Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | SunCoke Energy, Inc. | |
Entity Central Index Key | 1514705 | |
Document Type | 10-Q | |
Document Period End Date | 30-Sep-13 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 69,580,319 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ||||
Sales and other operating revenue | $389.90 | $480.10 | $1,245 | $1,421.40 |
Other income, net | 0.6 | 0.4 | 3.1 | 1.3 |
Total revenues | 390.5 | 480.5 | 1,248.10 | 1,422.70 |
Costs and operating expenses | ||||
Cost of products sold and operating expenses | 316.5 | 388.9 | 1,031.30 | 1,174.60 |
Selling, general and administrative expenses | 23.5 | 20 | 65.9 | 61.2 |
Depreciation, depletion and amortization | 23.2 | 18.9 | 70.5 | 57.5 |
Total costs and operating expenses | 363.2 | 427.8 | 1,167.70 | 1,293.30 |
Operating income | 27.3 | 52.7 | 80.4 | 129.4 |
Interest expense, net | 12.1 | 12.2 | 40 | 36 |
Income before income tax expense and loss from equity method investment | 15.2 | 40.5 | 40.4 | 93.4 |
Income tax expense | 0.6 | 7.6 | 6.5 | 19.9 |
Loss from equity method investment | 2.3 | 0 | 2.5 | 0 |
Net income | 12.3 | 32.9 | 31.4 | 73.5 |
Net Income (Loss) Attributable to Noncontrolling Interest | 6.1 | 1.3 | 17.4 | 2.3 |
Net income attributable to SunCoke Energy, Inc. | $6.20 | $31.60 | $14 | $71.20 |
Earnings attributable to SunCoke Energy, Inc. per common share: | ||||
Basic | $0.09 | $0.45 | $0.20 | $1.02 |
Diluted | $0.09 | $0.45 | $0.20 | $1.01 |
Weighted average common shares outstanding: | ||||
Basic | 69.8 | 70 | 69.9 | 70 |
Diluted | 70 | 70.3 | 70.2 | 70.3 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ||||
Net income | $12.30 | $32.90 | $31.40 | $73.50 |
Other comprehensive loss: | ||||
Reclassifications of prior service benefit and actuarial loss amortization to earnings (net of related tax expense of $0.2 million and $0.9 million for the three and nine months ended September 30, 2013, respectively, and $0.3 million and $0.9 million for the three and nine months ended September 30, 2012, respectively) | -0.5 | -0.6 | -1.5 | -1.5 |
Currency translation adjustment | -10.1 | 0 | -13.5 | -0.9 |
Comprehensive income | 1.7 | 32.3 | 16.4 | 71.1 |
Less: Comprehensive income attributable to noncontrolling interests | 6.1 | 1.3 | 17.4 | 2.3 |
Comprehensive income (loss) attributable to SunCoke Energy, Inc. | ($4.40) | $31 | ($1) | $68.80 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ||||
Reclassifications of prior service benefit and actuarial loss, tax benefit | $0.20 | $0.30 | $0.90 | $0.90 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $268.80 | $239.20 | $157.80 | $127.50 |
Receivables | 65.9 | 70 | ||
Inventories | 134.5 | 160.1 | ||
Income tax receivable | 3.7 | 0 | ||
Deferred income taxes | 2.6 | 2.6 | ||
Total current assets | 475.5 | 471.9 | ||
Investment in Brazil cokemaking operations | 41 | 41 | ||
Equity method investment in VISA SunCoke Limited | 52.5 | 0 | ||
Properties, plants and equipment, net | 1,451.20 | 1,396.60 | ||
Lease and mineral rights, net | 52.2 | 52.5 | ||
Goodwill | 9.4 | 9.4 | ||
Deferred charges and other assets | 40.9 | 39.6 | ||
Total assets | 2,122.70 | 2,011 | ||
Liabilities and Equity | ||||
Accounts payable | 125.8 | 132.9 | ||
Current portion of long-term debt | 0.8 | 3.3 | ||
Accrued liabilities | 60.9 | 91.2 | ||
Interest payable | 7.8 | 15.7 | ||
Income taxes payable | 0 | 3.9 | ||
Total current liabilities | 195.3 | 247 | ||
Long-term debt | 648.3 | 720.1 | ||
Obligation for black lung benefits | 34.1 | 34.8 | ||
Retirement benefit liabilities | 40.9 | 42.5 | ||
Deferred income taxes | 362.4 | 361.5 | ||
Asset retirement obligations | 16.7 | 13.5 | ||
Other deferred credits and liabilities | 17.9 | 16.7 | ||
Total liabilities | 1,315.60 | 1,436.10 | ||
Equity | ||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at September 30, 2013 and December 31, 2012 | 0 | 0 | ||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,524,424 and 69,988,728 shares at September 30, 2013 and December 31, 2012, respectively | 0.7 | 0.7 | ||
Treasury stock, 1,255,355 shares at September 30, 2013 and 603,528 at December 31, 2012 | -19.9 | -9.4 | ||
Additional paid-in capital | 443.4 | 436.9 | ||
Accumulated other comprehensive loss | -22.9 | -7.9 | ||
Retained earnings | 132.8 | 118.8 | ||
Total SunCoke Energy, Inc. stockholders’ equity | 534.1 | 539.1 | ||
Noncontrolling interests | 273 | 35.8 | ||
Total equity | 807.1 | 574.9 | 543.6 | 559.9 |
Total liabilities and equity | $2,122.70 | $2,011 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares, issued | 69,524,424 | 69,988,728 |
Common stock, shares, outstanding | 69,524,424 | 69,988,728 |
Treasury stock, shares | 1,255,355 | 603,528 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities: | ||
Net income | $31.40 | $73.50 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 70.5 | 57.5 |
Deferred income tax expense | 1.2 | 39.2 |
Payments in excess of expense for retirement plans | -1.6 | -6.2 |
Share-based compensation expense | 5.5 | 5.1 |
Loss from equity method investment | 2.5 | 0 |
Changes in working capital pertaining to operating activities, net of acquisition: | ||
Receivables | 4.1 | -24.9 |
Inventories | 28.3 | 27 |
Accounts payable | -7.1 | -60.9 |
Accrued liabilities | -30.3 | 10.2 |
Interest payable | -7.9 | -7.8 |
Income taxes | -7.3 | -23.6 |
Other | -1.7 | -11.3 |
Net cash provided by operating activities | 87.6 | 77.8 |
Cash Flows from Investing Activities: | ||
Capital expenditures | -95.6 | -40.6 |
Acquisition of business | -28.6 | 0 |
Equity method investment in VISA SunCoke Limited | -67.7 | 0 |
Net cash used in investing activities | -191.9 | -40.6 |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | 237.8 | 0 |
Proceeds from issuance of long-term debt | 150 | 0 |
Debt issuance costs | -6.9 | 0 |
Repayment of long-term debt | -225 | -2.5 |
Proceeds from exercise of stock options | 0.9 | 4.7 |
Repurchase of common stock | -10.9 | -9.1 |
Cash distributions to noncontrolling interests | -12 | 0 |
Net cash provided by (used in) financing activities | 133.9 | -6.9 |
Net increase in cash and cash equivalents | 29.6 | 30.3 |
Cash and cash equivalents at beginning of period | 239.2 | 127.5 |
Cash and cash equivalents at end of period | $268.80 | $157.80 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (Unaudited) (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total SunCoke Energy, Inc. Equity | Noncontrolling Interests |
In Millions, except Share data, unless otherwise specified | ||||||||
Beginning balance at Dec. 31, 2011 | $559.90 | $0.70 | $0 | $511.30 | ($6.50) | $20 | $525.50 | $34.40 |
Beginning balance, shares at Dec. 31, 2011 | 70,012,702 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 73.5 | 71.2 | 71.2 | 2.3 | ||||
Reclassifications of prior service benefit and actuarial loss amortization to earnings (net of related tax benefit of $0.7 million 2013 and $0.6 million 2012) | -1.5 | -1.5 | -1.5 | |||||
Currency translation adjustment | -0.9 | -0.9 | -0.9 | |||||
Noncash distribution to Sunoco under Tax Sharing Agreement | -88.2 | -88.2 | -88.2 | |||||
Share-based compensation expense | 5.1 | 5.1 | 5.1 | |||||
Stock options exercised and RSUs vested, shares | 535,143 | |||||||
Stock options exercised and RSUs vested | 4.7 | 4.7 | 4.7 | |||||
Shares repurchased, shares | -592,197 | -592,197 | ||||||
Shares repurchased | -9.1 | -9.1 | -9.1 | |||||
Shares issued to directors, shares | 10,140 | |||||||
Shares issued to directors | 0.1 | 0.1 | 0.1 | |||||
Ending balance at Sep. 30, 2012 | 543.6 | 0.7 | -9.1 | 433 | -8.9 | 91.2 | 506.9 | 36.7 |
Ending balance, shares at Sep. 30, 2012 | 69,965,788 | 592,197 | ||||||
Beginning balance at Dec. 31, 2012 | 574.9 | 0.7 | -9.4 | 436.9 | -7.9 | 118.8 | 539.1 | 35.8 |
Beginning balance, shares at Dec. 31, 2012 | 69,988,728 | 603,528 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 31.4 | 14 | 14 | 17.4 | ||||
Reclassifications of prior service benefit and actuarial loss amortization to earnings (net of related tax benefit of $0.7 million 2013 and $0.6 million 2012) | -1.5 | -1.5 | -1.5 | |||||
Currency translation adjustment | -13.5 | -13.5 | -13.5 | |||||
Net proceeds from issuance of SunCoke Energy Partners, L.P. units | 231.8 | 231.8 | ||||||
Cash distribution to noncontrolling interests | -12 | -12 | ||||||
Share-based compensation expense | 5.5 | 5.5 | 5.5 | |||||
Stock options exercised and RSUs vested, shares | 163,859 | |||||||
Stock options exercised and RSUs vested | 1.3 | 1.3 | 1.3 | |||||
Shares repurchased, shares | -651,827 | -651,827 | ||||||
Shares repurchased | -10.9 | -10.5 | -0.4 | -10.9 | ||||
Shares issued to directors, shares | 23,664 | |||||||
Shares issued to directors | 0.1 | 0.1 | 0.1 | |||||
Ending balance at Sep. 30, 2013 | $807.10 | $0.70 | ($19.90) | $443.40 | ($22.90) | $132.80 | $534.10 | $273 |
Ending balance, shares at Sep. 30, 2013 | 69,524,424 | 1,255,355 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Stockholders' Equity [Abstract] | ||||
Reclassifications of prior service benefit and actuarial loss, tax benefit | $0.20 | $0.30 | $0.90 | $0.90 |
General
General | 9 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
General | 1. General | |
Description of Business | ||
SunCoke Energy, Inc. (“SunCoke Energy”, “Company”, "we", "our" and "us") is an independent owner and operator of five cokemaking facilities in the eastern and midwestern regions of the United States ("U.S.") and operator of a cokemaking facility for a project company in Brazil in which it has a preferred stock investment. The cokemaking operations include blast furnace coke manufacturing at the Company’s Jewell Coke Company, L.P. (“Jewell”) facility in Vansant, Virginia; Indiana Harbor Coke Company, L.P. (“Indiana Harbor”) facility in East Chicago, Indiana; Haverhill Coke Company (“Haverhill”) facility in Franklin Furnace, Ohio; Gateway Energy & Coke Company, LLC (“Granite City”) facility in Granite City, Illinois; and Middletown Coke Company, Inc. (“Middletown”) facility in Middletown, Ohio. | ||
Our Consolidated Financial Statements include SunCoke Energy Partners, L.P. (the "Partnership"), a publicly-traded partnership and variable interest entity. We are considered to be the primary beneficiary of the Partnership for accounting purposes as we have the sole ability to direct the activities of the Partnership that most significantly impact its economic performance. See Note 3. | ||
On August 30, 2013, the Partnership completed its acquisition of the assets and business operations of Lakeshore Coal Handling Corporation, a coal handling and blending service provider. See Note 5. | ||
On March 18, 2013, we completed the transaction to form a cokemaking joint venture with VISA Steel Limited ("VISA Steel") in India called VISA SunCoke Limited ("VISA SunCoke"). VISA SunCoke is comprised of a 440 thousand ton heat recovery cokemaking facility and the facility's associated steam generation units in Odisha, India. See Note 4. | ||
On January 17, 2012 (the “Distribution Date”), we became an independent, publicly-traded company following our separation (the "Separation") from Sunoco, Inc. (“Sunoco”). The Separation occurred in two steps: | ||
• | We were formed as a wholly-owned subsidiary of Sunoco in 2010. On July 18, 2011 (the “Separation Date”), Sunoco contributed the subsidiaries, assets and liabilities that were primarily related to its cokemaking and coal mining operations to us in exchange for shares of our common stock. As of such date, Sunoco owned 100 percent of our common stock. On July 26, 2011, we completed an initial public offering (“IPO”) of 13,340,000 shares of our common stock, or 19.1 percent of our outstanding common stock. Following the IPO, Sunoco continued to own 56,660,000 shares of our common stock, or 80.9 percent of our outstanding common stock. | |
• | On the Distribution Date, Sunoco made a pro-rata, tax free distribution (the “Distribution”) of the remaining shares of our common stock that it owned in the form of a special stock dividend to Sunoco shareholders. Sunoco shareholders received 0.53046456 of a share of common stock for every share of Sunoco common stock held as of the close of business on January 5, 2012, the record date for the Distribution. After the Distribution, Sunoco ceased to own any shares of our common stock. | |
Quarterly Reporting | ||
The accompanying Consolidated Financial Statements included herein have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim reporting. Certain information and disclosures normally included in financial statements have been omitted pursuant to the rules and regulation of the Securities and Exchange Commission (“SEC”). In management’s opinion, all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented have been made. The results of operations for the period ended September 30, 2013 are not necessarily indicative of the operating results for the full year. | ||
Reclassifications | ||
Certain amounts in the prior period Consolidated Financial Statements have been reclassified to conform to the current year presentation. | ||
New Accounting Standards | ||
On January 1, 2013, we adopted Accounting Standards Update ("ASU") 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This ASU requires the disclosure of changes to accumulated other comprehensive income to be presented by component on the face of the financial statements or in a separate note to the financial statements. This ASU also requires the disclosure of significant items reclassified out of accumulated other comprehensive income to net income during the period either on the face of the financial statements or in a separate note to the financial statements. This standard is effective prospectively for interim and annual periods beginning after December 15, 2012. See Note 17. |
Arrangements_Between_Sunoco_an
Arrangements Between Sunoco and SunCoke Energy, Inc. | 9 Months Ended |
Sep. 30, 2013 | |
Arrangements Between Sunoco And Suncoke Energy Inc [Abstract] | |
Arrangements Between Sunoco and SunCoke Energy, Inc. | 2. Arrangements Between Sunoco and SunCoke Energy, Inc. |
In connection with the IPO, SunCoke Energy and Sunoco entered into certain agreements that effected the separation of SunCoke Energy’s business from Sunoco, provided a framework for its relationship with Sunoco after the separation and provided for the allocation between SunCoke Energy and Sunoco of Sunoco’s assets, employees, liabilities and obligations attributable to periods prior to, at and after the Separation. | |
Tax Sharing Agreement. On the Separation Date, SunCoke Energy and Sunoco entered into a tax sharing agreement that governs the parties’ respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. The tax sharing agreement expires on January 17, 2014. Upon and subsequent to the Separation, SunCoke Energy made noncash distributions of $88.2 million related to the settlement of tax attributes under the tax sharing agreement with Sunoco during the nine months ended September 30, 2012. A corresponding reduction was made to SunCoke Energy's equity accounts. See Note 6. | |
Transition Services Agreement. On the Separation Date, SunCoke Energy and Sunoco entered into a transition services agreement. The services provided under this agreement generally terminated upon completion of the Distribution on January 17, 2012. The fees paid to Sunoco under this agreement were not material to the financial statements for the three and nine months ended September 30, 2013 and 2012. We expect any remaining services under this agreement will be terminated by the end of 2013. | |
Guaranty, Keep Well, and Indemnification Agreement. On the Separation Date, SunCoke Energy and Sunoco entered into a guaranty, keep well, and indemnification agreement. Under this agreement, SunCoke Energy: (1) guarantees the performance of certain obligations of its subsidiaries, prior to the date that Sunoco or its affiliates may become obligated to pay or perform such obligations, including the repayment of a loan from Indiana Harbor Coke Company L.P.; (2) indemnifies, defends, and holds Sunoco and its affiliates harmless against all liabilities relating to these obligations; and (3) restricts the assets, debts, liabilities and business activities of one of its wholly-owned subsidiaries, so long as certain obligations of such subsidiary remain unpaid or unperformed. In addition, SunCoke Energy released Sunoco from its guaranty of payment of a promissory note owed by one of its subsidiaries to another of its subsidiaries. |
Formation_of_a_Master_Limited_
Formation of a Master Limited Partnership | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Formation of a Master Limited Partnership [Abstract] | |||||||||
Formation of a Master Limited Partnership | 3. Formation of a Master Limited Partnership | ||||||||
On January 24, 2013, we completed the initial public offering of the Partnership through the sale of 13,500,000 common units, representing limited partner interests in the Partnership in exchange for $231.8 million of proceeds, net of $24.7 million of offering costs, $6.0 million of which were paid during 2012 (the "Partnership offering"). Of these net proceeds, $67.0 million was retained by the Partnership for environmental remediation capital expenditures and $12.4 million for sales discounts related to tax credits owed to our customers. Upon the closing of the Partnership offering, we own the general partner of the Partnership, which consists of a 2.0 percent ownership interest and incentive distribution rights, and a 55.9 percent limited partner interest in the Partnership. The key assets of the Partnership are a 65 percent interest in each of our Haverhill and Middletown cokemaking and heat recovery facilities. We are also party to an omnibus agreement pursuant to which we will provide the Partnership with: (1) remarketing efforts upon the occurrence of certain potential adverse events under our coke sales agreements; (2) indemnification of certain environmental costs; and (3) preferential rights for growth opportunities. | |||||||||
In connection with the closing of the Partnership offering, we entered into an amendment to our Credit Agreement and the Partnership repaid $225.0 million of our Term Loan and issued $150.0 million of senior notes ("Partnership Notes"). See Note 10. | |||||||||
As the general partner of the Partnership, we have the sole ability to direct the activities of the Partnership that most significantly impact its economic performance. We are also considered to be the primary beneficiary of the Partnership for accounting purposes and consolidate the results of the Partnership in our results. The Partnership's Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012, as presented below, are included in the Consolidated Balance Sheets of SunCoke Energy. | |||||||||
SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. Predecessor | ||||||||
September 30, 2013 | December 31, 2012 | ||||||||
(Unaudited) | |||||||||
(Dollars in millions) | |||||||||
Assets | |||||||||
Cash | $ | 78.5 | $ | — | |||||
Receivables | 26 | 27.4 | |||||||
Inventories | 57.9 | 63.2 | |||||||
Total current assets | 162.4 | 90.6 | |||||||
Properties, plants and equipment, net | 792.5 | 768.7 | |||||||
Deferred income taxes | — | 21.4 | |||||||
Deferred charges and other assets | 7.9 | 4.8 | |||||||
Total assets | $ | 962.8 | $ | 885.5 | |||||
Liabilities and Equity | |||||||||
Accounts payable | 41.5 | 41.5 | |||||||
Accrued liabilities | 3.5 | 17 | |||||||
Interest payable | 1.8 | — | |||||||
Payable to affiliate | 0.7 | — | |||||||
Total current liabilities | 47.5 | 58.5 | |||||||
Long-term debt | 149.7 | 225 | |||||||
Deferred income taxes | 1.7 | — | |||||||
Other deferred credits and liabilities | 0.3 | 0.3 | |||||||
Total liabilities | 199.2 | 283.8 | |||||||
Parent Net Equity | |||||||||
Total equity | 763.6 | 601.7 | |||||||
Total liabilities and parent net equity | $ | 962.8 | $ | 885.5 | |||||
During 2013, the Partnership paid two quarterly cash distributions totaling $23.3 million, of which $9.8 million was paid to public unitholders of the Partnership. On October 22, 2013, the Partnership declared a quarterly cash distribution totaling $13.9 million, of which $5.8 million will be paid to public unitholders of the Partnership. The distribution will be paid on November 29, 2013 to unitholders of record on November 15, 2013. |
Equity_Method_Investment_Equit
Equity Method Investment Equity Method Investment | 9 Months Ended |
Sep. 30, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investment | 4. Equity Method Investment |
On March 18, 2013, we completed the transaction to form a joint venture, VISA SunCoke, with VISA Steel. VISA SunCoke is comprised of a 440 thousand ton heat recovery cokemaking facility and the facility's associated steam generation units in Odisha, India. We invested $67.7 million to acquire a 49 percent interest in VISA SunCoke with VISA Steel holding the remaining 51 percent interest. This investment is accounted for under the equity method under which investments are initially recorded at cost. We recognize our share of earnings in VISA SunCoke on a one-month lag and began recognizing such earnings in the second quarter of 2013. We intend to permanently reinvest the earnings of VISA SunCoke, and accordingly, no provision for U.S. income taxes has been recorded on such earnings. During the three and nine months ended September 30, 2013, we recognized $2.3 million and $2.5 million of equity losses in VISA SunCoke, respectively. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | |
Acquisitions | 5. Acquisition |
On August 30, 2013, the Partnership completed its acquisition of the assets and business operations of Lakeshore Coal Handling Corporation ("Lakeshore"), now called SunCoke Lake Terminal LLC ("Lake Terminal") for $28.6 million. Prior to the acquisition, the entity that owns SunCoke's Indiana Harbor cokemaking operations was a customer of Lakeshore and held the purchase rights to Lakeshore. Concurrent with the closing of the transaction, the Partnership paid $1.8 million to DTE Energy Company, the third party investor owning a 15 percent interest in the entity that owns Indiana Harbor, in consideration for assigning its share of the Lake Terminal buyout rights to the Partnership. The Partnership recognized this payment in selling, general, and administrative expenses on the Consolidated Statement of Income during the period. | |
Located in East Chicago, Indiana, Lake Terminal does not take possession of coal but instead derives its revenue by providing coal handling and blending services to its customers on a per ton basis. Lake Terminal has and will continue to provide coal handling and blending services to SunCoke's Indiana Harbor cokemaking operations. In September 2013, Lake Terminal and Indiana Harbor entered into a new 10 year contract with terms equivalent to those of an arm's-length transaction. The results of Lake Terminal have been included in the Consolidated Financial Statements since the acquisition date, and are included in the new Coal Logistics segment. The Partnership recognized plant, property, and equipment at the fair value of $25.9 million and inventory of $2.7 million in exchange for the $28.6 million of consideration paid. No goodwill was recorded as a result of this acquisition. | |
Inclusive of intersegment sales, the acquisition of Lake Terminal increased revenues by $1.1 million and operating income by $0.5 million for both the three and nine months ended September 30, 2013. The acquisition of Lake Terminal is not material to the Company's Consolidated Financial Statements. Therefore, pro forma information has not been presented. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2013 | ||
Income Tax Disclosure [Abstract] | ||
Income Taxes | 6. Income Taxes | |
Prior to the Distribution Date, SunCoke Energy and certain subsidiaries of Sunoco were included in the consolidated federal and certain consolidated, combined or unitary state income tax returns filed by Sunoco. However, SunCoke Energy’s provision for income taxes and the deferred income tax amounts reflected in the Consolidated Financial Statements have been determined on a theoretical separate-return basis through the Distribution Date. Prior to the Separation Date, any current federal and state income tax amounts were settled with Sunoco under a previous tax sharing arrangement. Under this previous tax sharing arrangement, net operating losses and tax credit carryforwards generated on a theoretical separate-return basis could be used to offset future taxable income determined on a similar basis. Such benefits were reflected in the Company’s deferred tax assets, notwithstanding the fact that such net operating losses and tax credits may actually have been realized on Sunoco’s consolidated income tax returns, or may be realized in future consolidated income tax returns covering the period through the Distribution Date. | ||
On the Separation Date, SunCoke Energy and Sunoco entered into a new tax sharing agreement that governs the parties’ respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. In general, under the tax sharing agreement: | ||
