Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | SunCoke Energy, Inc. | ||
Entity Central Index Key | 1,514,705 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 64,011,791 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 842,881,364 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||
Sales and other operating revenue | $ 1,351.3 | $ 1,490.7 | $ 1,633.5 |
Other income, net | 11.4 | 13.1 | 14.2 |
Total revenues | 1,362.7 | 1,503.8 | 1,647.7 |
Costs and operating expenses | |||
Cost of products sold and operating expenses | 1,098.4 | 1,212.9 | 1,348 |
Selling, general and administrative expenses | 75.4 | 96.7 | 92.4 |
Depreciation and amortization expense | 109.1 | 106.3 | 96 |
Asset and goodwill impairment | 0 | 150.3 | 0 |
Total costs and operating expenses | 1,282.9 | 1,566.2 | 1,536.4 |
Operating income (loss) | 79.8 | (62.4) | 111.3 |
Interest expense, net | 56.7 | 63.2 | 52.3 |
(Loss) income before income tax expense and loss from equity method investment | 23.1 | (125.6) | 59 |
Income tax (benefit) expense | (8.8) | (58.8) | 6.7 |
Loss from equity method investment | 21.6 | 35 | 2.2 |
Net income (loss) | 10.3 | (101.8) | 50.1 |
Less: Net income attributable to noncontrolling interests | 32.3 | 24.3 | 25.1 |
Net (loss) income attributable to SunCoke Energy, Inc. | $ (22) | $ (126.1) | $ 25 |
(Loss) earnings attributable to SunCoke Energy, Inc. per common share: | |||
Earnings per share, basic (in dollars per share) | $ (0.34) | $ (1.83) | $ 0.36 |
Earnings per share, diluted (in dollars per share) | $ (0.34) | $ (1.83) | $ 0.36 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 65 | 68.8 | 69.9 |
Diluted (in shares) | 65 | 68.8 | 70.2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income (loss) | $ 32.9 | $ (16.5) | $ (6.5) | $ 0.4 | $ (55.8) | $ 6.4 | $ (48.6) | $ (3.8) | $ 10.3 | $ (101.8) | $ 50.1 |
Other comprehensive (loss) income: | |||||||||||
Reclassifications of prior service cost (benefit) and actuarial loss amortization to earnings (net of related tax (expense) benefit of ($3.4 million), $2.7 million and $1.3 million, respectively) | 5.2 | (4) | (1.9) | ||||||||
Retirement benefit plans funded status adjustment (net of related tax benefit (expense) of $0.1 million, $1.6 million and ($3.8 million), respectively) | (0.4) | (2.6) | 5.7 | ||||||||
Currency translation adjustment | (3.1) | (0.8) | (10) | ||||||||
Comprehensive income (loss) | 12 | (109.2) | 43.9 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 32.3 | 24.3 | 25.1 | ||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | $ (20.3) | $ (133.5) | $ 18.8 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net of related tax benefit, reclassifications of prior service benefit and actuarial loss amortization to earnings | $ (3.4) | $ 2.7 | $ 1.3 |
Retirement benefit plans funded status adjustment, tax | $ 0.1 | $ 1.6 | $ 3.8 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 123.4 | $ 139 |
Receivables | 65.2 | 78.2 |
Inventories | 122.1 | 142.2 |
Income tax receivable | 11.6 | 6 |
Other current assets | 3.8 | 3.6 |
Total current assets | 326.1 | 369 |
Restricted cash | 18.2 | 0.5 |
Investment in Brazilian cokemaking operations | 41 | 41 |
Equity method investment in VISA SunCoke Limited | 0 | 22.3 |
Properties, plants and equipment, net | 1,593.4 | 1,480 |
Goodwill | 71.1 | 11.6 |
Other intangible assets, net | 190.2 | 10.4 |
Deferred charges and other assets | 15.5 | 24.9 |
Total assets | 2,255.5 | 1,959.7 |
Liabilities and Equity | ||
Accounts payable | 99.9 | 121.3 |
Accrued liabilities | 45.8 | 71.3 |
Current portion of long-term debt | 1.1 | 0 |
Interest payable | 18.9 | 19.9 |
Total current liabilities | 165.7 | 212.5 |
Long-term debt | 997.7 | 633.5 |
Accrual for black lung benefits | 44.7 | 40.1 |
Retirement benefit liabilities | 31.3 | 33.6 |
Deferred income taxes | 349 | 295.5 |
Asset retirement obligations | 22.2 | 22.2 |
Other deferred credits and liabilities | 22.1 | 16.9 |
Total liabilities | 1,632.7 | 1,254.3 |
Equity | ||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at December 31, 2015 and 2014 | 0 | 0 |
