Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | SunCoke Energy, Inc. | |
Entity Central Index Key | 1514705 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 65,230,501 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Sales and other operating revenue | $320.30 | $351.50 |
Other income | 0.1 | 1 |
Total revenues | 320.4 | 352.5 |
Costs and operating expenses | ||
Cost of products sold and operating expenses | 254.5 | 293.4 |
Selling, general and administrative expenses | 14.5 | 21 |
Depreciation and amortization expense | 23.8 | 24.4 |
Total costs and operating expenses | 292.8 | 338.8 |
Operating income | 27.6 | 13.7 |
Interest expense, net | 23.3 | 12.1 |
Income before income tax expense (benefit) and loss from equity method investment | 4.3 | 1.6 |
Income tax expense (benefit) | 1.2 | -1.2 |
Loss from equity method investment | 0.7 | 0.6 |
Income from continuing operations | 2.4 | 2.2 |
Loss from discontinued operations, net of income tax benefit of $0.1 million and $3.0 million, for the three months ended March 31, 2015 and 2014, respectively | -2 | -6 |
Net income (loss) | 0.4 | -3.8 |
Less: Net income attributable to noncontrolling interests | 4.4 | 4 |
Net loss attributable to SunCoke Energy, Inc. | ($4) | ($7.80) |
Basic (in dollars per share) | ||
Continuing operations (in dollars per share) | ($0.03) | ($0.02) |
Discontinued operations (in dollars per share) | ($0.03) | ($0.09) |
Diluted (in dollars per share) | ||
Continuing operations (in dollars per share) | ($0.03) | ($0.02) |
Discontinued operations (in dollars per share) | ($0.03) | ($0.09) |
Weighted average common shares outstanding: (in shares) | ||
Basic (in shares) | 66.2 | 69.7 |
Diluted (in shares) | 66.2 | 69.7 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Income tax benefit | $0.10 | $3 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $0.40 | ($3.80) |
Other comprehensive income (loss): | ||
Reclassifications of prior service benefit, actuarial loss amortization and curtailment gain to earnings (net of related tax expense of $1.6 million and $0.4 million for the three months ended March 31, 2015 and 2014, respectively) | -2.4 | -0.6 |
Currency translation adjustment | -1.1 | 0.8 |
Comprehensive loss | -3.1 | -3.6 |
Less: Comprehensive income attributable to noncontrolling interests | 4.4 | 4 |
Comprehensive loss attributable to SunCoke Energy, Inc. | ($7.50) | ($7.60) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Loss (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Reclassifications of prior service benefit and actuarial loss, tax benefit | $1.60 | $0.40 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $165.40 | $139 | $178.20 | $233.60 |
Receivables | 59 | 75.4 | ||
Inventories | 128.5 | 139.1 | ||
Income tax receivable | 8.8 | 6 | ||
Deferred income taxes | 18.4 | 26.4 | ||
Other current assets | 6.9 | 3.6 | ||
Current assets held for sale | 19.2 | 19.3 | ||
Total current assets | 406.2 | 408.8 | ||
Investment in Brazilian cokemaking operations | 41 | 41 | ||
Equity method investment in VISA SunCoke Limited | 21.7 | 22.3 | ||
Properties, plants and equipment, net | 1,451.80 | 1,466.60 | ||
Goodwill and other intangible assets, net | 21.6 | 22 | ||
Deferred charges and other assets | 19.7 | 19.4 | ||
Total assets | 1,962 | 1,980.10 | 1,980.10 | |
Liabilities and Equity | ||||
Accounts payable | 100.2 | 110.9 | ||
Accrued liabilities | 35.3 | 41.6 | ||
Interest payable | 8.7 | 19.9 | ||
Current liabilities held for sale | 24.1 | 37.4 | ||
Total current liabilities | 168.3 | 209.8 | ||
Long-term debt | 699.3 | 633.5 | ||
Accrual for black lung benefits | 43.9 | 43.9 | ||
Retirement benefit liabilities | 32.9 | 33.6 | ||
Deferred income taxes | 315.6 | 321.9 | ||
Asset retirement obligations | 15.3 | 15.1 | ||
Other deferred credits and liabilities | 16.4 | 16.9 | ||
Total liabilities | 1,291.70 | 1,274.70 | ||
Equity | ||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at March 31, 2015 and December 31, 2014 | 0 | 0 | ||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 71,389,447 and 71,251,529 shares at March 31, 2015 and December 31, 2014, respectively | 0.7 | 0.7 | ||
Treasury stock, 6,161,395 and 4,977,115 shares at March 31, 2015 and December 31, 2014, respectively | -125 | -105 | ||
Additional paid-in capital | 538.4 | 543.6 | ||
Accumulated other comprehensive loss | -25 | -21.5 | ||
Retained earnings | 6 | 13.9 | ||
Total SunCoke Energy, Inc. stockholders’ equity | 395.1 | 431.7 | ||
Noncontrolling interests | 275.2 | 273.7 | ||
Total equity | 670.3 | 705.4 | ||
Total liabilities and equity | $1,962 | $1,980.10 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 |
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) | 71,389,447 | 71,251,529 |
Treasury stock, shares (in shares) | 6,161,395 | 4,977,115 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Continuing Operating Activities: | ||
Net income (loss) | $0.40 | ($3.80) |
Adjustments to reconcile net income (loss) to net cash provided by continuing operating activities: | ||
Loss from discontinued operations, net of tax | 2 | 6 |
Depreciation and amortization expense | 23.8 | 24.4 |
Deferred income tax expense (benefit) | 3.1 | -1.8 |
Gain on curtailment and payments in excess of expense for retirement plans | -4.7 | -0.9 |
Share-based compensation expense | 1.5 | 2.3 |
Excess tax benefit from share-based awards | 0 | -0.2 |
Loss from equity method investment | 0.7 | 0.6 |
Loss on extinguishment of debt | 9.4 | 0 |
Changes in working capital pertaining to operating activities: | ||
Receivables | 16.4 | 7.3 |
Inventories | 10.6 | 10.9 |
Accounts payable | -10.7 | -13.6 |
Accrued liabilities | -6.3 | -20 |
Interest payable | -11.2 | -10.4 |
Income taxes | -2.8 | 1.2 |
Other | -5.6 | -6.7 |
Net cash provided by (used in) continuing operating activities | 26.6 | -4.7 |
Cash Flows from Continuing Investing Activities: | ||
Capital expenditures | -8.3 | -37.5 |
Net cash used in continuing investing activities | -8.3 | -37.5 |
Cash Flows from Continuing Financing Activities: | ||
Proceeds from issuance of long-term debt | 210.8 | 0 |
Repayment of long-term debt | -149.5 | 0 |
Debt issuance costs | -4.2 | 0 |
Proceeds from revolving facility | 0 | 16 |
Repayment of revolving facility | 0 | -16 |
Cash distribution to noncontrolling interests | -9.1 | -6.4 |
Shares repurchased | -20 | 0 |
Proceeds from exercise of stock options, net of shares withheld for taxes | -0.5 | 0.2 |
Excess tax benefit from share-based awards | 0 | 0.2 |
Dividends paid | -3.9 | 0 |
Net cash provided by (used in) continuing financing activities | 23.6 | -6 |
Net increase (decrease) in cash and cash equivalents from continuing operations | 41.9 | -48.2 |
Cash Flows from Discontinued Operations: | ||
Cash flows from discontinued operations - operating activities | -15.5 | -6.6 |
Cash flows from discontinued operations - investing activities | 0 | -0.6 |
Net decrease in cash and cash equivalents from discontinued operations | -15.5 | -7.2 |
Net increase (decrease) in cash and cash equivalents | 26.4 | -55.4 |
Cash and cash equivalents at beginning of period | 139 | 233.6 |
Cash and cash equivalents at end of period | $165.40 | $178.20 |
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, 2014 | $705.40 | $0.70 | ($105) | $543.60 | ($21.50) | $13.90 | $431.70 | $273.70 |
Beginning balance, shares at Dec. 31, 2014 | 71,251,529 | 4,977,115 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 0.4 | -4 | -4 | 4.4 | ||||
Retirement benefit plans adjustment (net of related tax expense of $1.6 million) | -2.4 | -2.4 | -2.4 | |||||
Currency translation adjustment | -1.1 | -1.1 | -1.1 | |||||
Adjustments from changes in ownership of SunCoke Energy Partners, L.P. | -6.2 | -6.2 | -6.2 | 6.2 | ||||
Cash distribution to noncontrolling interests | -9.1 | -9.1 | ||||||
Dividends paid | -3.9 | -3.9 | -3.9 | |||||
Share-based compensation expense | 1.5 | 1.5 | 1.5 | |||||
Share issuances, net of shares withheld for taxes, shares | 137,918 | |||||||
Share issuances, net of shares withheld for taxes | -0.5 | -0.5 | -0.5 | |||||
Shares repurchased, shares | 1,184,280 | |||||||
Shares repurchased | -20 | -20 | 0 | -20 | ||||
Ending balance at Mar. 31, 2015 | $670.30 | $0.70 | ($125) | $538.40 | ($25) | $6 | $395.10 | $275.20 |
Ending balance, shares at Mar. 31, 2015 | 71,389,447 | 6,161,395 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Statement of Stockholders' Equity [Abstract] | |
Retirement benefit plans funded status adjustment, tax | $1.60 |
General
General | 3 Months Ended |
Mar. 31, 2015 | |
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. We also have a 49 percent ownership interest in a cokemaking joint venture in India called Visa SunCoke Limited (“VISA SunCoke”). Our Coal Logistics business provides coal handling and blending services to third party customers as well as to our own cokemaking facilities. Additionally, we own coal mining operations in Virginia and West Virginia, which are reflected as discontinued operations in the Company's consolidated financial statements. See Note 2. | |
Our consolidated financial statements include SunCoke Energy Partners, L.P. (the "Partnership"), a publicly traded partnership. At March 31, 2015, we owned the general partner of the Partnership, which consists of a 2.0 percent ownership interest and incentive distribution rights, and owned a 56.1 percent limited partner interest in the Partnership. The remaining 41.9 percent interest in the Partnership was held by public unitholders. | |
Incorporated in Delaware in 2010 and headquartered in Lisle, Illinois, we became a publicly traded company in 2011 and our stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “SXC.” | |
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 March 31, 2015 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 consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014. | |
The results of 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. | |
New Accounting Pronouncements | |
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, "Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Cost." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. It is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company early adopted this ASU during the first quarter of 2015. See Note 7. | |
In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 eliminates the deferral of FASB Statement No. 167, "Amendments to FASB Interpretation No. 46(R)," and makes changes to both the variable interest model and the voting model. It is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company does not expect this ASU to have a material effect on the Company's financial condition, results of operations, or cash flows. | |
Reclassifications | |
Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current year presentation. |
Coal_Discontinued_Operations
Coal Discontinued Operations | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Coal Discontinued Operations | 2. Coal Discontinued Operations | ||||||||
In July 2014, the Company's Board of Directors authorized the Company to sell and/or otherwise dispose of the Company’s coal mining business. We have since been actively marketing this business for sale. Concurrent with this authorization, the coal mining operations were, and continue to be, reflected as discontinued operations. The related net assets are presented as held for sale in the Company’s consolidated financial statements and are stated at fair value less costs to sell. 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. The Company's coal mining business was previously reported as the Coal Mining reportable segment. | |||||||||
Certain coal mining assets (i.e. coal preparation plant) and liabilities (i.e. black lung, workers' compensation, certain asset retirement obligations and net pension and other postretirement employee benefit obligations) are expected to be retained by the Company and are not part of the disposal group, and therefore, are reported in continuing operations in Corporate and Other as legacy items. Legacy assets totaled $10.2 million and $12.9 million and legacy liabilities totaled $86.3 million and $86.9 million at March 31, 2015 and December 31, 2014, respectively. Legacy income of $1.9 million was included in continuing operations for the three months ended March 31, 2015 and was driven by a $4.0 million postretirement benefit plan curtailment gain. See Note 8. Legacy expense was $1.5 million for the three months ended March 31, 2014 and was included in continuing operations. | |||||||||
During the first quarter of 2015, we reduced our severance accrual by $2.2 million as a result of changes in estimates, including the relocation of certain coal employees to other areas of our business. Additionally, we incurred $1.2 million in costs to idle mines during the first quarter of 2015. Since the third quarter of 2014, we have incurred total exit and disposal costs of $17.5 million associated with employee severance, contract termination and other one-time costs to idle mines, and we expect to incur additional exit and disposal costs of $0.5 million to $3.5 million during the remainder of 2015. | |||||||||
Summarized below is the major financial information of our coal business presented as held for sale on our Consolidated Balance Sheet: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Assets | |||||||||
Receivables | $ | 2.5 | $ | 2.8 | |||||
Inventories | 7.9 | 8.8 | |||||||
Properties, plants and equipment, net | 30.7 | 31.1 | |||||||
Lease and mineral rights, net | 18.6 | 18.6 | |||||||
Other current assets | 3.3 | 3.5 | |||||||
Valuation allowance | (43.8 | ) | (45.5 | ) | |||||
Total current assets held for sale | $ | 19.2 | $ | 19.3 | |||||
Liabilities | |||||||||
Accounts payable | $ | 7.6 | $ | 10.4 | |||||
Accrued liabilities | 9.5 | 19.9 | |||||||
Asset retirement obligations | 7 | 7.1 | |||||||
Total current liabilities held for sale | $ | 24.1 | $ | 37.4 | |||||
Summarized below is the major financial information of our coal business presented as discontinued operations in our Consolidated Statements of Operations: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Revenues | |||||||||
Total revenues | $ | 3.6 | $ | 7.1 | |||||
Costs and operating expenses | |||||||||
Cost of products sold and operating expenses | 7.6 | 10.5 | |||||||
Selling, general and administrative (income) expenses(1) | (1.9 | ) | 1.2 | ||||||
Depreciation, depletion and amortization | — | 4.4 | |||||||
Pre-tax loss from discontinued operations | (2.1 | ) | (9.0 | ) | |||||
Income tax benefit | 0.1 | 3 | |||||||
Loss from discontinued operations, net of tax | $ | (2.0 | ) | $ | (6.0 | ) | |||
-1 | The three months ended March 31, 2015 includes $2.2 million of income related to an adjustment in the coal severance accrual. |
Dropdown_Transactions
Dropdown Transactions | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Business Combinations [Abstract] | ||||
Dropdown Transactions | 3. Dropdown Transactions | |||
Granite City Dropdown | ||||
On January 13, 2015, the Company contributed a 75 percent interest in its Granite City, IL cokemaking facility ("Granite City") to the Partnership for a total transaction value of $245.0 million (the "Granite City Dropdown"). The remaining 25 percent interest continues to be owned by the Company. Subsequent to the Granite City Dropdown, we continued to own the general partner of the Partnership, which consists of a 2.0 percent ownership interest and incentive distribution rights, and a 56.1 percent limited partner interest in the Partnership. The remaining 41.9 percent limited partner interest in the Partnership was held by public unitholders and was reflected as a noncontrolling interest in the consolidated financial statements. | ||||
The total transaction value of $245.0 million included $50.7 million of Partnership common units issued to the Company and approximately $1.0 million of general partner interests. In addition, the Partnership assumed and repaid $135.0 million of our 7.625 percent senior notes due in 2019 ("Notes") as well as $5.6 million of accrued interest and the applicable redemption premium of $7.7 million. The Partnership withheld the remaining transaction value of $45.0 million to pre-fund our obligation to the Partnership for the anticipated cost of an environmental remediation project at Granite City. The Partnership funded the redemption of the Notes with net proceeds from a private placement of an additional $200.0 million of senior notes due in 2020 ("Partnership Notes"). See Note 7. | ||||
We accounted for the Granite City Dropdown as an equity transaction, which resulted in an increase in noncontrolling interest and a decrease in SunCoke Energy's equity of $6.2 million. The table below summarizes the effects of the changes in the Company’s ownership interest in Granite City on SunCoke Energy's equity. | ||||
Three Months Ended March 31, 2015 | ||||
(Dollars in millions) | ||||
Net loss attributable to SunCoke Energy, Inc. | $ | (4.0 | ) | |
Decrease in SunCoke Energy, Inc. equity for the contribution of 75 percent interest in Granite City | (6.2 | ) | ||
Change from net loss attributable to SunCoke Energy, Inc. and transfers to noncontrolling interest | $ | (10.2 | ) | |
Haverhill and Middletown Dropdown | ||||
On May 9, 2014, SunCoke Energy contributed an additional 33 percent interest in each of the Haverhill, OH ("Haverhill") and Middletown, OH ("Middletown") cokemaking facilities to the Partnership for total transaction value of $365.0 million (the "Haverhill and Middletown Dropdown"). After the Haverhill and Middletown Dropdown, 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. | ||||
The total transaction value 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 for and cancellation of certain of our Notes. The remaining transaction value of $10.4 million consisted of a $3.4 million cash payment from the Partnership and $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 Haverhill and Middletown Dropdown, 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. | ||||
We accounted for the Haverhill and Middletown Dropdown as an equity transaction, which resulted in a decrease in noncontrolling interest and an increase in SunCoke Energy's equity of $83.7 million during the second quarter of 2014. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 4. Inventories | ||||||||
The components of inventories were as follows: | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
(Dollars in millions) | |||||||||
Coal | $ | 77 | $ | 96.5 | |||||
Coke | 16.7 | 6.9 | |||||||
Materials, supplies and other | 34.8 | 35.7 | |||||||
Total inventories | $ | 128.5 | $ | 139.1 | |||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes |
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 27.9 percent for the three months ended March 31, 2015, primarily due to income tax benefits related to the Granite City Dropdown transaction and the impact of earnings attributable to noncontrolling ownership interests in partnerships, partially offset by additional valuation allowances associated with state and local taxes. | |
