Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 24, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'SunCoke Energy, Inc. | ' |
Entity Central Index Key | '0001514705 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 66,217,462 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenue | $367.50 | $373.10 | $1,083.20 | $1,194.80 | ||||
Other income | 0.1 | 0.3 | 1.3 | 2.7 | ||||
Total revenues | 367.6 | 373.4 | 1,084.50 | 1,197.50 | ||||
Costs and operating expenses | ' | ' | ' | ' | ||||
Cost of products sold and operating expenses | 280.6 | 299.7 | 858.9 | 981 | ||||
Selling, general and administrative expenses | 18.7 | 23.1 | 60.4 | 63.9 | ||||
Depreciation and amortization expense | 22.5 | 18.8 | 70.9 | 57.5 | ||||
Asset impairment | 0 | 0 | 15.1 | 0 | ||||
Total costs and operating expenses | 321.8 | 341.6 | 1,005.30 | 1,102.40 | ||||
Operating income | 45.8 | 31.8 | 79.2 | 95.1 | ||||
Interest expense, net | 11.9 | 12.1 | 51.1 | 40 | ||||
Income before income tax expense and loss from equity method investment | 33.9 | 19.7 | 28.1 | 55.1 | ||||
Income tax expense | 7.5 | 1.5 | 5 | 10 | ||||
Loss from equity method investment | 1.5 | 2.3 | 3 | 2.5 | ||||
Income from continuing operations | 24.9 | 15.9 | 20.1 | 42.6 | ||||
Loss from discontinued operations, net of income tax benefit of $1.4 million, $0.9 million, $53.9 million and $3.5 million, respectively | -18.5 | [1] | -3.6 | [1] | -66.1 | [1] | -11.2 | [1] |
Net income (loss) | 6.4 | 12.3 | -46 | 31.4 | ||||
Less: Net income attributable to noncontrolling interests | 10 | 6.1 | 14.6 | 17.4 | ||||
Net (loss) income attributable to SunCoke Energy, Inc. | ($3.60) | $6.20 | ($60.60) | $14 | ||||
Basic (in dollars per share) | ' | ' | ' | ' | ||||
Continuing operations | $0.21 | $0.14 | $0.08 | $0.36 | ||||
Discontinued operations | ($0.27) | ($0.05) | ($0.95) | ($0.16) | ||||
Diluted (in dollars per share) | ' | ' | ' | ' | ||||
Continuing operations | $0.21 | $0.14 | $0.08 | $0.36 | ||||
Discontinued operations | ($0.26) | ($0.05) | ($0.94) | ($0.16) | ||||
Weighted average common shares outstanding: (in shares) | ' | ' | ' | ' | ||||
Basic | 69.4 | 69.8 | 69.5 | 69.9 | ||||
Diluted | 70.4 | 70 | 70.4 | 70.2 | ||||
[1] | Three Months Ended September 30, Nine Months Ended September 30, 2014 2013 2014 2013 (Dollars in millions)Adjusted EBITDA from discontinued operations $(3.2) $(0.1) $(6.1) $(1.7)Subtract: Depreciation and depletion from discontinued operations 0.3 4.4 9.5 13.0Interest from discontinued operations — — — —Income tax benefit from discontinued operations (1.4) (0.9) (53.9) (3.5)Asset and goodwill impairment from discontinued operations 16.4 — 104.4 —Loss from discontinued operations, net of tax $(18.5) $(3.6) $(66.1) $(11.2) |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Income tax benefit | $1.40 | $0.90 | $53.90 | $3.50 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income/(Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | $6.40 | $12.30 | ($46) | $31.40 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Reclassifications of prior service benefit and actuarial loss amortization to earnings (net of related tax benefit of $0.4 million and $1.2 million for the three and nine months ended September 30, 2014, respectively, and $0.2 million and $0.9 million for the three and nine months ended September 30, 2013, respectively) | -0.6 | -0.5 | -1.9 | -1.5 |
Currency translation adjustment | -2.4 | -10.1 | 1.3 | -13.5 |
Comprehensive income (loss) | 3.4 | 1.7 | -46.6 | 16.4 |
Less: Comprehensive income attributable to noncontrolling interests | 10 | 6.1 | 14.6 | 17.4 |
Comprehensive loss attributable to SunCoke Energy, Inc. | ($6.60) | ($4.40) | ($61.20) | ($1) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive (Loss)/Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Reclassifications of prior service benefit and actuarial loss, tax benefit | $0.40 | $0.20 | $1.20 | $0.90 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $114.80 | $233.60 | $268.80 | $239.20 |
Receivables | 64 | 85.3 | ' | ' |
Inventories | 139.2 | 125.7 | ' | ' |
Income tax receivable | 3.2 | 6.6 | ' | ' |
Deferred income taxes | 12.6 | 12.6 | ' | ' |
Other current assets | 4.4 | 2.3 | ' | ' |
Current assets held for sale | 53.6 | 15.8 | ' | ' |
Total current assets | 391.8 | 481.9 | ' | ' |
Investment in Brazilian cokemaking operations | 41 | 41 | ' | ' |
Equity method investment in VISA SunCoke Limited | 55.6 | 56.8 | ' | ' |
Properties, plants and equipment, net | 1,475.90 | 1,458.90 | ' | ' |
Goodwill and other intangible assets, net | 18.7 | 19.4 | ' | ' |
Deferred charges and other assets | 42.8 | 39.8 | ' | ' |
Long-term assets held for sale | 0 | 146.1 | ' | ' |
Total assets | 2,025.80 | 2,243.90 | 2,243.90 | ' |
Liabilities and Equity | ' | ' | ' | ' |
Accounts payable | 105.3 | 138.4 | ' | ' |
Accrued liabilities | 42.9 | 59.5 | ' | ' |
Short-term debt, including current portion of long-term debt | 0 | 41 | ' | ' |
Interest payable | 8 | 18.2 | ' | ' |
Current liabilities held for sale | 28.2 | 25.9 | ' | ' |
Total current liabilities | 184.4 | 283 | ' | ' |
Long-term debt | 652 | 648.1 | ' | ' |
Accrual for black lung benefits | 32 | 32.4 | ' | ' |
Retirement benefit liabilities | 34.3 | 34.8 | ' | ' |
Deferred income taxes | 317.4 | 376.6 | ' | ' |
Asset retirement obligations | 12.2 | 11.3 | ' | ' |
Other deferred credits and liabilities | 16 | 14.4 | ' | ' |
Long-term liabilities held for sale | 0 | 11 | ' | ' |
Total liabilities | 1,248.30 | 1,411.60 | ' | ' |
Equity | ' | ' | ' | ' |
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at September 30, 2014 and December 31, 2013 | 0 | 0 | ' | ' |
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,434,769 and 69,636,785 shares at September 30, 2014 and December 31, 2013, respectively | 0.7 | 0.7 | ' | ' |
Treasury stock 1,755,355 shares at September 30, 2014 and 1,255,355 at December 31, 2013 | -30 | -19.9 | ' | ' |
Additional paid-in capital | 465.4 | 446.9 | ' | ' |
Accumulated other comprehensive loss | -14.7 | -14.1 | ' | ' |
Retained earnings | 83.2 | 143.8 | ' | ' |
Total SunCoke Energy, Inc. stockholders’ equity | 504.6 | 557.4 | ' | ' |
Noncontrolling interests | 272.9 | 274.9 | ' | ' |
Total equity | 777.5 | 832.3 | ' | ' |
Total liabilities and equity | $2,025.80 | $2,243.90 | ' | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares, issued (in shares) | 69,434,769 | 69,636,785 |
Common stock, shares, outstanding (in shares) | 69,434,769 | 69,636,785 |
Treasury stock, shares (in shares) | 1,755,355 | 1,255,355 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | ||
Cash Flows from Continuing Operating Activities: | ' | ' | ||
Net income (loss) | ($46) | $31.40 | ||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' | ||
Loss on discontinued operations, net of tax | 66.1 | [1] | 11.2 | [1] |
Asset impairment | 15.1 | 0 | ||
Depreciation and amortization expense | 70.9 | 57.5 | ||
Deferred income tax (benefit) expense | -4.1 | 5.2 | ||
Payments in excess of expense for retirement plans | -0.7 | -1.6 | ||
Share-based compensation expense | 7.6 | 5.5 | ||
Excess tax benefit from share-based awards | -0.3 | 0 | ||
Loss from equity method investment | 3 | 2.5 | ||
Loss on extinguishment of debt | 15.4 | 0 | ||
Changes in working capital pertaining to operating activities: | ' | ' | ||
Receivables | 21.3 | 7.6 | ||
Inventories | -13.5 | 29.9 | ||
Accounts payable | -33.1 | -2.2 | ||
Accrued liabilities | -16.6 | -28.9 | ||
Interest payable | -10.2 | -7.9 | ||
Income taxes | 3.7 | -7.2 | ||
Other | -4.5 | -2.2 | ||
Net cash provided by continuing operating activities | 74.1 | 100.8 | ||
Cash Flows from Continuing Investing Activities: | ' | ' | ||
Capital expenditures | -102.5 | -87.2 | ||
Acquisition of business | 0 | -28.6 | ||
Equity method investment in VISA SunCoke Limited | 0 | -67.7 | ||
Net cash used in continuing investing activities | -102.5 | -183.5 | ||
Cash Flows from Continuing Financing Activities: | ' | ' | ||
Net proceeds from issuance of SunCoke Energy Partners, L.P. units | 90.5 | 237.8 | ||
Proceeds from issuance of long-term debt | 268.1 | 150 | ||
Repayment of long-term debt | -276.5 | -225 | ||
Debt issuance costs | -5.8 | -6.9 | ||
Proceeds from revolving facility | 40 | 0 | ||
Repayment of revolving facility | -80 | 0 | ||
Cash distribution to noncontrolling interests | -23.4 | -12 | ||
Shares repurchased | -85.1 | -10.9 | ||
Proceeds from exercise of stock options | 1.9 | 0.9 | ||
Excess tax benefit from share-based awards | 0.3 | 0 | ||
Net cash (used in) provided by continuing financing activities | -70 | 133.9 | ||
Net (decrease) increase in cash and cash equivalents from continuing operations | -98.4 | 51.2 | ||
Cash Flows from Discontinued Operations: | ' | ' | ||
Cash flows from discontinued operations - operating activities | -15.7 | -13.2 | ||
Cash flows from discontinued operations - investing activities | -4.7 | -8.4 | ||
Net decrease in cash and cash equivalents from discontinued operations | -20.4 | -21.6 | ||
Net (decrease) increase in cash and cash equivalents | -118.8 | 29.6 | ||
Cash and cash equivalents at beginning of period | 233.6 | 239.2 | ||
Cash and cash equivalents at end of period | $114.80 | $268.80 | ||
[1] | Three Months Ended September 30, Nine Months Ended September 30, 2014 2013 2014 2013 (Dollars in millions)Adjusted EBITDA from discontinued operations $(3.2) $(0.1) $(6.1) $(1.7)Subtract: Depreciation and depletion from discontinued operations 0.3 4.4 9.5 13.0Interest from discontinued operations — — — —Income tax benefit from discontinued operations (1.4) (0.9) (53.9) (3.5)Asset and goodwill impairment from discontinued operations 16.4 — 104.4 —Loss from discontinued operations, net of tax $(18.5) $(3.6) $(66.1) $(11.2) |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (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, 2013 | $832.30 | $0.70 | ($19.90) | $446.90 | ($14.10) | $143.80 | $557.40 | $274.90 |
Beginning balance, shares at Dec. 31, 2013 | ' | 69,636,785 | 1,255,355 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -46 | ' | ' | ' | ' | -60.6 | -60.6 | 14.6 |
Reclassifications of prior service benefit and actuarial loss amortization to earnings (net of related tax benefit of $1.2 million) | -1.9 | ' | ' | ' | -1.9 | ' | -1.9 | ' |
Currency translation adjustment | 1.3 | ' | ' | ' | 1.3 | ' | 1.3 | ' |
Net proceeds from issuance of SunCoke Energy Partners, L.P. units | 90.5 | ' | ' | ' | ' | ' | ' | 90.5 |
Adjustments from changes in ownership of SunCoke Energy Partners, L.P. | 0 | ' | ' | 83.7 | ' | ' | 83.7 | -83.7 |
Cash distribution to noncontrolling interests | -23.4 | ' | ' | ' | ' | ' | ' | -23.4 |
Share-based compensation expense | 7.6 | ' | ' | 7.6 | ' | ' | 7.6 | ' |
Excess tax benefit from share-based awards | 0.3 | ' | ' | 0.3 | ' | ' | 0.3 | ' |
Share issuances, net of shares withheld for taxes, shares | ' | 297,984 | ' | ' | ' | ' | ' | ' |
Share issuances, net of shares withheld for taxes | 1.9 | ' | ' | 1.9 | ' | ' | 1.9 | ' |
Shares repurchased, shares | ' | -500,000 | -500,000 | ' | ' | ' | ' | ' |
Shares repurchased | -85.1 | ' | -10.1 | -75 | ' | ' | -85.1 | ' |
Ending balance at Sep. 30, 2014 | $777.50 | $0.70 | ($30) | $465.40 | ($14.70) | $83.20 | $504.60 | $272.90 |
Ending balance, shares at Sep. 30, 2014 | ' | 69,434,769 | 1,755,355 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Reclassifications of prior service benefit and actuarial loss, tax benefit | $0.40 | $0.20 | $1.20 | $0.90 |
General
General | 9 Months Ended |
Sep. 30, 2014 | |
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 United States ("U.S.") and operator of a cokemaking facility in Brazil, in which we have a preferred stock investment. In March 2013, we formed a cokemaking joint venture in India called Visa SunCoke Limited (“VISA SunCoke”). In the second half of 2013, we acquired Lakeshore Coal Handling Corporation (“Lake Terminal”) and Kanawha River Terminals (“KRT”), which provide coal handling and blending services. Additionally, we own and operate coal mining operations in Virginia and West Virginia, which are reflected as discontinued operations in the Company's consolidated financial statements. See Note 2. We report our business through four segments: Domestic Coke, Brazil Coke, India Coke and Coal Logistics. | |
Our consolidated financial statements include SunCoke Energy Partners, L.P. (the "Partnership"), a publicly-traded partnership. We completed the initial public offering of the Partnership on January 24, 2013. At September 30, 2014, we owned the general partner of the partnership, which consists of a 2.0 percent ownership interest and incentive distribution rights, and owned a 54.0 percent limited partner interest in the Partnership. The remaining 44.0 percent interest in the Partnership was held by public unitholders. | |
We were formed as a wholly-owned subsidiary of Sunoco, Inc. (“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. On January 17, 2012 (the “Distribution Date”), we became an independent, publicly-traded company following our separation from Sunoco (the "Distribution"). | |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim reporting. Certain information and disclosures normally included in financial statements have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In management’s opinion, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. The results of operations for the period ended September 30, 2014 are not necessarily indicative of the operating results expected for the entire year. These unaudited interim consolidated financial statements should be read in conjunction with the audited combined and consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
The results for our coal mining operations have been classified as discontinued operations for all periods presented. See Note 2. Unless otherwise specified, the information in the notes to the consolidated financial statements relates to our continuing operations. | |
Reclassifications | |
Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current year presentation. | |
New Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. Under this ASU, an entity is required to recognize revenue upon transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently reviewing the provisions of ASU 2014-09 but does not expect it to have a material effect on the Company's financial condition, results of operations, and cash flows. | |
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This ASU is effective for annual periods beginning on or after December 15, 2014 with early adoption permitted. The application of this guidance is prospective from the date of adoption and applies only to disposals (or new classifications to held for sale) that have not been reported as discontinued operations in previously issued financial statements. The Company early adopted this ASU during the third quarter of 2014. See Note 2. | |
In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements-Going Concern". This ASU is intended to define management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. It is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The Company does not expect it to have a material effect on the Company's financial condition, results of operations, and cash flows. | |
Labor Concentrations | |
The labor agreement at our Granite City cokemaking facility expired on August 31, 2014. A new labor agreement was ratified and is effective through August 31, 2017. |
Coal_Impairment_Charges_and_Di
Coal Impairment Charges and Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Coal Impairment Charges and Discontinued Operations | ' | ||||||||||||||||
2. Coal Impairment Charges and Discontinued Operations | |||||||||||||||||
During the second quarter of 2014, as part of the Company’s strategic evaluation of the coal mining business and realignment of the Company’s businesses and priorities, the Company solicited bids related to the potential sale of its coal mining operations. Due to the level of interest observed in the market, the Company concluded that it was more-likely-than-not that the assets would be sold, but at that time the asset group did not yet meet the criteria to be classified as held for sale. Due to the probable disposition of the assets as well as projected losses resulting from the weakening coal market, the Company evaluated the recoverability of its long-lived asset group. | |||||||||||||||||
In the second quarter of 2014, the Company performed a probability-weighted undiscounted cash flows analysis which indicated that the carrying value of the asset group was not recoverable. As such, the Company reduced the carrying value of the long-lived assets to their estimated fair value and recorded a pre-tax impairment charge of $97.1 million. The fair value was determined based on estimated discounted cash flows from the coal mining assets, which reflected the weakness in the coal market and were considered Level 3 inputs in the fair value hierarchy. Key assumptions included (a) coal sales prices of $97 per ton to $149 per ton; (b) sales volumes of 1.6 million tons to 1.8 million tons; and (c) a 14.0 percent discount rate representing the estimated weighted average cost of capital. Various third party indicative offers for the assets were considered and were also included in the Company's assessment of the fair value of the asset group. In previous analyses, based upon the business plan and market expectations of coal prices at that time, the carrying value was recoverable and was substantially in excess of the undiscounted cash flows. Recent changes in market conditions, specifically decreased coal sales price expectations, were included in our asset impairment analysis. | |||||||||||||||||
As a result of the probable sale of the business, the weakening coal market and the long-lived asset impairment discussed above, the Company also performed a goodwill impairment analysis as of June 30, 2014 for the coal mining reporting unit. This analysis concluded the fair value of the reporting unit, based on a discounted cash flows analysis, was less than the carrying amount. As a result, the Company recorded a $6.0 million pre-tax impairment of the entire goodwill balance. | |||||||||||||||||
On July 17, 2014, the Company's Board of Directors authorized the Company to sell and/or otherwise dispose of the Company’s coal mining business. The Company expects that the sale and/or other disposition of the Company’s coal mining business will occur in 2014. In conjunction with the expected sale of the coal mining business, the Company plans to enter into a long-term coal supply agreement with the buyer and may also agree to build and operate a coal preparation plant. | |||||||||||||||||
Concurrent with this authorization, the coal mining operations are reflected as discontinued operations and the related net assets are presented as held for sale in the Company’s consolidated financial statements. Certain legacy coal mining assets (i.e. coal preparation plant and net pension assets) and liabilities (i.e. black lung, workers' compensation and other postretirement employee benefit obligations) are expected to be retained by the Company and are not part of the disposal group. These legacy assets and liabilities and related legacy costs are reported in Corporate and Other in continuing operations. The Company's coal mining business was previously reported in the Coal Mining reportable segment. The coal mining net assets and results of operations for all periods presented have been reclassified to reflect discontinued operations and held for sale presentation. | |||||||||||||||||
In the third quarter of 2014, the Company adjusted the carrying value of the held for sale net assets to fair value less costs to sell which resulted in a $16.4 million pre-tax impairment charge and related valuation allowance against the held for sale net assets. The valuation impairment charge of $16.4 million and related $6.4 million tax benefit were recorded in loss from discontinued operations, net of tax on the Consolidated Statement of Operations. This charge was in addition to the $88.0 million asset and goodwill impairment and related $44.5 million tax benefit recorded during the second quarter of 2014 related to coal assets now classified as held for sale. The remaining impairment charge recorded during the second quarter of 2014 on assets expected to be retained of $15.1 million remains included in asset impairment with a corresponding tax benefit of $7.6 million included in income tax expense on the Consolidated Statement of Operations and were included in income from continuing operations. | |||||||||||||||||
The Company currently estimates that it will incur total pre-tax exit and disposal costs during the fourth quarter in the range of $10 million to $15 million, of which $10 million to $14 million are anticipated to result in cash expenditures, including employee separation and retention costs for certain key management employees of approximately $1 million to $2 million and contract termination and other exit and disposal costs of approximately $9 million to $13 million. The Company has recorded $0.6 million of these exit and disposal costs to date in loss from discontinued operations, net of income tax benefit on the Consolidated Statement of Operations. The Company expects to record the remaining costs during the fourth quarter of 2014. The foregoing are estimates only and total actual costs relating to these actions will be recorded when the Company has finalized the sale/disposition plan. | |||||||||||||||||
In the event that a sale of the coal business does not occur, the Company will evaluate the various restructuring options to rationalize coal production over the near term and/or potentially cease coal production. At this time, the Company is unable in good faith to make a determination of an estimate with respect to the charges related to such potential actions. Any such charges could result in future cash expenditures. | |||||||||||||||||
Summarized below is the major financial information of our coal business presented as held for sale on our Consolidated Balance Sheet: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Unaudited) | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Assets | |||||||||||||||||
Receivables | $ | 5.4 | $ | 6.2 | |||||||||||||
Inventories | 12.9 | 9.6 | |||||||||||||||
Properties, plants and equipment, net | 29.3 | — | |||||||||||||||
Lease and mineral rights, net | 18.6 | — | |||||||||||||||
Other current assets | 3.8 | — | |||||||||||||||
Valuation allowance | (16.4 | ) | — | ||||||||||||||
Total current assets held for sale | 53.6 | 15.8 | |||||||||||||||
Properties, plants and equipment, net | — | 85.2 | |||||||||||||||
Lease and mineral rights, net | — | 52.8 | |||||||||||||||
Goodwill and other intangible assets, net | — | 6 | |||||||||||||||
Other assets | — | 2.1 | |||||||||||||||
Total assets held for sale | $ | 53.6 | $ | 161.9 | |||||||||||||
Liabilities | |||||||||||||||||
Accounts payable | $ | 11.4 | $ | 15.9 | |||||||||||||
Accrued liabilities | 10.3 | 10 | |||||||||||||||
Asset retirement obligations | 6.5 | — | |||||||||||||||
Total current liabilities held for sale | 28.2 | 25.9 | |||||||||||||||
Asset retirement obligations | — | 6.5 | |||||||||||||||
Other deferred credits and liabilities | — | 4.5 | |||||||||||||||
Total liabilities held for sale | $ | 28.2 | $ | 36.9 | |||||||||||||
Summarized below is the major financial information of our coal business presented as discontinued operations in our Consolidated Statements of Operations: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(Dollars in millions) | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | |||||||||||||||||
Total revenues | $ | 9.4 | $ | 17 | $ | 24.3 | $ | 50.5 | |||||||||
Costs and operating expenses | |||||||||||||||||
Cost of products sold and operating expenses | 12 | 16.8 | 27.8 | 50.2 | |||||||||||||
Selling, general and administrative expenses | 0.6 | 0.2 | 2.5 | 2 | |||||||||||||
Depreciation, depletion and amortization | 0.3 | 4.5 | 9.6 | 13 | |||||||||||||
Asset and goodwill impairment | 16.4 | — | 104.4 | — | |||||||||||||
Pre-tax loss from discontinued operations | (19.9 | ) | (4.5 | ) | (120.0 | ) | (14.7 | ) | |||||||||
Income tax benefit | 1.4 | 0.9 | 53.9 | 3.5 | |||||||||||||
Loss from discontinued operations, net of tax | $ | (18.5 | ) | $ | (3.6 | ) | $ | (66.1 | ) | $ | (11.2 | ) |
DropDown_Transaction
Drop-Down Transaction | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Drop-Down Transaction | ' | |||||||
3. Drop-Down Transaction | ||||||||
On May 9, 2014, SunCoke Energy contributed an additional 33.0 percent interest in the Haverhill and Middletown cokemaking facilities to the Partnership for total consideration of $365.0 million (the "Drop-Down"). After the Drop-Down, SunCoke Energy continued to own the general partner of the Partnership, which consisted of a 2.0 percent ownership interest and incentive distribution rights, and decreased its limited partner interest in the Partnership from 55.9 percent to 54.1 percent. The remaining 43.9 percent interest in the Partnership was held by public unitholders and was reflected as a noncontrolling interest in the consolidated financial statements. We accounted for the Drop-Down as an equity transaction, which resulted in a decrease in noncontrolling interest and an increase in SunCoke's Equity of $83.7 million. | ||||||||
