Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | KOP | |
Entity Registrant Name | KOPPERS HOLDINGS INC. | |
Entity Central Index Key | 0001315257 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 21,143,087 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-32737 | |
Entity Tax Identification Number | 20-1878963 | |
Entity Address, Address Line One | 436 Seventh Avenue | |
Entity Address, City or Town | Pittsburgh | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15219 | |
City Area Code | 412 | |
Local Phone Number | 227-2001 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | PA |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net sales | $ 459.3 | $ 407.5 |
Cost of sales | 370.3 | 319.3 |
Depreciation and amortization | 14.2 | 16.1 |
(Gain) on sale of assets | (2.5) | (7.5) |
Impairment and restructuring charges | 0 | 1.2 |
Selling, general and administrative expenses | 39.1 | 34.5 |
Operating profit | 38.2 | 43.9 |
Other income, net | 0.6 | 1 |
Interest expense | 9.8 | 10.2 |
Income from continuing operations before income taxes | 29 | 34.7 |
Income tax provision | 9.7 | 8.5 |
Income from continuing operations | 19.3 | 26.2 |
Loss on sale of discontinued operations, net of tax benefit of $0.0 and $0.1 | (0.5) | (0.4) |
Net income | 18.8 | 25.8 |
Net loss attributable to noncontrolling interests | 0 | (0.1) |
Net income attributable to Koppers | $ 18.8 | $ 25.9 |
Basic - | ||
Continuing operations | $ 0.91 | $ 1.24 |
Discontinued operations | (0.02) | (0.02) |
Earnings per basic common share | 0.89 | 1.22 |
Diluted - | ||
Continuing operations | 0.89 | 1.20 |
Discontinued operations | (0.02) | (0.02) |
Earnings per diluted common share | $ 0.87 | $ 1.18 |
Comprehensive income | $ 20.5 | $ 31.8 |
Comprehensive loss attributable to noncontrolling interests | 0 | (0.1) |
Comprehensive income attributable to Koppers | $ 20.5 | $ 31.9 |
Weighted average shares outstanding (in thousands): | ||
Basic | 21,151 | 21,142 |
Diluted | 21,692 | 21,907 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Operations and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Income (loss) from discontinued operations, tax benefit (expense) | $ 0 | $ 0.1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents, including restricted cash (Note 4) | $ 49.2 | $ 45.5 |
Accounts receivable, net of allowance of $3.5 and $3.3 | 223.5 | 182.8 |
Inventories, net | 329.7 | 313.8 |
Derivative contracts | 55 | 61 |
Other current assets | 26.8 | 25 |
Total current assets | 684.2 | 628.1 |
Property, plant and equipment, net | 509.7 | 489.1 |
Operating lease right-of-use assets | 87.8 | 91.2 |
Goodwill | 296.9 | 296 |
Intangible assets, net | 128.1 | 131.5 |
Deferred tax assets | 14.7 | 15 |
Other assets | 10.4 | 11 |
Total assets | 1,731.8 | 1,661.9 |
Liabilities | ||
Accounts payable | 189.6 | 171.9 |
Accrued liabilities | 88.8 | 90.5 |
Current operating lease liabilities | 21.4 | 21.3 |
Current maturities of long-term debt | 0 | 2 |
Total current liabilities | 299.8 | 285.7 |
Long-term debt | 829.4 | 781.5 |
Accrued postretirement benefits | 38.1 | 38.6 |
Deferred tax liabilities | 32 | 33.4 |
Operating lease liabilities | 66.9 | 70.3 |
Other long-term liabilities | 42.6 | 41.6 |
Total liabilities | 1,308.8 | 1,251.1 |
Commitments and contingent liabilities (Note 18) | ||
Equity | ||
Senior Convertible Preferred Stock, $0.01 par value per share; 10,000,000 shares authorized; no shares issued | 0 | 0 |
Common Stock, $0.01 par value per share; 80,000,000 shares authorized; 24,459,766 and 24,026,844 shares issued | 0.2 | 0.2 |
Additional paid-in capital | 253.4 | 249.5 |
Retained earnings | 318.7 | 300.9 |
Accumulated other comprehensive loss | (38.3) | (40) |
Treasury stock, at cost, 3,316,679 and 2,930,694 shares | (115.1) | (104) |
Total Koppers shareholders’ equity | 418.9 | 406.6 |
Noncontrolling interests | 4.1 | 4.2 |
Total equity | 423 | 410.8 |
Total liabilities and equity | $ 1,731.8 | $ 1,661.9 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 3.5 | $ 3.3 |
Senior Convertible Preferred Stock, par value | $ 0.01 | $ 0.01 |
Senior Convertible Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Senior Convertible Preferred Stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 80,000,000 | 80,000,000 |
Common Stock, shares issued | 24,459,766 | 24,026,844 |
Treasury stock, shares | 3,316,679 | 2,930,694 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash provided by (used in) operating activities: | ||
Net income | $ 18.8 | $ 25.8 |
Adjustments to reconcile net cash used in operating activities: | ||
Depreciation and amortization | 14.2 | 16.1 |
Stock-based compensation | 3.5 | 3.5 |
Change in derivative contracts | 0.3 | (2.6) |
Non-cash interest expense | 0.7 | 0.7 |
(Gain) on sale of assets | (2.5) | (7.5) |
Insurance proceeds | (0.4) | 0 |
Deferred income taxes | 0.3 | (0.2) |
Change in other liabilities | 1 | 3.2 |
Other - net | 2.4 | (0.6) |
Changes in working capital: | ||
Accounts receivable | (40) | (21.3) |
Inventories | (13.5) | 0 |
Accounts payable | 13 | (8.5) |
Accrued liabilities | (4.5) | (10.9) |
Other working capital | (1.3) | (5.1) |
Net cash used in operating activities | (8) | (7.4) |
Cash (used in) provided by investing activities: | ||
Capital expenditures | (26.2) | (24.2) |
Insurance proceeds received | 0.4 | 0 |
Cash provided by sale of assets | 3.8 | 4.7 |
Net cash used in investing activities | (22) | (19.5) |
Cash provided by (used in) financing activities: | ||
Net increase in credit facility borrowings | 47.4 | 36.6 |
Repayments of long-term debt | (2) | (2.5) |
Issuances of Common Stock | 0.3 | 1.1 |
Repurchases of Common Stock | (11.1) | (1.8) |
Payment of debt issuance costs | (0.1) | 0 |
Dividends paid | (1.1) | 0 |
Net cash provided by financing activities | 33.4 | 33.4 |
Effect of exchange rate changes on cash | 0.3 | (0.8) |
Net increase in cash and cash equivalents | 3.7 | 5.7 |
Cash and cash equivalents at beginning of period | 45.5 | 38.5 |
Cash and cash equivalents at end of period | 49.2 | 44.2 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash outflow from operating leases | 7.4 | 7.9 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | 1.5 | 4.8 |
Non-cash investing activities | ||
Accrued capital expenditures | $ 11.5 | $ 5.2 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and related disclosures have been prepared in accordance with accounting principles generally accepted in the United States applicable to interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of Koppers Holdings Inc.’s and its subsidiaries’ (“Koppers”, “Koppers Holdings”, the “Company”, “we” or “us”) financial position and interim results as of and for the periods presented have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Because our business is seasonal, results for interim periods are not necessarily indicative of those that may be expected for a full year. The Condensed Consolidated Balance Sheet as of December 31, 2021 has been summarized from the audited balance sheet contained in the Annual Report on Form 10-K as of and for the year ended December 31, 2021. Certain prior period amounts in the condensed consolidated financial statements and notes to the condensed consolidated financial statements have been reclassified to conform to the current period’s presentation. The financial information included herein should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021. COVID-19 Assessment In March 2020, the World Health Organization categorized the coronavirus disease (“COVID-19”) as a pandemic. COVID-19 continues to impact the United States and other countries across the world. There remains a level of uncertainty over the economic and operational impacts of COVID-19, and as a result the related future financial impact cannot be reasonably estimated at this time. Our consolidated financial statements presented in this report reflect certain estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of such assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented. Such estimates and assumptions affect, among other things, our goodwill, long-lived asset and intangible asset valuation; inventory valuation; assessment of the annual effective tax rate; valuation of deferred income taxes; the allowance for doubtful accounts; and measurement of cash incentive plans. Events and changes in circumstances arising after March 31, 2022, including those resulting from the impacts of COVID-19, will be reflected in management’s estimates for future periods. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04: Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This update provides temporary optional expedients and exceptions to U.S. GAAP on contract modifications, hedging relationships, and other transactions affected by reference rate reform to ease entities' financial reporting burdens as the market transitions from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made, hedging relationships entered into, and other transactions affected by reference rate reform, evaluated on or before December 31, 2022, beginning during the reporting period in which the guidance has been elected. Our debt agreements include the use of alternate rates when LIBOR is not available and we do not maintain hedging relationships applicable to this ASU. We do not expect the application of this update to have a material impact on our financial statements and, to the extent we enter into modifications of agreements that are impacted by the LIBOR phase-out, we will apply such guidance to those contract modifications. |
Plant Closures and Divestitures
Plant Closures and Divestitures | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Plant Closures and Divestitures | 3. Plant Closures and Divestitures We have restructured our Carbon Materials and Chemicals (“CMC”) segment in order to concentrate our facilities in regions where we believe we hold key competitive advantages to better serve our global customers. The recent restructuring activities which had an impact on our reported results include: • In February 2021, we sold our closed Follansbee, West Virginia coal tar distillation facility and we recorded a gain on sale of $5.7 million, consisting of $2.6 million from cash proceeds in addition to the assumption of certain liabilities by the buyer. • In September 2020, we sold Koppers (Jiangsu) Carbon Chemical Company Limited (“KJCC”) . Refer to Note 4 – “Discontinued Operations” for more details. • In October 2018, we sold our closed Clairton, Pennsylvania coal tar distillation facility. In the first quarter of 2021, certain post-sale conditions were achieved and the buyer of the property released cash held in escrow to us resulting in a gain on sale of $1.8 million. Other closure and divestiture activity relates to our Railroad and Utility Products and Services (“RUPS”) segment, including: • In January 2022, we began curtailing operations at our utility pole treating facility in Sweetwater, Tennessee. We sold the facility in March 2022 and recorded a gain on sale of $2.5 million. • In October 2021, we sold our closed Denver, Colorado crosstie treating facility and recorded a gain on sale of $23.4 million. As part of the sales agreement, we may receive additional contingent post-closing payments secured by a guaranty from the buyer after applicable redevelopment milestones are reached. At this time, we are unable to estimate how much, if any, of these additional funds will ultimately be paid to us . |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 4. Discontinued Operations On September 30, 2020, we sold KJCC to Fangda Carbon New Material Co., Ltd and C-Chem Co., Ltd., a subsidiary of Nippon Steel Chemical & Material Co., Ltd. (the “Buyers”). KJCC was located in Pizhou, Jiangsu Province, China and was a 75 percent-owned coal tar distillation company which was part of our CMC segment. Restricted cash of $2.3 million is being held in an escrow account and is recorded within cash and cash equivalents as of March 31, 2022 to cover potential customary indemnity claims by the Buyers. On December 23, 2021 and March 31, 2022, the Buyers issued various claims, which after negotiation were settled in April 2022 for $0.9 million, of which our share is $0.7 million. After reduction for the settlement, we expect the escrow amount will be fully released by the end of the second quarter. The sale of KJCC represented a strategic shift that had a major effect on our operations and accordingly is classified as discontinued operations in our condensed consolidated financial statements and notes. In addition, we ceased carbon black production at our CMC facility located in Kurnell, Australia during 2011. This entity is also reflected as a discontinued operation in our condensed consolidated financial statements and notes. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements Carrying amounts and the related estimated fair values of our financial instruments as of March 31, 2022 and December 31, 2021 are as follows: March 31, 2022 December 31, 2021 Fair Value Carrying Value Fair Value Carrying Value (Dollars in millions) Financial assets: Investments and other assets $ 1.3 $ 1.3 $ 1.3 $ 1.3 Financial liabilities: Long-term debt (including current portion) $ 837.3 $ 834.4 $ 804.1 $ 789.1 Investments and other assets – Represents the broker-quoted cash surrender value on universal life insurance policies. This asset is classified as Level 2 in the valuation hierarchy and is measured from values received from financial institutions. Debt – The fair value of our long-term debt is estimated based on the market prices for the same or similar issuances or on the current rates offered to us for debt of the same remaining maturities (Level 2). The fair value of our Credit Facility approximates carrying value due to the variable rate nature of this instrument. |
Comprehensive Income and Equity
