Supplemental Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2014 |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Supplemental Condensed Consolidating Financial Information | 27. 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, 2014, 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 |
Year Ended December 31, 2014 |
(Dollars in millions) |
| |
| | | | | | | | | | | | | | | | | | | | |
| Issuer | | Guarantor | | Non- | | Combining | | Total | |
Subsidiaries | Guarantor | and | |
| Subsidiaries | Consolidating | |
| | Adjustments | |
Revenues | | | | | | | | | | |
Sales and other operating revenue | $ | — | | | $ | 435.8 | | | $ | 1,025.70 | | | $ | — | | | $ | 1,461.50 | | |
|
Equity in (loss) earnings of subsidiaries | (101.3 | ) | | 56 | | | — | | | 45.3 | | | — | | |
|
Other (loss) income, net | (0.3 | ) | | 1.6 | | | 9.9 | | | — | | | 11.2 | | |
|
Total revenues | (101.6 | ) | | 493.4 | | | 1,035.60 | | | 45.3 | | | 1,472.70 | | |
|
Costs and operating expenses | | | | | | | | | | |
Cost of products sold and operating expenses | — | | | 354 | | | 820.1 | | | — | | | 1,174.10 | | |
|
Selling, general and administrative expenses | 13.4 | | | 34.5 | | | 28 | | | — | | | 75.9 | | |
|
Depreciation and amortization expenses | — | | | 25.5 | | | 70.6 | | | — | | | 96.1 | | |
|
Asset impairment | — | | | 16.8 | | | — | | | — | | | 16.8 | | |
|
Total costs and operating expenses | 13.4 | | | 430.8 | | | 918.7 | | | | | | 1,362.90 | | |
|
Operating (loss) income | (115.0 | ) | | 62.6 | | | 116.9 | | | 45.3 | | | 109.8 | | |
|
Interest (income) expense, net - affiliate | — | | | (7.3 | ) | | 7.3 | | | — | | | — | | |
|
Interest expense (income), net | 26.3 | | | (1.8 | ) | | 38.7 | | | — | | | 63.2 | | |
|
Total interest expense (income), net | 26.3 | | | (9.1 | ) | | 46 | | | — | | | 63.2 | | |
|
(Loss) income before income tax expense and loss from | (141.3 | ) | | 71.7 | | | 70.9 | | | 45.3 | | | 46.6 | | |
equity method investment | |
Income tax (benefit) expense | (15.2 | ) | | 24.5 | | | (1.9 | ) | | — | | | 7.4 | | |
|
Loss from equity method investment | — | | | — | | | 35 | | | — | | | 35 | | |
|
(Loss) income from continuing operations | (126.1 | ) | | 47.2 | | | 37.8 | | | 45.3 | | | 4.2 | | |
|
Loss from discontinued operations net of income tax benefit of $66.2 million | — | | | (106.0 | ) | | — | | | — | | | (106.0 | ) | |
|
Net (loss) income | (126.1 | ) | | (58.8 | ) | | 37.8 | | | 45.3 | | | (101.8 | ) | |
|
Less: Net income attributable to noncontrolling interests | — | | | — | | | 24.3 | | | — | | | 24.3 | | |
|
Net (loss) income attributable to SunCoke Energy, Inc. | $ | (126.1 | ) | | $ | (58.8 | ) | | $ | 13.5 | | | $ | 45.3 | | | $ | (126.1 | ) | |
|
Comprehensive (loss) income | $ | (133.5 | ) | | $ | (65.4 | ) | | $ | 37 | | | $ | 52.7 | | | $ | (109.2 | ) | |
|
Less: Comprehensive income attributable to noncontrolling interests | — | | | — | | | 24.3 | | | — | | | 24.3 | | |
|
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | $ | (133.5 | ) | | $ | (65.4 | ) | | $ | 12.7 | | | $ | 52.7 | | | $ | (133.5 | ) | |
|
|
SunCoke Energy, Inc. |
Condensed Consolidating Statement of Income |
Year Ended December 31, 2013 |
(Dollars in millions) |
|
| |
| | | | | | | | | | | | | | | | | | | | |
| Issuer | | Guarantor | | Non- | | Combining | | Total | |
Subsidiaries | Guarantor | and | |
| Subsidiaries | Consolidating | |