• | With respect to any periods ending at or prior to the Distribution, SunCoke Energy is responsible for any U.S. federal income taxes and any U.S. state or local income taxes reportable on a consolidated, combined or unitary return, in each case, as would be applicable to SunCoke Energy as if it filed tax returns on a stand-alone basis. With respect to any periods beginning after the Distribution, SunCoke Energy is responsible for any U.S. federal, state or local income taxes of it or any of its subsidiaries. | |
• | Sunoco is responsible for any income taxes reportable on returns that include only Sunoco and its subsidiaries (excluding SunCoke Energy and its subsidiaries), and SunCoke Energy is responsible for any income taxes filed on returns that include only it and its subsidiaries. | |
• | Sunoco is responsible for any non-income taxes reportable on returns that include only Sunoco and its subsidiaries (excluding SunCoke Energy and its subsidiaries), and SunCoke Energy is responsible for any non-income taxes filed on returns that include only it and its subsidiaries. | |
SunCoke Energy is generally not entitled to receive payment from Sunoco in respect of any of SunCoke Energy’s tax attributes or tax benefits or any reduction of taxes of Sunoco. Moreover, Sunoco is generally entitled to refunds of income taxes with respect to periods ending at or prior to the Distribution. If SunCoke Energy realizes any refund, credit or other reduction in otherwise required tax payments in any period beginning after the Distribution Date as a result of an audit adjustment resulting in taxes for which Sunoco would otherwise be responsible, then, subject to certain exceptions, SunCoke Energy must pay Sunoco the amount of any such taxes for which Sunoco would otherwise be responsible. Further, if any taxes result to Sunoco as a result of a reduction in SunCoke Energy’s tax attributes for a period ending at or prior to the Distribution Date pursuant to an audit adjustment (relative to the amount of such tax attribute reflected on Sunoco’s tax return as originally filed), then, subject to certain exceptions, SunCoke Energy is generally responsible to pay Sunoco the amount of any such taxes. | ||
SunCoke Energy has also agreed to certain restrictions that are intended to preserve the tax-free status of the contribution and the Distribution. These covenants include restrictions on SunCoke Energy’s issuance or sale of stock or other securities (including securities convertible into our stock but excluding certain compensatory arrangements), and sales of assets outside the ordinary course of business and entering into any other corporate transaction which would cause SunCoke Energy to undergo a 50 percent or greater change in its stock ownership. | ||
SunCoke Energy has generally agreed to indemnify Sunoco and its affiliates against any and all tax-related liabilities incurred by them relating to the contribution or the Distribution to the extent caused by an acquisition of SunCoke Energy’s stock or assets, or other of its actions. This indemnification applies even if Sunoco has permitted SunCoke Energy to take an action that would otherwise have been prohibited under the tax-related covenants as described above. | ||
Under the tax sharing agreement, certain deferred tax assets attributable to net operating losses and tax credit carryforwards, which had been reflected in SunCoke Energy’s Consolidated Balance Sheets prior to the Separation Date on a theoretical separate-return basis, were no longer realizable by SunCoke Energy. Accordingly, after the Separation Date, current and deferred tax benefits totaling $229.2 million were eliminated from the Consolidated Balance Sheets, $88.2 million of which were eliminated in the nine months ended September 30, 2012, with a corresponding reduction to SunCoke Energy’s equity accounts. | ||
SunCoke Energy’s tax provision was computed on a theoretical separate-return basis through the Distribution Date. To the extent any tax assets or liabilities computed on that basis differ from amounts actually payable or realizable under the provisions of the tax sharing agreement, adjustments to the tax assets and liabilities will be reflected as an income tax expense or benefit with a corresponding payable due to Sunoco, if necessary, when such amounts have been effectively settled under the terms of the tax sharing agreement. For the nine months ended September 30, 2013, SunCoke recorded income tax expense of $1.7 million to settle potential obligations under the provisions of the tax sharing agreement. SunCoke Energy will continue to monitor the utilization of all tax attributes subject to the tax sharing agreement as applicable tax returns are filed or as tax examinations progress and will record additional adjustments when necessary, consistent with the terms of the tax sharing agreement. | ||
At the end of each interim period, we make our best estimate of the effective tax rate expected to be applicable for the full fiscal year and the impact of discrete items, if any, and adjust the rate as necessary. | ||
The Company's income tax provision for the three and nine months ended September 30, 2013 is lower than the U.S. federal statutory income tax rate primarily due to the impact of earnings that are attributable to noncontrolling ownership interests in partnerships and nonconventional fuel tax credits. The income tax provision for the nine months ended September 30, 2013 includes $0.4 million related to prior period adjustments associated with local income taxes due for the Company's Middletown operations, a $1.7 million favorable provision-to-return adjustment as a result of filing our 2012 federal income tax returns, $1.4 million of additional valuation allowances associated with state and local taxes and $1.7 million to settle potential obligations under the provisions of our tax sharing agreement with Sunoco. The Company's income tax provision for the three and nine months ended September 30, 2012 is lower than the U.S. federal statutory income tax rate principally due to the impact of nonconventional fuel tax credits. | ||
We have not provided U.S. income taxes on our share of earnings from our joint venture with VISA Steel as we intend to permanently reinvest the earnings of VISA SunCoke. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 7. Inventories | ||||||||
The Company’s inventory consists of metallurgical coal, which is the principal raw material for the Company’s cokemaking operations, coke, which is the finished good sold by the Company to its customers, and materials, supplies and other. | |||||||||
These components of inventories were as follows: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(Dollars in millions) | |||||||||
Coal | $ | 90.5 | $ | 108 | |||||
Coke | 8.2 | 11.8 | |||||||
Materials, supplies and other | 35.8 | 32 | |||||||
Consigned coke inventory (1) | — | 8.3 | |||||||
$ | 134.5 | $ | 160.1 | ||||||
-1 | During 2011, we estimated that Indiana Harbor would fall short of its 2011 annual minimum coke production requirements by approximately 122 thousand tons. Accordingly, we entered into contracts to procure approximately 133 thousand tons of coke from third parties. The Company then entered into an agreement to sell approximately 95 thousand tons of this purchased coke to a customer on a consignment basis. During 2012, the customer consumed 73 thousand tons of consigned coke and the remaining 22 thousand tons of consigned coke were consumed during the first quarter of 2013. |
Retirement_Benefits_Plans
Retirement Benefits Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||
Retirement Benefits Plans | 8. Retirement Benefits Plans | ||||||||||||||||
Defined Benefit Pension Plan and Postretirement Health Care and Life Insurance Plans | |||||||||||||||||
The Company has a noncontributory defined benefit pension plan (“defined benefit plan”), which provides retirement benefits for certain of its employees. The Company also has plans which provide health care and life insurance benefits for many of its retirees (“postretirement benefit plans”). The postretirement benefit plans are unfunded and the costs are borne by the Company. | |||||||||||||||||
Effective January 1, 2011, pension benefits under the Company’s defined benefit plan were frozen for all participants in this plan. The Company also amended its postretirement benefit plans during the first quarter of 2010. Postretirement medical benefits for future retirees were phased out or eliminated, effective January 1, 2011, for non-mining employees with less than ten years of service and employer costs for all those still eligible for such benefits were capped. As a result of these changes, the Company’s postretirement benefit liability declined $36.7 million during 2010. Most of the benefit of this liability reduction is being amortized into income through 2016. | |||||||||||||||||
Defined benefit plan expense consisted of the following components: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Interest cost on benefit obligations | 0.3 | 0.4 | 1 | 1.1 | |||||||||||||
Expected return on plan assets | (0.6 | ) | (0.5 | ) | (1.8 | ) | (1.4 | ) | |||||||||
Amortization of actuarial losses | 0.3 | 0.2 | 0.8 | 0.7 | |||||||||||||
$ | — | $ | 0.1 | $ | — | $ | 0.4 | ||||||||||
Postretirement benefit plans benefit consisted of the following components: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Service cost | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.2 | |||||||||
Interest cost on benefit obligations | 0.3 | 0.4 | 1 | 1.4 | |||||||||||||
Amortization of: | |||||||||||||||||
Actuarial losses | 0.4 | 0.4 | 1.1 | 1.1 | |||||||||||||
Prior service benefit | (1.4 | ) | (1.4 | ) | (4.3 | ) | (4.2 | ) | |||||||||
$ | (0.6 | ) | $ | (0.5 | ) | $ | (2.0 | ) | $ | (1.5 | ) |
Accrued_Liabilities
Accrued Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||
Accrued Liabilities | 9. Accrued Liabilities | ||||||||
Accrued liabilities consisted of the following: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(Dollars in millions) | |||||||||
Accrued sales discounts(1) | $ | 12.5 | $ | 36.2 | |||||
Accrued benefits | 18.3 | 21.5 | |||||||
Other taxes payable | 11.8 | 10.9 | |||||||
Other | 18.3 | 22.6 | |||||||
Total | $ | 60.9 | $ | 91.2 | |||||
-1 | At December 31, 2012, we had $12.4 million accrued related to sales discounts to be paid to our customer at our Haverhill facility. During the first quarter of 2013, we settled this obligation for $11.8 million which resulted in a gain of $0.6 million. This gain is recorded in sales and other operating revenue on our Consolidated Statement of Income. |
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | 10. Debt | ||||||||
Total debt, including the current portion of long-term debt, consisted of the following: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(Dollars in millions) | |||||||||
Term loans, bearing interest at variable rates, due 2018, net of original issue discount of $1.0 million and $1.7 million at September 30, 2013 and December 31, 2012, respectively(1) | $ | 99.1 | $ | 323.4 | |||||
7.625% senior notes, due 2019 (“Senior Notes”) | 400 | 400 | |||||||
7.375% senior notes, due 2020 (“Partnership Notes”) | 150 | — | |||||||
Total debt | $ | 649.1 | $ | 723.4 | |||||
Less: current portion of long-term debt | 0.8 | 3.3 | |||||||
Total long-term debt | $ | 648.3 | $ | 720.1 | |||||
-1 | Borrowed under the Company's Credit Agreement on July 26, 2011, as amended ("Credit Agreement"). | ||||||||
Concurrent with the IPO, SunCoke Energy entered into a Credit Agreement that provides for a seven-year term loan ("Term Loan") in a principal amount of $300.0 million. The Credit Agreement provides for up to $75.0 million in uncommitted incremental facility term loans ("Incremental Facilities") that are available subject to the satisfaction of certain conditions. SunCoke Energy also issued $400.0 million aggregate principal amount of senior notes ("Senior Notes") that bear interest at a rate of 7.625 percent per annum and will mature in 2019 with all principal paid at maturity. | |||||||||
As of September 30, 2013, there was $45.0 million of capacity under the Incremental Facilities. The Credit Agreement also provides for a $150.0 million revolving facility (“Revolving Facility”) that can be used to finance capital expenditures, acquisitions, working capital needs and for other general corporate purposes. As of September 30, 2013, the Revolving Facility had letters of credit outstanding of $2.1 million, leaving $147.9 million available subject to the terms of the Credit Agreement. | |||||||||
In connection with the closing of the Partnership offering, the Partnership repaid $225.0 million of our Term Loan and we entered into an amendment to our Credit Agreement. In conjunction with the repayment, we incurred a charge of approximately $2.9 million, which is included in interest expense, net on the Consolidated Statement of Income, representing the write-off of unamortized debt issuance costs and original issue discount related to the portion of the Term Loan extinguished. | |||||||||
The amendment to our Credit Agreement, among other things, modified provisions to reflect the Partnership offering including (i) changing the definition of “Consolidated Net Income” to include cash distributions received by the Company or a Restricted Subsidiary from an Unrestricted Subsidiary that is controlled directly or indirectly by the Company when calculating “Consolidated Net Income”, (ii) clarifying that obligations incurred by certain subsidiaries of the Company at or about the timing of the closing of the Partnership offering shall not be included in the definition of “Indebtedness,” and (iii) permitting an allowance for investments in Middletown Coke Company, LLC and Haverhill Coke Company LLC and certain other subsidiaries of the Company. In addition, we also designated Middletown Coke Company, LLC and Haverhill Coke Company LLC as unrestricted subsidiaries. Furthermore, the term of the Credit Agreement was extended to January 2018. We incurred debt issuance costs of $0.7 million in conjunction with this amendment which will be amortized through January 2018. | |||||||||
In addition, with the closing of the Partnership offering, the Partnership issued $150.0 million of Partnership Notes. The Partnership Notes have an interest rate of 7.375 percent and mature on February 1, 2020. The Partnership may redeem some or all of the Partnership Notes prior to February 1, 2016 by paying a “make-whole” premium. The Partnership also may redeem some or all of the Partnership Notes on or after February 1, 2016 at specified redemption prices. In addition, prior to February 1, 2016, the Partnership may redeem up to 35 percent of the Partnership Notes using the proceeds of certain equity offerings. If the Partnership sells certain of its assets or experiences specific kinds of changes in control, subject to certain exceptions, the Partnership must offer to purchase the Partnership Notes. In conjunction with the closing of the Partnership offering, the Partnership also entered into a $100.0 million revolving credit facility with a term extending through January 2018. In conjunction with these transactions, the Partnership incurred debt issuance costs of $5.9 million, $0.8 million of which were immediately expensed and are included in interest expense, net on the Consolidated Statement of Income, as they were related to the portion of the issuance that was considered a modification of the existing Term Loan discussed above. Approximately $0.6 million of these costs were paid in 2012. This credit facility was amended on August 28, 2013, increasing the total aggregate commitments from lenders to $150.0 million and now also providing for up to $100.0 million uncommitted incremental revolving capacity, subject to the satisfaction of certain conditions. We paid $0.9 million in fees related to the credit facility amendment. The fees have been included in deferred charges and other assets in the Consolidated Balance Sheet, which will be amortized over the life of the facility. As of September 30, 2013, this credit facility had letters of credit outstanding of $0.7 million, leaving $149.3 million available. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 11. Commitments and Contingent Liabilities |
The Company is subject to indemnity agreements with current and former third-party investors of Indiana Harbor and Jewell related to certain tax benefits that they earned as limited partners. Based on the applicable statute of limitations, as well as published filings of the limited partners, the Company believes that tax audits for years 2006 and 2007, relating to tax credits of approximately $51 million, may still be open for the limited partners and subject to examination. As of September 30, 2013, the Company has not been notified by the limited partners that any items subject to the indemnification are under examination and further believes that the potential for any claims under the indemnity agreements is remote. | |
SunCoke is also party to an omnibus agreement pursuant to which we will provide remarketing efforts to the Partnership upon the occurrence of certain potential adverse events under our coke sales agreements, indemnification of certain environmental costs and preferential rights for growth opportunities. | |
In June 2013, AK Steel experienced a blast furnace outage at their Middletown plant. Due to this outage, we agreed to manage production at our Haverhill cokemaking facility to be consistent with annual contract maximums and to temporarily scale back coke production at our Middletown facility to name plate capacity levels in the second half of 2013. Pursuant to the omnibus agreement, the Company remitted a make-whole payment to the Partnership of $0.6 million in the third quarter 2013, which was based on lower production levels at our Middletown cokemaking facility. We recorded this payment as a capital contribution to the Partnership. The Company expects to make additional payments of approximately $0.4 million in the fourth quarter 2013 due to the anticipated lower coke production levels at the Middletown facility. In addition, the Partnership plans to provide AK Steel extended payment terms on December 2013 coke production and pursuant to our omnibus agreement, the Company will remit to the Partnership the amounts due under normal contract terms and hold the extended-term receivables with AK Steel, resulting in a shift of approximately $20 million in expected operating cash flow from 2013 to early 2014. | |
The United States Environmental Protection Agency (the “EPA”) has issued Notices of Violations (“NOVs”) for our | |
Haverhill and Granite City cokemaking facilities which stem from alleged violations of our air emission operating permits for these facilities. We are working in a cooperative manner with the EPA, the Ohio Environmental Protection Agency and the Illinois Environmental Protection Agency to address the allegations, and a Consent Decree among the parties was lodged in federal court in June 2013. The settlement includes payment of a civil penalty, and we estimate our reasonably probable loss to be approximately $2.2 million. Further, the settlement consists of capital projects to improve reliability of the energy recovery systems and enhance environmental performance at the Haverhill and Granite City facilities. As a result of discussions with the EPA, we spent approximately $5 million related to these projects in 2012 and expect to spend approximately $23 million in 2013. We also plan to spend an additional $72 million in the 2014 to 2016 time frame. A portion of the proceeds from the Partnership offering is being used to fund $67 million of the total spending on this project. | |
The Company has received NOVs from the EPA related to our Indiana Harbor cokemaking facility. The Company is working in a cooperative manner to address the allegations with the EPA, the Indiana Department of Environmental Management ("IDEM") and Cokenergy, Inc., an independent power producer that owns and operates an energy facility, including heat recovery equipment, a flue gas desulfurization system and a power generation plant that processes hot flue gas from our Indiana Harbor cokemaking facility to produce steam and electricity and to reduce the sulfur and particulate content of such flue gas. Settlement may require payment of a penalty for alleged past violations as well as undertaking capital projects to enhance environmental performance. In conjunction with the contract renewal with our customer, we are undertaking an estimated $85 million refurbishment project to improve the reliability and condition of the facility. We spent $14 million related to this project in 2012 and anticipate spending $58 million in 2013. We believe that the scope of the project will address items that may be required in connection with the settlement of the NOVs at our Indiana Harbor cokemaking facility. At this time, the Company cannot yet assess any future injunctive relief or potential monetary penalty and any potential future citations. The Company is unable to estimate a range of probable or reasonably possible loss. | |
The Southwest Ohio Air Quality Agency ("SWOAQA") also issued a NOV to our Middletown facility in November 2012. We responded to the NOV by providing a carbon injection plan requested by SWOAQA. At present, the Company cannot assess whether there will be a monetary penalty or any future citations, but we do not expect such a penalty or citations to be material to the financial position, results of operations or cash flows of the Company at September 30, 2013. | |
Other legal and administrative proceedings are pending or may be brought against the Company arising out of its current and past operations, including matters related to commercial and tax disputes, product liability, antitrust, employment claims, premises-liability claims, allegations of exposures of third parties to toxic substances and general environmental claims. Although the ultimate outcome of these claims cannot be ascertained at this time, it is reasonably possible that some portion of these claims could be resolved unfavorably to the Company. Management of the Company believes that any liability which may arise from such matters would not be material in relation to the financial position, results of operations or cash flows of the Company at September 30, 2013. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2013 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 12. Restructuring |
During the first quarter of 2013, we implemented a reduction in force at our Coal Mining segment. This reduction in force resulted in the termination of 52 employees eligible to receive certain payments. The Company incurred restructuring charges of $0.9 million related to this reduction in force during the first quarter of 2013 and does not anticipate any further significant charges. At September 30, 2013, there was no liability remaining related to the restructuring. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Share-based Compensation [Abstract] | |||||
Share-Based Compensation | 13. Share-Based Compensation | ||||
During the nine months ended September 30, 2013, we granted share-based compensation to eligible participants under the SunCoke Energy, Inc. Long-Term Performance Enhancement Plan (“SunCoke LTPEP”). | |||||
Stock Options | |||||
We granted stock options to purchase 446,948 shares of common stock during the nine months ended September 30, 2013 with an exercise price equal to the closing price of our common stock on the date of grant. The stock options become exercisable in three equal annual installments beginning one year from the date of grant. The stock options expire 10 years from the date of grant. All awards vest immediately upon a change in control and a qualifying termination of employment as defined by the SunCoke LTPEP. | |||||
The Company calculates the value of each employee stock option, estimated on the date of grant, using the Black-Scholes option pricing model. The fair value of employee stock options granted during the nine months ended September 30, 2013 was $6.00 using the following weighted-average assumptions: | |||||
Nine months ended September 30, | |||||
2013 | |||||
Risk free interest rate | 0.93 | % | |||
Expected term | 5 years | ||||
Volatility | 44 | % | |||
Dividend yield | — | % | |||
Weighted-average exercise price | $ | 16.55 | |||
The Company uses the average implied volatility of the Dow Jones U.S. Steel index coupled with the implied volatility of the S&P 600. Since the Company does not have a direct peer group and only has a limited trading history it believes this approach provides a reasonable implied volatility. | |||||
The risk-free interest rate assumption is based on the U.S. Treasury yield curve at the date of grant for periods which approximate the expected life of the option. The dividend yield assumption is based on the Company’s future expectation of dividend payouts. The expected life of employee options represents the average contractual term adjusted by the average vesting period of each option tranche. The Company estimated a three percent forfeiture rate for these awards. This estimated forfeiture rate may be revised in subsequent periods if the actual forfeiture rate differs. | |||||