Total consideration received for the Drop-Down included 2.7 million common units totaling $80.0 million and $3.3 million of general partner interests. In addition, the Partnership assumed and repaid approximately $271.3 million of our outstanding debt and other liabilities, including a market premium of $11.4 million to complete the tender of the senior unsecured notes. The remaining $10.4 million of consideration consisted of a $3.4 million cash payment from the Partnership as well as $7.0 million withheld by the Partnership to pre-fund our obligation to the Partnership for the anticipated cost of the environmental remediation project at Haverhill. | ||||||||
In conjunction with the Drop-Down, the Partnership issued 3.2 million common units to the public for $88.7 million of net proceeds, which was completed on April 30, 2014, and received approximately $263.1 million of gross proceeds from the issuance of $250.0 million aggregate principal amount of 7.375 percent senior notes due 2020 through a private placement on May 9, 2014. In addition, the Partnership received $5.0 million to fund interest from February 1, 2014 to May 9, 2014, the period prior to the issuance. This interest was paid to noteholders on August 1, 2014. See Note 7. | ||||||||
The table below summarizes the effects of the changes in the Company’s ownership interest in Haverhill and Middletown on SunCoke’s equity. | ||||||||
Three months ended | Nine months ended | |||||||
September 30, 2014 | ||||||||
(Dollars in millions) | ||||||||
Net loss attributable to SunCoke Energy, Inc. | $ | (3.6 | ) | $ | (60.6 | ) | ||
Change in SunCoke Energy, Inc. equity for the contribution of 33.0 percent interest in Haverhill and Middletown | — | 83.7 | ||||||
Change from net income attributable to SunCoke Energy, Inc. and transfers from noncontrolling interest | $ | (3.6 | ) | $ | 23.1 | |||
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
4. Inventories | |||||||||
The components of inventories were as follows: | |||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
(Dollars in millions) | |||||||||
Coke | $ | 12 | $ | 11.8 | |||||
Coal | 93.4 | 81.2 | |||||||
Materials, supplies and other | 33.8 | 32.7 | |||||||
Total inventories | $ | 139.2 | $ | 125.7 | |||||
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
5. Income Taxes | ||
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. 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. | ||
As of December 31, 2013, SunCoke Energy estimated that all tax benefits were settled under the provisions of the tax sharing agreement. SunCoke Energy will continue to monitor the full utilization of all tax attributes when the respective tax returns are filed and will, consistent with the terms of the tax sharing agreement, record additional adjustments through earnings when necessary. | ||
SunCoke Energy also agreed to certain restrictions intended to preserve the tax-free status of the contribution and the Distribution. These covenants included 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. These key restrictions expired on January 18, 2014. | ||
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. | ||
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. 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 effective tax rate from continuing operations was 22.1 percent for the three months ended September 30, 2014 and 17.8 percent for the nine months ended September 30, 2014, primarily due to income tax benefits related to tax credits and by the impact of earnings attributable to noncontrolling interests in partnership. The nine months ended September 30, 2014 includes an income tax benefit of $2.0 million related to the enacted reduction in Indiana statutory tax rate. | ||
The Company's effective tax rate from continuing operations was 7.6 percent for the three months ended September 30, 2013 and 18.1 percent for the nine months ended September 30, 2013, primarily due to the impact of earnings that are attributable to noncontrolling ownership interests in partnerships and nonconventional fuel credits. The income tax provision for the nine months ended September 30, 2013 also includes income tax expense of $0.4 million related to prior period adjustments associated with local income taxes due for the Company's Middletown operations, $0.9 million favorable provision-to-return adjustments as a result of filing our 2012 federal income taxes return, and $1.1 million of additional valuation allowances associated with state and local taxes. | ||
The Company has not recorded income taxes on the undistributed earnings of our India joint venture because such earnings are intended to be reinvested indefinitely to finance foreign activities. These additional foreign earnings could be subject to additional tax if remitted, or deemed remitted, as a dividend. At September 30, 2014, our VISA SunCoke joint venture had a cumulative loss on unconsolidated earnings. |
Accrued_Liabilities
Accrued Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Balance Sheet Related Disclosures [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
6. Accrued Liabilities | |||||||||
Accrued liabilities consisted of the following: | |||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
(Dollars in millions) | |||||||||
Accrued sales discounts (1) | $ | — | $ | 13.6 | |||||
Accrued benefits | 15.3 | 21.5 | |||||||
Other taxes payable | 11.9 | 9.8 | |||||||
Other | 15.7 | 14.6 | |||||||
Total accrued liabilities | $ | 42.9 | $ | 59.5 | |||||
(1) At December 31, 2013, we had $13.6 million accrued related to sales discounts payable to our customer at our Granite City facility. During the first quarter of 2014, we settled this obligation for $13.1 million, which resulted in a gain of $0.5 million. This gain was recorded in sales and other operating revenue on our Consolidated Statement of Operations. |
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
7. Debt | |||||||||
Total debt, including the current portion of long-term debt, consisted of the following: | |||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
(Dollars in millions) | |||||||||
Term loans, bearing interest at variable rates, due 2018, net of original issue discount of $1.0 million at December 31, 2013 ("Term Loan") | $ | — | $ | 99.1 | |||||
Revolving credit facility, due 2019 ("Partnership Revolver") | — | 40 | |||||||
7.625% Notes, due 2019 ("Notes") | 240 | 400 | |||||||
7.375% senior notes, due 2020 (“Partnership Notes”), including original issue premium of $12.0 million at September 30, 2014 | 412 | 150 | |||||||
Total debt | $ | 652 | $ | 689.1 | |||||
Less: short-term debt, including current portion of long-term debt | — | 41 | |||||||
Total long-term debt | $ | 652 | $ | 648.1 | |||||
Under the Company's credit agreement dated July 26, 2011, as amended ("Credit Agreement"), the Company has a $150.0 million revolving credit facility ("Revolving Facility"). At September 30, 2014, the Revolving Facility had letters of credit outstanding of $1.5 million, leaving $148.5 million available. | |||||||||
On May 9, 2014, in connection with the Drop-Down, the Partnership issued $250.0 million Partnership Notes. The Partnership Notes bear interest at a rate of 7.375 percent per annum and will mature on February 1, 2020. Interest is payable semi-annually in cash in arrears on February 1 and August 1 of each year. Proceeds of $263.1 million included an original issue premium of $13.1 million. In addition, the Partnership received $5.0 million to fund interest from February 1, 2014 to May 9, 2014, the period prior to the issuance. This interest was paid to noteholders on August 1, 2014. The Partnership incurred debt issuance costs of $4.9 million, of which $0.9 million was considered a modification of debt and was immediately expensed and recorded in interest expense, net in the Consolidated Statement of Operations and was included in other operating cash flows in the Consolidated Statement of Cash Flows. | |||||||||
Furthermore, in connection with the Drop-Down, the Partnership assumed from SunCoke and repaid $99.9 million of Term Loan and $160.0 million of Notes. The Partnership also paid a market premium of $11.4 million to complete the tender of the Notes, which was included in interest expense, net in the Consolidated Statement of Operations. Debt extinguishment costs, including unamortized debt issuance costs and original issue discount, of $3.1 million were immediately expensed and recorded in interest expense, net in the Consolidated Statement of Operations. | |||||||||
Also, in connection with the Drop-Down, the Partnership repaid $40.0 million on the Partnership Revolver and amended the Partnership Revolver to include (i) an increase in the total aggregate commitments from lenders from $150.0 million to $250.0 million and (ii) an extension of the maturity date from January 2018 to May 2019. The Partnership paid $1.8 million in fees related to the Partnership Revolver amendment, which are included in deferred charges and other assets in the Consolidated Balance Sheet. At September 30, 2014, the Partnership Revolver had letters of credit outstanding of $0.7 million, leaving $249.3 million available. | |||||||||
The Company and the Partnership are subject to certain debt covenants that, among other things, limit the Company's and Partnership’s ability and the ability of certain of the Company's and the Partnership’s subsidiaries to (i) incur indebtedness, (ii) pay dividends or make other distributions, (iii) prepay, redeem or repurchase certain debt, (iv) make loans and investments, (v) sell assets, (vi) incur liens, (vii) enter into transactions with affiliates and (viii) consolidate or merge. These covenants are subject to a number of exceptions and qualifications set forth in the respective agreements. Additionally, under the terms of the Credit Agreement, the Company is subject to a maximum consolidated leverage ratio of 3.75 to 1.00, calculated by dividing total debt by EBITDA as defined by the Credit Agreement, and a minimum consolidated interest coverage ratio of 2.75 to 1.00, calculated by dividing EBITDA by interest expense as defined by the Credit Agreement. Under the terms of the Partnership Revolver, the Partnership is subject to a maximum consolidated leverage ratio of 4.00 to 1.00, calculated by dividing total debt by EBITDA as defined by the Partnership Revolver, and a minimum consolidated interest coverage ratio of 2.50 to 1.00, calculated by dividing EBITDA by interest expense as defined by the Partnership Revolver. At September 30, 2014, the Company and the Partnership were in compliance with all applicable debt covenants contained in the Credit Agreement and the Partnership Revolver. We do not anticipate any violation of these covenants nor do we anticipate that any of these covenants will restrict our operations or our ability to obtain additional financing. |
Retirement_Benefits_Plans
Retirement Benefits Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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. | |||||||||||||||||
Effective May 30, 2014, Dominion Coal Corporation, a wholly-owned subsidiary of the Company, terminated its defined benefit plan, a plan that was previously offered to generally all full-time employees of Dominion Coal Corporation. Distribution of plan assets resulting from the defined benefit plan termination will not be made until the Internal Revenue Service and Pension Benefit Guarantee Corporation determines that the termination satisfies the regulatory requirements, which is expected to occur in 2015, at which time settlement accounting will also occur. As a result of the termination of the defined benefit plan, each participant will become fully vested in his or her benefits under the defined benefit plan without regard to age and years of service. Participants with $25 thousand or less of benefits owed will have the option of receiving a lump sum payout or an annuity in full payment of their benefits under the defined benefit plan. All other participants will receive an annuity in full payment of their benefits under the defined benefit plan. | |||||||||||||||||
Defined benefit plan expense consisted of the following components: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Interest cost on benefit obligations | $ | 0.3 | $ | 0.3 | $ | 1.1 | $ | 1 | |||||||||
Expected return on plan assets | (0.4 | ) | (0.6 | ) | (1.3 | ) | (1.8 | ) | |||||||||
Amortization of actuarial losses | 0.2 | 0.3 | 0.4 | 0.8 | |||||||||||||
Total expense | $ | 0.1 | $ | — | $ | 0.2 | $ | — | |||||||||
Postretirement benefit plans benefit consisted of the following components: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Service cost | $ | 0.2 | $ | 0.1 | $ | 0.2 | $ | 0.2 | |||||||||
Interest cost on benefit obligations | 0.3 | 0.3 | 1.1 | 1 | |||||||||||||
Amortization of: | |||||||||||||||||
Actuarial losses | 0.2 | 0.4 | 0.7 | 1.1 | |||||||||||||
Prior service benefit | (1.4 | ) | (1.4 | ) | (4.2 | ) | (4.3 | ) | |||||||||
Total benefit | $ | (0.7 | ) | $ | (0.6 | ) | $ | (2.2 | ) | $ | (2.0 | ) |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingent Liabilities | ' |
9. Commitments and Contingent Liabilities | |
SunCoke is 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. | |
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 have lodged a Consent Decree in federal district court that is undergoing review. Settlement may require payment of a civil penalty for alleged past violations, and we estimate our 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. We anticipate spending approximately $125 million related to these projects, and have spent approximately $73 million since 2012. We plan to spend approximately $5 million in the remainder of 2014 and approximately $47 million in the 2015 to 2016 time frame. | |
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 addition, we conducted an engineering study to identify major maintenance projects necessary to preserve the production capacity of the facility. In accordance with the findings of the study, we originally estimated that we would spend $50 million. As a result of higher than anticipated costs to refurbish ovens as well as the incremental cost of managing the refurbishment to minimize disruptions to ongoing operations, we expect total spend to be $105 million. In addition to the approximately $25 million we expect to spend throughout 2014, we spent $66 million and $14 million related to this project in 2013 and 2012, respectively. | |
In September 2013, we reached agreement with our customer for a 10-year extension of our long-term contract at our Indiana Harbor cokemaking facility. Key provisions of the extension agreement, which took effect October 1, 2013, 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 a pricing adjustment per ton of coke produced to recognize the new capital being deployed to refurbish and upgrade this facility. We expect to earn a reasonable return on our investment, along with DTE Energy Company, the third party investor owning a 15 percent interest in the partnership (the “Indiana Harbor Partnership”). In addition, 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 Company is in discussions with ArcelorMittal to resolve claims by ArcelorMittal that certain shipments of coke did not meet coke quality targets. In the fourth quarter of 2013, the Company recorded an estimated liability of $2.5 million for the possible reimbursement of certain freight and handling costs incurred by ArcelorMittal and for the Company’s potential legal fees and costs in connection with this matter. | |
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, 2014. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2014 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring | ' |
10. Restructuring | |
In the first quarter of 2014, we initiated a plan to reduce the workforce in our corporate office. The workforce reduction costs related to this plan were primarily part of an existing benefit arrangement; therefore, the full amount of expected severance benefits was accrued during the first quarter of 2014. We incurred total charges of $1.4 million in Corporate and Other related to this initiative and do not expect to incur any additional charges. Payments of $0.7 million were made during the nine months ended September 30, 2014. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Share-based Compensation [Abstract] | ' | ||||
Share-Based Compensation | ' | ||||
11. Share-Based Compensation | |||||
During the nine months ended September 30, 2014, 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 407,075 shares of common stock during the nine months ended September 30, 2014 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 weighted-average fair value of employee stock options granted during the nine months ended September 30, 2014 was $7.86 using the following weighted-average assumptions: | |||||
Nine months ended September 30, | |||||
2014 | |||||
Risk free interest rate | 1.57 | % | |||
Expected term | 5 years | ||||
Volatility | 38 | % | |||
Dividend yield | — | % | |||
Weighted-average exercise price | $ | 22.3 | |||
We based our expected volatility on our historical volatility over our entire available trading history. 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. | |||||
The Company recognized compensation expense of $1.1 million and $3.8 million for stock options during the three and nine months ended September 30, 2014, respectively, and compensation expense of $1.2 million and $3.3 million for the three and nine months ended September 30, 2013, respectively. As of September 30, 2014, there was $5.0 million of total unrecognized compensation cost related to nonvested stock options. This compensation cost is expected to be recognized over the next 1.9 years. | |||||
Restricted Stock Units | |||||
The Company issued 210,673 restricted stock units (“RSUs”) for shares of the Company’s common stock during the nine months ended September 30, 2014 that vest in three annual installments beginning one year from the grant date. 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 RSUs granted during the nine months ended September 30, 2014 of $22.29 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. | |||||
The Company recognized compensation expense of $1.0 million and $2.9 million for RSUs during the three and nine months ended September 30, 2014, respectively, and compensation expense of $0.7 million and $1.7 million for the three and nine months ended September 30, 2013, respectively. As of September 30, 2014, there was $8.7 million of total unrecognized compensation cost related to nonvested RSUs. This compensation cost is expected to be recognized over the next 2.3 years. | |||||
Performance Share Units | |||||
The Company issued 84,734 performance share units ("PSU") for shares of the Company's common stock during the nine months ended September 30, 2014 that vest on December 31, 2016. 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, 2014 is $26.09 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. | |||||
The Company recognized compensation expense of $0.3 million and $0.9 million for PSUs during the three and nine months ended September 30, 2014, respectively, and compensation expense of $0.2 million and $0.4 million for the three and nine months ended September 30, 2013, respectively. As of September 30, 2014, there was $3.2 million of total unrecognized compensation cost related to nonvested PSUs. This compensation cost is expected to be recognized over the next 2.4 years. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings per Share | ' | ||||||||||||
12. Earnings per Share | |||||||||||||
Basic earnings per share has been computed by dividing net income (loss) from continuing operations available to SunCoke Energy, Inc. 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, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(Shares in millions) | |||||||||||||
Weighted-average number of common shares outstanding-basic | 69.4 | 69.8 | 69.5 | 69.9 | |||||||||
Add: Effect of dilutive share-based compensation awards | 1 | 0.2 | 0.9 | 0.3 | |||||||||
Weighted-average number of shares-diluted | 70.4 | 70 | 70.4 | 70.2 | |||||||||
The potential dilutive effect of 0.4 million stock options was excluded from the computation of diluted weighted-average shares outstanding for both the three and nine months ended September 30, 2014, as the shares would have been anti-dilutive. 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. | |||||||||||||
On July 23, 2014, the Company's Board of Directors authorized a program to repurchase outstanding shares of the Company’s common stock, $0.01 par value, at any time and from time to time in the open market, through privately negotiated transactions, block transactions, or otherwise for a total aggregate cost to the Company not to exceed $150.0 million. This new and larger program supersedes and replaces the Company’s previous share repurchase program implemented in February 2012, under which nearly 1.8 million shares were repurchased. | |||||||||||||
As part of the new $150.0 million program, the Company's Board of Directors has authorized the Company to purchase shares of Company common stock directly from an investment bank, or broker, pursuant to an accelerated share repurchase arrangement, or similar contract. In accordance with this authorization, the Company entered into a variable term forward share repurchase agreement for an aggregate cost to the Company of $75.0 million on July 29, 2014. In exchange for up-front payments, the financial institutions delivered shares of the Company’s common stock at the end of the purchase period, which was subsequent to the end of the quarter. The up-front payments were accounted for as a reduction to shareholders’ equity in the Company’s Consolidated Balance Sheet. The total number of shares ultimately delivered, and therefore the average repurchase price paid per share, were determined at the end of the purchase period based on the volume weighted-average price of the Company’s common stock during the period. In October 2014, 3.2 million shares were delivered to the Company at an average price of $23.28 per share, completing the $75.0 million forward share repurchase agreement, and leaving $75.0 million available under the repurchase program. The share repurchase program met all of the applicable criteria for equity classification. |
Supplemental_Accumulated_Other
Supplemental Accumulated Other Comprehensive Loss Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||
Supplemental Accumulated Other Comprehensive Loss Information | ' | |||||||||||||||
13. Supplemental Accumulated Other Comprehensive Loss Information | ||||||||||||||||
Changes in accumulated other comprehensive loss, by component, are presented below: | ||||||||||||||||
Defined Benefit Plans | Currency Translation Adjustments | Total | ||||||||||||||
(Dollars in millions) | ||||||||||||||||
At December 31, 2013 | $ | (2.8 | ) | $ | (11.3 | ) | $ | (14.1 | ) | |||||||
Other comprehensive income before reclassifications | — | 1.3 | 1.3 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (1.9 | ) | — | (1.9 | ) | |||||||||||
Net current period other comprehensive (loss) income | (1.9 | ) | 1.3 | (0.6 | ) | |||||||||||
At September 30, 2014 | $ | (4.7 | ) | $ | (10.0 | ) | $ | (14.7 | ) | |||||||
Reclassifications out of the accumulated other comprehensive loss were as follows:(1) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Dollars in millions) | ||||||||||||||||
Amortization of postretirement and defined benefit plan items to net income: | ||||||||||||||||
Prior service benefit(2) | $ | (1.4 | ) | $ | (1.4 | ) | $ | (4.2 | ) | $ | (4.3 | ) | ||||
Actuarial loss(2) | 0.4 | 0.7 | 1.1 | 1.9 | ||||||||||||
Total before taxes | (1.0 | ) | (0.7 | ) | (3.1 | ) | (2.4 | ) | ||||||||
Income tax benefit | 0.4 | 0.2 | 1.2 | 0.9 | ||||||||||||
Total, net of tax | $ | (0.6 | ) | $ | (0.5 | ) | $ | (1.9 | ) | $ | (1.5 | ) | ||||
-1 | Amounts in parentheses indicate credits to net income. | |||||||||||||||
-2 | These accumulated other comprehensive (income) loss components are included in the computation of postretirement benefit plan (benefit) and defined benefit plan expense. See Note 8. |
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | |
Sep. 30, 2014 | ||
Fair Value Disclosures [Abstract] | ' | |
Fair Value Measurements | ' | |
14. 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 were recorded in other income, net in the Consolidated Statement of Operations. 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 in the Consolidated Statement of Operations. | ||
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 three interest rate swap agreements with an aggregate notional amount of $125.0 million. The agreements had an expiration date three years from the forward effective date of October 11, 2011. During the first quarter of 2013, we settled one of the interest rate swaps having a notional amount of $25.0 million. The remaining interest rate swaps having a notional amount of $100.0 million were settled in the second quarter of 2014. The impact of these settlements on the financial statements was not material. Under the interest rate swap agreements, the Company paid 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 were recorded in interest expense in the Consolidated Statement of Operations. The Company has no interest rate swap agreements outstanding at September 30, 2014. | ||
