Supplemental Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2014 |
Supplemental Condensed Consolidating Financial Information [Abstract] | ' |
Supplemental Condensed Consolidating Financial Information | ' |
14. 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.” |
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. For the year ended December 31, 2013, less than 25 percent of net assets were restricted. |
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 the 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 Operations |
Three Months Ended March 31, 2014 |
(Dollars in millions) |
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Issuer | | Guarantor | | Non- | | Combining | | Total |
Subsidiaries | Guarantor | and |
| Subsidiaries | Consolidating |
| | Adjustments |
| | |
Revenues | | | | | | | | | | |
Sales and other operating revenue | | $ | — | | | $ | 112.6 | | | $ | 245.4 | | | $ | — | | | $ | 358 | |
|
Equity in earnings of subsidiaries | | 6.6 | | | 9.4 | | | — | | | (16.0 | ) | | — | |
|
Other income | | — | | | 1.5 | | | 0.1 | | | — | | | 1.6 | |
|
Total revenues | | 6.6 | | | 123.5 | | | 245.5 | | | (16.0 | ) | | 359.6 | |
|
Costs and operating expenses | | | | | | | | | | |
Cost of products sold and operating expenses | | — | | | 96.9 | | | 207.1 | | | — | | | 304 | |
|
Selling, general and administrative expenses | | 3.2 | | | 12.2 | | | 6.5 | | | — | | | 21.9 | |
|
Depreciation, depletion and amortization | | — | | | 10.6 | | | 18.4 | | | — | | | 29 | |
|
Total costs and operating expenses | | 3.2 | | | 119.7 | | | 232 | | | — | | | 354.9 | |
|
Operating income | | 3.4 | | | 3.8 | | | 13.5 | | | (16.0 | ) | | 4.7 | |
|
Interest (income) expense, net - affiliate | | — | | | (1.8 | ) | | 1.8 | | | — | | | — | |
|
Interest cost (income), net | | 9.3 | | | (0.3 | ) | | 3.1 | | | — | | | 12.1 | |
|
Total financing expense (income), net | | 9.3 | | | (2.1 | ) | | 4.9 | | | — | | | 12.1 | |
|
(Loss) income before income tax (benefit) expense and loss from equity method investment | | (5.9 | ) | | 5.9 | | | 8.6 | | | (16.0 | ) | | (7.4 | ) |
|
Income tax expense (benefit) | | 1.9 | | | (6.7 | ) | | 0.6 | | | — | | | (4.2 | ) |
|
Loss from equity method investment | | — | | | — | | | 0.6 | | | — | | | 0.6 | |
|
Net (loss) income | | (7.8 | ) | | 12.6 | | | 7.4 | | | (16.0 | ) | | (3.8 | ) |
|
Less: Net income attributable to noncontrolling interests | | — | | | — | | | 4 | | | — | | | 4 | |
|
Net (loss) income attributable to SunCoke Energy, Inc. | | $ | (7.8 | ) | | $ | 12.6 | | | $ | 3.4 | | | $ | (16.0 | ) | | $ | (7.8 | ) |
|
Comprehensive (loss) income | | $ | (7.6 | ) | | $ | 12 | | | $ | 8.2 | | | $ | (16.2 | ) | | $ | (3.6 | ) |
|
Less: Comprehensive income attributable to noncontrolling interests | | — | | | — | | | 4 | | | — | | | 4 | |
|
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | | $ | (7.6 | ) | | $ | 12 | | | $ | 4.2 | | | $ | (16.2 | ) | | $ | (7.6 | ) |