The Company’s effective tax rate from continuing operations was 75.0 percent for the three months ended March 31, 2014, primarily due to income tax benefits of $2.0 million related to enacted reduction in Indiana statutory tax rate, $1.0 million related to tax credits and the impact of earnings that are attributable to noncontrolling ownership interests in partnerships. The income tax benefits were offset by $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 March 31, 2015, our VISA SunCoke joint venture had a cumulative loss on unconsolidated earnings. | |
On January 17, 2012, SunCoke Energy and Sunoco, Inc. 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. 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. |
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||
Accrued Liabilities | 6. Accrued Liabilities | ||||||||
Accrued liabilities consisted of the following: | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
(Dollars in millions) | |||||||||
Accrued benefits | $ | 16.2 | $ | 23.2 | |||||
Other taxes payable | 10.5 | 10.3 | |||||||
Other | 8.6 | 8.1 | |||||||
Total accrued liabilities | $ | 35.3 | $ | 41.6 | |||||
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | 7. Debt | ||||||||
Total long-term debt, consisted of the following: | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
(Dollars in millions) | |||||||||
7.625% senior notes, due 2019 ("Notes") | $ | 105 | $ | 240 | |||||
7.375% senior notes, due 2020 (“Partnership Notes”), including original issue premium of $14.9 million and $11.5 million at March 31, 2015 and December 31, 2014, respectively. | 614.9 | 411.5 | |||||||
Debt issuance costs | (20.6 | ) | (18.0 | ) | |||||
Total long-term debt | $ | 699.3 | $ | 633.5 | |||||
On January 13, 2015 in connection with the Granite City Dropdown, the Partnership issued an additional $200.0 million of Partnership Notes. Proceeds of $204.0 million included an original issue premium of $4.0 million. In addition, the Partnership received $6.8 million to fund interest from August 1, 2014 to January 13, 2014, the interest period prior to issuance. This interest was repaid to noteholders on February 1, 2015. The Partnership incurred debt issuance costs of $5.2 million, of which $1.0 million was considered a modification of debt and was recorded in interest expense, net on the Consolidated Statement of Operations and was included in other operating cash flows on the Consolidated Statement of Cash Flows. | |||||||||
Also, in connection with the Granite City Dropdown, the Partnership assumed and repaid $135.0 million principal amount of SunCoke Energy's outstanding Notes and paid interest of $5.6 million. The Partnership also paid a redemption premium of $7.7 million, which was included in interest expense, net on the Consolidated Statement of Operations. The Partnership assumed $2.2 million in debt issuance costs in connection with the assumption of this debt from SunCoke Energy, $0.7 million of which related to the portion of the debt extinguished and was recorded in interest expense, net on the Consolidated Statement of Operations. | |||||||||
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 March 31, 2015, the Revolving Facility had letters of credit outstanding of $1.5 million, leaving $148.5 million available. | |||||||||
The Company and the Partnership are subject to certain debt covenants that, among other things, limit the Company's and the 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 3.75:1.00, calculated by dividing total debt by EBITDA as defined by the Credit Agreement, and a minimum consolidated interest coverage ratio of 2.75:1.00, calculated by dividing EBITDA by interest expense as defined by the Credit Agreement. Under the terms of the Partnership's revolving credit facility (the "Partnership Revolver"), the Partnership is subject to a maximum consolidated leverage ratio of 4.00:1.00, calculated by dividing total debt by EBITDA as defined by the Partnership Revolver, and a minimum consolidated interest coverage ratio of 2.50:1.00, calculated by dividing EBITDA by interest expense as defined by the Partnership Revolver. At March 31, 2015, 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. | |||||||||
On April 21, 2015, the Company amended the Credit Agreement to allow for unlimited restricted payment capacity if the Company maintains a consolidated leverage ratio less than 2.00 and has at least $75.0 million of total liquidity (cash and revolver capacity). Further, the maximum consolidated leverage ratio was decreased from 3.75:1.00 to 3.25:1.00. Additionally, the Partnership amended the Partnership Revolver to increase the maximum consolidated leverage ratio from 4.00:1.00 to 4.50:1.00. |
Retirement_Benefits_Plans
Retirement Benefits Plans | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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. 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 ("Dominion Coal"), 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. Distribution of plan assets resulting from the termination of the Dominion Coal defined benefit plan will not be made until the Internal Revenue Service and Pension Benefit Guarantee Corporation determines that this termination satisfies applicable regulatory requirements. This determination is expected to occur in mid-2015, at which time settlement accounting also will occur. As a result of the termination of the Dominion Coal defined benefit plan, each participant will become fully vested in his or her benefits thereunder 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 such benefits. All other participants will receive an annuity in full payment of their benefits under the Dominion Coal defined benefit plan. | |||||||||
The termination of coal mining employees during the first quarter of 2015 triggered a postretirement benefit plan curtailment gain of $4.0 million, which represented accelerated amortization of prior service credits previously recorded in accumulated other comprehensive income. | |||||||||
Defined benefit plan expense consisted of the following components: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Interest cost on benefit obligations | $ | 0.4 | $ | 0.4 | |||||
Expected return on plan assets | (0.4 | ) | (0.4 | ) | |||||
Amortization of actuarial losses | 0.2 | 0.1 | |||||||
Total expense | $ | 0.2 | $ | 0.1 | |||||
Postretirement benefit plans benefit consisted of the following components: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Interest cost on benefit obligations | $ | 0.3 | $ | 0.4 | |||||
Amortization of: | |||||||||
Actuarial losses | 0.2 | 0.3 | |||||||
Prior service benefit | (0.4 | ) | (1.4 | ) | |||||
Curtailment gain | (4.0 | ) | — | ||||||
Total benefit | $ | (3.9 | ) | $ | (0.7 | ) |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 9. Commitments and Contingent Liabilities |
SunCoke Energy 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 certain 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 entered into a consent decree in federal district court with these parties. The consent decree includes an approximate $2.2 million civil penalty payment, which was paid in December 2014, as well as capital projects already underway to improve the reliability of the energy recovery systems and enhance environmental performance at Haverhill and Granite City. We anticipate spending approximately $125 million related to these projects, of which we have spent approximately $78 million to date. The remaining capital is expected to be spent through the first quarter of 2017. A portion of the proceeds from the Partnership offering, the Haverhill and Middletown Dropdown and the Granite City Dropdown are being used to fund $119 million of these environmental remediation projects. | |
SunCoke Energy has also received NOVs and a Finding of Violation ("FOV") from the EPA related to our Indiana Harbor cokemaking facility. After initial discussions with the EPA and the Indiana Department of Environmental Management (“IDEM”), resolution of the NOVs was postponed by mutual agreement because of ongoing discussions regarding the NOVs at Haverhill and Granite City. In January 2012, the Company began working in a cooperative manner to address the allegations with the EPA, the IDEM and Cokenergy, Inc., an independent power producer that owns and operates an energy facility, including heat recovery equipment and a flue gas desulfurization system, that processes hot flue gas from our Indiana Harbor 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 reliability and environmental performance. At this time, SunCoke Energy 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 March 31, 2015. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Share-based Compensation [Abstract] | |||||
Share-Based Compensation | 10. Share-Based Compensation | ||||
During the three months ended March 31, 2015, 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 554,294 shares of common stock during the three months ended March 31, 2015 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 ten 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 three months ended March 31, 2015 was $5.08 using the following weighted-average assumptions: | |||||
Three Months Ended March 31, 2015 | |||||
Risk-free interest rate | 1.67 | % | |||
Expected term | 5 years | ||||
Volatility | 36 | % | |||
Dividend yield | 1.38 | % | |||
Exercise price | $ | 16.9 | |||
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 expectation of dividend payouts at the time of grant. 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 four 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 $0.6 million and $1.3 million for stock options during the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, 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 2.1 years. | |||||
Restricted Stock Units | |||||
The Company issued 213,171 restricted stock units (“RSUs”) for shares of the Company’s common stock during the three months ended March 31, 2015 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 three months ended March 31, 2015 of $16.90 was based on the closing price of our common stock on the date of grant. The Company estimated a ten 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 $0.7 million and $0.8 million for RSUs during the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, there was $7.6 million of total unrecognized compensation cost related to nonvested RSUs. This compensation cost is expected to be recognized over the next 1.9 years. | |||||
Performance Share Units | |||||
The Company issued 146,154 performance share units ("PSUs") for shares of the Company's common stock during the three months ended March 31, 2015 that vest on December 31, 2017. 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 three months ended March 31, 2015 is $17.58 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 zero 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 $0.2 million for PSUs during both the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, there was $4.3 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 | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Earnings per Share | 11. 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 March 31, | |||||||
2015 | 2014 | ||||||
(Shares in millions) | |||||||
Weighted-average number of common shares outstanding-basic | 66.2 | 69.7 | |||||
Add: Effect of dilutive share-based compensation awards | — | — | |||||
Weighted-average number of shares-diluted | 66.2 | 69.7 | |||||
The potential dilutive effect of 2.3 million stock options, 0.5 million restricted stock units and 0.1 million performance share units were excluded from the computation of diluted weighted-average shares outstanding for the three months ended March 31, 2015, as the shares would have been anti-dilutive. The potential dilutive effect of 2.7 million options, 0.5 million restricted stock units and 0.1 million performance share units were excluded from the computation of diluted weighted-average shares outstanding for the three months ended March 31, 2014, as the shares would have been anti-dilutive. | |||||||
Under the $150.0 million share repurchase program authorized by the Company's Board of Directors on July 23, 2014, the Company entered into a share repurchase agreement on January 28, 2015 for the buyback of $20.0 million of our common stock, leaving $55.0 million available under the authorized repurchase program. On March 18, 2015, 1.2 million shares were received for an average price of $16.89 per share. |
Supplemental_Accumulated_Other
Supplemental Accumulated Other Comprehensive Loss Information | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Statement of Comprehensive Income [Abstract] | ||||||||||||
Supplemental Accumulated Other Comprehensive Loss Information | 12. 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, 2014 | $ | (9.4 | ) | $ | (12.1 | ) | $ | (21.5 | ) | |||
Other comprehensive loss before reclassifications | — | (1.1 | ) | (1.1 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | (2.4 | ) | — | (2.4 | ) | |||||||
Net current period other comprehensive loss | (2.4 | ) | (1.1 | ) | (3.5 | ) | ||||||
At March 31, 2015 | $ | (11.8 | ) | $ | (13.2 | ) | $ | (25.0 | ) | |||
Reclassifications out of the accumulated other comprehensive loss were as follows:(1) | ||||||||||||
Three Months Ended March 31, | ||||||||||||
2015 | 2014 | |||||||||||
(Dollars in millions) | ||||||||||||
Amortization of postretirement and defined benefit plan items to net income: | ||||||||||||
Prior service benefit(2) | $ | (0.4 | ) | $ | (1.4 | ) | ||||||
Actuarial loss(2) | 0.4 | 0.4 | ||||||||||
Curtailment gain(2) | (4.0 | ) | — | |||||||||
Total before taxes | (4.0 | ) | (1.0 | ) | ||||||||
Income tax expense | 1.6 | 0.4 | ||||||||||
Total, net of tax | $ | (2.4 | ) | $ | (0.6 | ) | ||||||
-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 | 3 Months Ended | |
Mar. 31, 2015 | ||
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements | 13. 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. The Company's cash equivalents, which amounted to $90.8 million and $88.2 million at March 31, 2015 and December 31, 2014, respectively, were measured at fair value based on quoted prices in active markets for identical assets. These inputs are classified as Level 1 within the valuation hierarchy. | ||
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). | ||
Coal Disposal Group Valuation | ||
Since the presentation of our coal mining business as held for sale in the third quarter of 2014, the Company has continued to assess the carrying value of the disposal group in each reporting period and adjusted the carrying value to fair value less costs to sell. This resulted in a valuation allowance of $43.8 million in current assets held for sale on the Consolidated Balance Sheet at March 31, 2015. The fair value was estimated utilizing a market approach, which was considered Level 2 in the fair value hierarchy. | ||
Certain Financial Assets and Liabilities not Measured at Fair Value | ||
At March 31, 2015, the fair value of the Company’s long-term debt was estimated to be $723.7 million, compared to a carrying amount of $719.9 million, which includes the original issue premium. The fair value was estimated by management based upon estimates of debt pricing provided by financial institutions, which are considered Level 2 inputs. |
Business_Segment_Information
Business Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Business Segment Information | 14. Business Segment Information | ||||||||
The Company reports our business through four segments: Domestic Coke, Brazil Coke, India Coke and Coal Logistics. 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. | |||||||||
We also own a 49 percent interest in 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 account for this investment under the equity method and recognize our share of earnings on a one-month lag. 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 SunCoke Lake Terminal, LLC ("Lake Terminal") located in Indiana and Kanawha River Terminals ("KRT") located in Kentucky and West Virginia. This business provides coal handling and blending services to third party customers as well as SunCoke cokemaking facilities and has a collective capacity to blend and transload more than 30 million tons of coal annually. Coal handling and blending results are presented in the Coal Logistics segment. | |||||||||
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 liabilities (i.e. black lung, workers' compensation, certain asset retirement obligations and net pension and other postretirement employee benefit obligations), which are expected to be retained by the Company. See Note 2. The related legacy costs are included in Corporate and Other and are included in Consolidated Adjusted EBITDA but are excluded from Adjusted EBITDA from continuing operations. Interest expense, net, which consists principally of interest income and interest expense, net of capitalized interest, is also excluded from segment results. Segment assets, net of tax are those assets that are utilized within a specific segment and exclude deferred taxes 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 March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Sales and other operating revenue: | |||||||||
Domestic Coke | $ | 303.1 | $ | 333.5 | |||||
Brazil Coke | 9.9 | 9.3 | |||||||
Coal Logistics | 7.3 | 8.7 | |||||||
Coal Logistics intersegment sales | 4.7 | 4.2 | |||||||
Corporate and other intersegment sales | 2.5 | 5 | |||||||
Elimination of intersegment sales | (7.2 | ) | (9.2 | ) | |||||
Total sales and other operating revenue | $ | 320.3 | $ | 351.5 | |||||
Adjusted EBITDA: | |||||||||
Adjusted EBITDA from continuing operations: | |||||||||
Domestic Coke | $ | 52.7 | $ | 46.8 | |||||
Brazil Coke | 4.1 | 1.7 | |||||||
India Coke | (0.7 | ) | 0.1 | ||||||
Coal Logistics | 2.6 | 2.1 | |||||||
Corporate and Other | (9.6 | ) | (11.2 | ) | |||||
Total Adjusted EBITDA from continuing operations | 49.1 | 39.5 | |||||||
Legacy income (costs), net(1) | 1.9 | (1.5 | ) | ||||||
Adjusted EBITDA from discontinued operations | (3.1 | ) | (4.4 | ) | |||||
Adjusted EBITDA | $ | 47.9 | $ | 33.6 | |||||
Depreciation and amortization expense: | |||||||||
Domestic Coke(2) | $ | 18.2 | $ | 21 | |||||
Brazil Coke | 0.2 | 0.1 | |||||||
Coal Logistics | 1.8 | 1.8 | |||||||
Corporate and Other(3) | 3.6 | 1.5 | |||||||
Total depreciation and amortization expense | $ | 23.8 | $ | 24.4 | |||||
Capital expenditures: | |||||||||
Domestic Coke | $ | 8 | $ | 36.3 | |||||
Brazil Coke | — | — | |||||||
Coal Logistics | 0.2 | 0.3 | |||||||
Corporate and Other | 0.1 | 0.9 | |||||||
Total capital expenditures | $ | 8.3 | $ | 37.5 | |||||
-1 | Legacy income (costs), net, includes royalty revenues and costs related to coal mining assets and liabilities expected to be retained by SunCoke Energy, which are not part of the disposal group. See details of these legacy items in the table at the end of this footnote. | ||||||||