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 did not have a material impact on interest expense during the nine months ended September 30, 2014 and 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. 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 | ||
During the second quarter of 2014, we reduced our contingent consideration liability to zero related to the 2011 acquisition of Harold Keene Coal Co., Inc. and affiliated companies and recorded income of $4.5 million in the nine months ended September 30, 2014, which was reflected in the loss from discontinued operations on the Consolidated Statements of Operations. The fair value adjustment to HKCC contingent consideration decreased our loss from discontinued operations by $0.2 million in the three and nine months ended September 30, 2013. | ||
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, 2014, no material fair value adjustments or fair value measurements were required for these non-financial assets or liabilities other than those discussed previously in Note 2. | ||
Certain Financial Assets and Liabilities not Measured at Fair Value | ||
At September 30, 2014, the estimated fair value of the Company’s long-term debt was estimated to be $667.7 million, compared to a carrying amount of $652.0 million, which was net of original issue premium 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. |
Equity_Distribution_Agreement
Equity Distribution Agreement | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
Equity Distribution Agreement | ' |
15. Equity Distribution Agreement | |
On August 5, 2014, the Partnership entered into an Equity Distribution Agreement (the “Equity Agreement”) with Wells Fargo Securities, LLC (“Wells Fargo”). Pursuant to the terms of the Equity Agreement, the Partnership may sell from time to time through Wells Fargo, the Partnership’s common units representing limited partner interests having an aggregate offering price of up to $75.0 million. Sales of the common units, if any, will be made by means of ordinary brokers’ transactions through the facilities of the New York Stock Exchange at market prices, in block transactions, or as otherwise agreed by the Partnership and Wells Fargo, by means of any other existing trading market for the common units or to or through a market maker other than on an exchange. The common units will be issued pursuant to the Partnership’s existing effective shelf registration statement. | |
Under the terms of the Equity Agreement, the Partnership also may sell common units to Wells Fargo as principal for its own account at a price to be agreed upon at the time of sale. Any sale of common units to Wells Fargo as principal would be pursuant to the terms of a separate terms agreement between the Partnership and Wells Fargo. | |
During the third quarter of 2014, the Partnership sold 62,956 common units under the Equity Agreement with an aggregate offering price of $1.8 million, leaving $73.2 million available under the Equity Agreement. |
Business_Segment_Information
Business Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Business Segment Information | ' | ||||||||||||||||
16. Business Segment Information | |||||||||||||||||
The Company is an independent owner and operator of five cokemaking facilities in the eastern and midwestern regions of the U.S. 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 U.S. as well as coal handling and blending operations in the eastern and midwestern regions of the U.S. These coal mining operations are included in discontinued operations on the Consolidated Statement of Operations. See Note 2. | |||||||||||||||||
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. Coke sales at each of the Company's five domestic cokemaking facilities are made pursuant to long-term take-or-pay agreements with ArcelorMittal, AK Steel, and U.S. Steel. Each of the coke sales agreements contains pass-through provisions for costs incurred in the cokemaking process, including coal procurement costs (subject to meeting contractual coal-to-coke yields), operating and maintenance expense, costs related to the transportation of coke to the customers, taxes (other than income taxes) and costs associated with changes in regulation, in addition to containing a fixed fee. | |||||||||||||||||
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. | |||||||||||||||||
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 at least 2022; and (2) an annual preferred dividend on our preferred stock investment from the project company guaranteed by the Brazil subsidiary of ArcelorMittal. | |||||||||||||||||
Coal Logistics operations are comprised of Lake Terminal and KRT facilities located in Indiana and Kentucky, respectively. The Partnership acquired Lake Terminal on August 30, 2013 and KRT on October 1, 2013 and began providing coal handling and blending services. This business has a collective capacity to blend and transload more than 30 million tons of coal annually. Coal handling and blending services are provided to third party customers as well as certain SunCoke cokemaking facilities. Coal handling and blending results are presented in the Coal Logistics segment below. | |||||||||||||||||
Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and Other, including certain legacy coal mining assets (i.e. coal preparation plant and net pension assets) and liabilities (i.e. black lung, workers' compensation and other postretirement employee benefit obligations) that are expected to be retained by the Company. The related legacy costs are excluded from Adjusted EBITDA from continuing operations but included in Consolidated Adjusted EBITDA. Interest expense, net, which consists principally of interest income, interest expense and interest capitalized, is also excluded from segment results. Segment assets, net of tax are those assets that are utilized within a specific segment and excludes deferred tax assets and current tax receivables. | |||||||||||||||||
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, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Sales and other operating revenue: | |||||||||||||||||
Domestic Coke | $ | 349.9 | $ | 364.8 | $ | 1,027.90 | $ | 1,168.80 | |||||||||
Brazil Coke | 8.9 | 8.2 | 27.2 | 25.9 | |||||||||||||
Coal Logistics | 8.7 | 0.1 | 28.1 | 0.1 | |||||||||||||
Coal Logistics intersegment sales | 4.9 | 1 | 13.6 | 1 | |||||||||||||
Corporate and other intersegment sales | 4.3 | 4.8 | 14 | 12.6 | |||||||||||||
Elimination of intersegment sales | (9.2 | ) | (5.8 | ) | (27.6 | ) | (13.6 | ) | |||||||||
Total sales and other operating revenue | $ | 367.5 | $ | 373.1 | $ | 1,083.20 | $ | 1,194.80 | |||||||||
Adjusted EBITDA: | |||||||||||||||||
Adjusted EBITDA from continuing operations: | |||||||||||||||||
Domestic Coke | $ | 72.4 | $ | 64.3 | $ | 183.5 | $ | 186.7 | |||||||||
Brazil Coke | 2.5 | 1.5 | 6.7 | 4.7 | |||||||||||||
India Coke | (1.3 | ) | (2.1 | ) | (1.7 | ) | (1.3 | ) | |||||||||
Coal Logistics | 3.8 | 0.7 | 10.9 | 0.7 | |||||||||||||
Corporate and Other | (9.4 | ) | (13.3 | ) | (31.5 | ) | (31.8 | ) | |||||||||
Total Adjusted EBITDA from continuing operations | 68 | 51.1 | 167.9 | 159 | |||||||||||||
Legacy costs, net | (0.9 | ) | (0.3 | ) | (3.8 | ) | (1.9 | ) | |||||||||
Adjusted EBITDA from discontinued operations | (3.2 | ) | (0.1 | ) | (6.1 | ) | (1.7 | ) | |||||||||
Adjusted EBITDA | $ | 63.9 | $ | 50.7 | $ | 158 | $ | 155.4 | |||||||||
Depreciation and amortization expense: | |||||||||||||||||
Domestic Coke | $ | 19.3 | $ | 16.8 | $ | 60.9 | $ | 52.4 | |||||||||
Brazil Coke | 0.1 | 0.1 | 0.3 | 0.3 | |||||||||||||
Coal Logistics | 2 | 0.2 | 5.6 | 0.2 | |||||||||||||
Corporate and Other | 1.1 | 1.7 | 4.1 | 4.6 | |||||||||||||
Total depreciation and amortization expense | $ | 22.5 | $ | 18.8 | $ | 70.9 | $ | 57.5 | |||||||||
Capital expenditures: | |||||||||||||||||
Domestic Coke | $ | 23.8 | $ | 29.5 | $ | 95.9 | $ | 77.8 | |||||||||
Brazil Coke | 0.2 | (0.2 | ) | 0.6 | 0.6 | ||||||||||||
Coal Logistics | 1.2 | — | 2 | — | |||||||||||||
Corporate and Other | 1.2 | 2.5 | 4 | 8.8 | |||||||||||||
Total capital expenditures | $ | 26.4 | $ | 31.8 | $ | 102.5 | $ | 87.2 | |||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Unaudited) | |||||||||||||||||
(Dollars in millions, except | |||||||||||||||||
per share amounts) | |||||||||||||||||
Segment assets | |||||||||||||||||
Domestic Coke | $ | 1,583.30 | $ | 1,531.20 | |||||||||||||
Brazil Coke | 54 | 61.4 | |||||||||||||||
India Coke | 55.8 | 57 | |||||||||||||||
Coal Logistics | 116.9 | 119 | |||||||||||||||
Corporate and Other | 146.4 | 294.2 | |||||||||||||||
Discontinued Operations | 53.6 | 161.9 | |||||||||||||||
2,010.00 | 2,224.70 | ||||||||||||||||
Tax assets | 15.8 | 19.2 | |||||||||||||||
Total assets | $ | 2,025.80 | $ | 2,243.90 | |||||||||||||
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 asset and goodwill impairment, costs related to exiting our Coal business, 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 fuel 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. | |||||||||||||||||
Adjusted EBITDA from continuing operations equals consolidated Adjusted EBITDA less Adjusted EBITDA from discontinued operations less Legacy costs. | |||||||||||||||||
Adjusted EBITDA from discontinued operations equals coal business Adjusted EBITDA excluding corporate cost allocation attributable to coal, costs related to exiting our coal business and certain retained coal-related costs reclassified as Legacy costs. | |||||||||||||||||
Legacy costs equals royalty revenues, coal pension/other post-employment benefits, coal workers' compensation, black lung, prep. plant and certain other coal-related costs that we expect to retain after sale of the coal business. | |||||||||||||||||
Management believes Adjusted EBITDA is an important measure of the operating performance of the Company's net assets 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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Adjusted EBITDA attributable to SunCoke Energy, Inc. | $ | 45.7 | $ | 40.8 | $ | 116 | $ | 126.4 | |||||||||
Add: Adjusted EBITDA attributable to noncontrolling interests (1) | 18.2 | 9.9 | 42 | 29 | |||||||||||||
Adjusted EBITDA | $ | 63.9 | $ | 50.7 | $ | 158 | $ | 155.4 | |||||||||
Subtract: | |||||||||||||||||
Adjusted EBITDA from discontinued operations | (3.2 | ) | (0.1 | ) | (6.1 | ) | (1.7 | ) | |||||||||
Legacy costs, net | (0.9 | ) | (0.3 | ) | (3.8 | ) | (1.9 | ) | |||||||||
Adjusted EBITDA from continuing operations | $ | 68 | $ | 51.1 | $ | 167.9 | $ | 159 | |||||||||
Subtract: | |||||||||||||||||
Adjustment to unconsolidated affiliate earnings(2) | 0.3 | 0.3 | 2.4 | 1.3 | |||||||||||||
Depreciation and amortization expense | 22.5 | 18.8 | 70.9 | 57.5 | |||||||||||||
Interest expense, net | 11.9 | 12.1 | 51.1 | 40 | |||||||||||||
Income tax expense | 7.5 | 1.5 | 5 | 10 | |||||||||||||
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits(3) | — | 2.2 | (0.5 | ) | 5.7 | ||||||||||||
Asset impairment | — | — | 15.1 | — | |||||||||||||
Legacy costs, net | 0.9 | 0.3 | 3.8 | 1.9 | |||||||||||||
Income from continuing operations | $ | 24.9 | $ | 15.9 | $ | 20.1 | $ | 42.6 | |||||||||
Loss from discontinued operations, net of tax(4) | (18.5 | ) | (3.6 | ) | (66.1 | ) | (11.2 | ) | |||||||||
Net income (loss) | $ | 6.4 | $ | 12.3 | $ | (46.0 | ) | $ | 31.4 | ||||||||
-1 | Reflects noncontrolling interest in Indiana Harbor and the portion of the Partnership owned by public unitholders. | ||||||||||||||||
-2 | Reflects share of interest, taxes, depreciation and amortization related to VISA SunCoke. | ||||||||||||||||
-3 | At December 31, 2013, we had $13.6 million accrued related to sales discounts to be paid to our customer at our Granite City facility. During the first quarter of 2014, we settled this obligation for $13.1 million which resulted in a gain of $0.5 million. This gain is recorded in sales and other operating revenue on our Consolidated Statement of Operations. 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. | ||||||||||||||||
-4 | Below is a reconciliation of Adjusted EBITDA from discontinued operations (unaudited) to loss from discontinued operations, net of tax, which is its most comparable financial measure calculated and presented in accordance with GAAP: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Adjusted EBITDA from discontinued operations | $ | (3.2 | ) | $ | (0.1 | ) | $ | (6.1 | ) | $ | (1.7 | ) | |||||
Subtract: | |||||||||||||||||
Depreciation and depletion from discontinued operations | 0.3 | 4.4 | 9.5 | 13 | |||||||||||||
Interest from discontinued operations | — | — | — | — | |||||||||||||
Income tax benefit from discontinued operations | (1.4 | ) | (0.9 | ) | (53.9 | ) | (3.5 | ) | |||||||||
Asset and goodwill impairment from discontinued operations | 16.4 | — | 104.4 | — | |||||||||||||
Loss from discontinued operations, net of tax | $ | (18.5 | ) | $ | (3.6 | ) | $ | (66.1 | ) | $ | (11.2 | ) | |||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Coke sales | $ | 333.8 | $ | 348.2 | $ | 978.5 | $ | 1,119.80 | |||||||||
Steam and electricity sales | 16.2 | 16.6 | 49.6 | 49 | |||||||||||||
Operating and licensing fees | 8.9 | 8.2 | 27.2 | 25.9 | |||||||||||||
Coal logistics | 8.2 | 0.1 | 26.3 | 0.1 | |||||||||||||
Other | 0.4 | — | 1.6 | — | |||||||||||||
Sales and other operating revenue | $ | 367.5 | $ | 373.1 | $ | 1,083.20 | $ | 1,194.80 | |||||||||
Supplemental_Condensed_Consoli
Supplemental Condensed Consolidating Financial Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Supplemental Condensed Consolidating Financial Information [Abstract] | ' | ||||||||||||||||||||
Supplemental Condensed Consolidating Financial Information | ' | ||||||||||||||||||||
17. Supplemental Condensed Consolidating Financial Information | |||||||||||||||||||||
Certain 100 percent owned subsidiaries of the Company serve as guarantors of the obligations under the Credit Agreement and $240 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 September 30, 2014 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 111.1 | $ | 256.4 | $ | — | $ | 367.5 | |||||||||||
Equity in earnings of subsidiaries | 11 | 19.2 | — | (30.2 | ) | — | |||||||||||||||
Other (loss) income | (0.1 | ) | 0.2 | — | — | 0.1 | |||||||||||||||
Total revenues | 10.9 | 130.5 | 256.4 | (30.2 | ) | 367.6 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 81.6 | 199 | — | 280.6 | ||||||||||||||||
Selling, general and administrative expenses | 3.5 | 8.4 | 6.8 | — | 18.7 | ||||||||||||||||
Depreciation and amortization expense | — | 5.8 | 16.7 | — | 22.5 | ||||||||||||||||
Total costs and operating expenses | 3.5 | 95.8 | 222.5 | — | 321.8 | ||||||||||||||||
Operating income | 7.4 | 34.7 | 33.9 | (30.2 | ) | 45.8 | |||||||||||||||
Interest (income) expense, net - affiliate | — | (2.0 | ) | 2 | — | — | |||||||||||||||
Interest expense (income), net | 5.2 | (0.6 | ) | 7.3 | — | 11.9 | |||||||||||||||
Total financing expense (income), net | 5.2 | (2.6 | ) | 9.3 | — | 11.9 | |||||||||||||||
Income before income tax expense and loss from equity method investment | 2.2 | 37.3 | 24.6 | (30.2 | ) | 33.9 | |||||||||||||||
Income tax expense | 5.8 | 0.4 | 1.3 | — | 7.5 | ||||||||||||||||
Loss from equity method investment | — | — | 1.5 | — | 1.5 | ||||||||||||||||
(Loss) income from continuing operations | (3.6 | ) | 36.9 | 21.8 | (30.2 | ) | 24.9 | ||||||||||||||
Loss from discontinued operations, net of income tax benefit of $1.4 million | — | (18.5 | ) | — | — | (18.5 | ) | ||||||||||||||
Net (loss) income | (3.6 | ) | 18.4 | 21.8 | (30.2 | ) | 6.4 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 10 | — | 10 | ||||||||||||||||
Net (loss) income attributable to SunCoke Energy, Inc. | $ | (3.6 | ) | $ | 18.4 | $ | 11.8 | $ | (30.2 | ) | $ | (3.6 | ) | ||||||||
Comprehensive income | $ | (6.6 | ) | $ | 17.8 | $ | 19.4 | $ | (27.2 | ) | $ | 3.4 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 10 | — | 10 | ||||||||||||||||
Comprehensive income attributable to SunCoke Energy, Inc. | $ | (6.6 | ) | $ | 17.8 | $ | 9.4 | $ | (27.2 | ) | $ | (6.6 | ) | ||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
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 | $ | — | $ | 114.3 | $ | 258.8 | $ | — | $ | 373.1 | |||||||||||
Equity in earnings of subsidiaries | 14.4 | 22.1 | — | (36.5 | ) | — | |||||||||||||||
Other income | — | 0.3 | — | — | 0.3 | ||||||||||||||||
Total revenues | 14.4 | 136.7 | 258.8 | (36.5 | ) | 373.4 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 90.3 | 209.4 | — | 299.7 | ||||||||||||||||
Selling, general and administrative expenses | 3.1 | 11.2 | 8.8 | — | 23.1 | ||||||||||||||||
Depreciation and amortization expense | — | 6.4 | 12.4 | — | 18.8 | ||||||||||||||||
Total costs and operating expenses | 3.1 | 107.9 | 230.6 | — | 341.6 | ||||||||||||||||
Operating income | 11.3 | 28.8 | 28.2 | (36.5 | ) | 31.8 | |||||||||||||||
Interest income (expense), net - affiliate | — | (1.9 | ) | 1.9 | — | — | |||||||||||||||
Interest expense (income), net | 9.5 | (0.2 | ) | 2.8 | — | 12.1 | |||||||||||||||
Total financing expense (income), net | 9.5 | (2.1 | ) | 4.7 | — | 12.1 | |||||||||||||||
Income before income tax expense and loss from equity method investment | 1.8 | 30.9 | 23.5 | (36.5 | ) | 19.7 | |||||||||||||||
Income tax (benefit) expense | (4.4 | ) | 6.8 | (0.9 | ) | — | 1.5 | ||||||||||||||
Loss from equity method investment | — | — | 2.3 | — | 2.3 | ||||||||||||||||
Income from continuing operations | 6.2 | 24.1 | 22.1 | (36.5 | ) | 15.9 | |||||||||||||||
Loss from discontinued operations, net of income tax benefit of $0.9 million | — | (3.6 | ) | — | — | (3.6 | ) | ||||||||||||||
Net income | 6.2 | 20.5 | 22.1 | (36.5 | ) | 12.3 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 6.1 | — | 6.1 | ||||||||||||||||
Net income attributable to SunCoke Energy, Inc. | $ | 6.2 | $ | 20.5 | $ | 16 | $ | (36.5 | ) | $ | 6.2 | ||||||||||
Comprehensive (loss) income | $ | (4.4 | ) | $ | 20.1 | $ | 11.9 | $ | (25.9 | ) | $ | 1.7 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 6.1 | — | 6.1 | ||||||||||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | $ | (4.4 | ) | $ | 20.1 | $ | 5.8 | $ | (25.9 | ) | $ | (4.4 | ) | ||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 325.7 | $ | 757.5 | $ | — | $ | 1,083.20 | |||||||||||
Equity in (loss) earnings of subsidiaries | (50.3 | ) | 37.1 | — | 13.2 | — | |||||||||||||||
Other (loss) income | (0.1 | ) | 1.3 | 0.1 | — | 1.3 | |||||||||||||||
Total revenues | (50.4 | ) | 364.1 | 757.6 | 13.2 | 1,084.50 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 249.8 | 609.1 | — | 858.9 | ||||||||||||||||
Selling, general and administrative expenses | 10.4 | 28.7 | 21.3 | — | 60.4 | ||||||||||||||||
Depreciation and amortization expense | — | 18 | 52.9 | — | 70.9 | ||||||||||||||||
Asset impairment | — | 15.1 | — | — | 15.1 | ||||||||||||||||
Total costs and operating expenses | 10.4 | 311.6 | 683.3 | — | 1,005.30 | ||||||||||||||||
Operating (loss) income | (60.8 | ) | 52.5 | 74.3 | 13.2 | 79.2 | |||||||||||||||
Interest (income) expense, net - affiliate | — | (5.6 | ) | 5.6 | — | — | |||||||||||||||
Interest expense (income), net | 21.3 | (1.4 | ) | 31.2 | — | 51.1 | |||||||||||||||
Total financing expense (income), net | 21.3 | (7.0 | ) | 36.8 | — | 51.1 | |||||||||||||||
(Loss) income before income tax (benefit) expense and loss from equity method investment | (82.1 | ) | 59.5 | 37.5 | 13.2 | 28.1 | |||||||||||||||
Income tax (benefit) expense | (21.5 | ) | 30.5 | (4.0 | ) | — | 5 | ||||||||||||||
Loss from equity method investment | — | — | 3 | — | 3 | ||||||||||||||||
(Loss) income from continuing operations | (60.6 | ) | 29 | 38.5 | 13.2 | 20.1 | |||||||||||||||
Loss from discontinued operations, net of income tax benefit of $53.9 million | — | (66.1 | ) | — | — | (66.1 | ) | ||||||||||||||
Net (loss) income | (60.6 | ) | (37.1 | ) | 38.5 | 13.2 | (46.0 | ) | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 14.6 | — | 14.6 | ||||||||||||||||
Net (loss) income attributable to SunCoke Energy, Inc. | $ | (60.6 | ) | $ | (37.1 | ) | $ | 23.9 | $ | 13.2 | $ | (60.6 | ) | ||||||||
Comprehensive (loss) income | $ | (61.2 | ) | $ | (39.0 | ) | $ | 39.8 | $ | 13.8 | $ | (46.6 | ) | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 14.6 | — | 14.6 | ||||||||||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | $ | (61.2 | ) | $ | (39.0 | ) | $ | 25.2 | $ | 13.8 | $ | (61.2 | ) | ||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
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 | $ | — | $ | 350.7 | $ | 844.1 | $ | — | $ | 1,194.80 | |||||||||||
Equity in earnings of subsidiaries | 42 | 64.2 | — | (106.2 | ) | — | |||||||||||||||
Other income | — | 2.6 | 0.1 | — | 2.7 | ||||||||||||||||
Total revenues | 42 | 417.5 | 844.2 | (106.2 | ) | 1,197.50 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 283.2 | 697.8 | — | 981 | ||||||||||||||||
Selling, general and administrative expenses | 8.6 | 34.2 | 21.1 | — | 63.9 | ||||||||||||||||
Depreciation and amortization expense | — | 18.4 | 39.1 | — | 57.5 | ||||||||||||||||
Total costs and operating expenses | 8.6 | 335.8 | 758 | — | 1,102.40 | ||||||||||||||||
Operating income | 33.4 | 81.7 | 86.2 | (106.2 | ) | 95.1 | |||||||||||||||
Interest (income) expense, net - affiliate | — | (5.5 | ) | 5.5 | — | — | |||||||||||||||
Interest expense (income), net | 28.6 | (0.5 | ) | 11.9 | — | 40 | |||||||||||||||
Total financing expense (income), net | 28.6 | (6.0 | ) | 17.4 | — | 40 | |||||||||||||||
Income before income tax expense and loss from equity method investment | 4.8 | 87.7 | 68.8 | (106.2 | ) | 55.1 | |||||||||||||||
Income tax (benefit) expense | (9.2 | ) | 19.3 | (0.1 | ) | — | 10 | ||||||||||||||
Loss from equity method investment | — | — | 2.5 | — | 2.5 | ||||||||||||||||
Income from continuing operations | 14 | 68.4 | 66.4 | (106.2 | ) | 42.6 | |||||||||||||||
Loss from discontinued operations, net of income tax benefit of $3.5 million | — | (11.2 | ) | — | — | (11.2 | ) | ||||||||||||||
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 (loss) income | $ | (1.0 | ) | $ | 55.9 | $ | 52.7 | $ | (91.2 | ) | $ | 16.4 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 17.4 | — | 17.4 | ||||||||||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | $ | (1.0 | ) | $ | 55.9 | $ | 35.3 | $ | (91.2 | ) | $ | (1.0 | ) | ||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||
(Dollars in millions, except per share amounts) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 82.3 | $ | 32.5 | $ | — | $ | 114.8 | |||||||||||
Receivables | — | 17 | 47 | — | 64 | ||||||||||||||||
Inventories | — | 35.7 | 103.5 | — | 139.2 | ||||||||||||||||
Income taxes receivable | 26.2 | — | 7.9 | (30.9 | ) | 3.2 | |||||||||||||||
Deferred income taxes | 12.2 | 11.8 | 0.8 | (12.2 | ) | 12.6 | |||||||||||||||
Other current assets | — | 3 | 1.4 | — | 4.4 | ||||||||||||||||
Current assets held for sale | — | 53.6 | — | — | 53.6 | ||||||||||||||||
Advances to affiliate | — | 162.6 | — | (162.6 | ) | — | |||||||||||||||
Interest receivable from affiliate | — | 5.6 | — | (5.6 | ) | — | |||||||||||||||
Total current assets | 38.4 | 371.6 | 193.1 | (211.3 | ) | 391.8 | |||||||||||||||
Notes receivable from affiliate | — | 89 | 300 | (389.0 | ) | — | |||||||||||||||
Investment in Brazil cokemaking operations | — | — | 41 | — | 41 | ||||||||||||||||
Equity method investment in VISA SunCoke Limited | — | — | 55.6 | — | 55.6 | ||||||||||||||||
Properties, plants and equipment, net | — | 391.1 | 1,084.80 | — | 1,475.90 | ||||||||||||||||
Goodwill and other intangible assets, net | — | 3.4 | 15.3 | — | 18.7 | ||||||||||||||||
Deferred charges and other assets | 6 | 20.9 | 15.9 | — | 42.8 | ||||||||||||||||
Long term assets held for sale | — | — | — | — | — | ||||||||||||||||
Investment in subsidiaries | 776 | 505.4 | — | (1,281.4 | ) | — | |||||||||||||||
Total assets | $ | 820.4 | $ | 1,381.40 | $ | 1,705.70 | $ | (1,881.7 | ) | $ | 2,025.80 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||
Advances from affiliate | $ | 70.7 | $ | — | $ | 91.9 | $ | (162.6 | ) | $ | — | ||||||||||
Accounts payable | — | 26.5 | 78.8 | — | 105.3 | ||||||||||||||||
Accrued liabilities | 0.1 | 25 | 17.8 | — | 42.9 | ||||||||||||||||
Interest payable | 3.1 | — | 4.9 | — | 8 | ||||||||||||||||
Interest payable to affiliate | — | — | 5.6 | (5.6 | ) | — | |||||||||||||||
Income taxes payable | — | 30.9 | — | (30.9 | ) | — | |||||||||||||||
Current liabilities held for sale | — | 28.2 | — | — | 28.2 | ||||||||||||||||
Total current liabilities | 73.9 | 110.6 | 199 | (199.1 | ) | 184.4 | |||||||||||||||
Long-term debt | 240 | — | 412 | — | 652 | ||||||||||||||||
Payable to affiliate | — | 300 | 89 | (389.0 | ) | — | |||||||||||||||
Accrual for black lung benefits | — | 32 | — | — | 32 | ||||||||||||||||
Retirement benefit liabilities | — | 34.3 | — | — | 34.3 | ||||||||||||||||
Deferred income taxes | — | 326.4 | 3.2 | (12.2 | ) | 317.4 | |||||||||||||||
Asset retirement obligations | — | 9.7 | 2.5 | — | 12.2 | ||||||||||||||||
Other deferred credits and liabilities | 1.9 | 13 | 1.1 | — | 16 | ||||||||||||||||
Long term liabilities held for sale | — | — | — | — | — | ||||||||||||||||