Comprehensive Income and Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Comprehensive Income and Equity | 6. Comprehensive Income and Equity Total comprehensive income for the three months ended March 31 Three Months Ended March 31, 2022 2021 (Dollars in millions) Net income $ 18.8 $ 25.8 Changes in other comprehensive income: Currency translation adjustment 5.8 (7.2 ) Unrealized (loss) gain on cash flow hedges, net of tax benefit (expense) of $2.1 and $(4.5) (4.3 ) 12.9 Unrecognized pension net loss, net of tax expense of $(0.1) and $(0.1) 0.2 0.3 Total comprehensive income 20.5 31.8 Comprehensive loss attributable to noncontrolling interests 0.0 (0.1 ) Comprehensive income attributable to Koppers $ 20.5 $ 31.9 Amounts reclassified from accumulated other comprehensive loss to net income consist of amounts shown for changes in or amortization of unrecognized pension net loss. This component of accumulated other comprehensive loss is included in the computation of net periodic pension cost as disclosed in Note 13 – “Pensions and Post-Retirement Benefit Plans.” Other amounts reclassified from accumulated other comprehensive loss related to derivative financial instruments, net of tax, of $10.1 million for the three months ended March 31, 2022, and $7.2 million for the The following tables present the change in equity for the three months ended March 31, 2022 and 2021, respectively: (Dollars in millions) Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Noncontrolling Interests Total Equity Balance at December 31, 2021 $ 0.2 $ 249.5 $ 300.9 $ (40.0 ) $ (104.0 ) $ 4.2 $ 410.8 Net income 0.0 0.0 18.8 0.0 0.0 0.0 18.8 Dividends 0.0 0.0 (1.0 ) 0.0 0.0 0.0 (1.0 ) Issuance of common stock 0.0 0.3 0.0 0.0 0.0 0.0 0.3 Repurchases of common stock 0.0 0.0 0.0 0.0 (11.1 ) 0.0 (11.1 ) Employee stock plans 0.0 3.6 0.0 0.0 0.0 0.0 3.6 Other comprehensive income (loss) Currency translation adjustment 0.0 0.0 0.0 5.9 0.0 (0.1 ) 5.8 Unrealized loss on cash flow hedges 0.0 0.0 0.0 (4.3 ) 0.0 0.0 (4.3 ) Unrecognized pension net loss 0.0 0.0 0.0 0.2 0.0 0.0 0.2 Balance at March 31, 2022 $ 0.2 $ 253.4 $ 318.7 $ (38.3 ) $ (115.1 ) $ 4.1 $ 423.0 (Dollars in millions) Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Noncontrolling Interests Total Equity Balance at December 31, 2020 $ 0.2 $ 234.1 $ 215.8 $ (15.9 ) $ (92.5 ) $ 4.3 $ 346.0 Net income (loss) 0.0 0.0 25.9 0.0 0.0 (0.1 ) 25.8 Issuance of common stock 0.0 1.2 0.0 0.0 0.0 0.0 1.2 Repurchases of common stock 0.0 0.0 0.0 0.0 (1.8 ) 0.0 (1.8 ) Employee stock plans 0.0 3.6 0.0 0.0 0.0 0.0 3.6 Other comprehensive (loss) income Currency translation adjustment 0.0 0.0 0.2 (7.2 ) 0.0 0.0 (7.0 ) Unrealized gain on cash flow hedges 0.0 0.0 0.0 12.9 0.0 0.0 12.9 Unrecognized pension net loss 0.0 0.0 0.0 0.3 0.0 0.0 0.3 Balance at March 31, 2021 $ 0.2 $ 238.9 $ 241.9 $ (10.0 ) $ (94.3 ) $ 4.2 $ 380.9 For the three months ended March 31, 2022, we declared dividends totaling $0.05 per common share. On May 5, 2022, we declared a quarterly dividend of $0.05 per common share, payable on June 13, 2022 to shareholders of record as of May 27, 2022. |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | 7. Earnings per Common Share The computation of basic earnings per common share for the periods presented is based upon the weighted average number of common shares outstanding during the periods. The computation of diluted earnings per common share includes the effect of non-vested nonqualified stock options and restricted stock units assuming such options and stock units were outstanding common shares at the beginning of the period. The effect of antidilutive securities is excluded from the computation of diluted loss per common share, if any . The following table sets forth the computation of basic and diluted earnings per common share: Three Months Ended March 31, 2022 2021 (Dollars in millions, except share amounts, in thousands) Net income attributable to Koppers $ 18.8 $ 25.9 Less: Loss on sale of discontinued operations, net of tax benefit of $0.0 and $0.1 (0.5 ) (0.4 ) Income from continuing operations attributable to Koppers $ 19.3 $ 26.3 Weighted average common shares outstanding: Basic 21,151 21,142 Effect of dilutive securities 541 765 Diluted 21,692 21,907 Earnings per common share – continuing operations: Basic earnings per common share $ 0.91 $ 1.24 Diluted earnings per common share 0.89 1.20 Other data: Antidilutive securities excluded from computation of diluted earnings per common share 965 445 |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | 8. Stock-based Compensation We have outstanding stock-based compensation awards that were granted under the amended and restated 2005 Long-Term Incentive Plan (the “2005 LTIP”), the 2018 Long-Term Incentive Plan (the “2018 LTIP”) and the 2020 Long-Term Incentive Plan, as amended (the “2020 LTIP”). The 2005 LTIP, the 2018 LTIP and the 2020 LTIP are collectively referred to as the “LTIP”. The LTIP provides for the grant to eligible persons of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares , performance awards, dividend equivalents and other stock-based awards, which are collectively referred to as the “awards.” Restricted Stock Units and Performance Stock Units Under the LTIP, the board of directors grants restricted stock units and performance stock units to certain employee participants (collectively, the “stock units”). Compensation expense for non-vested stock units is recorded over the vesting period based on the fair value at the date of grant. The fair value of restricted stock units is the market price of the underlying common stock on the date of grant and the fair value of performance stock units is determined using a Monte Carlo valuation model. For grants to most employees, the restricted stock units vest in four equal annual installments. Restricted stock units that have one-year Performance stock units have vesting based upon a market condition. These performance stock units have multi-year performance objectives and a three-year We calculated the fair value of the performance stock unit awards on the date of grant using the assumptions listed below: January 2022 Grant January 2021 Grant March 2020 Grant March 2019 Grant Grant date price per share of performance award $ 32.19 $ 29.84 $ 19.63 $ 26.63 Expected dividend yield per share 0.00 % 0.00 % 0.00 % 0.00 % Expected volatility 66.90 % 68.70 % 45.60 % 39.00 % Risk-free interest rate 1.10 % 0.16 % 0.72 % 2.50 % Look-back period in years 3.00 3.00 2.83 2.82 Grant date fair value per share $ 45.19 $ 41.50 $ 11.56 $ 40.30 Dividends declared, if any, on our common stock during the period prior to vesting of the stock units are credited at equivalent value as additional stock units and become payable as additional common shares upon vesting. In the event of termination of employment, other than retirement, death or disability, any non-vested stock units are forfeited, including additional stock units credited from dividends. In the event of termination of employment due to retirement, death or disability, pro-rata vesting of the stock units over the service period will result. There are special vesting provisions for the stock units related to a change in control. The following table shows a summary of the performance stock units as of March 31, 2022: Performance Period Minimum Shares Target Shares Maximum Shares 2020 – 2022 0 74,475 148,994 2021 – 2023 40,998 138,773 236,566 2022 – 2024 0 151,236 302,472 The following table shows a summary of the status and activity of non-vested stock units for the three months ended March 31, 2022: Restricted Stock Units Performance Stock Units Total Stock Units Weighted Grant Date Fair Value per Unit Non-vested at December 31, 2021 505,905 474,166 980,071 $ 30.79 Granted 181,160 151,236 332,396 $ 38.04 Performance share adjustment 0 2,010 2,010 $ 14.13 Vested (162,365 ) (256,956 ) (419,321 ) $ 34.77 Forfeited (11,146 ) (5,972 ) (17,118 ) $ 26.75 Non-vested at March 31, 2022 513,554 364,484 878,038 $ 31.68 Stock Options Stock options to executive officers vest and become exercisable in four equal annual installments. The stock options have a term of ten years. In the event of termination of employment, other than retirement, death or disability, any non-vested options are forfeited. In the event of termination of employment due to retirement, death or disability, pro-rata vesting of the options over the service period will result. There are special vesting provisions for the stock options related to a change in control. Compensation expense for non-vested stock options is recorded over the vesting period based on the fair value at the date of grant. We calculated the fair value of stock options on the date of grant using the Black-Scholes-Merton model and the assumptions listed below: January 2022 Grant January 2021 Grant March 2020 Grant March 2019 Grant Grant date price per share of stock option award $ 32.19 $ 29.84 $ 19.63 $ 26.63 Expected dividend yield per share 0.00 % 0.00 % 0.00 % 0.00 % Expected life in years 6.76 6.64 6.40 6.14 Expected volatility 54.50 % 54.80 % 42.85 % 39.44 % Risk-free interest rate 1.52 % 0.59 % 0.87 % 2.53 % Grant date fair value per share of option awards $ 17.58 $ 15.79 $ 8.42 $ 11.29 Prior to February 2022, we had not declared a dividend since 2014. The expected life in years is based on historical exercise data of options previously granted by us. Expected volatility is based on the historical volatility of our common stock and the historical volatility of certain other similar public companies. The risk-free interest rate is based on U.S. Treasury bill rates for the expected life of the option. The following table shows a summary of the status and activity of stock options for the three months ended March 31, 2022: Options Weighted Exercise Price per Option Weighted Average Remaining Contractual Term (in years) Aggregate Value (in millions) Outstanding at December 31, 2021 1,054,166 $ 26.89 Granted 98,108 $ 32.19 Expired (30,138 ) $ 38.21 Outstanding at March 31, 2022 1,122,136 $ 27.05 5.37 $ 5.0 Exercisable at March 31, 2022 843,475 $ 26.99 4.27 $ 4.3 Stock Compensation Expense Total stock-based compensation expense recognized under our LTIP and employee stock purchase plan for the three months ended March 31, 2022 and 2021 is as follows: Three Months Ended March 31, 2022 2021 (Dollars in millions) Stock-based compensation expense recognized: Selling, general and administrative expenses $ 3.5 $ 3.5 Less related income tax benefit 1.2 0.9 Decrease in net income attributable to Koppers $ 2.3 $ 2.6 Intrinsic value of exercised stock options $ 0.0 $ 0.9 Cash received from the exercise of stock options $ 0.0 $ 1.0 As of March 31, 2022 , total future compensation expense related to non-vested stock-based compensation arrangements is expected to total $26.7 million and the weighted-average period over which this expense is expected to be recognized is approximately 32 months . |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 9. Segment Information We have three reportable segments: RUPS, Performance Chemicals (“PC”) and CMC. Our reportable segments contain multiple aggregated business units since management believes the long-term financial performance of these business units is affected by similar economic conditions. The reportable segments are each managed separately because they manufacture and distribute distinct products with different production processes. Our RUPS segment sells treated and untreated wood products, manufactured products and services primarily to the railroad and public utility markets. Railroad products and services include procuring and treating items such as crossties, switch ties and various types of lumber used for railroad bridges and crossings and the manufacture of rail joint bars. Utility products include transmission and distribution poles and pilings. The segment also operates a railroad services business that conducts engineering, design, repair and inspection services for railroad bridges, a business related to the recovery of used crossties and a business related to the inspection of utility poles. Our PC segment develops, manufactures, and markets wood preservation chemicals and wood treatment technologies and services a diverse range of end-markets including infrastructure, residential and commercial construction, and agriculture. Our CMC segment is primarily a manufacturer of creosote, carbon pitch, naphthalene, phthalic anhydride and carbon black feedstock. Creosote is used in the treatment of wood and carbon black feedstock is used in the production of carbon black. Carbon pitch is used in the production of aluminum and steel in electric arc furnaces. Naphthalene is used for the production of phthalic anhydride and as a surfactant in the production of concrete. Phthalic anhydride is used in the production of plasticizers, polyester resins and alkyd paints. Our primary measure of segment profitability is adjusted earnings before interest, income taxes, depreciation, amortization and certain non-cash and/or non-recurring items that do not contribute directly to management’s evaluation of our operating results (as defined by us, “adjusted EBITDA"). These items include impairment, restructuring and plant closure costs, mark-to-market commodity hedging, gain on sale of assets and non-cash LIFO effects. This presentation is consistent with how our chief operating decision maker evaluates the results of operations and makes strategic decisions about the business. In addition, adjusted EBITDA is the primary measure used to determine the level of achievement of management’s short-term incentive goals and related payout. For these reasons, we believe that adjusted EBITDA represents the most relevant measure of segment profit and loss. Consolidated adjusted EBITDA is reconciled to net income, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Intersegment transactions are eliminated in consolidation. Contract Balances The timing of revenue recognition results in both billed accounts receivable and unbilled receivables, both classified as accounts receivable, net of allowance within the condensed consolidated balance sheet. Contract assets of $5.4 million and $7.9 million are recorded within accounts receivable, net of allowance within the condensed consolidated balance sheet as of March 31, 2022 and December 31, 2021, respectively. The following table sets forth certain sales and operating data, net of all intersegment transactions, for our segments for the periods indicated: Three Months Ended March 31, 2022 2021 (Dollars in millions) Revenues from external customers: Railroad and Utility Products and Services $ 183.4 $ 191.9 Performance Chemicals 136.4 123.6 Carbon Materials and Chemicals 