| | Adjustments | |
Revenues | | | | | | | | | | |
Sales and other operating revenue | $ | — | | | $ | 480.6 | | | $ | 1,091.60 | | | $ | — | | | $ | 1,572.20 | | |
|
Equity in earnings of subsidiaries | 56.2 | | | 88.6 | | | — | | | (144.8 | ) | | — | | |
|
Other income, net | — | | | 3.7 | | | 9.6 | | | — | | | 13.3 | | |
|
Total revenues | 56.2 | | | 572.9 | | | 1,101.20 | | | (144.8 | ) | | 1,585.50 | | |
|
Costs and operating expenses | | | | | | | | | | |
Cost of products sold and operating expenses | — | | | 389.4 | | | 893.1 | | | — | | | 1,282.50 | | |
|
Selling, general and administrative expenses | 12.1 | | | 49.6 | | | 27.7 | | | — | | | 89.4 | | |
|
Depreciation and amortization expenses | — | | | 25.2 | | | 51.9 | | | — | | | 77.1 | | |
|
Total costs and operating expenses | 12.1 | | | 464.2 | | | 972.7 | | | — | | | 1,449.00 | | |
|
Operating income | 44.1 | | | 108.7 | | | 128.5 | | | (144.8 | ) | | 136.5 | | |
|
Interest (income) expense, net - affiliate | — | | | (7.3 | ) | | 7.3 | | | — | | | — | | |
|
Interest expense (income), net | 37.9 | | | (0.8 | ) | | 15.2 | | | — | | | 52.3 | | |
|
Total interest expense (income), net | 37.9 | | | (8.1 | ) | | 22.5 | | | — | | | 52.3 | | |
|
Income before income tax expense and loss from equity method investment | 6.2 | | | 116.8 | | | 106 | | | (144.8 | ) | | 84.2 | | |
|
Income tax (benefit) expense | (18.8 | ) | | 36.8 | | | (1.6 | ) | | — | | | 16.4 | | |
|
Loss from equity method investment | — | | | — | | | 2.2 | | | — | | | 2.2 | | |
|
Income from continuing operations | 25 | | | 80 | | | 105.4 | | | (144.8 | ) | | 65.6 | | |
|
Loss from discontinued operations, net of income tax benefit of $9.7 million | — | | | (15.5 | ) | | — | | | — | | | (15.5 | ) | |
|
Net income | 25 | | | 64.5 | | | 105.4 | | | (144.8 | ) | | 50.1 | | |
|
Less: Net income attributable to noncontrolling interests | — | | | — | | | 25.1 | | | — | | | 25.1 | | |
|
Net income attributable to SunCoke Energy, Inc. | $ | 25 | | | $ | 64.5 | | | $ | 80.3 | | | $ | (144.8 | ) | | $ | 25 | | |
|
Comprehensive income | $ | 18.8 | | | $ | 68.5 | | | $ | 95.2 | | | $ | (138.6 | ) | | $ | 43.9 | | |
|
Less: Comprehensive income attributable to noncontrolling interests | — | | | — | | | 25.1 | | | — | | | 25.1 | | |
|
Comprehensive income attributable to SunCoke Energy, Inc. | $ | 18.8 | | | $ | 68.5 | | | $ | 70.1 | | | $ | (138.6 | ) | | $ | 18.8 | | |
|
|
SunCoke Energy, Inc. |
Condensed Combining and Consolidating Statement of Income |
Year Ended December 31, 2012 |
(Dollars in millions) |
|
| |
| | | | | | | | | | | | | | | | | | | | |
| Issuer | | Guarantor | | Non- | | Combining | | Total | |
Subsidiaries | Guarantor | and | |
| Subsidiaries | Consolidating | |
| | Adjustments | |
Revenues | | | | | | | | | | |
Sales and other operating revenue | $ | — | | | $ | 564.4 | | | $ | 1,289.30 | | | $ | — | | | $ | 1,853.70 | | |
|
Equity in earnings of subsidiaries | 138.9 | | | 95.5 | | | — | | | (234.4 | ) | | — | | |
|
Other income, net | — | | | 1.5 | | | 9.5 | | | — | | | 11 | | |
|
Total revenues | 138.9 | | | 661.4 | | | 1,298.80 | | | (234.4 | ) | | 1,864.70 | | |
|
Costs and operating expenses | | | | | | | | | | |
Cost of products sold and operating expenses | — | | | 462.6 | | | 1,110.50 | | | — | | | 1,573.10 | | |
|
Selling, general and administrative expenses | 10.6 | | | 42.4 | | | 26 | | | — | | | 79 | | |