-2 | We revised the estimated useful life of certain assets at Indiana Harbor in connection with both the refurbishment project as well as the additional work on the oven floors and sole flues, which resulted in additional depreciation of $0.4 million and $5.6 million, or $0.01 and $0.08 per common share from continuing operations, during the three months ended March 31, 2015 and 2014, respectively. | ||||||||
-3 | Based on the Company plans to demolish the preparation plant, we revised the estimated useful lives of certain coal preparation plant assets located at our Jewell facility, which resulted in additional depreciation of $2.0 million, or $0.03 per common share from continuing operations, during the three months ended March 31, 2015. As the coal preparation plant will not be sold with the rest of the coal mining business, these assets and related depreciation expense are not included in the disposal group in discontinued operations but are instead included in Corporate and Other. | ||||||||
The following table sets forth the Company’s total sales and other operating revenue by product or service: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Coke sales | $ | 286.5 | $ | 315.8 | |||||
Steam and electricity sales | 16.6 | 17.8 | |||||||
Operating and licensing fees | 9.9 | 9.3 | |||||||
Coal logistics | 7 | 8 | |||||||
Other | 0.3 | 0.6 | |||||||
Sales and other operating revenue | $ | 320.3 | $ | 351.5 | |||||
The following table sets forth the Company's segment assets: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Segment assets | |||||||||
Domestic Coke | $ | 1,610.60 | $ | 1,585.50 | |||||
Brazil Coke | 61.6 | 61.6 | |||||||
India Coke | 21.9 | 22.5 | |||||||
Coal Logistics | 111.8 | 114.4 | |||||||
Corporate and Other | 109.7 | 144.4 | |||||||
Segment assets, excluding tax assets and discontinued operations | 1,915.60 | 1,928.40 | |||||||
Discontinued operations | 19.2 | 19.3 | |||||||
Tax assets | 27.2 | 32.4 | |||||||
Total assets | $ | 1,962.00 | $ | 1,980.10 | |||||
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 impairments, costs related to exiting our coal business, interest, taxes, depreciation and amortization attributable to our equity method investment. Prior to the expiration of our nonconventional fuel tax credits in 2013, Adjusted EBITDA included an add-back of sales discounts related to the sharing of these credits with customers. Any adjustments to these amounts subsequent to 2013 have been included in Adjusted EBITDA. 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 the 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 attributable to noncontrolling interests. | ||||||||
Below is a reconciliation of Adjusted EBITDA to net income, which is its most directly comparable financial measure calculated and presented in accordance with GAAP: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Adjusted EBITDA attributable to SunCoke Energy, Inc. | $ | 29.8 | $ | 24.3 | |||||
Add: Adjusted EBITDA attributable to noncontrolling interests(1) | 18.1 | 9.3 | |||||||
Adjusted EBITDA | $ | 47.9 | $ | 33.6 | |||||
Subtract: | |||||||||
Adjusted EBITDA from discontinued operations(2) | (3.1 | ) | (4.4 | ) | |||||
Legacy income (costs), net(3) | 1.9 | (1.5 | ) | ||||||
Adjusted EBITDA from continuing operations | $ | 49.1 | $ | 39.5 | |||||
Subtract: | |||||||||
Adjustment to unconsolidated affiliate earnings(4) | 0.3 | 1 | |||||||
Depreciation and amortization expense | 23.8 | 24.4 | |||||||
Interest expense, net | 23.3 | 12.1 | |||||||
Income tax expense (benefit) | 1.2 | (1.2 | ) | ||||||
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits(5) | — | (0.5 | ) | ||||||
Asset impairment | — | ||||||||
Legacy (income) costs, net(3) | (1.9 | ) | 1.5 | ||||||
Income from continuing operations | $ | 2.4 | $ | 2.2 | |||||
Loss from discontinued operations, net of tax | (2.0 | ) | (6.0 | ) | |||||
Net income (loss) | $ | 0.4 | $ | (3.8 | ) | ||||
-1 | Reflects noncontrolling interest in Indiana Harbor and the portion of the Partnership owned by public unitholders. | ||||||||
-2 | See reconciliation of Adjusted EBITDA from discontinued operations below. | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Adjusted EBITDA from discontinued operations | $ | (3.1 | ) | $ | (4.4 | ) | |||
Subtract: | |||||||||
Depreciation and depletion from discontinued operations | — | 4.4 | |||||||
Income tax benefit from discontinued operations | (0.1 | ) | (3.0 | ) | |||||
Exit costs(1) | (1.0 | ) | 0.2 | ||||||
Loss from discontinued operations, net of tax | $ | (2.0 | ) | $ | (6.0 | ) | |||
-1 | The three months ended March 31, 2015 includes $2.2 million of income related to an adjustment in the coal severance accrual. | ||||||||
-3 | Legacy (income) costs, net includes royalty revenues and costs related to coal mining assets and liabilities expected to be retained by the Company which are not part of the disposal group, and therefore, are reported in continuing operations in Corporate and Other. See detail of these legacy costs in the table below. | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Black lung charges | $ | 0.9 | $ | 0.5 | |||||
Postretirement benefit plan benefit(1) | (3.9 | ) | (0.2 | ) | |||||
Defined benefit plan expense | 0.2 | — | |||||||
Workers compensation expense | 0.9 | 1.2 | |||||||
Total legacy (income) costs, net | $ | (1.9 | ) | $ | 1.5 | ||||
-1 | Includes a postretirement benefit plan curtailment gain of $4.0 million, which represented accelerated amortization of prior service credits previously recorded in accumulated other comprehensive income related to the termination of coal mining employees during the first quarter of 2015. | ||||||||
-4 | Reflects share of interest, taxes, depreciation and amortization related to VISA SunCoke. | ||||||||
-5 | Sales discounts are related to nonconventional fuel tax credits, which expired in 2013. 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. |
Supplemental_Condensed_Consoli
Supplemental Condensed Consolidating Financial Information | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Supplemental Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||
Supplemental Condensed Consolidating Financial Information | 15. Supplemental Condensed Consolidating Financial Information | ||||||||||||||||||||
Certain 100 percent owned subsidiaries of the Company serve as guarantors of the obligations under the Credit Agreement and $105 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. | |||||||||||||||||||||
In connection with the Granite City Dropdown, we entered into an amendment to our Credit Agreement. In conjunction with the amendment, we designated Gateway Energy & Coke Company, LLC and Gateway Cogeneration Company, LLC as unrestricted subsidiaries. As such, they are presented as "Non-Guarantor Subsidiaries." Prior periods have been restated to reflect this change. | |||||||||||||||||||||
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; and | ||||||||||||||||||||
• | the release, other than the discharge through payments by a Guarantor Subsidiary, from its guarantee under the Credit Agreement or other indebtedness that resulted in the obligation of the Guarantor Subsidiary under the indenture governing the Notes. | ||||||||||||||||||||
The following supplemental condensed combining and consolidating financial information reflects the Issuer’s separate accounts, the combined accounts of the Guarantor Subsidiaries, the combined accounts of the Non-Guarantor Subsidiaries, the combining and consolidating adjustments and eliminations and the Issuer’s consolidated accounts for the dates and periods indicated. For purposes of the following condensed combining and consolidating information, the Issuer’s investments in its subsidiaries and the Guarantor and Non-Guarantor Subsidiaries’ investments in its subsidiaries are accounted for under the equity method of accounting. | |||||||||||||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 41 | $ | 279.3 | $ | — | $ | 320.3 | |||||||||||
Equity in earnings of subsidiaries | — | 6.1 | — | (6.1 | ) | — | |||||||||||||||
Other income | — | 0.1 | — | — | 0.1 | ||||||||||||||||
Total revenues | — | 47.2 | 279.3 | (6.1 | ) | 320.4 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 32.2 | 222.3 | — | 254.5 | ||||||||||||||||
Selling, general and administrative expenses | 2 | 3.7 | 8.8 | — | 14.5 | ||||||||||||||||
Depreciation and amortization expense | — | 5 | 18.8 | — | 23.8 | ||||||||||||||||
Total costs and operating expenses | 2 | 40.9 | 249.9 | — | 292.8 | ||||||||||||||||
Operating income | (2.0 | ) | 6.3 | 29.4 | (6.1 | ) | 27.6 | ||||||||||||||
Interest (income) expense, net - affiliate | — | (1.8 | ) | 1.8 | — | — | |||||||||||||||
Interest expense (income), net | 2.8 | (0.3 | ) | 20.8 | — | 23.3 | |||||||||||||||
Total financing expense (income), net | 2.8 | (2.1 | ) | 22.6 | — | 23.3 | |||||||||||||||
(Loss) Income before income tax expense and loss from equity method investment | (4.8 | ) | 8.4 | 6.8 | (6.1 | ) | 4.3 | ||||||||||||||
Income tax (benefit) expense | (0.8 | ) | 2.7 | (0.7 | ) | — | 1.2 | ||||||||||||||
Loss from equity method investment | — | — | 0.7 | — | 0.7 | ||||||||||||||||
(Loss) income from continuing operations | (4.0 | ) | 5.7 | 6.8 | (6.1 | ) | 2.4 | ||||||||||||||
Loss from discontinued operations, net of income tax benefit of $0.1 million | — | (2.0 | ) | — | — | (2.0 | ) | ||||||||||||||
Net (loss) income | (4.0 | ) | 3.7 | 6.8 | (6.1 | ) | 0.4 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 4.4 | — | 4.4 | ||||||||||||||||
Net (loss) income attributable to SunCoke Energy, Inc. | $ | (4.0 | ) | $ | 3.7 | $ | 2.4 | $ | (6.1 | ) | $ | (4.0 | ) | ||||||||
Comprehensive (income) loss | $ | (7.5 | ) | $ | 1.3 | $ | 5.7 | $ | (2.6 | ) | $ | (3.1 | ) | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 4.4 | — | 4.4 | ||||||||||||||||
Comprehensive income attributable to SunCoke Energy, Inc. | $ | (7.5 | ) | $ | 1.3 | $ | 1.3 | $ | (2.6 | ) | $ | (7.5 | ) | ||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 52.6 | $ | 298.9 | $ | — | $ | 351.5 | |||||||||||
Equity in earnings of subsidiaries | 6.6 | 14.4 | — | (21.0 | ) | — | |||||||||||||||
Other income | — | 0.9 | 0.1 | — | 1 | ||||||||||||||||
Total revenues | 6.6 | 67.9 | 299 | (21.0 | ) | 352.5 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 40.5 | 252.9 | — | 293.4 | ||||||||||||||||
Selling, general and administrative expenses | 3.2 | 9.9 | 7.9 | — | 21 | ||||||||||||||||
Depreciation and amortization expense | — | 2.8 | 21.6 | — | 24.4 | ||||||||||||||||
Total costs and operating expenses | 3.2 | 53.2 | 282.4 | — | 338.8 | ||||||||||||||||
Operating income | 3.4 | 14.7 | 16.6 | (21.0 | ) | 13.7 | |||||||||||||||
Interest (income) expense, net - affiliate | — | (1.8 | ) | 1.8 | — | — | |||||||||||||||
Interest expense (income), net | 9.3 | (0.4 | ) | 3.2 | — | 12.1 | |||||||||||||||
Total financing expense (income), net | 9.3 | (2.2 | ) | 5 | — | 12.1 | |||||||||||||||
(Loss) income before income tax expense and loss from equity method investment | (5.9 | ) | 16.9 | 11.6 | (21.0 | ) | 1.6 | ||||||||||||||
Income tax expense (benefit) | 1.9 | (1.7 | ) | (1.4 | ) | — | (1.2 | ) | |||||||||||||
Loss from equity method investment | — | — | 0.6 | — | 0.6 | ||||||||||||||||
(Loss) income from continuing operations | (7.8 | ) | 18.6 | 12.4 | (21.0 | ) | 2.2 | ||||||||||||||
Loss from discontinued operations, net of income tax benefit of $3.0 million | — | (6.0 | ) | — | — | (6.0 | ) | ||||||||||||||
Net (loss) income | (7.8 | ) | 12.6 | 12.4 | (21.0 | ) | (3.8 | ) | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 4 | — | 4 | ||||||||||||||||
Net income attributable to SunCoke Energy, Inc. | $ | (7.8 | ) | $ | 12.6 | $ | 8.4 | $ | (21.0 | ) | $ | (7.8 | ) | ||||||||
Comprehensive (loss) income | $ | (7.6 | ) | $ | 12 | $ | 13.2 | $ | (21.2 | ) | $ | (3.6 | ) | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 4 | — | 4 | ||||||||||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | $ | (7.6 | ) | $ | 12 | $ | 9.2 | $ | (21.2 | ) | $ | (7.6 | ) | ||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
(Dollars in millions, except per share amounts) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 69.7 | $ | 95.7 | $ | — | $ | 165.4 | |||||||||||
Receivables | — | 12.3 | 46.7 | — | 59 | ||||||||||||||||
Inventories | — | 14.1 | 114.4 | — | 128.5 | ||||||||||||||||
Income taxes receivable | 28.7 | — | 7.9 | (27.8 | ) | 8.8 | |||||||||||||||
Deferred income taxes | 2.6 | 17.7 | 0.8 | (2.7 | ) | 18.4 | |||||||||||||||
Other current assets | — | 4.1 | 2.8 | — | 6.9 | ||||||||||||||||
Current assets held for sale | — | 19.2 | — | — | 19.2 | ||||||||||||||||
Advances to affiliate | — | 184.4 | — | (184.4 | ) | — | |||||||||||||||
Interest receivable from affiliate | — | 1.8 | — | (1.8 | ) | — | |||||||||||||||
Total current assets | 31.3 | 323.3 | 268.3 | (216.7 | ) | 406.2 | |||||||||||||||
Notes receivable from affiliate | — | 89 | 300 | (389.0 | ) | — | |||||||||||||||
Investment in Brazil cokemaking operations | — | — | 41 | — | 41 | ||||||||||||||||
Equity method investment in VISA SunCoke Limited | — | — | 21.7 | — | 21.7 | ||||||||||||||||
Properties, plants and equipment, net | — | 71.7 | 1,380.10 | — | 1,451.80 | ||||||||||||||||
Goodwill and other intangible assets, net | — | 6.7 | 14.9 | — | 21.6 | ||||||||||||||||
Deferred charges and other assets | 0.2 | 14.8 | 4.7 | — | 19.7 | ||||||||||||||||
Investment in subsidiaries | 571.4 | 706.3 | — | (1,277.7 | ) | — | |||||||||||||||
Total assets | $ | 602.9 | $ | 1,211.80 | $ | 2,030.70 | $ | (1,883.4 | ) | $ | 1,962.00 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||
Advances from affiliate | $ | — | $ | — | $ | 81.8 | $ | (81.8 | ) | $ | — | ||||||||||
Accounts payable | — | 7.1 | 93.1 | — | 100.2 | ||||||||||||||||
Accrued liabilities | 0.1 | 16.2 | 19 | — | 35.3 | ||||||||||||||||
Interest payable | 1.4 | — | 7.3 | — | 8.7 | ||||||||||||||||
Interest payable to affiliate | — | — | 1.8 | (1.8 | ) | — | |||||||||||||||
Income taxes payable | — | 27.8 | — | (27.8 | ) | — | |||||||||||||||
Current liabilities held for sale | — | 24.1 | — | — | 24.1 | ||||||||||||||||
Total current liabilities | 1.5 | 75.2 | 203 | (111.4 | ) | 168.3 | |||||||||||||||
Long-term debt | 101.9 | — | 597.4 | — | 699.3 | ||||||||||||||||
Payable to affiliate | 102.6 | 300 | 89 | (491.6 | ) | — | |||||||||||||||
Accrual for black lung benefits | — | 43.9 | — | — | 43.9 | ||||||||||||||||
Retirement benefit liabilities | — | 32.9 | — | — | 32.9 | ||||||||||||||||
Deferred income taxes | — | 315.2 | 3.1 | (2.7 | ) | 315.6 | |||||||||||||||
Asset retirement obligations | — | 7.3 | 8 | — | 15.3 | ||||||||||||||||
Other deferred credits and liabilities | 1.8 | 13.2 | 1.4 | — | 16.4 | ||||||||||||||||
Total liabilities | 207.8 | 787.7 | 901.9 | (605.7 | ) | 1,291.70 | |||||||||||||||
Equity | |||||||||||||||||||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at March 31, 2015 | — | — | — | — | — | ||||||||||||||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 71,389,447 shares at March 31, 2015 | 0.7 | — | — | — | 0.7 | ||||||||||||||||
Treasury stock, 6,161,395 shares at March 31, 2015 | (125.0 | ) | — | — | — | (125.0 | ) | ||||||||||||||
Additional paid-in capital | 538.4 | 89.3 | 636 | (725.3 | ) | 538.4 | |||||||||||||||
Accumulated other comprehensive (loss) income | (25.0 | ) | (11.7 | ) | (13.3 | ) | 25 | (25.0 | ) | ||||||||||||
Retained earnings | 6 | 346.5 | 230.9 | (577.4 | ) | 6 | |||||||||||||||
Total SunCoke Energy, Inc. stockholders’ equity | 395.1 | 424.1 | 853.6 | (1,277.7 | ) | 395.1 | |||||||||||||||
Noncontrolling interests | — | — | 275.2 | — | 275.2 | ||||||||||||||||
Total equity | 395.1 | 424.1 | 1,128.80 | (1,277.7 | ) | 670.3 | |||||||||||||||
Total liabilities and equity | $ | 602.9 | $ | 1,211.80 | $ | 2,030.70 | $ | (1,883.4 | ) | $ | 1,962.00 | ||||||||||
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 | 17.4 | 57.9 | — | 75.4 | ||||||||||||||||
Inventories | — | 14.8 | 124.3 | — | 139.1 | ||||||||||||||||
Income tax receivable | 28 | — | — | (22.0 | ) | 6 | |||||||||||||||
Deferred income taxes | 2.6 | 17.7 | 8.7 | (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 | — | 99.1 | — | (99.1 | ) | — | |||||||||||||||
Total current assets | 30.7 | 273.4 | 228.4 | (123.7 | ) | 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 | — | 74.7 | 1,391.90 | — | 1,466.60 | ||||||||||||||||
Goodwill and other intangible assets, net | — | 6.9 | 15.1 | — | 22 | ||||||||||||||||
Deferred charges and other assets | 0.3 | 13 | 6.1 | — | 19.4 | ||||||||||||||||
Investment in subsidiaries | 718.2 | 760.1 | — | (1,478.3 | ) | — | |||||||||||||||
Total assets | $ | 749.2 | $ | 1,217.10 | $ | 2,004.80 | $ | (1,991 | ) | $ | 1,980.10 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||
Advances from affiliate | $ | 73.4 | $ | — | $ | 25.7 | $ | (99.1 | ) | $ | — | ||||||||||
Accounts payable | — | 12.8 | 98.1 | — | 110.9 | ||||||||||||||||
Accrued liabilities | 0.1 | 19.7 | 21.8 | — | 41.6 | ||||||||||||||||
Interest payable | 7.6 | — | 12.3 | — | 19.9 | ||||||||||||||||
Income taxes payable | — | 18.9 | 3.1 | (22.0 | ) | — | |||||||||||||||
Current liabilities held for sale | — | 37.4 | — | — | 37.4 | ||||||||||||||||
Total current liabilities | 81.1 | 88.8 | 161 | (121.1 | ) | 209.8 | |||||||||||||||
Long-term debt | 234.5 | — | 399 | — | 633.5 | ||||||||||||||||
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 | — | 235.1 | 89.4 | (2.6 | ) | 321.9 | |||||||||||||||
Asset retirement obligations | — | 7.2 | 7.9 | — | 15.1 | ||||||||||||||||
Other deferred credits and liabilities | 1.9 | 13.6 | 1.4 | — | 16.9 | ||||||||||||||||
Total liabilities | 317.5 | 722.2 | 747.7 | (512.7 | ) | 1,274.70 | |||||||||||||||
Equity | — | ||||||||||||||||||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at December 31, 2014 | — | — | — | — | — | ||||||||||||||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 71,251,529 shares at December 31, 2014 | 0.7 | — | — | — | 0.7 | ||||||||||||||||
Treasury Stock, 4,977,115 shares at December 31, 2014 | (105.0 | ) | — | — | — | (105.0 | ) | ||||||||||||||
Additional paid-in capital | 543.6 | 161.4 | 767.1 | (928.5 | ) | 543.6 | |||||||||||||||
Accumulated other comprehensive (loss) income | (21.5 | ) | (9.3 | ) | (12.2 | ) | 21.5 | (21.5 | ) | ||||||||||||
Retained earnings | 13.9 | 342.8 | 228.5 | (571.3 | ) | 13.9 | |||||||||||||||
Total SunCoke Energy, Inc. stockholders’ equity | 431.7 | 494.9 | 983.4 | (1,478.3 | ) | 431.7 | |||||||||||||||
Noncontrolling interests | — | — | 273.7 | — | 273.7 | ||||||||||||||||
Total equity | 431.7 | 494.9 | 1,257.10 | (1,478.3 | ) | 705.4 | |||||||||||||||
Total liabilities and equity | $ | 749.2 | $ | 1,217.10 | $ | 2,004.80 | $ | (1,991.0 | ) | $ | 1,980.10 | ||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Cash Flows from Continuing Operating Activities: | |||||||||||||||||||||
Net (loss) income | $ | (4.0 | ) | $ | 3.7 | $ | 6.8 | $ | (6.1 | ) | $ | 0.4 | |||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||||||||||||||||
Loss on discontinued operations, net of tax | — | 2 | — | — | 2 | ||||||||||||||||