|
|
SunCoke Energy, Inc. |
Condensed Consolidating Statement of Operations |
Three Months Ended March 31, 2013 |
(Dollars in millions) |
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Issuer | | Guarantor | | Non- | | Combining | | Total |
Subsidiaries | Guarantor | and |
| Subsidiaries | Consolidating |
| | Adjustments |
| | |
Revenues | | | | | | | | | | |
Sales and other operating revenue | | $ | — | | | $ | 136.9 | | | $ | 314.6 | | | $ | — | | | $ | 451.5 | |
|
Equity in earnings of subsidiaries | | 13.1 | | | 19.6 | | | — | | | (32.7 | ) | | — | |
|
Other income, net | | — | | | 2.4 | | | — | | | — | | | 2.4 | |
|
Total revenues | | 13.1 | | | 158.9 | | | 314.6 | | | (32.7 | ) | | 453.9 | |
|
Costs and operating expenses | | | | | | | | | | |
Cost of products sold and operating expenses | | — | | | 115.6 | | | 266.8 | | | — | | | 382.4 | |
|
Selling, general and administrative expenses | | 2.5 | | | 12.5 | | | 5.6 | | | — | | | 20.6 | |
|
Depreciation, depletion, and amortization | | — | | | 10.1 | | | 13.8 | | | — | | | 23.9 | |
|
Total costs and operating expenses | | 2.5 | | | 138.2 | | | 286.2 | | | — | | | 426.9 | |
|
Operating income | | 10.6 | | | 20.7 | | | 28.4 | | | (32.7 | ) | | 27 | |
|
Total financing expense (income), net | | 9.8 | | | (3.7 | ) | | 9.7 | | | — | | | 15.8 | |
|
Income before income tax expense | | 0.8 | | | 24.4 | | | 18.7 | | | (32.7 | ) | | 11.2 | |
|
Income tax (benefit) expense | | (1.3 | ) | | 5 | | | 1.1 | | | — | | | 4.8 | |
|
Net income | | 2.1 | | | 19.4 | | | 17.6 | | | (32.7 | ) | | 6.4 | |
|
Less: Net income attributable to noncontrolling interests | | — | | | — | | | 4.3 | | | — | | | 4.3 | |
|
Net income attributable to SunCoke Energy, Inc. | | $ | 2.1 | | | $ | 19.4 | | | $ | 13.3 | | | $ | (32.7 | ) | | $ | 2.1 | |
|
Comprehensive income | | $ | 1.7 | | | $ | 18.9 | | | $ | 17.7 | | | $ | (32.3 | ) | | $ | 6 | |
|
Less: Comprehensive income attributable to noncontrolling interests | | — | | | — | | | 4.3 | | | — | | | 4.3 | |
|
Comprehensive income attributable to SunCoke Energy, Inc. | | $ | 1.7 | | | $ | 18.9 | | | $ | 13.4 | | | $ | (32.3 | ) | | $ | 1.7 | |
|
|
|
|
|
|
SunCoke Energy, Inc. |
Condensed Consolidating Balance Sheet |
March 31, 2014 |
(Dollars in millions, except per share amounts) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Issuer | | Guarantor | | Non- | | Combining | | Total |
Subsidiaries | Guarantor | and |
| Subsidiaries | Consolidating |
| | Adjustments |
Assets | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 154.8 | | | $ | 23.4 | | | $ | — | | | $ | 178.2 | |
|
Receivables | | 0.1 | | | 27.5 | | | 53.9 | | | — | | | 81.5 | |
|
Inventories | | — | | | 43.1 | | | 81.7 | | | — | | | 124.8 | |
|
Income taxes receivable | | 35.3 | | | — | | | 13.8 | | | (43.5 | ) | | 5.6 | |
|
Deferred income taxes | | 9.2 | | | 11.8 | | | 0.8 | | | (9.2 | ) | | 12.6 | |
|