139.5 92.0 Total $ 459.3 $ 407.5 Intersegment revenues: Performance Chemicals $ 4.0 $ 3.5 Carbon Materials and Chemicals 18.6 17.8 Total $ 22.6 $ 21.3 Depreciation and amortization expense: Railroad and Utility Products and Services $ 5.4 $ 6.3 Performance Chemicals 3.9 4.8 Carbon Materials and Chemicals 4.9 5.0 Total $ 14.2 $ 16.1 Adjusted EBITDA: Railroad and Utility Products and Services $ 11.6 $ 16.4 Performance Chemicals 20.9 27.8 Carbon Materials and Chemicals 20.1 10.4 Items excluded from the determination of segment profit: Impairment, restructuring and plant closure costs (0.1 ) (3.3 ) Gain on sale of assets 2.5 7.5 LIFO expense (1.7 ) (1.0 ) Mark-to-market commodity hedging (losses) gains (0.3 ) 2.6 Corporate unallocated 0.0 0.5 Interest expense (9.8 ) (10.1 ) Depreciation and amortization (14.2 ) (16.1 ) Income tax provision (9.7 ) (8.5 ) Discontinued operations (0.5 ) (0.4 ) Net income $ 18.8 $ 25.8 The following table sets forth revenues for significant product lines, net of all intersegment transactions, for our segments for the periods indicated: Three Months Ended March 31, 2022 2021 (Dollars in millions) Railroad and Utility Products and Services: Railroad treated products $ 105.3 $ 108.9 Utility poles 56.2 62.8 Railroad infrastructure services 9.3 8.9 Rail joints 6.8 5.5 Other products 5.8 5.8 Total 183.4 191.9 Performance Chemicals: Wood preservative products 130.4 119.2 Other products 6.0 4.4 Total 136.4 123.6 Carbon Materials and Chemicals: Pitch and related products 77.8 51.2 Phthalic anhydride and other chemicals 25.3 16.5 Creosote and distillates 19.0 13.1 Naphthalene 8.6 4.5 Other products 8.8 6.7 Total 139.5 92.0 Total $ 459.3 $ 407.5 The following table sets forth assets and goodwill allocated to each of our segments as of the dates indicated: March 31, 2022 December 31, 2021 (Dollars in millions) Segment assets: Railroad and Utility Products and Services $ 614.2 $ 594.1 Performance Chemicals 626.2 586.9 Carbon Materials and Chemicals 460.6 447.1 All other 30.8 33.8 Total $ 1,731.8 $ 1,661.9 Goodwill: Railroad and Utility Products and Services $ 121.0 $ 120.9 Performance Chemicals 175.9 175.1 Total $ 296.9 $ 296.0 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes Effective Tax Rate The income tax provision for interim periods is comprised of an estimated annual effective income tax rate applied to current year ordinary income and tax associated with discrete items. These discrete items generally relate to excess stock compensation deductions, changes in tax laws, adjustments to unrecognized tax benefits and changes of estimated tax liability to the actual liability determined upon filing income tax returns. To determine the annual effective tax rate, management is required to make estimates of annual pretax income in each domestic and foreign jurisdiction in which we conduct business. Entities that have historical pre-tax losses and current year estimated pre-tax losses that are not projected to generate a future benefit are excluded from the estimated annual effective income tax rate. The estimated annual effective income tax rate, excluding discrete items, was 32.9 percent and 25.8 percent for three months ended March 31, 2022 and 2021, respectively. The estimated annual effective income tax rate differs from the U.S. federal statutory tax rate due to: March 31, 2022 2021 Federal income tax rate 21.0 % 21.0 % Foreign earnings taxed at different rates 5.2 2.6 Interest expense deduction limitation 3.7 0.0 Nondeductible expenses 1.3 1.1 GILTI inclusion, net of foreign tax credits 0.7 0.5 State income taxes, net of federal tax benefit 0.6 0.5 Change in tax contingency reserves 0.4 0.1 Estimated annual effective income tax rate 32.9 % 25.8 % Income taxes as a percentage of pretax income were 33.4 percent for the three months ended March 31, 2022. This is higher than the estimated annual effective income tax rate due to various discrete items, which were not material in the aggregate or individually. The interest expense deduction limitation is limited to 30 percent of adjusted taxable income as defined under the tax regulations. Starting January 1, 2022, the calculation of adjusted taxable income excludes an addback for depreciation and amortization whereas previous years’ determination of adjusted taxable income included an addback for depreciation and amortization. This change in the determination of adjusted taxable income has decreased the amount of interest expense we can deduct and has had a significant unfavorable impact on our estimated annual effective income tax rate for the current year. Income taxes as a percentage of pretax income were 24.5 percent for the three months ended March 31, 2021. This was lower than the estimated annual effective income tax rate due primarily to an excess tax deduction for vested stock awards. During the year, management regularly updates estimates of pre-tax income and income tax expense based on changes in pre-tax income projections by taxable jurisdiction, repatriation of foreign earnings, unrecognized tax benefits and other tax matters. To the extent that actual results vary from these estimates, the actual annual effective income tax rate at the end of the year could be materially different from the estimated annual effective income tax rate for the three months ended March 31, 2022. Unrecognized Tax Benefits We file income tax returns in the U.S. federal jurisdiction, individual U.S. state jurisdictions and non-U.S. jurisdictions. With few exceptions, we are no longer subject to U.S. federal, U.S. state, or non-U.S. income tax examinations by tax authorities for years prior to 2016. Unrecognized tax benefits totaled $1.5 million as of March 31, 2022 and December 31, 2021. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate, was approximately $1.5 million as of March 31, 2022 and December 31, 2021. We recognize interest expense and any related penalties from unrecognized tax benefits in income tax expense. As of March 31, 2022 and December 31, 2021, we had accrued approximately $0.4 million for interest and penalties. We do not anticipate material changes to the amount of unrecognized tax benefits within the next twelve months. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 11. Inventories Net inventories as of March 31, 2022 and December 31, 2021 are summarized in the table below: March 31, 2022 December 31, 2021 (Dollars in millions) Raw materials $ 275.5 $ 266.8 Work in process 11.1 12.6 Finished goods 122.5 112.1 $ 409.1 $ 391.5 Less revaluation to LIFO 79.4 77.7 Net $ 329.7 $ 313.8 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 12. Property, Plant and Equipment Property, plant and equipment as of March 31, 2022 and December 31, 2021 are summarized in the table below: March 31, 2022 December 31, 2021 (Dollars in millions) Land $ 14.5 $ 15.2 Buildings 76.2 75.8 Machinery and equipment 864.8 836.8 $ 955.5 $ 927.8 Less accumulated depreciation 445.8 438.7 Net $ 509.7 $ 489.1 |
Pensions and Post-Retirement Be
Pensions and Post-Retirement Benefit Plans | 3 Months Ended |
Mar. 31, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Pensions and Post-Retirement Benefit Plans | 13. Pensions and Post-Retirement Benefit Plans We maintain a number of defined benefit and defined contribution plans to provide retirement benefits for employees in the United States, as well as employees outside the United States. These plans are maintained and contributions are made in accordance with the Employee Retirement Income Security Act of 1974 (“ERISA”), local statutory law or as determined by the board of directors. The defined benefit pension plans generally provide benefits based upon years of service and compensation. Pension plans are funded except for three In the United States, all qualified and two of the non-qualified defined benefit pension plans for salaried and hourly employees have been frozen and are closed to new participants. Accordingly, these pension plans no longer accrue additional years of service or recognize future increases in compensation for benefit purposes. With respect to our defined benefit pension plan in the United Kingdom, in 2021 we entered into a buy-in bulk annuity insurance policy in exchange for a premium payment of $67.8 million, which is subject to adjustment as a result of subsequent data cleansing activities. Under the terms of this buy-in insurance policy, the insurer is liable to pay the benefits of our defined benefit pension plan in the United Kingdom, but the plan still retains full legal responsibility to pay the benefits to the members of the plan using the insurance payments. The buy-in policy will be treated as a plan asset going forward until such time as the buy-in policy is converted to a buy-out policy, which is when individual insurance policies will be assigned to each member of the plan and the plan will no longer have legal responsibility to pay the benefits to the members. The data cleansing effort is expected to be completed in late 2022 or early 2023 at which time the pension obligation will be irrevocably settled. Upon that event, we will recognize a pre-tax pension settlement loss of approximately $22 million. The defined contribution plans generally provide retirement assets to employee participants based upon employer and employee contributions to the participant’s individual investment account. We also provide retiree medical insurance coverage to certain U.S. employees and a life insurance benefit to most U.S. employees. For salaried employees, the retiree medical and retiree insurance plans have been closed to new participants. The following table provides the components of net periodic benefit cost for the pension plans for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (Dollars in millions) Service cost $ 0.3 $ 0.4 Interest cost 1.4 1.2 Expected return on plan assets (2.0 ) (1.8 ) Amortization of net loss 0.5 0.4 Net periodic benefit cost $ 0.2 $ 0.2 Defined contribution plan expense $ 2.5 $ 1.7 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 14. Debt Debt as of March 31, 2022 and December 31, 2021 was as follows: Weighted Average Interest Rate Maturity March 31, 2022 December 31, 2021 (Dollars in millions) Term Loan 2.88 % 2024 $ 0.0 $ 2.0 Revolving Credit Facility 2.88 % 2024 334.4 287.1 Senior Notes due 2025 6.00 % 2025 500.0 500.0 Debt 834.4 789.1 Less short-term debt and current maturities of long-term debt 0.0 2.0 Less unamortized debt issuance costs 5.0 5.6 Long-term debt $ 829.4 $ 781.5 Credit Facility We maintain a $600.0 million senior secured revolving credit facility and a $100.0 million secured term loan facility (collectively, the “Credit Facility”), as amended. The secured term loan had a quarterly amortization of $2.5 million and the interest rate on the Credit Facility was variable and based on LIBOR. As of March 31, 2022, the secured term loan has been fully repaid. Borrowings under the Credit Facility are secured by a first priority lien on substantially all of the assets of Koppers Inc., Koppers Holdings Inc. and their material domestic subsidiaries. The Credit Facility contains certain covenants for Koppers Inc. and its restricted subsidiaries that limit capital expenditures, additional indebtedness, liens, dividends, investments or acquisitions. In addition, such covenants give rise to events of default upon the failure by Koppers Inc. and its restricted subsidiaries to meet certain financial ratios. As of March 31, 2022, we had $257.8 million of unused revolving credit availability for working capital purposes after restrictions from certain letter of credit commitments and other covenants. As of March 31, 2022, $7.8 million of commitments were utilized by outstanding undrawn letters of credit. Senior Notes due 2025 Koppers Inc.’s $500 million Senior Notes due 2025 (the “2025 Notes”) are senior obligations of Koppers Inc., are unsecured and are guaranteed by Koppers Holdings Inc. and certain of Koppers Inc.’s domestic subsidiaries. The 2025 Notes pay interest semi-annually in arrears on February 15 and August 15 and will mature on February 15, 2025 unless earlier redeemed or repurchased. We are entitled to redeem all or a portion of the 2025 Senior Notes at a redemption price of 101.5 percent of principal value as of February 15, 2022 until April 15, 2023 when the 2025 Notes are redeemable at principal value. The indenture governing the 2025 Senior Notes includes customary covenants that restrict, among other things, the ability of Koppers Inc. and its restricted subsidiaries to incur additional debt, pay dividends or make certain other restricted payments, incur liens, merge or sell all or substantially all of the assets of Koppers Inc. or its subsidiaries or enter into various transactions with affiliates. |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | 15. Asset Retirement Obligations We recognize asset retirement obligations for the removal and disposal of residues; dismantling of certain tanks required by governmental authorities; cleaning and dismantling costs for owned railcars; cleaning costs for leased rail-cars and barges; and site demolition, when required by governmental authorities or by contract. The following table reflects changes in the carrying values of asset retirement obligations: March 31, 2022 December 31, 2021 (Dollars in millions) Asset retirement obligation at beginning of year $ 13.2 $ 19.8 Accretion expense 0.3 1.0 Revision in estimated cash flows 0.2 (0.3 ) Cash expenditures (0.1 ) (7.3 ) Balance at end of period $ 13.6 $ 13.2 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | 16. Leases We recognize lease obligations and associated right-of-use assets for existing non-cancelable leases. We have non-cancelable operating leases primarily associated with railcars, office and manufacturing facilities, storage tanks, ships, production equipment and vehicles. Many of our leases include both lease (e.g., fixed rent) and non-lease components (e.g., maintenance and services). For certain asset classes such as railcars, storage tanks and ships, we have separated the lease and non-lease components based on the estimated stand-alone price for each component. For the remaining asset classes, we have elected to account for these components as a single lease component. In addition, we exclude leases expiring within twelve months from balance sheet recognition. Many of our leases include one or more options to renew. We evaluate renewal options at the lease commencement date and regularly thereafter to determine if we are reasonably certain to exercise the option, in which case we include the renewal period in our lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on information available to determine the present value of the lease payments. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for those payments is incurred. Operating lease costs were $7.5 million and $7.7 million during the three months ended March 31, 2022 and 2021, respectively. Variable lease costs were $0.8 million during the three months ended March 31, 2022 and 2021. The following table presents information about the amount and timing of cash flows arising from our operating leases as of March 31, 2022: (Dollars in millions) 2022 $ 20.9 2023 22.2 2024 18.3 2025 14.8 2026 10.7 Thereafter 25.2 Total lease payments $ 112.1 Less: Interest (23.8 ) Present value of lease liabilities $ 88.3 Supplemental condensed consolidated balance sheet information related to leases is as follows: March 31, December 31, 2022 2021 (Dollars in millions) Operating leases: Operating lease right-of-use assets $ 87.8 $ 91.2 Current operating lease liabilities $ 21.4 $ 21.3 Operating lease liabilities 66.9 70.3 Total operating lease liabilities $ 88.3 $ 91.6 Weighted average remaining lease term, in years 5.7 5.8 Weighted average discount rate 7.4 % 7.4 % |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 17. Derivative Financial Instruments We utilize derivative instruments to manage exposures to risks that have been identified, measured and are capable of being mitigated. The primary risks that we manage by using derivative instruments are commodity price risk associated with copper and foreign currency exchange risk associated with a number of currencies, principally the U.S. dollar, the Euro and British pounds. Swap contracts on copper are used to manage the price risk associated with forecasted purchases of materials used in our manufacturing processes. Generally, we will not hedge cash flow exposures for durations longer than 36 months and we have hedged certain volumes of copper through the end of 2022. We enter into foreign currency forward contracts to manage foreign currency risk associated with our receivable and payable balances in addition to foreign-denominated sales. Generally, we enter into master netting arrangements with the counterparties and offset net derivative positions with the same counterparties. Currently, our agreements do not require cash collateral. The Company recognizes all derivative instruments as either assets or liabilities at fair value in the balance sheet. Derivative instruments’ fair value is determined using significant other observable inputs, or Level 2 in the fair value hierarchy. We designate certain of our commodity swaps as cash flow hedges of forecasted purchases of commodities. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income and is reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative instruments representing hedge ineffectiveness are recognized in current earnings. For those commodity swaps where hedge accounting is not elected, the fair value of the commodity swap is recognized as an asset or liability in the consolidated balance sheet and the related gain or loss on the derivative is reported in current earnings. These amounts are classified in cost of sales in the condensed consolidated statement of operations. As of March 31, 2022 and December 31, 2021, we had outstanding copper swap contracts of the following amounts: Units Outstanding (in Pounds) Net Fair Value - Asset (in Dollars) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (Amounts in millions) Cash flow hedges 22.3 29.0 $ 48.1 $ 53.8 Contracts where hedge accounting was not elected 4.6 6.1 $ 6.7 7.1 Total 26.9 35.1 $ 54.8 $ 60.9 As of March 31, 2022 and December 31, 2021, the fair value of the outstanding copper swap contracts is recorded in the balance sheet as follows: March 31, 2022 December 31, 2021 (Dollars in millions) Derivative contracts $ 54.8 $ 60.9 Accumulated other comprehensive gain, net of tax $ 36.8 $ 40.6 In the next twelve months, we estimate that $36.8 million of unrealized gains, net of tax, related to commodity price hedging will be reclassified from other comprehensive income into earnings See Note 6 – “Comprehensive Income and Equity”, for amounts recorded in other comprehensive income and for amounts reclassified from accumulated other comprehensive loss into net income for the periods specified below. For the three months ended March 31, 2022 and 2021, the unrealized (loss) gain from contracts where hedge accounting was not elected is as follows: Three Months Ended March 31, 2022 2021 (Dollars in millions) (Loss) gain from contracts where hedge accounting was not elected (0.3 ) 2.6 The fair value associated with forward contracts related to foreign currency that are not designated as hedges are immediately charged to earnings. These amounts are classified in cost of sales in the condensed consolidated statement of operations and comprehensive income. As of March 31, 2022 and December 31, 2021, the fair value of outstanding foreign currency forward contracts is recorded in the balance sheet as follows: March 31, 2022 December 31, 2021 (Dollars in millions) Derivative contracts $ 0.2 $ 0.1 Accrued liabilities (0.5 ) (0.4 ) Net liability on balance sheet $ (0.3 ) $ (0.3 ) As of March 31, 2022 and December 31, 2021, the net currency units outstanding for these contracts were: March 31, 2022 December 31, 2021 (In millions) United States Dollars USD 24.5 USD 21.4 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 18. Commitments and Contingent Liabilities We are involved in litigation and various proceedings relating to environmental laws and regulations, product liability and other matters. Certain of these matters are discussed below. The ultimate resolution of these contingencies is subject to significant uncertainty and should we fail to prevail in any of these legal matters or should several of these legal matters be resolved against us in the same reporting period, these legal matters could, individually or in the aggregate, be material to the condensed consolidated financial statements. Legal Proceedings Coal Tar Pitch Cases . Koppers Inc. is one of several defendants in lawsuits filed in two states in which the plaintiffs claim they suffered a variety of illnesses (including cancer) as a result of exposure to coal tar pitch sold by the defendants. There were 57 plaintiffs in 30 cases pending as of March 31, 2022, compared to 59 plaintiffs in 31 cases pending as of December 31, 2021. As of March 31, 2022 , there were 29 cases pending in the Court of Common Pleas of Allegheny County, Pennsylvania, and one case pending in the Circuit Court of Knox County, Tennessee. The plaintiffs in all 30 pending cases seek to recover compensatory damages. Plaintiffs in 25 of those cases also seek to recover punitive damages. The plaintiffs in the 29 cases filed in Pennsylvania seek unspecified damages in excess of the court’s minimum jurisdictional limit. The plaintiff in the Tennessee state court case seeks damages of $15.0 million. The other defendants in these lawsuits vary from case to case and include companies such as Beazer East, Inc. (“Beazer East”), Honeywell International Inc., Graftech International Holdings, Dow Chemical Company, UCAR Carbon Company, Inc., and SGL Carbon Corporation. Discovery is proceeding in these cases. No trial dates have been set in any of these cases. We have not provided a reserve for the coal tar pitch lawsuits because, at this time, we cannot reasonably determine the probability of a loss, and the amount of loss, if any, cannot be reasonably estimated. The timing of resolution of these cases cannot be reasonably determined. Although Koppers Inc. is vigorously defending these cases, an unfavorable resolution of these matters may have a material adverse effect on our business, financial condition, cash flows and results of operations. Environmental and Other Litigation Matters We are subject to federal, state, local and foreign laws and regulations and potential liabilities relating to the protection of the environment and human health and safety including, among other things, the cleanup of contaminated sites, the treatment, storage and disposal of wastes, the discharge of effluent into waterways, the emission of substances into the air and various health and safety matters. We expect to incur substantial costs for ongoing compliance with such laws and regulations. We may also face governmental or third-party claims, or otherwise incur costs, relating to cleanup of, or for injuries resulting from, contamination at sites associated with past and present operations. We accrue for environmental liabilities when a determination can be made that a liability is probable and reasonably estimable . Environmental and Other Liabilities Retained or Assumed by Others. We have agreements with former owners of certain of our operating locations under which the former owners retained, assumed and/or agreed to indemnify us against certain environmental and other liabilities. The most significant of these agreements was entered into at Koppers Inc.’s formation on December 29, 1988 (the “Acquisition”). Under the related asset purchase agreement between Koppers Inc. and Beazer East, subject to certain limitations, Beazer East retained the responsibility for and agreed to indemnify Koppers Inc. against certain liabilities, damages, losses and costs, including, with certain limited exceptions, liabilities under and costs to comply with environmental laws to the extent attributable to acts or omissions occurring prior to the Acquisition and liabilities related to products sold by Beazer East prior to the Acquisition (the “Indemnity”). Beazer Limited, the parent company of Beazer East, unconditionally guaranteed Beazer East’s performance of the Indemnity pursuant to a guarantee (the “Guarantee”). The Indemnity provides different mechanisms, subject to certain limitations, by which Beazer East is obligated to indemnify Koppers Inc. with regard to certain environmental, product and other liabilities and imposes certain conditions on Koppers Inc. before receiving such indemnification, including, in some cases, certain limitations regarding the time period as to which claims for indemnification can be brought. In July 2004, Koppers Inc. and Beazer East agreed to amend the environmental indemnification provisions of the December 29, 1988 asset purchase agreement to extend the indemnification period for pre-closing environmental liabilities, subject to the following paragraph, and agreed to share toxic tort litigation defense arising from any sites acquired from Beazer East. Qualified expenditures under the Indemnity are not subject to a monetary limit. Qualified expenditures under the Indemnity include (i) environmental cleanup liabilities required by third parties, such as investigation, remediation and closure costs, relating to pre-December 29, 1988 (“Pre-Closing”) acts or omissions of Beazer East or its predecessors; (ii) environmental claims by third parties for personal injuries, property damages and natural resources damages relating to Pre-Closing acts or omissions of Beazer East or its predecessors; (iii) punitive damages for the acts or omissions of Beazer East and its predecessors without regard to the date of the alleged conduct and (iv) product liability claims for products sold by Beazer East or its predecessors without regard to the date of the alleged conduct. The indemnification period ended July 14, 2019 (the “Claim Deadline”) and Beazer East may now tender certain third-party claims described in sections (i) and (ii) above to Koppers Inc. However, to the extent the third-party claims described in sections (i) and (ii) above were tendered to Beazer East by the Claim Deadline, Beazer East will continue to be required to pay the costs arising from such claims under the Indemnity. Furthermore, the Claim Deadline did not change the provisions of the Indemnity with respect to indemnification for non-environmental claims, such as product liability claims, which claims may continue to be tendered by Koppers Inc. to Beazer East. The Indemnity provides for the resolution of issues between Koppers Inc. and Beazer East by an arbitrator on an expedited basis upon the request of either party. The arbitrator could be asked, among other things, to make a determination regarding the allocation of environmental responsibilities between Koppers Inc. and Beazer East. Arbitration decisions under the Indemnity are final and binding on the parties. Contamination has been identified at most manufacturing and other sites of our subsidiaries. One site currently owned and operated by Koppers Inc. in the United States is listed on the National Priorities List promulgated under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (“CERCLA”). Currently, at the properties acquired from Beazer East (which includes the National Priorities List site and all but one of the sites permitted under the Resource Conservation and Recovery Act (“RCRA”)), a significant portion of all investigative, cleanup and closure activities are being conducted and paid for by Beazer East pursuant to the terms of the Indemnity. In addition, other of Koppers Inc.’s sites are or have been operated under RCRA and various other environmental permits, and remedial and closure activities are being conducted at some of these sites. To date, the parties that retained, assumed and/or agreed to indemnify us against the liabilities referred to above, including Beazer East, have performed their obligations in all material respects. We believe that, for the last three years ended December 31, 2021, amounts paid by Beazer East as a result of its environmental remediation obligations under the Indemnity have averaged, in total, approximately $6.4 million per year. Periodically, issues have arisen between Koppers Inc. and Beazer East and/or other indemnitors that have been resolved without arbitration. Koppers Inc. and Beazer East engage in discussions from time to time that involve, among other