As of September 30, 2013, the Company had 2.3 million stock options outstanding excluding the stock options issued in conjunction with the award modifications discussed below. The Company recognized compensation cost of $1.2 million and $3.3 million for the three and nine months ended September 30, 2013, respectively, and compensation expense of $1.0 million and $2.9 million for the three and nine months ended September 30, 2012. As of September 30, 2013, there was $6.1 million of total unrecognized compensation cost related to these nonvested stock options. This compensation cost is expected to be recognized over the next 1.6 years. | |||||
Restricted Stock Units | |||||
The Company issued 277,918 restricted stock units (“RSU”) for shares of the Company’s common stock during the nine months ended September 30, 2013 that vest in three annual installments beginning one year from the grant date. The weighted-average fair value of the RSUs granted during the nine months ended September 30, 2013 of $16.54 was based on the closing price of our common stock on the date of grant. The Company estimated a three percent forfeiture rate for these awards. This estimated forfeiture rate may be revised in subsequent periods if the actual forfeiture rate differs. All awards vest immediately upon a change in control and a qualifying termination of employment as defined by the SunCoke LTPEP. | |||||
As of September 30, 2013, the Company had 489,951 RSUs outstanding excluding the RSUs issued in conjunction with the award modifications discussed below. The Company recognized $0.7 million and $1.7 million in compensation expense during the three and nine months ended September 30, 2013, respectively, and $0.3 million and $1.2 million of compensation expense during the three and nine months ended September 30, 2012, respectively. As of September 30, 2013, there was $6.1 million of total unrecognized compensation cost related to these nonvested RSUs. This compensation cost is expected to be recognized over the next 2.2 years. | |||||
Performance Share Units | |||||
The Company issued 96,073 performance share units ("PSU") for shares of the Company's common stock during the nine months ended September 30, 2013 that vest on December 31, 2015. All awards vest immediately upon a change in control and a qualifying termination of employment as defined by the SunCoke LTPEP. The weighted average fair value of the PSUs granted during the nine months ended September 30, 2013 is $19.56 and is based on the closing price of our common stock on the date of grant as well as a Monte Carlo simulation for the portion of the award subject to a market condition. The Company estimated a three percent forfeiture rate for these awards. This estimated forfeiture rate may be revised in subsequent periods if the actual forfeiture rate differs. | |||||
The number of PSUs ultimately awarded will be adjusted based upon the following metrics: (1) 50 percent of the award will be determined by the Company's three year total shareholder return ("TSR") as compared to the TSR of the companies making up the S&P 600; and (2) 50 percent of the award will be determined by the Company's three year average pre-tax return on capital for the Company's coke business. Each portion of the award may be adjusted between zero and 200 percent of the original units granted. | |||||
As of September 30, 2013, the Company had 96,073 PSUs outstanding. The Company recognized $0.2 million and $0.4 million of compensation expense during the three and nine months ended September 30, 2013, respectively. As of September 30, 2013, there was $1.5 million of total unrecognized compensation cost related to these nonvested PSUs. This compensation cost is expected to be recognized over the next 2.4 years. | |||||
Award Modifications | |||||
In connection with the Distribution, certain Sunoco common stock awards and stock options that were held by Sunoco employees, Sunoco directors and SunCoke Energy employees were modified and an anti-dilutive provision was added. In general, all Sunoco stock options held by Sunoco employees and Sunoco directors were converted into both Sunoco and SunCoke Energy stock options. Sunoco stock options held by SunCoke Energy employees were converted to SunCoke Energy stock options. All SunCoke Energy common stock issued as a result of option exercises or the vesting of common stock awards will be issued under the SunCoke LTPEP. | |||||
At the Distribution Date, 1,219,842 SunCoke Energy stock options were issued in connection with the conversion of the outstanding Sunoco stock options to Sunoco employees and directors, of which 336,781 were outstanding at September 30, 2013. The converted stock options for Sunoco employees and directors are fully vested and exercisable and any expense associated with the modification of these stock options was recognized by Sunoco. The exercise prices for these stock options range from $4.77 to $29.35 per share. The stock options expire 10 years from the date of the original grant. During the nine months ended September 30, 2013, 79,561 options were exercised and 325,320 options were forfeited. | |||||
At the Distribution Date, 295,854 SunCoke Energy stock options were issued in connection with the conversion of the outstanding Sunoco stock options for SunCoke Energy employees, all of which are fully vested with 282,277 outstanding and exercisable as of September 30, 2013. The exercise prices for these stock options range from $8.93 to $22.31 per share. The stock options expire 10 years from the date of the original grant. In the first quarter of 2012, SunCoke Energy recorded a $0.5 million charge in connection with the award modification and the addition of an anti-dilution provision. Compensation expense related to these awards during the three and nine months ended September 30, 2013 and 2012 was not material. | |||||
At the Distribution Date, outstanding Sunoco common stock units held by SunCoke Energy employees were converted into 95,984 SunCoke Energy restricted stock units, all of which had vested as of September 30, 2013. Compensation expense related to these awards during the three and nine months ended September 30, 2013 and 2012 was not matieral. |
Share_Repurchase_Program
Share Repurchase Program | 9 Months Ended |
Sep. 30, 2013 | |
Share Repurchase Program [Abstract] | |
Share Repurchase Program | 14. Share Repurchase Program |
In February 2012, the Company’s Board of Directors authorized the repurchase of up to 3.5 million shares of the Company’s common stock over a three year period in order to counter the dilutive impact of exercised stock options and the vesting of restricted stock grants (“Repurchase Program”). During the nine months ended September 30, 2013, the Company repurchased 625,000 shares on the open-market at a cost of approximately $10.1 million. As of September 30, 2013, the Company had approximately 2.3 million shares remaining available for repurchase under the Repurchase Program. | |
In addition to shares repurchased under the Repurchase Program discussed above, during the nine months ended September 30, 2013, the Company withheld shares from LTPEP participants to satisfy $0.8 million in minimum tax withholding obligations, pursuant to the terms of our LTPEP. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings per Share | 15. Earnings per Share | ||||||||||||
Basic earnings per share has been computed by dividing net income by the weighted average number of shares outstanding during the period. Except where the result would be anti-dilutive, diluted earnings per share has been computed to give effect to share-based compensation awards using the treasury stock method. | |||||||||||||
The following table sets forth the reconciliation of the weighted-average number of common shares used to compute basic earnings per share (“EPS”) to those used to compute diluted EPS: | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(Shares in millions) | |||||||||||||
Weighted-average number of common shares outstanding-basic | 69.8 | 70 | 69.9 | 70 | |||||||||
Add: Effect of dilutive share-based compensation awards | 0.2 | 0.3 | 0.3 | 0.3 | |||||||||
Weighted-average number of shares-diluted | 70 | 70.3 | 70.2 | 70.3 | |||||||||
The potential dilutive effect of 1.9 million and 2.4 million stock options was excluded from the computation of diluted weighted-average shares outstanding for the three and nine months ended September 30, 2013 respectively, as the shares would have been anti-dilutive. The potential dilutive effect of 2.6 million stock options was excluded from the computation of diluted weighted-average shares outstanding for the three months ended and 2.5 million stock options and 0.1 million restricted stock units was excluded from the computation of diluted weighted-average shares outstanding for the nine months ended September 30, 2012, as the shares would have been anti-dilutive. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||
Supplemental Cash Flow Information | 16. Supplemental Cash Flow Information | ||||||||
Cash flows from operations reflected cash payments for interest and income taxes as follows: | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
(Dollars in millions) | |||||||||
Interest paid | $ | 36.2 | $ | 40.7 | |||||
Income taxes paid | $ | 12.6 | $ | 3.9 | |||||
Supplemental_Accumulated_Other
Supplemental Accumulated Other Comprehensive Loss Information Supplemental Accumulated Other Comprehensive Loss Information | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Statement of Other Comprehensive Income [Abstract] | ||||||||||||
Supplemental Accumulated Other Comprehensive Loss Information | 17. Supplemental Accumulated Other Comprehensive Loss Information | |||||||||||
Changes in the balance of accumulated other comprehensive loss, by component, are presented below: | ||||||||||||
Defined Benefit Plans | Currency Translation Adjustments | Total | ||||||||||
(Dollars in millions) | ||||||||||||
At December 31, 2012 | $ | (6.6 | ) | $ | (1.3 | ) | $ | (7.9 | ) | |||
Other comprehensive loss before reclassifications | — | (13.5 | ) | (13.5 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | (1.5 | ) | — | (1.5 | ) | |||||||
Net current period other comprehensive loss | (1.5 | ) | (13.5 | ) | (15.0 | ) | ||||||
At September 30, 2013 | $ | (8.1 | ) | $ | (14.8 | ) | $ | (22.9 | ) | |||
The impact on net income of reclassification adjustments from accumulated other comprehensive loss were as follows: | ||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||
(Dollars in millions) | ||||||||||||
Amortization of defined benefit plan items to net income: | ||||||||||||
Prior service benefit | $ | 1.4 | $ | 4.3 | ||||||||
Actuarial loss | (0.7 | ) | (1.9 | ) | ||||||||
Total before taxes | 0.7 | 2.4 | ||||||||||
Income tax expense | (0.2 | ) | (0.9 | ) | ||||||||
Total, net of tax | $ | 0.5 | $ | 1.5 | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |
Sep. 30, 2013 | ||
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements | 18. Fair Value Measurement | |
The Company measures certain financial and non-financial assets and liabilities at fair value on a recurring basis. Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Fair value disclosures are reflected in a three-level hierarchy, maximizing the use of observable inputs and minimizing the use of unobservable inputs. | ||
The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: | ||
• | Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. | |
• | Level 2 – inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. | |
• | Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Certain assets and liabilities are measured at fair value on a recurring basis. | ||
Foreign Currency Hedge | ||
The Company occasionally utilizes foreign exchange derivatives to manage the risks associated with fluctuations in foreign currency exchange rates and accounts for them under ASC 815-Derivatives and Hedging, which requires all derivatives to be marked to market (fair value). The Company does not purchase or hold any derivatives for trading purposes. On November 26, 2012, the Company entered into agreements to purchase 1.845 billion Indian rupees at a weighted average rate of 56.075 with a settlement date of January 31, 2013. During the first quarter of 2013, the settlement date for these agreements was extended to March 14, 2013. Additionally, on February 21, 2013, the Company entered into agreements to purchase an additional 1.830 billion Indian rupees at a weighted average rate of 54.810 with a settlement date of March 14, 2013, at which point our India joint venture investment was fully hedged. The Company did not elect hedge accounting treatment for these foreign exchange contracts and, therefore, the changes in the fair value of the derivative are recorded in other income, net on the Consolidated Statement of Income. | ||
The fair value of the foreign exchange contract at December 31, 2012 was an asset of approximately $0.6 million. In estimating the fair market value of the foreign exchange contract, the Company utilized published exchange rates at December 31, 2012 between the U.S. dollar and Indian rupee. The contracts were cash settled on March 14, 2013 and the net mark to market impact of the foreign exchange contract was a gain of approximately $0.9 million for the nine months ended September 30, 2013 which was recorded in other income, net on the Consolidated Statement of Income. | ||
Interest Rate Swaps | ||
The Company utilizes interest rate swaps to manage the risk associated with changing interest rates and accounts for them under ASC 815—Derivatives and Hedging, which requires all derivatives to be marked to market (fair value). The Company does not purchase or hold any derivatives for trading purposes. On August 15, 2011, the Company entered into interest rate swap agreements with an aggregate notional amount of $125.0 million. During the first quarter of 2013, we settled one of the interest rate swaps having a notional amount of $25.0 million. The impact of this transaction on the financial statements was not material. The remaining agreements expire three years from the forward effective date of October 11, 2011. Under the outstanding interest rate swap agreements, the Company will pay a weighted average fixed rate of 1.3175 percent in exchange for receiving floating rate payments based on the greater of 1.0 percent or three-month LIBOR. The Company did not elect hedge accounting treatment for these interest rate swaps and, therefore, the changes in the fair value of the interest rate swap agreements are recorded in interest expense. The counterparties of the interest rate swap agreements are large financial institutions which the Company believes are of high quality creditworthiness. While the Company may be exposed to potential losses due to the credit risk of nonperformance by these counterparties, such losses are not anticipated. | ||
The fair value of the swap agreements at September 30, 2013 was a liability of approximately $0.4 million. The mark to market impact of the swap arrangements was a reduction in interest expense of $0.1 million and $0.4 million for the three and nine months ended September 30, 2013, respectively and an increase in interest expense of zero and $0.3 million for the three and nine months ended September 30, 2012, respectively. In estimating the fair market value of interest rate swaps, the Company utilized a present value technique which discounts future cash flows against the underlying floating rate benchmark. Derivative valuations incorporate credit risk adjustments that are necessary to reflect the probability of default by the counterparty. These inputs are not observable in the market and are classified as Level 3 within the valuation hierarchy. | ||
Non-Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Contingent consideration related to the acquisition of Harold Keene Coal Co., Inc. and affiliated companies ("HKCC") is measured at fair value and amounted to $4.6 million at September 30, 2013. The estimated fair value is based on significant inputs that are not observable in the market, or Level 3 within the valuation hierarchy. Key assumptions at September 30, 2013 include (a) a risk-adjusted discount rate range of 1.314 percent to 8.225 percent, which reflects a credit spread adjustment for each period, and (b) production levels of HKCC operations between zero and 318 thousand tons per year. The fair value adjustments to contingent consideration decreased cost of products sold by $0.2 million for the three and nine months ended September 30, 2013. The fair value adjustments to contingent consideration decreased cost of products sold by $3.2 million and $3.9 million for the three and nine months ended September 30, 2012, respectively. | ||
Non-Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||
Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). At September 30, 2013, no material fair value adjustments or fair value measurements were required for these non-financial assets or liabilities. | ||
Certain Financial Assets and Liabilities not Measured at Fair Value | ||
At September 30, 2013, the estimated fair value of the Company’s debt was estimated to be $682.6 million, compared to a carrying amount of $649.1 million, which was net of original issue discount and mandatory pre-payments made since issuance. The fair value was estimated by management based upon estimates of debt pricing provided by financial institutions and are considered Level 3 inputs. |
Business_Segment_Information
Business Segment Information | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||
Business Segment Information | 19. Business Segment Information | ||||||||||||||||||||||||||||
The Company is an independent owner and operator of five cokemaking facilities in the eastern and midwestern regions of the United States. The Company is also the operator of a cokemaking facility for a project company in Brazil in which it has a preferred stock investment and is a 49 percent joint venture partner in a cokemaking operation in India. In addition to its cokemaking operations, the Company has metallurgical coal mining operations in the eastern United States as well as coal handling and blending operations in the midwest. | |||||||||||||||||||||||||||||
The Domestic Coke segment includes the Jewell, Indiana Harbor, Haverhill, Granite City and Middletown cokemaking facilities. Each of these facilities produces coke and all facilities except Jewell recover waste heat which is converted to steam or electricity through a similar production process. The coke production for these facilities is sold directly to integrated steel producers under contracts which provide for the pass-through of coal costs subject to contractual coal-to-coke yields plus an operating cost component and fixed fee component received for each ton of coke sold. | |||||||||||||||||||||||||||||
Prior to 2011, the results of our Jewell cokemaking facility were not comparable to our other domestic cokemaking facilities due to a difference in pricing for the coal component of coke price. Beginning in January 2011, the coal component of coke price in the Jewell Coke sales agreement was changed, and as a result the economic characteristics of Jewell became similar to the Company's other domestic cokemaking facilities. Prior to 2013, the Company elected to continue to report Jewell separately due to the differences in comparability of Jewell's results caused by different coal pricing terms in pre 2011 periods versus post 2011 periods. Beginning in January 2013, Jewell has been reflected within the Domestic Coke segment as there is now consistency in Jewell's contract terms between all periods presented. Prior periods have been restated to reflect this change. | |||||||||||||||||||||||||||||
On March 18, 2013, we completed the transaction to form a cokemaking joint venture called VISA SunCoke with VISA Steel. VISA SunCoke is comprised of a 440 thousand ton heat recovery cokemaking facility and the facility's associated steam generation units in Odisha, India. We own a 49 percent interest in VISA SunCoke and account for this investment under the equity method. We recognize our share of earnings in VISA SunCoke on a one-month lag and began recognizing such earnings in the second quarter of 2013. The results of our joint venture are presented below in the India Coke segment. | |||||||||||||||||||||||||||||
With the addition of VISA SunCoke, our operations in Brazil are no longer our only foreign coke operations and have been renamed the Brazil Coke segment. The Brazil Coke segment operates a cokemaking facility located in Vitória, Brazil for a project company. The Brazil Coke segment earns income from the Brazilian facility through (1) licensing and operating fees payable to us under long-term contracts with the local project company that will run through 2023, subject, in the case of the licensing agreement, to the issuance prior to 2014 of certain patents in Brazil that have been granted in the United States and (2) an annual preferred dividend on our preferred stock investment from the project company guaranteed by the Brazil subsidiary of ArcelorMittal. | |||||||||||||||||||||||||||||
The Company’s Coal Mining segment conducts coal mining operations near the Company’s Jewell cokemaking facility with mines located in Virginia and West Virginia. Currently, a substantial portion of the coal production is sold to the Jewell cokemaking facility for conversion into coke. Some coal is also sold to other cokemaking facilities within the Domestic Coke segment. Intersegment coal revenues for sales to the Domestic Coke segment are reflective of the contract price that the facilities within the Domestic Coke segment charge their customers, which approximate the market prices for this quality of metallurgical coal. | |||||||||||||||||||||||||||||
On August 30, 2013, the Partnership completed its acquisition of Lake Terminal. Located in East Chicago, Indiana, Lake Terminal has and will provide coal handling and blending services to our Indiana Harbor cokemaking operations. The results of Lake Terminal are presented in the new Coal Logistics segment below. | |||||||||||||||||||||||||||||
Overhead expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and Other. Interest expense, net is also excluded from segment results. Segment assets are those assets that are utilized within a specific segment. | |||||||||||||||||||||||||||||
The following table includes Adjusted EBITDA, which is the measure of segment profit or loss reported to the chief operating decision maker for purposes of allocating resources to the segments and assessing their performance: | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Domestic Coke | Brazil | India Coke | Coal Mining | Coal Logistics | Corporate | Consolidated | |||||||||||||||||||||||
Coke | and Other | ||||||||||||||||||||||||||||
Sales and other operating revenue | $ | 364.8 | $ | 8.2 | $ | — | $ | 16.8 | $ | 0.1 | $ | — | $ | 389.9 | |||||||||||||||
Intersegment sales | $ | — | $ | — | $ | — | $ | 35.7 | $ | 1 | $ | — | $ | — | |||||||||||||||
Adjusted EBITDA | $ | 64.3 | $ | 1.5 | $ | (2.1 | ) | $ | (2.6 | ) | $ | 0.7 | $ | (11.1 | ) | $ | 50.7 | ||||||||||||
Loss from equity method investment | $ | — | $ | — | $ | 2.3 | $ | — | $ | — | $ | — | $ | 2.3 | |||||||||||||||
Depreciation, depletion and amortization | $ | 16.8 | $ | 0.1 | $ | — | $ | 5.6 | $ | 0.2 | $ | 0.5 | $ | 23.2 | |||||||||||||||
Capital expenditures | $ | 29.5 | $ | (0.2 | ) | $ | — | $ | 4 | $ | — | $ | 0.9 | $ | 34.2 | ||||||||||||||
Total segment assets | $ | 1,525.80 | $ | 51.6 | $ | 52.8 | $ | 176 | $ | 30 | $ | 286.5 | $ | 2,122.70 | |||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Domestic Coke | Brazil | Coal | Corporate | Consolidated | |||||||||||||||||||||||||
Coke | Mining | and Other | |||||||||||||||||||||||||||
Sales and other operating revenue | $ | 462.9 | $ | 8.3 | $ | 8.9 | $ | — | $ | 480.1 | |||||||||||||||||||
Intersegment sales | $ | — | $ | — | $ | 56.2 | $ | — | $ | — | |||||||||||||||||||
Adjusted EBITDA | $ | 69.8 | $ | 0.9 | $ | 10.7 | $ | (7.7 | ) | $ | 73.7 | ||||||||||||||||||
Depreciation, depletion and amortization | $ | 14.1 | $ | — | $ | 4.2 | $ | 0.6 | $ | 18.9 | |||||||||||||||||||
Capital expenditures | $ | 10.9 | $ | 0.3 | $ | 7.7 | $ | 1 | $ | 19.9 | |||||||||||||||||||
Total segment assets | $ | 1,533.70 | $ | 52.8 | $ | 190.1 | $ | 183.8 | $ | 1,960.40 | |||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Domestic Coke | Brazil | India Coke | Coal | Coal Logistics | Corporate | Consolidated | |||||||||||||||||||||||
Coke | Mining | and Other | |||||||||||||||||||||||||||
Sales and other operating revenue | $ | 1,168.80 | $ | 25.9 | $ | — | $ | 50.2 | $ | 0.1 | $ | — | $ | 1,245.00 | |||||||||||||||
Intersegment sales | $ | — | $ | — | $ | — | $ | 100.8 | $ | 1 | $ | — | $ | — | |||||||||||||||
Adjusted EBITDA | $ | 186.7 | $ | 4.7 | $ | (1.3 | ) | $ | (9.8 | ) | $ | 0.7 | $ | (25.6 | ) | $ | 155.4 | ||||||||||||
Loss from equity method investment | $ | — | $ | — | $ | 2.5 | $ | — | $ | — | $ | — | $ | 2.5 | |||||||||||||||
Depreciation, depletion and amortization | $ | 52.4 | $ | 0.3 | $ | — | $ | 15.9 | $ | 0.2 | $ | 1.7 | $ | 70.5 | |||||||||||||||
Capital expenditures | $ | 77.8 | $ | 0.6 | $ | — | $ | 14.3 | $ | — | $ | 2.9 | $ | 95.6 | |||||||||||||||