|
Depreciation and amortization expenses | — | | | 22.3 | | | 42.7 | | | — | | | 65 | | |
|
Total costs and operating expenses | 10.6 | | | 527.3 | | | 1,179.20 | | | — | | | 1,717.10 | | |
|
Operating income | 128.3 | | | 134.1 | | | 119.6 | | | (234.4 | ) | | 147.6 | | |
|
Interest (income) expense, net - affiliate | — | | | (7.4 | ) | | 7.4 | | | — | | | — | | |
|
Interest expense (income), net | 48 | | | — | | | (0.4 | ) | | — | | | 47.6 | | |
|
Total interest expense (income), net | 48 | | | (7.4 | ) | | 7 | | | — | | | 47.6 | | |
|
Income before income tax expense and loss from equity method investment | 80.3 | | | 141.5 | | | 112.6 | | | (234.4 | ) | | 100 | | |
|
Income tax (benefit) expense | (18.5 | ) | | 13.5 | | | 23 | | | — | | | 18 | | |
|
Income from continuing operations | 98.8 | | | 128 | | | 89.6 | | | (234.4 | ) | | 82 | | |
|
Income from discontinued operations, net of income tax expense of $5.3 million | — | | | 20.5 | | | — | | | — | | | 20.5 | | |
|
Net income | 98.8 | | | 148.5 | | | 89.6 | | | (234.4 | ) | | 102.5 | | |
|
Less: Net income attributable to noncontrolling interests | — | | | — | | | 3.7 | | | — | | | 3.7 | | |
|
Net income attributable to SunCoke Energy, Inc. | $ | 98.8 | | | $ | 148.5 | | | $ | 85.9 | | | $ | (234.4 | ) | | $ | 98.8 | | |
|
Comprehensive income | $ | 97.4 | | | $ | 148.2 | | | $ | 88.5 | | | $ | (233.0 | ) | | $ | 101.1 | | |
|
Less: Comprehensive income attributable to noncontrolling interests | — | | | — | | | 3.7 | | | — | | | 3.7 | | |
|
Comprehensive income attributable to SunCoke Energy, Inc. | $ | 97.4 | | | $ | 148.2 | | | $ | 84.8 | | | $ | (233.0 | ) | | $ | 97.4 | | |
|
|
|
|
|
SunCoke Energy, Inc. |
Condensed Consolidating Balance Sheet |
December 31, 2014 |
(Dollars in millions, except per share amounts) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Issuer | | Guarantor | | Non- | | Combining | | Total |
Subsidiaries | Guarantor | and |
| Subsidiaries | Consolidating |
| | Adjustments |
Assets | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 102.4 | | | $ | 36.6 | | | $ | — | | | $ | 139 | |
|
Receivables | | 0.1 | | | 23.1 | | | 52.2 | | | — | | | 75.4 | |
|
Inventories | | — | | | 39.2 | | | 99.9 | | | — | | | 139.1 | |
|
Income tax receivable | | 28 | | | — | | | 6.8 | | | (28.8 | ) | | 6 | |
|
Deferred income taxes | | 2.6 | | | 25.6 | | | 0.8 | | | (2.6 | ) | | 26.4 | |
|
Other current assets | | — | | | 2.7 | | | 0.9 | | | — | | | 3.6 | |
|
Current assets held for sale | | — | | | 19.3 | | | — | | | — | | | 19.3 | |
|
Advances to affiliates | | — | | | 150.5 | | | — | | | (150.5 | ) | | — | |
|
Total current assets | | 30.7 | | | 362.8 | | | 197.2 | | | (181.9 | ) | | 408.8 | |
|
Notes receivable from affiliate | | — | | | 89 | | | 300 | | | (389.0 | ) | | — | |
|
Investment in Brazilian cokemaking operations | | — | | | — | | | 41 | | | — | | | 41 | |
|
Equity method investment in VISA SunCoke Limited | | — | | | — | | | 22.3 | | | — | | | 22.3 | |
|
Properties, plants and equipment, net | | — | | | 387.8 | | | 1,078.80 | | | — | | | 1,466.60 | |
|
Goodwill and other intangible assets, net | | — | | | 6.9 | | | 15.1 | | | — | | | 22 | |
|
Deferred charges and other assets | | 5.8 | | | 13 | | | 18.6 | | | — | | | 37.4 | |
|
Investment in subsidiaries | | 718.2 | | | 494.1 | | | — | | | (1,212.3 | ) | | — | |
|