things, the allocation of environmental costs related to certain operating and closed facilities. If for any reason (including disputed coverage or financial incapability) one or more of such parties fail to perform their obligations and we are held liable for or otherwise required to pay all or part of such liabilities without reimbursement, the imposition of such liabilities on us could have a material adverse effect on our business, financial condition, cash flows and results of operations. Furthermore, we could be required to record a contingent liability on our balance sheet with respect to such matters, which could result in a negative impact to our business, financial condition, cash flows and results of operations. Domestic Environmental Matters. Koppers Inc. has been named as one of the potentially responsible parties (“PRPs”) at the Portland Harbor CERCLA site located on the Willamette River in Oregon. Koppers Inc. operated a coal tar pitch terminal near the site. Koppers Inc. has responded to an EPA information request and has executed a PRP agreement which outlines a private process to develop an allocation of past and future costs among more than 80 parties to the site. Koppers Inc. believes it is a de minimis contributor at the site. The EPA issued its Record of Decision (“ROD”) in January 2017 for the Portland Harbor CERCLA site. The selected remedy includes a combination of sediment removal, capping, enhanced and monitored natural recovery and riverbank improvements. The ROD does not determine who is responsible for remediation costs. At that time, the net present value and undiscounted costs of the selected remedy as estimated in the ROD are approximately $1.1 billion and $1.7 billion, respectively. These costs may increase given the remedy will not be implemented for several years. Responsibility for implementing and funding that work will be decided in the separate private allocation process which is ongoing. Additionally, Koppers Inc. is involved in two separate matters involving natural resource damages at the Portland Harbor site. One matter involves claims by the trustees to recover damages based upon an assessment of damages to natural resources caused by the releases of hazardous substances to the Willamette River. The assessment serves as the foundation to estimate liabilities for settlements of natural resource damages claims or litigation to recover from those who do not settle with the trustee groups. Koppers Inc. has been engaged in a process to resolve its natural resource damage liabilities for the assessment area. A second matter involves a lawsuit filed in January 2017 by the Yakama Nation in Oregon federal court. Yakama Nation seeks recovery for response costs and the costs of assessing injury to natural resources to waterways beyond the current assessment area. Following the most recent court rulings, the Yakama Nation case has been stayed pending completion of the private allocation process for the Portland Harbor CERCLA site . In September 2009, Koppers Inc. received a general notice letter notifying it that it may be a PRP at the Newark Bay CERCLA site. In January 2010, Koppers Inc. submitted a response to the general notice letter asserting that Koppers Inc. is a de minimis We have accrued the estimated costs of participating in the PRP group at the Portland Harbor and Newark Bay CERCLA sites and estimated de minimis There are two plant sites related to the Performance Chemicals business and one plant site related to the Utility and Industrial Products business in the United States where we have recorded environmental remediation liabilities for soil and groundwater contamination which occurred prior to our acquisition of the businesses. As of March 31, 2022, our estimated environmental remediation liability for these acquired sites totals $4.0 million. Foreign Environmental Matters . There is one plant site related to the Performance Chemicals business located in Australia where we have recorded an environmental remediation liability for soil and groundwater contamination which occurred prior to the acquisition of the business. As of March 31, 2022 , our estimated environmental remediation liability for the acquired site totals $1.4 million. Environmental Reserves Rollforward. The following table reflects changes in the accrual for environmental remediation. A total of $2.6 million and $2.8 million are classified as current liabilities as of March 31, 2022 and December 31, 2021: Period ended March 31, 2022 December 31, 2021 (Dollars in millions) Balance at beginning of year $ 10.7 $ 11.0 Expense 0.0 0.3 Reversal of reserves 0.0 (0.1 ) Cash expenditures (0.3 ) (0.4 ) Currency translation 0.0 (0.1 ) Balance at end of period $ 10.4 $ 10.7 |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04: Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This update provides temporary optional expedients and exceptions to U.S. GAAP on contract modifications, hedging relationships, and other transactions affected by reference rate reform to ease entities' financial reporting burdens as the market transitions from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made, hedging relationships entered into, and other transactions affected by reference rate reform, evaluated on or before December 31, 2022, beginning during the reporting period in which the guidance has been elected. Our debt agreements include the use of alternate rates when LIBOR is not available and we do not maintain hedging relationships applicable to this ASU. We do not expect the application of this update to have a material impact on our financial statements and, to the extent we enter into modifications of agreements that are impacted by the LIBOR phase-out, we will apply such guidance to those contract modifications. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Company's Financial Instruments | Carrying amounts and the related estimated fair values of our financial instruments as of March 31, 2022 and December 31, 2021 are as follows: March 31, 2022 December 31, 2021 Fair Value Carrying Value Fair Value Carrying Value (Dollars in millions) Financial assets: Investments and other assets $ 1.3 $ 1.3 $ 1.3 $ 1.3 Financial liabilities: Long-term debt (including current portion) $ 837.3 $ 834.4 $ 804.1 $ 789.1 |
Comprehensive Income and Equi_2
Comprehensive Income and Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Comprehensive Income | Total comprehensive income for the three months ended March 31 Three Months Ended March 31, 2022 2021 (Dollars in millions) Net income $ 18.8 $ 25.8 Changes in other comprehensive income: Currency translation adjustment 5.8 (7.2 ) Unrealized (loss) gain on cash flow hedges, net of tax benefit (expense) of $2.1 and $(4.5) (4.3 ) 12.9 Unrecognized pension net loss, net of tax expense of $(0.1) and $(0.1) 0.2 0.3 Total comprehensive income 20.5 31.8 Comprehensive loss attributable to noncontrolling interests 0.0 (0.1 ) Comprehensive income attributable to Koppers $ 20.5 $ 31.9 |
Schedule of Change in Equity | The following tables present the change in equity for the three months ended March 31, 2022 and 2021, respectively: (Dollars in millions) Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Noncontrolling Interests Total Equity Balance at December 31, 2021 $ 0.2 $ 249.5 $ 300.9 $ (40.0 ) $ (104.0 ) $ 4.2 $ 410.8 Net income 0.0 0.0 18.8 0.0 0.0 0.0 18.8 Dividends 0.0 0.0 (1.0 ) 0.0 0.0 0.0 (1.0 ) Issuance of common stock 0.0 0.3 0.0 0.0 0.0 0.0 0.3 Repurchases of common stock 0.0 0.0 0.0 0.0 (11.1 ) 0.0 (11.1 ) Employee stock plans 0.0 3.6 0.0 0.0 0.0 0.0 3.6 Other comprehensive income (loss) Currency translation adjustment 0.0 0.0 0.0 5.9 0.0 (0.1 ) 5.8 Unrealized loss on cash flow hedges 0.0 0.0 0.0 (4.3 ) 0.0 0.0 (4.3 ) Unrecognized pension net loss 0.0 0.0 0.0 0.2 0.0 0.0 0.2 Balance at March 31, 2022 $ 0.2 $ 253.4 $ 318.7 $ (38.3 ) $ (115.1 ) $ 4.1 $ 423.0 (Dollars in millions) Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Noncontrolling Interests Total Equity Balance at December 31, 2020 $ 0.2 $ 234.1 $ 215.8 $ (15.9 ) $ (92.5 ) $ 4.3 $ 346.0 Net income (loss) 0.0 0.0 25.9 0.0 0.0 (0.1 ) 25.8 Issuance of common stock 0.0 1.2 0.0 0.0 0.0 0.0 1.2 Repurchases of common stock 0.0 0.0 0.0 0.0 (1.8 ) 0.0 (1.8 ) Employee stock plans 0.0 3.6 0.0 0.0 0.0 0.0 3.6 Other comprehensive (loss) income Currency translation adjustment 0.0 0.0 0.2 (7.2 ) 0.0 0.0 (7.0 ) Unrealized gain on cash flow hedges 0.0 0.0 0.0 12.9 0.0 0.0 12.9 Unrecognized pension net loss 0.0 0.0 0.0 0.3 0.0 0.0 0.3 Balance at March 31, 2021 $ 0.2 $ 238.9 $ 241.9 $ (10.0 ) $ (94.3 ) $ 4.2 $ 380.9 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings per Common Share | The following table sets forth the computation of basic and diluted earnings per common share: Three Months Ended March 31, 2022 2021 (Dollars in millions, except share amounts, in thousands) Net income attributable to Koppers $ 18.8 $ 25.9 Less: Loss on sale of discontinued operations, net of tax benefit of $0.0 and $0.1 (0.5 ) (0.4 ) Income from continuing operations attributable to Koppers $ 19.3 $ 26.3 Weighted average common shares outstanding: Basic 21,151 21,142 Effect of dilutive securities 541 765 Diluted 21,692 21,907 Earnings per common share – continuing operations: Basic earnings per common share $ 0.91 $ 1.24 Diluted earnings per common share 0.89 1.20 Other data: Antidilutive securities excluded from computation of diluted earnings per common share 965 445 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options And Performance Award Fair Value Assumptions | We calculated the fair value of stock options on the date of grant using the Black-Scholes-Merton model and the assumptions listed below: January 2022 Grant January 2021 Grant March 2020 Grant March 2019 Grant Grant date price per share of stock option award $ 32.19 $ 29.84 $ 19.63 $ 26.63 Expected dividend yield per share 0.00 % 0.00 % 0.00 % 0.00 % Expected life in years 6.76 6.64 6.40 6.14 Expected volatility 54.50 % 54.80 % 42.85 % 39.44 % Risk-free interest rate 1.52 % 0.59 % 0.87 % 2.53 % Grant date fair value per share of option awards $ 17.58 $ 15.79 $ 8.42 $ 11.29 |
Summary of Performance Stock Units | The following table shows a summary of the performance stock units as of March 31, 2022: Performance Period Minimum Shares Target Shares Maximum Shares 2020 – 2022 0 74,475 148,994 2021 – 2023 40,998 138,773 236,566 2022 – 2024 0 151,236 302,472 |
Summary of Status and Activity of Non-Vested Stock Awards | The following table shows a summary of the status and activity of non-vested stock units for the three months ended March 31, 2022: Restricted Stock Units Performance Stock Units Total Stock Units Weighted Grant Date Fair Value per Unit Non-vested at December 31, 2021 505,905 474,166 980,071 $ 30.79 Granted 181,160 151,236 332,396 $ 38.04 Performance share adjustment 0 2,010 2,010 $ 14.13 Vested (162,365 ) (256,956 ) (419,321 ) $ 34.77 Forfeited (11,146 ) (5,972 ) (17,118 ) $ 26.75 Non-vested at March 31, 2022 513,554 364,484 878,038 $ 31.68 |
Summary of Status and Activity of Stock Options | The following table shows a summary of the status and activity of stock options for the three months ended March 31, 2022: Options Weighted Exercise Price per Option Weighted Average Remaining Contractual Term (in years) Aggregate Value (in millions) Outstanding at December 31, 2021 1,054,166 $ 26.89 Granted 98,108 $ 32.19 Expired (30,138 ) $ 38.21 Outstanding at March 31, 2022 1,122,136 $ 27.05 5.37 $ 5.0 Exercisable at March 31, 2022 843,475 $ 26.99 4.27 $ 4.3 |
Schedule of Stock-based Compensation Expense Recognized | Total stock-based compensation expense recognized under our LTIP and employee stock purchase plan for the three months ended March 31, 2022 and 2021 is as follows: Three Months Ended March 31, 2022 2021 (Dollars in millions) Stock-based compensation expense recognized: Selling, general and administrative expenses $ 3.5 $ 3.5 Less related income tax benefit 1.2 0.9 Decrease in net income attributable to Koppers $ 2.3 $ 2.6 Intrinsic value of exercised stock options $ 0.0 $ 0.9 Cash received from the exercise of stock options $ 0.0 $ 1.0 |
Performance Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options And Performance Award Fair Value Assumptions | We calculated the fair value of the performance stock unit awards on the date of grant using the assumptions listed below: January 2022 Grant January 2021 Grant March 2020 Grant March 2019 Grant Grant date price per share of performance award $ 32.19 $ 29.84 $ 19.63 $ 26.63 Expected dividend yield per share 0.00 % 0.00 % 0.00 % 0.00 % Expected volatility 66.90 % 68.70 % 45.60 % 39.00 % Risk-free interest rate 1.10 % 0.16 % 0.72 % 2.50 % Look-back period in years 3.00 3.00 2.83 2.82 Grant date fair value per share $ 45.19 $ 41.50 $ 11.56 $ 40.30 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of Results of Segment Operations | The following table sets forth certain sales and operating data, net of all intersegment transactions, for our segments for the periods indicated: Three Months Ended March 31, 2022 2021 (Dollars in millions) Revenues from external customers: Railroad and Utility Products and Services $ 183.4 $ 191.9 Performance Chemicals 136.4 123.6 Carbon Materials and Chemicals 139.5 92.0 Total $ 459.3 $ 407.5 Intersegment revenues: Performance Chemicals $ 4.0 $ 3.5 Carbon Materials and Chemicals 18.6 17.8 Total $ 22.6 $ 21.3 Depreciation and amortization expense: Railroad and Utility Products and Services $ 5.4 $ 6.3 Performance Chemicals 3.9 4.8 Carbon Materials and Chemicals 4.9 5.0 Total $ 14.2 $ 16.1 Adjusted EBITDA: Railroad and Utility Products and Services $ 11.6 $ 16.4 Performance Chemicals 20.9 27.8 Carbon Materials and Chemicals 20.1 10.4 Items excluded from the determination of segment profit: Impairment, restructuring and plant closure costs (0.1 ) (3.3 ) Gain on sale of assets 2.5 7.5 LIFO expense (1.7 ) (1.0 ) Mark-to-market commodity hedging (losses) gains (0.3 ) 2.6 Corporate unallocated 0.0 0.5 Interest expense (9.8 ) (10.1 ) Depreciation and amortization (14.2 ) (16.1 ) Income tax provision (9.7 ) (8.5 ) Discontinued operations (0.5 ) (0.4 ) Net income $ 18.8 $ 25.8 |