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 71,489,448 shares and 71,251,529 shares at December 31, 2015 and 2014, respectively | 0.7 | 0.7 |
Treasury stock, 7,477,657 shares and 4,977,115 shares at December 31, 2015 and 2014 respectively | (140.7) | (105) |
Additional paid-in capital | 486.1 | 543.6 |
Accumulated other comprehensive loss | (19.8) | (21.5) |
Retained (deficit) earnings | (36.4) | 13.9 |
Total SunCoke Energy, Inc. stockholders' equity | 289.9 | 431.7 |
Noncontrolling interests | 332.9 | 273.7 |
Total equity | 622.8 | 705.4 |
Total liabilities and equity | $ 2,255.5 | $ 1,959.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares, issued | 71,489,448 | 71,251,529 |
Treasury stock, shares | 7,477,657 | 4,977,115 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 10.3 | $ (101.8) | $ 50.1 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Asset and goodwill impairment | 0 | 150.3 | 0 |
Loss from equity method investment | 21.6 | 35 | 2.2 |
Depreciation and amortization expense | 109.1 | 106.3 | 96 |
Deferred income tax (benefit) expense | (5.6) | (64.4) | 1.6 |
Settlement loss and payments in excess of expense for pension plan | 13.1 | (7.5) | (0.1) |
Gain on curtailment and payments in excess of expense for postretirement plan benefits | (8) | (0.6) | (5.3) |
Share-based compensation expense | 7.2 | 9.8 | 7.6 |
Excess tax benefit from share-based awards | 0 | (0.3) | 0 |
Loss on extinguishment of debt | 0.5 | 15.4 | 0 |
Changes in working capital pertaining to operating activities (net of acquisitions): | |||
Receivables | 18.8 | 13.3 | (18.1) |
Inventories | 23.2 | (12.6) | 29.2 |
Accounts payable | (17.9) | (33) | 20 |
Accrued liabilities | (28.7) | (8) | (24.7) |
Interest payable | (1) | 1.7 | 2.5 |
Income taxes | (5.6) | 1 | (10.2) |
Accrual for black lung benefits | 6 | 11.5 | (2.4) |
Other | (1.9) | (3.8) | 2.9 |
Net cash provided by operating activities | 141.1 | 112.3 | 151.3 |
Cash Flows from Investing Activities: | |||
Capital expenditures | (75.8) | (125.2) | (145.6) |
Acquisition of businesses, net of cash received | (191.7) | 0 | (113.3) |
Restricted cash | (17.7) | 0 | 0 |
Equity method investment in VISA SunCoke Limited | 0 | (67.7) | |
Net cash used in investing activities | (285.2) | (125.2) | (326.6) |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | 0 | 90.5 | 237.8 |
Proceeds from issuance of long-term debt | 260.8 | 268.1 | 150 |
Repayment of long-term debt | (248.1) | (276.5) | (225) |
Debt issuance costs | (5.7) | (5.8) | (6.9) |
Proceeds from revolving facility | 292.4 | 40 | 40 |
Repayment of revolving facility | (50) | (80) | 0 |
Cash distributions to noncontrolling interests | (43.3) | (32.3) | (17.8) |
Shares repurchased | (35.7) | (85.1) | (10.9) |
SunCoke Energy Partners, L.P. units repurchased | (12.8) | 0 | 0 |
Proceeds from exercise of stock options, net of shares withheld for taxes | (1.1) | 2.9 | 2.5 |
Excess tax benefit from share-based awards | 0.3 | 0 | |
Dividends paid | (28) | (3.8) | 0 |
Net cash provided by (used in) financing activities | 128.5 | (81.7) | 169.7 |
Net decrease in cash and cash equivalents | (15.6) | (94.6) | (5.6) |
Cash and cash equivalents at beginning of year | 139 | 233.6 | 239.2 |
Cash and cash equivalents at end of year | 123.4 | 139 | 233.6 |
Supplemental Disclosure of Cash Flow Information | |||
Interest paid | 58.1 | 45.8 | 43.2 |
Income taxes paid, net of refunds of, $1.5 million and $4.6 million in 2015 and 2014, respectively, and no refunds in 2013. | 2.4 | 9.1 | 15.3 |
Tax refunds | $ 1.5 | $ 4.6 | $ 0 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total SunCoke Energy, Inc. Equity | Non-controlling Interests |
Beginning balance at Dec. 31, 2012 | $ 574.9 | $ 0.7 | $ (9.4) | $ 436.9 | $ (7.9) | $ 118.8 | $ 539.1 | $ 35.8 |
Beginning balance, shares at Dec. 31, 2012 | 70,561,439 | 603,528 | ||||||
Net income (loss) | 50.1 | 25 | 25 | 25.1 | ||||
Reclassifications of prior service benefit and actuarial loss amortization to earnings | (1.9) | (1.9) | (1.9) | |||||
Retirement benefit plans funded status adjustment (net of related tax benefit (expense) of $0.1 million, $1.6 million and ($3.8 million), respectively) | 5.7 | 5.7 | 5.7 | |||||