Other current assets | | — | | | 5.1 | | | 2.4 | | | — | | | 7.5 | |
|
Advances to affiliate | | 34.1 | | | 72.1 | | | — | | | (106.2 | ) | | — | |
|
Interest receivable from affiliate | | — | | | 1.8 | | | — | | | (1.8 | ) | | — | |
|
Total current assets | | 78.7 | | | 316.2 | | | 176 | | | (160.7 | ) | | 410.2 | |
|
Notes receivable from affiliate | | — | | | 89 | | | 300 | | | (389.0 | ) | | — | |
|
Investment in Brazil cokemaking operations | | — | | | — | | | 41 | | | — | | | 41 | |
|
Equity method investment | | — | | | — | | | 56.8 | | | — | | | 56.8 | |
|
Properties, plants and equipment, net | | — | | | 495.4 | | | 1,057.80 | | | — | | | 1,553.20 | |
|
Lease and mineral rights, net | | — | | | 52.7 | | | — | | | — | | | 52.7 | |
|
Goodwill | | — | | | 9.4 | | | 15.7 | | | — | | | 25.1 | |
|
Deferred charges and other assets | | 11.2 | | | 22.8 | | | 10.5 | | | — | | | 44.5 | |
|
Investment in subsidiaries | | 970.1 | | | 789.2 | | | — | | | (1,759.3 | ) | | — | |
|
Total assets | | $ | 1,060.00 | | | $ | 1,774.70 | | | $ | 1,657.80 | | | $ | (2,309.0 | ) | | $ | 2,183.50 | |
|
Liabilities and Equity | | | | | | | | | | |
Advances from affiliate | | $ | — | | | $ | 34.1 | | | $ | 72.1 | | | $ | (106.2 | ) | | $ | — | |
|
Accounts payable | | — | | | 44 | | | 92.3 | | | — | | | 136.3 | |
|
Current portion of long term debt | | 1 | | | — | | | 40 | | | — | | | 41 | |
|
Accrued liabilities | | 0.6 | | | 30.7 | | | 15.5 | | | — | | | 46.8 | |
|
Interest payable | | 6 | | | — | | | 1.8 | | | — | | | 7.8 | |
|
Interest payable to affiliate | | — | | | — | | | 1.8 | | | (1.8 | ) | | — | |
|
Income taxes payable | | — | | | 43.5 | | | — | | | (43.5 | ) | | — | |
|
Total current liabilities | | 7.6 | | | 152.3 | | | 223.5 | | | (151.5 | ) | | 231.9 | |
|
Long term debt | | 498.2 | | | — | | | 149.7 | | | — | | | 647.9 | |
|
Payable to affiliate | | — | | | 300 | | | 89 | | | (389.0 | ) | | — | |
|
Accrual for black lung benefits | | — | | | 32.4 | | | — | | | — | | | 32.4 | |
|
Retirement benefit liabilities | | — | | | 35 | | | — | | | — | | | 35 | |
|
Deferred income taxes | | — | | | 379.9 | | | 2.4 | | | (9.2 | ) | | 373.1 | |
|
Asset retirement obligations | | — | | | 15.7 | | | 2.5 | | | — | | | 18.2 | |
|
Other deferred credits and liabilities | | 1.7 | | | 17.6 | | | 0.7 | | | — | | | 20 | |
|
Total liabilities | | 507.5 | | | 932.9 | | | 467.8 | | | (549.7 | ) | | 1,358.50 | |
|
Equity | | | | | | | | | | |
|
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at March 31, 2014 and December 31, 2013 | | — | | | — | | | — | | | — | | | — | |
|
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,762,824 and 69,636,785 shares at March 31, 2014 and December 31, 2013, respectively | | 0.7 | | | — | | | — | | | — | | | 0.7 | |
|
Treasury stock,1,255,355 shares at March 31, 2014 and at December 31, 2013 | | (19.9 | ) | | — | | | — | | | — | | | (19.9 | ) |
|
Additional paid-in capital | | 449.6 | | | 430.9 | | | 724.9 | | | (1,155.8 | ) | | 449.6 | |