Total segment assets | $ | 1,525.80 | $ | 51.6 | $ | 52.8 | $ | 176 | $ | 30 | $ | 286.5 | $ | 2,122.70 | |||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Domestic Coke | Brazil | Coal | Corporate | Consolidated | |||||||||||||||||||||||||
Coke | Mining | and Other | |||||||||||||||||||||||||||
Sales and other operating revenue | $ | 1,356.60 | $ | 27.3 | $ | 37.5 | $ | — | $ | 1,421.40 | |||||||||||||||||||
Intersegment sales | $ | — | $ | — | $ | 152.5 | $ | — | $ | — | |||||||||||||||||||
Adjusted EBITDA | $ | 187 | $ | 1.7 | $ | 27.4 | $ | (20.1 | ) | $ | 196 | ||||||||||||||||||
Depreciation, depletion and amortization | $ | 43 | $ | 0.2 | $ | 12.6 | $ | 1.7 | $ | 57.5 | |||||||||||||||||||
Capital expenditures | $ | 20.6 | $ | 1.2 | $ | 16.7 | $ | 2.1 | $ | 40.6 | |||||||||||||||||||
Total segment assets | $ | 1,533.70 | $ | 52.8 | $ | 190.1 | $ | 183.8 | $ | 1,960.40 | |||||||||||||||||||
The Company evaluates the performance of its segments based on segment Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation, depletion and amortization (“EBITDA”) adjusted for sales discounts and the interest, taxes, depreciation, depletion and amortization attributable to our equity method investment. EBITDA reflects sales discounts included as a reduction in sales and other operating revenue. The sales discounts represent the sharing with customers of a portion of nonconventional fuels tax credits, which reduce our income tax expense. However, we believe our Adjusted EBITDA would be inappropriately penalized if these discounts were treated as a reduction of EBITDA since they represent sharing of a tax benefit that is not included in EBITDA. Accordingly, in computing Adjusted EBITDA, we have added back these sales discounts. Our Adjusted EBITDA also includes EBITDA attributable to our equity method investment. EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or operating income under GAAP and may not be comparable to other similarly titled measures in other businesses. Management believes Adjusted EBITDA is an important measure of the operating performance of the Company’s net assets. | |||||||||||||||||||||||||||||
We believe Adjusted EBITDA is an important measure of operating performance and provides useful information to investors because it highlights trends in our business that may not otherwise be apparent when relying solely on GAAP measures and because it eliminates items that have less bearing on our operating performance. Adjusted EBITDA is a measure of operating performance that is not defined by GAAP, does not represent and should not be considered a substitute for net income as determined in accordance with GAAP. Calculations of Adjusted EBITDA may not be comparable to those reported by other companies. | |||||||||||||||||||||||||||||
Set forth below is additional detail as to how we use Adjusted EBITDA as a measure of operating performance, as well as a discussion of the limitations of Adjusted EBITDA as an analytical tool. | |||||||||||||||||||||||||||||
Operating Performance. Our management uses Adjusted EBITDA in a number of ways to assess our consolidated financial and operating performance, and we believe this measure is helpful to management in identifying trends in our performance. Adjusted EBITDA helps management identify controllable expenses and make decisions designed to help us meet our current financial goals and optimize our financial performance while neutralizing the impact of capital structure on financial results. Accordingly, we believe this metric measures our financial performance based on operational factors that management can impact in the short-term, namely our cost structure and expenses. | |||||||||||||||||||||||||||||
Limitations. Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. Adjusted EBITDA also has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP. Some of these limitations include that Adjusted EBITDA: | |||||||||||||||||||||||||||||
• | does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; | ||||||||||||||||||||||||||||
• | does not reflect changes in, or cash requirement for, working capital needs; | ||||||||||||||||||||||||||||
• | does not reflect our interest expense, or the cash requirements necessary to service interest on or principal payments of our debt; | ||||||||||||||||||||||||||||
• | does not reflect certain other non-cash income and expenses; | ||||||||||||||||||||||||||||
• | excludes income taxes that may represent a reduction in available cash; and | ||||||||||||||||||||||||||||
• | includes net income (loss) attributable to noncontrolling interests. | ||||||||||||||||||||||||||||
Below is a reconciliation of Adjusted EBITDA (unaudited) to net income, which is its most directly comparable financial measure calculated and presented in accordance with GAAP: | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Adjusted EBITDA attributable to SunCoke Energy, Inc. | $ | 40.8 | $ | 72.6 | $ | 126.4 | $ | 194.5 | |||||||||||||||||||||
Add: Adjusted EBITDA attributable to noncontrolling interests (1) | 9.9 | 1.1 | 29 | 1.5 | |||||||||||||||||||||||||
Adjusted EBITDA | 50.7 | 73.7 | 155.4 | 196 | |||||||||||||||||||||||||
Subtract: | |||||||||||||||||||||||||||||
Adjustments to unconsolidated affiliate earnings | 0.3 | — | 1.3 | — | |||||||||||||||||||||||||
Depreciation, depletion and amortization | 23.2 | 18.9 | 70.5 | 57.5 | |||||||||||||||||||||||||
Interest expense, net | 12.1 | 12.2 | 40 | 36 | |||||||||||||||||||||||||
Income tax expense | 0.6 | 7.6 | 6.5 | 19.9 | |||||||||||||||||||||||||
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits | 2.2 | 2.1 | 5.7 | 9.1 | |||||||||||||||||||||||||
Net income | $ | 12.3 | $ | 32.9 | $ | 31.4 | $ | 73.5 | |||||||||||||||||||||
-1 | Reflects net income attributable to noncontrolling interest adjusted for the noncontrolling interest share of interest, taxes, depreciation and amortization. | ||||||||||||||||||||||||||||
The following table sets forth the Company’s total sales and other operating revenue by product or service: | |||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Coke sales | $ | 348.3 | $ | 447 | $ | 1,120.00 | $ | 1,309.30 | |||||||||||||||||||||
Steam and electricity sales | 16.6 | 16 | 49 | 47.5 | |||||||||||||||||||||||||
Operating and licensing fees | 8.2 | 8.4 | 25.9 | 27.4 | |||||||||||||||||||||||||
Metallurgical coal sales | 16.7 | 8.7 | 50 | 37.2 | |||||||||||||||||||||||||
Coal logistics | 0.1 | — | 0.1 | — | |||||||||||||||||||||||||
Sales and other operating revenue | $ | 389.9 | $ | 480.1 | $ | 1,245.00 | $ | 1,421.40 | |||||||||||||||||||||
Supplemental_Condensed_Consoli
Supplemental Condensed Consolidating Financial Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Supplemental Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||
Supplemental Condensed Consolidating Financial Information | 20. Supplemental Condensed Consolidating Financial Information | ||||||||||||||||||||
Certain 100 percent owned subsidiaries of the Company serve as guarantors of the obligations under the Credit Agreement and $400 million Notes (“Guarantor Subsidiaries”). These guarantees are full and unconditional (subject, in the case of the Guarantor Subsidiaries, to customary release provisions as described below) and joint and several. For purposes of the following footnote, SunCoke Energy, Inc. is referred to as “Issuer.” The indenture dated July 26, 2011 among the Company, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., governs subsidiaries designated as “Guarantor Subsidiaries.” All other consolidated subsidiaries of the Company are collectively referred to as “Non-Guarantor Subsidiaries.” | |||||||||||||||||||||
In connection with the closing of the Partnership offering, we entered into an amendment to our Credit Agreement (see Note 10 for additional information). In conjunction with the amendment, we designated Middletown Coke Company, LLC and Haverhill Coke Company LLC as unrestricted subsidiaries. As such, they are presented as "Non-Guarantor Subsidiaries." Prior periods have been restated to reflect this change. | |||||||||||||||||||||
The ability of the Partnership and Indiana Harbor to pay dividends and make loans to the Company is restricted under the | |||||||||||||||||||||
partnership agreements of the Partnership and Indiana Harbor, respectively. The credit agreement governing the Partnership’s | |||||||||||||||||||||
credit facility and the indenture governing the Partnership Notes contain customary provisions which would potentially restrict | |||||||||||||||||||||
the Partnership’s ability to make distributions or loans to the Company under certain circumstances. | |||||||||||||||||||||
The guarantee of a Guarantor Subsidiary will terminate upon: | |||||||||||||||||||||
• | a sale or other disposition of the Guarantor Subsidiary or of all or substantially all of its assets: | ||||||||||||||||||||
• | a sale of a majority of the Capital Stock of a Guarantor Subsidiary to a third party, after which the Guarantor Subsidiary is no longer a "Restricted Subsidiary" in accordance with the indenture governing the Notes | ||||||||||||||||||||
• | the liquidation or dissolution of a Guarantor Subsidiary so long as no "Default" or "Event of Default," as defined under the indenture governing the Notes, has occurred as a result thereof | ||||||||||||||||||||
• | the designation of a Guarantor Subsidiary as an "unrestricted subsidiary" in accordance with the indenture governing the Notes | ||||||||||||||||||||
• | the requirements for defeasance or discharge of the indentures governing the Notes having been satisfied. | ||||||||||||||||||||
• | the release, other than the discharge through payments by a Guarantor Subsidiary, from its guarantee under the Credit Agreement or other indebtedness that resulted in the obligation of the Guarantor Subsidiary under the indenture governing the Notes | ||||||||||||||||||||
The following supplemental condensed combining and consolidating financial information reflects the Issuer’s separate accounts, the combined accounts of the Guarantor Subsidiaries, the combined accounts of the Non-Guarantor Subsidiaries, the combining and consolidating adjustments and eliminations and the Issuer’s consolidated accounts for the dates and periods indicated. For purposes of the following condensed combining and consolidating information, the Issuer’s investments in its subsidiaries and the Guarantor and Non-Guarantor Subsidiaries’ investments in its subsidiaries are accounted for under the equity method of accounting. | |||||||||||||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Income | |||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 131.1 | $ | 258.8 | $ | — | $ | 389.9 | |||||||||||
Equity in earnings of subsidiaries | 14.4 | 25.7 | — | (40.1 | ) | — | |||||||||||||||
Other income, net | — | 0.6 | — | — | 0.6 | ||||||||||||||||
Total revenues | 14.4 | 157.4 | 258.8 | (40.1 | ) | 390.5 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 107.1 | 209.4 | — | 316.5 | ||||||||||||||||
Selling, general and administrative expenses | 3.1 | 11.6 | 8.8 | — | 23.5 | ||||||||||||||||
Depreciation, depletion and amortization | — | 10.8 | 12.4 | — | 23.2 | ||||||||||||||||
Total costs and operating expenses | 3.1 | 129.5 | 230.6 | — | 363.2 | ||||||||||||||||
Operating income | 11.3 | 27.9 | 28.2 | (40.1 | ) | 27.3 | |||||||||||||||
Interest income—affiliate | — | (1.9 | ) | — | 1.9 | — | |||||||||||||||
Interest cost—affiliate | — | — | 1.9 | (1.9 | ) | — | |||||||||||||||
Interest expense (income), net | 9.5 | 3.4 | (0.8 | ) | — | 12.1 | |||||||||||||||
Total financing expense, net | 9.5 | 1.5 | 1.1 | — | 12.1 | ||||||||||||||||
Income before income tax expense and loss from equity method investment | 1.8 | 26.4 | 27.1 | (40.1 | ) | 15.2 | |||||||||||||||
Income tax (benefit) expense | (4.4 | ) | 5.9 | (0.9 | ) | — | 0.6 | ||||||||||||||
Loss from equity method investment | 2.3 | 2.3 | |||||||||||||||||||
Net income | 6.2 | 20.5 | 25.7 | (40.1 | ) | 12.3 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 6.1 | — | 6.1 | ||||||||||||||||
Net income attributable to SunCoke Energy, Inc. | $ | 6.2 | $ | 20.5 | $ | 19.6 | $ | (40.1 | ) | $ | 6.2 | ||||||||||
Comprehensive income | $ | (4.4 | ) | $ | 20.3 | $ | 15.4 | $ | (29.6 | ) | $ | 1.7 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 6.1 | — | 6.1 | ||||||||||||||||
Comprehensive income attributable to SunCoke Energy, Inc. | $ | (4.4 | ) | $ | 20.3 | $ | 9.3 | $ | (29.6 | ) | $ | (4.4 | ) | ||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Income | |||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 153.7 | $ | 326.4 | $ | — | $ | 480.1 | |||||||||||
Equity in earnings of subsidiaries | 41.6 | 26 | — | (67.6 | ) | — | |||||||||||||||
Other income, net | — | 0.4 | — | — | 0.4 | ||||||||||||||||
Total revenues | 41.6 | 180.1 | 326.4 | (67.6 | ) | 480.5 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 112.6 | 276.3 | — | 388.9 | ||||||||||||||||
Selling, general and administrative expenses | 2.5 | 11.8 | 5.7 | — | 20 | ||||||||||||||||
Depreciation, depletion, and amortization | — | 9.3 | 9.6 | — | 18.9 | ||||||||||||||||
Total costs and operating expenses | 2.5 | 133.7 | 291.6 | — | 427.8 | ||||||||||||||||
Operating income | 39.1 | 46.4 | 34.8 | (67.6 | ) | 52.7 | |||||||||||||||
Interest income—affiliate | — | (1.9 | ) | — | 1.9 | — | |||||||||||||||
Interest expense—affiliate | — | — | 1.9 | (1.9 | ) | — | |||||||||||||||
Interest expense (income), net | 12.1 | (1.8 | ) | 1.9 | — | 12.2 | |||||||||||||||
Total financing expense (income), net | 12.1 | (3.7 | ) | 3.8 | — | 12.2 | |||||||||||||||
Income before income tax expense | 27 | 50.1 | 31 | (67.6 | ) | 40.5 | |||||||||||||||
Income tax (benefit) expense | (4.6 | ) | 4.7 | 7.5 | — | 7.6 | |||||||||||||||
Net income | 31.6 | 45.4 | 23.5 | (67.6 | ) | 32.9 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 1.3 | — | 1.3 | ||||||||||||||||
Net income attributable to SunCoke Energy, Inc. | $ | 31.6 | $ | 45.4 | $ | 22.2 | $ | (67.6 | ) | $ | 31.6 | ||||||||||
Comprehensive income | $ | 31 | $ | 44.8 | $ | 23.5 | $ | (67.0 | ) | $ | 32.3 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 1.3 | — | 1.3 | ||||||||||||||||
Comprehensive income attributable to SunCoke Energy, Inc. | $ | 31 | $ | 44.8 | $ | 22.2 | $ | (67.0 | ) | $ | 31 | ||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Income | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 400.9 | $ | 844.1 | $ | — | $ | 1,245.00 | |||||||||||
Equity in earnings of subsidiaries | 42 | 64.2 | — | (106.2 | ) | — | |||||||||||||||
Other income, net | — | 3 | 0.1 | — | 3.1 | ||||||||||||||||
Total revenues | 42 | 468.1 | 844.2 | (106.2 | ) | 1,248.10 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 333.5 | 697.8 | — | 1,031.30 | ||||||||||||||||
Selling, general and administrative expenses | 8.6 | 36.2 | 21.1 | — | 65.9 | ||||||||||||||||
Depreciation, depletion and amortization | — | 31.4 | 39.1 | — | 70.5 | ||||||||||||||||
Total costs and operating expenses | 8.6 | 401.1 | 758 | — | 1,167.70 | ||||||||||||||||
Operating income | 33.4 | 67 | 86.2 | (106.2 | ) | 80.4 | |||||||||||||||
Interest income—affiliate | — | (5.5 | ) | — | 5.5 | — | |||||||||||||||
Interest cost—affiliate | — | — | 5.5 | (5.5 | ) | — | |||||||||||||||
Interest expense (income), net | 28.6 | (0.5 | ) | 11.9 | — | 40 | |||||||||||||||
Total financing expense, net | 28.6 | (6.0 | ) | 17.4 | — | 40 | |||||||||||||||
Income before income tax expense and loss from equity method investment | 4.8 | 73 | 68.8 | (106.2 | ) | 40.4 | |||||||||||||||
Income tax (benefit) expense | (9.2 | ) | 15.8 | (0.1 | ) | — | 6.5 | ||||||||||||||
Loss from equity method investment | — | — | 2.5 | — | 2.5 | ||||||||||||||||
Net income | 14 | 57.2 | 66.4 | (106.2 | ) | 31.4 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 17.4 | — | 17.4 | ||||||||||||||||
Net income attributable to SunCoke Energy, Inc. | $ | 14 | $ | 57.2 | $ | 49 | $ | (106.2 | ) | $ | 14 | ||||||||||
Comprehensive income | $ | (1.0 | ) | $ | 55.9 | $ | 52.7 | $ | (91.2 | ) | $ | 16.4 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 17.4 | — | 17.4 | ||||||||||||||||
Comprehensive income attributable to SunCoke Energy, Inc. | $ | (1.0 | ) | $ | 55.9 | $ | 35.3 | $ | (91.2 | ) | $ | (1.0 | ) | ||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Income | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 463.2 | $ | 958.2 | $ | — | $ | 1,421.40 | |||||||||||
Equity in earnings of subsidiaries | 104.2 | 61.1 | — | (165.3 | ) | — | |||||||||||||||
Other income, net | — | 1.3 | — | — | 1.3 | ||||||||||||||||
Total revenues | 104.2 | 525.6 | 958.2 | (165.3 | ) | 1,422.70 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 343 | 831.6 | — | 1,174.60 | ||||||||||||||||
Selling, general and administrative expenses | 8 | 33.1 | 20.1 | — | 61.2 | ||||||||||||||||
Depreciation, depletion, and amortization | — | 27.8 | 29.7 | — | 57.5 | ||||||||||||||||
Total costs and operating expenses | 8 | 403.9 | 881.4 | — | 1,293.30 | ||||||||||||||||
Operating income | 96.2 | 121.7 | 76.8 | (165.3 | ) | 129.4 | |||||||||||||||
Interest income—affiliate | — | (5.5 | ) | — | 5.5 | — | |||||||||||||||
Interest expense—affiliate | — | — | 5.5 | (5.5 | ) | — | |||||||||||||||
Interest expense (income), net | 36.2 | (5.5 | ) | 5.3 | 36 | ||||||||||||||||
Total financing expense (income), net | 36.2 | (11.0 | ) | 10.8 | — | 36 | |||||||||||||||
Income before income tax expense | 60 | 132.7 | 66 | (165.3 | ) | 93.4 | |||||||||||||||
Income tax (benefit) expense | (11.2 | ) | 12.8 | 18.3 | — | 19.9 | |||||||||||||||
Net income | 71.2 | 119.9 | 47.7 | (165.3 | ) | 73.5 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 2.3 | — | 2.3 | ||||||||||||||||
Net income attributable to SunCoke Energy, Inc. | $ | 71.2 | $ | 119.9 | $ | 45.4 | $ | (165.3 | ) | $ | 71.2 | ||||||||||
Comprehensive income | $ | 68.8 | $ | 118.4 | $ | 46.8 | $ | (162.9 | ) | $ | 71.1 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 2.3 | — | 2.3 | ||||||||||||||||
Comprehensive income attributable to SunCoke Energy, Inc. | $ | 68.8 | $ | 118.4 | $ | 44.5 | $ | (162.9 | ) | $ | 68.8 | ||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
(Dollars in millions, except per share amounts) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 188.9 | $ | 79.9 | $ | — | $ | 268.8 | |||||||||||
Receivables | 0.1 | 32.8 | 33 | — | 65.9 | ||||||||||||||||
Inventories | — | 44.8 | 89.7 | — | 134.5 | ||||||||||||||||
Deferred income taxes | — | 2.6 | — | — | 2.6 | ||||||||||||||||
Advances from affiliate | 50.3 | 22.8 | — | (73.1 | ) | — | |||||||||||||||
Interest receivable from affiliate | — | 5.5 | — | (5.5 | ) | — | |||||||||||||||
Income taxes receivable | 30.8 | — | 10.9 | (38.0 | ) | 3.7 | |||||||||||||||
Total current assets | 81.2 | 297.4 | 213.5 | (116.6 | ) | 475.5 | |||||||||||||||
Notes receivable from affiliate | — | 89 | 300 | (389.0 | ) | — | |||||||||||||||
Investment in Brazil cokemaking operations | — | — | 41 | — | 41 | ||||||||||||||||
Equity method investment | — | — | 52.5 | — | 52.5 | ||||||||||||||||
Properties, plants and equipment, net | — | 500.5 | 950.7 | — | 1,451.20 | ||||||||||||||||
Lease and mineral rights, net | — | 52.2 | — | — | 52.2 | ||||||||||||||||
Goodwill | — | 9.4 | — | — | 9.4 | ||||||||||||||||
Deferred income taxes | 7.3 | — | — | (7.3 | ) | — | |||||||||||||||
Deferred charges and other assets | 12.2 | 17.5 | 11.2 | — | 40.9 | ||||||||||||||||
Investment in subsidiaries | 940.4 | 756.5 | — | (1,696.9 | ) | — | |||||||||||||||
Total assets | $ | 1,041.10 | $ | 1,722.50 | $ | 1,568.90 | $ | (2,209.8 | ) | $ | 2,122.70 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||
Advances from affiliate | $ | — | $ | 50.3 | $ | 22.8 | $ | (73.1 | ) | $ | — | ||||||||||
Accounts payable | — | 41.6 | 84.2 | — | 125.8 | ||||||||||||||||
Current portion of long term debt | 0.8 | — | — | — | 0.8 | ||||||||||||||||
Accrued liabilities | 0.5 | 46.1 | 14.3 | — | 60.9 | ||||||||||||||||
Interest payable | 6 | — | 1.8 | — | 7.8 | ||||||||||||||||
Interest payable to affiliate | — | — | 5.5 | (5.5 | ) | — | |||||||||||||||
Income taxes payable | — | 38 | — | (38.0 | ) | — | |||||||||||||||
Total current liabilities | 7.3 | 176 | 128.6 | (116.6 | ) | 195.3 | |||||||||||||||
Long term debt | 498.6 | — | 149.7 | — | 648.3 | ||||||||||||||||
Payable to affiliate | — | 300 | 89 | (389.0 | ) | — | |||||||||||||||
Obligation for black lung benefits | — | 34.1 | — | — | 34.1 | ||||||||||||||||
Retirement benefit liabilities | — | 40.9 | — | — | 40.9 | ||||||||||||||||
Deferred income taxes | — | 368.8 | 0.9 | (7.3 | ) | 362.4 | |||||||||||||||
Asset retirement obligations | — | 14.4 | 2.3 | — | 16.7 | ||||||||||||||||
Other deferred credits and liabilities | 1.1 | 16.4 | 0.4 | — | 17.9 | ||||||||||||||||
Total liabilities | 507 | 950.6 | 370.9 | (512.9 | ) | 1,315.60 | |||||||||||||||
Equity | |||||||||||||||||||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at September 30, 2013 and December 31, 2012 | — | — | — | — | — | ||||||||||||||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,524,424 shares at September 30, 2013 | 0.7 | — | — | — | 0.7 | ||||||||||||||||
Treasury Stock, 1,255,356 shares at September 30, 2013 | (19.9 | ) | — | — | — | (19.9 | ) | ||||||||||||||
Additional paid-in capital | 443.4 | 385.7 | 857.3 | (1,243.0 | ) | 443.4 | |||||||||||||||
Accumulated other comprehensive income | (22.9 | ) | (8.0 | ) | (14.9 | ) | 22.9 | (22.9 | ) | ||||||||||||
Retained earnings | 132.8 | 394.2 | 82.6 | (476.8 | ) | 132.8 | |||||||||||||||
Total SunCoke Energy, Inc. stockholders’ equity | 534.1 | 771.9 | 925 | (1,696.9 | ) | 534.1 | |||||||||||||||
Noncontrolling interests | — | — | 273 | — | 273 | ||||||||||||||||
Total equity | 534.1 | 771.9 | 1,198.00 | (1,696.9 | ) | 807.1 | |||||||||||||||
Total liabilities and equity | $ | 1,041.10 | $ | 1,722.50 | $ | 1,568.90 | $ | (2,209.8 | ) | $ | 2,122.70 | ||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
(Dollars in millions, except per share amounts) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 206.9 | $ | 32.3 | $ | — | $ | 239.2 | |||||||||||
Receivables | — | 28.3 | 41.7 | — | 70 | ||||||||||||||||
Inventories | — | 57.2 | 102.9 | — | 160.1 | ||||||||||||||||
Deferred income taxes | — | 2 | 0.6 | — | 2.6 | ||||||||||||||||
Income taxes receivable | 16.1 | — | 0.4 | (16.5 | ) | — | |||||||||||||||
Advances from affiliate | 65.8 | — | 70.5 | (136.3 | ) | — | |||||||||||||||
Total current assets | 81.9 | 294.4 | 248.4 | (152.8 | ) | 471.9 | |||||||||||||||
Notes receivable from affiliate | — | 89 | 300 | (389.0 | ) | — | |||||||||||||||
Investment in Brazil cokemaking operations | — | — | 41 | — | 41 | ||||||||||||||||
Properties, plants and equipment, net | — | 508.5 | 888.1 | — | 1,396.60 | ||||||||||||||||
Lease and mineral rights, net | — | 52.5 | — | — | 52.5 | ||||||||||||||||
Goodwill | — | 9.4 | — | — | 9.4 | ||||||||||||||||
Deferred charges and other assets | 23 | 13.2 | 3.4 | — | 39.6 | ||||||||||||||||
Investment in subsidiaries | 1,173.40 | 992.7 | — | (2,166.1 | ) | — | |||||||||||||||
Total assets | $ | 1,278.30 | $ | 1,959.70 | $ | 1,480.90 | $ | (2,707.9 | ) | $ | 2,011.00 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||
Advances from affiliate | $ | — | $ | 136.3 | $ | — | $ | (136.3 | ) | $ | — | ||||||||||
Accounts payable | 0.5 | 49 | 83.4 | — | 132.9 | ||||||||||||||||
Current portion of long term debt | 3.3 | — | — | — | 3.3 | ||||||||||||||||
Accrued liabilities | 0.6 | 60.7 | 29.9 | — | 91.2 | ||||||||||||||||
Interest payable | 15.7 | — | — | — | 15.7 | ||||||||||||||||
Income taxes payable | — | 20.4 | — | (16.5 | ) | 3.9 | |||||||||||||||
Total current liabilities | 20.1 | 266.4 | 113.3 | (152.8 | ) | 247 | |||||||||||||||
Long term debt | 720.1 | — | — | — | 720.1 | ||||||||||||||||
Payable to affiliate | — | 300 | 89 | (389.0 | ) | — | |||||||||||||||
Obligation for black lung benefits | — | 34.8 | — | — | 34.8 | ||||||||||||||||
Retirement benefit liabilities | — | 42.4 | 0.1 | — | 42.5 | ||||||||||||||||
Deferred income taxes | (1.9 | ) | 180 | 183.4 | — | 361.5 | |||||||||||||||
Asset retirement obligations | — | 11.3 | 2.2 | — | 13.5 | ||||||||||||||||
Other deferred credits and liabilities | 0.9 | 15.5 | 0.3 | — | 16.7 | ||||||||||||||||
Total liabilities | 739.2 | 850.4 | 388.3 | (541.8 | ) | 1,436.10 | |||||||||||||||
Equity | |||||||||||||||||||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at December 31, 2012 | — | — | — | — | — | ||||||||||||||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,988,728 shares at December 31, 2012 | 0.7 | — | — | — | 0.7 | ||||||||||||||||
Treasury stock, 603,528 shares at December 31, 2012 | (9.4 | ) | — | — | — | (9.4 | ) | ||||||||||||||
Additional paid-in capital | 436.9 | 778.9 | 938.4 | (1,717.3 | ) | 436.9 | |||||||||||||||
Accumulated other comprehensive income | (7.9 | ) | (6.7 | ) | (1.2 | ) | 7.9 | (7.9 | ) | ||||||||||||
Retained earnings | 118.8 | 337.1 | 119.6 | (456.7 | ) | 118.8 | |||||||||||||||
Total SunCoke Energy, Inc. stockholders’ equity | 539.1 | 1,109.30 | 1,056.80 | (2,166.1 | ) | 539.1 | |||||||||||||||
Noncontrolling interests | — | — | 35.8 | — | 35.8 | ||||||||||||||||