Currency translation adjustment | (10) | (10) | (10) | |||||
Net proceeds from issuance of SunCoke Energy Partners, L.P. units | 231.8 | 231.8 | ||||||
Cash distributions to noncontrolling interests | (17.8) | (17.8) | ||||||
Share-based compensation expense | 7.6 | 7.6 | 7.6 | |||||
Stock issuances | 2.8 | 2.8 | 2.8 | |||||
Shares issuances, shares | 330,701 | |||||||
Shares repurchased | (10.9) | $ (10.5) | (0.4) | (10.9) | ||||
Shares repurchased, shares | 0 | 651,827 | ||||||
Ending balance at Dec. 31, 2013 | 832.3 | $ 0.7 | $ (19.9) | 446.9 | (14.1) | 143.8 | 557.4 | 274.9 |
Ending balance, shares at Dec. 31, 2013 | 70,892,140 | 1,255,355 | ||||||
Net income (loss) | (101.8) | (126.1) | (126.1) | 24.3 | ||||
Reclassifications of prior service benefit and actuarial loss amortization to earnings | (4) | (4) | (4) | |||||
Retirement benefit plans funded status adjustment (net of related tax benefit (expense) of $0.1 million, $1.6 million and ($3.8 million), respectively) | (2.6) | (2.6) | (2.6) | |||||
Currency translation adjustment | (0.8) | (0.8) | (0.8) | |||||
Net proceeds from issuance of SunCoke Energy Partners, L.P. units | 90.5 | 90.5 | ||||||
Adjustments from changes in ownership of SunCoke Energy Partners, L.P. | 0 | 83.7 | 83.7 | (83.7) | ||||
Cash distributions to noncontrolling interests | (32.3) | (32.3) | ||||||
Dividends | (3.8) | (3.8) | (3.8) | |||||
Share-based compensation expense | 9.8 | 9.8 | 9.8 | |||||
Excess tax benefit from share-based awards | 0.3 | 0.3 | 0.3 | |||||
Stock issuances | 2.9 | 2.9 | 2.9 | |||||
Shares issuances, shares | 359,389 | |||||||
Shares repurchased | $ (85.1) | $ (85.1) | (85.1) | |||||
Shares repurchased, shares | 3,200,000 | 3,721,760 | ||||||
Ending balance at Dec. 31, 2014 | $ 705.4 | $ 0.7 | $ (105) | 543.6 | (21.5) | 13.9 | 431.7 | 273.7 |
Ending balance, shares at Dec. 31, 2014 | 71,251,529 | 4,977,115 | ||||||
Net income (loss) | 10.3 | (22) | (22) | 32.3 | ||||
Reclassifications of prior service benefit and actuarial loss amortization to earnings | 5.2 | 5.2 | 5.2 | |||||
Retirement benefit plans funded status adjustment (net of related tax benefit (expense) of $0.1 million, $1.6 million and ($3.8 million), respectively) | (0.4) | (0.4) | (0.4) | |||||
Currency translation adjustment | (3.1) | (3.1) | (3.1) | |||||
Adjustments from changes in ownership of SunCoke Energy Partners, L.P. | 75 | (8) | (8) | 83 | ||||
Deferred taxes related to basis difference in the Partnership | (55.6) | (55.6) | (55.6) | |||||
Cash distributions to noncontrolling interests | (43.3) | (43.3) | ||||||
Dividends | (28.3) | (28.3) | (28.3) | |||||
Share-based compensation expense | 7.2 | 7.2 | 7.2 | |||||
Stock issuances | (1.1) | (1.1) | (1.1) | |||||
Shares issuances, shares | 237,919 | |||||||
Shares repurchased | $ (35.7) | $ (35.7) | (35.7) | |||||
Shares repurchased, shares | 2,500,000 | 2,500,542 | ||||||
Partnership unit repurchases | $ (12.8) | (12.8) | ||||||
Ending balance at Dec. 31, 2015 | $ 622.8 | $ 0.7 | $ (140.7) | $ 486.1 | $ (19.8) | $ (36.4) | $ 289.9 | $ 332.9 |
Ending balance, shares at Dec. 31, 2015 | 71,489,448 | 7,477,657 |
Consolidated Statements of Equ9
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Net of related tax benefit, reclassifications of prior service benefit and actuarial loss amortization to earnings | $ 3.4 | $ (2.7) | $ (1.3) |
Retirement benefit plans funded status adjustment, tax | $ (0.1) | $ (1.6) | $ (3.8) |
General and Basis of Presentati
General and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General and Basis of Presentation | 1. General and Basis of Presentation Description of Business SunCoke Energy, Inc. (“SunCoke Energy,” “Company,” “we,” “our” and “us”) is the largest independent producer of high-quality coke in the Americas, as measured by tons of coke produced each year, and has more than 50 years of coke production experience. Coke is a principal raw material in the blast furnace steelmaking process. Coke is generally produced by heating metallurgical coal in a refractory oven, which releases certain volatile components from the coal, thus transforming the coal into coke. We also provide coal handling and/or mixing