of changes in the planned usage of certain long-term bauxite raw materials, the Company evaluated the carrying value of those bauxite raw materials. Based upon this evaluation, during the three months ended March 31, 2016, the Company recognized an impairment charge of $1,065 on these bauxite raw material inventories. As of June 30, 2016, the Company concluded that there were no events or circumstances that would indicate that carrying amounts of other long-lived and other noncurrent assets might be further impaired. However, the Company continues to monitor market conditions closely. Further deterioration of market conditions could result in impairment charges being taken on these and/or other long-lived and other noncurrent assets, including the Company’s manufacturing plants, goodwill and intangible assets. The Company will evaluate long-lived and other noncurrent assets for impairment at such time that events or circumstances indicate that carrying amounts might be impaired.

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Computation of Basic and Diluted Loss per Share under Two-Class Method	The following table sets forth the computation of basic and diluted loss per share under the two-class method: Three months ended Six months ended June 30, June 30, 2016 2015 2016 2015 Numerator for basic and diluted loss per share: Net loss $ (20,296 ) $ (17,004 ) $ (44,980 ) $ (45,606 ) Effect of reallocating undistributed earnings of participating securities — — — — Net loss available under the two-class method $ (20,296 ) $ (17,004 ) $ (44,980 ) $ (45,606 ) Denominator: Denominator for basic loss per share--weighted-average shares 23,108,889 22,999,157 23,085,725 22,987,086 Effect of dilutive potential common shares — — — — Denominator for diluted loss per share--adjusted weighted-average shares 23,108,889 22,999,157 23,085,725 22,987,086 Basic loss per share $ (0.88 ) $ (0.74 ) $ (1.95 ) $ (1.98 ) Diluted loss per share $ (0.88 ) $ (0.74 ) $ (1.95 ) $ (1.98 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
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 June 30, 2016 Level 1 Level 2 Level 3 Total Assets $ — $ — $ — $ — Liabilities: Derivative instruments — (7,429 ) — (7,429 ) Total fair value $ — $ (7,429 ) $ — $ (7,429 ) Fair value as of December 31, 2015 Level 1 Level 2 Level 3 Total Assets $ — $ — $ — $ — Liabilities: Derivative instruments — (11,155 ) — (11,155 ) Total fair value $ — $ (11,155 ) $ — $ (11,155 )

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Stock Activity and Related Information	A summary of restricted stock activity and related information for the six months ended June 30, 2016 is presented below: Shares Weighted-Average Grant-Date Fair Value Per Share Nonvested at January 1, 2016 266,152 $ 51.39 Granted 234,412 $ 17.27 Vested (106,885 ) $ 58.34 Forfeited (28,941 ) $ 30.68 Nonvested at June 30, 2016 364,738 $ 29.07

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Jun. 30, 2016USD ($)Project	Jun. 30, 2015USD ($)	Mar. 31, 2016USD ($)
Significant Accounting Policies [Line Items]
Number of projects suspended | Project				2
Percentage of suspended projects relating to two projects				90.00%
Projects completed percentage				90.00%
Lower of cost or market inventory adjustment			$ 4,372		$ 4,372
Production cost	$ 13,515	$ 11,208		$ 23,222	$ 19,629
Bauxite raw materials
Significant Accounting Policies [Line Items]
Impairment of long-term portion of the bauxite raw material						$ 1,065

Computation of Basic and Dilute

Computation of Basic and Diluted Loss per Share under Two-Class Method (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator for basic and diluted loss per share:
Net loss	$ (20,296)	$ (17,004)	$ (44,980)	$ (45,606)
Effect of reallocating undistributed earnings of participating securities	0	0	0	0
Net loss available under the two-class method	$ (20,296)	$ (17,004)	$ (44,980)	$ (45,606)
Denominator:
Denominator for basic loss per share--weighted-average shares	23,108,889	22,999,157	23,085,725	22,987,086
Effect of dilutive potential common shares	0	0	0	0
Denominator for diluted loss per share--adjusted weighted-average shares	23,108,889	22,999,157	23,085,725	22,987,086
Basic loss per share	$ (0.88)	$ (0.74)	$ (1.95)	$ (1.98)
Diluted loss per share	$ (0.88)	$ (0.74)	$ (1.95)	$ (1.98)

Common Stock Repurchase Progr24

Common Stock Repurchase Program - Additional Information (Detail) - shares	6 Months Ended
	Jun. 30, 2016	Jan. 28, 2015
Equity, Class of Treasury Stock [Line Items]
Shares repurchased	0
Maximum
Equity, Class of Treasury Stock [Line Items]
Board of Directors authorized the repurchase of common stock		2,000,000

Natural Gas Derivative Instru25

Natural Gas Derivative Instruments - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)$ / MMBTU	Jun. 30, 2015USD ($)$ / MMBTU	Jun. 30, 2016USD ($)MMBTU$ / MMBTU	Jun. 30, 2015USD ($)$ / MMBTU
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			5,820,000
Average price | $ / MMBTU	1.95	2.64	1.95	2.64
Natural gas derivative contract | 2015 through December 31, 2018
Derivative [Line Items]
Contracts volume, derivative instruments | MMBTU			6,120,000
Average price | $ / MMBTU	4.44		4.44
Cost of Sales
Derivative [Line Items]
Gain (loss) on derivative instruments | $	$ 824	$ (58)	$ 597	$ (12,605)