Total equity | 539.1 | 1,109.30 | 1,092.60 | (2,166.1 | ) | 574.9 | |||||||||||||||
Total liabilities and equity | $ | 1,278.30 | $ | 1,959.70 | $ | 1,480.90 | $ | (2,707.9 | ) | $ | 2,011.00 | ||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||||||
Net income | $ | 14 | $ | 57.2 | $ | 66.4 | $ | (106.2 | ) | $ | 31.4 | ||||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||||||||||||
Depreciation, depletion and amortization | — | 31.4 | 39.1 | — | 70.5 | ||||||||||||||||
Deferred income tax expense | — | 1.2 | — | — | 1.2 | ||||||||||||||||
Payments in excess of expense for retirement plans | — | (1.5 | ) | (0.1 | ) | — | (1.6 | ) | |||||||||||||
Share-based compensation expense | 5.5 | — | — | — | 5.5 | ||||||||||||||||
Equity in earnings of subsidiaries | (42.0 | ) | (64.2 | ) | — | 106.2 | — | ||||||||||||||
Loss from equity method investment | — | — | 2.5 | — | 2.5 | ||||||||||||||||
Changes in working capital pertaining to operating activities: | |||||||||||||||||||||
Receivables | (0.1 | ) | (4.5 | ) | 8.7 | — | 4.1 | ||||||||||||||
Inventories | — | 12.4 | 15.9 | — | 28.3 | ||||||||||||||||
Accounts payable | (0.5 | ) | (7.4 | ) | 0.8 | — | (7.1 | ) | |||||||||||||
Accrued liabilities | (0.1 | ) | (14.6 | ) | (15.6 | ) | — | (30.3 | ) | ||||||||||||
Interest payable | (9.7 | ) | (5.5 | ) | 7.3 | — | (7.9 | ) | |||||||||||||
Income taxes payable | (14.4 | ) | 17.6 | (10.5 | ) | — | (7.3 | ) | |||||||||||||
Other | 8.4 | (1.3 | ) | (8.8 | ) | — | (1.7 | ) | |||||||||||||
Net cash (used in) provided by operating activities | (38.9 | ) | 20.8 | 105.7 | — | 87.6 | |||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||
Capital expenditures | — | (20.4 | ) | (75.2 | ) | — | (95.6 | ) | |||||||||||||
Aquisition of business | — | — | (28.6 | ) | — | (28.6 | ) | ||||||||||||||
Equity method investment | — | — | (67.7 | ) | — | (67.7 | ) | ||||||||||||||
Net cash used in investing activities | — | (20.4 | ) | (171.5 | ) | — | (191.9 | ) | |||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||
Proceeds from issuance of common units or SunCoke Energy Partners, L.P. | — | — | 237.8 | — | 237.8 | ||||||||||||||||
Proceeds from issuance of long-term debt | — | — | 150 | — | 150 | ||||||||||||||||
Debt issuance costs | (1.6 | ) | — | (5.3 | ) | — | (6.9 | ) | |||||||||||||
Repayment of long-term debt | — | — | (225.0 | ) | — | (225.0 | ) | ||||||||||||||
Proceeds from exercise of stock options | 0.9 | — | — | — | 0.9 | ||||||||||||||||
Repurchase of common stock | (10.9 | ) | — | — | — | (10.9 | ) | ||||||||||||||
Cash distributions to noncontrolling interests in cokemaking operations | — | — | (12.0 | ) | — | (12.0 | ) | ||||||||||||||
Net increase (decrease) in advances from affiliate | 50.5 | (18.4 | ) | (32.1 | ) | — | — | ||||||||||||||
Net cash provided by (used in) financing activities | 38.9 | (18.4 | ) | 113.4 | — | 133.9 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (18.0 | ) | 47.6 | — | 29.6 | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 206.9 | 32.3 | — | 239.2 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 188.9 | $ | 79.9 | $ | — | $ | 268.8 | |||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||||||
Net income | $ | 71.2 | $ | 119.9 | $ | 47.7 | $ | (165.3 | ) | $ | 73.5 | ||||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||||||||||||
Depreciation, depletion and amortization | — | 27.8 | 29.7 | — | 57.5 | ||||||||||||||||
Deferred income tax (benefit) expense | — | 30.1 | 9.1 | — | 39.2 | ||||||||||||||||
Payments less than expense for retirement plans | — | (6.2 | ) | — | — | (6.2 | ) | ||||||||||||||
Share-based compensation expense | 5.1 | — | — | 5.1 | |||||||||||||||||
Equity in earnings of subsidiaries | (104.2 | ) | (61.1 | ) | — | 165.3 | — | ||||||||||||||
Changes in working capital pertaining to operating activities: | |||||||||||||||||||||
Receivables | — | (14.8 | ) | (10.1 | ) | — | (24.9 | ) | |||||||||||||
Inventories | — | 19.5 | 7.5 | — | 27 | ||||||||||||||||
Accounts payable | 1 | (34.9 | ) | (27.0 | ) | — | (60.9 | ) | |||||||||||||
Accrued liabilities | — | 6.8 | 3.4 | — | 10.2 | ||||||||||||||||
Interest payable | (7.8 | ) | (2.2 | ) | 2.2 | — | (7.8 | ) | |||||||||||||
Income taxes payable | (10.4 | ) | (9.7 | ) | (3.5 | ) | — | (23.6 | ) | ||||||||||||
Other | (2.6 | ) | (12.7 | ) | 4 | — | (11.3 | ) | |||||||||||||
Net cash (used in) provided by operating activities | (47.7 | ) | 62.5 | 63 | — | 77.8 | |||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||
Capital expenditures | — | (20.2 | ) | (20.4 | ) | — | (40.6 | ) | |||||||||||||
Net cash used in investing activities | — | (20.2 | ) | (20.4 | ) | — | (40.6 | ) | |||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||
Repayment of long-term debt | (2.5 | ) | — | — | — | (2.5 | ) | ||||||||||||||
Proceeds from exercise of stock options | 4.7 | — | — | — | 4.7 | ||||||||||||||||
Repurchase of common stock | (9.1 | ) | — | — | — | (9.1 | ) | ||||||||||||||
Net increase (decrease) in advances from affiliate | 54.6 | (26.5 | ) | (28.1 | ) | — | — | ||||||||||||||
Net cash provided by (used in) financing activities | 47.7 | (26.5 | ) | (28.1 | ) | — | (6.9 | ) | |||||||||||||
Net (decrease) increase in cash and cash equivalents | — | 15.8 | 14.5 | — | 30.3 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 109.4 | 18.1 | — | 127.5 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 125.2 | $ | 32.6 | $ | — | $ | 157.8 | |||||||||||
Subsequent_Event_Notes
Subsequent Event (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | |
Subsequent Event | 21. Subsequent Event |
Coal Handling Transaction | |
On October 1, 2013, the Partnership completed its acquisition of 100 percent of the ownership interest in Kanawha River Terminals LLC ("KRT") for $86.0 million utilizing $46.0 million of available cash and $40.0 million of borrowings under its existing revolving credit facility. KRT is a leading metallurgical and thermal coal blending and handling terminal service provider with the collective capacity to blend and transload more than 30 million tons of coal annually. Beginning in the fourth quarter, the results of the Partnership’s acquisition of KRT will be included in the Coal Logistics segment. The acquisition of KRT is not anticipated to be material to the Company's Consolidated Financial Statements. | |
ArcelorMittal contract extension | |
Effective October 1, 2013, the Company entered into a 10-year extension of its existing Indiana Harbor coke sales agreement to provide 1.22 million tons of metallurgical coke annually to ArcelorMittal. Key provisions of the extension agreement are substantially similar to the existing agreement, including continuing the pass-through of coal costs, reimbursement of operating and maintenance expenses subject to certain metrics, and an increased fixed fee per ton of coke produced to recognize the approximately $85 million in new capital being deployed to refurbish and upgrade the Company’s Indiana Harbor cokemaking facility. |
Arrangements_Between_Sunoco_an1
Arrangements Between Sunoco and SunCoke Energy, Inc. (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Arrangements Between Sunoco And Suncoke Energy Inc [Abstract] | |
Tax Sharing Agreement | Tax Sharing Agreement. On the Separation Date, SunCoke Energy and Sunoco entered into a tax sharing agreement that governs the parties’ respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. The tax sharing agreement expires on January 17, 2014. |
Transition Services Agreement | Transition Services Agreement. On the Separation Date, SunCoke Energy and Sunoco entered into a transition services agreement. The services provided under this agreement generally terminated upon completion of the Distribution on January 17, 2012. |
Guaranty Keep Well and Indemnification Agreement | Guaranty, Keep Well, and Indemnification Agreement. On the Separation Date, SunCoke Energy and Sunoco entered into a guaranty, keep well, and indemnification agreement. Under this agreement, SunCoke Energy: (1) guarantees the performance of certain obligations of its subsidiaries, prior to the date that Sunoco or its affiliates may become obligated to pay or perform such obligations, including the repayment of a loan from Indiana Harbor Coke Company L.P.; (2) indemnifies, defends, and holds Sunoco and its affiliates harmless against all liabilities relating to these obligations; and (3) restricts the assets, debts, liabilities and business activities of one of its wholly-owned subsidiaries, so long as certain obligations of such subsidiary remain unpaid or unperformed. In addition, SunCoke Energy released Sunoco from its guaranty of payment of a promissory note owed by one of its subsidiaries to another of its subsidiaries. |
Formation_of_a_Master_Limited_1
Formation of a Master Limited Partnership Formation of a Master Limited Partnership (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Condensed consolidated balance sheets | The Partnership's Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012, as presented below, are included in the Consolidated Balance Sheets of SunCoke Energy. | ||||||||
SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. Predecessor | ||||||||
September 30, 2013 | December 31, 2012 | ||||||||
(Unaudited) | |||||||||
(Dollars in millions) | |||||||||
Assets | |||||||||
Cash | $ | 78.5 | $ | — | |||||
Receivables | 26 | 27.4 | |||||||
Inventories | 57.9 | 63.2 | |||||||
Total current assets | 162.4 | 90.6 | |||||||
Properties, plants and equipment, net | 792.5 | 768.7 | |||||||
Deferred income taxes | — | 21.4 | |||||||
Deferred charges and other assets | 7.9 | 4.8 | |||||||
Total assets | $ | 962.8 | $ | 885.5 | |||||
Liabilities and Equity | |||||||||
Accounts payable | 41.5 | 41.5 | |||||||
Accrued liabilities | 3.5 | 17 | |||||||
Interest payable | 1.8 | — | |||||||
Payable to affiliate | 0.7 | — | |||||||
Total current liabilities | 47.5 | 58.5 | |||||||
Long-term debt | 149.7 | 225 | |||||||
Deferred income taxes | 1.7 | — | |||||||
Other deferred credits and liabilities | 0.3 | 0.3 | |||||||
Total liabilities | 199.2 | 283.8 | |||||||
Parent Net Equity | |||||||||
Total equity | 763.6 | 601.7 | |||||||
Total liabilities and parent net equity | $ | 962.8 | $ | 885.5 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Components of inventories | These components of inventories were as follows: | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(Dollars in millions) | |||||||||
Coal | $ | 90.5 | $ | 108 | |||||
Coke | 8.2 | 11.8 | |||||||
Materials, supplies and other | 35.8 | 32 | |||||||
Consigned coke inventory (1) | — | 8.3 | |||||||
$ | 134.5 | $ | 160.1 | ||||||
-1 | During 2011, we estimated that Indiana Harbor would fall short of its 2011 annual minimum coke production requirements by approximately 122 thousand tons. Accordingly, we entered into contracts to procure approximately 133 thousand tons of coke from third parties. The Company then entered into an agreement to sell approximately 95 thousand tons of this purchased coke to a customer on a consignment basis. During 2012, the customer consumed 73 thousand tons of consigned coke and the remaining 22 thousand tons of consigned coke were consumed during the first quarter of 2013. |
Retirement_Benefits_Plans_Tabl
Retirement Benefits Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||
Defined benefit plan expense | Defined benefit plan expense consisted of the following components: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Interest cost on benefit obligations | 0.3 | 0.4 | 1 | 1.1 | |||||||||||||
Expected return on plan assets | (0.6 | ) | (0.5 | ) | (1.8 | ) | (1.4 | ) | |||||||||
Amortization of actuarial losses | 0.3 | 0.2 | 0.8 | 0.7 | |||||||||||||
$ | — | $ | 0.1 | $ | — | $ | 0.4 | ||||||||||
Postretirement benefit plans benefit | Postretirement benefit plans benefit consisted of the following components: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Service cost | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.2 | |||||||||
Interest cost on benefit obligations | 0.3 | 0.4 | 1 | 1.4 | |||||||||||||
Amortization of: | |||||||||||||||||
Actuarial losses | 0.4 | 0.4 | 1.1 | 1.1 | |||||||||||||
Prior service benefit | (1.4 | ) | (1.4 | ) | (4.3 | ) | (4.2 | ) | |||||||||
$ | (0.6 | ) | $ | (0.5 | ) | $ | (2.0 | ) | $ | (1.5 | ) |
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||
Accrued liabilities | Accrued liabilities consisted of the following: | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(Dollars in millions) | |||||||||
Accrued sales discounts(1) | $ | 12.5 | $ | 36.2 | |||||
Accrued benefits | 18.3 | 21.5 | |||||||
Other taxes payable | 11.8 | 10.9 | |||||||
Other | 18.3 | 22.6 | |||||||
Total | $ | 60.9 | $ | 91.2 | |||||
-1 | At December 31, 2012, we had $12.4 million accrued related to sales discounts to be paid to our customer at our Haverhill facility. During the first quarter of 2013, we settled this obligation for $11.8 million which resulted in a gain of $0.6 million. This gain is recorded in sales and other operating revenue on our Consolidated Statement of Income. |
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Total debt, including the current portion of long-term debt | Total debt, including the current portion of long-term debt, consisted of the following: | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(Dollars in millions) | |||||||||
Term loans, bearing interest at variable rates, due 2018, net of original issue discount of $1.0 million and $1.7 million at September 30, 2013 and December 31, 2012, respectively(1) | $ | 99.1 | $ | 323.4 | |||||
7.625% senior notes, due 2019 (“Senior Notes”) | 400 | 400 | |||||||
7.375% senior notes, due 2020 (“Partnership Notes”) | 150 | — | |||||||
Total debt | $ | 649.1 | $ | 723.4 | |||||
Less: current portion of long-term debt | 0.8 | 3.3 | |||||||
Total long-term debt | $ | 648.3 | $ | 720.1 | |||||
-1 | Borrowed under the Company's Credit Agreement on July 26, 2011, as amended ("Credit Agreement"). |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Share-based Compensation [Abstract] | |||||
Weighted-average assumptions | The fair value of employee stock options granted during the nine months ended September 30, 2013 was $6.00 using the following weighted-average assumptions: | ||||
Nine months ended September 30, | |||||
2013 | |||||
Risk free interest rate | 0.93 | % | |||
Expected term | 5 years | ||||
Volatility | 44 | % | |||
Dividend yield | — | % | |||
Weighted-average exercise price | $ | 16.55 | |||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Reconciliation of the weighted-average number of common shares used to compute basic earnings per share ("EPS") to those used to compute diluted EPS | The following table sets forth the reconciliation of the weighted-average number of common shares used to compute basic earnings per share (“EPS”) to those used to compute diluted EPS: | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(Shares in millions) | |||||||||||||
Weighted-average number of common shares outstanding-basic | 69.8 | 70 | 69.9 | 70 | |||||||||
Add: Effect of dilutive share-based compensation awards | 0.2 | 0.3 | 0.3 | 0.3 | |||||||||
Weighted-average number of shares-diluted | 70 | 70.3 | 70.2 | 70.3 | |||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||
Supplemental Cash Flow Information | Cash flows from operations reflected cash payments for interest and income taxes as follows: | ||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
(Dollars in millions) | |||||||||
Interest paid | $ | 36.2 | $ | 40.7 | |||||
Income taxes paid | $ | 12.6 | $ | 3.9 | |||||
Supplemental_Accumulated_Other1
Supplemental Accumulated Other Comprehensive Loss Information Supplemental Accumulated Other Comprehensive Loss Information (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Statement of Other Comprehensive Income [Abstract] | ||||||||||||
Schedule of changes in the balance of accumulated other comprehensive loss, by component | Changes in the balance of accumulated other comprehensive loss, by component, are presented below: | |||||||||||
Defined Benefit Plans | Currency Translation Adjustments | Total | ||||||||||
(Dollars in millions) | ||||||||||||
At December 31, 2012 | $ | (6.6 | ) | $ | (1.3 | ) | $ | (7.9 | ) | |||
Other comprehensive loss before reclassifications | — | (13.5 | ) | (13.5 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | (1.5 | ) | — | (1.5 | ) | |||||||
Net current period other comprehensive loss | (1.5 | ) | (13.5 | ) | (15.0 | ) | ||||||
At September 30, 2013 | $ | (8.1 | ) | $ | (14.8 | ) | $ | (22.9 | ) | |||
Schedule of the impact on net income of reclassification adjustments from accumulated other comprehensive loss | The impact on net income of reclassification adjustments from accumulated other comprehensive loss were as follows: | |||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||
(Dollars in millions) | ||||||||||||
Amortization of defined benefit plan items to net income: | ||||||||||||
Prior service benefit | $ | 1.4 | $ | 4.3 | ||||||||
Actuarial loss | (0.7 | ) | (1.9 | ) | ||||||||
Total before taxes | 0.7 | 2.4 | ||||||||||
Income tax expense | (0.2 | ) | (0.9 | ) | ||||||||
Total, net of tax | $ | 0.5 | $ | 1.5 | ||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||
Business segment information | The following table includes Adjusted EBITDA, which is the measure of segment profit or loss reported to the chief operating decision maker for purposes of allocating resources to the segments and assessing their performance: | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Domestic Coke | Brazil | India Coke | Coal Mining | Coal Logistics | Corporate | Consolidated | |||||||||||||||||||||||
Coke | and Other | ||||||||||||||||||||||||||||
Sales and other operating revenue | $ | 364.8 | $ | 8.2 | $ | — | $ | 16.8 | $ | 0.1 | $ | — | $ | 389.9 | |||||||||||||||
Intersegment sales | $ | — | $ | — | $ | — | $ | 35.7 | $ | 1 | $ | — | $ | — | |||||||||||||||
Adjusted EBITDA | $ | 64.3 | $ | 1.5 | $ | (2.1 | ) | $ | (2.6 | ) | $ | 0.7 | $ | (11.1 | ) | $ | 50.7 | ||||||||||||
Loss from equity method investment | $ | — | $ | — | $ | 2.3 | $ | — | $ | — | $ | — | $ | 2.3 | |||||||||||||||
Depreciation, depletion and amortization | $ | 16.8 | $ | 0.1 | $ | — | $ | 5.6 | $ | 0.2 | $ | 0.5 | $ | 23.2 | |||||||||||||||
Capital expenditures | $ | 29.5 | $ | (0.2 | ) | $ | — | $ | 4 | $ | — | $ | 0.9 | $ | 34.2 | ||||||||||||||
Total segment assets | $ | 1,525.80 | $ | 51.6 | $ | 52.8 | $ | 176 | $ | 30 | $ | 286.5 | $ | 2,122.70 | |||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Domestic Coke | Brazil | Coal | Corporate | Consolidated | |||||||||||||||||||||||||
Coke | Mining | and Other | |||||||||||||||||||||||||||
Sales and other operating revenue | $ | 462.9 | $ | 8.3 | $ | 8.9 | $ | — | $ | 480.1 | |||||||||||||||||||
Intersegment sales | $ | — | $ | — | $ | 56.2 | $ | — | $ | — | |||||||||||||||||||
Adjusted EBITDA | $ | 69.8 | $ | 0.9 | $ | 10.7 | $ | (7.7 | ) | $ | 73.7 | ||||||||||||||||||
Depreciation, depletion and amortization | $ | 14.1 | $ | — | $ | 4.2 | $ | 0.6 | $ | 18.9 | |||||||||||||||||||
Capital expenditures | $ | 10.9 | $ | 0.3 | $ | 7.7 | $ | 1 | $ | 19.9 | |||||||||||||||||||
Total segment assets | $ | 1,533.70 | $ | 52.8 | $ | 190.1 | $ | 183.8 | $ | 1,960.40 | |||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Domestic Coke | Brazil | India Coke | Coal | Coal Logistics | Corporate | Consolidated | |||||||||||||||||||||||
Coke | Mining | and Other | |||||||||||||||||||||||||||
Sales and other operating revenue | $ | 1,168.80 | $ | 25.9 | $ | — | $ | 50.2 | $ | 0.1 | $ | — | $ | 1,245.00 | |||||||||||||||
Intersegment sales | $ | — | $ | — | $ | — | $ | 100.8 | $ | 1 | $ | — | $ | — | |||||||||||||||
Adjusted EBITDA | $ | 186.7 | $ | 4.7 | $ | (1.3 | ) | $ | (9.8 | ) | $ | 0.7 | $ | (25.6 | ) | $ | 155.4 | ||||||||||||
Loss from equity method investment | $ | — | $ | — | $ | 2.5 | $ | — | $ | — | $ | — | $ | 2.5 | |||||||||||||||
Depreciation, depletion and amortization | $ | 52.4 | $ | 0.3 | $ | — | $ | 15.9 | $ | 0.2 | $ | 1.7 | $ | 70.5 | |||||||||||||||
Capital expenditures | $ | 77.8 | $ | 0.6 | $ | — | $ | 14.3 | $ | — | $ | 2.9 | $ | 95.6 | |||||||||||||||
Total segment assets | $ | 1,525.80 | $ | 51.6 | $ | 52.8 | $ | 176 | $ | 30 | $ | 286.5 | $ | 2,122.70 | |||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Domestic Coke | Brazil | Coal | Corporate | Consolidated | |||||||||||||||||||||||||
Coke | Mining | and Other | |||||||||||||||||||||||||||
Sales and other operating revenue | $ | 1,356.60 | $ | 27.3 | $ | 37.5 | $ | — | $ | 1,421.40 | |||||||||||||||||||
Intersegment sales | $ | — | $ | — | $ | 152.5 | $ | — | $ | — | |||||||||||||||||||
Adjusted EBITDA | $ | 187 | $ | 1.7 | $ | 27.4 | $ | (20.1 | ) | $ | 196 | ||||||||||||||||||
Depreciation, depletion and amortization | $ | 43 | $ | 0.2 | $ | 12.6 | $ | 1.7 | $ | 57.5 | |||||||||||||||||||
Capital expenditures | $ | 20.6 | $ | 1.2 | $ | 16.7 | $ | 2.1 | $ | 40.6 | |||||||||||||||||||
Total segment assets | $ | 1,533.70 | $ | 52.8 | $ | 190.1 | $ | 183.8 | $ | 1,960.40 | |||||||||||||||||||
Reconciliation of Adjusted EBITDA to net income | Below is a reconciliation of Adjusted EBITDA (unaudited) to net income, which is its most directly comparable financial measure calculated and presented in accordance with GAAP: | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Adjusted EBITDA attributable to SunCoke Energy, Inc. | $ | 40.8 | $ | 72.6 | $ | 126.4 | $ | 194.5 | |||||||||||||||||||||
Add: Adjusted EBITDA attributable to noncontrolling interests (1) | 9.9 | 1.1 | 29 | 1.5 | |||||||||||||||||||||||||
Adjusted EBITDA | 50.7 | 73.7 | 155.4 | 196 | |||||||||||||||||||||||||
Subtract: | |||||||||||||||||||||||||||||
Adjustments to unconsolidated affiliate earnings | 0.3 | — | 1.3 | — | |||||||||||||||||||||||||
Depreciation, depletion and amortization | 23.2 | 18.9 | 70.5 | 57.5 | |||||||||||||||||||||||||
Interest expense, net | 12.1 | 12.2 | 40 | 36 | |||||||||||||||||||||||||
Income tax expense | 0.6 | 7.6 | 6.5 | 19.9 | |||||||||||||||||||||||||
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits | 2.2 | 2.1 | 5.7 | 9.1 | |||||||||||||||||||||||||
Net income | $ | 12.3 | $ | 32.9 | $ | 31.4 | $ | 73.5 | |||||||||||||||||||||
-1 | Reflects net income attributable to noncontrolling interest adjusted for the noncontrolling interest share of interest, taxes, depreciation and amortization. | ||||||||||||||||||||||||||||
Summary of total sales and other operating revenue by product or service | The following table sets forth the Company’s total sales and other operating revenue by product or service: | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Coke sales | $ | 348.3 | $ | 447 | $ | 1,120.00 | $ | 1,309.30 | |||||||||||||||||||||
Steam and electricity sales | 16.6 | 16 | 49 | 47.5 | |||||||||||||||||||||||||
Operating and licensing fees | 8.2 | 8.4 | 25.9 | 27.4 | |||||||||||||||||||||||||
Metallurgical coal sales | 16.7 | 8.7 | 50 | 37.2 | |||||||||||||||||||||||||
Coal logistics | 0.1 | — | 0.1 | — | |||||||||||||||||||||||||
Sales and other operating revenue | $ | 389.9 | $ | 480.1 | $ | 1,245.00 | $ | 1,421.40 | |||||||||||||||||||||
Supplemental_Condensed_Consoli1
Supplemental Condensed Consolidating Financial Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Supplemental Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||
Condensed Consolidating Statement of Income | SunCoke Energy, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Income | |||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 131.1 | $ | 258.8 | $ | — | $ | 389.9 | |||||||||||
Equity in earnings of subsidiaries | 14.4 | 25.7 | — | (40.1 | ) | — | |||||||||||||||
Other income, net | — | 0.6 | — | — | 0.6 | ||||||||||||||||
Total revenues | 14.4 | 157.4 | 258.8 | (40.1 | ) | 390.5 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 107.1 | 209.4 | — | 316.5 | ||||||||||||||||
Selling, general and administrative expenses | 3.1 | 11.6 | 8.8 | — | 23.5 | ||||||||||||||||
Depreciation, depletion and amortization | — | 10.8 | 12.4 | — | 23.2 | ||||||||||||||||
Total costs and operating expenses | 3.1 | 129.5 | 230.6 | — | 363.2 | ||||||||||||||||
Operating income | 11.3 | 27.9 | 28.2 | (40.1 | ) | 27.3 | |||||||||||||||
Interest income—affiliate | — | (1.9 | ) | — | 1.9 | — | |||||||||||||||
Interest cost—affiliate | — | — | 1.9 | (1.9 | ) | — | |||||||||||||||
Interest expense (income), net | 9.5 | 3.4 | (0.8 | ) | — | 12.1 | |||||||||||||||
Total financing expense, net | 9.5 | 1.5 | 1.1 | — | 12.1 | ||||||||||||||||
Income before income tax expense and loss from equity method investment | 1.8 | 26.4 | 27.1 | (40.1 | ) | 15.2 | |||||||||||||||
Income tax (benefit) expense | (4.4 | ) | 5.9 | (0.9 | ) | — | 0.6 | ||||||||||||||
Loss from equity method investment | 2.3 | 2.3 | |||||||||||||||||||
Net income | 6.2 | 20.5 | 25.7 | (40.1 | ) | 12.3 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 6.1 | — | 6.1 | ||||||||||||||||
Net income attributable to SunCoke Energy, Inc. | $ | 6.2 | $ | 20.5 | $ | 19.6 | $ | (40.1 | ) | $ | 6.2 | ||||||||||
Comprehensive income | $ | (4.4 | ) | $ | 20.3 | $ | 15.4 | $ | (29.6 | ) | $ | 1.7 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 6.1 | — | 6.1 | ||||||||||||||||