services at our Coal Logistics terminals. We have designed, developed, built, own and operate five cokemaking facilities in the United States (“U.S.”) with collective nameplate capacity to produce approximately 4.2 million tons of coke per year. Additionally, we have designed and operate one cokemaking facility in Brazil under licensing and operating agreements on behalf of our customer. We have a preferred stock investment in the project company that owns this facility, which has approximately 1.7 million tons of annual cokemaking capacity. In March 2013, we formed a cokemaking joint venture with VISA Steel Limited ("VISA Steel") in India called VISA SunCoke Limited ("VISA SunCoke"), which has cokemaking capacity of approximately 440 thousand tons of coke per year. Our cokemaking ovens utilize efficient, modern heat recovery technology designed to combust the coal’s volatile components liberated during the cokemaking process and use the resulting heat to create steam or electricity for sale. This differs from by-product cokemaking, which repurposes the coal’s liberated volatile components for other uses. We have constructed the only greenfield cokemaking facilities in the U.S. in the last 25 years and are the only North American coke producer that utilizes heat recovery technology in the cokemaking process. We believe that heat recovery technology has several advantages over the alternative by-product cokemaking process, including producing higher quality coke, using waste heat to generate steam or electricity for sale and reducing the environmental impact. Our Granite City facility, the first phase of our Haverhill facility, or Haverhill 1, and our VISA SunCoke joint venture have steam generation facilities, which use hot flue gas from the cokemaking process to produce steam for sale to customers pursuant to steam supply and purchase agreements. Granite City sells steam to U.S. Steel, and VISA SunCoke sells steam to VISA Steel. Previously, Haverhill 1 sold steam to Haverhill Chemicals LLC ("Haverhill Chemicals"), which filed for relief under Chapter 11 of the U.S. Bankruptcy Code during 2015. Beginning in the fourth quarter of 2015, Haverhill 1 provides steam, at no cost, to Altivia Petrochemicals, LLC ("Altivia"), which purchased the facility from Haverhill Chemicals. While the Company is not currently generating revenues from providing steam to Altivia, the current arrangement, for which rates may be renegotiated beginning in 2018, mitigates costs associated with disposing of steam as well as potential compliance issues. Our Middletown facility and the second phase of our Haverhill facility, or Haverhill 2, have cogeneration plants that use the hot flue gas created by the cokemaking process to generate electricity, which is either sold into the regional power market or to AK Steel pursuant to energy sales agreements. Our Coal Logistics business provides coal handling and/or mixing services to steel, coke (including some of our domestic cokemaking facilities), electric utility and coal mining customers. During 2015, we acquired Convent Marine Terminal ("CMT") located in Convent, Louisiana, which represents a significant expansion of the Coal Logistics business and marks our entry into export coal handling. We also have terminals in East Chicago, Indiana and in West Virginia and Kentucky. Inclusive of the acquisition of CMT, the Coal Logistics business has the collective capacity to mix and/or transload more than 40 million tons of coal annually and has storage capacity of 3 million tons. At December 31, 2015, we control approximately 109 million tons of proven and probable coal mining reserves in Virginia and West Virginia , a portion of which are currently mined by contractors . Our consolidated financial statements include SunCoke Energy Partners, L.P. (the "Partnership"), a publicly-traded partnership. At December 31, 2015 , we owned the general partner of the Partnership, which consists of a 2.0 percent ownership interest and incentive distribution rights, and a 53.9 percent limited partner interest in the Partnership. The remaining 44.1 percent interest in the Partnership was held by public