Total assets | | $ | 754.7 | | | $ | 1,353.60 | | | $ | 1,673.00 | | | $ | (1,783.2 | ) | | $ | 1,998.10 | |
|
Liabilities and Equity | | | | | | | | | | |
|
Advances from affiliate | | $ | 73.4 | | | $ | — | | | $ | 77.1 | | | $ | (150.5 | ) | | $ | — | |
|
Accounts payable | | — | | | 29.3 | | | 81.6 | | | — | | | 110.9 | |
|
Accrued liabilities | | 0.1 | | | 23.4 | | | 18.1 | | | — | | | 41.6 | |
|
Interest payable | | 7.6 | | | — | | | 12.3 | | | — | | | 19.9 | |
|
Income taxes payable | | — | | | 28.8 | | | — | | | (28.8 | ) | | — | |
|
Current liabilities held for sale | | — | | | 37.4 | | | — | | | — | | | 37.4 | |
|
Total current liabilities | | 81.1 | | | 118.9 | | | 189.1 | | | (179.3 | ) | | 209.8 | |
|
Long term-debt | | 240 | | | — | | | 411.5 | | | — | | | 651.5 | |
|
Payable to affiliate | | — | | | 300 | | | 89 | | | (389.0 | ) | | — | |
|
Accrual for black lung benefits | | — | | | 43.9 | | | — | | | — | | | 43.9 | |
|
Retirement benefit liabilities | | — | | | 33.6 | | | — | | | — | | | 33.6 | |
|
Deferred income taxes | | — | | | 320.8 | | | 3.7 | | | (2.6 | ) | | 321.9 | |
|
Asset retirement obligations | | — | | | 12.5 | | | 2.6 | | | — | | | 15.1 | |
|
Other deferred credits and liabilities | | 1.9 | | | 13.8 | | | 1.2 | | | — | | | 16.9 | |
|
Total liabilities | | 323 | | | 843.5 | | | 697.1 | | | (570.9 | ) | | 1,292.70 | |
|
Equity | | | | | | | | | | |
Preferred stock, $0.01 par value. Authorized 50,000,000 | | — | | | — | | | — | | | — | | | — | |
shares; no issued and outstanding shares at |
31-Dec-14 |
Common stock, $0.01 par value. Authorized 300,000,000 | | 0.7 | | | — | | | — | | | — | | | 0.7 | |
shares; issued 71,251,529 shares at December 31, 2014 |
Treasury Stock, 4,977,115 shares at December 31, 2014 | | (105.0 | ) | | — | | | — | | | | | | (105.0 | ) |
|
Additional paid-in capital | | 543.6 | | | 176.6 | | | 501.1 | | | (677.7 | ) | | 543.6 | |
|
Accumulated other comprehensive loss | | (21.5 | ) | | (9.3 | ) | | (12.2 | ) | | 21.5 | | | (21.5 | ) |
|
Retained earnings | | 13.9 | | | 342.8 | | | 213.3 | | | (556.1 | ) | | 13.9 | |
|
Total SunCoke Energy, Inc. stockholders’ equity | | 431.7 | | | 510.1 | | | 702.2 | | | (1,212.3 | ) | | 431.7 | |
|
Noncontrolling interests | | — | | | — | | | 273.7 | | | — | | | 273.7 | |
|
Total equity | | 431.7 | | | 510.1 | | | 975.9 | | | (1,212.3 | ) | | 705.4 | |
|
Total liabilities and equity | | $ | 754.7 | | | $ | 1,353.60 | | | $ | 1,673.00 | | | $ | (1,783.2 | ) | | $ | 1,998.10 | |
|
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 | | — | | | 37.4 | | | 91.2 | | | — | | | 128.6 | |
|
Income taxes receivable | | 39.9 | | | — | | | 13.4 | | | (46.7 | ) | | 6.6 | |
|
Deferred income taxes | | 9.4 | | | 11.8 | | | 0.8 | | | (9.4 | ) | | 12.6 | |
|
Advances to affiliate | | 48.2 | | | 33.6 | | | — | | | (81.8 | ) | | — | |
|
Other current assets | | — | | | 1.3 | | | 1 | | | — | | | 2.3 | |
|
Current assets held for sale | | — | | | 12.9 | | | — | | | — | | | 12.9 | |
|
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 | | — | | | 7.5 | | | 16 | | | — | | | 23.5 | |
|
Deferred charges and other assets | | 11.7 | | | 14.3 | | | 9.7 | | | — | | | 35.7 | |
|
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 | |
|
Income taxes payable | | — | | | 46.7 | | | — | | | (46.7 | ) | | — | |
|
Interest payable to affiliate | | — | | | — | | | 7.3 | | | (7.3 | ) | | — | |
|