Total liabilities | 315.8 | 826 | 706.8 | (600.3 | ) | 1,248.30 | |||||||||||||||
Equity | |||||||||||||||||||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at September 30, 2014 | — | — | — | — | — | ||||||||||||||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,434,769 shares at September 30, 2014 | 0.7 | — | — | — | 0.7 | ||||||||||||||||
Treasury stock,1,755,355 shares at September 30, 2014 | (30.0 | ) | — | — | — | (30.0 | ) | ||||||||||||||
Additional paid-in capital | 465.4 | 195.5 | 512.4 | (707.9 | ) | 465.4 | |||||||||||||||
Accumulated other comprehensive (loss) income | (14.7 | ) | (4.6 | ) | (10.1 | ) | 14.7 | (14.7 | ) | ||||||||||||
Retained earnings | 83.2 | 364.5 | 223.7 | (588.2 | ) | 83.2 | |||||||||||||||
Total SunCoke Energy, Inc. stockholders’ equity | 504.6 | 555.4 | 726 | (1,281.4 | ) | 504.6 | |||||||||||||||
Noncontrolling interests | — | — | 272.9 | — | 272.9 | ||||||||||||||||
Total equity | 504.6 | 555.4 | 998.9 | (1,281.4 | ) | 777.5 | |||||||||||||||
Total liabilities and equity | $ | 820.4 | $ | 1,381.40 | $ | 1,705.70 | $ | (1,881.7 | ) | $ | 2,025.80 | ||||||||||
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 | — | 47.2 | 38.1 | — | 85.3 | ||||||||||||||||
Inventories | — | 34.5 | 91.2 | — | 125.7 | ||||||||||||||||
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 | ||||||||||||||||
Current assets held for sale | — | 15.8 | — | — | 15.8 | ||||||||||||||||
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 | — | 415.7 | 1,043.20 | — | 1,458.90 | ||||||||||||||||
Goodwill and other intangible assets, net | — | 3.4 | 16 | — | 19.4 | ||||||||||||||||
Deferred charges and other assets | 11.7 | 18.4 | 9.7 | — | 39.8 | ||||||||||||||||
Long term assets held for sale | — | 146.1 | — | — | 146.1 | ||||||||||||||||
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 | — | 32.9 | 105.5 | — | 138.4 | ||||||||||||||||
Accrued liabilities | 0.5 | 42.6 | 16.4 | — | 59.5 | ||||||||||||||||
Short-term debt, including current portion of long-term debt | 1 | — | 40 | — | 41 | ||||||||||||||||
Interest payable | 13.6 | — | 4.6 | — | 18.2 | ||||||||||||||||
Interest payable to affiliate | — | — | 7.3 | (7.3 | ) | — | |||||||||||||||
Income taxes payable | — | 46.7 | — | (46.7 | ) | — | |||||||||||||||
Current liabilities held for sale | — | 25.9 | — | — | 25.9 | ||||||||||||||||
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 | — | 8.9 | 2.4 | — | 11.3 | ||||||||||||||||
Other deferred credits and liabilities | 1.6 | 12.2 | 0.6 | — | 14.4 | ||||||||||||||||
Long term liabilities held for sale | — | 11 | — | — | 11 | ||||||||||||||||
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 | — | — | — | — | — | ||||||||||||||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,636,785 shares at December 31, 2013 | 0.7 | — | — | — | 0.7 | ||||||||||||||||
Treasury Stock, 1,255,355 shares at December 31, 2013 | (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 | |||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Cash Flows from Continuing Operating Activities: | |||||||||||||||||||||
Net (loss) income | $ | (60.6 | ) | $ | (37.1 | ) | $ | 38.5 | $ | 13.2 | $ | (46.0 | ) | ||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||||||||||||||||
Loss on discontinued operations, net of tax | — | 66.1 | — | — | 66.1 | ||||||||||||||||
Asset impairment | — | 15.1 | — | — | 15.1 | ||||||||||||||||
Depreciation and amortization expense | — | 18 | 52.9 | — | 70.9 | ||||||||||||||||
Deferred income tax benefit | — | (4.1 | ) | — | — | (4.1 | ) | ||||||||||||||
Payments in excess of expense for retirement plans | — | (0.7 | ) | — | — | (0.7 | ) | ||||||||||||||
Share-based compensation expense | 7.6 | — | — | — | 7.6 | ||||||||||||||||
Excess tax benefit from share-based awards | (0.3 | ) | — | — | — | (0.3 | ) | ||||||||||||||
Loss from equity method investment | — | — | 3 | — | 3 | ||||||||||||||||
Loss on extinguishment of debt | — | — | 15.4 | — | 15.4 | ||||||||||||||||
Equity in earnings of subsidiaries | 50.3 | (37.1 | ) | — | (13.2 | ) | — | ||||||||||||||
Changes in working capital pertaining to operating activities: | |||||||||||||||||||||
Receivables | — | 30.2 | (8.9 | ) | — | 21.3 | |||||||||||||||
Inventories | — | (1.2 | ) | (12.3 | ) | — | (13.5 | ) | |||||||||||||
Accounts payable | — | (6.4 | ) | (26.7 | ) | — | (33.1 | ) | |||||||||||||
Accrued liabilities | (0.4 | ) | (17.6 | ) | 1.4 | — | (16.6 | ) | |||||||||||||
Interest payable | (10.5 | ) | 1.7 | (1.4 | ) | — | (10.2 | ) | |||||||||||||
Income taxes | 14 | (15.8 | ) | 5.5 | — | 3.7 | |||||||||||||||
Other | 3.2 | (4.3 | ) | (3.4 | ) | — | (4.5 | ) | |||||||||||||
Net cash provided by continuing operating activities | 3.3 | 6.8 | 64 | — | 74.1 | ||||||||||||||||
Cash Flows from Continuing Investing Activities: | |||||||||||||||||||||
Capital expenditures | — | (8.4 | ) | (94.1 | ) | — | (102.5 | ) | |||||||||||||
Net cash used in continuing investing activities | — | (8.4 | ) | (94.1 | ) | — | (102.5 | ) | |||||||||||||
Cash Flows from Continuing Financing Activities: | |||||||||||||||||||||
Net proceeds from issuance of SunCoke Energy Partners, L.P. units | — | — | 90.5 | — | 90.5 | ||||||||||||||||
Proceeds from issuance of long-term debt | — | — | 268.1 | — | 268.1 | ||||||||||||||||
Repayment of long-term debt | (0.2 | ) | — | (276.3 | ) | — | (276.5 | ) | |||||||||||||
Debt issuance costs | — | — | (5.8 | ) | — | (5.8 | ) | ||||||||||||||
Proceeds from revolving facility | — | — | 40 | — | 40 | ||||||||||||||||
Repayment of revolving facility | — | — | (80.0 | ) | — | (80.0 | ) | ||||||||||||||
Cash distribution to noncontrolling interests | — | — | (23.4 | ) | — | (23.4 | ) | ||||||||||||||
Shares repurchased | (85.1 | ) | — | — | — | (85.1 | ) | ||||||||||||||
Proceeds from exercise of stock options | 1.9 | — | — | — | 1.9 | ||||||||||||||||
Excess tax benefit from share-based awards | 0.3 | — | — | — | 0.3 | ||||||||||||||||
Net increase (decrease) in advances from affiliate | 79.8 | (80.4 | ) | 0.6 | — | — | |||||||||||||||
Net cash provided by (used in) continuing financing activities | (3.3 | ) | (80.4 | ) | 13.7 | — | (70.0 | ) | |||||||||||||
Net decrease in cash and cash equivalents from continuing operations | — | (82.0 | ) | (16.4 | ) | — | (98.4 | ) | |||||||||||||
Cash Flows from Discontinued Operations: | |||||||||||||||||||||
Cash flows from discontinued operations - operating activities | — | (15.7 | ) | — | — | (15.7 | ) | ||||||||||||||
Cash flows from discontinued operations - investing activities | — | (4.7 | ) | — | — | (4.7 | ) | ||||||||||||||
Net decrease in cash and cash equivalents from discontinued operations | — | (20.4 | ) | — | — | (20.4 | ) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (102.4 | ) | (16.4 | ) | — | (118.8 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 184.7 | 48.9 | — | 233.6 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 82.3 | $ | 32.5 | $ | — | $ | 114.8 | |||||||||||
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 Continuing Operating Activities: | |||||||||||||||||||||
Net income (loss) | $ | 14 | $ | 57.2 | $ | 66.4 | $ | (106.2 | ) | $ | 31.4 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Loss on discontinued operations, net of tax | — | 11.2 | — | — | 11.2 | ||||||||||||||||
Depreciation and amortization expense | — | 18.4 | 39.1 | — | 57.5 | ||||||||||||||||
Deferred income tax expense | — | 5.2 | — | — | 5.2 | ||||||||||||||||
Payments less than expense for retirement plans | — | (1.5 | ) | (0.1 | ) | — | (1.6 | ) | |||||||||||||
Share-based compensation expense | 5.5 | — | — | — | 5.5 | ||||||||||||||||
Loss from equity method investment | — | — | 2.5 | — | 2.5 | ||||||||||||||||
Equity in (earnings) loss of subsidiaries | (42.0 | ) | (64.2 | ) | — | 106.2 | — | ||||||||||||||
Changes in working capital pertaining to operating activities: | |||||||||||||||||||||
Receivables | (0.1 | ) | (1.0 | ) | 8.7 | — | 7.6 | ||||||||||||||
Inventories | — | 14 | 15.9 | — | 29.9 | ||||||||||||||||
Accounts payable | (0.5 | ) | (2.5 | ) | 0.8 | — | (2.2 | ) | |||||||||||||
Accrued liabilities | (0.1 | ) | (13.2 | ) | (15.6 | ) | — | (28.9 | ) | ||||||||||||
Interest payable | (9.7 | ) | (5.5 | ) | 7.3 | — | (7.9 | ) | |||||||||||||
Income taxes payable | (14.4 | ) | 17.7 | (10.5 | ) | — | (7.2 | ) | |||||||||||||
Other | 8.4 | (1.8 | ) | (8.8 | ) | — | (2.2 | ) | |||||||||||||
Net cash provided by (used in) continuing operating activities | (38.9 | ) | 34 | 105.7 | — | 100.8 | |||||||||||||||
Cash Flows from Continuing Investing Activities: | |||||||||||||||||||||
Capital expenditures | — | (12.0 | ) | (75.2 | ) | — | (87.2 | ) | |||||||||||||
Acquisition of business | — | — | (28.6 | ) | — | (28.6 | ) | ||||||||||||||
Equity method investment in VISA SunCoke Limited | — | — | (67.7 | ) | — | (67.7 | ) | ||||||||||||||
Net cash used in continuing investing activities | — | (12.0 | ) | (171.5 | ) | — | (183.5 | ) | |||||||||||||
Cash Flows from Continuing 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 | ||||||||||||||||
Repayment of long-term debt | — | — | (225.0 | ) | — | (225.0 | ) | ||||||||||||||
Debt issuance costs | (1.6 | ) | — | (5.3 | ) | — | (6.9 | ) | |||||||||||||
Proceeds from revolving facility | — | — | — | — | — | ||||||||||||||||
Repayment of revolving facility | — | — | — | — | — | ||||||||||||||||
Cash distributions to noncontrolling interests | — | — | (12.0 | ) | — | (12.0 | ) | ||||||||||||||
Shares repurchased | (10.9 | ) | — | — | — | (10.9 | ) | ||||||||||||||
Proceeds from exercise of stock options | 0.9 | — | — | — | 0.9 | ||||||||||||||||
Net increase (decrease) in advances from affiliate | 50.5 | (18.4 | ) | (32.1 | ) | — | — | ||||||||||||||
Net cash provided by (used in) continuing financing activities | 38.9 | (18.4 | ) | 113.4 | — | 133.9 | |||||||||||||||
Net increase in cash and cash equivalents from continuing operations | — | 3.6 | 47.6 | — | 51.2 | ||||||||||||||||
Cash Flows from Discontinued Operations: | |||||||||||||||||||||
Cash flows from discontinued operations - operating activities | — | (13.2 | ) | — | — | (13.2 | ) | ||||||||||||||
Cash flows from discontinued operations - investing activities | — | (8.4 | ) | — | — | (8.4 | ) | ||||||||||||||
Cash flows from discontinued operations - financing activities | — | — | — | — | — | ||||||||||||||||
Net decrease in cash and cash equivalents from discontinued operations | — | (21.6 | ) | — | — | (21.6 | ) | ||||||||||||||
Net decrease 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 | |||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
18. Subsequent Events | |
On October 23, 2014, the Company's Board of Directors declared a dividend of $0.0585 per share, which will be paid on November 28, 2014 to shareholders of record at the close of business on November 14, 2014. |
General_Policies
General (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Reclassifications | ' |
Reclassifications | |
Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current year presentation. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. Under this ASU, an entity is required to recognize revenue upon transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently reviewing the provisions of ASU 2014-09 but does not expect it to have a material effect on the Company's financial condition, results of operations, and cash flows. | |
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This ASU is effective for annual periods beginning on or after December 15, 2014 with early adoption permitted. The application of this guidance is prospective from the date of adoption and applies only to disposals (or new classifications to held for sale) that have not been reported as discontinued operations in previously issued financial statements. The Company early adopted this ASU during the third quarter of 2014. See Note 2. | |
In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements-Going Concern". This ASU is intended to define management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. It is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The Company does not expect it to have a material effect on the Company's financial condition, results of operations, and cash flows. | |
Labor Concentrations | |
The labor agreement at our Granite City cokemaking facility expired on August 31, 2014. A new labor agreement was ratified and is effective through August 31, 2017. |
Coal_Impairment_Charges_and_Di1
Coal Impairment Charges and Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | ||||||||||||||||
Summarized below is the major financial information of our coal business presented as held for sale on our Consolidated Balance Sheet: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Unaudited) | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Assets | |||||||||||||||||
Receivables | $ | 5.4 | $ | 6.2 | |||||||||||||
Inventories | 12.9 | 9.6 | |||||||||||||||
Properties, plants and equipment, net | 29.3 | — | |||||||||||||||
Lease and mineral rights, net | 18.6 | — | |||||||||||||||
Other current assets | 3.8 | — | |||||||||||||||
Valuation allowance | (16.4 | ) | — | ||||||||||||||
Total current assets held for sale | 53.6 | 15.8 | |||||||||||||||
Properties, plants and equipment, net | — | 85.2 | |||||||||||||||
Lease and mineral rights, net | — | 52.8 | |||||||||||||||
Goodwill and other intangible assets, net | — | 6 | |||||||||||||||
Other assets | — | 2.1 | |||||||||||||||
Total assets held for sale | $ | 53.6 | $ | 161.9 | |||||||||||||
Liabilities | |||||||||||||||||
Accounts payable | $ | 11.4 | $ | 15.9 | |||||||||||||
Accrued liabilities | 10.3 | 10 | |||||||||||||||
Asset retirement obligations | 6.5 | — | |||||||||||||||
Total current liabilities held for sale | 28.2 | 25.9 | |||||||||||||||
Asset retirement obligations | — | 6.5 | |||||||||||||||
Other deferred credits and liabilities | — | 4.5 | |||||||||||||||
Total liabilities held for sale | $ | 28.2 | $ | 36.9 | |||||||||||||
Summarized below is the major financial information of our coal business presented as discontinued operations in our Consolidated Statements of Operations: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(Dollars in millions) | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | |||||||||||||||||
Total revenues | $ | 9.4 | $ | 17 | $ | 24.3 | $ | 50.5 | |||||||||
Costs and operating expenses | |||||||||||||||||
Cost of products sold and operating expenses | 12 | 16.8 | 27.8 | 50.2 | |||||||||||||
Selling, general and administrative expenses | 0.6 | 0.2 | 2.5 | 2 | |||||||||||||
Depreciation, depletion and amortization | 0.3 | 4.5 | 9.6 | 13 | |||||||||||||
Asset and goodwill impairment | 16.4 | — | 104.4 | — | |||||||||||||
Pre-tax loss from discontinued operations | (19.9 | ) | (4.5 | ) | (120.0 | ) | (14.7 | ) | |||||||||
Income tax benefit | 1.4 | 0.9 | 53.9 | 3.5 | |||||||||||||
Loss from discontinued operations, net of tax | $ | (18.5 | ) | $ | (3.6 | ) | $ | (66.1 | ) | $ | (11.2 | ) |
DropDown_Transaction_Tables
Drop-Down Transaction (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net | ' | |||||||
The table below summarizes the effects of the changes in the Company’s ownership interest in Haverhill and Middletown on SunCoke’s equity. | ||||||||
Three months ended | Nine months ended | |||||||
September 30, 2014 | ||||||||
(Dollars in millions) | ||||||||
Net loss attributable to SunCoke Energy, Inc. | $ | (3.6 | ) | $ | (60.6 | ) | ||
Change in SunCoke Energy, Inc. equity for the contribution of 33.0 percent interest in Haverhill and Middletown | — | 83.7 | ||||||
Change from net income attributable to SunCoke Energy, Inc. and transfers from noncontrolling interest | $ | (3.6 | ) | $ | 23.1 | |||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of inventories | ' | ||||||||
The components of inventories were as follows: | |||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
(Dollars in millions) | |||||||||
Coke | $ | 12 | $ | 11.8 | |||||
Coal | 93.4 | 81.2 | |||||||
Materials, supplies and other | 33.8 | 32.7 | |||||||
Total inventories | $ | 139.2 | $ | 125.7 | |||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Balance Sheet Related Disclosures [Abstract] | ' | ||||||||
Accrued liabilities | ' | ||||||||
Accrued liabilities consisted of the following: | |||||||||
30-Sep-14 | 31-Dec-13 | ||||||||
(Dollars in millions) | |||||||||
Accrued sales discounts (1) | $ | — | $ | 13.6 | |||||
Accrued benefits | 15.3 | 21.5 | |||||||
Other taxes payable | 11.9 | 9.8 | |||||||
Other | 15.7 | 14.6 | |||||||
Total accrued liabilities | $ | 42.9 | $ | 59.5 | |||||
(1) At December 31, 2013, we had $13.6 million accrued related to sales discounts payable to our customer at our Granite City facility. During the first quarter of 2014, we settled this obligation for $13.1 million, which resulted in a gain of $0.5 million. This gain was recorded in sales and other operating revenue on our Consolidated Statement of Operations. |
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
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-14 | 31-Dec-13 | ||||||||
(Dollars in millions) | |||||||||
Term loans, bearing interest at variable rates, due 2018, net of original issue discount of $1.0 million at December 31, 2013 ("Term Loan") | $ | — | $ | 99.1 | |||||
Revolving credit facility, due 2019 ("Partnership Revolver") | — | 40 | |||||||
7.625% Notes, due 2019 ("Notes") | 240 | 400 | |||||||
7.375% senior notes, due 2020 (“Partnership Notes”), including original issue premium of $12.0 million at September 30, 2014 | 412 | 150 | |||||||
Total debt | $ | 652 | $ | 689.1 | |||||
Less: short-term debt, including current portion of long-term debt | — | 41 | |||||||
Total long-term debt | $ | 652 | $ | 648.1 | |||||
Retirement_Benefits_Plans_Tabl
Retirement Benefits Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Interest cost on benefit obligations | $ | 0.3 | $ | 0.3 | $ | 1.1 | $ | 1 | |||||||||
Expected return on plan assets | (0.4 | ) | (0.6 | ) | (1.3 | ) | (1.8 | ) | |||||||||
Amortization of actuarial losses | 0.2 | 0.3 | 0.4 | 0.8 | |||||||||||||
Total expense | $ | 0.1 | $ | — | $ | 0.2 | $ | — | |||||||||
Postretirement benefit plans benefit | ' | ||||||||||||||||
Postretirement benefit plans benefit consisted of the following components: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Service cost | $ | 0.2 | $ | 0.1 | $ | 0.2 | $ | 0.2 | |||||||||
Interest cost on benefit obligations | 0.3 | 0.3 | 1.1 | 1 | |||||||||||||
Amortization of: | |||||||||||||||||
Actuarial losses | 0.2 | 0.4 | 0.7 | 1.1 | |||||||||||||
Prior service benefit | (1.4 | ) | (1.4 | ) | (4.2 | ) | (4.3 | ) | |||||||||
Total benefit | $ | (0.7 | ) | $ | (0.6 | ) | $ | (2.2 | ) | $ | (2.0 | ) |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Share-based Compensation [Abstract] | ' | ||||
Weighted-average assumptions | ' | ||||
The weighted-average fair value of employee stock options granted during the nine months ended September 30, 2014 was $7.86 using the following weighted-average assumptions: | |||||
Nine months ended September 30, | |||||
2014 | |||||
Risk free interest rate | 1.57 | % | |||
Expected term | 5 years | ||||
Volatility | 38 | % | |||
Dividend yield | — | % | |||
Weighted-average exercise price | $ | 22.3 | |||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
(Shares in millions) | |||||||||||||
Weighted-average number of common shares outstanding-basic | 69.4 | 69.8 | 69.5 | 69.9 | |||||||||
Add: Effect of dilutive share-based compensation awards | 1 | 0.2 | 0.9 | 0.3 | |||||||||
Weighted-average number of shares-diluted | 70.4 | 70 | 70.4 | 70.2 | |||||||||
Supplemental_Accumulated_Other1
Supplemental Accumulated Other Comprehensive Loss Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||
Schedule of changes in the balance of accumulated other comprehensive loss, by component | ' | |||||||||||||||
Changes in accumulated other comprehensive loss, by component, are presented below: | ||||||||||||||||
Defined Benefit Plans | Currency Translation Adjustments | Total | ||||||||||||||
(Dollars in millions) | ||||||||||||||||
At December 31, 2013 | $ | (2.8 | ) | $ | (11.3 | ) | $ | (14.1 | ) | |||||||
Other comprehensive income before reclassifications | — | 1.3 | 1.3 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (1.9 | ) | — | (1.9 | ) | |||||||||||
Net current period other comprehensive (loss) income | (1.9 | ) | 1.3 | (0.6 | ) | |||||||||||
At September 30, 2014 | $ | (4.7 | ) | $ | (10.0 | ) | $ | (14.7 | ) | |||||||
Schedule of the impact on net income of reclassification adjustments from accumulated other comprehensive loss | ' | |||||||||||||||
Reclassifications out of the accumulated other comprehensive loss were as follows:(1) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Dollars in millions) | ||||||||||||||||
Amortization of postretirement and defined benefit plan items to net income: | ||||||||||||||||
Prior service benefit(2) | $ | (1.4 | ) | $ | (1.4 | ) | $ | (4.2 | ) | $ | (4.3 | ) | ||||
Actuarial loss(2) | 0.4 | 0.7 | 1.1 | 1.9 | ||||||||||||
Total before taxes | (1.0 | ) | (0.7 | ) | (3.1 | ) | (2.4 | ) | ||||||||
Income tax benefit | 0.4 | 0.2 | 1.2 | 0.9 | ||||||||||||
Total, net of tax | $ | (0.6 | ) | $ | (0.5 | ) | $ | (1.9 | ) | $ | (1.5 | ) | ||||
-1 | Amounts in parentheses indicate credits to net income. | |||||||||||||||
-2 | These accumulated other comprehensive (income) loss components are included in the computation of postretirement benefit plan (benefit) and defined benefit plan expense. See Note 8. |
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Sales and other operating revenue: | |||||||||||||||||
Domestic Coke | $ | 349.9 | $ | 364.8 | $ | 1,027.90 | $ | 1,168.80 | |||||||||
Brazil Coke | 8.9 | 8.2 | 27.2 | 25.9 | |||||||||||||
Coal Logistics | 8.7 | 0.1 | 28.1 | 0.1 | |||||||||||||
Coal Logistics intersegment sales | 4.9 | 1 | 13.6 | 1 | |||||||||||||
Corporate and other intersegment sales | 4.3 | 4.8 | 14 | 12.6 | |||||||||||||
Elimination of intersegment sales | (9.2 | ) | (5.8 | ) | (27.6 | ) | (13.6 | ) | |||||||||
Total sales and other operating revenue | $ | 367.5 | $ | 373.1 | $ | 1,083.20 | $ | 1,194.80 | |||||||||
Adjusted EBITDA: | |||||||||||||||||
Adjusted EBITDA from continuing operations: | |||||||||||||||||
Domestic Coke | $ | 72.4 | $ | 64.3 | $ | 183.5 | $ | 186.7 | |||||||||
Brazil Coke | 2.5 | 1.5 | 6.7 | 4.7 | |||||||||||||
India Coke | (1.3 | ) | (2.1 | ) | (1.7 | ) | (1.3 | ) | |||||||||
Coal Logistics | 3.8 | 0.7 | 10.9 | 0.7 | |||||||||||||
Corporate and Other | (9.4 | ) | (13.3 | ) | (31.5 | ) | (31.8 | ) | |||||||||
Total Adjusted EBITDA from continuing operations | 68 | 51.1 | 167.9 | 159 | |||||||||||||
Legacy costs, net | (0.9 | ) | (0.3 | ) | (3.8 | ) | (1.9 | ) | |||||||||
Adjusted EBITDA from discontinued operations | (3.2 | ) | (0.1 | ) | (6.1 | ) | (1.7 | ) | |||||||||
Adjusted EBITDA | $ | 63.9 | $ | 50.7 | $ | 158 | $ | 155.4 | |||||||||
Depreciation and amortization expense: | |||||||||||||||||
Domestic Coke | $ | 19.3 | $ | 16.8 | $ | 60.9 | $ | 52.4 | |||||||||
Brazil Coke | 0.1 | 0.1 | 0.3 | 0.3 | |||||||||||||
Coal Logistics | 2 | 0.2 | 5.6 | 0.2 | |||||||||||||
Corporate and Other | 1.1 | 1.7 | 4.1 | 4.6 | |||||||||||||
Total depreciation and amortization expense | $ | 22.5 | $ | 18.8 | $ | 70.9 | $ | 57.5 | |||||||||
Capital expenditures: | |||||||||||||||||
Domestic Coke | $ | 23.8 | $ | 29.5 | $ | 95.9 | $ | 77.8 | |||||||||
Brazil Coke | 0.2 | (0.2 | ) | 0.6 | 0.6 | ||||||||||||
Coal Logistics | 1.2 | — | 2 | — | |||||||||||||
Corporate and Other | 1.2 | 2.5 | 4 | 8.8 | |||||||||||||
Total capital expenditures | $ | 26.4 | $ | 31.8 | $ | 102.5 | $ | 87.2 | |||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Unaudited) | |||||||||||||||||
(Dollars in millions, except | |||||||||||||||||
per share amounts) | |||||||||||||||||
Segment assets | |||||||||||||||||
Domestic Coke | $ | 1,583.30 | $ | 1,531.20 | |||||||||||||
Brazil Coke | 54 | 61.4 | |||||||||||||||
India Coke | 55.8 | 57 | |||||||||||||||
Coal Logistics | 116.9 | 119 | |||||||||||||||
Corporate and Other | 146.4 | 294.2 | |||||||||||||||
Discontinued Operations | 53.6 | 161.9 | |||||||||||||||
2,010.00 | 2,224.70 | ||||||||||||||||
Tax assets | 15.8 | 19.2 | |||||||||||||||
Total assets | $ | 2,025.80 | $ | 2,243.90 | |||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Adjusted EBITDA attributable to SunCoke Energy, Inc. | $ | 45.7 | $ | 40.8 | $ | 116 | $ | 126.4 | |||||||||
Add: Adjusted EBITDA attributable to noncontrolling interests (1) | 18.2 | 9.9 | 42 | 29 | |||||||||||||
Adjusted EBITDA | $ | 63.9 | $ | 50.7 | $ | 158 | $ | 155.4 | |||||||||
Subtract: | |||||||||||||||||
Adjusted EBITDA from discontinued operations | (3.2 | ) | (0.1 | ) | (6.1 | ) | (1.7 | ) | |||||||||
Legacy costs, net | (0.9 | ) | (0.3 | ) | (3.8 | ) | (1.9 | ) | |||||||||
Adjusted EBITDA from continuing operations | $ | 68 | $ | 51.1 | $ | 167.9 | $ | 159 | |||||||||
Subtract: | |||||||||||||||||
Adjustment to unconsolidated affiliate earnings(2) | 0.3 | 0.3 | 2.4 | 1.3 | |||||||||||||
Depreciation and amortization expense | 22.5 | 18.8 | 70.9 | 57.5 | |||||||||||||
Interest expense, net | 11.9 | 12.1 | 51.1 | 40 | |||||||||||||
Income tax expense | 7.5 | 1.5 | 5 | 10 | |||||||||||||
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits(3) | — | 2.2 | (0.5 | ) | 5.7 | ||||||||||||