|
Accumulated other comprehensive (loss) income | | (13.9 | ) | | (3.3 | ) | | (10.6 | ) | | 13.9 | | | (13.9 | ) |
|
Retained earnings | | 136 | | | 414.2 | | | 203.2 | | | (617.4 | ) | | 136 | |
|
Total SunCoke Energy, Inc. stockholders’ equity | | 552.5 | | | 841.8 | | | 917.5 | | | (1,759.3 | ) | | 552.5 | |
|
Noncontrolling interests | | — | | | — | | | 272.5 | | | — | | | 272.5 | |
|
Total equity | | 552.5 | | | 841.8 | | | 1,190.00 | | | (1,759.3 | ) | | 825 | |
|
Total liabilities and equity | | $ | 1,060.00 | | | $ | 1,774.70 | | | $ | 1,657.80 | | | $ | (2,309.0 | ) | | $ | 2,183.50 | |
|
SunCoke Energy, Inc. |
Condensed Consolidating Balance Sheet |
December 31, 2013 |
(Dollars in millions, except per share amounts) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Issuer | | Guarantor | | Non- | | Combining | | Total |
Subsidiaries | Guarantor | and |
| Subsidiaries | Consolidating |
| | Adjustments |
Assets | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 184.7 | | | $ | 48.9 | | | $ | — | | | $ | 233.6 | |
|
Receivables | | — | | | 53.4 | | | 38.1 | | | — | | | 91.5 | |
|
Inventories | | — | | | 44.1 | | | 91.2 | | | — | | | 135.3 | |
|
Income tax receivable | | 39.9 | | | — | | | 13.4 | | | (46.7 | ) | | 6.6 | |
|
Advances to affiliates | | 48.2 | | | 33.6 | | | — | | | (81.8 | ) | | — | |
|
Deferred income taxes | | 9.4 | | | 11.8 | | | 0.8 | | | (9.4 | ) | | 12.6 | |
|
Other current assets | | — | | | 1.3 | | | 1 | | | — | | | 2.3 | |
|
Interest receivable from affiliate | | — | | | 7.3 | | | — | | | (7.3 | ) | | — | |
|
Total current assets | | 97.5 | | | 336.2 | | | 193.4 | | | (145.2 | ) | | 481.9 | |
|
Notes receivable from affiliate | | — | | | 89 | | | 300 | | | (389.0 | ) | | — | |
|
Investment in Brazilian cokemaking operations | | — | | | — | | | 41 | | | | | 41 | |
|
Equity method investment in VISA SunCoke Limited | | — | | | — | | | 56.8 | | | — | | | 56.8 | |
|
Properties, plants and equipment, net | | — | | | 500.9 | | | 1,043.20 | | | — | | | 1,544.10 | |
|
Lease and mineral rights, net | | — | | | 52.8 | | | — | | | — | | | 52.8 | |
|
Goodwill and other intangible assets, net | | — | | | 9.4 | | | 16 | | | — | | | 25.4 | |
|
Deferred charges and other assets | | 11.7 | | | 20.5 | | | 9.7 | | | — | | | 41.9 | |
|
Investment in Subsidiaries | | $ | 963.3 | | | $ | 723.8 | | | $ | — | | | $ | (1,687.1 | ) | | $ | — | |
|
Total assets | | 1,072.50 | | | 1,732.60 | | | 1,660.10 | | | (2,221.3 | ) | | 2,243.90 | |
|
Liabilities and Equity | | | | | | | | | | | | | | |
|
Advances from affiliate | | — | | | 48.2 | | | 33.6 | | | (81.8 | ) | | — | |
|
Accounts payable | | — | | | 48.8 | | | 105.5 | | | — | | | 154.3 | |
|
Current portion of long-term debt | | 1 | | | — | | | 40 | | | — | | | 41 | |
|
Accrued liabilities | | 0.5 | | | 52.6 | | | 16.4 | | | — | | | 69.5 | |
|
Interest payable | | 13.6 | | | — | | | 4.6 | | | — | | | 18.2 | |