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 | | — | | | 362 | | | 2.1 | | | (9.4 | ) | | 354.7 | |
|
Asset retirement obligations | | — | | | 8.5 | | | 2.4 | | | — | | | 10.9 | |
|
Other deferred credits and liabilities | | 1.6 | | | 12.2 | | | 0.6 | | | — | | | 14.4 | |
|
Long-term liabilities held for sale | | — | | | 33.3 | | | — | | | — | | | 33.3 | |
|
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 |
31-Dec-13 |
Common stock, $0.01 par value. Authorized 300,000,000 | | 0.7 | | | — | | | — | | | — | | | 0.7 | |
shares; issued 70,892,140 shares at |
December 31, 2013 |
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 income | | (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 |
Year Ended December 31, 2014 |
(Dollars in millions) |
|
| |
| | | | | | | | | | | | | | | | | | | | |
| Issuer | | Guarantor | | Non- | | Combining | | Total | |
Subsidiaries | Guarantor | and | |
| Subsidiaries | Consolidating | |
| | Adjustments | |
Cash Flows from Continuing Operating Activities: | | | | | | | | | | |
Net (loss) income | $ | (126.1 | ) | | $ | (58.8 | ) | | $ | 37.8 | | | $ | 45.3 | | | $ | (101.8 | ) | |
|
Adjustments to reconcile net income to net cash provided by continuing operating activities: | | | | | | | | | | |
Loss from discontinued operations, net of tax | — | | | 106 | | | — | | | — | | | 106 | | |
|
Asset impairment | — | | | 16.8 | | | — | | | — | | | 16.8 | | |
|
Depreciation and amortization expense | — | | | 25.5 | | | 70.6 | | | — | | | 96.1 | | |
|
Deferred income tax expense (benefit) | 6.8 | | | (14.3 | ) | | 1.5 | | | — | | | (6.0 | ) | |
|
Payments in excess of expense for retirement plans | — | | | (8.1 | ) | | — | | | — | | | (8.1 | ) | |
|
Share-based compensation expense | 9.8 | | | — | | | — | | | — | | | 9.8 | | |
|
Equity in loss (earnings) of subsidiaries | 101.3 | | | (56.0 | ) | | — | | | (45.3 | ) | | — | | |
|
Excess tax benefit from share-based awards | (0.4 | ) | | 0.1 | | | — | | | — | | | (0.3 | ) | |
|
Loss from equity method investment | — | | | — | | | 35 | | | — | | | 35 | | |
|
Loss on extinguishment/modification of debt | — | | | — | | | 15.4 | | | — | | | 15.4 | | |
|
Changes in working capital pertaining to continuing operating activities (net of acquisitions): | | | | | | | | | | |
Receivables | (0.1 | ) | | 24.1 | | | (14.1 | ) | | — | | | 9.9 | | |
|
Inventories | — | | | (1.8 | ) | | (8.7 | ) | | — | | | (10.5 | ) | |
|
Accounts payable | — | | | (3.6 | ) | | (23.9 | ) | | — | | | (27.5 | ) | |
|
Accrued liabilities | (0.5 | ) | | (19.1 | ) | | 1.7 | | | — | | | (17.9 | ) | |
|
Interest payable | (6.0 | ) | | 7.3 | | | 0.4 | | | — | | | 1.7 | | |
|
Income taxes | 12.3 | | | (17.9 | ) | | 6.6 | | | — | | | 1 | | |
|
Accrual for black lung benefits | — | | | 11.5 | | | — | | | | | 11.5 | | |
|
Other | 6.1 | | | 0.2 | | | (7.4 | ) | | — | | | (1.1 | ) | |
|
Net cash provided by continuing operating activities | 3.2 | | | 11.9 | | | 114.9 | | | — | | | 130 | | |
|
Cash Flows from Continuing Investing Activities: | | | | | | | | | | |
Capital expenditures | — | | | (12.6 | ) | | (105.7 | ) | | — | | | (118.3 | ) | |
|
Net cash used in continuing investing activities | — | | | (12.6 | ) | | (105.7 | ) | | — | | | (118.3 | ) | |
|
Cash Flows from Continuing Financing Activities: | | | | | | | | | | |
Proceeds from issuance of common units of SunCoke | — | | | — | | | 90.5 | | | — | | | 90.5 | | |