Schedule of Segment Revenues for Significant Product Lines | The following table sets forth revenues for significant product lines, net of all intersegment transactions, for our segments for the periods indicated: Three Months Ended March 31, 2022 2021 (Dollars in millions) Railroad and Utility Products and Services: Railroad treated products $ 105.3 $ 108.9 Utility poles 56.2 62.8 Railroad infrastructure services 9.3 8.9 Rail joints 6.8 5.5 Other products 5.8 5.8 Total 183.4 191.9 Performance Chemicals: Wood preservative products 130.4 119.2 Other products 6.0 4.4 Total 136.4 123.6 Carbon Materials and Chemicals: Pitch and related products 77.8 51.2 Phthalic anhydride and other chemicals 25.3 16.5 Creosote and distillates 19.0 13.1 Naphthalene 8.6 4.5 Other products 8.8 6.7 Total 139.5 92.0 Total $ 459.3 $ 407.5 |
Summary of Tangible and Intangible Assets by Segments | The following table sets forth assets and goodwill allocated to each of our segments as of the dates indicated: March 31, 2022 December 31, 2021 (Dollars in millions) Segment assets: Railroad and Utility Products and Services $ 614.2 $ 594.1 Performance Chemicals 626.2 586.9 Carbon Materials and Chemicals 460.6 447.1 All other 30.8 33.8 Total $ 1,731.8 $ 1,661.9 Goodwill: Railroad and Utility Products and Services $ 121.0 $ 120.9 Performance Chemicals 175.9 175.1 Total $ 296.9 $ 296.0 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Taxes Reconciled with Federal Statutory Rate | March 31, 2022 2021 Federal income tax rate 21.0 % 21.0 % Foreign earnings taxed at different rates 5.2 2.6 Interest expense deduction limitation 3.7 0.0 Nondeductible expenses 1.3 1.1 GILTI inclusion, net of foreign tax credits 0.7 0.5 State income taxes, net of federal tax benefit 0.6 0.5 Change in tax contingency reserves 0.4 0.1 Estimated annual effective income tax rate 32.9 % 25.8 % |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Components of Net Inventories | Net inventories as of March 31, 2022 and December 31, 2021 are summarized in the table below: March 31, 2022 December 31, 2021 (Dollars in millions) Raw materials $ 275.5 $ 266.8 Work in process 11.1 12.6 Finished goods 122.5 112.1 $ 409.1 $ 391.5 Less revaluation to LIFO 79.4 77.7 Net $ 329.7 $ 313.8 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment as of March 31, 2022 and December 31, 2021 are summarized in the table below: March 31, 2022 December 31, 2021 (Dollars in millions) Land $ 14.5 $ 15.2 Buildings 76.2 75.8 Machinery and equipment 864.8 836.8 $ 955.5 $ 927.8 Less accumulated depreciation 445.8 438.7 Net $ 509.7 $ 489.1 |
Pensions and Post-Retirement _2
Pensions and Post-Retirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost for Pension Plans | The following table provides the components of net periodic benefit cost for the pension plans for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (Dollars in millions) Service cost $ 0.3 $ 0.4 Interest cost 1.4 1.2 Expected return on plan assets (2.0 ) (1.8 ) Amortization of net loss 0.5 0.4 Net periodic benefit cost $ 0.2 $ 0.2 Defined contribution plan expense $ 2.5 $ 1.7 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | Debt as of March 31, 2022 and December 31, 2021 was as follows: Weighted Average Interest Rate Maturity March 31, 2022 December 31, 2021 (Dollars in millions) Term Loan 2.88 % 2024 $ 0.0 $ 2.0 Revolving Credit Facility 2.88 % 2024 334.4 287.1 Senior Notes due 2025 6.00 % 2025 500.0 500.0 Debt 834.4 789.1 Less short-term debt and current maturities of long-term debt 0.0 2.0 Less unamortized debt issuance costs 5.0 5.6 Long-term debt $ 829.4 $ 781.5 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Changes in Carrying Values of Asset Retirement Obligations | The following table reflects changes in the carrying values of asset retirement obligations: March 31, 2022 December 31, 2021 (Dollars in millions) Asset retirement obligation at beginning of year $ 13.2 $ 19.8 Accretion expense 0.3 1.0 Revision in estimated cash flows 0.2 (0.3 ) Cash expenditures (0.1 ) (7.3 ) Balance at end of period $ 13.6 $ 13.2 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Summary of Amount and Timing of Cash Flows From Operating Leases | The following table presents information about the amount and timing of cash flows arising from our operating leases as of March 31, 2022: (Dollars in millions) 2022 $ 20.9 2023 22.2 2024 18.3 2025 14.8 2026 10.7 Thereafter 25.2 Total lease payments $ 112.1 Less: Interest (23.8 ) Present value of lease liabilities $ 88.3 |
Schedule of Supplemental Condensed Consolidated Balance Sheet Information Related to Leases | Supplemental condensed consolidated balance sheet information related to leases is as follows: March 31, December 31, 2022 2021 (Dollars in millions) Operating leases: Operating lease right-of-use assets $ 87.8 $ 91.2 Current operating lease liabilities $ 21.4 $ 21.3 Operating lease liabilities 66.9 70.3 Total operating lease liabilities $ 88.3 $ 91.6 Weighted average remaining lease term, in years 5.7 5.8 Weighted average discount rate 7.4 % 7.4 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Copper Swap Contracts | As of March 31, 2022 and December 31, 2021, we had outstanding copper swap contracts of the following amounts: Units Outstanding (in Pounds) Net Fair Value - Asset (in Dollars) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (Amounts in millions) Cash flow hedges 22.3 29.0 $ 48.1 $ 53.8 Contracts where hedge accounting was not elected 4.6 6.1 $ 6.7 7.1 Total 26.9 35.1 $ 54.8 $ 60.9 |
Schedule of Fair Value of Outstanding Copper Swap Contracts Recorded in Balance Sheet | As of March 31, 2022 and December 31, 2021, the fair value of the outstanding copper swap contracts is recorded in the balance sheet as follows: March 31, 2022 December 31, 2021 (Dollars in millions) Derivative contracts $ 54.8 $ 60.9 Accumulated other comprehensive gain, net of tax $ 36.8 $ 40.6 |
Schedule of Unrealized Gain (Loss) from Contract Where Hedge Accounting Was Not Elected | For the three months ended March 31, 2022 and 2021, the unrealized (loss) gain from contracts where hedge accounting was not elected is as follows: Three Months Ended March 31, 2022 2021 (Dollars in millions) (Loss) gain from contracts where hedge accounting was not elected (0.3 ) 2.6 |
Schedule of Fair Value of Outstanding Foreign Currency Forward Contracts | As of March 31, 2022 and December 31, 2021, the fair value of outstanding foreign currency forward contracts is recorded in the balance sheet as follows: March 31, 2022 December 31, 2021 (Dollars in millions) Derivative contracts $ 0.2 $ 0.1 Accrued liabilities (0.5 ) (0.4 ) Net liability on balance sheet $ (0.3 ) $ (0.3 ) |
Summary of Net Currency Units Outstanding | As of March 31, 2022 and December 31, 2021, the net currency units outstanding for these contracts were: March 31, 2022 December 31, 2021 (In millions) United States Dollars USD 24.5 USD 21.4 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Changes in Accrued Liability for Environmental Matters | The following table reflects changes in the accrual for environmental remediation. A total of $2.6 million and $2.8 million are classified as current liabilities as of Period ended March 31, 2022 December 31, 2021 (Dollars in millions) Balance at beginning of year $ 10.7 $ 11.0 Expense 0.0 0.3 Reversal of reserves 0.0 (0.1 ) Cash expenditures (0.3 ) (0.4 ) Currency translation 0.0 (0.1 ) Balance at end of period $ 10.4 $ 10.7 |
Plant Closure and Divestitures
Plant Closure and Divestitures - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2022 | Oct. 31, 2021 | Feb. 28, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||||
Gain on sale | $ 2.5 | $ 7.5 | |||
Railroad and Utility Products and Services [Member] | Facility [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Gain on sale | $ 23.4 | ||||
West Virginia [Member] | Coal Tar Distillation [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Gain on sale | $ 5.7 | ||||
Cash proceed from sale | $ 2.6 | ||||
Pennsylvania [Member] | Coal Tar Distillation [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Gain on sale | $ 1.8 | ||||
Sweetwater, Tennessee [Member] | Railroad and Utility Products and Services [Member] | Pole Treating Facility [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Gain on sale | $ 2.5 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Millions | Dec. 23, 2021 | Mar. 31, 2022 | Sep. 30, 2020 |
Schedule Of Equity Method Investments [Line Items] | |||
Restricted cash held with escrow | $ 2.3 | ||
Potential customary indemnity claims settled period | 2022-04 | ||
Potential customary indemnity claims issued | $ 0.9 | $ 0.9 | |
Potential customary indemnity claims shares issued | $ 0.7 | $ 0.7 | |
Koppers (Jiangsu) Carbon Chemical Company Limited [Member] | Carbon Materials and Chemicals [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Ownership percentage | 75.00% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Company's Financial Instruments (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value [Member] | ||
Financial assets: | ||
Investments and other assets | $ 1.3 | $ 1.3 |
Financial liabilities: | ||
Long-term debt (including current portion) | 837.3 | 804.1 |
Carrying Value [Member] | ||
Financial assets: | ||
Investments and other assets | 1.3 | 1.3 |
Financial liabilities: | ||
Long-term debt (including current portion) | $ 834.4 | $ 789.1 |
Comprehensive Income and Equi_3
Comprehensive Income and Equity - Schedule of Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Equity [Abstract] | ||
Net income | $ 18.8 | $ 25.8 |
Changes in other comprehensive income: | ||
Currency translation adjustment | 5.8 | (7.2) |
Unrealized (loss) gain on cash flow hedges, net of tax benefit (expense) of $2.1 and $(4.5) | (4.3) | 12.9 |
Unrecognized pension net loss, net of tax expense of $(0.1) and $(0.1) | 0.2 | 0.3 |
Total comprehensive income | 20.5 | 31.8 |
Comprehensive loss attributable to noncontrolling interests | 0 | (0.1) |
Comprehensive income attributable to Koppers | $ 20.5 | $ 31.9 |
Comprehensive Income and Equi_4
Comprehensive Income and Equity - Schedule of Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Equity [Abstract] | ||
Tax benefit (expense), unrealized (loss) gains on cash flow hedges | $ 2.1 | $ (4.5) |
Tax expense, unrecognized pension net loss | $ (0.1) | $ (0.1) |
Comprehensive Income and Equi_5
Comprehensive Income and Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | May 05, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Loss related to derivative instrument | $ 10.1 | $ 7.2 | |
Quarterly dividend declared per common share | $ 0.05 | ||
Subsequent Event [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Quarterly dividend declared per common share | $ 0.05 | ||
Quarterly dividend, declared date | May 5, 2022 | ||
Quarterly dividend, payable date | Jun. 13, 2022 | ||
Quarterly dividend, payable date of record | May 27, 2022 |
Comprehensive Income and Equi_6
Comprehensive Income and Equity - Schedule of Change in Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | $ 410.8 | $ 346 | $ 346 |
Net income | 18.8 | 25.8 | |
Dividends | (1) | ||
Issuance of common stock | 0.3 | 1.2 | |
Repurchases of common stock | (11.1) | (1.8) | |
Employee stock plans | 3.6 | 3.6 | |
Changes in other comprehensive income: | |||
Currency translation adjustment | 5.8 | (7) | |
Unrealized gain (loss) on cash flow hedges | (4.3) | 12.9 | |
Unrecognized pension net loss | 0.2 | 0.3 | |
Balance | 423 | 380.9 | 410.8 |
Common Stock [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | 0.2 | 0.2 | 0.2 |
Net income | 0 | 0 | |
Dividends | 0 | ||
Issuance of common stock | 0 | 0 | |
Repurchases of common stock | 0 | 0 | |
Employee stock plans | 0 | 0 | |
Changes in other comprehensive income: | |||
Currency translation adjustment | 0 | 0 | |
Unrealized gain (loss) on cash flow hedges | 0 | 0 | |
Unrecognized pension net loss | 0 | 0 | |
Balance | 0.2 | 0.2 | 0.2 |
Additional Paid-In Capital [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | 249.5 | 234.1 | 234.1 |
Net income | 0 | 0 | |
Dividends | 0 | ||
Issuance of common stock | 0.3 | 1.2 | |
Repurchases of common stock | 0 | 0 | |
Employee stock plans | 3.6 | 3.6 | |
Changes in other comprehensive income: | |||
Currency translation adjustment | 0 | 0 | |
Unrealized gain (loss) on cash flow hedges | 0 | 0 | |
Unrecognized pension net loss | 0 | 0 | |
Balance | 253.4 | 238.9 | 249.5 |
Retained Earnings [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | 300.9 | 215.8 | 215.8 |
Net income | 18.8 | 25.9 | |
Dividends | (1) | ||
Issuance of common stock | 0 | 0 | |
Repurchases of common stock | 0 | 0 | |
Employee stock plans | 0 | 0 | |
Changes in other comprehensive income: | |||
Currency translation adjustment | 0 | 0.2 | |
Unrealized gain (loss) on cash flow hedges | 0 | 0 | |
Unrecognized pension net loss | 0 | 0 | |
Balance | 318.7 | 241.9 | 300.9 |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | (40) | (15.9) | (15.9) |
Net income | 0 | 0 | |
Dividends | 0 | ||
Issuance of common stock | 0 | 0 | |
Repurchases of common stock | 0 | 0 | |
Employee stock plans | 0 | 0 | |
Changes in other comprehensive income: | |||
Currency translation adjustment | 5.9 | (7.2) | |
Unrealized gain (loss) on cash flow hedges | (4.3) | 12.9 | |
Unrecognized pension net loss | 0.2 | 0.3 | |
Balance | (38.3) | (10) | (40) |
Treasury Stock [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | (104) | (92.5) | (92.5) |
Net income | 0 | 0 | |
Dividends | 0 | ||
Issuance of common stock | 0 | 0 | |
Repurchases of common stock | (11.1) | (1.8) | |
Employee stock plans | 0 | 0 | |
Changes in other comprehensive income: | |||
Currency translation adjustment | 0 | 0 | |
Unrealized gain (loss) on cash flow hedges | 0 | 0 | |
Unrecognized pension net loss | 0 | 0 | |
Balance | (115.1) | (94.3) | (104) |
Noncontrolling Interests [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | 4.2 | 4.3 | 4.3 |
Net income | 0 | (0.1) | |
Dividends | 0 | ||
Issuance of common stock | 0 | 0 | |
Repurchases of common stock | 0 | 0 | |
Employee stock plans | 0 | 0 | |
Changes in other comprehensive income: | |||
Currency translation adjustment | (0.1) | 0 | |
Unrealized gain (loss) on cash flow hedges | 0 | 0 | |
Unrecognized pension net loss | 0 | 0 | |
Balance | $ 4.1 | $ 4.2 | $ 4.2 |
Earnings per Common Share - Sch