|
Interest payable to affiliate | | — | | | — | | | 7.3 | | | (7.3 | ) | | — | |
|
Income taxes payable | | — | | | 46.7 | | | — | | | (46.7 | ) | | — | |
|
Total current liabilities | | 15.1 | | | 196.3 | | | 207.4 | | | (135.8 | ) | | 283 | |
|
Long term-debt | | 498.4 | | | — | | | 149.7 | | | — | | | 648.1 | |
|
Payable to affiliate | | — | | | 300 | | | 89 | | | (389.0 | ) | | — | |
|
Accrual for black lung benefits | | — | | | 32.4 | | | — | | | — | | | 32.4 | |
|
Retirement benefit liabilities | | — | | | 34.8 | | | — | | | — | | | 34.8 | |
|
Deferred income taxes | | — | | | 383.9 | | | 2.1 | | | (9.4 | ) | | 376.6 | |
|
Asset retirement obligations | | — | | | 15.5 | | | 2.4 | | | — | | | 17.9 | |
|
Other deferred credits and liabilities | | 1.6 | | | 16.6 | | | 0.6 | | | — | | | 18.8 | |
|
Total liabilities | | 515.1 | | | 979.5 | | | 451.2 | | | (534.2 | ) | | 1,411.60 | |
|
Equity | | | | | | | | | | |
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at December 31, 2013 and 2012 | | — | | | — | | | — | | | — | | | — | |
|
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,636,785 shares and 69,988,728 shares at December 31, 2013 and 2012, respectively | | 0.7 | | | — | | | — | | | — | | | 0.7 | |
|
Treasury Stock, 1,255,355 shares and 603,528 shares at December 31, 2013 and 2012, respectively | | (19.9 | ) | | — | | | — | | | — | | | (19.9 | ) |
|
Additional paid-in capital | | 446.9 | | | 354.2 | | | 745.6 | | | (1,099.8 | ) | | 446.9 | |
|
Accumulated other comprehensive loss | | (14.1 | ) | | (2.7 | ) | | (11.4 | ) | | 14.1 | | | (14.1 | ) |
|
Retained earnings | | 143.8 | | | 401.6 | | | 199.8 | | | (601.4 | ) | | 143.8 | |
|
Total SunCoke Energy, Inc. stockholders’ equity | | 557.4 | | | 753.1 | | | 934 | | | (1,687.1 | ) | | 557.4 | |
|
Noncontrolling interests | | — | | | — | | | 274.9 | | | — | | | 274.9 | |
|
Total equity | | 557.4 | | | 753.1 | | | 1,208.90 | | | (1,687.1 | ) | | 832.3 | |
|
Total liabilities and equity | | $ | 1,072.50 | | | $ | 1,732.60 | | | $ | 1,660.10 | | | $ | (2,221.3 | ) | | $ | 2,243.90 | |
|
SunCoke Energy, Inc. |
Condensed Consolidating Statement of Cash Flows |
Three Months Ended March 31, 2014 |
(Dollars in millions) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Issuer | | Guarantor | | Non- | | Combining | | Total |
Subsidiaries | Guarantor | and |
| Subsidiaries | Consolidating |
| | Adjustments |
| | |
Cash Flows from Operating Activities: | | | | | | | | | | |
Net (loss) income | | $ | (7.8 | ) | | $ | 12.6 | | | $ | 7.4 | | | $ | (16.0 | ) | | $ | (3.8 | ) |
|
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | |
Depreciation, depletion and amortization | | — | | | 10.6 | | | 18.4 | | | — | | | $ | 29 | |
|
Deferred income tax expense (benefit) | | 0.2 | | | (3.6 | ) | | 0.3 | | | — | | | $ | (3.1 | ) |
|
Payments less than expense for retirement plans | | — | | | 0.1 | | | — | | | — | | | $ | 0.1 | |