Energy Partners, L.P., net of offering costs | |
Proceeds from issuance of long-term debt | — | | | — | | | 268.1 | | | — | | | 268.1 | | |
|
Repayment of long-term debt | — | | | — | | | (276.5 | ) | | — | | | (276.5 | ) | |
|
Debt issuance costs | — | | | — | | | (5.8 | ) | | — | | | (5.8 | ) | |
|
Proceeds from revolving facility | — | | | — | | | 40 | | | — | | | 40 | | |
|
Repayment of revolving facility | — | | | — | | | (80.0 | ) | | — | | | (80.0 | ) | |
|
Cash distributions to noncontrolling interests | — | | | — | | | (32.3 | ) | | — | | | (32.3 | ) | |
|
Shares repurchased | (85.1 | ) | | — | | | — | | | — | | | (85.1 | ) | |
|
Proceeds from exercise of stock options | 2.9 | | | — | | | — | | | — | | | 2.9 | | |
|
Excess tax benefit from share-based awards | 0.3 | | | — | | | — | | | — | | | 0.3 | | |
|
Dividends paid | (3.8 | ) | | — | | | — | | | — | | | (3.8 | ) | |
|
Net increase (decrease) in advances from affiliate | 82.5 | | | (57.0 | ) | | (25.5 | ) | | — | | | — | | |
|
Net cash used in continuing financing activities | (3.2 | ) | | (57.0 | ) | | (21.5 | ) | | — | | | (81.7 | ) | |
|
Net decrease in cash and cash equivalents from continuing operations | — | | | (57.7 | ) | | (12.3 | ) | | — | | | (70.0 | ) | |
|
| |
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Discontinued Operations: | | | | | | | | | | |
Cash flows from discontinued operations - operating activities | — | | | (17.7 | ) | | — | | | — | | | (17.7 | ) | |
|
Cash flows from discontinued operations - investing activities | — | | | (6.9 | ) | | — | | | — | | | (6.9 | ) | |
|
Net decrease in cash and cash equivalents from discontinued operations | — | | | (24.6 | ) | | — | | | — | | | (24.6 | ) | |
|
Net decrease in cash and cash equivalents | — | | | (82.3 | ) | | (12.3 | ) | | — | | | (94.6 | ) | |
|
Cash and cash equivalents at beginning of year | — | | | 184.7 | | | 48.9 | | | — | | | 233.6 | | |
|
Cash and cash equivalents at end of year | $ | — | | | $ | 102.4 | | | $ | 36.6 | | | $ | — | | | $ | 139 | | |
|
SunCoke Energy, Inc. |
Condensed Consolidating Statement of Cash Flows |
Year Ended December 31, 2013 |
(Dollars in millions) |
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Issuer | | Guarantor | | Non- | | Combining | | Total |
Subsidiaries | Guarantor | and |
| Subsidiaries | Consolidating |
| | Adjustments |
Cash Flows from Continuing Operating Activities: | | | | | | | | | | |
Net income | | $ | 25 | | | $ | 64.5 | | | $ | 105.4 | | | $ | (144.8 | ) | | $ | 50.1 | |
|
Adjustments to reconcile net income to net cash (used in) provided by continuing operating activities: | | | | | | | | | | |
Loss from discontinued operations, net of tax | | — | | | 15.5 | | | — | | | — | | | 15.5 | |
|
Depreciation and amortization expense | | — | | | 25.2 | | | 51.9 | | | — | | | 77.1 | |
|
Deferred income tax (benefit) expense | | — | | | 0.5 | | | — | | | — | | | 0.5 | |
|
Payments in excess of expense for retirement plans | | — | | | (5.3 | ) | | (0.1 | ) | | — | | | (5.4 | ) |
|
Share-based compensation expense | | 7.6 | | | — | | | — | | | — | | | 7.6 | |
|
Equity in earnings of subsidiaries | | (56.2 | ) | | (88.6 | ) | | — | | | 144.8 | | | — | |
|
Loss from equity method investment | | — | | | — | | | 2.2 | | | — | | | 2.2 | |
|
Changes in working capital pertaining to continuing operating activities (net of acquisitions): | | | | | | | | | | |