Depreciation and amortization expense | — | 5 | 18.8 | — | 23.8 | ||||||||||||||||
Deferred income tax expense (benefit) | — | 3.4 | (0.3 | ) | — | 3.1 | |||||||||||||||
Payments and gain on curtailment in excess of expense for retirement plans | — | (4.7 | ) | — | — | (4.7 | ) | ||||||||||||||
Share-based compensation expense | 1.5 | — | — | — | 1.5 | ||||||||||||||||
Loss from equity method investment | — | — | 0.7 | — | 0.7 | ||||||||||||||||
Loss on extinguishment of debt | — | — | 9.4 | — | 9.4 | ||||||||||||||||
Equity in earnings of subsidiaries | — | (6.1 | ) | — | 6.1 | — | |||||||||||||||
Changes in working capital pertaining to operating activities: | |||||||||||||||||||||
Receivables | 0.1 | 5.1 | 11.2 | — | 16.4 | ||||||||||||||||
Inventories | — | 0.7 | 9.9 | — | 10.6 | ||||||||||||||||
Accounts payable | — | (5.7 | ) | (5.0 | ) | — | (10.7 | ) | |||||||||||||
Accrued liabilities | — | (3.5 | ) | (2.8 | ) | — | (6.3 | ) | |||||||||||||
Interest payable | (6.2 | ) | (1.8 | ) | (3.2 | ) | — | (11.2 | ) | ||||||||||||
Income taxes | (0.7 | ) | 8.9 | (11.0 | ) | — | (2.8 | ) | |||||||||||||
Other | (0.1 | ) | (3.3 | ) | (2.2 | ) | — | (5.6 | ) | ||||||||||||
Net cash (used in) provided by continuing operating activities | (9.4 | ) | 3.7 | 32.3 | — | 26.6 | |||||||||||||||
Cash Flows from Continuing Investing Activities: | |||||||||||||||||||||
Capital expenditures | — | (1.5 | ) | (6.8 | ) | — | (8.3 | ) | |||||||||||||
Net cash used in continuing investing activities | — | (1.5 | ) | (6.8 | ) | — | (8.3 | ) | |||||||||||||
Cash Flows from Continuing Financing Activities: | |||||||||||||||||||||
Proceeds from issuance of long-term debt | — | — | 210.8 | — | 210.8 | ||||||||||||||||
Repayment of long-term debt | — | — | (149.5 | ) | — | (149.5 | ) | ||||||||||||||
Debt issuance costs | — | — | (4.2 | ) | — | (4.2 | ) | ||||||||||||||
Cash distribution to noncontrolling interests | — | — | (9.1 | ) | — | (9.1 | ) | ||||||||||||||
Shares repurchased | (20.0 | ) | — | — | — | (20.0 | ) | ||||||||||||||
Proceeds from exercise of stock options, net of shares withheld for taxes | (0.5 | ) | — | — | — | (0.5 | ) | ||||||||||||||
Dividends paid | (3.9 | ) | — | — | — | (3.9 | ) | ||||||||||||||
Net increase (decrease) in advances from affiliate | 33.8 | (19.4 | ) | (14.4 | ) | — | — | ||||||||||||||
Net cash provided by (used in) continuing financing activities | 9.4 | (19.4 | ) | 33.6 | — | 23.6 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents from continuing operations | — | (17.2 | ) | 59.1 | — | 41.9 | |||||||||||||||
Cash Flows from Discontinued Operations: | |||||||||||||||||||||
Cash flows from discontinued operations - operating activities | — | (15.5 | ) | — | — | (15.5 | ) | ||||||||||||||
Net decrease in cash and cash equivalents from discontinued operations | — | (15.5 | ) | — | — | (15.5 | ) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (32.7 | ) | 59.1 | — | 26.4 | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 102.4 | 36.6 | — | 139 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 69.7 | $ | 95.7 | $ | — | $ | 165.4 | |||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Cash Flows from Continuing Operating Activities: | |||||||||||||||||||||
Net income (loss) | $ | (7.8 | ) | $ | 12.6 | $ | 12.4 | $ | (21.0 | ) | $ | (3.8 | ) | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Loss on discontinued operations, net of tax | — | 6 | — | — | 6 | ||||||||||||||||
Depreciation and amortization expense | — | 2.8 | 21.6 | — | 24.4 | ||||||||||||||||
Deferred income tax expense | 0.2 | (1.3 | ) | (0.7 | ) | — | (1.8 | ) | |||||||||||||
Payments and gain on curtailment in excess of expense for retirement plans | — | (0.9 | ) | — | — | (0.9 | ) | ||||||||||||||
Share-based compensation expense | 2.3 | — | — | — | 2.3 | ||||||||||||||||
Excess tax benefit from share-based awards | (0.2 | ) | — | — | — | (0.2 | ) | ||||||||||||||
Loss from equity method investment | — | — | 0.6 | — | 0.6 | ||||||||||||||||
Equity in (earnings) loss of subsidiaries | (6.6 | ) | (14.4 | ) | — | 21 | — | ||||||||||||||
Changes in working capital pertaining to operating activities: | |||||||||||||||||||||
Receivables | (0.1 | ) | 23.6 | (16.2 | ) | — | 7.3 | ||||||||||||||
Inventories | — | 2.6 | 8.3 | — | 10.9 | ||||||||||||||||
Accounts payable | — | (1.6 | ) | (12.0 | ) | — | (13.6 | ) | |||||||||||||
Accrued liabilities | — | (6.1 | ) | (13.9 | ) | — | (20.0 | ) | |||||||||||||
Interest payable | (7.6 | ) | 5.5 | (8.3 | ) | — | (10.4 | ) | |||||||||||||
Income taxes payable | 4.8 | (2.3 | ) | (1.3 | ) | — | 1.2 | ||||||||||||||
Other | 0.5 | (5.4 | ) | (1.8 | ) | — | (6.7 | ) | |||||||||||||
Net cash (used in) provided by continuing operating activities | (14.5 | ) | 21.1 | (11.3 | ) | — | (4.7 | ) | |||||||||||||
Cash Flows from Continuing Investing Activities: | |||||||||||||||||||||
Capital expenditures | — | (2.4 | ) | (35.1 | ) | — | (37.5 | ) | |||||||||||||
Net cash used in continuing investing activities | — | (2.4 | ) | (35.1 | ) | — | (37.5 | ) | |||||||||||||
Cash Flows from Continuing Financing Activities: | |||||||||||||||||||||
Proceeds from revolving facility | — | — | 16 | — | 16 | ||||||||||||||||
Repayment of revolving facility | — | — | (16.0 | ) | — | (16.0 | ) | ||||||||||||||
Cash distributions to noncontrolling interests | — | — | (6.4 | ) | — | (6.4 | ) | ||||||||||||||
Proceeds from exercise of stock options | 0.2 | — | — | — | 0.2 | ||||||||||||||||
Excess tax benefit from share-based awards | 0.2 | — | — | — | 0.2 | ||||||||||||||||
Net increase (decrease) in advances from affiliate | 14.1 | (41.3 | ) | 27.2 | — | — | |||||||||||||||
Net cash provided by (used in) continuing financing activities | 14.5 | (41.3 | ) | 20.8 | — | (6.0 | ) | ||||||||||||||
Net decrease in cash and cash equivalents from continuing operations | — | (22.6 | ) | (25.6 | ) | — | (48.2 | ) | |||||||||||||
Cash Flows from Discontinued Operations: | |||||||||||||||||||||
Cash flows from discontinued operations - operating activities | — | (6.6 | ) | — | — | (6.6 | ) | ||||||||||||||
Cash flows from discontinued operations - investing activities | — | (0.6 | ) | — | — | (0.6 | ) | ||||||||||||||
Net decrease in cash and cash equivalents from discontinued operations | — | (7.2 | ) | — | — | (7.2 | ) | ||||||||||||||
Net decrease in cash and cash equivalents | — | (29.8 | ) | (25.6 | ) | — | (55.4 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 184.6 | 49 | — | 233.6 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 154.8 | $ | 23.4 | $ | — | $ | 178.2 | |||||||||||
General_Policies
General (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements |
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, "Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Cost." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. It is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company early adopted this ASU during the first quarter of 2015. See Note 7. | |
In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 eliminates the deferral of FASB Statement No. 167, "Amendments to FASB Interpretation No. 46(R)," and makes changes to both the variable interest model and the voting model. It is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company does not expect this ASU to have a material effect on the Company's financial condition, results of operations, or cash flows. | |
Reclassifications | |
Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current year presentation. |
Coal_Discontinued_Operations_T
Coal Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Assets | |||||||||
Receivables | $ | 2.5 | $ | 2.8 | |||||
Inventories | 7.9 | 8.8 | |||||||
Properties, plants and equipment, net | 30.7 | 31.1 | |||||||
Lease and mineral rights, net | 18.6 | 18.6 | |||||||
Other current assets | 3.3 | 3.5 | |||||||
Valuation allowance | (43.8 | ) | (45.5 | ) | |||||
Total current assets held for sale | $ | 19.2 | $ | 19.3 | |||||
Liabilities | |||||||||
Accounts payable | $ | 7.6 | $ | 10.4 | |||||
Accrued liabilities | 9.5 | 19.9 | |||||||
Asset retirement obligations | 7 | 7.1 | |||||||
Total current liabilities held for sale | $ | 24.1 | $ | 37.4 | |||||
Summarized below is the major financial information of our coal business presented as discontinued operations in our Consolidated Statements of Operations: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Revenues | |||||||||
Total revenues | $ | 3.6 | $ | 7.1 | |||||
Costs and operating expenses | |||||||||
Cost of products sold and operating expenses | 7.6 | 10.5 | |||||||
Selling, general and administrative (income) expenses(1) | (1.9 | ) | 1.2 | ||||||
Depreciation, depletion and amortization | — | 4.4 | |||||||
Pre-tax loss from discontinued operations | (2.1 | ) | (9.0 | ) | |||||
Income tax benefit | 0.1 | 3 | |||||||
Loss from discontinued operations, net of tax | $ | (2.0 | ) | $ | (6.0 | ) | |||
-1 | The three months ended March 31, 2015 includes $2.2 million of income related to an adjustment in the coal severance accrual. |
Dropdown_Transactions_Tables
Dropdown Transactions (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
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 Granite City on SunCoke Energy's equity. | |||
Three Months Ended March 31, 2015 | ||||
(Dollars in millions) | ||||
Net loss attributable to SunCoke Energy, Inc. | $ | (4.0 | ) | |
Decrease in SunCoke Energy, Inc. equity for the contribution of 75 percent interest in Granite City | (6.2 | ) | ||
Change from net loss attributable to SunCoke Energy, Inc. and transfers to noncontrolling interest | $ | (10.2 | ) |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Components of inventories | The components of inventories were as follows: | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
(Dollars in millions) | |||||||||
Coal | $ | 77 | $ | 96.5 | |||||
Coke | 16.7 | 6.9 | |||||||
Materials, supplies and other | 34.8 | 35.7 | |||||||
Total inventories | $ | 128.5 | $ | 139.1 | |||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||
Accrued liabilities | Accrued liabilities consisted of the following: | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
(Dollars in millions) | |||||||||
Accrued benefits | $ | 16.2 | $ | 23.2 | |||||
Other taxes payable | 10.5 | 10.3 | |||||||
Other | 8.6 | 8.1 | |||||||
Total accrued liabilities | $ | 35.3 | $ | 41.6 | |||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Total debt, including the current portion of long-term debt | Total long-term debt, consisted of the following: | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
(Dollars in millions) | |||||||||
7.625% senior notes, due 2019 ("Notes") | $ | 105 | $ | 240 | |||||
7.375% senior notes, due 2020 (“Partnership Notes”), including original issue premium of $14.9 million and $11.5 million at March 31, 2015 and December 31, 2014, respectively. | 614.9 | 411.5 | |||||||
Debt issuance costs | (20.6 | ) | (18.0 | ) | |||||
Total long-term debt | $ | 699.3 | $ | 633.5 | |||||
Retirement_Benefits_Plans_Tabl
Retirement Benefits Plans (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Interest cost on benefit obligations | $ | 0.4 | $ | 0.4 | |||||
Expected return on plan assets | (0.4 | ) | (0.4 | ) | |||||
Amortization of actuarial losses | 0.2 | 0.1 | |||||||
Total expense | $ | 0.2 | $ | 0.1 | |||||
Postretirement benefit plans benefit | Postretirement benefit plans benefit consisted of the following components: | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Interest cost on benefit obligations | $ | 0.3 | $ | 0.4 | |||||
Amortization of: | |||||||||
Actuarial losses | 0.2 | 0.3 | |||||||
Prior service benefit | (0.4 | ) | (1.4 | ) | |||||
Curtailment gain | (4.0 | ) | — | ||||||
Total benefit | $ | (3.9 | ) | $ | (0.7 | ) |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Share-based Compensation [Abstract] | |||||
Weighted-average assumptions | The weighted-average fair value of employee stock options granted during the three months ended March 31, 2015 was $5.08 using the following weighted-average assumptions: | ||||
Three Months Ended March 31, 2015 | |||||
Risk-free interest rate | 1.67 | % | |||
Expected term | 5 years | ||||
Volatility | 36 | % | |||
Dividend yield | 1.38 | % | |||
Exercise price | $ | 16.9 | |||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
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 March 31, | |||||||
2015 | 2014 | ||||||
(Shares in millions) | |||||||
Weighted-average number of common shares outstanding-basic | 66.2 | 69.7 | |||||
Add: Effect of dilutive share-based compensation awards | — | — | |||||
Weighted-average number of shares-diluted | 66.2 | 69.7 | |||||
Supplemental_Accumulated_Other1
Supplemental Accumulated Other Comprehensive Loss Information (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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, 2014 | $ | (9.4 | ) | $ | (12.1 | ) | $ | (21.5 | ) | |||
Other comprehensive loss before reclassifications | — | (1.1 | ) | (1.1 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | (2.4 | ) | — | (2.4 | ) | |||||||
Net current period other comprehensive loss | (2.4 | ) | (1.1 | ) | (3.5 | ) | ||||||
At March 31, 2015 | $ | (11.8 | ) | $ | (13.2 | ) | $ | (25.0 | ) | |||
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 March 31, | ||||||||||||
2015 | 2014 | |||||||||||
(Dollars in millions) | ||||||||||||
Amortization of postretirement and defined benefit plan items to net income: | ||||||||||||
Prior service benefit(2) | $ | (0.4 | ) | $ | (1.4 | ) | ||||||
Actuarial loss(2) | 0.4 | 0.4 | ||||||||||
Curtailment gain(2) | (4.0 | ) | — | |||||||||
Total before taxes | (4.0 | ) | (1.0 | ) | ||||||||
Income tax expense | 1.6 | 0.4 | ||||||||||
Total, net of tax | $ | (2.4 | ) | $ | (0.6 | ) | ||||||
-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) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Sales and other operating revenue: | |||||||||
Domestic Coke | $ | 303.1 | $ | 333.5 | |||||
Brazil Coke | 9.9 | 9.3 | |||||||
Coal Logistics | 7.3 | 8.7 | |||||||
Coal Logistics intersegment sales | 4.7 | 4.2 | |||||||
Corporate and other intersegment sales | 2.5 | 5 | |||||||
Elimination of intersegment sales | (7.2 | ) | (9.2 | ) | |||||
Total sales and other operating revenue | $ | 320.3 | $ | 351.5 | |||||
Adjusted EBITDA: | |||||||||
Adjusted EBITDA from continuing operations: | |||||||||
Domestic Coke | $ | 52.7 | $ | 46.8 | |||||
Brazil Coke | 4.1 | 1.7 | |||||||
India Coke | (0.7 | ) | 0.1 | ||||||
Coal Logistics | 2.6 | 2.1 | |||||||
Corporate and Other | (9.6 | ) | (11.2 | ) | |||||
Total Adjusted EBITDA from continuing operations | 49.1 | 39.5 | |||||||
Legacy income (costs), net(1) | 1.9 | (1.5 | ) | ||||||
Adjusted EBITDA from discontinued operations | (3.1 | ) | (4.4 | ) | |||||
Adjusted EBITDA | $ | 47.9 | $ | 33.6 | |||||
Depreciation and amortization expense: | |||||||||
Domestic Coke(2) | $ | 18.2 | $ | 21 | |||||
Brazil Coke | 0.2 | 0.1 | |||||||
Coal Logistics | 1.8 | 1.8 | |||||||
Corporate and Other(3) | 3.6 | 1.5 | |||||||
Total depreciation and amortization expense | $ | 23.8 | $ | 24.4 | |||||
Capital expenditures: | |||||||||
Domestic Coke | $ | 8 | $ | 36.3 | |||||
Brazil Coke | — | — | |||||||
Coal Logistics | 0.2 | 0.3 | |||||||
Corporate and Other | 0.1 | 0.9 | |||||||
Total capital expenditures | $ | 8.3 | $ | 37.5 | |||||
-1 | Legacy income (costs), net, includes royalty revenues and costs related to coal mining assets and liabilities expected to be retained by SunCoke Energy, which are not part of the disposal group. See details of these legacy items in the table at the end of this footnote. | ||||||||
-2 | We revised the estimated useful life of certain assets at Indiana Harbor in connection with both the refurbishment project as well as the additional work on the oven floors and sole flues, which resulted in additional depreciation of $0.4 million and $5.6 million, or $0.01 and $0.08 per common share from continuing operations, during the three months ended March 31, 2015 and 2014, respectively. | ||||||||
-3 | Based on the Company plans to demolish the preparation plant, we revised the estimated useful lives of certain coal preparation plant assets located at our Jewell facility, which resulted in additional depreciation of $2.0 million, or $0.03 per common share from continuing operations, during the three months ended March 31, 2015. As the coal preparation plant will not be sold with the rest of the coal mining business, these assets and related depreciation expense are not included in the disposal group in discontinued operations but are instead included in Corporate and Other. | ||||||||
The following table sets forth the Company’s total sales and other operating revenue by product or service: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Coke sales | $ | 286.5 | $ | 315.8 | |||||
Steam and electricity sales | 16.6 | 17.8 | |||||||
Operating and licensing fees | 9.9 | 9.3 | |||||||
Coal logistics | 7 | 8 | |||||||
Other | 0.3 | 0.6 | |||||||
Sales and other operating revenue | $ | 320.3 | $ | 351.5 | |||||
The following table sets forth the Company's segment assets: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Segment assets | |||||||||
Domestic Coke | $ | 1,610.60 | $ | 1,585.50 | |||||
Brazil Coke | 61.6 | 61.6 | |||||||
India Coke | 21.9 | 22.5 | |||||||
Coal Logistics | 111.8 | 114.4 | |||||||
Corporate and Other | 109.7 | 144.4 | |||||||
Segment assets, excluding tax assets and discontinued operations | 1,915.60 | 1,928.40 | |||||||
Discontinued operations | 19.2 | 19.3 | |||||||
Tax assets | 27.2 | 32.4 | |||||||
Total assets | $ | 1,962.00 | $ | 1,980.10 | |||||
Reconciliation of Adjusted EBITDA to net income | Below is a reconciliation of Adjusted EBITDA to net income, which is its most directly comparable financial measure calculated and presented in accordance with GAAP: | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Adjusted EBITDA attributable to SunCoke Energy, Inc. | $ | 29.8 | $ | 24.3 | |||||
Add: Adjusted EBITDA attributable to noncontrolling interests(1) | 18.1 | 9.3 | |||||||
Adjusted EBITDA | $ | 47.9 | $ | 33.6 | |||||
Subtract: | |||||||||
Adjusted EBITDA from discontinued operations(2) | (3.1 | ) | (4.4 | ) | |||||
Legacy income (costs), net(3) | 1.9 | (1.5 | ) | ||||||
Adjusted EBITDA from continuing operations | $ | 49.1 | $ | 39.5 | |||||
Subtract: | |||||||||
Adjustment to unconsolidated affiliate earnings(4) | 0.3 | 1 | |||||||
Depreciation and amortization expense | 23.8 | 24.4 | |||||||
Interest expense, net | 23.3 | 12.1 | |||||||
Income tax expense (benefit) | 1.2 | (1.2 | ) | ||||||
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits(5) | — | (0.5 | ) | ||||||
Asset impairment | — | ||||||||
Legacy (income) costs, net(3) | (1.9 | ) | 1.5 | ||||||
Income from continuing operations | $ | 2.4 | $ | 2.2 | |||||
Loss from discontinued operations, net of tax | (2.0 | ) | (6.0 | ) | |||||
Net income (loss) | $ | 0.4 | $ | (3.8 | ) | ||||
-1 | Reflects noncontrolling interest in Indiana Harbor and the portion of the Partnership owned by public unitholders. | ||||||||