|
Share-based compensation expense | | 2.3 | | | — | | | — | | | — | | | $ | 2.3 | |
|
Excess tax benefit from share-based awards | | (0.2 | ) | | — | | | — | | | — | | | $ | (0.2 | ) |
|
Loss from equity method investment | | — | | | — | | | 0.6 | | | — | | | $ | 0.6 | |
|
Equity in earnings of subsidiaries | | (6.6 | ) | | (9.4 | ) | | — | | | 16 | | | $ | — | |
|
Changes in working capital pertaining to operating activities, net of acquisition: | | | | | | | | | | |
Receivables | | (0.1 | ) | | 25.9 | | | (15.8 | ) | | — | | | $ | 10 | |
|
Inventories | | — | | | 1 | | | 9.5 | | | — | | | $ | 10.5 | |
|
Accounts payable | | 0.1 | | | (4.9 | ) | | (12.8 | ) | | — | | | $ | (17.6 | ) |
|
Accrued liabilities | | — | | | (21.6 | ) | | (0.9 | ) | | — | | | $ | (22.5 | ) |
|
Interest payable | | (7.6 | ) | | 5.5 | | | (8.3 | ) | | — | | | $ | (10.4 | ) |
|
Income taxes receivable | | 4.8 | | | (3.2 | ) | | (0.4 | ) | | — | | | $ | 1.2 | |
|
Other | | 0.4 | | | (6.0 | ) | | (1.8 | ) | | — | | | $ | (7.4 | ) |
|
Net cash (used in) provided by operating activities | | (14.5 | ) | | 7 | | | (3.8 | ) | | — | | | (11.3 | ) |
|
Cash Flows from Investing Activities: | | | | | | | | | | | |
|
Capital expenditures | | — | | | (5.0 | ) | | (33.1 | ) | | — | | | $ | (38.1 | ) |
|
Net cash used in investing activities | | — | | | (5.0 | ) | | (33.1 | ) | | — | | | (38.1 | ) |
|
Cash Flows from Financing Activities: | | | | | | | | | | | |
|
Proceeds from revolving facility | | — | | | — | | | 16 | | | — | | | $ | 16 | |
|
Repayment of revolving facility | | — | | | — | | | (16.0 | ) | | — | | | $ | (16.0 | ) |
|
Distribution to unitholders | | — | | | — | | | (6.4 | ) | | — | | | $ | (6.4 | ) |
|
Proceeds from exercise of stock options, net of shares withheld for taxes | | 0.2 | | | — | | | — | | | — | | | $ | 0.2 | |
|
Excess tax benefit from share-based awards | | 0.2 | | | — | | | — | | | — | | | $ | 0.2 | |
|
Net increase (decrease) in advances from affiliate | | 14.1 | | | (31.9 | ) | | 17.8 | | | — | | | $ | — | |
|
Net cash provided by (used in) financing activities | | 14.5 | | | (31.9 | ) | | 11.4 | | | — | | | (6.0 | ) |
|
Net decrease in cash and cash equivalents | | — | | | (29.9 | ) | | (25.5 | ) | | — | | | $ | (55.4 | ) |
|
Cash and cash equivalents at beginning of period | | — | | | 184.7 | | | 48.9 | | | — | | | $ | 233.6 | |
|
Cash and cash equivalents at end of period | | $ | — | | | $ | 154.8 | | | $ | 23.4 | | | $ | — | | | $ | 178.2 | |
|
SunCoke Energy, Inc. |
Condensed Consolidating Statement of Cash Flows |
Three Months Ended March 31, 2013 |
(Dollars in millions) |
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Issuer | | Guarantor | | Non- | | Combining | | Total |
Subsidiaries | Guarantor | and |
| Subsidiaries | Consolidating |
| | Adjustments |
| | |
Cash Flows from Operating Activities: | | | | | | | | | | |
Net income | | $ | 2.1 | | | $ | 19.4 | | | $ | 17.6 | | | $ | (32.7 | ) | | $ | 6.4 | |