Comprehensive income attributable to SunCoke Energy, Inc. | $ | (4.4 | ) | $ | 20.3 | $ | 9.3 | $ | (29.6 | ) | $ | (4.4 | ) | ||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Income | |||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 153.7 | $ | 326.4 | $ | — | $ | 480.1 | |||||||||||
Equity in earnings of subsidiaries | 41.6 | 26 | — | (67.6 | ) | — | |||||||||||||||
Other income, net | — | 0.4 | — | — | 0.4 | ||||||||||||||||
Total revenues | 41.6 | 180.1 | 326.4 | (67.6 | ) | 480.5 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 112.6 | 276.3 | — | 388.9 | ||||||||||||||||
Selling, general and administrative expenses | 2.5 | 11.8 | 5.7 | — | 20 | ||||||||||||||||
Depreciation, depletion, and amortization | — | 9.3 | 9.6 | — | 18.9 | ||||||||||||||||
Total costs and operating expenses | 2.5 | 133.7 | 291.6 | — | 427.8 | ||||||||||||||||
Operating income | 39.1 | 46.4 | 34.8 | (67.6 | ) | 52.7 | |||||||||||||||
Interest income—affiliate | — | (1.9 | ) | — | 1.9 | — | |||||||||||||||
Interest expense—affiliate | — | — | 1.9 | (1.9 | ) | — | |||||||||||||||
Interest expense (income), net | 12.1 | (1.8 | ) | 1.9 | — | 12.2 | |||||||||||||||
Total financing expense (income), net | 12.1 | (3.7 | ) | 3.8 | — | 12.2 | |||||||||||||||
Income before income tax expense | 27 | 50.1 | 31 | (67.6 | ) | 40.5 | |||||||||||||||
Income tax (benefit) expense | (4.6 | ) | 4.7 | 7.5 | — | 7.6 | |||||||||||||||
Net income | 31.6 | 45.4 | 23.5 | (67.6 | ) | 32.9 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 1.3 | — | 1.3 | ||||||||||||||||
Net income attributable to SunCoke Energy, Inc. | $ | 31.6 | $ | 45.4 | $ | 22.2 | $ | (67.6 | ) | $ | 31.6 | ||||||||||
Comprehensive income | $ | 31 | $ | 44.8 | $ | 23.5 | $ | (67.0 | ) | $ | 32.3 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 1.3 | — | 1.3 | ||||||||||||||||
Comprehensive income attributable to SunCoke Energy, Inc. | $ | 31 | $ | 44.8 | $ | 22.2 | $ | (67.0 | ) | $ | 31 | ||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Income | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 400.9 | $ | 844.1 | $ | — | $ | 1,245.00 | |||||||||||
Equity in earnings of subsidiaries | 42 | 64.2 | — | (106.2 | ) | — | |||||||||||||||
Other income, net | — | 3 | 0.1 | — | 3.1 | ||||||||||||||||
Total revenues | 42 | 468.1 | 844.2 | (106.2 | ) | 1,248.10 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 333.5 | 697.8 | — | 1,031.30 | ||||||||||||||||
Selling, general and administrative expenses | 8.6 | 36.2 | 21.1 | — | 65.9 | ||||||||||||||||
Depreciation, depletion and amortization | — | 31.4 | 39.1 | — | 70.5 | ||||||||||||||||
Total costs and operating expenses | 8.6 | 401.1 | 758 | — | 1,167.70 | ||||||||||||||||
Operating income | 33.4 | 67 | 86.2 | (106.2 | ) | 80.4 | |||||||||||||||
Interest income—affiliate | — | (5.5 | ) | — | 5.5 | — | |||||||||||||||
Interest cost—affiliate | — | — | 5.5 | (5.5 | ) | — | |||||||||||||||
Interest expense (income), net | 28.6 | (0.5 | ) | 11.9 | — | 40 | |||||||||||||||
Total financing expense, net | 28.6 | (6.0 | ) | 17.4 | — | 40 | |||||||||||||||
Income before income tax expense and loss from equity method investment | 4.8 | 73 | 68.8 | (106.2 | ) | 40.4 | |||||||||||||||
Income tax (benefit) expense | (9.2 | ) | 15.8 | (0.1 | ) | — | 6.5 | ||||||||||||||
Loss from equity method investment | — | — | 2.5 | — | 2.5 | ||||||||||||||||
Net income | 14 | 57.2 | 66.4 | (106.2 | ) | 31.4 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 17.4 | — | 17.4 | ||||||||||||||||
Net income attributable to SunCoke Energy, Inc. | $ | 14 | $ | 57.2 | $ | 49 | $ | (106.2 | ) | $ | 14 | ||||||||||
Comprehensive income | $ | (1.0 | ) | $ | 55.9 | $ | 52.7 | $ | (91.2 | ) | $ | 16.4 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 17.4 | — | 17.4 | ||||||||||||||||
Comprehensive income attributable to SunCoke Energy, Inc. | $ | (1.0 | ) | $ | 55.9 | $ | 35.3 | $ | (91.2 | ) | $ | (1.0 | ) | ||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Income | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 463.2 | $ | 958.2 | $ | — | $ | 1,421.40 | |||||||||||
Equity in earnings of subsidiaries | 104.2 | 61.1 | — | (165.3 | ) | — | |||||||||||||||
Other income, net | — | 1.3 | — | — | 1.3 | ||||||||||||||||
Total revenues | 104.2 | 525.6 | 958.2 | (165.3 | ) | 1,422.70 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 343 | 831.6 | — | 1,174.60 | ||||||||||||||||
Selling, general and administrative expenses | 8 | 33.1 | 20.1 | — | 61.2 | ||||||||||||||||
Depreciation, depletion, and amortization | — | 27.8 | 29.7 | — | 57.5 | ||||||||||||||||
Total costs and operating expenses | 8 | 403.9 | 881.4 | — | 1,293.30 | ||||||||||||||||
Operating income | 96.2 | 121.7 | 76.8 | (165.3 | ) | 129.4 | |||||||||||||||
Interest income—affiliate | — | (5.5 | ) | — | 5.5 | — | |||||||||||||||
Interest expense—affiliate | — | — | 5.5 | (5.5 | ) | — | |||||||||||||||
Interest expense (income), net | 36.2 | (5.5 | ) | 5.3 | 36 | ||||||||||||||||
Total financing expense (income), net | 36.2 | (11.0 | ) | 10.8 | — | 36 | |||||||||||||||
Income before income tax expense | 60 | 132.7 | 66 | (165.3 | ) | 93.4 | |||||||||||||||
Income tax (benefit) expense | (11.2 | ) | 12.8 | 18.3 | — | 19.9 | |||||||||||||||
Net income | 71.2 | 119.9 | 47.7 | (165.3 | ) | 73.5 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 2.3 | — | 2.3 | ||||||||||||||||
Net income attributable to SunCoke Energy, Inc. | $ | 71.2 | $ | 119.9 | $ | 45.4 | $ | (165.3 | ) | $ | 71.2 | ||||||||||
Comprehensive income | $ | 68.8 | $ | 118.4 | $ | 46.8 | $ | (162.9 | ) | $ | 71.1 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 2.3 | — | 2.3 | ||||||||||||||||
Comprehensive income attributable to SunCoke Energy, Inc. | $ | 68.8 | $ | 118.4 | $ | 44.5 | $ | (162.9 | ) | $ | 68.8 | ||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 463.2 | $ | 958.2 | $ | — | $ | 1,421.40 | |||||||||||
Equity in earnings of subsidiaries | 104.2 | 61.1 | — | (165.3 | ) | — | |||||||||||||||
Other income, net | — | 1.3 | — | — | 1.3 | ||||||||||||||||
Total revenues | 104.2 | 525.6 | 958.2 | (165.3 | ) | 1,422.70 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 343 | 831.6 | — | 1,174.60 | ||||||||||||||||
Selling, general and administrative expenses | 8 | 33.1 | 20.1 | — | 61.2 | ||||||||||||||||
Depreciation, depletion, and amortization | — | 27.8 | 29.7 | — | 57.5 | ||||||||||||||||
Total costs and operating expenses | 8 | 403.9 | 881.4 | — | 1,293.30 | ||||||||||||||||
Operating income | 96.2 | 121.7 | 76.8 | (165.3 | ) | 129.4 | |||||||||||||||
Interest income—affiliate | — | (5.5 | ) | — | 5.5 | — | |||||||||||||||
Interest expense—affiliate | — | — | 5.5 | (5.5 | ) | — | |||||||||||||||
Interest expense (income), net | 36.2 | (5.5 | ) | 5.3 | 36 | ||||||||||||||||
Total financing expense (income), net | 36.2 | (11.0 | ) | 10.8 | — | 36 | |||||||||||||||
Income before income tax expense | 60 | 132.7 | 66 | (165.3 | ) | 93.4 | |||||||||||||||
Income tax (benefit) expense | (11.2 | ) | 12.8 | 18.3 | — | 19.9 | |||||||||||||||
Net income | 71.2 | 119.9 | 47.7 | (165.3 | ) | 73.5 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 2.3 | — | 2.3 | ||||||||||||||||
Net income attributable to SunCoke Energy, Inc. | $ | 71.2 | $ | 119.9 | $ | 45.4 | $ | (165.3 | ) | $ | 71.2 | ||||||||||
Comprehensive income | $ | 68.8 | $ | 118.4 | $ | 46.8 | $ | (162.9 | ) | $ | 71.1 | ||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 2.3 | — | 2.3 | ||||||||||||||||
Comprehensive income attributable to SunCoke Energy, Inc. | $ | 68.8 | $ | 118.4 | $ | 44.5 | $ | (162.9 | ) | $ | 68.8 | ||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
(Dollars in millions, except per share amounts) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 188.9 | $ | 79.9 | $ | — | $ | 268.8 | |||||||||||
Receivables | 0.1 | 32.8 | 33 | — | 65.9 | ||||||||||||||||
Inventories | — | 44.8 | 89.7 | — | 134.5 | ||||||||||||||||
Deferred income taxes | — | 2.6 | — | — | 2.6 | ||||||||||||||||
Advances from affiliate | 50.3 | 22.8 | — | (73.1 | ) | — | |||||||||||||||
Interest receivable from affiliate | — | 5.5 | — | (5.5 | ) | — | |||||||||||||||
Income taxes receivable | 30.8 | — | 10.9 | (38.0 | ) | 3.7 | |||||||||||||||
Total current assets | 81.2 | 297.4 | 213.5 | (116.6 | ) | 475.5 | |||||||||||||||
Notes receivable from affiliate | — | 89 | 300 | (389.0 | ) | — | |||||||||||||||
Investment in Brazil cokemaking operations | — | — | 41 | — | 41 | ||||||||||||||||
Equity method investment | — | — | 52.5 | — | 52.5 | ||||||||||||||||
Properties, plants and equipment, net | — | 500.5 | 950.7 | — | 1,451.20 | ||||||||||||||||
Lease and mineral rights, net | — | 52.2 | — | — | 52.2 | ||||||||||||||||
Goodwill | — | 9.4 | — | — | 9.4 | ||||||||||||||||
Deferred income taxes | 7.3 | — | — | (7.3 | ) | — | |||||||||||||||
Deferred charges and other assets | 12.2 | 17.5 | 11.2 | — | 40.9 | ||||||||||||||||
Investment in subsidiaries | 940.4 | 756.5 | — | (1,696.9 | ) | — | |||||||||||||||
Total assets | $ | 1,041.10 | $ | 1,722.50 | $ | 1,568.90 | $ | (2,209.8 | ) | $ | 2,122.70 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||
Advances from affiliate | $ | — | $ | 50.3 | $ | 22.8 | $ | (73.1 | ) | $ | — | ||||||||||
Accounts payable | — | 41.6 | 84.2 | — | 125.8 | ||||||||||||||||
Current portion of long term debt | 0.8 | — | — | — | 0.8 | ||||||||||||||||
Accrued liabilities | 0.5 | 46.1 | 14.3 | — | 60.9 | ||||||||||||||||
Interest payable | 6 | — | 1.8 | — | 7.8 | ||||||||||||||||
Interest payable to affiliate | — | — | 5.5 | (5.5 | ) | — | |||||||||||||||
Income taxes payable | — | 38 | — | (38.0 | ) | — | |||||||||||||||
Total current liabilities | 7.3 | 176 | 128.6 | (116.6 | ) | 195.3 | |||||||||||||||
Long term debt | 498.6 | — | 149.7 | — | 648.3 | ||||||||||||||||
Payable to affiliate | — | 300 | 89 | (389.0 | ) | — | |||||||||||||||
Obligation for black lung benefits | — | 34.1 | — | — | 34.1 | ||||||||||||||||
Retirement benefit liabilities | — | 40.9 | — | — | 40.9 | ||||||||||||||||
Deferred income taxes | — | 368.8 | 0.9 | (7.3 | ) | 362.4 | |||||||||||||||
Asset retirement obligations | — | 14.4 | 2.3 | — | 16.7 | ||||||||||||||||
Other deferred credits and liabilities | 1.1 | 16.4 | 0.4 | — | 17.9 | ||||||||||||||||
Total liabilities | 507 | 950.6 | 370.9 | (512.9 | ) | 1,315.60 | |||||||||||||||
Equity | |||||||||||||||||||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at September 30, 2013 and December 31, 2012 | — | — | — | — | — | ||||||||||||||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,524,424 shares at September 30, 2013 | 0.7 | — | — | — | 0.7 | ||||||||||||||||
Treasury Stock, 1,255,356 shares at September 30, 2013 | (19.9 | ) | — | — | — | (19.9 | ) | ||||||||||||||
Additional paid-in capital | 443.4 | 385.7 | 857.3 | (1,243.0 | ) | 443.4 | |||||||||||||||
Accumulated other comprehensive income | (22.9 | ) | (8.0 | ) | (14.9 | ) | 22.9 | (22.9 | ) | ||||||||||||
Retained earnings | 132.8 | 394.2 | 82.6 | (476.8 | ) | 132.8 | |||||||||||||||
Total SunCoke Energy, Inc. stockholders’ equity | 534.1 | 771.9 | 925 | (1,696.9 | ) | 534.1 | |||||||||||||||
Noncontrolling interests | — | — | 273 | — | 273 | ||||||||||||||||
Total equity | 534.1 | 771.9 | 1,198.00 | (1,696.9 | ) | 807.1 | |||||||||||||||
Total liabilities and equity | $ | 1,041.10 | $ | 1,722.50 | $ | 1,568.90 | $ | (2,209.8 | ) | $ | 2,122.70 | ||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
(Dollars in millions, except per share amounts) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 206.9 | $ | 32.3 | $ | — | $ | 239.2 | |||||||||||
Receivables | — | 28.3 | 41.7 | — | 70 | ||||||||||||||||
Inventories | — | 57.2 | 102.9 | — | 160.1 | ||||||||||||||||
Deferred income taxes | — | 2 | 0.6 | — | 2.6 | ||||||||||||||||
Income taxes receivable | 16.1 | — | 0.4 | (16.5 | ) | — | |||||||||||||||
Advances from affiliate | 65.8 | — | 70.5 | (136.3 | ) | — | |||||||||||||||
Total current assets | 81.9 | 294.4 | 248.4 | (152.8 | ) | 471.9 | |||||||||||||||
Notes receivable from affiliate | — | 89 | 300 | (389.0 | ) | — | |||||||||||||||
Investment in Brazil cokemaking operations | — | — | 41 | — | 41 | ||||||||||||||||
Properties, plants and equipment, net | — | 508.5 | 888.1 | — | 1,396.60 | ||||||||||||||||
Lease and mineral rights, net | — | 52.5 | — | — | 52.5 | ||||||||||||||||
Goodwill | — | 9.4 | — | — | 9.4 | ||||||||||||||||
Deferred charges and other assets | 23 | 13.2 | 3.4 | — | 39.6 | ||||||||||||||||
Investment in subsidiaries | 1,173.40 | 992.7 | — | (2,166.1 | ) | — | |||||||||||||||
Total assets | $ | 1,278.30 | $ | 1,959.70 | $ | 1,480.90 | $ | (2,707.9 | ) | $ | 2,011.00 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||
Advances from affiliate | $ | — | $ | 136.3 | $ | — | $ | (136.3 | ) | $ | — | ||||||||||
Accounts payable | 0.5 | 49 | 83.4 | — | 132.9 | ||||||||||||||||
Current portion of long term debt | 3.3 | — | — | — | 3.3 | ||||||||||||||||
Accrued liabilities | 0.6 | 60.7 | 29.9 | — | 91.2 | ||||||||||||||||
Interest payable | 15.7 | — | — | — | 15.7 | ||||||||||||||||
Income taxes payable | — | 20.4 | — | (16.5 | ) | 3.9 | |||||||||||||||
Total current liabilities | 20.1 | 266.4 | 113.3 | (152.8 | ) | 247 | |||||||||||||||
Long term debt | 720.1 | — | — | — | 720.1 | ||||||||||||||||
Payable to affiliate | — | 300 | 89 | (389.0 | ) | — | |||||||||||||||
Obligation for black lung benefits | — | 34.8 | — | — | 34.8 | ||||||||||||||||
Retirement benefit liabilities | — | 42.4 | 0.1 | — | 42.5 | ||||||||||||||||
Deferred income taxes | (1.9 | ) | 180 | 183.4 | — | 361.5 | |||||||||||||||
Asset retirement obligations | — | 11.3 | 2.2 | — | 13.5 | ||||||||||||||||
Other deferred credits and liabilities | 0.9 | 15.5 | 0.3 | — | 16.7 | ||||||||||||||||
Total liabilities | 739.2 | 850.4 | 388.3 | (541.8 | ) | 1,436.10 | |||||||||||||||
Equity | |||||||||||||||||||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at December 31, 2012 | — | — | — | — | — | ||||||||||||||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,988,728 shares at December 31, 2012 | 0.7 | — | — | — | 0.7 | ||||||||||||||||
Treasury stock, 603,528 shares at December 31, 2012 | (9.4 | ) | — | — | — | (9.4 | ) | ||||||||||||||
Additional paid-in capital | 436.9 | 778.9 | 938.4 | (1,717.3 | ) | 436.9 | |||||||||||||||
Accumulated other comprehensive income | (7.9 | ) | (6.7 | ) | (1.2 | ) | 7.9 | (7.9 | ) | ||||||||||||
Retained earnings | 118.8 | 337.1 | 119.6 | (456.7 | ) | 118.8 | |||||||||||||||
Total SunCoke Energy, Inc. stockholders’ equity | 539.1 | 1,109.30 | 1,056.80 | (2,166.1 | ) | 539.1 | |||||||||||||||
Noncontrolling interests | — | — | 35.8 | — | 35.8 | ||||||||||||||||
Total equity | 539.1 | 1,109.30 | 1,092.60 | (2,166.1 | ) | 574.9 | |||||||||||||||
Total liabilities and equity | $ | 1,278.30 | $ | 1,959.70 | $ | 1,480.90 | $ | (2,707.9 | ) | $ | 2,011.00 | ||||||||||
S | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | SunCoke Energy, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||||||
Net income | $ | 14 | $ | 57.2 | $ | 66.4 | $ | (106.2 | ) | $ | 31.4 | ||||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||||||||||||
Depreciation, depletion and amortization | — | 31.4 | 39.1 | — | 70.5 | ||||||||||||||||
Deferred income tax expense | — | 1.2 | — | — | 1.2 | ||||||||||||||||
Payments in excess of expense for retirement plans | — | (1.5 | ) | (0.1 | ) | — | (1.6 | ) | |||||||||||||
Share-based compensation expense | 5.5 | — | — | — | 5.5 | ||||||||||||||||
Equity in earnings of subsidiaries | (42.0 | ) | (64.2 | ) | — | 106.2 | — | ||||||||||||||
Loss from equity method investment | — | — | 2.5 | — | 2.5 | ||||||||||||||||
Changes in working capital pertaining to operating activities: | |||||||||||||||||||||
Receivables | (0.1 | ) | (4.5 | ) | 8.7 | — | 4.1 | ||||||||||||||
Inventories | — | 12.4 | 15.9 | — | 28.3 | ||||||||||||||||
Accounts payable | (0.5 | ) | (7.4 | ) | 0.8 | — | (7.1 | ) | |||||||||||||
Accrued liabilities | (0.1 | ) | (14.6 | ) | (15.6 | ) | — | (30.3 | ) | ||||||||||||
Interest payable | (9.7 | ) | (5.5 | ) | 7.3 | — | (7.9 | ) | |||||||||||||
Income taxes payable | (14.4 | ) | 17.6 | (10.5 | ) | — | (7.3 | ) | |||||||||||||
Other | 8.4 | (1.3 | ) | (8.8 | ) | — | (1.7 | ) | |||||||||||||
Net cash (used in) provided by operating activities | (38.9 | ) | 20.8 | 105.7 | — | 87.6 | |||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||
Capital expenditures | — | (20.4 | ) | (75.2 | ) | — | (95.6 | ) | |||||||||||||
Aquisition of business | — | — | (28.6 | ) | — | (28.6 | ) | ||||||||||||||
Equity method investment | — | — | (67.7 | ) | — | (67.7 | ) | ||||||||||||||
Net cash used in investing activities | — | (20.4 | ) | (171.5 | ) | — | (191.9 | ) | |||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||
Proceeds from issuance of common units or SunCoke Energy Partners, L.P. | — | — | 237.8 | — | 237.8 | ||||||||||||||||
Proceeds from issuance of long-term debt | — | — | 150 | — | 150 | ||||||||||||||||
Debt issuance costs | (1.6 | ) | — | (5.3 | ) | — | (6.9 | ) | |||||||||||||
Repayment of long-term debt | — | — | (225.0 | ) | — | (225.0 | ) | ||||||||||||||
Proceeds from exercise of stock options | 0.9 | — | — | — | 0.9 | ||||||||||||||||
Repurchase of common stock | (10.9 | ) | — | — | — | (10.9 | ) | ||||||||||||||
Cash distributions to noncontrolling interests in cokemaking operations | — | — | (12.0 | ) | — | (12.0 | ) | ||||||||||||||
Net increase (decrease) in advances from affiliate | 50.5 | (18.4 | ) | (32.1 | ) | — | — | ||||||||||||||
Net cash provided by (used in) financing activities | 38.9 | (18.4 | ) | 113.4 | — | 133.9 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (18.0 | ) | 47.6 | — | 29.6 | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 206.9 | 32.3 | — | 239.2 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 188.9 | $ | 79.9 | $ | — | $ | 268.8 | |||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||||||
Net income | $ | 71.2 | $ | 119.9 | $ | 47.7 | $ | (165.3 | ) | $ | 73.5 | ||||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||||||||||||
Depreciation, depletion and amortization | — | 27.8 | 29.7 | — | 57.5 | ||||||||||||||||
Deferred income tax (benefit) expense | — | 30.1 | 9.1 | — | 39.2 | ||||||||||||||||
Payments less than expense for retirement plans | — | (6.2 | ) | — | — | (6.2 | ) | ||||||||||||||
Share-based compensation expense | 5.1 | — | — | 5.1 | |||||||||||||||||
Equity in earnings of subsidiaries | (104.2 | ) | (61.1 | ) | — | 165.3 | — | ||||||||||||||
Changes in working capital pertaining to operating activities: | |||||||||||||||||||||
Receivables | — | (14.8 | ) | (10.1 | ) | — | (24.9 | ) | |||||||||||||
Inventories | — | 19.5 | 7.5 | — | 27 | ||||||||||||||||
Accounts payable | 1 | (34.9 | ) | (27.0 | ) | — | (60.9 | ) | |||||||||||||
Accrued liabilities | — | 6.8 | 3.4 | — | 10.2 | ||||||||||||||||
Interest payable | (7.8 | ) | (2.2 | ) | 2.2 | — | (7.8 | ) | |||||||||||||
Income taxes payable | (10.4 | ) | (9.7 | ) | (3.5 | ) | — | (23.6 | ) | ||||||||||||
Other | (2.6 | ) | (12.7 | ) | 4 | — | (11.3 | ) | |||||||||||||
Net cash (used in) provided by operating activities | (47.7 | ) | 62.5 | 63 | — | 77.8 | |||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||
Capital expenditures | — | (20.2 | ) | (20.4 | ) | — | (40.6 | ) | |||||||||||||
Net cash used in investing activities | — | (20.2 | ) | (20.4 | ) | — | (40.6 | ) | |||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||
Repayment of long-term debt | (2.5 | ) | — | — | — | (2.5 | ) | ||||||||||||||
Proceeds from exercise of stock options | 4.7 | — | — | — | 4.7 | ||||||||||||||||
Repurchase of common stock | (9.1 | ) | — | — | — | (9.1 | ) | ||||||||||||||
Net increase (decrease) in advances from affiliate | 54.6 | (26.5 | ) | (28.1 | ) | — | — | ||||||||||||||
Net cash provided by (used in) financing activities | 47.7 | (26.5 | ) | (28.1 | ) | — | (6.9 | ) | |||||||||||||
Net (decrease) increase in cash and cash equivalents | — | 15.8 | 14.5 | — | 30.3 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 109.4 | 18.1 | — | 127.5 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 125.2 | $ | 32.6 | $ | — | $ | 157.8 | |||||||||||
General_Details
General (Details) | 0 Months Ended | 9 Months Ended | 0 Months Ended | ||
Jan. 17, 2012 | Jul. 26, 2011 | Sep. 30, 2013 | Jul. 18, 2011 | Mar. 18, 2013 | |
Cokemaking_facility | VISA SunCoke Limited | ||||
T | |||||
General (Textual) [Abstract] | |||||
Number of cokemaking facilities | 5 | ||||
Cokemaking facility capacity (in metric tons) | 440,000 | ||||
Common stock held (as a percent) | 100.00% | ||||
IPO of common stock (in shares) | 13,340,000 | ||||
Ownership of Company (as a percent) | 19.10% | ||||
Common shares outstanding (in shares) | 56,660,000 | ||||
Percentage of holding ownership (as a percent) | 80.90% | ||||
Share of common stock received (as a percent) | 0.53046456 |
Arrangements_Between_Sunoco_an2
Arrangements Between Sunoco and SunCoke Energy, Inc. (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 |
Arrangements Between Sunoco And Suncoke Energy Inc [Abstract] | |
Noncash distributions to affiliates | $88.20 |
Formation_of_a_Master_Limited_2
Formation of a Master Limited Partnership (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Jan. 24, 2013 | Jul. 26, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jan. 24, 2013 | Jan. 24, 2013 | Jan. 24, 2013 | Jan. 23, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 22, 2013 | Sep. 30, 2013 | Oct. 22, 2013 | Sep. 30, 2013 | ||
IPO | SunCoke Energy Partners, L.P. | Term loan | Partnership notes, due 2020 | Interest rate swap | Haverhill and Granite City | Haverhill | Subsequent event | Public | Public | Limited Partner | ||||||||
IPO | IPO | IPO | IPO | IPO | Subsequent event | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||
IPO of common stock (in shares) | 13,340,000 | 13,500,000 | ||||||||||||||||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | $237.80 | $0 | $231.80 | |||||||||||||||
Direct costs related to increase in ownership interest | 24.7 | |||||||||||||||||
Underwriting discounts and offering expenses | 6 | |||||||||||||||||
Environmental remediation expense | 67 | |||||||||||||||||
Accrued sales discounts | 12.5 | [1] | 36.2 | [1] | 12.4 | |||||||||||||
Ownership interest of general partnership (as a percent) | 2.00% | |||||||||||||||||
Interest in partnership (as a percent) | 55.90% | |||||||||||||||||
Subsidiary of Limited Liability Company or Limited Partnership, ownership interest (as a percent) | 65.00% | |||||||||||||||||
Repayments of long-term Debt | 225 | 2.5 | 225 | |||||||||||||||
Senior notes | 150 | |||||||||||||||||
Quarterly cash distributions paid | 12 | 0 | 9.8 | 13.9 | 23.3 | |||||||||||||
Quarterly cash distributions declared | $5.80 | |||||||||||||||||
[1] | At December 31, 2012, we had $12.4 million accrued related to sales discounts to be paid to our customer at our Haverhill facility. During the first quarter of 2013, we settled this obligation for $11.8 million which resulted in a gain of $0.6 million. This gain is recorded in sales and other operating revenue on our Consolidated Statement of Income. |
Formation_of_a_Master_Limited_3
Formation of a Master Limited Partnership Variable Interest Entity (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Formation of a Master Limited Partnership [Abstract] | ||
Cash | $78.50 | $0 |
Receivables | 26 | 27.4 |
Inventories | 57.9 | 63.2 |
Total current assets | 162.4 | 90.6 |
Properties, plants and equipment, net | 792.5 | 768.7 |
Deferred income taxes | 0 | 21.4 |
Deferred charges and other assets | 7.9 | 4.8 |
Total assets | 962.8 | 885.5 |
Accounts payable | 41.5 | 41.5 |
Accrued liabilities | 3.5 | 17 |
Interest payable | 1.8 | 0 |
Payable to affiliate | 0.7 | 0 |
Total current liabilities | 47.5 | 58.5 |
Long-term debt | 149.7 | 225 |
Deferred income taxes | 1.7 | 0 |
Other deferred credits and liabilities | 0.3 | 0.3 |
Total liabilities | 199.2 | 283.8 |
Total equity | 763.6 | 601.7 |
Total liabilities and parent net equity | $962.80 | $885.50 |
Equity_Method_Investment_Joint
Equity Method Investment Joint Venture (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 18, 2013 | Mar. 18, 2013 |
VISA SunCoke Limited | VISA Steel | |||||
T | VISA SunCoke Limited | |||||
Schedule of Equity Method Investments [Line Items] | ||||||
Cokemaking facility capacity (in metric tons) | 440,000 | |||||
Investment in joint venture | $67.70 | |||||
Ownership percentage | 49.00% | 51.00% | ||||
Loss from equity method investment | $2.30 | $0 | $2.50 | $0 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 30, 2013 |
SunCoke Lake Terminal LLC | SunCoke Lake Terminal LLC | SunCoke Lake Terminal LLC | SunCoke Lake Terminal LLC | |||||
Business Acquisition [Line Items] | ||||||||
Consideration transferred | $28.60 | |||||||
Option to purchase entity | 1.8 | |||||||
Percentage interest owned | 15.00% | |||||||
Term of contract (in years) | 10 years | |||||||
Plant, property and equipment recognized | 25.9 | |||||||
Inventory recognized | 2.7 | |||||||
Revenues | 390.5 | 480.5 | 1,248.10 | 1,422.70 | 1.1 | 1.1 | ||
Operating Income | $27.30 | $52.70 | $80.40 | $129.40 | $0.50 | $0.50 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | |
Share distribution agreement, covenant restriction (as a percent) | 50.00% |