-2 | See reconciliation of Adjusted EBITDA from discontinued operations below. | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Adjusted EBITDA from discontinued operations | $ | (3.1 | ) | $ | (4.4 | ) | |||
Subtract: | |||||||||
Depreciation and depletion from discontinued operations | — | 4.4 | |||||||
Income tax benefit from discontinued operations | (0.1 | ) | (3.0 | ) | |||||
Exit costs(1) | (1.0 | ) | 0.2 | ||||||
Loss from discontinued operations, net of tax | $ | (2.0 | ) | $ | (6.0 | ) | |||
-1 | The three months ended March 31, 2015 includes $2.2 million of income related to an adjustment in the coal severance accrual. | ||||||||
-3 | Legacy (income) costs, net includes royalty revenues and costs related to coal mining assets and liabilities expected to be retained by the Company which are not part of the disposal group, and therefore, are reported in continuing operations in Corporate and Other. See detail of these legacy costs in the table below. | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(Dollars in millions) | |||||||||
Black lung charges | $ | 0.9 | $ | 0.5 | |||||
Postretirement benefit plan benefit(1) | (3.9 | ) | (0.2 | ) | |||||
Defined benefit plan expense | 0.2 | — | |||||||
Workers compensation expense | 0.9 | 1.2 | |||||||
Total legacy (income) costs, net | $ | (1.9 | ) | $ | 1.5 | ||||
-1 | Includes a postretirement benefit plan curtailment gain of $4.0 million, which represented accelerated amortization of prior service credits previously recorded in accumulated other comprehensive income related to the termination of coal mining employees during the first quarter of 2015. | ||||||||
-4 | Reflects share of interest, taxes, depreciation and amortization related to VISA SunCoke. | ||||||||
-5 | Sales discounts are related to nonconventional fuel tax credits, which expired in 2013. 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. |
Supplemental_Condensed_Consoli1
Supplemental Condensed Consolidating Financial Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Supplemental Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||
Condensed Consolidating Statement of Income | SunCoke Energy, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 41 | $ | 279.3 | $ | — | $ | 320.3 | |||||||||||
Equity in earnings of subsidiaries | — | 6.1 | — | (6.1 | ) | — | |||||||||||||||
Other income | — | 0.1 | — | — | 0.1 | ||||||||||||||||
Total revenues | — | 47.2 | 279.3 | (6.1 | ) | 320.4 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 32.2 | 222.3 | — | 254.5 | ||||||||||||||||
Selling, general and administrative expenses | 2 | 3.7 | 8.8 | — | 14.5 | ||||||||||||||||
Depreciation and amortization expense | — | 5 | 18.8 | — | 23.8 | ||||||||||||||||
Total costs and operating expenses | 2 | 40.9 | 249.9 | — | 292.8 | ||||||||||||||||
Operating income | (2.0 | ) | 6.3 | 29.4 | (6.1 | ) | 27.6 | ||||||||||||||
Interest (income) expense, net - affiliate | — | (1.8 | ) | 1.8 | — | — | |||||||||||||||
Interest expense (income), net | 2.8 | (0.3 | ) | 20.8 | — | 23.3 | |||||||||||||||
Total financing expense (income), net | 2.8 | (2.1 | ) | 22.6 | — | 23.3 | |||||||||||||||
(Loss) Income before income tax expense and loss from equity method investment | (4.8 | ) | 8.4 | 6.8 | (6.1 | ) | 4.3 | ||||||||||||||
Income tax (benefit) expense | (0.8 | ) | 2.7 | (0.7 | ) | — | 1.2 | ||||||||||||||
Loss from equity method investment | — | — | 0.7 | — | 0.7 | ||||||||||||||||
(Loss) income from continuing operations | (4.0 | ) | 5.7 | 6.8 | (6.1 | ) | 2.4 | ||||||||||||||
Loss from discontinued operations, net of income tax benefit of $0.1 million | — | (2.0 | ) | — | — | (2.0 | ) | ||||||||||||||
Net (loss) income | (4.0 | ) | 3.7 | 6.8 | (6.1 | ) | 0.4 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 4.4 | — | 4.4 | ||||||||||||||||
Net (loss) income attributable to SunCoke Energy, Inc. | $ | (4.0 | ) | $ | 3.7 | $ | 2.4 | $ | (6.1 | ) | $ | (4.0 | ) | ||||||||
Comprehensive (income) loss | $ | (7.5 | ) | $ | 1.3 | $ | 5.7 | $ | (2.6 | ) | $ | (3.1 | ) | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 4.4 | — | 4.4 | ||||||||||||||||
Comprehensive income attributable to SunCoke Energy, Inc. | $ | (7.5 | ) | $ | 1.3 | $ | 1.3 | $ | (2.6 | ) | $ | (7.5 | ) | ||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Revenues | |||||||||||||||||||||
Sales and other operating revenue | $ | — | $ | 52.6 | $ | 298.9 | $ | — | $ | 351.5 | |||||||||||
Equity in earnings of subsidiaries | 6.6 | 14.4 | — | (21.0 | ) | — | |||||||||||||||
Other income | — | 0.9 | 0.1 | — | 1 | ||||||||||||||||
Total revenues | 6.6 | 67.9 | 299 | (21.0 | ) | 352.5 | |||||||||||||||
Costs and operating expenses | |||||||||||||||||||||
Cost of products sold and operating expenses | — | 40.5 | 252.9 | — | 293.4 | ||||||||||||||||
Selling, general and administrative expenses | 3.2 | 9.9 | 7.9 | — | 21 | ||||||||||||||||
Depreciation and amortization expense | — | 2.8 | 21.6 | — | 24.4 | ||||||||||||||||
Total costs and operating expenses | 3.2 | 53.2 | 282.4 | — | 338.8 | ||||||||||||||||
Operating income | 3.4 | 14.7 | 16.6 | (21.0 | ) | 13.7 | |||||||||||||||
Interest (income) expense, net - affiliate | — | (1.8 | ) | 1.8 | — | — | |||||||||||||||
Interest expense (income), net | 9.3 | (0.4 | ) | 3.2 | — | 12.1 | |||||||||||||||
Total financing expense (income), net | 9.3 | (2.2 | ) | 5 | — | 12.1 | |||||||||||||||
(Loss) income before income tax expense and loss from equity method investment | (5.9 | ) | 16.9 | 11.6 | (21.0 | ) | 1.6 | ||||||||||||||
Income tax expense (benefit) | 1.9 | (1.7 | ) | (1.4 | ) | — | (1.2 | ) | |||||||||||||
Loss from equity method investment | — | — | 0.6 | — | 0.6 | ||||||||||||||||
(Loss) income from continuing operations | (7.8 | ) | 18.6 | 12.4 | (21.0 | ) | 2.2 | ||||||||||||||
Loss from discontinued operations, net of income tax benefit of $3.0 million | — | (6.0 | ) | — | — | (6.0 | ) | ||||||||||||||
Net (loss) income | (7.8 | ) | 12.6 | 12.4 | (21.0 | ) | (3.8 | ) | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 4 | — | 4 | ||||||||||||||||
Net income attributable to SunCoke Energy, Inc. | $ | (7.8 | ) | $ | 12.6 | $ | 8.4 | $ | (21.0 | ) | $ | (7.8 | ) | ||||||||
Comprehensive (loss) income | $ | (7.6 | ) | $ | 12 | $ | 13.2 | $ | (21.2 | ) | $ | (3.6 | ) | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 4 | — | 4 | ||||||||||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | $ | (7.6 | ) | $ | 12 | $ | 9.2 | $ | (21.2 | ) | $ | (7.6 | ) | ||||||||
Condensed Consolidating Balance Sheet | SunCoke Energy, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
(Dollars in millions, except per share amounts) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 69.7 | $ | 95.7 | $ | — | $ | 165.4 | |||||||||||
Receivables | — | 12.3 | 46.7 | — | 59 | ||||||||||||||||
Inventories | — | 14.1 | 114.4 | — | 128.5 | ||||||||||||||||
Income taxes receivable | 28.7 | — | 7.9 | (27.8 | ) | 8.8 | |||||||||||||||
Deferred income taxes | 2.6 | 17.7 | 0.8 | (2.7 | ) | 18.4 | |||||||||||||||
Other current assets | — | 4.1 | 2.8 | — | 6.9 | ||||||||||||||||
Current assets held for sale | — | 19.2 | — | — | 19.2 | ||||||||||||||||
Advances to affiliate | — | 184.4 | — | (184.4 | ) | — | |||||||||||||||
Interest receivable from affiliate | — | 1.8 | — | (1.8 | ) | — | |||||||||||||||
Total current assets | 31.3 | 323.3 | 268.3 | (216.7 | ) | 406.2 | |||||||||||||||
Notes receivable from affiliate | — | 89 | 300 | (389.0 | ) | — | |||||||||||||||
Investment in Brazil cokemaking operations | — | — | 41 | — | 41 | ||||||||||||||||
Equity method investment in VISA SunCoke Limited | — | — | 21.7 | — | 21.7 | ||||||||||||||||
Properties, plants and equipment, net | — | 71.7 | 1,380.10 | — | 1,451.80 | ||||||||||||||||
Goodwill and other intangible assets, net | — | 6.7 | 14.9 | — | 21.6 | ||||||||||||||||
Deferred charges and other assets | 0.2 | 14.8 | 4.7 | — | 19.7 | ||||||||||||||||
Investment in subsidiaries | 571.4 | 706.3 | — | (1,277.7 | ) | — | |||||||||||||||
Total assets | $ | 602.9 | $ | 1,211.80 | $ | 2,030.70 | $ | (1,883.4 | ) | $ | 1,962.00 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||
Advances from affiliate | $ | — | $ | — | $ | 81.8 | $ | (81.8 | ) | $ | — | ||||||||||
Accounts payable | — | 7.1 | 93.1 | — | 100.2 | ||||||||||||||||
Accrued liabilities | 0.1 | 16.2 | 19 | — | 35.3 | ||||||||||||||||
Interest payable | 1.4 | — | 7.3 | — | 8.7 | ||||||||||||||||
Interest payable to affiliate | — | — | 1.8 | (1.8 | ) | — | |||||||||||||||
Income taxes payable | — | 27.8 | — | (27.8 | ) | — | |||||||||||||||
Current liabilities held for sale | — | 24.1 | — | — | 24.1 | ||||||||||||||||
Total current liabilities | 1.5 | 75.2 | 203 | (111.4 | ) | 168.3 | |||||||||||||||
Long-term debt | 101.9 | — | 597.4 | — | 699.3 | ||||||||||||||||
Payable to affiliate | 102.6 | 300 | 89 | (491.6 | ) | — | |||||||||||||||
Accrual for black lung benefits | — | 43.9 | — | — | 43.9 | ||||||||||||||||
Retirement benefit liabilities | — | 32.9 | — | — | 32.9 | ||||||||||||||||
Deferred income taxes | — | 315.2 | 3.1 | (2.7 | ) | 315.6 | |||||||||||||||
Asset retirement obligations | — | 7.3 | 8 | — | 15.3 | ||||||||||||||||
Other deferred credits and liabilities | 1.8 | 13.2 | 1.4 | — | 16.4 | ||||||||||||||||
Total liabilities | 207.8 | 787.7 | 901.9 | (605.7 | ) | 1,291.70 | |||||||||||||||
Equity | |||||||||||||||||||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at March 31, 2015 | — | — | — | — | — | ||||||||||||||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 71,389,447 shares at March 31, 2015 | 0.7 | — | — | — | 0.7 | ||||||||||||||||
Treasury stock, 6,161,395 shares at March 31, 2015 | (125.0 | ) | — | — | — | (125.0 | ) | ||||||||||||||
Additional paid-in capital | 538.4 | 89.3 | 636 | (725.3 | ) | 538.4 | |||||||||||||||
Accumulated other comprehensive (loss) income | (25.0 | ) | (11.7 | ) | (13.3 | ) | 25 | (25.0 | ) | ||||||||||||
Retained earnings | 6 | 346.5 | 230.9 | (577.4 | ) | 6 | |||||||||||||||
Total SunCoke Energy, Inc. stockholders’ equity | 395.1 | 424.1 | 853.6 | (1,277.7 | ) | 395.1 | |||||||||||||||
Noncontrolling interests | — | — | 275.2 | — | 275.2 | ||||||||||||||||
Total equity | 395.1 | 424.1 | 1,128.80 | (1,277.7 | ) | 670.3 | |||||||||||||||
Total liabilities and equity | $ | 602.9 | $ | 1,211.80 | $ | 2,030.70 | $ | (1,883.4 | ) | $ | 1,962.00 | ||||||||||
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 | 17.4 | 57.9 | — | 75.4 | ||||||||||||||||
Inventories | — | 14.8 | 124.3 | — | 139.1 | ||||||||||||||||
Income tax receivable | 28 | — | — | (22.0 | ) | 6 | |||||||||||||||
Deferred income taxes | 2.6 | 17.7 | 8.7 | (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 | — | 99.1 | — | (99.1 | ) | — | |||||||||||||||
Total current assets | 30.7 | 273.4 | 228.4 | (123.7 | ) | 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 | — | 74.7 | 1,391.90 | — | 1,466.60 | ||||||||||||||||
Goodwill and other intangible assets, net | — | 6.9 | 15.1 | — | 22 | ||||||||||||||||
Deferred charges and other assets | 0.3 | 13 | 6.1 | — | 19.4 | ||||||||||||||||
Investment in subsidiaries | 718.2 | 760.1 | — | (1,478.3 | ) | — | |||||||||||||||
Total assets | $ | 749.2 | $ | 1,217.10 | $ | 2,004.80 | $ | (1,991 | ) | $ | 1,980.10 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||
Advances from affiliate | $ | 73.4 | $ | — | $ | 25.7 | $ | (99.1 | ) | $ | — | ||||||||||
Accounts payable | — | 12.8 | 98.1 | — | 110.9 | ||||||||||||||||
Accrued liabilities | 0.1 | 19.7 | 21.8 | — | 41.6 | ||||||||||||||||
Interest payable | 7.6 | — | 12.3 | — | 19.9 | ||||||||||||||||
Income taxes payable | — | 18.9 | 3.1 | (22.0 | ) | — | |||||||||||||||
Current liabilities held for sale | — | 37.4 | — | — | 37.4 | ||||||||||||||||
Total current liabilities | 81.1 | 88.8 | 161 | (121.1 | ) | 209.8 | |||||||||||||||
Long-term debt | 234.5 | — | 399 | — | 633.5 | ||||||||||||||||
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 | — | 235.1 | 89.4 | (2.6 | ) | 321.9 | |||||||||||||||
Asset retirement obligations | — | 7.2 | 7.9 | — | 15.1 | ||||||||||||||||
Other deferred credits and liabilities | 1.9 | 13.6 | 1.4 | — | 16.9 | ||||||||||||||||
Total liabilities | 317.5 | 722.2 | 747.7 | (512.7 | ) | 1,274.70 | |||||||||||||||
Equity | — | ||||||||||||||||||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at December 31, 2014 | — | — | — | — | — | ||||||||||||||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 71,251,529 shares at December 31, 2014 | 0.7 | — | — | — | 0.7 | ||||||||||||||||
Treasury Stock, 4,977,115 shares at December 31, 2014 | (105.0 | ) | — | — | — | (105.0 | ) | ||||||||||||||
Additional paid-in capital | 543.6 | 161.4 | 767.1 | (928.5 | ) | 543.6 | |||||||||||||||
Accumulated other comprehensive (loss) income | (21.5 | ) | (9.3 | ) | (12.2 | ) | 21.5 | (21.5 | ) | ||||||||||||
Retained earnings | 13.9 | 342.8 | 228.5 | (571.3 | ) | 13.9 | |||||||||||||||
Total SunCoke Energy, Inc. stockholders’ equity | 431.7 | 494.9 | 983.4 | (1,478.3 | ) | 431.7 | |||||||||||||||
Noncontrolling interests | — | — | 273.7 | — | 273.7 | ||||||||||||||||
Total equity | 431.7 | 494.9 | 1,257.10 | (1,478.3 | ) | 705.4 | |||||||||||||||
Total liabilities and equity | $ | 749.2 | $ | 1,217.10 | $ | 2,004.80 | $ | (1,991.0 | ) | $ | 1,980.10 | ||||||||||
Condensed Consolidating Statement of Cash Flows | SunCoke Energy, Inc. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Cash Flows from Continuing Operating Activities: | |||||||||||||||||||||
Net (loss) income | $ | (4.0 | ) | $ | 3.7 | $ | 6.8 | $ | (6.1 | ) | $ | 0.4 | |||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||||||||||||||||
Loss on discontinued operations, net of tax | — | 2 | — | — | 2 | ||||||||||||||||
Depreciation and amortization expense | — | 5 | 18.8 | — | 23.8 | ||||||||||||||||
Deferred income tax expense (benefit) | — | 3.4 | (0.3 | ) | — | 3.1 | |||||||||||||||
Payments and gain on curtailment in excess of expense for retirement plans | — | (4.7 | ) | — | — | (4.7 | ) | ||||||||||||||
Share-based compensation expense | 1.5 | — | — | — | 1.5 | ||||||||||||||||
Loss from equity method investment | — | — | 0.7 | — | 0.7 | ||||||||||||||||
Loss on extinguishment of debt | — | — | 9.4 | — | 9.4 | ||||||||||||||||
Equity in earnings of subsidiaries | — | (6.1 | ) | — | 6.1 | — | |||||||||||||||
Changes in working capital pertaining to operating activities: | |||||||||||||||||||||
Receivables | 0.1 | 5.1 | 11.2 | — | 16.4 | ||||||||||||||||
Inventories | — | 0.7 | 9.9 | — | 10.6 | ||||||||||||||||
Accounts payable | — | (5.7 | ) | (5.0 | ) | — | (10.7 | ) | |||||||||||||
Accrued liabilities | — | (3.5 | ) | (2.8 | ) | — | (6.3 | ) | |||||||||||||
Interest payable | (6.2 | ) | (1.8 | ) | (3.2 | ) | — | (11.2 | ) | ||||||||||||
Income taxes | (0.7 | ) | 8.9 | (11.0 | ) | — | (2.8 | ) | |||||||||||||
Other | (0.1 | ) | (3.3 | ) | (2.2 | ) | — | (5.6 | ) | ||||||||||||
Net cash (used in) provided by continuing operating activities | (9.4 | ) | 3.7 | 32.3 | — | 26.6 | |||||||||||||||
Cash Flows from Continuing Investing Activities: | |||||||||||||||||||||
Capital expenditures | — | (1.5 | ) | (6.8 | ) | — | (8.3 | ) | |||||||||||||
Net cash used in continuing investing activities | — | (1.5 | ) | (6.8 | ) | — | (8.3 | ) | |||||||||||||
Cash Flows from Continuing Financing Activities: | |||||||||||||||||||||
Proceeds from issuance of long-term debt | — | — | 210.8 | — | 210.8 | ||||||||||||||||
Repayment of long-term debt | — | — | (149.5 | ) | — | (149.5 | ) | ||||||||||||||
Debt issuance costs | — | — | (4.2 | ) | — | (4.2 | ) | ||||||||||||||
Cash distribution to noncontrolling interests | — | — | (9.1 | ) | — | (9.1 | ) | ||||||||||||||
Shares repurchased | (20.0 | ) | — | — | — | (20.0 | ) | ||||||||||||||
Proceeds from exercise of stock options, net of shares withheld for taxes | (0.5 | ) | — | — | — | (0.5 | ) | ||||||||||||||
Dividends paid | (3.9 | ) | — | — | — | (3.9 | ) | ||||||||||||||
Net increase (decrease) in advances from affiliate | 33.8 | (19.4 | ) | (14.4 | ) | — | — | ||||||||||||||
Net cash provided by (used in) continuing financing activities | 9.4 | (19.4 | ) | 33.6 | — | 23.6 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents from continuing operations | — | (17.2 | ) | 59.1 | — | 41.9 | |||||||||||||||
Cash Flows from Discontinued Operations: | |||||||||||||||||||||
Cash flows from discontinued operations - operating activities | — | (15.5 | ) | — | — | (15.5 | ) | ||||||||||||||
Net decrease in cash and cash equivalents from discontinued operations | — | (15.5 | ) | — | — | (15.5 | ) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (32.7 | ) | 59.1 | — | 26.4 | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 102.4 | 36.6 | — | 139 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 69.7 | $ | 95.7 | $ | — | $ | 165.4 | |||||||||||
SunCoke Energy, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Issuer | Guarantor | Non- | Combining | Total | |||||||||||||||||
Subsidiaries | Guarantor | and | |||||||||||||||||||
Subsidiaries | Consolidating | ||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Cash Flows from Continuing Operating Activities: | |||||||||||||||||||||
Net income (loss) | $ | (7.8 | ) | $ | 12.6 | $ | 12.4 | $ | (21.0 | ) | $ | (3.8 | ) | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Loss on discontinued operations, net of tax | — | 6 | — | — | 6 | ||||||||||||||||
Depreciation and amortization expense | — | 2.8 | 21.6 | — | 24.4 | ||||||||||||||||
Deferred income tax expense | 0.2 | (1.3 | ) | (0.7 | ) | — | (1.8 | ) | |||||||||||||
Payments and gain on curtailment in excess of expense for retirement plans | — | (0.9 | ) | — | — | (0.9 | ) | ||||||||||||||
Share-based compensation expense | 2.3 | — | — | — | 2.3 | ||||||||||||||||
Excess tax benefit from share-based awards | (0.2 | ) | — | — | — | (0.2 | ) | ||||||||||||||
Loss from equity method investment | — | — | 0.6 | — | 0.6 | ||||||||||||||||
Equity in (earnings) loss of subsidiaries | (6.6 | ) | (14.4 | ) | — | 21 | — | ||||||||||||||
Changes in working capital pertaining to operating activities: | |||||||||||||||||||||
Receivables | (0.1 | ) | 23.6 | (16.2 | ) | — | 7.3 | ||||||||||||||
Inventories | — | 2.6 | 8.3 | — | 10.9 | ||||||||||||||||
Accounts payable | — | (1.6 | ) | (12.0 | ) | — | (13.6 | ) | |||||||||||||
Accrued liabilities | — | (6.1 | ) | (13.9 | ) | — | (20.0 | ) | |||||||||||||
Interest payable | (7.6 | ) | 5.5 | (8.3 | ) | — | (10.4 | ) | |||||||||||||
Income taxes payable | 4.8 | (2.3 | ) | (1.3 | ) | — | 1.2 | ||||||||||||||
Other | 0.5 | (5.4 | ) | (1.8 | ) | — | (6.7 | ) | |||||||||||||
Net cash (used in) provided by continuing operating activities | (14.5 | ) | 21.1 | (11.3 | ) | — | (4.7 | ) | |||||||||||||
Cash Flows from Continuing Investing Activities: | |||||||||||||||||||||
Capital expenditures | — | (2.4 | ) | (35.1 | ) | — | (37.5 | ) | |||||||||||||
Net cash used in continuing investing activities | — | (2.4 | ) | (35.1 | ) | — | (37.5 | ) | |||||||||||||
Cash Flows from Continuing Financing Activities: | |||||||||||||||||||||