Earnings per Common Share - Schedule of Computation of Basic and Diluted Earnings per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income attributable to Koppers | $ 18.8 | $ 25.9 |
Less: Loss on sale of discontinued operations, net of tax benefit of $0.0 and $0.1 | (0.5) | (0.4) |
Income from continuing operations attributable to Koppers | $ 19.3 | $ 26.3 |
Weighted average common shares outstanding: | ||
Basic | 21,151 | 21,142 |
Effect of dilutive securities | 541 | 765 |
Diluted | 21,692 | 21,907 |
Earnings per common share – continuing operations: | ||
Basic earnings per common share | $ 0.91 | $ 1.24 |
Diluted earnings per common share | $ 0.89 | $ 1.20 |
Other data: | ||
Antidilutive securities excluded from computation of diluted earnings per common share | 965 | 445 |
Earnings per Common Share - S_2
Earnings per Common Share - Schedule of Computation of Basic and Diluted Earnings per Common Share (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Loss on sale of discontinued operations, tax benefit | $ 0 | $ 0.1 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Future compensation expense related to non-vested stock-based compensation arrangements | $ | $ 26.7 |
Future compensation expense, weighted-average expected period of recognition in months | 32 months |
Restricted Stock Units (RSUs) [Member] | Board of Directors [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock-based awards, vesting period | 1 year |
Restricted Stock Units (RSUs) [Member] | Employee [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock-based awards, vesting period | 4 years |
Restricted Stock Units (RSUs) [Member] | Employee [Member] | Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock-based awards, vesting period | 2 years |
Performance Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting performance stock units if minimum performance criteria are not achieved | shares | 0 |
Stock options, term in years | 3 years |
Performance Stock Units [Member] | Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage of target award earned by participants | 200.00% |
Performance Stock Units [Member] | Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Percentage of target award earned by participants | 0.00% |
Employee Stock Option [Member] | Grants in March 2015 and Thereafter [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock options, term in years | 10 years |
Employee Stock Option [Member] | Executive Officer [Member] | Grants in March 2015 and Thereafter [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock-based awards, vesting period | 4 years |
Stock-based Compensation - Perf
Stock-based Compensation - Performance Award Fair Value Assumptions (Detail) | 3 Months Ended |
Mar. 31, 2022$ / shares | |
January 2022 Grant [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant date price per share of performance award | $ 32.19 |
Expected dividend yield per share | 0.00% |
Expected volatility | 54.50% |
Risk-free interest rate | 1.52% |
Grant date fair value per share | $ 17.58 |
January 2022 Grant [Member] | Performance Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant date price per share of performance award | $ 32.19 |
Expected dividend yield per share | 0.00% |
Expected volatility | 66.90% |
Risk-free interest rate | 1.10% |
Look-back period in years | 3 years |
Grant date fair value per share | $ 45.19 |
January 2021 Grant [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant date price per share of performance award | $ 29.84 |
Expected dividend yield per share | 0.00% |
Expected volatility | 54.80% |
Risk-free interest rate | 0.59% |
Grant date fair value per share | $ 15.79 |
January 2021 Grant [Member] | Performance Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant date price per share of performance award | $ 29.84 |
Expected dividend yield per share | 0.00% |
Expected volatility | 68.70% |
Risk-free interest rate | 0.16% |
Look-back period in years | 3 years |
Grant date fair value per share | $ 41.50 |
March 2020 Grant [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant date price per share of performance award | $ 19.63 |
Expected dividend yield per share | 0.00% |
Expected volatility | 42.85% |
Risk-free interest rate | 0.87% |
Grant date fair value per share | $ 8.42 |
March 2020 Grant [Member] | Performance Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant date price per share of performance award | $ 19.63 |
Expected dividend yield per share | 0.00% |
Expected volatility | 45.60% |
Risk-free interest rate | 0.72% |
Look-back period in years | 2 years 9 months 29 days |
Grant date fair value per share | $ 11.56 |
March 2019 Grant [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant date price per share of performance award | $ 26.63 |
Expected dividend yield per share | 0.00% |
Expected volatility | 39.44% |
Risk-free interest rate | 2.53% |
Grant date fair value per share | $ 11.29 |
March 2019 Grant [Member] | Performance Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant date price per share of performance award | $ 26.63 |
Expected dividend yield per share | 0.00% |
Expected volatility | 39.00% |
Risk-free interest rate | 2.50% |
Look-back period in years | 2 years 9 months 25 days |
Grant date fair value per share | $ 40.30 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Performance Stock Units (Detail) - shares | Mar. 31, 2022 | Dec. 31, 2021 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares outstanding | 878,038 | 980,071 |
Performance Stock Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares outstanding | 364,484 | 474,166 |
2020 - 2022 [Member] | Minimum [Member] | Performance Stock Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares outstanding | 0 | |
2020 - 2022 [Member] | Target Shares [Member] | Performance Stock Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares outstanding | 74,475 | |
2020 - 2022 [Member] | Maximum [Member] | Performance Stock Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares outstanding | 148,994 | |
2021 - 2023 [Member] | Minimum [Member] | Performance Stock Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares outstanding | 40,998 | |
2021 - 2023 [Member] | Target Shares [Member] | Performance Stock Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares outstanding | 138,773 | |
2021 - 2023 [Member] | Maximum [Member] | Performance Stock Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares outstanding | 236,566 | |
2022 - 2024 [Member] | Minimum [Member] | Performance Stock Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares outstanding | 0 | |
2022 - 2024 [Member] | Target Shares [Member] | Performance Stock Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares outstanding | 151,236 | |
2022 - 2024 [Member] | Maximum [Member] | Performance Stock Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares outstanding | 302,472 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Status and Activity of Non-Vested Stock Units (Detail) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Non-vested, Beginning Balance | 980,071 |
Granted | 332,396 |
Performance share adjustment | 2,010 |
Vested | (419,321) |
Forfeited | (17,118) |
Non-vested, Ending Balance | 878,038 |
Beginning Balance, Non-vested, Weighted Average Grant Date Fair Value per Unit | $ / shares | $ 30.79 |
Granted, Weighted Average Grant Date Fair Value per Unit | $ / shares | 38.04 |
Performance share adjustment, Weighted Average Grant Date Fair Value per Unit | $ / shares | 14.13 |
Vested, Weighted Average Grant Date Fair Value per Unit | $ / shares | 34.77 |
Forfeited, Weighted Average Grant Date Fair Value per Unit | $ / shares | 26.75 |
Ending Balance, Non-vested, Weighted Average Grant Date Fair Value per Unit | $ / shares | $ 31.68 |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Non-vested, Beginning Balance | 505,905 |
Granted | 181,160 |
Performance share adjustment | 0 |
Vested | (162,365) |
Forfeited | (11,146) |
Non-vested, Ending Balance | 513,554 |
Performance Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Non-vested, Beginning Balance | 474,166 |
Granted | 151,236 |
Performance share adjustment | 2,010 |
Vested | (256,956) |
Forfeited | (5,972) |
Non-vested, Ending Balance | 364,484 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Options Fair Value Assumptions (Detail) | 3 Months Ended |
Mar. 31, 2022$ / shares | |
January 2022 Grant [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant date price per share of stock option award | $ 32.19 |
Expected dividend yield per share | 0.00% |
Expected life in years | 6 years 9 months 3 days |
Expected volatility | 54.50% |
Risk-free interest rate | 1.52% |
Grant date fair value per share of option awards | $ 17.58 |
January 2021 Grant [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant date price per share of stock option award | $ 29.84 |
Expected dividend yield per share | 0.00% |
Expected life in years | 6 years 7 months 20 days |
Expected volatility | 54.80% |
Risk-free interest rate | 0.59% |
Grant date fair value per share of option awards | $ 15.79 |
March 2020 Grant [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant date price per share of stock option award | $ 19.63 |
Expected dividend yield per share | 0.00% |
Expected life in years | 6 years 4 months 24 days |
Expected volatility | 42.85% |
Risk-free interest rate | 0.87% |
Grant date fair value per share of option awards | $ 8.42 |
March 2019 Grant [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant date price per share of stock option award | $ 26.63 |
Expected dividend yield per share | 0.00% |
Expected life in years | 6 years 1 month 20 days |
Expected volatility | 39.44% |
Risk-free interest rate | 2.53% |
Grant date fair value per share of option awards | $ 11.29 |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Status and Activity of Stock Options (Detail) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options, Outstanding at December 31, 2021 | shares | 1,054,166 |
Options, Granted | shares | 98,108 |
Options, Expired | shares | (30,138) |
Options, Outstanding at March 31, 2022 | shares | 1,122,136 |
Options, Exercisable at March 31, 2022 | shares | 843,475 |
Weighted Average Exercise Price per Option, Outstanding at December 31, 2021 | $ / shares | $ 26.89 |
Weighted Average Exercise Price per Option, Granted | $ / shares | 32.19 |
Weighted Average Exercise Price per Option, Expired | $ / shares | 38.21 |
Weighted Average Exercise Price per Option, Outstanding at March 31, 2022 | $ / shares | 27.05 |
Weighted Average Exercise Price per Option, Exercisable at March 31, 2022 | $ / shares | $ 26.99 |
Weighted Average Remaining Contractual Term, Outstanding at March 31, 2022 | 5 years 4 months 13 days |
Weighted Average Remaining Contractual Term, Exercisable at March 31, 2022 | 4 years 3 months 7 days |
Aggregate Intrinsic Value, Outstanding at March 31, 2022 | $ | $ 5 |
Aggregate Intrinsic Value, Exercisable at March 31, 2021 | $ | $ 4.3 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock-based compensation expense recognized: | ||
Less related income tax benefit | $ 1.2 | $ 0.9 |
Decrease in net income attributable to Koppers | 2.3 | 2.6 |
Intrinsic value of exercised stock options | 0 | 0.9 |
Cash received from the exercise of stock options | 0 | 1 |
Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation expense recognized: | ||
Stock-based compensation expense | $ 3.5 | $ 3.5 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)Segment | Dec. 31, 2021USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segments | Segment | 3 | |
Contract with customer, asset, net, current | $ | $ 5.4 | $ 7.9 |
Segment Information - Summary o
Segment Information - Summary of Results of Segment Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues from external customers | ||
Net sales | $ 459.3 | $ 407.5 |
Depreciation and amortization expense | 14.2 | 16.1 |
Items excluded from the determination of segment profit: | ||
Impairment, restructuring and plant closure costs | (0.1) | (3.3) |
Gain on sale of assets | 2.5 | 7.5 |
LIFO expense | (1.7) | (1) |
Mark-to-market commodity hedging (losses) gains | (0.3) | 2.6 |
Interest expense | (9.8) | (10.1) |
Depreciation and amortization | (14.2) | (16.1) |
Income tax provision | (9.7) | (8.5) |
Discontinued operations | (0.5) | (0.4) |
Net income | 18.8 | 25.8 |
Railroad and Utility Products and Services [Member] | ||
Revenues from external customers | ||
Net sales | 183.4 | 191.9 |
Performance Chemicals [Member] | ||
Revenues from external customers | ||
Net sales | 136.4 | 123.6 |
Carbon Materials and Chemicals [Member] | ||
Revenues from external customers | ||
Net sales | 139.5 | 92 |
Operating Segments [Member] | Railroad and Utility Products and Services [Member] | ||
Revenues from external customers | ||
Net sales | 183.4 | 191.9 |
Depreciation and amortization expense | 5.4 | 6.3 |
Adjusted EBITDA: | ||
Adjusted EBITDA | 11.6 | 16.4 |
Items excluded from the determination of segment profit: | ||
Depreciation and amortization | (5.4) | (6.3) |
Operating Segments [Member] | Performance Chemicals [Member] | ||
Revenues from external customers | ||
Net sales | 136.4 | 123.6 |
Depreciation and amortization expense | 3.9 | 4.8 |
Adjusted EBITDA: | ||
Adjusted EBITDA | 20.9 | 27.8 |
Items excluded from the determination of segment profit: | ||
Depreciation and amortization | (3.9) | (4.8) |
Operating Segments [Member] | Carbon Materials and Chemicals [Member] | ||
Revenues from external customers | ||
Net sales | 139.5 | 92 |
Depreciation and amortization expense | 4.9 | 5 |
Adjusted EBITDA: | ||
Adjusted EBITDA | 20.1 | 10.4 |
Items excluded from the determination of segment profit: | ||
Depreciation and amortization | (4.9) | (5) |
Intersegment [Member] | ||
Revenues from external customers | ||
Net sales | 22.6 | 21.3 |
Intersegment [Member] | Performance Chemicals [Member] | ||
Revenues from external customers | ||
Net sales | 4 | 3.5 |
Intersegment [Member] | Carbon Materials and Chemicals [Member] | ||
Revenues from external customers | ||
Net sales | 18.6 | 17.8 |
Corporate, Non-Segment [Member] | ||
Items excluded from the determination of segment profit: | ||
Corporate unallocated | $ 0 | $ 0.5 |
Segment Information - Schedule
Segment Information - Schedule of Segment Revenues for Significant Product Lines (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 459.3 | $ 407.5 |