Receivables | | — | | | (23.6 | ) | | 6.5 | | | — | | | (17.1 | ) |
|
Inventories | | — | | | 14.8 | | | 16.1 | | | — | | | 30.9 | |
|
Accounts payable | | (0.6 | ) | | 4.2 | | | 21.6 | | | — | | | 25.2 | |
|
Accrued liabilities | | — | | | (6.1 | ) | | (16.7 | ) | | — | | | (22.8 | ) |
|
Interest payable | | (2.1 | ) | | (7.3 | ) | | 11.9 | | | — | | | 2.5 | |
|
Income taxes | | (23.5 | ) | | 26.4 | | | (13.0 | ) | | — | | | (10.1 | ) |
|
Accrual for black lung benefits | | — | | | (2.4 | ) | | — | | | | | (2.4 | ) |
|
Other | | 7.1 | | | 4.1 | | | (8.3 | ) | | — | | | 2.9 | |
|
Net cash (used in) provided by continuing operating activities | | (42.7 | ) | | 21.9 | | | 177.5 | | | — | | | 156.7 | |
|
Cash Flows from Continuing Investing Activities: | | | | | | | | | | |
Capital expenditures | | — | | | (19.8 | ) | | (112.5 | ) | | — | | | (132.3 | ) |
|
Acquisition of businesses, net of cash acquired | | — | | | — | | | (113.3 | ) | | — | | | (113.3 | ) |
|
Equity method investment in VISA SunCoke Limited | | — | | | — | | | (67.7 | ) | | — | | | (67.7 | ) |
|
Net cash used in continuing investing activities | | — | | | (19.8 | ) | | (293.5 | ) | | — | | | (313.3 | ) |
|
Cash Flows from Continuing Financing Activities: | | | | | | | | | | |
Proceeds from issuance of common units of SunCoke | | — | | | — | | | 237.8 | | | — | | | 237.8 | |
Energy Partners, L.P., net of offering costs |
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 | | — | | | — | | | 40 | | | — | | | 40 | |
|
Cash distributions to noncontrolling interests | | — | | | — | | | (17.8 | ) | | — | | | (17.8 | ) |
|
Shares repurchased | | (10.9 | ) | | — | | | — | | | — | | | (10.9 | ) |
|
Proceeds from exercise of stock options | | 2.5 | | | — | | | — | | | — | | | 2.5 | |
|
Net increase (decrease) in advances from affiliate | | 52.7 | | | (5.6 | ) | | (47.1 | ) | | — | | | — | |
|
Net cash provided by (used in) continuing financing activities | | 42.7 | | | (5.6 | ) | | 132.6 | | | — | | | 169.7 | |
|
Net (decrease) increase in cash and cash equivalents from continuing operations | | — | | | (3.5 | ) | | 16.6 | | | — | | | 13.1 | |
|
|
| | | | | | | | | | | | | | | | | | | | |
Cash Flows from Discontinued Operations: | | | | | | | | | | |
Cash flows from discontinued operations - operating activities | | — | | | (5.4 | ) | | — | | | — | | | (5.4 | ) |
|
Cash flows from discontinued operations - investing activities | | — | | | (13.3 | ) | | — | | | — | | | (13.3 | ) |
|
Net decrease in cash and cash equivalents from discontinued operations | | — | | | (18.7 | ) | | — | | | — | | | (18.7 | ) |
|
Net (decrease) increase in cash and cash equivalents | | — | | | (22.2 | ) | | 16.6 | | | — | | | (5.6 | ) |
|
Cash and cash equivalents at beginning of year | | — | | | 206.9 | | | 32.3 | | | — | | | 239.2 | |
|
Cash and cash equivalents at end of year | | $ | — | | | $ | 184.7 | | | $ | 48.9 | | | $ | — | | | $ | 233.6 | |
|
SunCoke Energy, Inc. |
Condensed Combining and Consolidating Statement of Cash Flows |
December 31, 2012 |
(Dollars in millions) |
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Issuer | | Guarantor | | Non- | | Combining | | Total |
Subsidiaries | Guarantor | and |
| Subsidiaries | Consolidating |
| | Adjustments |
Cash Flows from Continuing Operating Activities: | | | | | | | | | | |