Proceeds from revolving facility | — | — | 16 | — | 16 | ||||||||||||||||
Repayment of revolving facility | — | — | (16.0 | ) | — | (16.0 | ) | ||||||||||||||
Cash distributions to noncontrolling interests | — | — | (6.4 | ) | — | (6.4 | ) | ||||||||||||||
Proceeds from exercise of stock options | 0.2 | — | — | — | 0.2 | ||||||||||||||||
Excess tax benefit from share-based awards | 0.2 | — | — | — | 0.2 | ||||||||||||||||
Net increase (decrease) in advances from affiliate | 14.1 | (41.3 | ) | 27.2 | — | — | |||||||||||||||
Net cash provided by (used in) continuing financing activities | 14.5 | (41.3 | ) | 20.8 | — | (6.0 | ) | ||||||||||||||
Net decrease in cash and cash equivalents from continuing operations | — | (22.6 | ) | (25.6 | ) | — | (48.2 | ) | |||||||||||||
Cash Flows from Discontinued Operations: | |||||||||||||||||||||
Cash flows from discontinued operations - operating activities | — | (6.6 | ) | — | — | (6.6 | ) | ||||||||||||||
Cash flows from discontinued operations - investing activities | — | (0.6 | ) | — | — | (0.6 | ) | ||||||||||||||
Net decrease in cash and cash equivalents from discontinued operations | — | (7.2 | ) | — | — | (7.2 | ) | ||||||||||||||
Net decrease in cash and cash equivalents | — | (29.8 | ) | (25.6 | ) | — | (55.4 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 184.6 | 49 | — | 233.6 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 154.8 | $ | 23.4 | $ | — | $ | 178.2 | |||||||||||
General_Details
General (Details) | 0 Months Ended | 3 Months Ended | ||||
Jan. 13, 2015 | 9-May-14 | Mar. 31, 2015 | Jan. 13, 2015 | 9-May-14 | 8-May-14 | |
Cokemaking_facility | ||||||
Segment Reporting Information [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Number of Facilities | 5 | |||||
Ownership interest of general partnership (as a percent) | 2.00% | 2.00% | ||||
Interest in partnership (as a percent) | 56.10% | 54.10% | 56.10% | 56.10% | 54.10% | 55.90% |
Ownership interest, Public (as a percent) | 41.90% | 43.90% | 41.90% | |||
VISA SunCoke Limited | ||||||
Segment Reporting Information [Line Items] | ||||||
Ownership percentage | 49.00% |
Coal_Discontinued_Operations_D
Coal Discontinued Operations (Details Textual) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total assets | $1,962 | $1,980.10 | $1,980.10 |
Total liabilities | 1,291.70 | 1,274.70 | |
Coal Mining Business | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Valuation allowance on disposal group | 43.8 | ||
Coal Mining Business | Minimum | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Expected costs | 0.5 | ||
Coal Mining Business | Maximum | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Expected costs | 3.5 | ||
Coal Mining Business | Employee Severance | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Adjustment in severance accrual | 2.2 | ||
Restructuring charges | 17.5 | ||
Coal Mining Business | Idle Mines | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Restructuring charges | 1.2 | ||
Other Segments | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating Expenses | -1.9 | 1.5 | |
Curtailment gain | 4 | ||
Other Segments | Legacy Assets | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total assets | 10.2 | 12.9 | |
Other Segments | Legacy Liabilities | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total liabilities | $86.30 | $86.90 |
Coal_Discontinued_Operations_D1
Coal Discontinued Operations (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Consolidated Balance Sheet | |||
Total current assets held for sale | $19.20 | $19.30 | |
Total current liabilities held for sale | 24.1 | 37.4 | |
Consolidated Statements of Operations | |||
Depreciation, depletion and amortization | 0 | 4.4 | |
Income tax benefit | 0.1 | 3 | |
Loss from discontinued operations, net of tax | -2 | -6 | |
Coal Mining Business | |||
Consolidated Balance Sheet | |||
Receivables | 2.5 | 2.8 | |
Inventories | 7.9 | 8.8 | |
Properties, plants and equipment, net | 30.7 | 31.1 | |
Lease and mineral rights, net | 18.6 | 18.6 | |
Other current assets | 3.3 | 3.5 | |
Valuation allowance | -43.8 | -45.5 | |
Total current assets held for sale | 19.2 | 19.3 | |
Accounts payable | 7.6 | 10.4 | |
Accrued liabilities | 9.5 | 19.9 | |
Asset retirement obligations | 7 | 7.1 | |
Total current liabilities held for sale | 24.1 | 37.4 | |
Consolidated Statements of Operations | |||
Total revenues | 3.6 | 7.1 | |
Cost of products sold and operating expenses | 7.6 | 10.5 | |
Selling, general and administrative (income) expenses(1) | -1.9 | 1.2 | |
Depreciation, depletion and amortization | 0 | 4.4 | |
Pre-tax loss from discontinued operations | -2.1 | -9 | |
Income tax benefit | 0.1 | 3 | |
Loss from discontinued operations, net of tax | -2 | -6 | |
Employee Severance | Coal Mining Business | |||
Consolidated Statements of Operations | |||
Adjustment in severance accrual | $2.20 |
Dropdown_Transactions_Granite_
Dropdown Transactions - Granite City Dropdown (Details) (USD $) | 0 Months Ended | 3 Months Ended | |||||
Jan. 13, 2015 | 9-May-14 | Mar. 31, 2015 | Jan. 13, 2015 | Dec. 31, 2014 | 9-May-14 | 8-May-14 | |
Business Acquisition [Line Items] | |||||||
Interest in partnership (as a percent) | 56.10% | 54.10% | 56.10% | 56.10% | 54.10% | 55.90% | |
Ownership interest of general partnership (as a percent) | 2.00% | 2.00% | |||||
Interest payable | $8,700,000 | $19,900,000 | |||||
Ownership interest, Public (as a percent) | 41.90% | 43.90% | 41.90% | ||||
Adjustments from changes in ownership of SunCoke Energy Partners, L.P. | -6,200,000 | ||||||
Granite City | |||||||
Business Acquisition [Line Items] | |||||||
Interest in partnership (as a percent) | 25.00% | 25.00% | |||||
Ownership interest of general partnership (as a percent) | 2.00% | ||||||
Adjustments from changes in ownership of SunCoke Energy Partners, L.P. | 6,200,000 | ||||||
SunCoke Energy Partners, L.P. | Granite City | |||||||
Business Acquisition [Line Items] | |||||||
Interest acquired (as a percent) | 75.00% | 75.00% | 75.00% | ||||
Total consideration received | 245,000,000 | ||||||
Interest payable | 5,600,000 | 5,600,000 | |||||
Redemption premium | 7,700,000 | ||||||
Consideration withheld | 45,000,000 | ||||||
Common Units | SunCoke Energy Partners, L.P. | Granite City | |||||||
Business Acquisition [Line Items] | |||||||
Limited partner common units | 50,700,000 | 50,700,000 | |||||
General Partner | SunCoke Energy Partners, L.P. | Granite City | |||||||
Business Acquisition [Line Items] | |||||||
Limited partner common units | 1,000,000 | 1,000,000 | |||||
Term loan | SunCoke Energy Partners, L.P. | Granite City | |||||||
Business Acquisition [Line Items] | |||||||
Long-term debt | 135,000,000 | 135,000,000 | |||||
Interest rate on senior notes (as a percent) | 7.63% | 7.63% | |||||
Private Placement | SunCoke Energy Partners, L.P. | |||||||
Business Acquisition [Line Items] | |||||||
Long-term debt | 200,000,000 | 200,000,000 |
Dropdown_Transactions_Haverhil
Dropdown Transactions - Haverhill and Middletown Dropdown (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||||
Share data in Millions, unless otherwise specified | Jan. 13, 2015 | 9-May-14 | Mar. 31, 2015 | Jun. 30, 2014 | 8-May-14 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||||
Ownership interest of general partnership (as a percent) | 2.00% | 2.00% | ||||
Interest in partnership (as a percent) | 56.10% | 54.10% | 56.10% | 55.90% | ||
Ownership interest, Public (as a percent) | 41.90% | 43.90% | 41.90% | |||
Haverhill Coke Company LLC and Middletown Coke Company LLC | ||||||
Business Acquisition [Line Items] | ||||||
Decrease in noncontrolling interest | $83,700,000 | |||||
SunCoke Energy Partners, L.P. | Haverhill Coke Company LLC and Middletown Coke Company LLC | ||||||
Business Acquisition [Line Items] | ||||||
Interest acquired (as a percent) | 33.00% | |||||
Total consideration received | 365,000,000 | |||||
Limited partner common units | 10,400,000 | |||||
Cash transferred | 3,400,000 | |||||
Consideration withheld | 7,000,000 | |||||
Redemption premium | 11,400,000 | |||||
Proceeds from private placement debt | 263,100,000 | |||||
Common Units | SunCoke Energy Partners, L.P. | Haverhill Coke Company LLC and Middletown Coke Company LLC | ||||||
Business Acquisition [Line Items] | ||||||
Common units in shares | 2.7 | |||||
Limited partner common units | 80,000,000 | |||||
Common units sold | 3.2 | |||||
Net proceeds | 88,700,000 | |||||
General Partner | SunCoke Energy Partners, L.P. | Haverhill Coke Company LLC and Middletown Coke Company LLC | ||||||
Business Acquisition [Line Items] | ||||||
Limited partner common units | 3,300,000 | |||||
Term loan | SunCoke Energy Partners, L.P. | Haverhill Coke Company LLC and Middletown Coke Company LLC | ||||||
Business Acquisition [Line Items] | ||||||
Long-term debt | 271,300,000 | |||||
Partnership notes, due 2020 | ||||||
Business Acquisition [Line Items] | ||||||
Long-term debt | 614,900,000 | 411,500,000 | ||||
Interest rate on senior notes (as a percent) | 7.38% | 7.38% | ||||
Partnership notes, due 2020 | Haverhill Coke Company LLC and Middletown Coke Company LLC | ||||||
Business Acquisition [Line Items] | ||||||
Pre-funded Interest | 5,000,000 | |||||
Partnership notes, due 2020 | SunCoke Energy Partners, L.P. | ||||||
Business Acquisition [Line Items] | ||||||
Long-term debt | 250,000,000 | |||||
Interest rate on senior notes (as a percent) | 7.38% |
Dropdown_Transactions_Effects_
Dropdown Transactions - Effects of Changes in the Company's Ownership (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 13, 2015 |
Business Acquisition [Line Items] | |||
Net loss attributable to SunCoke Energy, Inc. | ($4) | ($7.80) | |
Decrease in SunCoke Energy, Inc. equity for the contribution of 75 percent interest in Granite City | -6.2 | ||
Change from net income attributable to SunCoke Energy, Inc. and transfers from noncontrolling interest | -10.2 | ||
Granite City | |||
Business Acquisition [Line Items] | |||
Decrease in SunCoke Energy, Inc. equity for the contribution of 75 percent interest in Granite City | $6.20 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Components of inventories | ||
Coal | $77 | $96.50 |
Coke | 16.7 | 6.9 |
Materials, supplies and other | 34.8 | 35.7 |
Total inventories | $128.50 | $139.10 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate (as a percent) | 27.90% | -75.00% |
Expense (benefit) due to change in enacted tax rate | ($2) | |
Tax benefit due to tax credits | 1 | |
Expense (benefit) due to additional valuation allowances with state and local taxes | $1.10 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ||
Accrued benefits | $16.20 | $23.20 |
Other taxes payable | 10.5 | 10.3 |
Other | 8.6 | 8.1 |
Total accrued liabilities | $35.30 | $41.60 |
Debt_Details
Debt (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Total debt, including the current portion of long-term debt | ||
Debt issuance costs | ($20,600,000) | ($18,000,000) |
Total long-term debt | 699,300,000 | 633,500,000 |
Senior notes, due 2019 | ||
Total debt, including the current portion of long-term debt | ||
Long-term debt | 105,000,000 | 240,000,000 |
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 | ||
Long-term debt | 614,900,000 | 411,500,000 |
Interest rate on senior notes (as a percent) | 7.38% | 7.38% |
Original issue premium | $14,900,000 | $11,500,000 |
Debt_Details_Textual
Debt (Details Textual) (USD $) | 0 Months Ended | |||||
Jan. 13, 2015 | Feb. 01, 2015 | 9-May-14 | Mar. 31, 2015 | Dec. 31, 2014 | Apr. 21, 2015 | |
Line of Credit Facility [Line Items] | ||||||
Interest payable | $8,700,000 | $19,900,000 | ||||
Senior notes, due 2019 | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt | 105,000,000 | 240,000,000 | ||||
Interest rate on senior notes (as a percent) | 7.63% | 7.63% | ||||
Partnership notes, due 2020 | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt | 614,900,000 | 411,500,000 | ||||
Original issue premium | 14,900,000 | 11,500,000 | ||||
Interest rate on senior notes (as a percent) | 7.38% | 7.38% | ||||
Revolving credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 150,000,000 | |||||
Letters of credit outstanding under revolving facility | 1,500,000 | |||||
Remaining letters of credit agreement amount | 148,500,000 | |||||
SunCoke Energy Partners, L.P. | Partnership notes, due 2020 | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt | 250,000,000 | |||||
Interest rate on senior notes (as a percent) | 7.38% | |||||
SunCoke Energy Partners, L.P. | Term loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt issuance cost | 2,200,000 | |||||
SunCoke Energy Partners, L.P. | Private Placement | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt | 200,000,000 | |||||
Proceeds from Issuance of Debt | 204,000,000 | |||||
Original issue premium | 4,000,000 | |||||
Interest Paid | 6,800,000 | |||||
Debt issuance cost | 5,200,000 | |||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | SunCoke Energy Partners, L.P. | ||||||
Line of Credit Facility [Line Items] | ||||||
Redemption premium | 11,400,000 | |||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | SunCoke Energy Partners, L.P. | Term loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt | 271,300,000 | |||||
Granite City | SunCoke Energy Partners, L.P. | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest payable | 5,600,000 | |||||
Redemption premium | 7,700,000 | |||||
Granite City | SunCoke Energy Partners, L.P. | Term loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt | 135,000,000 | |||||
Interest rate on senior notes (as a percent) | 7.63% | |||||
Credit Agreement and Partner Revolver | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum consolidated leverage ratio | 3.75 | |||||
Minimum consolidated interest coverage ratio | 2.75 | |||||
Credit Agreement and Partner Revolver | SunCoke Energy Partners, L.P. | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum consolidated leverage ratio | 4 | |||||
Minimum consolidated interest coverage ratio | 2.5 | |||||
Total liquidity threshold, at least | 75,000,000 | |||||
Interest Expense | SunCoke Energy Partners, L.P. | Term loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt issuance cost | 700,000 | |||||
Interest Expense | SunCoke Energy Partners, L.P. | Private Placement | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt issuance cost | $1,000,000 | |||||
Subsequent Event | Revolving credit facility | Partnership notes, due 2020 | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum consolidated leverage ratio | 4 | |||||
Subsequent Event | Credit Agreement and Partner Revolver | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum consolidated leverage ratio | 3.25 | |||||
Leverage ratio threshold, less than | 2 | |||||
Subsequent Event | Credit Agreement and Partner Revolver | SunCoke Energy Partners, L.P. | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum consolidated leverage ratio | 4.5 |
Retirement_Benefits_Plans_Deta
Retirement Benefits Plans (Details) (Defined benefit plan, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Defined benefit plan | ||
Defined benefit plan (benefit) expense | ||
Interest cost on benefit obligations | $0.40 | $0.40 |
Expected return on plan assets | -0.4 | -0.4 |
Amortization of actuarial losses | 0.2 | 0.1 |
Total expense | $0.20 | $0.10 |
Retirement_Benefits_Plans_Deta1
Retirement Benefits Plans (Details 1) (Postretirement Benefit Plans, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Postretirement Benefit Plans | ||
Postretirement benefit plans benefit | ||
Interest cost on benefit obligations | $0.30 | $0.40 |
Amortization of: | ||
Actuarial losses | 0.2 | 0.3 |
Prior service benefit | -0.4 | -1.4 |
Curtailment gain | -4 | 0 |
Postretirement benefit plans benefit | ($3.90) | ($0.70) |
Retirement_Benefits_Plans_Deta2
Retirement Benefits Plans (Details Textual) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Deferred compensation, threshold to have option of receiving lump sum payment or annuity, less than | 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 $) | 1 Months Ended | 39 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2015 | Mar. 31, 2015 |
Loss Contingencies [Line Items] | ||
Estimate possible loss | $2.50 | |
Haverhill and Granite City | ||
Loss Contingencies [Line Items] | ||
Estimate possible loss | 2.2 | |
Anticipated spending on environmental remediation project | 125 | |
Actual spending for environmental remediation project | 78 | |
Environmental Remediation Expense | $119 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (Stock options, USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Stock options | |
Weighted-average assumptions | |
Risk free interest rate (as a percent) | 1.67% |
Expected term (in years) | 5 years |
Volatility (as a percent) | 36.00% |
Dividend yield (as a percent) | 1.38% |
Weighted-average exercise price (in dollars per share) | $16.90 |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details Textual) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock options | ||
Share-based compensation (Textual) [Abstract] | ||
Forfeiture rate (as a percent) | 4.00% | |
Compensation expense | $0.60 | $1.30 |
Unrecognized compensation cost | 5 | |
Weighted average remaining contractual term (in years) | 2 years 1 month 24 days | |
Stock options | Options granted current period | ||
Share-based compensation (Textual) [Abstract] | ||
Granted stock options (in shares) | 554,294 | |
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) | $5.08 | |
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) | 10.00% | |
Compensation expense | 0.7 | 0.8 |
Unrecognized compensation cost | 7.6 | |
Weighted average remaining contractual term (in years) | 1 year 10 months 18 days | |
Restricted stock units (RSUs) | Distribution first | Units awarded during period | ||
Share-based compensation (Textual) [Abstract] | ||
Restricted stock (in shares) | 213,171 | |
Fair value grant (in dollars per share) | $16.90 | |
Performance share units | ||
Share-based compensation (Textual) [Abstract] | ||
Forfeiture rate (as a percent) | 0.00% | |
Compensation expense | 0.2 | 0.2 |
Unrecognized compensation cost | $4.30 | |
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) | 146,154 | |
Fair value grant (in dollars per share) | $17.58 | |
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 | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
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) | 66.2 | 69.7 |
Add: Effect of dilutive share-based compensation awards (in shares) | 0 | 0 |
Weighted-average number of shares-diluted (in shares) | 66.2 | 69.7 |
Earnings_per_Share_Details_Tex
Earnings per Share (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | |||
Mar. 18, 2015 | Jan. 28, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Jul. 23, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Authorized repurchase amount | $150,000,000 | ||||
Variable term forward share repurchase agreement, cost | 20,000,000 | ||||
Shares repurchased, shares | 1,200,000 | ||||
Price per share (in dollars per share) | $16.89 | ||||
Amount remaining | 55,000,000 | ||||