unitholders. Consolidation and Basis of Presentation The consolidated financial statements of the Company and its subsidiaries were prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") and include the assets, liabilities, revenues and expenses of the Company and all subsidiaries where we have a controlling financial interest. Intercompany transactions and balances have been eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual amounts could differ from these estimates. Reclassifications Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current year presentation. Currency Translation The functional currency of the Company’s Brazilian operations and India joint venture are the Brazilian real and Indian rupee, respectively. The Company’s foreign operations translate their assets and liabilities into U.S. dollars at the current exchange rates in effect at the end of the fiscal period. The gains or losses that result from this process are shown as cumulative translation adjustments within accumulated other comprehensive loss in the Consolidated Balance Sheets. The revenue and expense accounts of foreign operations are translated into U.S. dollars at the average exchange rates that prevailed during the period. Some transactions of the Company’s Brazilian operations and India joint venture are conducted in currencies different from their functional currency. Gains and losses from these foreign currency transactions are included in income as they occur. Our share of equity method losses in India resulting from foreign currency transactions was $0.6 million , $0.3 million and $1.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The gains from these foreign currency transactions from our Brazilian operations were $0.9 million , $0.4 million and $0.1 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. Revenue Recognition The Company sells metallurgical coal and coke as well as steam and electricity and also provides coal mixing and/or handling services to third-party customers. The Company also receives fees for operating the cokemaking plant in Brazil and for the licensing of its proprietary technology for use at this facility as well as reimbursement of substantially all of its operating costs. Revenues related to the sale of products are recognized when title passes, while service revenues are recognized when services are provided as defined by customer contracts. Licensing fees, which are determined on a per ton basis, are recognized when coke is produced in accordance with the contract terms. Title passage generally occurs when products are shipped or delivered in accordance with the terms of the respective sales agreements. Revenues are not recognized until sales prices are fixed or determinable and collectability is reasonably assured. Substantially all of the coke produced by the Company is sold pursuant to long-term contracts with its customers. The Company evaluates each of its contracts to determine whether the arrangement contains a lease under the applicable accounting standards. If the specific facts and circumstances indicate that it is remote that parties other than the contracted customer will take more than a minor amount of the coke that will be produced by the property, plant and equipment during the term of the coke supply agreement, and the price that the customer is paying for the coke is neither contractually fixed per unit nor equal to the current market price per unit at the time of delivery, then the long-term contract is deemed to contain a lease. The lease component of the price of coke represents the rental payment for the use of the property, plant and equipment, and all such payments are accounted for as contingent rentals as they are only earned by the Company when the coke is delivered and title passes to the customer. The total amount of revenue recognized by the Company for these contingent rentals represents less than 10 percent of combined sales and other operating revenues for each of the years ended December 31, 2015 , 2014 and 2013 . The Company receives payment for shortfall obligations on certain Coal Logistics take-or-pay contracts. The payments in excess of services performed are recorded as deferred revenue and are included in accrued liabilities on the Consolidated Balance Sheets. Deferred revenue on take-or-pay contracts is recognized into income when earned as determined by the terms of the contract. See Note 15 . Business Combinations On August 12, 2015, the Partnership completed the acquisition of a 100 percent ownership interest in Raven Energy LLC, which owns CMT, for a total transaction value of $403.1 million . Assets acquired and liabilities assumed as part of a business acquisition are generally recorded at their fair value at the date of acquisition. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. In determining the fair values of assets acquired and liabilities assumed, we make significant estimates and assumptions, particularly with respect to long-lived tangible and intangible assets. Critical estimates used in valuing tangible and intangible assets include, but are not limited to, future expected cash flows, discount rates, market prices and asset lives. Although our estimates of fair value are based upon assumptions believed to be reasonable, actual results may differ. See Note 3 . Cash Equivalents The Company considers all highly liquid investments with a remaining maturity of three months or less at the time of purchase to be cash equivalents. These cash equivalents consist principally of time deposits and money market investments. Inventories Inventories are valued at the lower of cost or market. Cost is determined using the first-in, first-out method, except for the Company’s materials and supplies inventory, which are determined using the average-cost method. The Company utilizes the selling prices under its long-term coke supply contracts to record lower of cost or market inventory adjustments. Properties, Plants and Equipment Plants and equipment are depreciated on a straight-line basis over their estimated useful lives. Coke and energy plant, machinery and equipment are depreciated over 25 to 30 years. Coal Logistics plant and equipment are depreciated over 15 to 35 years. All depreciation and amortization is excluded from cost of products sold and operating expenses and is presented separately on the Consolidated Statements of Operations. Gains and losses on the disposal or retirement of fixed assets are reflected in earnings when the assets are sold or retired. Amounts incurred that extend an asset’s useful life, increase its productivity or add production capacity are capitalized. The Company had capitalized interest costs related to its environmental remediation projects and capital expansion projects at CMT of $3.7 million in 2015 , and capitalized interest costs related to its environmental remediation projects of $3.2 million and $1.0 million in 2014 and 2013 , respectively. See Note 18 . Direct costs, such as outside labor, materials, internal payroll and benefits costs incurred during capital projects are capitalized; indirect costs are not capitalized. Normal repairs and maintenance costs are expensed as incurred. We revised the estimated useful lives of certain assets at our domestic cokemaking facilities and recorded additional depreciation of $10.2 million , $15.6 million and $9.5 million , or $0.16 , $0.23 and $0.14 per common share, during 2015 , 2014 and 2013 , respectively. Additionally, in 2014, the Company revised the estimated useful lives of certain coal preparation plant assets, which resulted in additional depreciation in our Coal Mining segment of $4.9 million and $1.0 million , or $0.08 and $0.01 per common share, during 2015 and 2014 , respectively. See Note 25 . Impairment of Long-Lived Assets and Equity Method Investment Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Such events and circumstances include, among other factors: operating losses; unused capacity; market value declines; changes in the expected physical life of an asset; technological developments resulting in obsolescence; changes in demand for our products or in end-use goods manufactured by others utilizing our products as raw materials; changes in our business plans or those of our major customers, suppliers or other