Net income | | $ | 98.8 | | | $ | 148.5 | | | $ | 89.6 | | | $ | (234.4 | ) | | $ | 102.5 | |
|
Adjustments to reconcile net income to net cash (used in) provided by continuing operating activities: | | | | | | | | | | |
Income from discontinued operations, net of tax | | — | | | (20.5 | ) | | — | | | — | | | (20.5 | ) |
|
Depreciation and amortization expense | | — | | | 22.3 | | | 42.7 | | | — | | | 65 | |
|
Deferred income tax (benefit) expense | | (1.0 | ) | | (7.9 | ) | | 39.3 | | | — | | | 30.4 | |
|
Payments in excess of expense for retirement plans | | — | | | (9.6 | ) | | — | | | — | | | (9.6 | ) |
|
Share-based compensation expense | | 6.7 | | | — | | | — | | | — | | | 6.7 | |
|
Equity in earnings (loss) of subsidiaries | | (138.9 | ) | | (95.5 | ) | | — | | | 234.4 | | | — | |
|
Changes in working capital pertaining to continuing operating activities (net of acquisitions): | | | | | | | | | | |
Receivables | | — | | | (7.8 | ) | | 2.1 | | | — | | | (5.7 | ) |
|
Inventories | | — | | | 35.5 | | | 22.3 | | | — | | | 57.8 | |
|
Accounts payable | | 0.5 | | | (55.9 | ) | | (13.8 | ) | | — | | | (69.2 | ) |
|
Accrued liabilities | | — | | | 12.8 | | | (1.8 | ) | | — | | | 11 | |
|
Interest payable | | (0.2 | ) | | 7.3 | | | (7.3 | ) | | — | | | (0.2 | ) |
|
Income taxes | | (17.2 | ) | | (1.1 | ) | | 0.7 | | | — | | | (17.6 | ) |
|
Accrual for black lung benefits | | — | | | 1.3 | | | — | | | | | 1.3 | |
|
Other | | (4.9 | ) | | (17.0 | ) | | 14 | | | — | | | (7.9 | ) |
|
Net cash (used in) provided by continuing operating activities | | (56.2 | ) | | 12.4 | | | 187.8 | | | — | | | 144 | |
|
Cash Flows from Continuing Investing Activities: | | | | | | | | | | |
Capital expenditures | | — | | | (20.9 | ) | | (33.3 | ) | | — | | | (54.2 | ) |
|
Net cash used in continuing investing activities | | — | | | (20.9 | ) | | (33.3 | ) | | — | | | (54.2 | ) |
|
Cash Flows from Continuing Financing Activities: | | | | | | | | | | |
Repayment of long-term debt | | (3.3 | ) | | — | | | — | | | — | | | (3.3 | ) |
|
Cash distributions to noncontrolling interests | | — | | | — | | | (2.3 | ) | | — | | | (2.3 | ) |
|
Shares repurchased | | (9.4 | ) | | — | | | — | | | — | | | (9.4 | ) |
|
Proceeds from exercise of stock options | | 4.7 | | | — | | | — | | | — | | | 4.7 | |
|
Net increase (decrease) in advances from affiliate | | 64.2 | | | 73.8 | | | (138.0 | ) | | — | | | — | |
|
Net cash provided by (used in) continuing financing activities | | 56.2 | | | 73.8 | | | (140.3 | ) | | — | | | (10.3 | ) |
|
Net increase in cash and cash equivalents from continuing operations | | — | | | 65.3 | | | 14.2 | | | — | | | 79.5 | |
|
Cash Flows from Discontinued Operations: | | | | | | | | | | |
Cash flows from discontinued operations - operating activities | | — | | | 62.1 | | | — | | | — | | | 62.1 | |
|
Cash flows from discontinued operations - investing activities | | — | | | (29.9 | ) | | — | | | — | | | (29.9 | ) |
|
Net increase in cash and cash equivalents from discontinued operations | | — | | | 32.2 | | | — | | | — | | | 32.2 | |
|
Net increase in cash and cash equivalents | | — | | | 97.5 | | | 14.2 | | | — | | | 111.7 | |
|
Cash and cash equivalents at beginning of year | | — | | | 109.4 | | | 18.1 | | | — | | | 127.5 | |
|
Cash and cash equivalents at end of year | | $ | — | | | $ | 206.9 | | | $ | 32.3 | | | $ | — | | | $ | 239.2 | |
|
| | | | | | | | | | | | | | | | | | | | | |