Asset impairment | — | — | 15.1 | — | |||||||||||||
Legacy costs, net | 0.9 | 0.3 | 3.8 | 1.9 | |||||||||||||
Income from continuing operations | $ | 24.9 | $ | 15.9 | $ | 20.1 | $ | 42.6 | |||||||||
Loss from discontinued operations, net of tax(4) | (18.5 | ) | (3.6 | ) | (66.1 | ) | (11.2 | ) | |||||||||
Net income (loss) | $ | 6.4 | $ | 12.3 | $ | (46.0 | ) | $ | 31.4 | ||||||||
-1 | Reflects noncontrolling interest in Indiana Harbor and the portion of the Partnership owned by public unitholders. | ||||||||||||||||
-2 | Reflects share of interest, taxes, depreciation and amortization related to VISA SunCoke. | ||||||||||||||||
-3 | At December 31, 2013, we had $13.6 million accrued related to sales discounts to be paid to our customer at our Granite City facility. During the first quarter of 2014, we settled this obligation for $13.1 million which resulted in a gain of $0.5 million. This gain is recorded in sales and other operating revenue on our Consolidated Statement of Operations. 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. | ||||||||||||||||
-4 | Below is a reconciliation of Adjusted EBITDA from discontinued operations (unaudited) to loss from discontinued operations, net of tax, which is its most comparable financial measure calculated and presented in accordance with GAAP: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Adjusted EBITDA from discontinued operations | $ | (3.2 | ) | $ | (0.1 | ) | $ | (6.1 | ) | $ | (1.7 | ) | |||||
Subtract: | |||||||||||||||||
Depreciation and depletion from discontinued operations | 0.3 | 4.4 | 9.5 | 13 | |||||||||||||
Interest from discontinued operations | — | — | — | — | |||||||||||||
Income tax benefit from discontinued operations | (1.4 | ) | (0.9 | ) | (53.9 | ) | (3.5 | ) | |||||||||
Asset and goodwill impairment from discontinued operations | 16.4 | — | 104.4 | — | |||||||||||||
Loss from discontinued operations, net of tax | $ | (18.5 | ) | $ | (3.6 | ) | $ | (66.1 | ) | $ | (11.2 | ) | |||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Coke sales | $ | 333.8 | $ | 348.2 | $ | 978.5 | $ | 1,119.80 | |||||||||
Steam and electricity sales | 16.2 | 16.6 | 49.6 | 49 | |||||||||||||
Operating and licensing fees | 8.9 | 8.2 | 27.2 | 25.9 | |||||||||||||
Coal logistics | 8.2 | 0.1 | 26.3 | 0.1 | |||||||||||||
Other | 0.4 | — | 1.6 | — | |||||||||||||
Sales and other operating revenue | $ | 367.5 | $ | 373.1 | $ | 1,083.20 | $ | 1,194.80 | |||||||||
Supplemental_Condensed_Consoli1
Supplemental Condensed Consolidating Financial Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Supplemental Condensed Consolidating Financial Information [Abstract] | ' | ||||||||||||||||||||
Condensed Consolidating Statement of Income | ' | ||||||||||||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 111.1 | $ | 256.4 | $ | — | $ | 367.5 | |||||||||||
Equity in earnings of subsidiaries | 11 | 19.2 | — | (30.2 | ) | — | |||||||||||||||
Other (loss) income | (0.1 | ) | 0.2 | — | — | 0.1 | |||||||||||||||
Total revenues | 10.9 | 130.5 | 256.4 | (30.2 | ) | 367.6 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 81.6 | 199 | — | 280.6 | ||||||||||||||||
Selling, general and administrative expenses | 3.5 | 8.4 | 6.8 | — | 18.7 | ||||||||||||||||
Depreciation and amortization expense | — | 5.8 | 16.7 | — | 22.5 | ||||||||||||||||
Total costs and operating expenses | 3.5 | 95.8 | 222.5 | — | 321.8 | ||||||||||||||||
Operating income | 7.4 | 34.7 | 33.9 | (30.2 | ) | 45.8 | |||||||||||||||
Interest (income) expense, net - affiliate | — | (2.0 | ) | 2 | — | — | |||||||||||||||
Interest expense (income), net | 5.2 | (0.6 | ) | 7.3 | — | 11.9 | |||||||||||||||
Total financing expense (income), net | 5.2 | (2.6 | ) | 9.3 | — | 11.9 | |||||||||||||||
Income before income tax expense and loss from equity method investment | 2.2 | 37.3 | 24.6 | (30.2 | ) | 33.9 | |||||||||||||||
Income tax expense | 5.8 | 0.4 | 1.3 | — | 7.5 | ||||||||||||||||
Loss from equity method investment | — | — | 1.5 | — | 1.5 | ||||||||||||||||
(Loss) income from continuing operations | (3.6 | ) | 36.9 | 21.8 | (30.2 | ) | 24.9 | ||||||||||||||
Loss from discontinued operations, net of income tax benefit of $1.4 million | — | (18.5 | ) | — | — | (18.5 | ) | ||||||||||||||
Net (loss) income | (3.6 | ) | 18.4 | 21.8 | (30.2 | ) | 6.4 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 10 | — | 10 | ||||||||||||||||
Net (loss) income attributable to SunCoke Energy, Inc. | $ | (3.6 | ) | $ | 18.4 | $ | 11.8 | $ | (30.2 | ) | $ | (3.6 | ) | ||||||||
Comprehensive income | $ | (6.6 | ) | $ | 17.8 | $ | 19.4 | $ | (27.2 | ) | $ | 3.4 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 10 | — | 10 | ||||||||||||||||
Comprehensive income attributable to SunCoke Energy, Inc. | $ | (6.6 | ) | $ | 17.8 | $ | 9.4 | $ | (27.2 | ) | $ | (6.6 | ) | ||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
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 | $ | — | $ | 114.3 | $ | 258.8 | $ | — | $ | 373.1 | |||||||||||
Equity in earnings of subsidiaries | 14.4 | 22.1 | — | (36.5 | ) | — | |||||||||||||||
Other income | — | 0.3 | — | — | 0.3 | ||||||||||||||||
Total revenues | 14.4 | 136.7 | 258.8 | (36.5 | ) | 373.4 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 90.3 | 209.4 | — | 299.7 | ||||||||||||||||
Selling, general and administrative expenses | 3.1 | 11.2 | 8.8 | — | 23.1 | ||||||||||||||||
Depreciation and amortization expense | — | 6.4 | 12.4 | — | 18.8 | ||||||||||||||||
Total costs and operating expenses | 3.1 | 107.9 | 230.6 | — | 341.6 | ||||||||||||||||
Operating income | 11.3 | 28.8 | 28.2 | (36.5 | ) | 31.8 | |||||||||||||||
Interest income (expense), net - affiliate | — | (1.9 | ) | 1.9 | — | — | |||||||||||||||
Interest expense (income), net | 9.5 | (0.2 | ) | 2.8 | — | 12.1 | |||||||||||||||
Total financing expense (income), net | 9.5 | (2.1 | ) | 4.7 | — | 12.1 | |||||||||||||||
Income before income tax expense and loss from equity method investment | 1.8 | 30.9 | 23.5 | (36.5 | ) | 19.7 | |||||||||||||||
Income tax (benefit) expense | (4.4 | ) | 6.8 | (0.9 | ) | — | 1.5 | ||||||||||||||
Loss from equity method investment | — | — | 2.3 | — | 2.3 | ||||||||||||||||
Income from continuing operations | 6.2 | 24.1 | 22.1 | (36.5 | ) | 15.9 | |||||||||||||||
Loss from discontinued operations, net of income tax benefit of $0.9 million | — | (3.6 | ) | — | — | (3.6 | ) | ||||||||||||||
Net income | 6.2 | 20.5 | 22.1 | (36.5 | ) | 12.3 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 6.1 | — | 6.1 | ||||||||||||||||
Net income attributable to SunCoke Energy, Inc. | $ | 6.2 | $ | 20.5 | $ | 16 | $ | (36.5 | ) | $ | 6.2 | ||||||||||
Comprehensive (loss) income | $ | (4.4 | ) | $ | 20.1 | $ | 11.9 | $ | (25.9 | ) | $ | 1.7 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 6.1 | — | 6.1 | ||||||||||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | $ | (4.4 | ) | $ | 20.1 | $ | 5.8 | $ | (25.9 | ) | $ | (4.4 | ) | ||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 325.7 | $ | 757.5 | $ | — | $ | 1,083.20 | |||||||||||
Equity in (loss) earnings of subsidiaries | (50.3 | ) | 37.1 | — | 13.2 | — | |||||||||||||||
Other (loss) income | (0.1 | ) | 1.3 | 0.1 | — | 1.3 | |||||||||||||||
Total revenues | (50.4 | ) | 364.1 | 757.6 | 13.2 | 1,084.50 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 249.8 | 609.1 | — | 858.9 | ||||||||||||||||
Selling, general and administrative expenses | 10.4 | 28.7 | 21.3 | — | 60.4 | ||||||||||||||||
Depreciation and amortization expense | — | 18 | 52.9 | — | 70.9 | ||||||||||||||||
Asset impairment | — | 15.1 | — | — | 15.1 | ||||||||||||||||
Total costs and operating expenses | 10.4 | 311.6 | 683.3 | — | 1,005.30 | ||||||||||||||||
Operating (loss) income | (60.8 | ) | 52.5 | 74.3 | 13.2 | 79.2 | |||||||||||||||
Interest (income) expense, net - affiliate | — | (5.6 | ) | 5.6 | — | — | |||||||||||||||
Interest expense (income), net | 21.3 | (1.4 | ) | 31.2 | — | 51.1 | |||||||||||||||
Total financing expense (income), net | 21.3 | (7.0 | ) | 36.8 | — | 51.1 | |||||||||||||||
(Loss) income before income tax (benefit) expense and loss from equity method investment | (82.1 | ) | 59.5 | 37.5 | 13.2 | 28.1 | |||||||||||||||
Income tax (benefit) expense | (21.5 | ) | 30.5 | (4.0 | ) | — | 5 | ||||||||||||||
Loss from equity method investment | — | — | 3 | — | 3 | ||||||||||||||||
(Loss) income from continuing operations | (60.6 | ) | 29 | 38.5 | 13.2 | 20.1 | |||||||||||||||
Loss from discontinued operations, net of income tax benefit of $53.9 million | — | (66.1 | ) | — | — | (66.1 | ) | ||||||||||||||
Net (loss) income | (60.6 | ) | (37.1 | ) | 38.5 | 13.2 | (46.0 | ) | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 14.6 | — | 14.6 | ||||||||||||||||
Net (loss) income attributable to SunCoke Energy, Inc. | $ | (60.6 | ) | $ | (37.1 | ) | $ | 23.9 | $ | 13.2 | $ | (60.6 | ) | ||||||||
Comprehensive (loss) income | $ | (61.2 | ) | $ | (39.0 | ) | $ | 39.8 | $ | 13.8 | $ | (46.6 | ) | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 14.6 | — | 14.6 | ||||||||||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | $ | (61.2 | ) | $ | (39.0 | ) | $ | 25.2 | $ | 13.8 | $ | (61.2 | ) | ||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
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 | $ | — | $ | 350.7 | $ | 844.1 | $ | — | $ | 1,194.80 | |||||||||||
Equity in earnings of subsidiaries | 42 | 64.2 | — | (106.2 | ) | — | |||||||||||||||
Other income | — | 2.6 | 0.1 | — | 2.7 | ||||||||||||||||
Total revenues | 42 | 417.5 | 844.2 | (106.2 | ) | 1,197.50 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 283.2 | 697.8 | — | 981 | ||||||||||||||||
Selling, general and administrative expenses | 8.6 | 34.2 | 21.1 | — | 63.9 | ||||||||||||||||
Depreciation and amortization expense | — | 18.4 | 39.1 | — | 57.5 | ||||||||||||||||
Total costs and operating expenses | 8.6 | 335.8 | 758 | — | 1,102.40 | ||||||||||||||||
Operating income | 33.4 | 81.7 | 86.2 | (106.2 | ) | 95.1 | |||||||||||||||
Interest (income) expense, net - affiliate | — | (5.5 | ) | 5.5 | — | — | |||||||||||||||
Interest expense (income), net | 28.6 | (0.5 | ) | 11.9 | — | 40 | |||||||||||||||
Total financing expense (income), net | 28.6 | (6.0 | ) | 17.4 | — | 40 | |||||||||||||||
Income before income tax expense and loss from equity method investment | 4.8 | 87.7 | 68.8 | (106.2 | ) | 55.1 | |||||||||||||||
Income tax (benefit) expense | (9.2 | ) | 19.3 | (0.1 | ) | — | 10 | ||||||||||||||
Loss from equity method investment | — | — | 2.5 | — | 2.5 | ||||||||||||||||
Income from continuing operations | 14 | 68.4 | 66.4 | (106.2 | ) | 42.6 | |||||||||||||||
Loss from discontinued operations, net of income tax benefit of $3.5 million | — | (11.2 | ) | — | — | (11.2 | ) | ||||||||||||||
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 (loss) income | $ | (1.0 | ) | $ | 55.9 | $ | 52.7 | $ | (91.2 | ) | $ | 16.4 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 17.4 | — | 17.4 | ||||||||||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | $ | (1.0 | ) | $ | 55.9 | $ | 35.3 | $ | (91.2 | ) | $ | (1.0 | ) | ||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||
(Dollars in millions, except per share amounts) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 82.3 | $ | 32.5 | $ | — | $ | 114.8 | |||||||||||
Receivables | — | 17 | 47 | — | 64 | ||||||||||||||||
Inventories | — | 35.7 | 103.5 | — | 139.2 | ||||||||||||||||
Income taxes receivable | 26.2 | — | 7.9 | (30.9 | ) | 3.2 | |||||||||||||||
Deferred income taxes | 12.2 | 11.8 | 0.8 | (12.2 | ) | 12.6 | |||||||||||||||
Other current assets | — | 3 | 1.4 | — | 4.4 | ||||||||||||||||
Current assets held for sale | — | 53.6 | — | — | 53.6 | ||||||||||||||||
Advances to affiliate | — | 162.6 | — | (162.6 | ) | — | |||||||||||||||
Interest receivable from affiliate | — | 5.6 | — | (5.6 | ) | — | |||||||||||||||
Total current assets | 38.4 | 371.6 | 193.1 | (211.3 | ) | 391.8 | |||||||||||||||
Notes receivable from affiliate | — | 89 | 300 | (389.0 | ) | — | |||||||||||||||
Investment in Brazil cokemaking operations | — | — | 41 | — | 41 | ||||||||||||||||
Equity method investment in VISA SunCoke Limited | — | — | 55.6 | — | 55.6 | ||||||||||||||||
Properties, plants and equipment, net | — | 391.1 | 1,084.80 | — | 1,475.90 | ||||||||||||||||
Goodwill and other intangible assets, net | — | 3.4 | 15.3 | — | 18.7 | ||||||||||||||||
Deferred charges and other assets | 6 | 20.9 | 15.9 | — | 42.8 | ||||||||||||||||
Long term assets held for sale | — | — | — | — | — | ||||||||||||||||
Investment in subsidiaries | 776 | 505.4 | — | (1,281.4 | ) | — | |||||||||||||||
Total assets | $ | 820.4 | $ | 1,381.40 | $ | 1,705.70 | $ | (1,881.7 | ) | $ | 2,025.80 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||
Advances from affiliate | $ | 70.7 | $ | — | $ | 91.9 | $ | (162.6 | ) | $ | — | ||||||||||
Accounts payable | — | 26.5 | 78.8 | — | 105.3 | ||||||||||||||||
Accrued liabilities | 0.1 | 25 | 17.8 | — | 42.9 | ||||||||||||||||
Interest payable | 3.1 | — | 4.9 | — | 8 | ||||||||||||||||
Interest payable to affiliate | — | — | 5.6 | (5.6 | ) | — | |||||||||||||||
Income taxes payable | — | 30.9 | — | (30.9 | ) | — | |||||||||||||||
Current liabilities held for sale | — | 28.2 | — | — | 28.2 | ||||||||||||||||
Total current liabilities | 73.9 | 110.6 | 199 | (199.1 | ) | 184.4 | |||||||||||||||
Long-term debt | 240 | — | 412 | — | 652 | ||||||||||||||||
Payable to affiliate | — | 300 | 89 | (389.0 | ) | — | |||||||||||||||
Accrual for black lung benefits | — | 32 | — | — | 32 | ||||||||||||||||
Retirement benefit liabilities | — | 34.3 | — | — | 34.3 | ||||||||||||||||
Deferred income taxes | — | 326.4 | 3.2 | (12.2 | ) | 317.4 | |||||||||||||||
Asset retirement obligations | — | 9.7 | 2.5 | — | 12.2 | ||||||||||||||||
Other deferred credits and liabilities | 1.9 | 13 | 1.1 | — | 16 | ||||||||||||||||
Long term liabilities held for sale | — | — | — | — | — | ||||||||||||||||
Total liabilities | 315.8 | 826 | 706.8 | (600.3 | ) | 1,248.30 | |||||||||||||||
Equity | |||||||||||||||||||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at September 30, 2014 | — | — | — | — | — | ||||||||||||||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,434,769 shares at September 30, 2014 | 0.7 | — | — | — | 0.7 | ||||||||||||||||
Treasury stock,1,755,355 shares at September 30, 2014 | (30.0 | ) | — | — | — | (30.0 | ) | ||||||||||||||
Additional paid-in capital | 465.4 | 195.5 | 512.4 | (707.9 | ) | 465.4 | |||||||||||||||
Accumulated other comprehensive (loss) income | (14.7 | ) | (4.6 | ) | (10.1 | ) | 14.7 | (14.7 | ) | ||||||||||||
Retained earnings | 83.2 | 364.5 | 223.7 | (588.2 | ) | 83.2 | |||||||||||||||
Total SunCoke Energy, Inc. stockholders’ equity | 504.6 | 555.4 | 726 | (1,281.4 | ) | 504.6 | |||||||||||||||
Noncontrolling interests | — | — | 272.9 | — | 272.9 | ||||||||||||||||
Total equity | 504.6 | 555.4 | 998.9 | (1,281.4 | ) | 777.5 | |||||||||||||||
Total liabilities and equity | $ | 820.4 | $ | 1,381.40 | $ | 1,705.70 | $ | (1,881.7 | ) | $ | 2,025.80 | ||||||||||
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 | — | 47.2 | 38.1 | — | 85.3 | ||||||||||||||||
Inventories | — | 34.5 | 91.2 | — | 125.7 | ||||||||||||||||
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 | ||||||||||||||||
Current assets held for sale | — | 15.8 | — | — | 15.8 | ||||||||||||||||
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 | — | 415.7 | 1,043.20 | — | 1,458.90 | ||||||||||||||||
Goodwill and other intangible assets, net | — | 3.4 | 16 | — | 19.4 | ||||||||||||||||
Deferred charges and other assets | 11.7 | 18.4 | 9.7 | — | 39.8 | ||||||||||||||||
Long term assets held for sale | — | 146.1 | — | — | 146.1 | ||||||||||||||||
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 | — | 32.9 | 105.5 | — | 138.4 | ||||||||||||||||
Accrued liabilities | 0.5 | 42.6 | 16.4 | — | 59.5 | ||||||||||||||||
Short-term debt, including current portion of long-term debt | 1 | — | 40 | — | 41 | ||||||||||||||||
Interest payable | 13.6 | — | 4.6 | — | 18.2 | ||||||||||||||||
Interest payable to affiliate | — | — | 7.3 | (7.3 | ) | — | |||||||||||||||
Income taxes payable | — | 46.7 | — | (46.7 | ) | — | |||||||||||||||
Current liabilities held for sale | — | 25.9 | — | — | 25.9 | ||||||||||||||||
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 | — | 8.9 | 2.4 | — | 11.3 | ||||||||||||||||
Other deferred credits and liabilities | 1.6 | 12.2 | 0.6 | — | 14.4 | ||||||||||||||||
Long term liabilities held for sale | — | 11 | — | — | 11 | ||||||||||||||||
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 | — | — | — | — | — | ||||||||||||||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,636,785 shares at December 31, 2013 | 0.7 | — | — | — | 0.7 | ||||||||||||||||
Treasury Stock, 1,255,355 shares at December 31, 2013 | (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 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Cash Flows from Continuing Operating Activities: | |||||||||||||||||||||
Net (loss) income | $ | (60.6 | ) | $ | (37.1 | ) | $ | 38.5 | $ | 13.2 | $ | (46.0 | ) | ||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||||||||||||||||
Loss on discontinued operations, net of tax | — | 66.1 | — | — | 66.1 | ||||||||||||||||
Asset impairment | — | 15.1 | — | — | 15.1 | ||||||||||||||||
Depreciation and amortization expense | — | 18 | 52.9 | — | 70.9 | ||||||||||||||||
Deferred income tax benefit | — | (4.1 | ) | — | — | (4.1 | ) | ||||||||||||||
Payments in excess of expense for retirement plans | — | (0.7 | ) | — | — | (0.7 | ) | ||||||||||||||
Share-based compensation expense | 7.6 | — | — | — | 7.6 | ||||||||||||||||
Excess tax benefit from share-based awards | (0.3 | ) | — | — | — | (0.3 | ) | ||||||||||||||
Loss from equity method investment | — | — | 3 | — | 3 | ||||||||||||||||
Loss on extinguishment of debt | — | — | 15.4 | — | 15.4 | ||||||||||||||||
Equity in earnings of subsidiaries | 50.3 | (37.1 | ) | — | (13.2 | ) | — | ||||||||||||||
Changes in working capital pertaining to operating activities: | |||||||||||||||||||||
Receivables | — | 30.2 | (8.9 | ) | — | 21.3 | |||||||||||||||
Inventories | — | (1.2 | ) | (12.3 | ) | — | (13.5 | ) | |||||||||||||
Accounts payable | — | (6.4 | ) | (26.7 | ) | — | (33.1 | ) | |||||||||||||
Accrued liabilities | (0.4 | ) | (17.6 | ) | 1.4 | — | (16.6 | ) | |||||||||||||
Interest payable | (10.5 | ) | 1.7 | (1.4 | ) | — | (10.2 | ) | |||||||||||||
Income taxes | 14 | (15.8 | ) | 5.5 | — | 3.7 | |||||||||||||||
Other | 3.2 | (4.3 | ) | (3.4 | ) | — | (4.5 | ) | |||||||||||||
Net cash provided by continuing operating activities | 3.3 | 6.8 | 64 | — | 74.1 | ||||||||||||||||
Cash Flows from Continuing Investing Activities: | |||||||||||||||||||||
Capital expenditures | — | (8.4 | ) | (94.1 | ) | — | (102.5 | ) | |||||||||||||
Net cash used in continuing investing activities | — | (8.4 | ) | (94.1 | ) | — | (102.5 | ) | |||||||||||||
Cash Flows from Continuing Financing Activities: | |||||||||||||||||||||
Net proceeds from issuance of SunCoke Energy Partners, L.P. units | — | — | 90.5 | — | 90.5 | ||||||||||||||||
Proceeds from issuance of long-term debt | — | — | 268.1 | — | 268.1 | ||||||||||||||||
Repayment of long-term debt | (0.2 | ) | — | (276.3 | ) | — | (276.5 | ) | |||||||||||||
Debt issuance costs | — | — | (5.8 | ) | — | (5.8 | ) | ||||||||||||||
Proceeds from revolving facility | — | — | 40 | — | 40 | ||||||||||||||||
Repayment of revolving facility | — | — | (80.0 | ) | — | (80.0 | ) | ||||||||||||||
Cash distribution to noncontrolling interests | — | — | (23.4 | ) | — | (23.4 | ) | ||||||||||||||
Shares repurchased | (85.1 | ) | — | — | — | (85.1 | ) | ||||||||||||||
Proceeds from exercise of stock options | 1.9 | — | — | — | 1.9 | ||||||||||||||||
Excess tax benefit from share-based awards | 0.3 | — | — | — | 0.3 | ||||||||||||||||
Net increase (decrease) in advances from affiliate | 79.8 | (80.4 | ) | 0.6 | — | — | |||||||||||||||
Net cash provided by (used in) continuing financing activities | (3.3 | ) | (80.4 | ) | 13.7 | — | (70.0 | ) | |||||||||||||
Net decrease in cash and cash equivalents from continuing operations | — | (82.0 | ) | (16.4 | ) | — | (98.4 | ) | |||||||||||||
Cash Flows from Discontinued Operations: | |||||||||||||||||||||
Cash flows from discontinued operations - operating activities | — | (15.7 | ) | — | — | (15.7 | ) | ||||||||||||||
Cash flows from discontinued operations - investing activities | — | (4.7 | ) | — | — | (4.7 | ) | ||||||||||||||
Net decrease in cash and cash equivalents from discontinued operations | — | (20.4 | ) | — | — | (20.4 | ) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (102.4 | ) | (16.4 | ) | — | (118.8 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 184.7 | 48.9 | — | 233.6 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 82.3 | $ | 32.5 | $ | — | $ | 114.8 | |||||||||||
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 Continuing Operating Activities: | |||||||||||||||||||||
Net income (loss) | $ | 14 | $ | 57.2 | $ | 66.4 | $ | (106.2 | ) | $ | 31.4 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Loss on discontinued operations, net of tax | — | 11.2 | — | — | 11.2 | ||||||||||||||||
Depreciation and amortization expense | — | 18.4 | 39.1 | — | 57.5 | ||||||||||||||||
Deferred income tax expense | — | 5.2 | — | — | 5.2 | ||||||||||||||||
Payments less than expense for retirement plans | — | (1.5 | ) | (0.1 | ) | — | (1.6 | ) | |||||||||||||
Share-based compensation expense | 5.5 | — | — | — | 5.5 | ||||||||||||||||
Loss from equity method investment | — | — | 2.5 | — | 2.5 | ||||||||||||||||
Equity in (earnings) loss of subsidiaries | (42.0 | ) | (64.2 | ) | — | 106.2 | — | ||||||||||||||
Changes in working capital pertaining to operating activities: | |||||||||||||||||||||
Receivables | (0.1 | ) | (1.0 | ) | 8.7 | — | 7.6 | ||||||||||||||
Inventories | — | 14 | 15.9 | — | 29.9 | ||||||||||||||||
Accounts payable | (0.5 | ) | (2.5 | ) | 0.8 | — | (2.2 | ) | |||||||||||||
Accrued liabilities | (0.1 | ) | (13.2 | ) | (15.6 | ) | — | (28.9 | ) | ||||||||||||
Interest payable | (9.7 | ) | (5.5 | ) | 7.3 | — | (7.9 | ) | |||||||||||||
Income taxes payable | (14.4 | ) | 17.7 | (10.5 | ) | — | (7.2 | ) | |||||||||||||
Other | 8.4 | (1.8 | ) | (8.8 | ) | — | (2.2 | ) | |||||||||||||
Net cash provided by (used in) continuing operating activities | (38.9 | ) | 34 | 105.7 | — | 100.8 | |||||||||||||||
Cash Flows from Continuing Investing Activities: | |||||||||||||||||||||
Capital expenditures | — | (12.0 | ) | (75.2 | ) | — | (87.2 | ) | |||||||||||||
Acquisition of business | — | — | (28.6 | ) | — | (28.6 | ) | ||||||||||||||
Equity method investment in VISA SunCoke Limited | — | — | (67.7 | ) | — | (67.7 | ) | ||||||||||||||
Net cash used in continuing investing activities | — | (12.0 | ) | (171.5 | ) | — | (183.5 | ) | |||||||||||||
Cash Flows from Continuing 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 | ||||||||||||||||
Repayment of long-term debt | — | — | (225.0 | ) | — | (225.0 | ) | ||||||||||||||
Debt issuance costs | (1.6 | ) | — | (5.3 | ) | — | (6.9 | ) | |||||||||||||
Proceeds from revolving facility | — | — | — | — | — | ||||||||||||||||
Repayment of revolving facility | — | — | — | — | — | ||||||||||||||||
Cash distributions to noncontrolling interests | — | — | (12.0 | ) | — | (12.0 | ) | ||||||||||||||
Shares repurchased | (10.9 | ) | — | — | — | (10.9 | ) | ||||||||||||||
Proceeds from exercise of stock options | 0.9 | — | — | — | 0.9 | ||||||||||||||||
Net increase (decrease) in advances from affiliate | 50.5 | (18.4 | ) | (32.1 | ) | — | — | ||||||||||||||
Net cash provided by (used in) continuing financing activities | 38.9 | (18.4 | ) | 113.4 | — | 133.9 | |||||||||||||||
Net increase in cash and cash equivalents from continuing operations | — | 3.6 | 47.6 | — | 51.2 | ||||||||||||||||
Cash Flows from Discontinued Operations: | |||||||||||||||||||||
Cash flows from discontinued operations - operating activities | — | (13.2 | ) | — | — | (13.2 | ) | ||||||||||||||
Cash flows from discontinued operations - investing activities | — | (8.4 | ) | — | — | (8.4 | ) | ||||||||||||||
Cash flows from discontinued operations - financing activities | — | — | — | — | — | ||||||||||||||||
Net decrease in cash and cash equivalents from discontinued operations | — | (21.6 | ) | — | — | (21.6 | ) | ||||||||||||||
Net decrease 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 | |||||||||||
General_Details
General (Details) | 0 Months Ended | 9 Months Ended | ||
9-May-14 | Sep. 30, 2014 | 9-May-14 | 8-May-14 | |
Cokemaking_facility | ||||
Segment | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Number of Facilities | ' | 5 | ' | ' |
Number of segments | ' | 4 | ' | ' |
Ownership interest of general partnership (as a percent) | 2.00% | 2.00% | ' | ' |
Interest in partnership (as a percent) | ' | 54.00% | 54.10% | 55.90% |
Ownership interest, Public (as a percent) | 43.90% | 44.00% | ' | ' |
Coal_Impairment_Charges_and_Di2
Coal Impairment Charges and Discontinued Operations (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
Coal Mining Business | Coal Mining Business | Coal Mining Business | Coal Mining Business | Coal Mining Business | Coal Mining Business | Coal Mining Business | Coal Mining Business | Coal Mining Business | Coal Mining Business | Coal Mining Business | Coal Mining Business | Coal Mining Business | Coal Mining Business | |||||