Eliminated tax amount, current and deferred | $229.20 |
Noncash distributions to affiliates | 88.2 |
Impact of tax sharing agreement | 1.7 |
Prior period adjustments | 0.4 |
Provision to return adjustments | 1.7 |
Change in deferred tax assets valuation allowance | $1.40 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Components of inventories | ||||
Coal | $90.50 | $108 | ||
Coke | 8.2 | 11.8 | ||
Materials, supplies and other | 35.8 | 32 | ||
Consigned coke inventory | 0 | [1] | 8.3 | [1] |
Inventory, Total | $134.50 | $160.10 | ||
[1] | During 2011, we estimated that Indiana Harbor would fall short of its 2011 annual minimum coke production requirements by approximately 122 thousand tons. Accordingly, we entered into contracts to procure approximately 133 thousand tons of coke from third parties. The Company then entered into an agreement to sell approximately 95 thousand tons of this purchased coke to a customer on a consignment basis. During 2012, the customer consumed 73 thousand tons of consigned coke and the remaining 22 thousand tons of consigned coke were consumed during the first quarter of 2013. |
Inventories_Details_Textual
Inventories (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
T | T | T | |
Inventories (Textual) [Abstract] | |||
Estimated short of annual minimum coke production (in tons) | 122,000 | ||
Contract to procure from third party (in tons) | 133,000 | ||
Quantity of coke agreed to sell on consignment (in tons) | 95,000 | ||
Total coke consumed by customer (in tons) | 22,000 | 73,000 |
Defined_benefit_plan_expense_D
Defined benefit plan expense (Details) (Defined benefit plan, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined benefit plan | ||||
Defined benefit plan (benefit) expense | ||||
Interest cost on benefit obligations | $0.30 | $0.40 | $1 | $1.10 |
Expected return on plan assets | -0.6 | -0.5 | -1.8 | -1.4 |
Amortization of actuarial losses | 0.3 | 0.2 | 0.8 | 0.7 |
Pension Expense | $0 | $0.10 | $0 | $0.40 |
Postretirement_benefit_plans_b
Postretirement benefit plans benefit (Details) (Postretirement benefit plans, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Postretirement benefit plans | ||||
Postretirement benefit plans benefit | ||||
Service cost | $0.10 | $0.10 | $0.20 | $0.20 |
Interest cost on benefit obligations | 0.3 | 0.4 | 1 | 1.4 |
Amortization of: | ||||
Actuarial losses | 0.4 | 0.4 | 1.1 | 1.1 |
Prior service benefit | -1.4 | -1.4 | -4.3 | -4.2 |
Total | ($0.60) | ($0.50) | ($2) | ($1.50) |
Retirement_Benefits_Plans_Deta
Retirement Benefits Plans (Details Textual) (USD $) | 12 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2010 | Mar. 31, 2011 |
Maximum | ||
Retirement Benefits Plans (Textual) [Abstract] | ||
Deferred compensation arrangement with individual service period (in years) | 10 years | |
Retirement Benefits Plans (Additional Textual) [Abstract] | ||
Decline in postretirement benefit liability | $36.70 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | Haverhill | Haverhill | ||||
Accrued liabilities | ||||||
Accrued sales discounts | $12.50 | [1] | $36.20 | [1] | $12.40 | |
Accrued benefits | 18.3 | 21.5 | ||||
Other taxes payable | 11.8 | 10.9 | ||||
Other | 18.3 | 22.6 | ||||
Total | 60.9 | 91.2 | ||||
Payment of accrual for sale volume discount payable current | 11.8 | |||||
Gain payment of accrual for sales volume discount payable current | $0.60 | |||||
[1] | At December 31, 2012, we had $12.4 million accrued related to sales discounts to be paid to our customer at our Haverhill facility. During the first quarter of 2013, we settled this obligation for $11.8 million which resulted in a gain of $0.6 million. This gain is recorded in sales and other operating revenue on our Consolidated Statement of Income. |
Debt_Details
Debt (Details) (USD $) | Sep. 30, 2013 | Jan. 23, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | |||||
Total debt, including the current portion of long-term debt | |||||
Total debt | $649.10 | $723.40 | |||
Current portion of long-term debt | 0.8 | 3.3 | |||
Long-term debt | 648.3 | 720.1 | |||
Term loan | |||||
Total debt, including the current portion of long-term debt | |||||
Total debt | 99.1 | [1] | 300 | 323.4 | [1] |
Original issue discount | 1.1 | 1.7 | |||
Senior notes, due 2019 | |||||
Total debt, including the current portion of long-term debt | |||||
Total debt | 400 | 400 | 400 | ||
Interest rate on senior notes (as a percent) | 7.63% | 7.63% | 7.63% | ||
Partnership notes, due 2020 | |||||
Total debt, including the current portion of long-term debt | |||||
Total debt | $150 | $0 | |||
Interest rate on senior notes (as a percent) | 7.38% | 7.38% | |||
[1] | Borrowed under the Company's Credit Agreement on July 26, 2011, as amended ("Credit Agreement"). |
Debt_Details_Textual
Debt (Details Textual) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Jan. 23, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jan. 24, 2013 | Sep. 30, 2013 | Jan. 23, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 28, 2013 | Jan. 24, 2013 | Dec. 31, 2012 | Jan. 23, 2013 | Jan. 24, 2013 | Jan. 31, 2013 | Jan. 23, 2013 | Sep. 30, 2013 | Aug. 28, 2013 | Jan. 23, 2013 | Aug. 28, 2013 | ||
Senior notes, due 2019 | Senior notes, due 2019 | Senior notes, due 2019 | Partnership notes, due 2020 | Partnership notes, due 2020 | Term loan | Term loan | Term loan | Term loan | Incremental credit facility | Revolving credit facility | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | ||||||
Partnership notes, due 2020 | Partnership notes, due 2020 | Partnership notes, due 2020 | Partnership notes, due 2020 | Term loan | Term loan | Term loan | Revolving credit facility | Revolving credit facility | Revolving credit facility | Uncommitted incremental revolving credit facility | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||
Long-term debt term (in years) | 7 years | ||||||||||||||||||||||||||
Long-term debt | $649.10 | $723.40 | $400 | $400 | $400 | $150 | $0 | $99.10 | [1] | $300 | $323.40 | [1] | |||||||||||||||
Maximum borrowing capacity | 75 | 150 | 150 | 100 | 100 | ||||||||||||||||||||||
Interest rate on senior notes (as a percent) | 7.63% | 7.63% | 7.63% | 7.38% | 7.38% | 7.38% | |||||||||||||||||||||
Letters of credit outstanding under revolving facility | 2.1 | ||||||||||||||||||||||||||
Remaining letters of credit agreement amount | 45 | 147.9 | 149.3 | ||||||||||||||||||||||||
Repayment of long-term debt | 225 | 2.5 | 225 | ||||||||||||||||||||||||
Write-off of unamortized debt issuance costs and original issue discount | 2.9 | ||||||||||||||||||||||||||
Debt issuance costs | 0.9 | 5.9 | 0.6 | 0.7 | |||||||||||||||||||||||
Senior notes | 150 | ||||||||||||||||||||||||||
Redeem partnership note percentage (as a percent) | 35.00% | ||||||||||||||||||||||||||
Debt issuance costs expensed | 0.8 | ||||||||||||||||||||||||||
Amount of letters of credit outstanding | $0.70 | ||||||||||||||||||||||||||
[1] | Borrowed under the Company's Credit Agreement on July 26, 2011, as amended ("Credit Agreement"). |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
AK Steel | AK Steel | Haverhill and Granite City | Haverhill and Granite City | Indiana Harbor | Indiana Harbor | IPO | |||
Haverhill and Granite City | |||||||||
Commitments and Contingent Liabilities (Textual) [Abstract] | |||||||||
Tax credits subject to tax audits | $51 | ||||||||
Shift in expected operating cash flow | 87.6 | 77.8 | 20 | ||||||
Amount received to make partnership whole | 0.6 | ||||||||
Quarterly Make Whole Payments | 0.4 | ||||||||
Estimate possible loss | 2.2 | 85 | |||||||
Cost of capital projects | 5 | 14 | |||||||
Environmental liability expected to spend in next twelve months | 23 | ||||||||
Contractual obligation due in 2014 to 2016 | 72 | ||||||||
Environmental remediation expense | 67 | ||||||||
Amount to be incurred for maintenance projects in the year 2012 | $58 |
Restructuring_Details_Textual
Restructuring (Details Textual) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2013 | Sep. 30, 2013 |
Restructuring (Textual) [Abstract] | ||
Reduction in workforce (in employees) | 52 | |
Employee Severance | ||
Restructuring (Textual) [Abstract] | ||
Restructuring charges | $0.90 | |
Restructuring liability | $0 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Weighted-average assumptions | |
Risk free interest rate (as a percent) | 0.93% |
Expected term (in years) | 5 years |
Volatility (as a percent) | 44.00% |
Dividend yield (as a percent) | 0.00% |
Weighted-average exercise price (in dollars per share) | $16.55 |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 17, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Jan. 17, 2012 | Jan. 17, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Stock options | Stock options | Stock options | Stock options | Stock options | Restricted stock units (RSUs) | Restricted stock units (RSUs) | Restricted stock units (RSUs) | Restricted stock units (RSUs) | Performance share units | Performance share units | Distribution first | Distribution first | Distribution first | Distribution first | Distribution second | Distribution second | Distribution second | Distribution second | Minimum | Maximum | |
Options granted current period | installment | Modified options Sunoco employees | Modified options Sunoco employees | Restricted stock units (RSUs) | Performance share units | Modified options | Modified options | Modified options | Restricted stock units (RSUs) | Performance share units | Performance share units | ||||||||||
installment | Units awarded during period | Units awarded during period | Modified units | ||||||||||||||||||
Share-based compensation (Textual) [Abstract] | |||||||||||||||||||||
Granted stock options (in shares) | 446,948 | ||||||||||||||||||||
Number of annual installment in which stock option exercisable (in installments) | 3 | 3 | |||||||||||||||||||
Period from grant date for annual installment (in years) | 1 year | 1 year | |||||||||||||||||||
Stock options, time until expiration (in years) | 10 years | 10 years | 10 years | ||||||||||||||||||
Weighted-average fair value stock option (in dollars per share) | $6 | ||||||||||||||||||||
Forfeiture rate (as a percent) | 3.00% | 3.00% | 3.00% | ||||||||||||||||||
Stock option outstanding (in shares) | 2,300,000 | 2,300,000 | |||||||||||||||||||
Compensation expense | $1.20 | $1 | $3.30 | $2.90 | $0.70 | $0.30 | $1.70 | $1.20 | $0.20 | $0.40 | |||||||||||
Unrecognized compensation cost | 6.1 | 6.1 | 6.1 | 6.1 | 1.5 | 1.5 | |||||||||||||||
Weighted average remaining contractual term (in years) | 1 year 7 months 6 days | 2 years 2 months 12 days | 2 years 4 months 24 days | ||||||||||||||||||
Restricted stock (in shares) | 277,918 | 96,073 | |||||||||||||||||||
Fair value grant (in dollars per share) | $16.54 | $19.56 | |||||||||||||||||||
Restricted units outstanding (in shares) | 489,951 | 489,951 | |||||||||||||||||||
Percentage of award determined by the Company's three year TSR (as a percent) | 50.00% | ||||||||||||||||||||
Percentage of award determined by pre-tax return on capital (as a percent) | 50.00% | ||||||||||||||||||||
Percentage adjustment of award determined by pre-tax return on capital (as a percent) | 0.00% | 200.00% | |||||||||||||||||||
Nonvested (in shares) | 96,073 | 96,073 | |||||||||||||||||||
Modified options granted Sonoco employees (in shares) | 1,219,842 | ||||||||||||||||||||
Options outstanding (in shares) | 336,781 | ||||||||||||||||||||
Modified options SunCoke employees (in shares) | 295,854 | ||||||||||||||||||||
Stock option range lower (in dollars per share) | $4.77 | $8.93 | |||||||||||||||||||
Stock option range upper (in dollars per share) | $29.35 | $22.31 | |||||||||||||||||||
Stock option vested (in shares) | 282,277 | ||||||||||||||||||||
Anti-dilution provision | $0.50 | ||||||||||||||||||||
Stock option exercised (in shares) | 79,561 | ||||||||||||||||||||
Options forfeited (in shares) | 325,320 | ||||||||||||||||||||
Sonoco Units Converted to SunCoke Units (in shares) | 95,984 |
Share_Repurchase_Program_Detai
Share Repurchase Program (Details) (USD $) | 1 Months Ended | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Feb. 29, 2012 | Sep. 30, 2013 |
Share Repurchase Program [Abstract] | ||
Shares authorized for repurchase (in shares) | 3,500,000 | |
Shares repurchase period (in years) | 3 years | |
Number of shares repurchased (in shares) | 625,000 | |
Shares repurchased (in shares) | $10.10 | |
Shares remaining available for repurchase (in shares) | 2,300,000 | |
Payments Related to Tax Withholding for Share-based Compensation | $0.80 |
Earnings_per_Share_Details
Earnings per Share (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reconciliation of the weighted-average number of common shares used to compute basic earnings per share (EPS) to those used to compute diluted EPS | ||||
Weighted-average number of common shares outstanding-basic (in shares) | 69.8 | 70 | 69.9 | 70 |
Add: Effect of dilutive share-based compensation awards (in shares) | 0.2 | 0.3 | 0.3 | 0.3 |
Weighted-average number of shares-diluted (in shares) | 70 | 70.3 | 70.2 | 70.3 |
Earnings_per_Share_Details_Tex
Earnings per Share (Details Textual) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential dilutive effect excluded from the computation of diluted weighted-average shares outstanding | 1.9 | 2.6 | 2.4 | 2.5 |
Restricted stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential dilutive effect excluded from the computation of diluted weighted-average shares outstanding | 0.1 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Information | ||
Interest paid | $36.20 | $40.70 |
Income taxes paid | $12.60 | $3.90 |
Supplemental_Accumulated_Other2
Supplemental Accumulated Other Comprehensive Loss Information Supplemental Accumulated Other Comprehensive Loss Information (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Accumulated Comprehensive Income [Roll Forward] | ||
Balance, beginning of period | ($7.90) | |
Other comprehensive loss: | ||
Other comprehensive loss before reclassifications | -13.5 | |
Amounts reclassified from accumulated other comprehensive loss | -0.5 | -1.5 |
Net current period other comprehensive loss | -15 | |
Balance, end of period | -22.9 | -22.9 |
Defined Benefit Plans | ||
Accumulated Comprehensive Income [Roll Forward] | ||
Balance, beginning of period | -6.6 | |
Other comprehensive loss: | ||
Other comprehensive loss before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive loss | -1.5 | |
Net current period other comprehensive loss | -1.5 | |
Balance, end of period | -8.1 | -8.1 |
Currency Translation Adjustments | ||
Accumulated Comprehensive Income [Roll Forward] | ||
Balance, beginning of period | -1.3 | |
Other comprehensive loss: | ||
Other comprehensive loss before reclassifications | -13.5 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | |
Net current period other comprehensive loss | -13.5 | |
Balance, end of period | ($14.80) | ($14.80) |
Supplemental_Accumulated_Other3
Supplemental Accumulated Other Comprehensive Loss Information Supplemental Accumulated Other Comprehensive Loss Information (Details 1) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Statement of Other Comprehensive Income [Abstract] | ||
Prior service benefit | $1.40 | $4.30 |
Actuarial loss | -0.7 | -1.9 |
Total before taxes | 0.7 | 2.4 |
Income tax expense | -0.2 | -0.9 |
Amounts reclassified from accumulated other comprehensive income | $0.50 | $1.50 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Aug. 15, 2011 | Sep. 30, 2013 | Mar. 14, 2013 | Dec. 31, 2012 | Nov. 26, 2012 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Harold Keene Coal Co | Interest rate swap | Interest rate swap | Interest rate swap | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | |
T | T | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | INR | USD ($) | INR | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Notional amount of interest rate swap agreements | $25 | $125 | 1,830 | 1,845 | |||||||||
Weighted average exchange rate | 54.81 | 56.075 | |||||||||||
Fair value of foreign exchange contract | 0.6 | ||||||||||||
Foreign exchange contract gain | 0.9 | ||||||||||||
Interest rate swap agreement terms | 3 years | ||||||||||||
Weighted average rate for receiving floating rate payment (as a percent) | 1.32% | ||||||||||||
Minimum floating rate payments (as a percent) | 1.00% | ||||||||||||
Fair value of swap agreement | 0.4 | ||||||||||||
Minimum risk adjusted discount rate range (as a percent) | 1.31% | 1.31% | |||||||||||
Maximum risk adjusted discount rate range (as a percent) | 8.23% | 8.23% | |||||||||||
Contingent consideration related to the acquisition of the Harold Keene Coal Co., Inc. and affiliated companies | 4.6 | ||||||||||||
Increase (decrease) in interest cost due to mark to market impact | -0.1 | 0 | -0.4 | 0.3 | |||||||||
Fair value adjustment to contingent consideration | 0.2 | 3.2 | 0.2 | 3.9 | |||||||||
Fair value of Company's debt | 682.6 | 682.6 | |||||||||||
Long-term debt | $649.10 | $649.10 | $723.40 | ||||||||||
Minimum production level (in tons) | 0 | 0 | |||||||||||
Maximum production level (in tons) | 318,000 | 318,000 |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | $389.90 | $480.10 | $1,245 | $1,421.40 |
Intersegment sales | 0 | 0 | 0 | 0 |
Adjusted EBITDA | 50.7 | 73.7 | 155.4 | 196 |
Loss from equity method investment | 2.3 | 0 | 2.5 | 0 |
Depreciation, depletion and amortization | 23.2 | 18.9 | 70.5 | 57.5 |
Capital expenditures | 34.2 | 19.9 | 95.6 | 40.6 |
Total segment assets | 2,122.70 | 1,960.40 | 2,122.70 | 1,960.40 |
Domestic Coke | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | 364.8 | 462.9 | 1,168.80 | 1,356.60 |
Intersegment sales | 0 | 0 | 0 | 0 |
Adjusted EBITDA | 64.3 | 69.8 | 186.7 | 187 |
Loss from equity method investment | 0 | 0 | ||
Depreciation, depletion and amortization | 16.8 | 14.1 | 52.4 | 43 |
Capital expenditures | 29.5 | 10.9 | 77.8 | 20.6 |
Total segment assets | 1,525.80 | 1,533.70 | 1,525.80 | 1,533.70 |
Brazil Coke | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | 8.2 | 8.3 | 25.9 | 27.3 |
Intersegment sales | 0 | 0 | 0 | 0 |
Adjusted EBITDA | 1.5 | 0.9 | 4.7 | 1.7 |
Loss from equity method investment | 0 | 0 | ||
Depreciation, depletion and amortization | 0.1 | 0 | 0.3 | 0.2 |
Capital expenditures | -0.2 | 0.3 | 0.6 | 1.2 |
Total segment assets | 51.6 | 52.8 | 51.6 | 52.8 |
India Coke | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | 0 | 0 | ||
Intersegment sales | 0 | 0 | ||
Adjusted EBITDA | -2.1 | -1.3 | ||
Loss from equity method investment | 2.3 | 2.5 | ||
Depreciation, depletion and amortization | 0 | 0 | ||
Capital expenditures | 0 | 0 | ||
Total segment assets | 52.8 | 52.8 | ||
Coal Mining | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | 16.8 | 8.9 | 50.2 | 37.5 |
Intersegment sales | 35.7 | 56.2 | 100.8 | 152.5 |
Adjusted EBITDA | -2.6 | 10.7 | -9.8 | 27.4 |
Loss from equity method investment | 0 | 0 | ||
Depreciation, depletion and amortization | 5.6 | 4.2 | 15.9 | 12.6 |
Capital expenditures | 4 | 7.7 | 14.3 | 16.7 |
Total segment assets | 176 | 190.1 | 176 | 190.1 |
Coal Logistics | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | 0.1 | 0.1 | ||
Intersegment sales | 1 | 1 | ||
Adjusted EBITDA | 0.7 | 0.7 | ||
Loss from equity method investment | 0 | 0 | ||
Depreciation, depletion and amortization | 0.2 | 0.2 | ||
Capital expenditures | 0 | 0 | ||
Total segment assets | 30 | 30 | ||
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Sales and other operating revenue | 0 | 0 | 0 | 0 |
Intersegment sales | 0 | 0 | 0 | 0 |
Adjusted EBITDA | -11.1 | -7.7 | -25.6 | -20.1 |
Loss from equity method investment | 0 | 0 | ||
Depreciation, depletion and amortization | 0.5 | 0.6 | 1.7 | 1.7 |
Capital expenditures | 0.9 | 1 | 2.9 | 2.1 |
Total segment assets | $286.50 | $183.80 | $286.50 | $183.80 |
Business_Segment_Information_D1
Business Segment Information (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Segment Reporting Information [Line Items] | ||||||||
Adjusted EBITDA | $50.70 | $73.70 | $155.40 | $196 | ||||
Adjustments to unconsolidated affiliate earnings | 0.3 | 0 | 1.3 | 0 | ||||
Depreciation, depletion and amortization | 23.2 | 18.9 | 70.5 | 57.5 | ||||
Interest expense, net | 12.1 | 12.2 | 40 | 36 | ||||
Income tax expense | 0.6 | 7.6 | 6.5 | 19.9 | ||||
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits | 2.2 | 2.1 | 5.7 | 9.1 | ||||
Net income | 12.3 | 32.9 | 31.4 | 73.5 | ||||
Total SunCoke Energy, Inc. Equity | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Adjusted EBITDA | 40.8 | 72.6 | 126.4 | 194.5 | ||||
Net income | 14 | 71.2 | ||||||
Noncontrolling Interests | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Adjusted EBITDA | 9.9 | [1] | 1.1 | [1] | 29 | [1] | 1.5 | [1] |
Net income | $17.40 | $2.30 | ||||||
[1] | Reflects net income attributable to noncontrolling interest adjusted for the noncontrolling interest share of interest, taxes, depreciation and amortization. |
Business_Segment_Information_D2
Business Segment Information (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Summary of total sales and other operating revenue by product or service | ||||
Coke sales | $348.30 | $447 | $1,120 | $1,309.30 |
Steam and electricity sales | 16.6 | 16 | 49 | 47.5 |
Operating and licensing fees | 8.2 | 8.4 | 25.9 | 27.4 |
Metallurgical coal sales | 16.7 | 8.7 | 50 | 37.2 |
Coal logistics | 0.1 | 0 | 0.1 | 0 |
Sales and other operating revenue | $389.90 | $480.10 | $1,245 | $1,421.40 |
Business_Segment_Information_D3
Business Segment Information (Details Textual) | 9 Months Ended | 0 Months Ended |
Sep. 30, 2013 | Mar. 18, 2013 | |
Cokemaking_facility | VISA SunCoke Limited | |
T | ||
Segment Reporting Information [Line Items] | ||
Number of facilities (in cokemaking facilities) | 5 | |
Cokemaking facility capacity (in metric tons) | 440,000 | |
Ownership percentage | 49.00% |
Supplemental_Condensed_Consoli2
Supplemental Condensed Consolidating Financial Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ||||
Sales and other operating revenue | $389.90 | $480.10 | $1,245 | $1,421.40 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Other income, net | 0.6 | 0.4 | 3.1 | 1.3 |
Total revenues | 390.5 | 480.5 | 1,248.10 | 1,422.70 |
Costs and operating expenses | ||||
Cost of products sold and operating expenses | 316.5 | 388.9 | 1,031.30 | 1,174.60 |
Selling, general and administrative expenses | 23.5 | 20 | 65.9 | 61.2 |
Depreciation, depletion and amortization | 23.2 | 18.9 | 70.5 | 57.5 |
Total costs and operating expenses | 363.2 | 427.8 | 1,167.70 | 1,293.30 |
Operating income | 27.3 | 52.7 | 80.4 | 129.4 |
Interest income—affiliate | 0 | 0 | 0 | 0 |
Interest cost—affiliate | 0 | 0 | 0 | 0 |
Interest expense (income), net | 12.1 | 12.2 | 40 | 36 |
Total financing expense, net | 12.1 | 12.2 | 40 | 36 |
Income before income tax expense and loss from equity method investment | 15.2 | 40.5 | 40.4 | 93.4 |
Income tax expense | 0.6 | 7.6 | 6.5 | 19.9 |
Loss from equity method investment | 2.3 | 0 | 2.5 | 0 |
Net income | 12.3 | 32.9 | 31.4 | 73.5 |
Less: Net income (loss) attributable to noncontrolling interests | 6.1 | 1.3 | 17.4 | 2.3 |
Net income attributable to SunCoke Energy, Inc. | 6.2 | 31.6 | 14 | 71.2 |
Comprehensive income | 1.7 | 32.3 | 16.4 | 71.1 |
Less: Comprehensive income attributable to noncontrolling interests | 6.1 | 1.3 | 17.4 | 2.3 |
Comprehensive income attributable to SunCoke Energy, Inc. | -4.4 | 31 | -1 | 68.8 |
Issuer | ||||
Revenues | ||||
Sales and other operating revenue | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 14.4 | 41.6 | 42 | 104.2 |
Other income, net | 0 | 0 | 0 | 0 |
Total revenues | 14.4 | 41.6 | 42 | 104.2 |
Costs and operating expenses | ||||
Cost of products sold and operating expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 3.1 | 2.5 | 8.6 | 8 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Total costs and operating expenses | 3.1 | 2.5 | 8.6 | 8 |
Operating income | 11.3 | 39.1 | 33.4 | 96.2 |
Interest income—affiliate | 0 | 0 | 0 | 0 |
Interest cost—affiliate | 0 | 0 | 0 | 0 |
Interest expense (income), net | 9.5 | 12.1 | 28.6 | 36.2 |
Total financing expense, net | 9.5 | 12.1 | 28.6 | 36.2 |
Income before income tax expense and loss from equity method investment | 1.8 | 27 | 4.8 | 60 |
Income tax expense | -4.4 | -4.6 | -9.2 | -11.2 |
Loss from equity method investment | 0 | |||
Net income | 6.2 | 31.6 | 14 | 71.2 |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to SunCoke Energy, Inc. | 6.2 | 31.6 | 14 | 71.2 |
Comprehensive income | -4.4 | 31 | -1 | 68.8 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to SunCoke Energy, Inc. | -4.4 | 31 | -1 | 68.8 |
Guarantor Subsidiaries | ||||
Revenues | ||||
Sales and other operating revenue | 131.1 | 153.7 | 400.9 | 463.2 |
Equity in earnings of subsidiaries | 25.7 | 26 | 64.2 | 61.1 |
Other income, net | 0.6 | 0.4 | 3 | 1.3 |
Total revenues | 157.4 | 180.1 | 468.1 | 525.6 |
Costs and operating expenses | ||||
Cost of products sold and operating expenses | 107.1 | 112.6 | 333.5 | 343 |
Selling, general and administrative expenses | 11.6 | 11.8 | 36.2 | 33.1 |
Depreciation, depletion and amortization | 10.8 | 9.3 | 31.4 | 27.8 |
Total costs and operating expenses | 129.5 | 133.7 | 401.1 | 403.9 |