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | | | | | | | | | | |
Depreciation, depletion and amortization | | — | | | 10.1 | | | 13.8 | | | — | | | 23.9 | |
|
Deferred income tax (benefit) expense | | — | | | 2.6 | | | — | | | — | | | 2.6 | |
|
Payments less than expense for retirement plans | | — | | | (0.4 | ) | | — | | | — | | | (0.4 | ) |
|
Share-based compensation expense | | 1.4 | | | — | | | — | | | — | | | 1.4 | |
|
Equity in earnings of subsidiaries | | (13.1 | ) | | (19.6 | ) | | — | | | 32.7 | | | — | |
|
Changes in working capital pertaining to operating activities: | | | | | | | | | | |
Receivables | | — | | | (19.4 | ) | | (7.6 | ) | | — | | | (27.0 | ) |
|
Inventories | | — | | | 10.6 | | | 8.3 | | | — | | | 18.9 | |
|
Accounts payable | | (0.5 | ) | | 6.1 | | | 13.4 | | | — | | | 19 | |
|
Accrued liabilities | | (0.1 | ) | | (6.7 | ) | | (14.6 | ) | | — | | | (21.4 | ) |
|
Interest payable | | (9.7 | ) | | (1.8 | ) | | 3.8 | | | — | | | (7.7 | ) |
|
Income taxes payable | | (1.0 | ) | | 10.6 | | | (8.3 | ) | | — | | | 1.3 | |
|
Other | | 11.1 | | | 10.5 | | | (25.8 | ) | | — | | | (4.2 | ) |
|
Net cash (used in) provided by operating activities | | (9.8 | ) | | 22 | | | 0.6 | | | — | | | 12.8 | |
|
Cash Flows from Investing Activities: | | | | | | | | | | |
Capital expenditures | | — | | | (7.7 | ) | | (22.8 | ) | | — | | | (30.5 | ) |
|
Equity method investment | | — | | | — | | | (67.7 | ) | | — | | | (67.7 | ) |
|
Net cash used in investing activities | | — | | | (7.7 | ) | | (90.5 | ) | | — | | | (98.2 | ) |
|
Cash Flows from Financing Activities: | | | | | | | | | | |
Proceeds from issuance of common units or SunCoke Energy Partners, L.P. | | — | | | — | | | 238 | | | — | | | 238 | |
|
Proceeds from issuance of long-term debt | | — | | | — | | | 150 | | | — | | | 150 | |
|
Debt issuance costs | | (0.7 | ) | | — | | | (5.3 | ) | | — | | | (6.0 | ) |
|
Repayment of long-term debt | | — | | | — | | | (225.0 | ) | | — | | | (225.0 | ) |
|
Proceeds from exercise of stock options | | 0.9 | | | — | | | — | | | — | | | 0.9 | |
|
Repurchase of common stock | | (2.4 | ) | | — | | | — | | | — | | | (2.4 | ) |
|
Cash distributions to noncontrolling interests in cokemaking operations | | — | | | — | | | (2.2 | ) | | — | | | (2.2 | ) |
|
Net increase (decrease) in advances from affiliate | | 12 | | | (26.3 | ) | | 14.3 | | | — | | | — | |
|
Net cash provided by (used in) financing activities | | 9.8 | | | (26.3 | ) | | 169.8 | | | — | | | 153.3 | |
|
Net (decrease) increase in cash and cash equivalents | | — | | | (12.0 | ) | | 79.9 | | | — | | | 67.9 | |
|
Cash and cash equivalents at beginning of period | | — | | | 206.9 | | | 32.3 | | | — | | | 239.2 | |
|
Cash and cash equivalents at end of period | | $ | — | | | $ | 194.9 | | | $ | 112.2 | | | $ | — | | | $ | 307.1 | |
|
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