Minimum | Maximum | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | |||||||||
T | T | Minimum | Maximum | Exit and Disposal Costs | Exit and Disposal Costs | Employee Severances | Employee Severances | Contract Terminations | Contract Terminations | |||||||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairment | $0 | $0 | $15.10 | $0 | ' | $16.40 | $97.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coal sales price (in dollars per ton) | ' | ' | ' | ' | ' | ' | ' | ' | 97 | 149 | ' | ' | ' | ' | ' | ' | ' | ' |
Sales volumes (in tons) | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 14.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax impairment of goodwill | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment, income tax benefit | ' | ' | ' | ' | ' | 6.4 | 7.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset and goodwill impairment | ' | ' | ' | ' | ' | ' | 88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset and goodwill impairment, tax benefit | ' | ' | ' | ' | ' | ' | 44.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of retained assets | ' | ' | ' | ' | ' | ' | 15.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 15 | 1 | 2 | 9 | 13 |
Payments for restructuring | ' | ' | 0.7 | ' | ' | ' | ' | ' | ' | ' | 10 | 14 | ' | ' | ' | ' | ' | ' |
Restructuring costs | ' | ' | ' | ' | $0.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coal_Impairment_Charges_and_Di3
Coal Impairment Charges and Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||||
Consolidated Balance Sheet | ' | ' | ' | ' | ' | ||||
Total current liabilities held for sale | $28.20 | ' | $28.20 | ' | $25.90 | ||||
Consolidated Statements of Operations | ' | ' | ' | ' | ' | ||||
Depreciation, depletion and amortization | 0.3 | 4.4 | 9.5 | 13 | ' | ||||
Income tax benefit | 1.4 | 0.9 | 53.9 | 3.5 | ' | ||||
Loss from discontinued operations, net of tax | -18.5 | [1] | -3.6 | [1] | -66.1 | [1] | -11.2 | [1] | ' |
Coal Mining Business | ' | ' | ' | ' | ' | ||||
Consolidated Balance Sheet | ' | ' | ' | ' | ' | ||||
Receivables | 5.4 | ' | 5.4 | ' | 6.2 | ||||
Inventories | 12.9 | ' | 12.9 | ' | 9.6 | ||||
Properties, plants and equipment, net | 29.3 | ' | 29.3 | ' | 0 | ||||
Lease and mineral rights, net | 18.6 | ' | 18.6 | ' | 0 | ||||
Other current assets | 3.8 | ' | 3.8 | ' | 0 | ||||
Valuation allowance | -16.4 | ' | -16.4 | ' | 0 | ||||
Total current assets held for sale | 53.6 | ' | 53.6 | ' | 15.8 | ||||
Properties, plants and equipment, net | 0 | ' | 0 | ' | 85.2 | ||||
Lease and mineral rights, net | 0 | ' | 0 | ' | 52.8 | ||||
Goodwill and other intangible assets, net | 0 | ' | 0 | ' | 6 | ||||
Other assets | 0 | ' | 0 | ' | 2.1 | ||||
Total assets held for sale | 53.6 | ' | 53.6 | ' | 161.9 | ||||
Accounts payable | 11.4 | ' | 11.4 | ' | 15.9 | ||||
Accrued liabilities | 10.3 | ' | 10.3 | ' | 10 | ||||
Asset retirement obligations | 6.5 | ' | 6.5 | ' | 0 | ||||
Total current liabilities held for sale | 28.2 | ' | 28.2 | ' | 25.9 | ||||
Asset retirement obligations | 0 | ' | 0 | ' | 6.5 | ||||
Other deferred credits and liabilities | 0 | ' | 0 | ' | 4.5 | ||||
Total liabilities held for sale | 28.2 | ' | 28.2 | ' | 36.9 | ||||
Consolidated Statements of Operations | ' | ' | ' | ' | ' | ||||
Total revenues | 9.4 | 17 | 24.3 | 50.5 | ' | ||||
Cost of products sold and operating expenses | 12 | 16.8 | 27.8 | 50.2 | ' | ||||
Selling, general and administrative expenses | 0.6 | 0.2 | 2.5 | 2 | ' | ||||
Depreciation, depletion and amortization | 0.3 | 4.5 | 9.6 | 13 | ' | ||||
Asset and goodwill impairment | 16.4 | 0 | 104.4 | 0 | ' | ||||
Pre-tax loss from discontinued operations | -19.9 | -4.5 | -120 | -14.7 | ' | ||||
Income tax benefit | 1.4 | 0.9 | 53.9 | 3.5 | ' | ||||
Loss from discontinued operations, net of tax | ($18.50) | ($3.60) | ($66.10) | ($11.20) | ' | ||||
[1] | Three Months Ended September 30, Nine Months Ended September 30, 2014 2013 2014 2013 (Dollars in millions)Adjusted EBITDA from discontinued operations $(3.2) $(0.1) $(6.1) $(1.7)Subtract: Depreciation and depletion from discontinued operations 0.3 4.4 9.5 13.0Interest from discontinued operations — — — —Income tax benefit from discontinued operations (1.4) (0.9) (53.9) (3.5)Asset and goodwill impairment from discontinued operations 16.4 — 104.4 —Loss from discontinued operations, net of tax $(18.5) $(3.6) $(66.1) $(11.2) |
DropDown_Transaction_Details
Drop-Down Transaction (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||
Share data in Millions, unless otherwise specified | 9-May-14 | Sep. 30, 2014 | Sep. 30, 2013 | 9-May-14 | 8-May-14 | Dec. 31, 2013 | 9-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | 9-May-14 | Sep. 30, 2014 | 9-May-14 | 9-May-14 | 9-May-14 | Sep. 30, 2014 | Dec. 31, 2013 | 9-May-14 | Sep. 30, 2014 | Dec. 31, 2013 | 9-May-14 | 9-May-14 | 8-May-14 |
SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | Common Units | Common Units | Common Units | General Partner | Term loan | Term loan | Term loan | Partnership notes, due 2020 | Partnership notes, due 2020 | Partnership notes, due 2020 | Partnership notes, due 2020 | Partnership notes, due 2020 | |||||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | Haverhill Coke Company LLC and Middletown Coke Company LLC | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | |||||||||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | |||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest acquired (as a percent) | ' | ' | ' | ' | ' | ' | ' | 33.00% | 33.00% | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest, Public (as a percent) | 43.90% | 44.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in SunCoke Energy, Inc. equity for the contribution of 33.0 percent interest in Haverhill and Middletown | ' | $0 | ' | ' | ' | ' | ' | $0 | $83,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units in shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration received | ' | ' | ' | ' | ' | ' | 365,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest of general partnership (as a percent) | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest in partnership (as a percent) | ' | 54.00% | ' | 54.10% | 55.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partner common units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,400,000 | ' | ' | 80,000,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash transferred | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration withheld | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | 652,000,000 | ' | ' | ' | 689,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 99,100,000 | 271,300,000 | 412,000,000 | 150,000,000 | ' | 250,000,000 | 150,000,000 |
Redemption premium | ' | ' | ' | ' | ' | ' | 11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds | ' | 90,500,000 | 237,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | 88,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from private placement debt | ' | ' | ' | ' | ' | ' | 263,100,000 | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on senior notes (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.38% | 7.38% | ' | 7.38% | ' |
Pre-funded Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' |
DropDown_Transaction_Effects_o
Drop-Down Transaction - Effects of Changes in the Company's Ownership (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | 9-May-14 |
SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | |||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Interest acquired (as a percent) | ' | ' | ' | ' | 33.00% | 33.00% | 33.00% |
Net loss attributable to SunCoke Energy, Inc. | ($3.60) | $6.20 | ($60.60) | $14 | ($3.60) | ($60.60) | ' |
Change in SunCoke Energy, Inc. equity for the contribution of 33.0 percent interest in Haverhill and Middletown | ' | ' | 0 | ' | 0 | 83.7 | ' |
Change from net income attributable to SunCoke Energy, Inc. and transfers from noncontrolling interest | ' | ' | ' | ' | ($3.60) | $23.10 | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Components of inventories | ' | ' |
Coke | $12 | $11.80 |
Coal | 93.4 | 81.2 |
Materials, supplies and other | 33.8 | 32.7 |
Total inventories | $139.20 | $125.70 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Share distribution agreement, covenant restriction (as a percent) | ' | ' | 50.00% | ' |
Effective income tax rate (as a percent) | 22.10% | 7.60% | 17.80% | 18.10% |
Expense (benefit) due to change in statutory tax rate | ' | ' | ($2) | $1.10 |
Prior period adjustments | ' | ' | ' | 0.4 |
Provision to return adjustments | ' | ' | ' | $0.90 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | ||
Balance Sheet Related Disclosures [Abstract] | ' | ' | ' | ||
Accrued sales discounts | ' | $0 | [1] | $13.60 | [1] |
Accrued benefits | ' | 15.3 | 21.5 | ||
Other taxes payable | ' | 11.9 | 9.8 | ||
Other | ' | 15.7 | 14.6 | ||
Total accrued liabilities | ' | 42.9 | 59.5 | ||
Settlement of accrued sales discounts | 13.1 | ' | ' | ||
Gain on settlement of accrued sales discounts | $0.50 | ' | ' | ||
[1] | At December 31, 2013, we had $13.6 million accrued related to sales discounts payable to our customer at our Granite City facility. During the first quarter of 2014, we settled this obligation for $13.1 million, which resulted in a gain of $0.5 million. This gain was recorded in sales and other operating revenue on our Consolidated Statement of Operations. |
Debt_Details
Debt (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Total debt, including the current portion of long-term debt | ' | ' |
Total debt | $652,000,000 | $689,100,000 |
Less: short-term debt, including current portion of long-term debt | 0 | 41,000,000 |
Total long-term debt | 652,000,000 | 648,100,000 |
Term loan | ' | ' |
Total debt, including the current portion of long-term debt | ' | ' |
Total debt | 0 | 99,100,000 |
Original issue discount | ' | 1,000,000 |
Senior notes, due 2019 | ' | ' |
Total debt, including the current portion of long-term debt | ' | ' |
Total debt | 240,000,000 | 400,000,000 |
Interest rate on senior notes (as a percent) | 7.63% | 7.63% |
Partnership notes, due 2020 | ' | ' |
Total debt, including the current portion of long-term debt | ' | ' |
Total debt | 412,000,000 | 150,000,000 |
Interest rate on senior notes (as a percent) | 7.38% | 7.38% |
Original issue premium | 12,000,000 | 12,000,000 |
Revolving credit facility, due 2019 (Partnership Revolver) | Line of Credit | ' | ' |
Total debt, including the current portion of long-term debt | ' | ' |
Amount of letters of credit outstanding | $0 | $40,000,000 |
Debt_Details_Textual
Debt (Details Textual) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | 9-May-14 | 9-May-14 | 9-May-14 | 8-May-14 | 9-May-14 | 9-May-14 | Sep. 30, 2014 | 9-May-14 | 9-May-14 | 9-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | |
Senior notes, due 2019 | Senior notes, due 2019 | Partnership notes, due 2020 | Partnership notes, due 2020 | Term loan | Term loan | Revolving credit facility | Revolving credit facility | Revolving credit facility | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | Haverhill Coke Company LLC and Middletown Coke Company LLC | Credit Agreement and Partner Revolver | Credit Agreement and Partner Revolver | ||||
Line of Credit | Line of Credit | Senior notes, due 2019 | Partnership notes, due 2020 | Partnership notes, due 2020 | Partnership notes, due 2020 | Term loan | Revolving credit facility | Revolving credit facility | Partnership notes, due 2020 | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | SunCoke Energy Partners, L.P. | ||||||||||||
Line of Credit | Line of Credit | Term loan | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding under revolving facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' |
Remaining letters of credit agreement amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 249,300,000 | ' | ' | ' | ' | ' |
Long-term debt | 652,000,000 | ' | 689,100,000 | 240,000,000 | 400,000,000 | 412,000,000 | 150,000,000 | 0 | 99,100,000 | ' | ' | ' | ' | ' | 250,000,000 | 150,000,000 | ' | ' | ' | ' | ' | 271,300,000 | ' | ' |
Line of Credit Amendment Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on senior notes (as a percent) | ' | ' | ' | 7.63% | 7.63% | 7.38% | 7.38% | ' | ' | ' | ' | ' | ' | ' | 7.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from private placement debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 263,100,000 | ' | ' | ' |
Proceeds from issuance of private placement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-funded Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' |
Debt issuance cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance cost immediately expensed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,000,000 | ' | ' | ' | 99,900,000 | ' | ' | ' | ' | ' | ' | ' |
Redemption premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | ' | ' | ' |
Extinguishment of debt expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' |
Repayments of lines of credit | 80,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' |
Amount of letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Leverage ratio, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75 | 4 |
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75 | 2.5 |
Retirement_Benefits_Plans_Deta
Retirement Benefits Plans (Details) (Defined benefit plan, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Defined benefit plan | ' | ' | ' | ' |
Defined benefit plan (benefit) expense | ' | ' | ' | ' |
Interest cost on benefit obligations | $0.30 | $0.30 | $1.10 | $1 |
Expected return on plan assets | -0.4 | -0.6 | -1.3 | -1.8 |
Amortization of actuarial losses | 0.2 | 0.3 | 0.4 | 0.8 |
Total expense | $0.10 | $0 | $0.20 | $0 |
Retirement_Benefits_Plans_Deta1
Retirement Benefits Plans (Details 1) (Postretirement Benefit Plans, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Postretirement Benefit Plans | ' | ' | ' | ' |
Postretirement benefit plans benefit | ' | ' | ' | ' |
Service cost | $0.20 | $0.10 | $0.20 | $0.20 |
Interest cost on benefit obligations | 0.3 | 0.3 | 1.1 | 1 |
Amortization of: | ' | ' | ' | ' |
Actuarial losses | 0.2 | 0.4 | 0.7 | 1.1 |
Prior service benefit | -1.4 | -1.4 | -4.2 | -4.3 |
Postretirement benefit plans benefit | ($0.70) | ($0.60) | ($2.20) | ($2) |
Retirement_Benefits_Plans_Deta2
Retirement Benefits Plans (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ' |
Deferred Compensation, Benefits Owed by Participants | 25,000 |
Maximum | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Deferred compensation arrangement with individual service period (in years) | '10 years |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Details) (USD $) | 9 Months Ended | 33 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Haverhill and Granite City | Indiana Harbor | Indiana Harbor | Indiana Harbor | |||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Estimate possible loss | ' | $2.50 | $2.20 | ' | ' | ' |
Environmental Liability Expected to Spend | ' | ' | 125 | ' | ' | ' |
Actual Cost of Energy Recovery Systems and Environmental Performance | ' | ' | 73 | ' | ' | ' |
Environmental liability expected to spend in next twelve months | ' | ' | 5 | ' | ' | ' |
Contractual obligation due in 2015 to 2016 | ' | ' | 47 | ' | ' | ' |
Environmental Contingency Original Estimate of Cost for Project | 50 | ' | ' | ' | ' | ' |
Environmental Contingency Current Estimate of Cost for Project | 105 | ' | ' | ' | ' | ' |
Cost of capital projects | ' | ' | ' | $25 | $66 | $14 |
Long-term Contract, Period | '10 years | ' | ' | ' | ' | ' |
Interest in Indiana Harbor partnership (as a percent) | 15.00% | ' | ' | ' | ' | ' |
Restructuring_Details
Restructuring (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2014 |
Restructuring and Related Activities [Abstract] | ' | ' |
Restructuring charges | $1.40 | ' |
Payments for restructuring | ' | $0.70 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (Stock options, USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Stock options | ' |
Weighted-average assumptions | ' |
Risk free interest rate (as a percent) | 1.57% |
Expected term (in years) | '5 years |
Volatility (as a percent) | 38.00% |
Dividend yield (as a percent) | 0.00% |
Weighted-average exercise price (in dollars per share) | $22.30 |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Stock options | ' | ' | ' | ' |
Share-based compensation (Textual) [Abstract] | ' | ' | ' | ' |
Forfeiture rate (as a percent) | ' | ' | 3.00% | ' |
Compensation expense | $1.10 | $1.20 | $3.80 | $3.30 |
Unrecognized compensation cost | 5 | ' | 5 | ' |
Weighted average remaining contractual term (in years) | ' | ' | '1 year 10 months 24 days | ' |
Stock options | Options granted current period | ' | ' | ' | ' |
Share-based compensation (Textual) [Abstract] | ' | ' | ' | ' |
Granted stock options (in shares) | ' | ' | 407,075 | ' |
Number of annual installment in which stock option exercisable (in installments) | ' | ' | 3 | ' |
Period from grant date for annual installment (in years) | ' | ' | '1 year | ' |
Stock options, time until expiration (in years) | ' | ' | '10 years | ' |
Weighted-average fair value stock option (in dollars per share) | ' | ' | $7.86 | ' |
Restricted stock units (RSUs) | ' | ' | ' | ' |
Share-based compensation (Textual) [Abstract] | ' | ' | ' | ' |
Number of annual installment in which stock option exercisable (in installments) | ' | ' | 3 | ' |
Period from grant date for annual installment (in years) | ' | ' | '1 year | ' |
Forfeiture rate (as a percent) | ' | ' | 3.00% | ' |
Compensation expense | 1 | 0.7 | 2.9 | 1.7 |
Unrecognized compensation cost | 8.7 | ' | 8.7 | ' |
Weighted average remaining contractual term (in years) | ' | ' | '2 years 3 months 18 days | ' |
Restricted stock units (RSUs) | Distribution first | Units awarded during period | ' | ' | ' | ' |
Share-based compensation (Textual) [Abstract] | ' | ' | ' | ' |
Restricted stock (in shares) | ' | ' | 210,673 | ' |
Fair value grant (in dollars per share) | ' | ' | $22.29 | ' |
Performance share units | ' | ' | ' | ' |
Share-based compensation (Textual) [Abstract] | ' | ' | ' | ' |
Forfeiture rate (as a percent) | ' | ' | 3.00% | ' |
Compensation expense | 0.3 | 0.2 | 0.9 | 0.4 |
Unrecognized compensation cost | $3.20 | ' | $3.20 | ' |
Weighted average remaining contractual term (in years) | ' | ' | '2 years 4 months 24 days | ' |
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% | ' |
Performance share units | Distribution first | Units awarded during period | ' | ' | ' | ' |
Share-based compensation (Textual) [Abstract] | ' | ' | ' | ' |
Restricted stock (in shares) | ' | ' | 84,734 | ' |
Fair value grant (in dollars per share) | ' | ' | $26.09 | ' |
Performance share units | Minimum | ' | ' | ' | ' |
Share-based compensation (Textual) [Abstract] | ' | ' | ' | ' |
Percentage adjustment of award determined by pre-tax return on capital (as a percent) | ' | ' | 0.00% | ' |
Performance share units | Maximum | ' | ' | ' | ' |
Share-based compensation (Textual) [Abstract] | ' | ' | ' | ' |
Percentage adjustment of award determined by pre-tax return on capital (as a percent) | ' | ' | 200.00% | ' |
Earnings_per_Share_Details
Earnings per Share (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
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) | 69.4 | 69.8 | 69.5 | 69.9 |
Add: Effect of dilutive share-based compensation awards (in shares) | 1 | 0.2 | 0.9 | 0.3 |
Weighted-average number of shares-diluted (in shares) | 70.4 | 70 | 70.4 | 70.2 |
Earnings_per_Share_Details_Tex
Earnings per Share (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||||
Jul. 23, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Oct. 28, 2014 | |
Stock options | Stock options | Stock options | Stock options | February 2012 Plan | Subsequent Event | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential dilutive effect excluded from the computation of diluted weighted-average shares outstanding | ' | ' | ' | 400,000 | 1,900,000 | 400,000 | 2,400,000 | ' | ' |
Common stock, par value (in dollars per share) | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' |
Authorized repurchase amount | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized per previous program | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' |
Variable term forward share repurchase agreement, cost | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares repurchased, shares | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 |
Price per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $23.28 |
Amount remaining | ' | ' | ' | ' | ' | ' | ' | ' | $75,000,000 |
Supplemental_Accumulated_Other2
Supplemental Accumulated Other Comprehensive Loss Information (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Accumulated Comprehensive Income [Roll Forward] | ' |
Balance, beginning of period | ($14.10) |
Other comprehensive income before reclassifications | 1.3 |
Amounts reclassified from accumulated other comprehensive loss | -1.9 |
Net current period other comprehensive (loss) income | -0.6 |
Balance, end of period | -14.7 |
Defined Benefit Plans | ' |
Accumulated Comprehensive Income [Roll Forward] | ' |
Balance, beginning of period | -2.8 |
Other comprehensive income before reclassifications | 0 |
Amounts reclassified from accumulated other comprehensive loss | -1.9 |
Net current period other comprehensive (loss) income | -1.9 |
Balance, end of period | -4.7 |
Currency Translation Adjustments | ' |
Accumulated Comprehensive Income [Roll Forward] | ' |
Balance, beginning of period | -11.3 |
Other comprehensive income before reclassifications | 1.3 |
Amounts reclassified from accumulated other comprehensive loss | 0 |
Net current period other comprehensive (loss) income | 1.3 |
Balance, end of period | ($10) |
Supplemental_Accumulated_Other3
Supplemental Accumulated Other Comprehensive Loss Information (Details 1) (Defined Benefit Plans, USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Defined Benefit Plans | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Prior service benefit | ($1.40) | [1],[2] | ($1.40) | [1],[2] | ($4.20) | [1],[2] | ($4.30) | [1],[2] |
Actuarial loss | 0.4 | [1],[2] | 0.7 | [1],[2] | 1.1 | [1],[2] | 1.9 | [1],[2] |
Total before taxes | -1 | [2] | -0.7 | [2] | -3.1 | [2] | -2.4 | [2] |
Income tax benefit | 0.4 | [2] | 0.2 | [2] | 1.2 | [2] | 0.9 | [2] |
Total, net of tax | ($0.60) | [2] | ($0.50) | [2] | ($1.90) | [2] | ($1.50) | [2] |
[1] | These accumulated other comprehensive (income) loss components are included in the computation of postretirement benefit plan (benefit) and defined benefit plan expense. See Note 8. | |||||||
[2] | Amounts in parentheses indicate credits to net income. |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Oct. 11, 2011 | Aug. 15, 2011 | Sep. 30, 2013 | Feb. 21, 2013 | Nov. 26, 2012 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Harold Keene Coal Co | Harold Keene Coal Co | Harold Keene Coal Co | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | INR | INR | ||||
derivative_instrument | derivative_instrument | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of interest rate swap agreements | ' | ' | ' | ' | ' | ' | $100 | ' | $25 | ' | $125 | ' | 1,830 | 1,845 |
Interest rate swap agreement term (in years) | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Weighted average exchange rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54.81 | 56.075 |
Foreign exchange contract gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | ' | ' |
Number of derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 3 | ' | ' | ' |
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 | ' | 0.4 | ' | ' | ' | ' | ' | ' |
Increase (decrease) in interest cost due to mark to market impact | ' | ' | ' | ' | ' | 0.1 | ' | 0.4 | ' | ' | ' | ' | ' | ' |
Reduction of liability | ' | ' | 0.2 | 4.5 | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of Company's debt | 667.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $652 | $648.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Distribution_Agreement_
Equity Distribution Agreement (Details) (Common Units, SunCoke Energy Partners, L.P., USD $) | 3 Months Ended | |
Sep. 30, 2014 | Aug. 05, 2014 | |
Common Units | SunCoke Energy Partners, L.P. | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Authorized units - available for sale | ' | $75,000,000 |
Units sold during the period (in shares) | 62,956 | ' |
Proceeds from private placement debt | 1,800,000 | ' |
Amount available for future issuance | $73,200,000 | ' |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales and other operating revenue: | $367.50 | $373.10 | $1,083.20 | $1,194.80 | ' |
Adjusted EBITDA from continuing operations: | 68 | 51.1 | 167.9 | 159 | ' |
Legacy costs, net | -0.9 | -0.3 | -3.8 | -1.9 | ' |
Adjusted EBITDA from discontinued operations | -3.2 | -0.1 | -6.1 | -1.7 | ' |
Adjusted EBITDA | 63.9 | 50.7 | 158 | 155.4 | ' |
Depreciation and amortization expense: | 22.5 | 18.8 | 70.9 | 57.5 | ' |
Capital expenditures: | 26.4 | 31.8 | 102.5 | 87.2 | ' |
Assets, Excluding Tax Assets | 2,010 | 2,224.70 | 2,010 | 2,224.70 | ' |
Assets, Tax | 15.8 | 19.2 | 15.8 | 19.2 | ' |
Assets | 2,025.80 | 2,243.90 | 2,025.80 | 2,243.90 | 2,243.90 |
Domestic Coke | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Adjusted EBITDA from continuing operations: | 72.4 | 64.3 | 183.5 | 186.7 | ' |