Operating income | 27.9 | 46.4 | 67 | 121.7 |
Interest income—affiliate | -1.9 | -1.9 | -5.5 | -5.5 |
Interest cost—affiliate | 0 | 0 | 0 | 0 |
Interest expense (income), net | 3.4 | -1.8 | -0.5 | -5.5 |
Total financing expense, net | 1.5 | -3.7 | -6 | -11 |
Income before income tax expense and loss from equity method investment | 26.4 | 50.1 | 73 | 132.7 |
Income tax expense | 5.9 | 4.7 | 15.8 | 12.8 |
Loss from equity method investment | 0 | |||
Net income | 20.5 | 45.4 | 57.2 | 119.9 |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to SunCoke Energy, Inc. | 20.5 | 45.4 | 57.2 | 119.9 |
Comprehensive income | 20.3 | 44.8 | 55.9 | 118.4 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to SunCoke Energy, Inc. | 20.3 | 44.8 | 55.9 | 118.4 |
Non- Guarantor Subsidiaries | ||||
Revenues | ||||
Sales and other operating revenue | 258.8 | 326.4 | 844.1 | 958.2 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Other income, net | 0 | 0 | 0.1 | 0 |
Total revenues | 258.8 | 326.4 | 844.2 | 958.2 |
Costs and operating expenses | ||||
Cost of products sold and operating expenses | 209.4 | 276.3 | 697.8 | 831.6 |
Selling, general and administrative expenses | 8.8 | 5.7 | 21.1 | 20.1 |
Depreciation, depletion and amortization | 12.4 | 9.6 | 39.1 | 29.7 |
Total costs and operating expenses | 230.6 | 291.6 | 758 | 881.4 |
Operating income | 28.2 | 34.8 | 86.2 | 76.8 |
Interest income—affiliate | 0 | 0 | 0 | 0 |
Interest cost—affiliate | 1.9 | 1.9 | 5.5 | 5.5 |
Interest expense (income), net | -0.8 | 1.9 | 11.9 | 5.3 |
Total financing expense, net | 1.1 | 3.8 | 17.4 | 10.8 |
Income before income tax expense and loss from equity method investment | 27.1 | 31 | 68.8 | 66 |
Income tax expense | -0.9 | 7.5 | -0.1 | 18.3 |
Loss from equity method investment | 2.3 | 2.5 | ||
Net income | 25.7 | 23.5 | 66.4 | 47.7 |
Less: Net income (loss) attributable to noncontrolling interests | 6.1 | 1.3 | 17.4 | 2.3 |
Net income attributable to SunCoke Energy, Inc. | 19.6 | 22.2 | 49 | 45.4 |
Comprehensive income | 15.4 | 23.5 | 52.7 | 46.8 |
Less: Comprehensive income attributable to noncontrolling interests | 6.1 | 1.3 | 17.4 | 2.3 |
Comprehensive income attributable to SunCoke Energy, Inc. | 9.3 | 22.2 | 35.3 | 44.5 |
Combining and Consolidating Adjustments | ||||
Revenues | ||||
Sales and other operating revenue | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | -40.1 | -67.6 | -106.2 | -165.3 |
Other income, net | 0 | 0 | 0 | 0 |
Total revenues | -40.1 | -67.6 | -106.2 | -165.3 |
Costs and operating expenses | ||||
Cost of products sold and operating expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Total costs and operating expenses | 0 | 0 | 0 | 0 |
Operating income | -40.1 | -67.6 | -106.2 | -165.3 |
Interest income—affiliate | 1.9 | 1.9 | 5.5 | 5.5 |
Interest cost—affiliate | -1.9 | -1.9 | -5.5 | -5.5 |
Interest expense (income), net | 0 | 0 | 0 | |
Total financing expense, net | 0 | 0 | 0 | 0 |
Income before income tax expense and loss from equity method investment | -40.1 | -67.6 | -106.2 | -165.3 |
Income tax expense | 0 | 0 | 0 | 0 |
Loss from equity method investment | 0 | |||
Net income | -40.1 | -67.6 | -106.2 | -165.3 |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to SunCoke Energy, Inc. | -40.1 | -67.6 | -106.2 | -165.3 |
Comprehensive income | -29.6 | -67 | -91.2 | -162.9 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to SunCoke Energy, Inc. | ($29.60) | ($67) | ($91.20) | ($162.90) |
Supplemental_Condensed_Consoli3
Supplemental Condensed Consolidating Financial Information (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $268.80 | $239.20 | $157.80 | $127.50 |
Receivables | 65.9 | 70 | ||
Inventories | 134.5 | 160.1 | ||
Deferred income taxes | 2.6 | 2.6 | ||
Advances from affiliate | 0 | 0 | ||
Interest receivable from affiliate | 0 | |||
Income tax receivable | 3.7 | 0 | ||
Total current assets | 475.5 | 471.9 | ||
Notes receivable from affiliate | 0 | 0 | ||
Investment in Brazil cokemaking operations | 41 | 41 | ||
Equity method investment in VISA SunCoke Limited | 52.5 | 0 | ||
Properties, plants and equipment, net | 1,451.20 | 1,396.60 | ||
Lease and mineral rights, net | 52.2 | 52.5 | ||
Goodwill | 9.4 | 9.4 | ||
Deferred income taxes | 0 | |||
Deferred charges and other assets | 40.9 | 39.6 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets | 2,122.70 | 2,011 | ||
Liabilities and Equity | ||||
Advances from affiliate | 0 | 0 | ||
Accounts payable | 125.8 | 132.9 | ||
Current portion of long-term debt | 0.8 | 3.3 | ||
Accrued liabilities | 60.9 | 91.2 | ||
Interest payable | 7.8 | 15.7 | ||
Interest payable to affiliate | 0 | |||
Income taxes payable | 0 | 3.9 | ||
Total current liabilities | 195.3 | 247 | ||
Long-term debt | 648.3 | 720.1 | ||
Payable to affiliate | 0 | 0 | ||
Obligation for black lung benefits | 34.1 | 34.8 | ||
Retirement benefit liabilities | 40.9 | 42.5 | ||
Deferred income taxes | 362.4 | 361.5 | ||
Asset retirement obligations | 16.7 | 13.5 | ||
Other deferred credits and liabilities | 17.9 | 16.7 | ||
Total liabilities | 1,315.60 | 1,436.10 | ||
Equity | ||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at September 30, 2013 and December 31, 2012 | 0 | 0 | ||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,524,424 and 69,988,728 shares at September 30, 2013 and December 31, 2012, respectively | 0.7 | 0.7 | ||
Treasury stock, 1,255,355 shares at September 30, 2013 and 603,528 at December 31, 2012 | -19.9 | -9.4 | ||
Additional paid-in capital | 443.4 | 436.9 | ||
Accumulated other comprehensive loss | -22.9 | -7.9 | ||
Retained earnings | 132.8 | 118.8 | ||
Total SunCoke Energy, Inc. stockholders’ equity | 534.1 | 539.1 | ||
Noncontrolling interests | 273 | 35.8 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 807.1 | 574.9 | 543.6 | 559.9 |
Total liabilities and equity | 2,122.70 | 2,011 | ||
Issuer | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 0.1 | 0 | ||
Inventories | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Advances from affiliate | 50.3 | 65.8 | ||
Interest receivable from affiliate | 0 | |||
Income tax receivable | 30.8 | 16.1 | ||
Total current assets | 81.2 | 81.9 | ||
Notes receivable from affiliate | 0 | 0 | ||
Investment in Brazil cokemaking operations | 0 | 0 | ||
Equity method investment in VISA SunCoke Limited | 0 | |||
Properties, plants and equipment, net | 0 | 0 | ||
Lease and mineral rights, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Deferred income taxes | 7.3 | |||
Deferred charges and other assets | 12.2 | 23 | ||
Investment in subsidiaries | 940.4 | 1,173.40 | ||
Total assets | 1,041.10 | 1,278.30 | ||
Liabilities and Equity | ||||
Advances from affiliate | 0 | 0 | ||
Accounts payable | 0 | 0.5 | ||
Current portion of long-term debt | 0.8 | 3.3 | ||
Accrued liabilities | 0.5 | 0.6 | ||
Interest payable | 6 | 15.7 | ||
Interest payable to affiliate | 0 | |||
Income taxes payable | 0 | 0 | ||
Total current liabilities | 7.3 | 20.1 | ||
Long-term debt | 498.6 | 720.1 | ||
Payable to affiliate | 0 | 0 | ||
Obligation for black lung benefits | 0 | 0 | ||
Retirement benefit liabilities | 0 | 0 | ||
Deferred income taxes | 0 | -1.9 | ||
Asset retirement obligations | 0 | 0 | ||
Other deferred credits and liabilities | 1.1 | 0.9 | ||
Total liabilities | 507 | 739.2 | ||
Equity | ||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at September 30, 2013 and December 31, 2012 | 0 | 0 | ||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,524,424 and 69,988,728 shares at September 30, 2013 and December 31, 2012, respectively | 0.7 | 0.7 | ||
Treasury stock, 1,255,355 shares at September 30, 2013 and 603,528 at December 31, 2012 | -19.9 | -9.4 | ||
Additional paid-in capital | 443.4 | 436.9 | ||
Accumulated other comprehensive loss | -22.9 | -7.9 | ||
Retained earnings | 132.8 | 118.8 | ||
Total SunCoke Energy, Inc. stockholders’ equity | 534.1 | 539.1 | ||
Noncontrolling interests | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 534.1 | 539.1 | ||
Total liabilities and equity | 1,041.10 | 1,278.30 | ||
Guarantor Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents | 188.9 | 206.9 | 125.2 | 109.4 |
Receivables | 32.8 | 28.3 | ||
Inventories | 44.8 | 57.2 | ||
Deferred income taxes | 2.6 | 2 | ||
Advances from affiliate | 22.8 | 0 | ||
Interest receivable from affiliate | 5.5 | |||
Income tax receivable | 0 | 0 | ||
Total current assets | 297.4 | 294.4 | ||
Notes receivable from affiliate | 89 | 89 | ||
Investment in Brazil cokemaking operations | 0 | 0 | ||
Equity method investment in VISA SunCoke Limited | 0 | |||
Properties, plants and equipment, net | 500.5 | 508.5 | ||
Lease and mineral rights, net | 52.2 | 52.5 | ||
Goodwill | 9.4 | 9.4 | ||
Deferred income taxes | 0 | |||
Deferred charges and other assets | 17.5 | 13.2 | ||
Investment in subsidiaries | 756.5 | 992.7 | ||
Total assets | 1,722.50 | 1,959.70 | ||
Liabilities and Equity | ||||
Advances from affiliate | 50.3 | 136.3 | ||
Accounts payable | 41.6 | 49 | ||
Current portion of long-term debt | 0 | 0 | ||
Accrued liabilities | 46.1 | 60.7 | ||
Interest payable | 0 | 0 | ||
Interest payable to affiliate | 0 | |||
Income taxes payable | 38 | 20.4 | ||
Total current liabilities | 176 | 266.4 | ||
Long-term debt | 0 | 0 | ||
Payable to affiliate | 300 | 300 | ||
Obligation for black lung benefits | 34.1 | 34.8 | ||
Retirement benefit liabilities | 40.9 | 42.4 | ||
Deferred income taxes | 368.8 | 180 | ||
Asset retirement obligations | 14.4 | 11.3 | ||
Other deferred credits and liabilities | 16.4 | 15.5 | ||
Total liabilities | 950.6 | 850.4 | ||
Equity | ||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at September 30, 2013 and December 31, 2012 | 0 | 0 | ||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,524,424 and 69,988,728 shares at September 30, 2013 and December 31, 2012, respectively | 0 | 0 | ||
Treasury stock, 1,255,355 shares at September 30, 2013 and 603,528 at December 31, 2012 | 0 | 0 | ||
Additional paid-in capital | 385.7 | 778.9 | ||
Accumulated other comprehensive loss | -8 | -6.7 | ||
Retained earnings | 394.2 | 337.1 | ||
Total SunCoke Energy, Inc. stockholders’ equity | 771.9 | 1,109.30 | ||
Noncontrolling interests | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 771.9 | 1,109.30 | ||
Total liabilities and equity | 1,722.50 | 1,959.70 | ||
Non- Guarantor Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents | 79.9 | 32.3 | 32.6 | 18.1 |
Receivables | 33 | 41.7 | ||
Inventories | 89.7 | 102.9 | ||
Deferred income taxes | 0 | 0.6 | ||
Advances from affiliate | 0 | 70.5 | ||
Interest receivable from affiliate | 0 | |||
Income tax receivable | 10.9 | 0.4 | ||
Total current assets | 213.5 | 248.4 | ||
Notes receivable from affiliate | 300 | 300 | ||
Investment in Brazil cokemaking operations | 41 | 41 | ||
Equity method investment in VISA SunCoke Limited | 52.5 | |||
Properties, plants and equipment, net | 950.7 | 888.1 | ||
Lease and mineral rights, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Deferred income taxes | 0 | |||
Deferred charges and other assets | 11.2 | 3.4 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets | 1,568.90 | 1,480.90 | ||
Liabilities and Equity | ||||
Advances from affiliate | 22.8 | 0 | ||
Accounts payable | 84.2 | 83.4 | ||
Current portion of long-term debt | 0 | 0 | ||
Accrued liabilities | 14.3 | 29.9 | ||
Interest payable | 1.8 | 0 | ||
Interest payable to affiliate | 5.5 | |||
Income taxes payable | 0 | 0 | ||
Total current liabilities | 128.6 | 113.3 | ||
Long-term debt | 149.7 | 0 | ||
Payable to affiliate | 89 | 89 | ||
Obligation for black lung benefits | 0 | 0 | ||
Retirement benefit liabilities | 0 | 0.1 | ||
Deferred income taxes | 0.9 | 183.4 | ||
Asset retirement obligations | 2.3 | 2.2 | ||
Other deferred credits and liabilities | 0.4 | 0.3 | ||
Total liabilities | 370.9 | 388.3 | ||
Equity | ||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at September 30, 2013 and December 31, 2012 | 0 | 0 | ||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,524,424 and 69,988,728 shares at September 30, 2013 and December 31, 2012, respectively | 0 | 0 | ||
Treasury stock, 1,255,355 shares at September 30, 2013 and 603,528 at December 31, 2012 | 0 | 0 | ||
Additional paid-in capital | 857.3 | 938.4 | ||
Accumulated other comprehensive loss | -14.9 | -1.2 | ||
Retained earnings | 82.6 | 119.6 | ||
Total SunCoke Energy, Inc. stockholders’ equity | 925 | 1,056.80 | ||
Noncontrolling interests | 273 | 35.8 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,198 | 1,092.60 | ||
Total liabilities and equity | 1,568.90 | 1,480.90 | ||
Combining and Consolidating Adjustments | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Advances from affiliate | -73.1 | -136.3 | ||
Interest receivable from affiliate | -5.5 | |||
Income tax receivable | -38 | -16.5 | ||
Total current assets | -116.6 | -152.8 | ||
Notes receivable from affiliate | -389 | -389 | ||
Investment in Brazil cokemaking operations | 0 | 0 | ||
Equity method investment in VISA SunCoke Limited | 0 | |||
Properties, plants and equipment, net | 0 | 0 | ||
Lease and mineral rights, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Deferred income taxes | -7.3 | |||
Deferred charges and other assets | 0 | 0 | ||
Investment in subsidiaries | -1,696.90 | -2,166.10 | ||
Total assets | -2,209.80 | -2,707.90 | ||
Liabilities and Equity | ||||
Advances from affiliate | -73.1 | -136.3 | ||
Accounts payable | 0 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Accrued liabilities | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Interest payable to affiliate | -5.5 | |||
Income taxes payable | -38 | -16.5 | ||
Total current liabilities | -116.6 | -152.8 | ||
Long-term debt | 0 | 0 | ||
Payable to affiliate | -389 | -389 | ||
Obligation for black lung benefits | 0 | 0 | ||
Retirement benefit liabilities | 0 | 0 | ||
Deferred income taxes | -7.3 | 0 | ||
Asset retirement obligations | 0 | 0 | ||
Other deferred credits and liabilities | 0 | 0 | ||
Total liabilities | -512.9 | -541.8 | ||
Equity | ||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at September 30, 2013 and December 31, 2012 | 0 | 0 | ||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,524,424 and 69,988,728 shares at September 30, 2013 and December 31, 2012, respectively | 0 | 0 | ||
Treasury stock, 1,255,355 shares at September 30, 2013 and 603,528 at December 31, 2012 | 0 | 0 | ||
Additional paid-in capital | -1,243 | -1,717.30 | ||
Accumulated other comprehensive loss | 22.9 | 7.9 | ||
Retained earnings | -476.8 | -456.7 | ||
Total SunCoke Energy, Inc. stockholders’ equity | -1,696.90 | -2,166.10 | ||
Noncontrolling interests | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -1,696.90 | -2,166.10 | ||
Total liabilities and equity | ($2,209.80) | ($2,707.90) |
Supplemental_Condensed_Consoli4
Supplemental Condensed Consolidating Financial Information (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities: | ||||
Net income | $12.30 | $32.90 | $31.40 | $73.50 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||
Depreciation, depletion and amortization | 23.2 | 18.9 | 70.5 | 57.5 |
Deferred income tax expense | 1.2 | 39.2 | ||
Payments in excess of expense for retirement plans | -1.6 | -6.2 | ||
Share-based compensation expense | 5.5 | 5.1 | ||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Loss from equity method investment | 2.3 | 0 | 2.5 | 0 |
Changes in working capital pertaining to operating activities, net of acquisition: | ||||
Receivables | 4.1 | -24.9 | ||
Inventories | 28.3 | 27 | ||
Accounts payable | -7.1 | -60.9 | ||
Accrued liabilities | -30.3 | 10.2 | ||
Interest payable | -7.9 | -7.8 | ||
Income taxes payable | -7.3 | -23.6 | ||
Other | -1.7 | -11.3 | ||
Net cash (used in) provided by operating activities | 87.6 | 77.8 | ||
Cash Flows from Investing Activities: | ||||
Capital expenditures | -95.6 | -40.6 | ||
Acquisition of business | -28.6 | 0 | ||
Equity method investment | -67.7 | 0 | ||
Net cash used in investing activities | -191.9 | -40.6 | ||
Cash Flows from Financing Activities: | ||||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | 237.8 | 0 | ||
Proceeds from issuance of long-term debt | 150 | 0 | ||
Debt issuance costs | -6.9 | 0 | ||
Repayment of long-term debt | -225 | -2.5 | ||
Proceeds from exercise of stock options | 0.9 | 4.7 | ||
Repurchase of common stock | -10.9 | -9.1 | ||
Cash distributions to noncontrolling interests in cokemaking operations | -12 | 0 | ||
Net increase (decrease) in advances from affiliate | 0 | 0 | ||
Net cash provided by (used in) financing activities | 133.9 | -6.9 | ||
Net (decrease) increase in cash and cash equivalents | 29.6 | 30.3 | ||
Cash and cash equivalents at beginning of period | 239.2 | 127.5 | ||
Cash and cash equivalents at end of period | 268.8 | 157.8 | 268.8 | 157.8 |
Issuer | ||||
Cash Flows from Operating Activities: | ||||
Net income | 6.2 | 31.6 | 14 | 71.2 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Deferred income tax expense | 0 | 0 | ||
Payments in excess of expense for retirement plans | 0 | 0 | ||
Share-based compensation expense | 5.5 | 5.1 | ||
Equity in earnings of subsidiaries | -14.4 | -41.6 | -42 | -104.2 |
Loss from equity method investment | 0 | |||
Changes in working capital pertaining to operating activities, net of acquisition: | ||||
Receivables | -0.1 | 0 | ||
Inventories | 0 | 0 | ||
Accounts payable | -0.5 | 1 | ||
Accrued liabilities | -0.1 | 0 | ||
Interest payable | -9.7 | -7.8 | ||
Income taxes payable | -14.4 | -10.4 | ||
Other | 8.4 | -2.6 | ||
Net cash (used in) provided by operating activities | -38.9 | -47.7 | ||
Cash Flows from Investing Activities: | ||||
Capital expenditures | 0 | 0 | ||
Acquisition of business | 0 | |||
Equity method investment | 0 | |||
Net cash used in investing activities | 0 | 0 | ||
Cash Flows from Financing Activities: | ||||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | 0 | |||
Proceeds from issuance of long-term debt | 0 | |||
Debt issuance costs | -1.6 | |||
Repayment of long-term debt | 0 | -2.5 | ||
Proceeds from exercise of stock options | 0.9 | 4.7 | ||
Repurchase of common stock | -10.9 | -9.1 | ||
Cash distributions to noncontrolling interests in cokemaking operations | 0 | |||
Net increase (decrease) in advances from affiliate | 50.5 | 54.6 | ||
Net cash provided by (used in) financing activities | 38.9 | 47.7 | ||
Net (decrease) increase in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 |
Guarantor Subsidiaries | ||||
Cash Flows from Operating Activities: | ||||
Net income | 20.5 | 45.4 | 57.2 | 119.9 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||
Depreciation, depletion and amortization | 10.8 | 9.3 | 31.4 | 27.8 |
Deferred income tax expense | 1.2 | 30.1 | ||
Payments in excess of expense for retirement plans | -1.5 | -6.2 | ||
Share-based compensation expense | 0 | 0 | ||
Equity in earnings of subsidiaries | -25.7 | -26 | -64.2 | -61.1 |
Loss from equity method investment | 0 | |||
Changes in working capital pertaining to operating activities, net of acquisition: | ||||
Receivables | -4.5 | -14.8 | ||
Inventories | 12.4 | 19.5 | ||
Accounts payable | -7.4 | -34.9 | ||
Accrued liabilities | -14.6 | 6.8 | ||
Interest payable | -5.5 | -2.2 | ||
Income taxes payable | 17.6 | -9.7 | ||
Other | -1.3 | -12.7 | ||
Net cash (used in) provided by operating activities | 20.8 | 62.5 | ||
Cash Flows from Investing Activities: | ||||
Capital expenditures | -20.4 | -20.2 | ||
Acquisition of business | 0 | |||
Equity method investment | 0 | |||
Net cash used in investing activities | -20.4 | -20.2 | ||
Cash Flows from Financing Activities: | ||||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | 0 | |||
Proceeds from issuance of long-term debt | 0 | |||
Debt issuance costs | 0 | |||
Repayment of long-term debt | 0 | 0 | ||
Proceeds from exercise of stock options | 0 | 0 | ||
Repurchase of common stock | 0 | 0 | ||
Cash distributions to noncontrolling interests in cokemaking operations | 0 | |||
Net increase (decrease) in advances from affiliate | -18.4 | -26.5 | ||
Net cash provided by (used in) financing activities | -18.4 | -26.5 | ||
Net (decrease) increase in cash and cash equivalents | -18 | 15.8 | ||
Cash and cash equivalents at beginning of period | 206.9 | 109.4 | ||
Cash and cash equivalents at end of period | 188.9 | 125.2 | 188.9 | 125.2 |
Non- Guarantor Subsidiaries | ||||
Cash Flows from Operating Activities: | ||||
Net income | 25.7 | 23.5 | 66.4 | 47.7 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||
Depreciation, depletion and amortization | 12.4 | 9.6 | 39.1 | 29.7 |
Deferred income tax expense | 0 | 9.1 | ||
Payments in excess of expense for retirement plans | -0.1 | 0 | ||
Share-based compensation expense | 0 | 0 | ||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Loss from equity method investment | 2.3 | 2.5 | ||
Changes in working capital pertaining to operating activities, net of acquisition: | ||||
Receivables | 8.7 | -10.1 | ||
Inventories | 15.9 | 7.5 | ||
Accounts payable | 0.8 | -27 | ||
Accrued liabilities | -15.6 | 3.4 | ||
Interest payable | 7.3 | 2.2 | ||
Income taxes payable | -10.5 | -3.5 | ||
Other | -8.8 | 4 | ||
Net cash (used in) provided by operating activities | 105.7 | 63 | ||
Cash Flows from Investing Activities: | ||||
Capital expenditures | -75.2 | -20.4 | ||
Acquisition of business | -28.6 | |||
Equity method investment | -67.7 | |||
Net cash used in investing activities | -171.5 | -20.4 | ||
Cash Flows from Financing Activities: | ||||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | 237.8 | |||
Proceeds from issuance of long-term debt | 150 | |||
Debt issuance costs | -5.3 | |||
Repayment of long-term debt | -225 | 0 | ||
Proceeds from exercise of stock options | 0 | 0 | ||
Repurchase of common stock | 0 | 0 | ||
Cash distributions to noncontrolling interests in cokemaking operations | -12 | |||
Net increase (decrease) in advances from affiliate | -32.1 | -28.1 | ||
Net cash provided by (used in) financing activities | 113.4 | -28.1 | ||
Net (decrease) increase in cash and cash equivalents | 47.6 | 14.5 | ||
Cash and cash equivalents at beginning of period | 32.3 | 18.1 | ||
Cash and cash equivalents at end of period | 79.9 | 32.6 | 79.9 | 32.6 |
Combining and Consolidating Adjustments | ||||
Cash Flows from Operating Activities: | ||||
Net income | -40.1 | -67.6 | -106.2 | -165.3 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Deferred income tax expense | 0 | 0 | ||
Payments in excess of expense for retirement plans | 0 | 0 | ||
Share-based compensation expense | 0 | |||
Equity in earnings of subsidiaries | 40.1 | 67.6 | 106.2 | 165.3 |
Loss from equity method investment | 0 | |||
Changes in working capital pertaining to operating activities, net of acquisition: | ||||
Receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued liabilities | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Other | 0 | 0 | ||
Net cash (used in) provided by operating activities | 0 | 0 | ||
Cash Flows from Investing Activities: | ||||
Capital expenditures | 0 | 0 | ||
Acquisition of business | 0 | |||
Equity method investment | 0 | |||
Net cash used in investing activities | 0 | 0 | ||
Cash Flows from Financing Activities: | ||||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | 0 | |||
Proceeds from issuance of long-term debt | 0 | |||
Debt issuance costs | 0 | |||
Repayment of long-term debt | 0 | 0 | ||
Proceeds from exercise of stock options | 0 | 0 | ||
Repurchase of common stock | 0 | 0 | ||
Cash distributions to noncontrolling interests in cokemaking operations | 0 | |||
Net increase (decrease) in advances from affiliate | 0 | 0 | ||
Net cash provided by (used in) financing activities | 0 | 0 | ||
Net (decrease) increase in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | $0 | $0 | $0 | $0 |
Supplemental_Condensed_Consoli5
Supplemental Condensed Consolidating Financial Information (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Guarantor Obligations [Line Items] | |
Percentage Ownership, Subsidiary Guarantors (as a percent) | 100.00% |
Notes (Guarantor Subsidiaries) | |
Supplemental Condensed Consolidating Financial Information (Textual) [Abstract] | |
Guarantors obligations under the credit agreement | 400,000,000 |
Supplemental_Condensed_Consoli6
Supplemental Condensed Consolidating Financial Information Supplemental Condensed Consolidating Financial Information - Phantom (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Supplemental Condensed Consolidating Financial Information [Abstract] | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares, issued | 69,524,424 | 69,988,728 |
Common stock, shares, outstanding | 69,524,424 | 69,988,728 |
Treasury stock, shares | 1,255,355 | 603,528 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 01, 2013 | Oct. 01, 2013 |
Subsequent event | Indiana Harbor Partnership | |||||
Kanawha River Terminals LLC | Subsequent event | |||||
T | T | |||||
Subsequent Event [Line Items] | ||||||
Percentage interest owned | 100.00% | |||||
Consideration transferred | $86 | |||||
Financing of acquisition, cash | 46 | |||||
Financing of acquisition, borrowings | 40 | |||||
Cokemaking facility capacity (in metric tons) | 30,000,000 | |||||
Term of contract | 10 years | |||||
Tons of metallurgical coke provided | 1,220,000 | |||||
Capital expenditures | $34.20 | $19.90 | $95.60 | $40.60 | $85 |