Stock options | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Potential dilutive effect excluded from the computation of diluted weighted-average shares outstanding | 2,300,000 | 2,700,000 | |||
Restricted stock units (RSUs) | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Potential dilutive effect excluded from the computation of diluted weighted-average shares outstanding | 500,000 | 500,000 | |||
Performance share units | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Potential dilutive effect excluded from the computation of diluted weighted-average shares outstanding | 100,000 | 100,000 |
Supplemental_Accumulated_Other2
Supplemental Accumulated Other Comprehensive Loss Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Accumulated Comprehensive Income [Roll Forward] | ||
Beginning balance | $705.40 | |
Ending balance | 670.3 | 705.4 |
Defined Benefit Plans | ||
Accumulated Comprehensive Income [Roll Forward] | ||
Beginning balance | -9.4 | |
Other comprehensive loss before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive loss | -2.4 | |
Net current period other comprehensive loss | -2.4 | |
Ending balance | -11.8 | |
Currency Translation Adjustments | ||
Accumulated Comprehensive Income [Roll Forward] | ||
Beginning balance | -12.1 | |
Other comprehensive loss before reclassifications | -1.1 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | |
Net current period other comprehensive loss | -1.1 | |
Ending balance | -13.2 | |
Accumulated Other Comprehensive Income | ||
Accumulated Comprehensive Income [Roll Forward] | ||
Beginning balance | -21.5 | |
Other comprehensive loss before reclassifications | -1.1 | |
Amounts reclassified from accumulated other comprehensive loss | -2.4 | |
Net current period other comprehensive loss | -3.5 | |
Ending balance | ($25) |
Supplemental_Accumulated_Other3
Supplemental Accumulated Other Comprehensive Loss Information (Details 1) (Defined Benefit Plans, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Defined Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Prior service benefit | ($0.40) | ($1.40) |
Actuarial loss | 0.4 | 0.4 |
Curtailment gain(2) | -4 | 0 |
Total before taxes | -4 | -1 |
Income tax expense | 1.6 | 0.4 |
Total, net of tax | ($2.40) | ($0.60) |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of Company's debt | $723.70 | |
Long-term debt | 719.9 | |
Cash Equivalents | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 90.8 | 88.2 |
Coal Mining Business | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation allowance on disposal group | $43.80 |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue: | $320.30 | $351.50 | |
Adjusted EBITDA from continuing operations | 49.1 | 39.5 | |
Legacy income (costs), net | 1.9 | -1.5 | |
Adjusted EBITDA from discontinued operations | -3.1 | -4.4 | |
Adjusted EBITDA | 47.9 | 33.6 | |
Depreciation and amortization expense: | 23.8 | 24.4 | |
Capital expenditures: | 8.3 | 37.5 | |
Assets excluding tax assets | 27.2 | 32.4 | |
Total assets | 1,962 | 1,980.10 | 1,980.10 |
Service Life | Indiana Harbor | |||
Segment Reporting Information [Line Items] | |||
Depreciation | 0.4 | 5.6 | |
Income per common share from continuing operations (in dollar per share) | $0.01 | $0.08 | |
Service Life | Jewell | |||
Segment Reporting Information [Line Items] | |||
Depreciation | 2 | ||
Income per common share from continuing operations (in dollar per share) | $0.03 | ||
Domestic Coke | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA from continuing operations | 52.7 | 46.8 | |
Depreciation and amortization expense: | 18.2 | 21 | |
Capital expenditures: | 8 | 36.3 | |
Brazil Coke | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA from continuing operations | 4.1 | 1.7 | |
Depreciation and amortization expense: | 0.2 | 0.1 | |
Capital expenditures: | 0 | 0 | |
India Coke | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA from continuing operations | -0.7 | 0.1 | |
Coal Logistics | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA from continuing operations | 2.6 | 2.1 | |
Depreciation and amortization expense: | 1.8 | 1.8 | |
Capital expenditures: | 0.2 | 0.3 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA from continuing operations | -9.6 | -11.2 | |
Depreciation and amortization expense: | 3.6 | 1.5 | |
Capital expenditures: | 0.1 | 0.9 | |
Operating Segments | Domestic Coke | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue: | 303.1 | 333.5 | |
Operating Segments | Brazil Coke | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue: | 9.9 | 9.3 | |
Operating Segments | Coal Logistics | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue: | 7.3 | 8.7 | |
Operating Segments | Coal Logistics intersegment sales | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue: | 4.7 | 4.2 | |
Operating Segments | Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue: | 2.5 | 5 | |
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenue: | -7.2 | -9.2 | |
Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets excluding tax assets | 1,915.60 | 1,928.40 | |
Continuing Operations [Member] | Domestic Coke | |||
Segment Reporting Information [Line Items] | |||
Assets excluding tax assets | 1,610.60 | 1,585.50 | |
Continuing Operations [Member] | Brazil Coke | |||
Segment Reporting Information [Line Items] | |||
Assets excluding tax assets | 61.6 | 61.6 | |
Continuing Operations [Member] | India Coke | |||
Segment Reporting Information [Line Items] | |||
Assets excluding tax assets | 21.9 | 22.5 | |
Continuing Operations [Member] | Coal Logistics | |||
Segment Reporting Information [Line Items] | |||
Assets excluding tax assets | 111.8 | 114.4 | |
Continuing Operations [Member] | Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Assets excluding tax assets | 109.7 | 144.4 | |
Discontinued Operations | |||
Segment Reporting Information [Line Items] | |||
Assets excluding tax assets | $19.20 | $19.30 |
Business_Segment_Information_S
Business Segment Information - Sales and Other Operating Revenue by Product or Service (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Summary of total sales and other operating revenue by product or service | ||
Coke sales | $286.50 | $315.80 |
Steam and electricity sales | 16.6 | 17.8 |
Operating and licensing fees | 9.9 | 9.3 |
Coal logistics | 7 | 8 |
Other | 0.3 | 0.6 |
Sales and other operating revenue | $320.30 | $351.50 |
Business_Segment_Information_A
Business Segment Information - Adjusted EBITDA (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 |
Adjusted EBITDA | |||
Adjusted EBITDA attributable to SunCoke Energy, Inc. | $29.80 | $24.30 | |
Add: Adjusted EBITDA attributable to noncontrolling interests | 18.1 | 9.3 | |
Adjusted EBITDA | 47.9 | 33.6 | |
Adjusted EBITDA from continuing operations | |||
Adjusted EBITDA from discontinued operations | -3.1 | -4.4 | |
Legacy income (costs), net | 1.9 | -1.5 | |
Adjusted EBITDA from continuing operations | 49.1 | 39.5 | |
Adjustments to EBITDA [Abstract] | |||
Adjustment to unconsolidated affiliate earnings | 0.3 | 1 | |
Depreciation and amortization expense | 23.8 | 24.4 | |
Interest expense, net | 23.3 | 12.1 | |
Income tax expense (benefit) | 1.2 | -1.2 | |
Sales discounts provided to customers due to sharing of nonconventional fuel tax credits | 0 | -0.5 | |
Asset impairment | 0 | ||
Legacy income (costs), net | 1.9 | -1.5 | |
Income from continuing operations | 2.4 | 2.2 | |
Loss from discontinued operations, net of tax | -2 | -6 | |
Net income (loss) | 0.4 | -3.8 | |
Accrued sales discounts | 13.6 | ||
Settlement of accrued sales discounts | 13.1 | ||
Gain on settlement of accrued sales discounts | $0.50 |
Business_Segment_Information_A1
Business Segment Information - Adjusted EBITDA, Discontinued Operations (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA from discontinued operations | ($3.10) | ($4.40) |
Depreciation, depletion and amortization | 0 | 4.4 |
Income tax benefit from discontinued operations | -0.1 | -3 |
Loss from discontinued operations, net of tax | -2 | -6 |
Discontinued Operations | ||
Segment Reporting Information [Line Items] | ||
Exit costs | -1 | 0.2 |
Coal Mining Business | ||
Segment Reporting Information [Line Items] | ||
Depreciation, depletion and amortization | 0 | 4.4 |
Income tax benefit from discontinued operations | -0.1 | -3 |
Loss from discontinued operations, net of tax | -2 | -6 |
Coal Mining Business | Employee Severance | ||
Segment Reporting Information [Line Items] | ||
Adjustment in severance accrual | $2.20 |
Business_Segment_Information_B
Business Segment Information Business Segment Information - Legacy Costs (Details) (Other Segments, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Segments | ||
Segment Reporting Information [Line Items] | ||
Black lung charges | $0.90 | $0.50 |
Postretirement benefit plan benefit | -3.9 | -0.2 |
Defined benefit plan expense | 0.2 | 0 |
Workers compensation expense | 0.9 | 1.2 |
Total legacy (income) costs, net | -1.9 | 1.5 |
Curtailment gain | $4 |
Business_Segment_Information_D1
Business Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2015 | |
Cokemaking_facility | |
Segment Reporting Information [Line Items] | |
Number of facilities (in cokemaking facilities) | 5 |
Ownership percentage | 100.00% |
VISA SunCoke Limited | |
Segment Reporting Information [Line Items] | |
Ownership percentage | 49.00% |
Cokemaking facility capacity (in tons) | 440,000 |
Coal Logistics | |
Segment Reporting Information [Line Items] | |
Coal handling capacity (in tons) | 30,000,000 |
Supplemental_Condensed_Consoli2
Supplemental Condensed Consolidating Financial Information - Consolidating Statement of Operations (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Sales and other operating revenue | $320.30 | $351.50 |
Equity in earnings of subsidiaries | 0 | 0 |
Other income | 0.1 | 1 |
Total revenues | 320.4 | 352.5 |
Costs and operating expenses | ||
Cost of products sold and operating expenses | 254.5 | 293.4 |
Selling, general and administrative expenses | 14.5 | 21 |
Depreciation and amortization expense: | 23.8 | 24.4 |
Total costs and operating expenses | 292.8 | 338.8 |
Operating income | 27.6 | 13.7 |
Interest (income) expense, net - affiliate | 0 | 0 |
Interest expense (income), net | 23.3 | 12.1 |
Total financing expense (income), net | 23.3 | 12.1 |
(Loss) Income before income tax expense and loss from equity method investment | 4.3 | 1.6 |
Income tax expense (benefit) | 1.2 | -1.2 |
Loss from equity method investment | 0.7 | 0.6 |
(Loss) income from continuing operations | 2.4 | 2.2 |
Loss from discontinued operations, net of income tax benefit of $0.1 million and $3.0 million, for the three months ended March 31, 2015 and 2014, respectively | -2 | -6 |
Net income (loss) | 0.4 | -3.8 |
Less: Net income attributable to noncontrolling interests | 4.4 | 4 |
Net (loss) income attributable to SunCoke Energy, Inc. | -4 | -7.8 |
Comprehensive (income) loss | -3.1 | -3.6 |
Less: Comprehensive income attributable to noncontrolling interests | 4.4 | 4 |
Comprehensive income attributable to SunCoke Energy, Inc. | -7.5 | -7.6 |
Issuer | ||
Revenues | ||
Sales and other operating revenue | 0 | 0 |
Equity in earnings of subsidiaries | 0 | 6.6 |
Other income | 0 | 0 |
Total revenues | 0 | 6.6 |
Costs and operating expenses | ||
Cost of products sold and operating expenses | 0 | 0 |
Selling, general and administrative expenses | 2 | 3.2 |
Depreciation and amortization expense: | 0 | 0 |
Total costs and operating expenses | 2 | 3.2 |
Operating income | -2 | 3.4 |
Interest (income) expense, net - affiliate | 0 | 0 |
Interest expense (income), net | 2.8 | 9.3 |
Total financing expense (income), net | 2.8 | 9.3 |
(Loss) Income before income tax expense and loss from equity method investment | -4.8 | -5.9 |
Income tax expense (benefit) | -0.8 | 1.9 |
Loss from equity method investment | 0 | 0 |
(Loss) income from continuing operations | -4 | -7.8 |
Loss from discontinued operations, net of income tax benefit of $0.1 million and $3.0 million, for the three months ended March 31, 2015 and 2014, respectively | 0 | 0 |
Net income (loss) | -4 | -7.8 |
Less: Net income attributable to noncontrolling interests | 0 | 0 |
Net (loss) income attributable to SunCoke Energy, Inc. | -4 | -7.8 |
Comprehensive (income) loss | -7.5 | -7.6 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to SunCoke Energy, Inc. | -7.5 | -7.6 |
Guarantor Subsidiaries | ||
Revenues | ||
Sales and other operating revenue | 41 | 52.6 |
Equity in earnings of subsidiaries | 6.1 | 14.4 |
Other income | 0.1 | 0.9 |
Total revenues | 47.2 | 67.9 |
Costs and operating expenses | ||
Cost of products sold and operating expenses | 32.2 | 40.5 |
Selling, general and administrative expenses | 3.7 | 9.9 |
Depreciation and amortization expense: | 5 | 2.8 |
Total costs and operating expenses | 40.9 | 53.2 |
Operating income | 6.3 | 14.7 |
Interest (income) expense, net - affiliate | -1.8 | -1.8 |
Interest expense (income), net | -0.3 | -0.4 |
Total financing expense (income), net | -2.1 | -2.2 |
(Loss) Income before income tax expense and loss from equity method investment | 8.4 | 16.9 |
Income tax expense (benefit) | 2.7 | -1.7 |
Loss from equity method investment | 0 | 0 |
(Loss) income from continuing operations | 5.7 | 18.6 |
Loss from discontinued operations, net of income tax benefit of $0.1 million and $3.0 million, for the three months ended March 31, 2015 and 2014, respectively | -2 | -6 |
Net income (loss) | 3.7 | 12.6 |
Less: Net income attributable to noncontrolling interests | 0 | 0 |
Net (loss) income attributable to SunCoke Energy, Inc. | 3.7 | 12.6 |
Comprehensive (income) loss | 1.3 | 12 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to SunCoke Energy, Inc. | 1.3 | 12 |
Non- Guarantor Subsidiaries | ||
Revenues | ||
Sales and other operating revenue | 279.3 | 298.9 |
Equity in earnings of subsidiaries | 0 | 0 |
Other income | 0 | 0.1 |
Total revenues | 279.3 | 299 |
Costs and operating expenses | ||
Cost of products sold and operating expenses | 222.3 | 252.9 |
Selling, general and administrative expenses | 8.8 | 7.9 |
Depreciation and amortization expense: | 18.8 | 21.6 |
Total costs and operating expenses | 249.9 | 282.4 |
Operating income | 29.4 | 16.6 |
Interest (income) expense, net - affiliate | 1.8 | 1.8 |
Interest expense (income), net | 20.8 | 3.2 |
Total financing expense (income), net | 22.6 | 5 |
(Loss) Income before income tax expense and loss from equity method investment | 6.8 | 11.6 |
Income tax expense (benefit) | -0.7 | -1.4 |
Loss from equity method investment | 0.7 | 0.6 |
(Loss) income from continuing operations | 6.8 | 12.4 |
Loss from discontinued operations, net of income tax benefit of $0.1 million and $3.0 million, for the three months ended March 31, 2015 and 2014, respectively | 0 | 0 |
Net income (loss) | 6.8 | 12.4 |
Less: Net income attributable to noncontrolling interests | 4.4 | 4 |
Net (loss) income attributable to SunCoke Energy, Inc. | 2.4 | 8.4 |
Comprehensive (income) loss | 5.7 | 13.2 |
Less: Comprehensive income attributable to noncontrolling interests | 4.4 | 4 |
Comprehensive income attributable to SunCoke Energy, Inc. | 1.3 | 9.2 |
Combining and Consolidating Adjustments | ||
Revenues | ||
Sales and other operating revenue | 0 | 0 |
Equity in earnings of subsidiaries | -6.1 | -21 |
Other income | 0 | 0 |
Total revenues | -6.1 | -21 |
Costs and operating expenses | ||
Cost of products sold and operating expenses | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Depreciation and amortization expense: | 0 | 0 |
Total costs and operating expenses | 0 | 0 |
Operating income | -6.1 | -21 |
Interest (income) expense, net - affiliate | 0 | 0 |
Interest expense (income), net | 0 | 0 |
Total financing expense (income), net | 0 | 0 |
(Loss) Income before income tax expense and loss from equity method investment | -6.1 | -21 |
Income tax expense (benefit) | 0 | 0 |
Loss from equity method investment | 0 | 0 |
(Loss) income from continuing operations | -6.1 | -21 |
Loss from discontinued operations, net of income tax benefit of $0.1 million and $3.0 million, for the three months ended March 31, 2015 and 2014, respectively | 0 | 0 |
Net income (loss) | -6.1 | -21 |
Less: Net income attributable to noncontrolling interests | 0 | 0 |
Net (loss) income attributable to SunCoke Energy, Inc. | -6.1 | -21 |
Comprehensive (income) loss | -2.6 | -21.2 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to SunCoke Energy, Inc. | ($2.60) | ($21.20) |
Supplemental_Condensed_Consoli3
Supplemental Condensed Consolidating Financial Information - Consolidating Balance Sheet (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $165.40 | $139 | $178.20 | $233.60 |
Receivables | 59 | 75.4 | ||
Inventories | 128.5 | 139.1 | ||
Income tax receivable | 8.8 | 6 | ||
Deferred income taxes | 18.4 | 26.4 | ||
Other current assets | 6.9 | 3.6 | ||
Current assets held for sale | 19.2 | 19.3 | ||
Advances to affiliate | 0 | |||
Interest receivable from affiliate | 0 | |||
Total current assets | 406.2 | 408.8 | ||
Notes receivable from affiliate | 0 | 0 | ||
Investment in Brazilian cokemaking operations | 41 | 41 | ||
Equity method investment in VISA SunCoke Limited | 21.7 | 22.3 | ||
Properties, plants and equipment, net | 1,451.80 | 1,466.60 | ||
Goodwill and other intangible assets, net | 21.6 | 22 | ||
Deferred charges and other assets | 19.7 | 19.4 | ||
Investment in subsidiaries | 0 | 0 | ||
Assets | 1,962 | 1,980.10 | 1,980.10 | |
Liabilities and Equity | ||||
Advances from affiliate | 0 | 0 | ||
Accounts payable | 100.2 | 110.9 | ||
Accrued liabilities | 35.3 | 41.6 | ||
Interest payable | 8.7 | 19.9 | ||
Interest payable to affiliate | 0 | |||
Income taxes payable | 0 | 0 | ||
Current liabilities held for sale | 24.1 | 37.4 | ||
Total current liabilities | 168.3 | 209.8 | ||
Long-term debt | 699.3 | 633.5 | ||
Payable to affiliate | 0 | 0 | ||
Accrual for black lung benefits | 43.9 | 43.9 | ||
Retirement benefit liabilities | 32.9 | 33.6 | ||
Deferred income taxes | 315.6 | 321.9 | ||
Asset retirement obligations | 15.3 | 15.1 | ||
Other deferred credits and liabilities | 16.4 | 16.9 | ||
Total liabilities | 1,291.70 | 1,274.70 | ||
Equity | ||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at March 31, 2015 and December 31, 2014 | 0 | 0 | ||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 71,389,447 and 71,251,529 shares at March 31, 2015 and December 31, 2014, respectively | 0.7 | 0.7 | ||
Treasury stock, 6,161,395 and 4,977,115 shares at March 31, 2015 and December 31, 2014, respectively | -125 | -105 | ||
Additional paid-in capital | 538.4 | 543.6 | ||
Accumulated other comprehensive loss | -25 | -21.5 | ||
Retained earnings | 6 | 13.9 | ||
Total SunCoke Energy, Inc. stockholders’ equity | 395.1 | 431.7 | ||
Noncontrolling interests | 275.2 | 273.7 | ||
Total equity | 670.3 | 705.4 | ||
Total liabilities and equity | 1,962 | 1,980.10 | ||
Issuer | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 0 | 0.1 | ||
Inventories | 0 | 0 | ||
Income tax receivable | 28.7 | 28 | ||
Deferred income taxes | 2.6 | 2.6 | ||