Depreciation and amortization expense: | 19.3 | 16.8 | 60.9 | 52.4 | ' |
Capital expenditures: | 23.8 | 29.5 | 95.9 | 77.8 | ' |
Brazil Coke | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Adjusted EBITDA from continuing operations: | 2.5 | 1.5 | 6.7 | 4.7 | ' |
Depreciation and amortization expense: | 0.1 | 0.1 | 0.3 | 0.3 | ' |
Capital expenditures: | 0.2 | -0.2 | 0.6 | 0.6 | ' |
India Coke | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Adjusted EBITDA from continuing operations: | -1.3 | -2.1 | -1.7 | -1.3 | ' |
Coal Logistics | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Adjusted EBITDA from continuing operations: | 3.8 | 0.7 | 10.9 | 0.7 | ' |
Depreciation and amortization expense: | 2 | 0.2 | 5.6 | 0.2 | ' |
Capital expenditures: | 1.2 | 0 | 2 | 0 | ' |
Corporate and Other | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Adjusted EBITDA from continuing operations: | -9.4 | -13.3 | -31.5 | -31.8 | ' |
Depreciation and amortization expense: | 1.1 | 1.7 | 4.1 | 4.6 | ' |
Capital expenditures: | 1.2 | 2.5 | 4 | 8.8 | ' |
Operating Segments | Domestic Coke | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales and other operating revenue: | 349.9 | 364.8 | 1,027.90 | 1,168.80 | ' |
Operating Segments | Brazil Coke | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales and other operating revenue: | 8.9 | 8.2 | 27.2 | 25.9 | ' |
Operating Segments | Coal Logistics | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales and other operating revenue: | 8.7 | 0.1 | 28.1 | 0.1 | ' |
Operating Segments | Coal Logistics intersegment sales | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales and other operating revenue: | 4.9 | 1 | 13.6 | 1 | ' |
Operating Segments | Corporate and Other | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales and other operating revenue: | 4.3 | 4.8 | 14 | 12.6 | ' |
Intersegment Eliminations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales and other operating revenue: | -9.2 | -5.8 | -27.6 | -13.6 | ' |
Continuing Operations | Domestic Coke | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Assets, Excluding Tax Assets | 1,583.30 | 1,531.20 | 1,583.30 | 1,531.20 | ' |
Continuing Operations | Brazil Coke | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Assets, Excluding Tax Assets | 54 | 61.4 | 54 | 61.4 | ' |
Continuing Operations | India Coke | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Assets, Excluding Tax Assets | 55.8 | 57 | 55.8 | 57 | ' |
Continuing Operations | Coal Logistics | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Assets, Excluding Tax Assets | 116.9 | 119 | 116.9 | 119 | ' |
Continuing Operations | Corporate and Other | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Assets, Excluding Tax Assets | 146.4 | 294.2 | 146.4 | 294.2 | ' |
Discontinued Operations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Assets, Excluding Tax Assets | $53.60 | $161.90 | $53.60 | $161.90 | ' |
Business_Segment_Information_D1
Business Segment Information (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Adjusted EBITDA | ' | ' | ' | ' | ||||
Adjusted EBITDA attributable to SunCoke Energy, Inc. | $45.70 | $40.80 | $116 | $126.40 | ||||
Add: Adjusted EBITDA attributable to noncontrolling interests | 18.2 | [1] | 9.9 | [1] | 42 | [1] | 29 | [1] |
Adjusted EBITDA | 63.9 | 50.7 | 158 | 155.4 | ||||
Adjusted EBITDA from continuing operations | ' | ' | ' | ' | ||||
Adjusted EBITDA from discontinued operations | -3.2 | -0.1 | -6.1 | -1.7 | ||||
Legacy costs, net | -0.9 | -0.3 | -3.8 | -1.9 | ||||
Adjusted EBITDA from continuing operations: | 68 | 51.1 | 167.9 | 159 | ||||
Adjustments to EBITDA [Abstract] | ' | ' | ' | ' | ||||
Adjustment to unconsolidated affiliate earnings | 0.3 | [2] | 0.3 | [2] | 2.4 | [2] | 1.3 | [2] |
Depreciation and amortization expense | 22.5 | 18.8 | 70.9 | 57.5 | ||||
Interest expense, net | 11.9 | 12.1 | 51.1 | 40 | ||||
Income tax expense | 7.5 | 1.5 | 5 | 10 | ||||
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits | 0 | [3] | 2.2 | [3] | -0.5 | [3] | 5.7 | [3] |
Asset impairment | 0 | 0 | 15.1 | 0 | ||||
Legacy costs, net | -0.9 | -0.3 | -3.8 | -1.9 | ||||
Income from continuing operations | 24.9 | 15.9 | 20.1 | 42.6 | ||||
Loss from discontinued operations, net of tax(4) | 18.5 | [4] | 3.6 | [4] | 66.1 | [4] | 11.2 | [4] |
Net income (loss) | $6.40 | $12.30 | ($46) | $31.40 | ||||
[1] | Reflects noncontrolling interest in Indiana Harbor and the portion of the Partnership owned by public unitholders. | |||||||
[2] | Reflects share of interest, taxes, depreciation and amortization related to VISA SunCoke. | |||||||
[3] | At December 31, 2013, we had $13.6 million accrued related to sales discounts to be paid to our customer at our Granite City facility. During the first quarter of 2014, we settled this obligation for $13.1 million which resulted in a gain of $0.5 million. This gain is recorded in sales and other operating revenue on our Consolidated Statement of Operations. 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. | |||||||
[4] | Three Months Ended September 30, Nine Months Ended September 30, 2014 2013 2014 2013 (Dollars in millions)Adjusted EBITDA from discontinued operations $(3.2) $(0.1) $(6.1) $(1.7)Subtract: Depreciation and depletion from discontinued operations 0.3 4.4 9.5 13.0Interest from discontinued operations — — — —Income tax benefit from discontinued operations (1.4) (0.9) (53.9) (3.5)Asset and goodwill impairment from discontinued operations 16.4 — 104.4 —Loss from discontinued operations, net of tax $(18.5) $(3.6) $(66.1) $(11.2) |
Business_Segment_Information_D2
Business Segment Information (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |||||
Haverhill | Haverhill | ||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Adjusted EBITDA from discontinued operations | ($3.20) | ' | ($0.10) | ($6.10) | ($1.70) | ' | ' | ' | |||||
Depreciation, depletion and amortization | 0.3 | ' | 4.4 | 9.5 | 13 | ' | ' | ' | |||||
Interest from discontinued operations | 0 | ' | 0 | 0 | 0 | ' | ' | ' | |||||
Income tax benefit | -1.4 | ' | -0.9 | -53.9 | -3.5 | ' | ' | ' | |||||
Asset and goodwill impairment from discontinued operations | 16.4 | ' | 0 | 104.4 | 0 | ' | ' | ' | |||||
Loss from discontinued operations, net of tax | -18.5 | [1] | ' | -3.6 | [1] | -66.1 | [1] | -11.2 | [1] | ' | ' | ' | |
Accrued sales discounts | 0 | [2] | ' | ' | 0 | [2] | ' | 13.6 | [2] | ' | 12.4 | ||
Settlement of accrued sales discounts | ' | 13.1 | ' | ' | ' | ' | 11.8 | ' | |||||
Gain on settlement of accrued sales discounts | ' | $0.50 | ' | ' | ' | ' | $0.60 | ' | |||||
[1] | Three Months Ended September 30, Nine Months Ended September 30, 2014 2013 2014 2013 (Dollars in millions)Adjusted EBITDA from discontinued operations $(3.2) $(0.1) $(6.1) $(1.7)Subtract: Depreciation and depletion from discontinued operations 0.3 4.4 9.5 13.0Interest from discontinued operations — — — —Income tax benefit from discontinued operations (1.4) (0.9) (53.9) (3.5)Asset and goodwill impairment from discontinued operations 16.4 — 104.4 —Loss from discontinued operations, net of tax $(18.5) $(3.6) $(66.1) $(11.2) | ||||||||||||
[2] | At December 31, 2013, we had $13.6 million accrued related to sales discounts payable to our customer at our Granite City facility. During the first quarter of 2014, we settled this obligation for $13.1 million, which resulted in a gain of $0.5 million. This gain was recorded in sales and other operating revenue on our Consolidated Statement of Operations. |
Business_Segment_Information_D3
Business Segment Information (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Summary of total sales and other operating revenue by product or service | ' | ' | ' | ' |
Coke sales | $333.80 | $348.20 | $978.50 | $1,119.80 |
Steam and electricity sales | 16.2 | 16.6 | 49.6 | 49 |
Operating and licensing fees | 8.9 | 8.2 | 27.2 | 25.9 |
Coal logistics | 8.2 | 0.1 | 26.3 | 0.1 |
Other | 0.4 | 0 | 1.6 | 0 |
Sales and other operating revenue | $367.50 | $373.10 | $1,083.20 | $1,194.80 |
Business_Segment_Information_D4
Business Segment Information (Details Textual) | 9 Months Ended | 0 Months Ended | |
Sep. 30, 2014 | Mar. 18, 2013 | Sep. 30, 2014 | |
T | VISA SunCoke Limited | VISA SunCoke Limited | |
Cokemaking_facility | T | ||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of facilities (in cokemaking facilities) | 5 | ' | ' |
Ownership percentage | 100.00% | 49.00% | 49.00% |
Cokemaking facility capacity (in tons) | ' | 440,000 | ' |
Coal handling capacity (in tons) | 30,000,000 | ' | ' |
Supplemental_Condensed_Consoli2
Supplemental Condensed Consolidating Financial Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenue | $367.50 | $373.10 | $1,083.20 | $1,194.80 | ||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | ||||
Other (loss) income | 0.1 | 0.3 | 1.3 | 2.7 | ||||
Total revenues | 367.6 | 373.4 | 1,084.50 | 1,197.50 | ||||
Costs and operating expenses | ' | ' | ' | ' | ||||
Cost of products sold and operating expenses | 280.6 | 299.7 | 858.9 | 981 | ||||
Selling, general and administrative expenses | 18.7 | 23.1 | 60.4 | 63.9 | ||||
Depreciation and amortization expense: | 22.5 | 18.8 | 70.9 | 57.5 | ||||
Asset impairment | 0 | 0 | 15.1 | 0 | ||||
Total costs and operating expenses | 321.8 | 341.6 | 1,005.30 | 1,102.40 | ||||
Operating income | 45.8 | 31.8 | 79.2 | 95.1 | ||||
Interest (income) expense, net - affiliate | 0 | 0 | 0 | 0 | ||||
Interest expense (income), net | 11.9 | 12.1 | 51.1 | 40 | ||||
Total financing expense (income), net | 11.9 | 12.1 | 51.1 | 40 | ||||
Income before income tax expense and loss from equity method investment | 33.9 | 19.7 | 28.1 | 55.1 | ||||
Income tax expense | 7.5 | 1.5 | 5 | 10 | ||||
Loss from equity method investment | 1.5 | 2.3 | 3 | 2.5 | ||||
(Loss) income from continuing operations | 24.9 | 15.9 | 20.1 | 42.6 | ||||
Loss from discontinued operations, net of income tax benefit of $1.4 million, $0.9 million, $53.9 million and $3.5 million, respectively | -18.5 | [1] | -3.6 | [1] | -66.1 | [1] | -11.2 | [1] |
Net income (loss) | 6.4 | 12.3 | -46 | 31.4 | ||||
Less: Net income attributable to noncontrolling interests | 10 | 6.1 | 14.6 | 17.4 | ||||
Net (loss) income attributable to SunCoke Energy, Inc. | -3.6 | 6.2 | -60.6 | 14 | ||||
Comprehensive income | 3.4 | 1.7 | -46.6 | 16.4 | ||||
Less: Comprehensive income attributable to noncontrolling interests | 10 | 6.1 | 14.6 | 17.4 | ||||
Comprehensive income attributable to SunCoke Energy, Inc. | -6.6 | -4.4 | -61.2 | -1 | ||||
Issuer | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenue | 0 | 0 | 0 | 0 | ||||
Equity in earnings of subsidiaries | 11 | 14.4 | -50.3 | 42 | ||||
Other (loss) income | -0.1 | 0 | -0.1 | 0 | ||||
Total revenues | 10.9 | 14.4 | -50.4 | 42 | ||||
Costs and operating expenses | ' | ' | ' | ' | ||||
Cost of products sold and operating expenses | 0 | 0 | 0 | 0 | ||||
Selling, general and administrative expenses | 3.5 | 3.1 | 10.4 | 8.6 | ||||
Depreciation and amortization expense: | 0 | 0 | 0 | 0 | ||||
Asset impairment | ' | ' | 0 | ' | ||||
Total costs and operating expenses | 3.5 | 3.1 | 10.4 | 8.6 | ||||
Operating income | 7.4 | 11.3 | -60.8 | 33.4 | ||||
Interest (income) expense, net - affiliate | 0 | 0 | 0 | 0 | ||||
Interest expense (income), net | 5.2 | 9.5 | 21.3 | 28.6 | ||||
Total financing expense (income), net | 5.2 | 9.5 | 21.3 | 28.6 | ||||
Income before income tax expense and loss from equity method investment | 2.2 | 1.8 | -82.1 | 4.8 | ||||
Income tax expense | 5.8 | -4.4 | -21.5 | -9.2 | ||||
Loss from equity method investment | 0 | 0 | 0 | 0 | ||||
(Loss) income from continuing operations | -3.6 | 6.2 | -60.6 | 14 | ||||
Loss from discontinued operations, net of income tax benefit of $1.4 million, $0.9 million, $53.9 million and $3.5 million, respectively | 0 | 0 | 0 | 0 | ||||
Net income (loss) | -3.6 | 6.2 | -60.6 | 14 | ||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Net (loss) income attributable to SunCoke Energy, Inc. | -3.6 | 6.2 | -60.6 | 14 | ||||
Comprehensive income | -6.6 | -4.4 | -61.2 | -1 | ||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Comprehensive income attributable to SunCoke Energy, Inc. | -6.6 | -4.4 | -61.2 | -1 | ||||
Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenue | 111.1 | 114.3 | 325.7 | 350.7 | ||||
Equity in earnings of subsidiaries | 19.2 | 22.1 | 37.1 | 64.2 | ||||
Other (loss) income | 0.2 | 0.3 | 1.3 | 2.6 | ||||
Total revenues | 130.5 | 136.7 | 364.1 | 417.5 | ||||
Costs and operating expenses | ' | ' | ' | ' | ||||
Cost of products sold and operating expenses | 81.6 | 90.3 | 249.8 | 283.2 | ||||
Selling, general and administrative expenses | 8.4 | 11.2 | 28.7 | 34.2 | ||||
Depreciation and amortization expense: | 5.8 | 6.4 | 18 | 18.4 | ||||
Asset impairment | ' | ' | 15.1 | ' | ||||
Total costs and operating expenses | 95.8 | 107.9 | 311.6 | 335.8 | ||||
Operating income | 34.7 | 28.8 | 52.5 | 81.7 | ||||
Interest (income) expense, net - affiliate | -2 | -1.9 | -5.6 | -5.5 | ||||
Interest expense (income), net | -0.6 | -0.2 | -1.4 | -0.5 | ||||
Total financing expense (income), net | -2.6 | -2.1 | -7 | -6 | ||||
Income before income tax expense and loss from equity method investment | 37.3 | 30.9 | 59.5 | 87.7 | ||||
Income tax expense | 0.4 | 6.8 | 30.5 | 19.3 | ||||
Loss from equity method investment | 0 | 0 | 0 | 0 | ||||
(Loss) income from continuing operations | 36.9 | 24.1 | 29 | 68.4 | ||||
Loss from discontinued operations, net of income tax benefit of $1.4 million, $0.9 million, $53.9 million and $3.5 million, respectively | -18.5 | -3.6 | -66.1 | -11.2 | ||||
Net income (loss) | 18.4 | 20.5 | -37.1 | 57.2 | ||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Net (loss) income attributable to SunCoke Energy, Inc. | 18.4 | 20.5 | -37.1 | 57.2 | ||||
Comprehensive income | 17.8 | 20.1 | -39 | 55.9 | ||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Comprehensive income attributable to SunCoke Energy, Inc. | 17.8 | 20.1 | -39 | 55.9 | ||||
Non- Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenue | 256.4 | 258.8 | 757.5 | 844.1 | ||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | ||||
Other (loss) income | 0 | 0 | 0.1 | 0.1 | ||||
Total revenues | 256.4 | 258.8 | 757.6 | 844.2 | ||||
Costs and operating expenses | ' | ' | ' | ' | ||||
Cost of products sold and operating expenses | 199 | 209.4 | 609.1 | 697.8 | ||||
Selling, general and administrative expenses | 6.8 | 8.8 | 21.3 | 21.1 | ||||
Depreciation and amortization expense: | 16.7 | 12.4 | 52.9 | 39.1 | ||||
Asset impairment | ' | ' | 0 | ' | ||||
Total costs and operating expenses | 222.5 | 230.6 | 683.3 | 758 | ||||
Operating income | 33.9 | 28.2 | 74.3 | 86.2 | ||||
Interest (income) expense, net - affiliate | 2 | 1.9 | 5.6 | 5.5 | ||||
Interest expense (income), net | 7.3 | 2.8 | 31.2 | 11.9 | ||||
Total financing expense (income), net | 9.3 | 4.7 | 36.8 | 17.4 | ||||
Income before income tax expense and loss from equity method investment | 24.6 | 23.5 | 37.5 | 68.8 | ||||
Income tax expense | 1.3 | -0.9 | -4 | -0.1 | ||||
Loss from equity method investment | 1.5 | 2.3 | 3 | 2.5 | ||||
(Loss) income from continuing operations | 21.8 | 22.1 | 38.5 | 66.4 | ||||
Loss from discontinued operations, net of income tax benefit of $1.4 million, $0.9 million, $53.9 million and $3.5 million, respectively | 0 | 0 | 0 | 0 | ||||
Net income (loss) | 21.8 | 22.1 | 38.5 | 66.4 | ||||
Less: Net income attributable to noncontrolling interests | 10 | 6.1 | 14.6 | 17.4 | ||||
Net (loss) income attributable to SunCoke Energy, Inc. | 11.8 | 16 | 23.9 | 49 | ||||
Comprehensive income | 19.4 | 11.9 | 39.8 | 52.7 | ||||
Less: Comprehensive income attributable to noncontrolling interests | 10 | 6.1 | 14.6 | 17.4 | ||||
Comprehensive income attributable to SunCoke Energy, Inc. | 9.4 | 5.8 | 25.2 | 35.3 | ||||
Combining and Consolidating Adjustments | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ||||
Sales and other operating revenue | 0 | 0 | 0 | 0 | ||||
Equity in earnings of subsidiaries | -30.2 | -36.5 | 13.2 | -106.2 | ||||
Other (loss) income | 0 | 0 | 0 | 0 | ||||
Total revenues | -30.2 | -36.5 | 13.2 | -106.2 | ||||
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 and amortization expense: | 0 | 0 | 0 | 0 | ||||
Asset impairment | ' | ' | 0 | ' | ||||
Total costs and operating expenses | 0 | 0 | 0 | 0 | ||||
Operating income | -30.2 | -36.5 | 13.2 | -106.2 | ||||
Interest (income) expense, net - affiliate | 0 | 0 | 0 | 0 | ||||
Interest expense (income), net | 0 | 0 | 0 | 0 | ||||
Total financing expense (income), net | 0 | 0 | 0 | 0 | ||||
Income before income tax expense and loss from equity method investment | -30.2 | -36.5 | 13.2 | -106.2 | ||||
Income tax expense | 0 | 0 | 0 | 0 | ||||
Loss from equity method investment | 0 | 0 | 0 | 0 | ||||
(Loss) income from continuing operations | -30.2 | -36.5 | 13.2 | -106.2 | ||||
Loss from discontinued operations, net of income tax benefit of $1.4 million, $0.9 million, $53.9 million and $3.5 million, respectively | 0 | 0 | 0 | 0 | ||||
Net income (loss) | -30.2 | -36.5 | 13.2 | -106.2 | ||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Net (loss) income attributable to SunCoke Energy, Inc. | -30.2 | -36.5 | 13.2 | -106.2 | ||||
Comprehensive income | -27.2 | -25.9 | 13.8 | -91.2 | ||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Comprehensive income attributable to SunCoke Energy, Inc. | ($27.20) | ($25.90) | $13.80 | ($91.20) | ||||
[1] | Three Months Ended September 30, Nine Months Ended September 30, 2014 2013 2014 2013 (Dollars in millions)Adjusted EBITDA from discontinued operations $(3.2) $(0.1) $(6.1) $(1.7)Subtract: Depreciation and depletion from discontinued operations 0.3 4.4 9.5 13.0Interest from discontinued operations — — — —Income tax benefit from discontinued operations (1.4) (0.9) (53.9) (3.5)Asset and goodwill impairment from discontinued operations 16.4 — 104.4 —Loss from discontinued operations, net of tax $(18.5) $(3.6) $(66.1) $(11.2) |
Supplemental_Condensed_Consoli3
Supplemental Condensed Consolidating Financial Information (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $114.80 | $233.60 | $268.80 | $239.20 |
Receivables | 64 | 85.3 | ' | ' |
Inventories | 139.2 | 125.7 | ' | ' |
Income tax receivable | 3.2 | 6.6 | ' | ' |
Deferred income taxes | 12.6 | 12.6 | ' | ' |
Other current assets | 4.4 | 2.3 | ' | ' |
Current assets held for sale | 53.6 | 15.8 | ' | ' |
Advances to affiliates | 0 | 0 | ' | ' |
Interest receivable from affiliate | 0 | 0 | ' | ' |
Total current assets | 391.8 | 481.9 | ' | ' |
Notes receivable from affiliate | 0 | 0 | ' | ' |
Investment in Brazilian cokemaking operations | 41 | 41 | ' | ' |
Equity method investment in VISA SunCoke Limited | 55.6 | 56.8 | ' | ' |
Properties, plants and equipment, net | 1,475.90 | 1,458.90 | ' | ' |
Goodwill and other intangible assets, net | 18.7 | 19.4 | ' | ' |
Deferred charges and other assets | 42.8 | 39.8 | ' | ' |
Long-term assets held for sale | 0 | 146.1 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Assets | 2,025.80 | 2,243.90 | 2,243.90 | ' |
Liabilities and Equity | ' | ' | ' | ' |
Advances from affiliate | 0 | 0 | ' | ' |
Accounts payable | 105.3 | 138.4 | ' | ' |
Accrued liabilities | 42.9 | 59.5 | ' | ' |
Short-term debt, including current portion of long-term debt | 0 | 41 | ' | ' |
Interest payable | 8 | 18.2 | ' | ' |
Interest payable to affiliate | 0 | 0 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Current liabilities held for sale | 28.2 | 25.9 | ' | ' |
Total current liabilities | 184.4 | 283 | ' | ' |
Long-term debt | 652 | 648.1 | ' | ' |
Payable to affiliate | 0 | 0 | ' | ' |
Accrual for black lung benefits | 32 | 32.4 | ' | ' |
Retirement benefit liabilities | 34.3 | 34.8 | ' | ' |
Deferred income taxes | 317.4 | 376.6 | ' | ' |
Asset retirement obligations | 12.2 | 11.3 | ' | ' |
Other deferred credits and liabilities | 16 | 14.4 | ' | ' |
Long-term liabilities held for sale | 0 | 11 | ' | ' |
Total liabilities | 1,248.30 | 1,411.60 | ' | ' |
Equity | ' | ' | ' | ' |
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at September 30, 2014 and December 31, 2013 | 0 | 0 | ' | ' |
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,434,769 and 69,636,785 shares at September 30, 2014 and December 31, 2013, respectively | 0.7 | 0.7 | ' | ' |
Treasury stock 1,755,355 shares at September 30, 2014 and 1,255,355 at December 31, 2013 | -30 | -19.9 | ' | ' |
Additional paid-in capital | 465.4 | 446.9 | ' | ' |
Accumulated other comprehensive loss | -14.7 | -14.1 | ' | ' |
Retained earnings | 83.2 | 143.8 | ' | ' |
Total SunCoke Energy, Inc. stockholders’ equity | 504.6 | 557.4 | ' | ' |
Noncontrolling interests | 272.9 | 274.9 | ' | ' |
Total equity | 777.5 | 832.3 | ' | ' |
Total liabilities and equity | 2,025.80 | 2,243.90 | ' | ' |
Issuer | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Income tax receivable | 26.2 | 39.9 | ' | ' |
Deferred income taxes | 12.2 | 9.4 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Current assets held for sale | 0 | 0 | ' | ' |
Advances to affiliates | 0 | 48.2 | ' | ' |
Interest receivable from affiliate | 0 | 0 | ' | ' |
Total current assets | 38.4 | 97.5 | ' | ' |
Notes receivable from affiliate | 0 | 0 | ' | ' |
Investment in Brazilian cokemaking operations | 0 | 0 | ' | ' |
Equity method investment in VISA SunCoke Limited | 0 | 0 | ' | ' |
Properties, plants and equipment, net | 0 | 0 | ' | ' |
Goodwill and other intangible assets, net | 0 | 0 | ' | ' |
Deferred charges and other assets | 6 | 11.7 | ' | ' |
Long-term assets held for sale | 0 | 0 | ' | ' |
Investment in subsidiaries | 776 | 963.3 | ' | ' |
Assets | 820.4 | 1,072.50 | ' | ' |
Liabilities and Equity | ' | ' | ' | ' |
Advances from affiliate | 70.7 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued liabilities | 0.1 | 0.5 | ' | ' |
Short-term debt, including current portion of long-term debt | ' | 1 | ' | ' |
Interest payable | 3.1 | 13.6 | ' | ' |
Interest payable to affiliate | 0 | 0 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Current liabilities held for sale | 0 | 0 | ' | ' |
Total current liabilities | 73.9 | 15.1 | ' | ' |
Long-term debt | 240 | 498.4 | ' | ' |
Payable to affiliate | 0 | 0 | ' | ' |
Accrual for black lung benefits | 0 | 0 | ' | ' |
Retirement benefit liabilities | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Asset retirement obligations | 0 | 0 | ' | ' |
Other deferred credits and liabilities | 1.9 | 1.6 | ' | ' |
Long-term liabilities held for sale | 0 | 0 | ' | ' |
Total liabilities | 315.8 | 515.1 | ' | ' |
Equity | ' | ' | ' | ' |
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at September 30, 2014 and December 31, 2013 | 0 | 0 | ' | ' |
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,434,769 and 69,636,785 shares at September 30, 2014 and December 31, 2013, respectively | 0.7 | 0.7 | ' | ' |
Treasury stock 1,755,355 shares at September 30, 2014 and 1,255,355 at December 31, 2013 | -30 | -19.9 | ' | ' |
Additional paid-in capital | 465.4 | 446.9 | ' | ' |
Accumulated other comprehensive loss | -14.7 | -14.1 | ' | ' |
Retained earnings | 83.2 | 143.8 | ' | ' |
Total SunCoke Energy, Inc. stockholders’ equity | 504.6 | 557.4 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 504.6 | 557.4 | ' | ' |
Total liabilities and equity | 820.4 | 1,072.50 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 82.3 | 184.7 | 188.9 | 206.9 |
Receivables | 17 | 47.2 | ' | ' |
Inventories | 35.7 | 34.5 | ' | ' |
Income tax receivable | 0 | 0 | ' | ' |
Deferred income taxes | 11.8 | 11.8 | ' | ' |
Other current assets | 3 | 1.3 | ' | ' |
Current assets held for sale | 53.6 | 15.8 | ' | ' |
Advances to affiliates | 162.6 | 33.6 | ' | ' |
Interest receivable from affiliate | 5.6 | 7.3 | ' | ' |
Total current assets | 371.6 | 336.2 | ' | ' |
Notes receivable from affiliate | 89 | 89 | ' | ' |
Investment in Brazilian cokemaking operations | 0 | 0 | ' | ' |
Equity method investment in VISA SunCoke Limited | 0 | 0 | ' | ' |
Properties, plants and equipment, net | 391.1 | 415.7 | ' | ' |
Goodwill and other intangible assets, net | 3.4 | 3.4 | ' | ' |
Deferred charges and other assets | 20.9 | 18.4 | ' | ' |
Long-term assets held for sale | 0 | 146.1 | ' | ' |
Investment in subsidiaries | 505.4 | 723.8 | ' | ' |
Assets | 1,381.40 | 1,732.60 | ' | ' |
Liabilities and Equity | ' | ' | ' | ' |
Advances from affiliate | 0 | 48.2 | ' | ' |
Accounts payable | 26.5 | 32.9 | ' | ' |
Accrued liabilities | 25 | 42.6 | ' | ' |
Short-term debt, including current portion of long-term debt | ' | 0 | ' | ' |
Interest payable | 0 | 0 | ' | ' |
Interest payable to affiliate | 0 | 0 | ' | ' |
Income taxes payable | 30.9 | 46.7 | ' | ' |
Current liabilities held for sale | 28.2 | 25.9 | ' | ' |
Total current liabilities | 110.6 | 196.3 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Payable to affiliate | 300 | 300 | ' | ' |
Accrual for black lung benefits | 32 | 32.4 | ' | ' |
Retirement benefit liabilities | 34.3 | 34.8 | ' | ' |
Deferred income taxes | 326.4 | 383.9 | ' | ' |
Asset retirement obligations | 9.7 | 8.9 | ' | ' |
Other deferred credits and liabilities | 13 | 12.2 | ' | ' |
Long-term liabilities held for sale | 0 | 11 | ' | ' |
Total liabilities | 826 | 979.5 | ' | ' |
Equity | ' | ' | ' | ' |