Railroad and Utility Products and Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 183.4 | 191.9 |
Railroad and Utility Products and Services [Member] | Railroad Treated Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 105.3 | 108.9 |
Railroad and Utility Products and Services [Member] | Utility Poles [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 56.2 | 62.8 |
Railroad and Utility Products and Services [Member] | Railroad Infrastructure Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 9.3 | 8.9 |
Railroad and Utility Products and Services [Member] | Rail Joints [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 6.8 | 5.5 |
Railroad and Utility Products and Services [Member] | Other Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 5.8 | 5.8 |
Performance Chemicals [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 136.4 | 123.6 |
Performance Chemicals [Member] | Other Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 6 | 4.4 |
Performance Chemicals [Member] | Wood Preservative Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 130.4 | 119.2 |
Carbon Materials and Chemicals [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 139.5 | 92 |
Carbon Materials and Chemicals [Member] | Other Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 8.8 | 6.7 |
Carbon Materials and Chemicals [Member] | Pitch and Related Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 77.8 | 51.2 |
Carbon Materials and Chemicals [Member] | Phthalic Anhydride and Other Chemicals [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 25.3 | 16.5 |
Carbon Materials and Chemicals [Member] | Creosote and Distillates [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 19 | 13.1 |
Carbon Materials and Chemicals [Member] | Naphthalene [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 8.6 | $ 4.5 |
Segment Information - Summary_2
Segment Information - Summary of Tangible and Intangible Assets by Segments (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | $ 1,731.8 | $ 1,661.9 |
Goodwill | 296.9 | 296 |
Railroad and Utility Products and Services [Member] | Operating Segments [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | 614.2 | 594.1 |
Goodwill | 121 | 120.9 |
Performance Chemicals [Member] | Operating Segments [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | 626.2 | 586.9 |
Goodwill | 175.9 | 175.1 |
Carbon Materials and Chemicals [Member] | Operating Segments [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | 460.6 | 447.1 |
All Other [Member] | Operating Segments [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | $ 30.8 | $ 33.8 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Estimated annual effective income tax rate | 32.90% | 25.80% | |
Income taxes as a percentage of pretax income | 33.40% | 24.50% | |
Percentage of allowable business interest expense deduction from adjusted taxable income | 30.00% | ||
Unrecognized tax benefits | $ 1.5 | $ 1.5 | |
Unrecognized tax benefits with impact on the effective tax rate | 1.5 | 1.5 | |
Accrued interest expense and penalties | $ 0.4 | $ 0.4 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Taxes Reconciled with Federal Statutory Rate (Detail) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax rate | 21.00% | 21.00% |
Foreign earnings taxed at different rates | 5.20% | 2.60% |
Interest expense deduction limitation | 3.70% | 0.00% |
Nondeductible expenses | 1.30% | 1.10% |
GILTI inclusion, net of foreign tax credits | 0.70% | 0.50% |
State income taxes, net of federal tax benefit | 0.60% | 0.50% |
Change in tax contingency reserves | 0.40% | 0.10% |
Estimated annual effective income tax rate | 32.90% | 25.80% |
Inventories - Components of Net
Inventories - Components of Net Inventories (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 275.5 | $ 266.8 |
Work in process | 11.1 | 12.6 |
Finished goods | 122.5 | 112.1 |
Inventories, gross | 409.1 | 391.5 |
Less revaluation to LIFO | 79.4 | 77.7 |
Net | $ 329.7 | $ 313.8 |
Property, Plant and Equipment -
Property, Plant and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 955.5 | $ 927.8 |
Less accumulated depreciation | 445.8 | 438.7 |
Net | 509.7 | 489.1 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14.5 | 15.2 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 76.2 | 75.8 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 864.8 | $ 836.8 |
Pensions and Post-Retirement _3
Pensions and Post-Retirement Benefit Plans - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($)Plan | Dec. 31, 2021USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
Number of domestic non-qualified defined benefit plans | Plan | 3 | |
Premium payment | $ | $ 67.8 | |
Pension settlement loss | $ | $ 22 | |
Salaried and Hourly Employees [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of domestic non-qualified defined benefit plans | Plan | 2 |
Pensions and Post-Retirement _4
Pensions and Post-Retirement Benefit Plans - Components of Net Periodic Benefit Cost for Pension Plans (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Postemployment Benefits [Abstract] | ||
Service cost | $ 0.3 | $ 0.4 |
Interest cost | 1.4 | 1.2 |
Expected return on plan assets | (2) | (1.8) |
Amortization of net loss | 0.5 | 0.4 |
Net periodic benefit cost | 0.2 | 0.2 |
Defined contribution plan expense | $ 2.5 | $ 1.7 |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt Instruments (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Debt | $ 834.4 | $ 789.1 |
Less short-term debt and current maturities of long-term debt | 0 | 2 |
Less unamortized debt issuance costs | 5 | 5.6 |
Long-term debt | $ 829.4 | 781.5 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 2.88% | |
Debt, Maturity | 2024 | |
Debt | $ 0 | 2 |
Senior Secured Credit Facilities [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 2.88% | |
Debt, Maturity | 2024 | |
Debt | $ 334.4 | 287.1 |
6.00 percent Senior Notes due 2025 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 6.00% | |
Debt, Maturity | 2025 | |
Debt | $ 500 | $ 500 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Feb. 15, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
Long term debt | $ 834,400,000 | $ 789,100,000 | |
Senior Secured Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Letters of credit, amount outstanding | $ 7,800,000 | ||
6.00 percent Senior Notes due 2025 [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes, payment terms | The 2025 Notes pay interest semi-annually in arrears on February 15 and August 15 and will mature on February 15, 2025 unless earlier redeemed or repurchased. | ||
Long term debt | $ 500,000,000 | $ 500,000,000 | |
Debt instrument, redemption price percentage | 101.50% | ||
Debt maturity date | Feb. 15, 2025 | ||
Senior Secured Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility | $ 600,000,000 | ||
Revolving credit facility, variable interest rate basis | LIBOR | ||
Secured Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Secured term loan | $ 100,000,000 | ||
Quarterly amortization | 2,500,000 | ||
Revolving Credit Facility [Member] | Senior Secured Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, unused borrowing capacity | $ 257,800,000 |
Asset Retirement Obligations -
Asset Retirement Obligations - Schedule of Changes in Carrying Values of Asset Retirement Obligations (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Asset retirement obligation at beginning of year | $ 13.2 | $ 19.8 |
Accretion expense | 0.3 | 1 |
Revision in estimated cash flows | 0.2 | (0.3) |
Cash expenditures | (0.1) | (7.3) |
Balance at end of period | $ 13.6 | $ 13.2 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating lease costs | $ 7.5 | $ 7.7 |
Variable lease costs | $ 0.8 | $ 0.8 |
Leases - Summary of Amount and
Leases - Summary of Amount and Timing of Cash Flows From Operating Leases (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2022 | $ 20.9 | |
2023 | 22.2 | |
2024 | 18.3 | |
2025 | 14.8 | |
2026 | 10.7 | |
Thereafter | 25.2 | |
Total lease payments | 112.1 | |
Less: Interest | (23.8) | |
Present value of lease liabilities | $ 88.3 | $ 91.6 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Condensed Consolidated Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Operating leases: | ||
Operating lease right-of-use assets | $ 87.8 | $ 91.2 |
Current operating lease liabilities | 21.4 | 21.3 |
Operating lease liabilities | 66.9 | 70.3 |
Total operating lease liabilities | $ 88.3 | $ 91.6 |
Weighted average remaining lease term, in years | 5 years 8 months 12 days | 5 years 9 months 18 days |
Weighted average discount rate | 7.40% | 7.40% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Maximum period hedged in cash flow hedge | 36 months |
Unrealized gains, reclassification period | 12 months |
Unrealized gains, net of tax, expected to be reclassified from other comprehensive (loss) income into earnings | $ 36.8 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Outstanding Copper Swap Contracts (Detail) - Copper Swap Contracts [Member] £ in Millions, $ in Millions | Mar. 31, 2022USD ($) | Mar. 31, 2022GBP (£) | Dec. 31, 2021USD ($) | Dec. 31, 2021GBP (£) |
Derivatives Fair Value [Line Items] | ||||
Copper Swap Contracts Units Outstanding | £ | £ 26.9 | £ 35.1 | ||
Net Fair Value - Asset | $ | $ 54.8 | $ 60.9 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Copper Swap Contracts Units Outstanding | £ | 22.3 | 29 | ||
Net Fair Value - Asset | $ | 48.1 | 53.8 | ||
Contracts Where Hedge Accounting Was not Elected [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Copper Swap Contracts Units Outstanding | £ | £ 4.6 | £ 6.1 | ||
Net Fair Value - Asset | $ | $ 6.7 | $ 7.1 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Fair Value of Outstanding Copper Swap Contracts Recorded in Balance Sheet (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Accumulated other comprehensive gain, net of tax | $ (4.3) | $ 12.9 | |
Copper Swap Contracts [Member] | |||
Derivative [Line Items] | |||
Net Fair Value - Asset (Liability) | 54.8 | $ 60.9 | |
Accumulated other comprehensive gain, net of tax | 36.8 | 40.6 | |
Copper Swap Contracts [Member] | Derivative Contracts [Member] | |||
Derivative [Line Items] | |||
Net Fair Value - Asset (Liability) | $ 54.8 | $ 60.9 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule of Unrealized Gain (Loss) from Contract Where Hedge Accounting Was Not Elected (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Hedges | Contracts Where Hedge Accounting Was not Elected [Member] | ||
Derivative [Line Items] | ||
(Loss) gain from contracts where hedge accounting was not elected | $ (0.3) | $ 2.6 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Schedule of Fair Value of Outstanding Foreign Currency Forward Contracts (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Not designated gross derivative liability | $ (0.3) | $ (0.3) |
Forward Contracts [Member] | Accrued Liabilities [Member] | ||
Derivative [Line Items] | ||
Not designated gross derivative liability | (0.5) | (0.4) |
Forward Contracts [Member] | Derivative Contracts [Member] | ||
Derivative [Line Items] | ||
Not designated gross derivative liability | $ 0.2 | $ 0.1 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Summary of Net Currency Units Outstanding (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Offsetting [Abstract] | ||
Net currency units outstanding | $ 5,200,000 | $ 7,600,000 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)StatePlaintiffCasesitePartyPlant | Dec. 31, 2021USD ($)PlaintiffCase | Dec. 31, 2020USD ($) | |
Loss Contingencies [Line Items] | |||
Number of states with new claims filed | State | 2 | ||
Number of plaintiffs | Plaintiff | 57 | 59 | |
Environmental remediation and regulation liability | $ 10,400,000 | $ 10,700,000 | $ 11,000,000 |
Accrued liability for environmental matters, current | 2,600,000 | 2,800,000 | |
Portland Harbor and Newark Bay CERCLA sites [Member] | |||
Loss Contingencies [Line Items] | |||
Costs of participating in PRP group | $ 3,400,000 | ||
Beazer East [Member] | |||
Loss Contingencies [Line Items] | |||
Sites listed on National Priorities List | site | 1 | ||
Compensatory Damages [Member] | |||
Loss Contingencies [Line Items] | |||
Number of cases | Case | 30 | ||
Punitive Damages [Member] | |||
Loss Contingencies [Line Items] | |||
Number of cases | Case | 25 | ||
Indemnification Agreement [Member] | Beazer East [Member] | |||
Loss Contingencies [Line Items] | |||
Environmental remediation costs paid by others, per year | $ 6,400,000 | ||
Coal Tar Pitch Cases [Member] | |||
Loss Contingencies [Line Items] | |||
Number of cases | Case | 30 | 31 | |
Reserve for legal proceedings | $ 0 | ||
Pennsylvania [Member] | |||
Loss Contingencies [Line Items] | |||
Number of cases | Case | 29 | ||
Pennsylvania [Member] | Coal Tar Pitch Cases [Member] | |||
Loss Contingencies [Line Items] | |||
Number of cases | Case | 29 | ||
Tennessee [Member] | Coal Tar Pitch Cases [Member] | |||
Loss Contingencies [Line Items] | |||
Number of cases | Case | 1 | ||
Compensatory damages | $ 15,000,000 | ||
Oregon [Member] | |||
Loss Contingencies [Line Items] | |||
Number of potential responsible parties | Party | 80 | ||
Net present value of selected remedy estimation | $ 1,100,000,000 | ||
Undiscounted cost of selected remedy estimation | 1,700,000,000 | ||
United States [Member] | |||
Loss Contingencies [Line Items] | |||
Environmental remediation and regulation liability | $ 4,000,000 | ||
United States [Member] | Performance Chemicals [Member] | |||
Loss Contingencies [Line Items] | |||
Number of plant sites | Plant | 2 | ||
United States [Member] | Utility and Industrial Products [Member] | |||
Loss Contingencies [Line Items] | |||
Number of plant sites | Plant | 1 | ||
Australia [Member] | Performance Chemicals [Member] | |||
Loss Contingencies [Line Items] | |||
Environmental remediation and regulation liability | $ 1,400,000 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Changes in Accrued Liability for Environmental Matters (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Balance at beginning of year | $ 10.7 | $ 11 |
Expense | 0 | 0.3 |
Reversal of reserves | 0 | (0.1) |
Cash expenditures | (0.3) | (0.4) |
Currency translation | 0 | (0.1) |
Balance at end of period | $ 10.4 | $ 10.7 |