Other current assets | 0 | 0 | ||
Current assets held for sale | 0 | 0 | ||
Advances to affiliate | 0 | 0 | ||
Interest receivable from affiliate | 0 | |||
Total current assets | 31.3 | 30.7 | ||
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 | 0.2 | 0.3 | ||
Investment in subsidiaries | 571.4 | 718.2 | ||
Assets | 602.9 | 749.2 | ||
Liabilities and Equity | ||||
Advances from affiliate | 0 | 73.4 | ||
Accounts payable | 0 | 0 | ||
Accrued liabilities | 0.1 | 0.1 | ||
Interest payable | 1.4 | 7.6 | ||
Interest payable to affiliate | 0 | |||
Income taxes payable | 0 | 0 | ||
Current liabilities held for sale | 0 | 0 | ||
Total current liabilities | 1.5 | 81.1 | ||
Long-term debt | 101.9 | 234.5 | ||
Payable to affiliate | 102.6 | 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 | 1.8 | 1.9 | ||
Total liabilities | 207.8 | 317.5 | ||
Equity | ||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at March 31, 2015 and December 31, 2014 | 0 | 0 | ||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 71,389,447 and 71,251,529 shares at March 31, 2015 and December 31, 2014, respectively | 0.7 | 0.7 | ||
Treasury stock, 6,161,395 and 4,977,115 shares at March 31, 2015 and December 31, 2014, respectively | -125 | -105 | ||
Additional paid-in capital | 538.4 | 543.6 | ||
Accumulated other comprehensive loss | -25 | -21.5 | ||
Retained earnings | 6 | 13.9 | ||
Total SunCoke Energy, Inc. stockholders’ equity | 395.1 | 431.7 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 395.1 | 431.7 | ||
Total liabilities and equity | 602.9 | 749.2 | ||
Guarantor Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents | 69.7 | 102.4 | 154.8 | 184.6 |
Receivables | 12.3 | 17.4 | ||
Inventories | 14.1 | 14.8 | ||
Income tax receivable | 0 | 0 | ||
Deferred income taxes | 17.7 | 17.7 | ||
Other current assets | 4.1 | 2.7 | ||
Current assets held for sale | 19.2 | 19.3 | ||
Advances to affiliate | 184.4 | 99.1 | ||
Interest receivable from affiliate | 1.8 | |||
Total current assets | 323.3 | 273.4 | ||
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 | 71.7 | 74.7 | ||
Goodwill and other intangible assets, net | 6.7 | 6.9 | ||
Deferred charges and other assets | 14.8 | 13 | ||
Investment in subsidiaries | 706.3 | 760.1 | ||
Assets | 1,211.80 | 1,217.10 | ||
Liabilities and Equity | ||||
Advances from affiliate | 0 | 0 | ||
Accounts payable | 7.1 | 12.8 | ||
Accrued liabilities | 16.2 | 19.7 | ||
Interest payable | 0 | 0 | ||
Interest payable to affiliate | 0 | |||
Income taxes payable | 27.8 | 18.9 | ||
Current liabilities held for sale | 24.1 | 37.4 | ||
Total current liabilities | 75.2 | 88.8 | ||
Long-term debt | 0 | 0 | ||
Payable to affiliate | 300 | 300 | ||
Accrual for black lung benefits | 43.9 | 43.9 | ||
Retirement benefit liabilities | 32.9 | 33.6 | ||
Deferred income taxes | 315.2 | 235.1 | ||
Asset retirement obligations | 7.3 | 7.2 | ||
Other deferred credits and liabilities | 13.2 | 13.6 | ||
Total liabilities | 787.7 | 722.2 | ||
Equity | ||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at March 31, 2015 and December 31, 2014 | 0 | 0 | ||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 71,389,447 and 71,251,529 shares at March 31, 2015 and December 31, 2014, respectively | 0 | 0 | ||
Treasury stock, 6,161,395 and 4,977,115 shares at March 31, 2015 and December 31, 2014, respectively | 0 | 0 | ||
Additional paid-in capital | 89.3 | 161.4 | ||
Accumulated other comprehensive loss | -11.7 | -9.3 | ||
Retained earnings | 346.5 | 342.8 | ||
Total SunCoke Energy, Inc. stockholders’ equity | 424.1 | 494.9 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 424.1 | 494.9 | ||
Total liabilities and equity | 1,211.80 | 1,217.10 | ||
Non- Guarantor Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents | 95.7 | 36.6 | 23.4 | 49 |
Receivables | 46.7 | 57.9 | ||
Inventories | 114.4 | 124.3 | ||
Income tax receivable | 7.9 | 0 | ||
Deferred income taxes | 0.8 | 8.7 | ||
Other current assets | 2.8 | 0.9 | ||
Current assets held for sale | 0 | 0 | ||
Advances to affiliate | 0 | 0 | ||
Interest receivable from affiliate | 0 | |||
Total current assets | 268.3 | 228.4 | ||
Notes receivable from affiliate | 300 | 300 | ||
Investment in Brazilian cokemaking operations | 41 | 41 | ||
Equity method investment in VISA SunCoke Limited | 21.7 | 22.3 | ||
Properties, plants and equipment, net | 1,380.10 | 1,391.90 | ||
Goodwill and other intangible assets, net | 14.9 | 15.1 | ||
Deferred charges and other assets | 4.7 | 6.1 | ||
Investment in subsidiaries | 0 | 0 | ||
Assets | 2,030.70 | 2,004.80 | ||
Liabilities and Equity | ||||
Advances from affiliate | 81.8 | 25.7 | ||
Accounts payable | 93.1 | 98.1 | ||
Accrued liabilities | 19 | 21.8 | ||
Interest payable | 7.3 | 12.3 | ||
Interest payable to affiliate | 1.8 | |||
Income taxes payable | 0 | 3.1 | ||
Current liabilities held for sale | 0 | 0 | ||
Total current liabilities | 203 | 161 | ||
Long-term debt | 597.4 | 399 | ||
Payable to affiliate | 89 | 89 | ||
Accrual for black lung benefits | 0 | 0 | ||
Retirement benefit liabilities | 0 | 0 | ||
Deferred income taxes | 3.1 | 89.4 | ||
Asset retirement obligations | 8 | 7.9 | ||
Other deferred credits and liabilities | 1.4 | 1.4 | ||
Total liabilities | 901.9 | 747.7 | ||
Equity | ||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at March 31, 2015 and December 31, 2014 | 0 | 0 | ||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 71,389,447 and 71,251,529 shares at March 31, 2015 and December 31, 2014, respectively | 0 | 0 | ||
Treasury stock, 6,161,395 and 4,977,115 shares at March 31, 2015 and December 31, 2014, respectively | 0 | 0 | ||
Additional paid-in capital | 636 | 767.1 | ||
Accumulated other comprehensive loss | -13.3 | -12.2 | ||
Retained earnings | 230.9 | 228.5 | ||
Total SunCoke Energy, Inc. stockholders’ equity | 853.6 | 983.4 | ||
Noncontrolling interests | 275.2 | 273.7 | ||
Total equity | 1,128.80 | 1,257.10 | ||
Total liabilities and equity | 2,030.70 | 2,004.80 | ||
Combining and Consolidating Adjustments | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Income tax receivable | -27.8 | -22 | ||
Deferred income taxes | -2.7 | -2.6 | ||
Other current assets | 0 | 0 | ||
Current assets held for sale | 0 | 0 | ||
Advances to affiliate | -184.4 | -99.1 | ||
Interest receivable from affiliate | -1.8 | |||
Total current assets | -216.7 | -123.7 | ||
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 | ||
Investment in subsidiaries | -1,277.70 | -1,478.30 | ||
Assets | -1,883.40 | -1,991 | ||
Liabilities and Equity | ||||
Advances from affiliate | -81.8 | -99.1 | ||
Accounts payable | 0 | 0 | ||
Accrued liabilities | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Interest payable to affiliate | -1.8 | |||
Income taxes payable | -27.8 | -22 | ||
Current liabilities held for sale | 0 | 0 | ||
Total current liabilities | -111.4 | -121.1 | ||
Long-term debt | 0 | 0 | ||
Payable to affiliate | -491.6 | -389 | ||
Accrual for black lung benefits | 0 | 0 | ||
Retirement benefit liabilities | 0 | 0 | ||
Deferred income taxes | -2.7 | -2.6 | ||
Asset retirement obligations | 0 | 0 | ||
Other deferred credits and liabilities | 0 | 0 | ||
Total liabilities | -605.7 | -512.7 | ||
Equity | ||||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at March 31, 2015 and December 31, 2014 | 0 | 0 | ||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 71,389,447 and 71,251,529 shares at March 31, 2015 and December 31, 2014, respectively | 0 | 0 | ||
Treasury stock, 6,161,395 and 4,977,115 shares at March 31, 2015 and December 31, 2014, respectively | 0 | 0 | ||
Additional paid-in capital | -725.3 | -928.5 | ||
Accumulated other comprehensive loss | 25 | 21.5 | ||
Retained earnings | -577.4 | -571.3 | ||
Total SunCoke Energy, Inc. stockholders’ equity | -1,277.70 | -1,478.30 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | -1,277.70 | -1,478.30 | ||
Total liabilities and equity | ($1,883.40) | ($1,991) |
Supplemental_Condensed_Consoli4
Supplemental Condensed Consolidating Financial Information - Consolidating Statement of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Continuing Operating Activities: | ||
Net income (loss) | $0.40 | ($3.80) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Loss from discontinued operations, net of income tax | 2 | 6 |
Depreciation and amortization expense: | 23.8 | 24.4 |
Deferred income tax expense (benefit) | 3.1 | -1.8 |
Gain on curtailment and payments in excess of expense for retirement plans | -4.7 | -0.9 |
Share-based compensation expense | 1.5 | 2.3 |
Excess tax benefit from share-based awards | 0 | -0.2 |
Loss from equity method investment | 0.7 | 0.6 |
Loss on extinguishment of debt | 9.4 | 0 |
Equity in (earnings) loss of subsidiaries | 0 | 0 |
Changes in working capital pertaining to operating activities: | ||
Receivables | 16.4 | 7.3 |
Inventories | 10.6 | 10.9 |
Accounts payable | -10.7 | -13.6 |
Accrued liabilities | -6.3 | -20 |
Interest payable | -11.2 | -10.4 |
Income taxes | -2.8 | 1.2 |
Other | -5.6 | -6.7 |
Net cash provided by (used in) continuing operating activities | 26.6 | -4.7 |
Cash Flows from Continuing Investing Activities: | ||
Capital expenditures | -8.3 | -37.5 |
Net cash used in continuing investing activities | -8.3 | -37.5 |
Cash Flows from Continuing Financing Activities: | ||
Proceeds from issuance of long-term debt | 210.8 | 0 |
Repayment of long-term debt | -149.5 | 0 |
Debt issuance costs | -4.2 | 0 |
Proceeds from revolving facility | 0 | 16 |
Repayment of revolving facility | 0 | -16 |
Cash distribution to noncontrolling interests | -9.1 | -6.4 |
Shares repurchased | -20 | 0 |
Proceeds from exercise of stock options, net of shares withheld for taxes | -0.5 | 0.2 |
Dividends paid | -3.9 | 0 |
Excess tax benefit from share-based awards | 0 | 0.2 |
Net increase (decrease) in advances from affiliate | 0 | 0 |
Net cash provided by (used in) continuing financing activities | 23.6 | -6 |
Net (decrease) increase in cash and cash equivalents from continuing operations | 41.9 | -48.2 |
Cash flows from discontinued operations - operating activities | -15.5 | -6.6 |
Cash flows from discontinued operations - investing activities | 0 | -0.6 |
Net decrease in cash and cash equivalents from discontinued operations | -15.5 | -7.2 |
Net (decrease) increase in cash and cash equivalents | 26.4 | -55.4 |
Cash and cash equivalents at beginning of period | 139 | 233.6 |
Cash and cash equivalents at end of period | 165.4 | 178.2 |
Issuer | ||
Cash Flows from Continuing Operating Activities: | ||
Net income (loss) | -4 | -7.8 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Loss from discontinued operations, net of income tax | 0 | 0 |
Depreciation and amortization expense: | 0 | 0 |
Deferred income tax expense (benefit) | 0 | 0.2 |
Gain on curtailment and payments in excess of expense for retirement plans | 0 | 0 |
Share-based compensation expense | 1.5 | 2.3 |
Excess tax benefit from share-based awards | -0.2 | |
Loss from equity method investment | 0 | 0 |
Loss on extinguishment of debt | 0 | |
Equity in (earnings) loss of subsidiaries | 0 | -6.6 |
Changes in working capital pertaining to operating activities: | ||
Receivables | 0.1 | -0.1 |
Inventories | 0 | 0 |
Accounts payable | 0 | 0 |
Accrued liabilities | 0 | 0 |
Interest payable | -6.2 | -7.6 |
Income taxes | -0.7 | 4.8 |
Other | -0.1 | 0.5 |
Net cash provided by (used in) continuing operating activities | -9.4 | -14.5 |
Cash Flows from Continuing Investing Activities: | ||
Capital expenditures | 0 | 0 |
Net cash used in continuing investing activities | 0 | 0 |
Cash Flows from Continuing Financing Activities: | ||
Proceeds from issuance of long-term debt | 0 | |
Repayment of long-term debt | 0 | |
Debt issuance costs | 0 | |
Proceeds from revolving facility | 0 | |
Repayment of revolving facility | 0 | |
Cash distribution to noncontrolling interests | 0 | 0 |
Shares repurchased | -20 | |
Proceeds from exercise of stock options, net of shares withheld for taxes | -0.5 | 0.2 |
Dividends paid | -3.9 | |
Excess tax benefit from share-based awards | 0.2 | |
Net increase (decrease) in advances from affiliate | 33.8 | 14.1 |
Net cash provided by (used in) continuing financing activities | 9.4 | 14.5 |
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 | |
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 |
Guarantor Subsidiaries | ||
Cash Flows from Continuing Operating Activities: | ||
Net income (loss) | 3.7 | 12.6 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Loss from discontinued operations, net of income tax | 2 | 6 |
Depreciation and amortization expense: | 5 | 2.8 |
Deferred income tax expense (benefit) | 3.4 | -1.3 |
Gain on curtailment and payments in excess of expense for retirement plans | -4.7 | -0.9 |
Share-based compensation expense | 0 | 0 |
Excess tax benefit from share-based awards | 0 | |
Loss from equity method investment | 0 | 0 |
Loss on extinguishment of debt | 0 | |
Equity in (earnings) loss of subsidiaries | -6.1 | -14.4 |
Changes in working capital pertaining to operating activities: | ||
Receivables | 5.1 | 23.6 |
Inventories | 0.7 | 2.6 |
Accounts payable | -5.7 | -1.6 |
Accrued liabilities | -3.5 | -6.1 |
Interest payable | -1.8 | 5.5 |
Income taxes | 8.9 | -2.3 |
Other | -3.3 | -5.4 |
Net cash provided by (used in) continuing operating activities | 3.7 | 21.1 |
Cash Flows from Continuing Investing Activities: | ||
Capital expenditures | -1.5 | -2.4 |
Net cash used in continuing investing activities | -1.5 | -2.4 |
Cash Flows from Continuing Financing Activities: | ||
Proceeds from issuance of long-term debt | 0 | |
Repayment of long-term debt | 0 | |
Debt issuance costs | 0 | |
Proceeds from revolving facility | 0 | |
Repayment of revolving facility | 0 | |
Cash distribution to noncontrolling interests | 0 | 0 |
Shares repurchased | 0 | |
Proceeds from exercise of stock options, net of shares withheld for taxes | 0 | 0 |
Dividends paid | 0 | |
Excess tax benefit from share-based awards | 0 | |
Net increase (decrease) in advances from affiliate | -19.4 | -41.3 |
Net cash provided by (used in) continuing financing activities | -19.4 | -41.3 |
Net (decrease) increase in cash and cash equivalents from continuing operations | -17.2 | -22.6 |
Cash flows from discontinued operations - operating activities | -15.5 | -6.6 |
Cash flows from discontinued operations - investing activities | -0.6 | |
Net decrease in cash and cash equivalents from discontinued operations | -15.5 | -7.2 |
Net (decrease) increase in cash and cash equivalents | -32.7 | -29.8 |
Cash and cash equivalents at beginning of period | 102.4 | 184.6 |
Cash and cash equivalents at end of period | 69.7 | 154.8 |
Non- Guarantor Subsidiaries | ||
Cash Flows from Continuing Operating Activities: | ||
Net income (loss) | 6.8 | 12.4 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Loss from discontinued operations, net of income tax | 0 | 0 |
Depreciation and amortization expense: | 18.8 | 21.6 |
Deferred income tax expense (benefit) | -0.3 | -0.7 |
Gain on curtailment and 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 | 0.7 | 0.6 |
Loss on extinguishment of debt | 9.4 | |
Equity in (earnings) loss of subsidiaries | 0 | 0 |
Changes in working capital pertaining to operating activities: | ||
Receivables | 11.2 | -16.2 |
Inventories | 9.9 | 8.3 |
Accounts payable | -5 | -12 |
Accrued liabilities | -2.8 | -13.9 |
Interest payable | -3.2 | -8.3 |
Income taxes | -11 | -1.3 |
Other | -2.2 | -1.8 |
Net cash provided by (used in) continuing operating activities | 32.3 | -11.3 |
Cash Flows from Continuing Investing Activities: | ||
Capital expenditures | -6.8 | -35.1 |
Net cash used in continuing investing activities | -6.8 | -35.1 |
Cash Flows from Continuing Financing Activities: | ||
Proceeds from issuance of long-term debt | 210.8 | |
Repayment of long-term debt | -149.5 | |
Debt issuance costs | -4.2 | |
Proceeds from revolving facility | 16 | |
Repayment of revolving facility | -16 | |
Cash distribution to noncontrolling interests | -9.1 | -6.4 |
Shares repurchased | 0 | |
Proceeds from exercise of stock options, net of shares withheld for taxes | 0 | 0 |
Dividends paid | 0 | |
Excess tax benefit from share-based awards | 0 | |
Net increase (decrease) in advances from affiliate | -14.4 | 27.2 |
Net cash provided by (used in) continuing financing activities | 33.6 | 20.8 |
Net (decrease) increase in cash and cash equivalents from continuing operations | 59.1 | -25.6 |
Cash flows from discontinued operations - operating activities | 0 | 0 |
Cash flows from discontinued operations - investing activities | 0 | |
Net decrease in cash and cash equivalents from discontinued operations | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 59.1 | -25.6 |
Cash and cash equivalents at beginning of period | 36.6 | 49 |
Cash and cash equivalents at end of period | 95.7 | 23.4 |
Combining and Consolidating Adjustments | ||
Cash Flows from Continuing Operating Activities: | ||
Net income (loss) | -6.1 | -21 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Loss from discontinued operations, net of income tax | 0 | 0 |
Depreciation and amortization expense: | 0 | 0 |
Deferred income tax expense (benefit) | 0 | 0 |
Gain on curtailment and 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 |
Loss on extinguishment of debt | 0 | |
Equity in (earnings) loss of subsidiaries | 6.1 | 21 |
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 (used in) continuing operating activities | 0 | 0 |
Cash Flows from Continuing Investing Activities: | ||
Capital expenditures | 0 | 0 |
Net cash used in continuing investing activities | 0 | 0 |
Cash Flows from Continuing Financing Activities: | ||
Proceeds from issuance of long-term debt | 0 | |
Repayment of long-term debt | 0 | |
Debt issuance costs | 0 | |
Proceeds from revolving facility | 0 | |
Repayment of revolving facility | 0 | |
Cash distribution to noncontrolling interests | 0 | 0 |
Shares repurchased | 0 | |
Proceeds from exercise of stock options, net of shares withheld for taxes | 0 | 0 |
Dividends paid | 0 | |
Excess tax benefit from share-based awards | 0 | |
Net increase (decrease) in advances from affiliate | 0 | 0 |
Net cash provided by (used in) 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 | |
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 |
Supplemental_Condensed_Consoli5
Supplemental Condensed Consolidating Financial Information (Details Textual) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Guarantor Obligations [Line Items] | ||
Ownership percentage | 100.00% | |
Percentage of restricted net assets, less than | 25.00% | |
Notes (Guarantor Subsidiaries) | ||
Guarantor Obligations [Line Items] | ||
Guarantors obligations under the credit agreement | 105 |
Supplemental_Condensed_Consoli6
Supplemental Condensed Consolidating Financial Information - Phantom (Details) (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
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 | |
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) | 71,389,447 | 71,251,529 | |
Treasury stock, shares (in shares) | 6,161,395 | 4,977,115 | |
Income tax benefit | $0.10 | $3 |