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at September 30, 2014 and December 31, 2013 | 0 | 0 | ' | ' |
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,434,769 and 69,636,785 shares at September 30, 2014 and December 31, 2013, respectively | 0 | 0 | ' | ' |
Treasury stock 1,755,355 shares at September 30, 2014 and 1,255,355 at December 31, 2013 | 0 | 0 | ' | ' |
Additional paid-in capital | 195.5 | 354.2 | ' | ' |
Accumulated other comprehensive loss | -4.6 | -2.7 | ' | ' |
Retained earnings | 364.5 | 401.6 | ' | ' |
Total SunCoke Energy, Inc. stockholders’ equity | 555.4 | 753.1 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 555.4 | 753.1 | ' | ' |
Total liabilities and equity | 1,381.40 | 1,732.60 | ' | ' |
Non- Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 32.5 | 48.9 | 79.9 | 32.3 |
Receivables | 47 | 38.1 | ' | ' |
Inventories | 103.5 | 91.2 | ' | ' |
Income tax receivable | 7.9 | 13.4 | ' | ' |
Deferred income taxes | 0.8 | 0.8 | ' | ' |
Other current assets | 1.4 | 1 | ' | ' |
Current assets held for sale | 0 | 0 | ' | ' |
Advances to affiliates | 0 | 0 | ' | ' |
Interest receivable from affiliate | 0 | 0 | ' | ' |
Total current assets | 193.1 | 193.4 | ' | ' |
Notes receivable from affiliate | 300 | 300 | ' | ' |
Investment in Brazilian cokemaking operations | 41 | 41 | ' | ' |
Equity method investment in VISA SunCoke Limited | 55.6 | 56.8 | ' | ' |
Properties, plants and equipment, net | 1,084.80 | 1,043.20 | ' | ' |
Goodwill and other intangible assets, net | 15.3 | 16 | ' | ' |
Deferred charges and other assets | 15.9 | 9.7 | ' | ' |
Long-term assets held for sale | 0 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Assets | 1,705.70 | 1,660.10 | ' | ' |
Liabilities and Equity | ' | ' | ' | ' |
Advances from affiliate | 91.9 | 33.6 | ' | ' |
Accounts payable | 78.8 | 105.5 | ' | ' |
Accrued liabilities | 17.8 | 16.4 | ' | ' |
Short-term debt, including current portion of long-term debt | ' | 40 | ' | ' |
Interest payable | 4.9 | 4.6 | ' | ' |
Interest payable to affiliate | 5.6 | 7.3 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Current liabilities held for sale | 0 | 0 | ' | ' |
Total current liabilities | 199 | 207.4 | ' | ' |
Long-term debt | 412 | 149.7 | ' | ' |
Payable to affiliate | 89 | 89 | ' | ' |
Accrual for black lung benefits | 0 | 0 | ' | ' |
Retirement benefit liabilities | 0 | 0 | ' | ' |
Deferred income taxes | 3.2 | 2.1 | ' | ' |
Asset retirement obligations | 2.5 | 2.4 | ' | ' |
Other deferred credits and liabilities | 1.1 | 0.6 | ' | ' |
Long-term liabilities held for sale | 0 | 0 | ' | ' |
Total liabilities | 706.8 | 451.2 | ' | ' |
Equity | ' | ' | ' | ' |
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at September 30, 2014 and December 31, 2013 | 0 | 0 | ' | ' |
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,434,769 and 69,636,785 shares at September 30, 2014 and December 31, 2013, respectively | 0 | 0 | ' | ' |
Treasury stock 1,755,355 shares at September 30, 2014 and 1,255,355 at December 31, 2013 | 0 | 0 | ' | ' |
Additional paid-in capital | 512.4 | 745.6 | ' | ' |
Accumulated other comprehensive loss | -10.1 | -11.4 | ' | ' |
Retained earnings | 223.7 | 199.8 | ' | ' |
Total SunCoke Energy, Inc. stockholders’ equity | 726 | 934 | ' | ' |
Noncontrolling interests | 272.9 | 274.9 | ' | ' |
Total equity | 998.9 | 1,208.90 | ' | ' |
Total liabilities and equity | 1,705.70 | 1,660.10 | ' | ' |
Combining and Consolidating Adjustments | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Income tax receivable | -30.9 | -46.7 | ' | ' |
Deferred income taxes | -12.2 | -9.4 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Current assets held for sale | 0 | 0 | ' | ' |
Advances to affiliates | -162.6 | -81.8 | ' | ' |
Interest receivable from affiliate | -5.6 | -7.3 | ' | ' |
Total current assets | -211.3 | -145.2 | ' | ' |
Notes receivable from affiliate | -389 | -389 | ' | ' |
Investment in Brazilian cokemaking operations | 0 | ' | ' | ' |
Equity method investment in VISA SunCoke Limited | 0 | 0 | ' | ' |
Properties, plants and equipment, net | 0 | 0 | ' | ' |
Goodwill and other intangible assets, net | 0 | 0 | ' | ' |
Deferred charges and other assets | 0 | 0 | ' | ' |
Long-term assets held for sale | 0 | 0 | ' | ' |
Investment in subsidiaries | -1,281.40 | -1,687.10 | ' | ' |
Assets | -1,881.70 | -2,221.30 | ' | ' |
Liabilities and Equity | ' | ' | ' | ' |
Advances from affiliate | -162.6 | -81.8 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Short-term debt, including current portion of long-term debt | ' | 0 | ' | ' |
Interest payable | 0 | 0 | ' | ' |
Interest payable to affiliate | -5.6 | -7.3 | ' | ' |
Income taxes payable | -30.9 | -46.7 | ' | ' |
Current liabilities held for sale | 0 | 0 | ' | ' |
Total current liabilities | -199.1 | -135.8 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Payable to affiliate | -389 | -389 | ' | ' |
Accrual for black lung benefits | 0 | 0 | ' | ' |
Retirement benefit liabilities | 0 | 0 | ' | ' |
Deferred income taxes | -12.2 | -9.4 | ' | ' |
Asset retirement obligations | 0 | 0 | ' | ' |
Other deferred credits and liabilities | 0 | 0 | ' | ' |
Long-term liabilities held for sale | 0 | 0 | ' | ' |
Total liabilities | -600.3 | -534.2 | ' | ' |
Equity | ' | ' | ' | ' |
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued and outstanding shares at September 30, 2014 and December 31, 2013 | 0 | 0 | ' | ' |
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 69,434,769 and 69,636,785 shares at September 30, 2014 and December 31, 2013, respectively | 0 | 0 | ' | ' |
Treasury stock 1,755,355 shares at September 30, 2014 and 1,255,355 at December 31, 2013 | 0 | 0 | ' | ' |
Additional paid-in capital | -707.9 | -1,099.80 | ' | ' |
Accumulated other comprehensive loss | 14.7 | 14.1 | ' | ' |
Retained earnings | -588.2 | -601.4 | ' | ' |
Total SunCoke Energy, Inc. stockholders’ equity | -1,281.40 | -1,687.10 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | -1,281.40 | -1,687.10 | ' | ' |
Total liabilities and equity | ($1,881.70) | ($2,221.30) | ' | ' |
Supplemental_Condensed_Consoli4
Supplemental Condensed Consolidating Financial Information (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||||
Cash Flows from Continuing Operating Activities: | ' | ' | ' | ' | ||||
Net income (loss) | $6,400,000 | $12,300,000 | ($46,000,000) | $31,400,000 | ||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ' | ' | ' | ' | ||||
Loss from discontinued operations, net of income tax benefit of $1.4 million, $0.9 million, $53.9 million and $3.5 million, respectively | 18,500,000 | [1] | 3,600,000 | [1] | 66,100,000 | [1] | 11,200,000 | [1] |
Asset impairment | 0 | 0 | 15,100,000 | 0 | ||||
Depreciation and amortization expense: | 22,500,000 | 18,800,000 | 70,900,000 | 57,500,000 | ||||
Deferred income tax (benefit) expense | ' | ' | -4,100,000 | 5,200,000 | ||||
Payments in excess of expense for retirement plans | ' | ' | -700,000 | -1,600,000 | ||||
Share-based compensation expense | ' | ' | 7,600,000 | 5,500,000 | ||||
Excess tax benefit from share-based awards | ' | ' | -300,000 | 0 | ||||
Loss from equity method investment | 1,500,000 | 2,300,000 | 3,000,000 | 2,500,000 | ||||
Loss on extinguishment of debt | ' | ' | 15,400,000 | 0 | ||||
Equity in (earnings) loss of subsidiaries | ' | ' | 0 | 0 | ||||
Changes in working capital pertaining to operating activities: | ' | ' | ' | ' | ||||
Receivables | ' | ' | 21,300,000 | 7,600,000 | ||||
Inventories | ' | ' | -13,500,000 | 29,900,000 | ||||
Accounts payable | ' | ' | -33,100,000 | -2,200,000 | ||||
Accrued liabilities | ' | ' | -16,600,000 | -28,900,000 | ||||
Interest payable | ' | ' | -10,200,000 | -7,900,000 | ||||
Income taxes | ' | ' | 3,700,000 | -7,200,000 | ||||
Other | ' | ' | -4,500,000 | -2,200,000 | ||||
Net cash provided by continuing operating activities | ' | ' | 74,100,000 | 100,800,000 | ||||
Cash Flows from Continuing Investing Activities: | ' | ' | ' | ' | ||||
Capital expenditures | ' | ' | -102,500,000 | -87,200,000 | ||||
Acquisition of business | ' | ' | 0 | -28,600,000 | ||||
Equity method investment in VISA SunCoke Limited | ' | ' | 0 | -67,700,000 | ||||
Net cash used in continuing investing activities | ' | ' | -102,500,000 | -183,500,000 | ||||
Cash Flows from Continuing Financing Activities: | ' | ' | ' | ' | ||||
Net proceeds from issuance of SunCoke Energy Partners, L.P. units | ' | ' | 90,500,000 | 237,800,000 | ||||
Proceeds from issuance of long-term debt | ' | ' | 268,100,000 | 150,000,000 | ||||
Repayment of long-term debt | ' | ' | -276,500,000 | -225,000,000 | ||||
Debt issuance costs | ' | ' | -5,800,000 | -6,900,000 | ||||
Proceeds from revolving facility | ' | ' | 40,000,000 | 0 | ||||
Repayment of revolving facility | ' | ' | -80,000,000 | 0 | ||||
Cash distribution to noncontrolling interests | ' | ' | -23,400,000 | -12,000,000 | ||||
Shares repurchased | ' | ' | -85,100,000 | -10,900,000 | ||||
Proceeds from exercise of stock options | ' | ' | 1,900,000 | 900,000 | ||||
Excess tax benefit from share-based awards | ' | ' | 300,000 | 0 | ||||
Net increase (decrease) in advances from affiliate | ' | ' | 0 | 0 | ||||
Net cash provided by continuing financing activities | ' | ' | -70,000,000 | 133,900,000 | ||||
Net (decrease) increase in cash and cash equivalents from continuing operations | ' | ' | -98,400,000 | 51,200,000 | ||||
Cash flows from discontinued operations - operating activities | ' | ' | -15,700,000 | -13,200,000 | ||||
Cash flows from discontinued operations - investing activities | ' | ' | -4,700,000 | -8,400,000 | ||||
Cash flows from discontinued operations - financing activities | ' | ' | ' | 0 | ||||
Net decrease in cash and cash equivalents from discontinued operations | ' | ' | -20,400,000 | -21,600,000 | ||||
Net (decrease) increase in cash and cash equivalents | ' | ' | -118,800,000 | 29,600,000 | ||||
Cash and cash equivalents at beginning of period | ' | ' | 233,600,000 | 239,200,000 | ||||
Cash and cash equivalents at end of period | 114,800,000 | 268,800,000 | 114,800,000 | 268,800,000 | ||||
Issuer | ' | ' | ' | ' | ||||
Cash Flows from Continuing Operating Activities: | ' | ' | ' | ' | ||||
Net income (loss) | -3,600,000 | 6,200,000 | -60,600,000 | 14,000,000 | ||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ' | ' | ' | ' | ||||
Loss from discontinued operations, net of income tax benefit of $1.4 million, $0.9 million, $53.9 million and $3.5 million, respectively | 0 | 0 | 0 | 0 | ||||
Asset impairment | ' | ' | 0 | ' | ||||
Depreciation and amortization expense: | 0 | 0 | 0 | 0 | ||||
Deferred income tax (benefit) expense | ' | ' | 0 | 0 | ||||
Payments in excess of expense for retirement plans | ' | ' | 0 | 0 | ||||
Share-based compensation expense | ' | ' | 7,600,000 | 5,500,000 | ||||
Excess tax benefit from share-based awards | ' | ' | -300,000 | ' | ||||
Loss from equity method investment | 0 | 0 | 0 | 0 | ||||
Loss on extinguishment of debt | ' | ' | 0 | ' | ||||
Equity in (earnings) loss of subsidiaries | ' | ' | 50,300,000 | -42,000,000 | ||||
Changes in working capital pertaining to operating activities: | ' | ' | ' | ' | ||||
Receivables | ' | ' | 0 | -100,000 | ||||
Inventories | ' | ' | 0 | 0 | ||||
Accounts payable | ' | ' | 0 | -500,000 | ||||
Accrued liabilities | ' | ' | -400,000 | -100,000 | ||||
Interest payable | ' | ' | -10,500,000 | -9,700,000 | ||||
Income taxes | ' | ' | 14,000,000 | -14,400,000 | ||||
Other | ' | ' | 3,200,000 | 8,400,000 | ||||
Net cash provided by continuing operating activities | ' | ' | 3,300,000 | -38,900,000 | ||||
Cash Flows from Continuing Investing Activities: | ' | ' | ' | ' | ||||
Capital expenditures | ' | ' | 0 | 0 | ||||
Acquisition of business | ' | ' | ' | 0 | ||||
Equity method investment in VISA SunCoke Limited | ' | ' | ' | 0 | ||||
Net cash used in continuing investing activities | ' | ' | 0 | 0 | ||||
Cash Flows from Continuing Financing Activities: | ' | ' | ' | ' | ||||
Net proceeds from issuance of SunCoke Energy Partners, L.P. units | ' | ' | 0 | 0 | ||||
Proceeds from issuance of long-term debt | ' | ' | 0 | 0 | ||||
Repayment of long-term debt | ' | ' | -200,000 | 0 | ||||
Debt issuance costs | ' | ' | 0 | -1,600,000 | ||||
Proceeds from revolving facility | ' | ' | 0 | 0 | ||||
Repayment of revolving facility | ' | ' | 0 | 0 | ||||
Cash distribution to noncontrolling interests | ' | ' | 0 | 0 | ||||
Shares repurchased | ' | ' | -85,100,000 | -10,900,000 | ||||
Proceeds from exercise of stock options | ' | ' | 1,900,000 | 900,000 | ||||
Excess tax benefit from share-based awards | ' | ' | 300,000 | ' | ||||
Net increase (decrease) in advances from affiliate | ' | ' | 79,800,000 | 50,500,000 | ||||
Net cash provided by continuing financing activities | ' | ' | -3,300,000 | 38,900,000 | ||||
Net (decrease) increase in cash and cash equivalents from continuing operations | ' | ' | 0 | 0 | ||||
Cash flows from discontinued operations - operating activities | ' | ' | 0 | 0 | ||||
Cash flows from discontinued operations - investing activities | ' | ' | 0 | 0 | ||||
Cash flows from discontinued operations - financing activities | ' | ' | ' | 0 | ||||
Net decrease in cash and cash equivalents from discontinued operations | ' | ' | 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 | ||||
Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Cash Flows from Continuing Operating Activities: | ' | ' | ' | ' | ||||
Net income (loss) | 18,400,000 | 20,500,000 | -37,100,000 | 57,200,000 | ||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ' | ' | ' | ' | ||||
Loss from discontinued operations, net of income tax benefit of $1.4 million, $0.9 million, $53.9 million and $3.5 million, respectively | 18,500,000 | 3,600,000 | 66,100,000 | 11,200,000 | ||||
Asset impairment | ' | ' | 15,100,000 | ' | ||||
Depreciation and amortization expense: | 5,800,000 | 6,400,000 | 18,000,000 | 18,400,000 | ||||
Deferred income tax (benefit) expense | ' | ' | -4,100,000 | 5,200,000 | ||||
Payments in excess of expense for retirement plans | ' | ' | -700,000 | -1,500,000 | ||||
Share-based compensation expense | ' | ' | 0 | 0 | ||||
Excess tax benefit from share-based awards | ' | ' | 0 | ' | ||||
Loss from equity method investment | 0 | 0 | 0 | 0 | ||||
Loss on extinguishment of debt | ' | ' | 0 | ' | ||||
Equity in (earnings) loss of subsidiaries | ' | ' | -37,100,000 | -64,200,000 | ||||
Changes in working capital pertaining to operating activities: | ' | ' | ' | ' | ||||
Receivables | ' | ' | 30,200,000 | -1,000,000 | ||||
Inventories | ' | ' | -1,200,000 | 14,000,000 | ||||
Accounts payable | ' | ' | -6,400,000 | -2,500,000 | ||||
Accrued liabilities | ' | ' | -17,600,000 | -13,200,000 | ||||
Interest payable | ' | ' | 1,700,000 | -5,500,000 | ||||
Income taxes | ' | ' | -15,800,000 | 17,700,000 | ||||
Other | ' | ' | -4,300,000 | -1,800,000 | ||||
Net cash provided by continuing operating activities | ' | ' | 6,800,000 | 34,000,000 | ||||
Cash Flows from Continuing Investing Activities: | ' | ' | ' | ' | ||||
Capital expenditures | ' | ' | -8,400,000 | -12,000,000 | ||||
Acquisition of business | ' | ' | ' | 0 | ||||
Equity method investment in VISA SunCoke Limited | ' | ' | ' | 0 | ||||
Net cash used in continuing investing activities | ' | ' | -8,400,000 | -12,000,000 | ||||
Cash Flows from Continuing Financing Activities: | ' | ' | ' | ' | ||||
Net proceeds from issuance of SunCoke Energy Partners, L.P. units | ' | ' | 0 | 0 | ||||
Proceeds from issuance of long-term debt | ' | ' | 0 | 0 | ||||
Repayment of long-term debt | ' | ' | 0 | 0 | ||||
Debt issuance costs | ' | ' | 0 | 0 | ||||
Proceeds from revolving facility | ' | ' | 0 | 0 | ||||
Repayment of revolving facility | ' | ' | 0 | 0 | ||||
Cash distribution to noncontrolling interests | ' | ' | 0 | 0 | ||||
Shares repurchased | ' | ' | 0 | 0 | ||||
Proceeds from exercise of stock options | ' | ' | 0 | 0 | ||||
Excess tax benefit from share-based awards | ' | ' | 0 | ' | ||||
Net increase (decrease) in advances from affiliate | ' | ' | -80,400,000 | -18,400,000 | ||||
Net cash provided by continuing financing activities | ' | ' | -80,400,000 | -18,400,000 | ||||
Net (decrease) increase in cash and cash equivalents from continuing operations | ' | ' | -82,000,000 | 3,600,000 | ||||
Cash flows from discontinued operations - operating activities | ' | ' | -15,700,000 | -13,200,000 | ||||
Cash flows from discontinued operations - investing activities | ' | ' | -4,700,000 | -8,400,000 | ||||
Cash flows from discontinued operations - financing activities | ' | ' | ' | 0 | ||||
Net decrease in cash and cash equivalents from discontinued operations | ' | ' | -20,400,000 | -21,600,000 | ||||
Net (decrease) increase in cash and cash equivalents | ' | ' | -102,400,000 | -18,000,000 | ||||
Cash and cash equivalents at beginning of period | ' | ' | 184,700,000 | 206,900,000 | ||||
Cash and cash equivalents at end of period | 82,300,000 | 188,900,000 | 82,300,000 | 188,900,000 | ||||
Non- Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Cash Flows from Continuing Operating Activities: | ' | ' | ' | ' | ||||
Net income (loss) | 21,800,000 | 22,100,000 | 38,500,000 | 66,400,000 | ||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ' | ' | ' | ' | ||||
Loss from discontinued operations, net of income tax benefit of $1.4 million, $0.9 million, $53.9 million and $3.5 million, respectively | 0 | 0 | 0 | 0 | ||||
Asset impairment | ' | ' | 0 | ' | ||||
Depreciation and amortization expense: | 16,700,000 | 12,400,000 | 52,900,000 | 39,100,000 | ||||
Deferred income tax (benefit) expense | ' | ' | 0 | 0 | ||||
Payments in excess of expense for retirement plans | ' | ' | 0 | -100,000 | ||||
Share-based compensation expense | ' | ' | 0 | 0 | ||||
Excess tax benefit from share-based awards | ' | ' | 0 | ' | ||||
Loss from equity method investment | 1,500,000 | 2,300,000 | 3,000,000 | 2,500,000 | ||||
Loss on extinguishment of debt | ' | ' | 15,400,000 | ' | ||||
Equity in (earnings) loss of subsidiaries | ' | ' | 0 | 0 | ||||
Changes in working capital pertaining to operating activities: | ' | ' | ' | ' | ||||
Receivables | ' | ' | -8,900,000 | 8,700,000 | ||||
Inventories | ' | ' | -12,300,000 | 15,900,000 | ||||
Accounts payable | ' | ' | -26,700,000 | 800,000 | ||||
Accrued liabilities | ' | ' | 1,400,000 | -15,600,000 | ||||
Interest payable | ' | ' | -1,400,000 | 7,300,000 | ||||
Income taxes | ' | ' | 5,500,000 | -10,500,000 | ||||
Other | ' | ' | -3,400,000 | -8,800,000 | ||||
Net cash provided by continuing operating activities | ' | ' | 64,000,000 | 105,700,000 | ||||
Cash Flows from Continuing Investing Activities: | ' | ' | ' | ' | ||||
Capital expenditures | ' | ' | -94,100,000 | -75,200,000 | ||||
Acquisition of business | ' | ' | ' | -28,600,000 | ||||
Equity method investment in VISA SunCoke Limited | ' | ' | ' | -67,700,000 | ||||
Net cash used in continuing investing activities | ' | ' | -94,100,000 | -171,500,000 | ||||
Cash Flows from Continuing Financing Activities: | ' | ' | ' | ' | ||||
Net proceeds from issuance of SunCoke Energy Partners, L.P. units | ' | ' | 90,500,000 | 237,800,000 | ||||
Proceeds from issuance of long-term debt | ' | ' | 268,100,000 | 150,000,000 | ||||
Repayment of long-term debt | ' | ' | -276,300,000 | -225,000,000 | ||||
Debt issuance costs | ' | ' | -5,800,000 | -5,300,000 | ||||
Proceeds from revolving facility | ' | ' | 40,000,000 | 0 | ||||
Repayment of revolving facility | ' | ' | -80,000,000 | 0 | ||||
Cash distribution to noncontrolling interests | ' | ' | -23,400,000 | -12,000,000 | ||||
Shares repurchased | ' | ' | 0 | 0 | ||||
Proceeds from exercise of stock options | ' | ' | 0 | 0 | ||||
Excess tax benefit from share-based awards | ' | ' | 0 | ' | ||||
Net increase (decrease) in advances from affiliate | ' | ' | 600,000 | -32,100,000 | ||||
Net cash provided by continuing financing activities | ' | ' | 13,700,000 | 113,400,000 | ||||
Net (decrease) increase in cash and cash equivalents from continuing operations | ' | ' | -16,400,000 | 47,600,000 | ||||
Cash flows from discontinued operations - operating activities | ' | ' | 0 | 0 | ||||
Cash flows from discontinued operations - investing activities | ' | ' | 0 | 0 | ||||
Cash flows from discontinued operations - financing activities | ' | ' | ' | 0 | ||||
Net decrease in cash and cash equivalents from discontinued operations | ' | ' | 0 | 0 | ||||
Net (decrease) increase in cash and cash equivalents | ' | ' | -16,400,000 | 47,600,000 | ||||
Cash and cash equivalents at beginning of period | ' | ' | 48,900,000 | 32,300,000 | ||||
Cash and cash equivalents at end of period | 32,500,000 | 79,900,000 | 32,500,000 | 79,900,000 | ||||
Combining and Consolidating Adjustments | ' | ' | ' | ' | ||||
Cash Flows from Continuing Operating Activities: | ' | ' | ' | ' | ||||
Net income (loss) | -30,200,000 | -36,500,000 | 13,200,000 | -106,200,000 | ||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ' | ' | ' | ' | ||||
Loss from discontinued operations, net of income tax benefit of $1.4 million, $0.9 million, $53.9 million and $3.5 million, respectively | 0 | 0 | 0 | 0 | ||||
Asset impairment | ' | ' | 0 | ' | ||||
Depreciation and amortization expense: | 0 | 0 | 0 | 0 | ||||
Deferred income tax (benefit) expense | ' | ' | 0 | 0 | ||||
Payments in excess of expense for retirement plans | ' | ' | 0 | 0 | ||||
Share-based compensation expense | ' | ' | 0 | 0 | ||||
Excess tax benefit from share-based awards | ' | ' | 0 | ' | ||||
Loss from equity method investment | 0 | 0 | 0 | 0 | ||||
Loss on extinguishment of debt | ' | ' | 0 | ' | ||||
Equity in (earnings) loss of subsidiaries | ' | ' | -13,200,000 | 106,200,000 | ||||
Changes in working capital pertaining to operating activities: | ' | ' | ' | ' | ||||
Receivables | ' | ' | 0 | 0 | ||||
Inventories | ' | ' | 0 | 0 | ||||
Accounts payable | ' | ' | 0 | 0 | ||||
Accrued liabilities | ' | ' | 0 | 0 | ||||
Interest payable | ' | ' | 0 | 0 | ||||
Income taxes | ' | ' | 0 | 0 | ||||
Other | ' | ' | 0 | 0 | ||||
Net cash provided by continuing operating activities | ' | ' | 0 | 0 | ||||
Cash Flows from Continuing Investing Activities: | ' | ' | ' | ' | ||||
Capital expenditures | ' | ' | 0 | 0 | ||||
Acquisition of business | ' | ' | ' | 0 | ||||
Equity method investment in VISA SunCoke Limited | ' | ' | ' | 0 | ||||
Net cash used in continuing investing activities | ' | ' | 0 | 0 | ||||
Cash Flows from Continuing Financing Activities: | ' | ' | ' | ' | ||||
Net proceeds from issuance of SunCoke Energy Partners, L.P. units | ' | ' | 0 | 0 | ||||
Proceeds from issuance of long-term debt | ' | ' | 0 | 0 | ||||
Repayment of long-term debt | ' | ' | 0 | 0 | ||||
Debt issuance costs | ' | ' | 0 | 0 | ||||
Proceeds from revolving facility | ' | ' | 0 | 0 | ||||
Repayment of revolving facility | ' | ' | 0 | 0 | ||||
Cash distribution to noncontrolling interests | ' | ' | 0 | 0 | ||||
Shares repurchased | ' | ' | 0 | 0 | ||||
Proceeds from exercise of stock options | ' | ' | 0 | 0 | ||||
Excess tax benefit from share-based awards | ' | ' | 0 | ' | ||||
Net increase (decrease) in advances from affiliate | ' | ' | 0 | 0 | ||||
Net cash provided by continuing financing activities | ' | ' | 0 | 0 | ||||
Net (decrease) increase in cash and cash equivalents from continuing operations | ' | ' | 0 | 0 | ||||
Cash flows from discontinued operations - operating activities | ' | ' | 0 | 0 | ||||
Cash flows from discontinued operations - investing activities | ' | ' | 0 | 0 | ||||
Cash flows from discontinued operations - financing activities | ' | ' | ' | 0 | ||||
Net decrease in cash and cash equivalents from discontinued operations | ' | ' | 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 | ||||
[1] | Three Months Ended September 30, Nine Months Ended September 30, 2014 2013 2014 2013 (Dollars in millions)Adjusted EBITDA from discontinued operations $(3.2) $(0.1) $(6.1) $(1.7)Subtract: Depreciation and depletion from discontinued operations 0.3 4.4 9.5 13.0Interest from discontinued operations — — — —Income tax benefit from discontinued operations (1.4) (0.9) (53.9) (3.5)Asset and goodwill impairment from discontinued operations 16.4 — 104.4 —Loss from discontinued operations, net of tax $(18.5) $(3.6) $(66.1) $(11.2) |
Supplemental_Condensed_Consoli5
Supplemental Condensed Consolidating Financial Information (Details Textual) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Guarantor Obligations [Line Items] | ' | ' |
Ownership percentage | 100.00% | ' |
Supplemental Condensed Consolidating Financial Information (Textual) [Abstract] | ' | ' |
Percentage of assets | ' | 25.00% |
Notes (Guarantor Subsidiaries) | ' | ' |
Supplemental Condensed Consolidating Financial Information (Textual) [Abstract] | ' | ' |
Guarantors obligations under the credit agreement | 240 | ' |
Supplemental_Condensed_Consoli6
Supplemental Condensed Consolidating Financial Information - Phantom (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Supplemental Condensed Consolidating Financial Information [Abstract] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares, issued (in shares) | 69,434,769 | 69,636,785 |
Common stock, shares, outstanding (in shares) | 69,434,769 | 69,636,785 |
Treasury stock, shares (in shares) | 1,755,355 | 1,255,355 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event, USD $) | 0 Months Ended |
Oct. 23, 2014 | |
Subsequent Event | ' |
Subsequent Event [Line Items] | ' |
Dividends declared (in dollars per share) | $0.06 |