Fair Value Measurements of Fina

Fair Value Measurements of Financial Assets and Liabilities on Recurring and Non Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	$ 0	$ 0
Liabilities:
Derivative instruments	(7,429)	(11,155)
Total fair value	(7,429)	(11,155)
Fair Value, Inputs, Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0	0
Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0	0
Liabilities:
Derivative instruments	(7,429)	(11,155)
Total fair value	(7,429)	(11,155)
Fair Value, Inputs, Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	$ 0	$ 0

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)shares
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under the plan	295,833
Omnibus Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, net | $	$ 8,111
Unrecognized compensation expense, net, weighted average period	2 years 1 month 6 days
Total fair value of restricted stock vested | $	$ 6,236
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 | $	$ 105
2014 Omnibus Incentive Plan | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash awards | $	$ 2,077
Vesting period	3 years
2014 Omnibus Incentive Plan | 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%
2014 Omnibus Incentive Plan | 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%
2014 Omnibus Incentive Plan | Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted	11,115
Units vested	1,302
Units forfeited	2,292
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	13,737
Units forfeited	3,954

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Restricted Stock Activity and Related Information (Detail) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Shares
Beginning Balance | shares	266,152
Granted | shares	234,412
Vested | shares	(106,885)
Forfeited | shares	(28,941)
Ending Balance | shares	364,738
Weighted-Average Grant-Date Fair Value Per Share
Beginning Balance | $ / shares	$ 51.39
Granted | $ / shares	17.27
Vested | $ / shares	58.34
Forfeited | $ / shares	30.68
Ending Balance | $ / shares	$ 29.07

Long-Term Debt and Notes Paya29

Long-Term Debt and Notes Payable - Additional Information (Detail)	1 Months Ended		6 Months Ended
	May 31, 2016USD ($)BoardofDirector	Apr. 30, 2016USD ($)Subsidiary	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jul. 28, 2016USD ($)	Dec. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Long term debt covenant limitation of non-compliance period			30 days
Long-term debt			$ 48,780,000			$ 55,000,000
Long-term debt, current			12,566,000			33,000,000
Interest cost			$ 2,747,000	$ 937,000
Debt instrument, maturity date			Apr. 1, 2017
Notes payable			$ 1,468,000
Debt instrument, payment terms			Payments are due monthly through April 1, 2017
Debt instrument, frequency of periodic payment			monthly
Debt instrument, effective interest rate			0.75%
Unsecured Promissory Notes
Line of Credit Facility [Line Items]
Debt instrument, maturity date	Apr. 1, 2019
Proceeds from issuance of notes	$ 25,000,000
Debt instrument, payable number | BoardofDirector	2
Debt instrument, interest rate	7.00%
Amended Credit Agreement
Line of Credit Facility [Line Items]
Long-term debt		$ 65,000,000	$ 61,967,000
Long-term debt, current			12,566,000
Long-term debt, long term			49,401,000
Debt issuance costs			$ 621,000
Line of credit, weighted average interest rate			5.604%
Revolving Line of credit, replaced amount		90,000,000
Standby letters of credit		15,000,000
Minimum quarterly repayments, thereafter		3,250,000
Required minimum cash balance to maintain from August 2016 until March 2017		40,000,000
Required minimum cash balance to maintain from April 2017 until December 2017		30,000,000
Required minimum cash balance to maintain thereafter December 2017		$ 25,000,000
Number of operating subsidiaries | Subsidiary		2
Debt instrument, maturity date		Dec. 31, 2018
Amended Credit Agreement | Quarter Three, 2016
Line of Credit Facility [Line Items]
Minimum quarterly repayments, remainder		$ 3,033,000
Amended Credit Agreement | Quarter Four, 2016
Line of Credit Facility [Line Items]
Minimum quarterly repayments, remainder		$ 3,033,000
Amended Credit Agreement | Subsequent Event
Line of Credit Facility [Line Items]
Long-term debt					$ 58,934,000
Amended Credit Agreement | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate		7.00%
Old Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt						88,000,000
Long-term debt, current						33,000,000
Long-term debt, long term						$ 55,000,000
Line of credit, weighted average interest rate						4.664%
Standby Letters of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity			$ 9,355,000			$ 8,875,000
Property, Plant and Equipment
Line of Credit Facility [Line Items]
Interest cost capitalized			$ 80,000	$ 639,000

Foreign Currencies - Additional

Foreign Currencies - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Foreign Currency [Abstract]
Investment subject to foreign currency fluctuations	$ 17,789
Cumulative foreign currency translation loss, net of deferred income tax benefit	$ (35,132)	$ (37,702)

New Accounting Pronouncements -

New Accounting Pronouncements - Additional Information (Detail) - Accounting Standards Update 2016-09 - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2016	Jun. 30, 2016
Item Effected [Line Items]
Cumulative effect reduction to retained earnings	$ 697
Tax deficiencies		$ 1,540
Tax deficiencies, per share		$ 0.07

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	Jul. 20, 2016	Jun. 30, 2016	Jul. 28, 2016
Subsequent Event [Line Items]
Repayments of long term debt		$ 26,033,000
Subsequent Event | Cowen and Company LLC
Subsequent Event [Line Items]
Aggregate offering price authorized			$ 75,000
Subsequent Event | Amended Credit Agreement
Subsequent Event [Line Items]
Repayments of long term debt	$ 3,033