business partners; changes in competition and competitive practices; uncertainties associated with the U.S. and world economies; changes in the expected level of capital, operating or environmental remediation project expenditures; and changes in governmental regulations or actions. A long-lived asset, or group of assets, is considered to be impaired when the undiscounted net cash flows expected to be generated by the asset are less than its carrying amount. Such estimated future cash flows are highly subjective and are based on numerous assumptions about future operations and market conditions. The impairment recognized is the amount by which the carrying amount exceeds the fair market value of the impaired asset, or group of assets. It is also difficult to precisely estimate fair market value because quoted market prices for our long-lived assets may not be readily available. Therefore, fair market value is generally based on the present values of estimated future cash flows using discount rates commensurate with the risks associated with the assets being reviewed for impairment. During 2014, we recorded total impairment charges related to the Coal Mining business of $150.3 million , including both long-lived asset and goodwill impairment charges on our coal mining assets previously held for sale, which were stated at fair value less costs to sell. Additionally, during 2015 and 2014 , we recorded other-than-temporary impairment charges on our investment in VISA SunCoke of $19.4 million and $30.5 million , respectively. These impairment charges were included in loss from equity method investment on the Consolidated Statement of Operations and brought our investment in VISA SunCoke to zero . See Note 5 , Note 6 and Note 24 . Cash flows at our Indiana Harbor facility were negative during 2015, driven by changes to our contracted reimbursement of operating and maintenance costs as well as volume shortfalls caused by operational inefficiencies. Based on these results and recent operational challenges, we performed an impairment test and concluded that our undiscounted cash flows were sufficient to recover our long-lived assets at Indiana Harbor. However, we continue to closely monitor our performance at Indiana Harbor, and if operational challenges continue or conditions deteriorate, our current conclusion as to recoverability of assets at that location could change. Goodwill and Other Intangibles Goodwill, which represents the excess of the purchase price over the fair value of net assets acquired, is tested for impairment as of October 1 of each year, or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit to below its carrying value. The Company had goodwill carrying amounts of $71.1 million and $11.6 million as of December 31, 2015 and 2014, respectively. The analysis of potential goodwill impairment employs a two-step process. The first step involves the estimation of fair value of our reporting units. If step one indicates that impairment of goodwill potentially exists, the second step is performed to measure the amount of impairment, if any. Goodwill impairment exists when the estimated implied fair value of goodwill is less than its carrying value. There were no impairments, other than those previously discussed, of goodwill or other intangible assets during the periods presented. See Note 12 and Note 24 . We have finite-lived intangible assets with net values of $190.2 million and $10.4 million as of December 31, 2015 and 2014, respectively. Intangible assets are primarily comprised of customer contracts, customer relationships and permits. Intangible assets are amortized over their useful lives in a manner that reflects the pattern in which the economic benefit of the intangible asset is consumed. Intangible assets are assessed for impairment when a triggering event occurs. No triggering events occurred during periods presented. See Note 12 . Investment in Brazilian Cokemaking Operations SunCoke Energy’s investment in preferred shares of the company that owns the cokemaking facility in Vitória, Brazil, which SunCoke Energy operates under licensing and operating agreements, is accounted for at cost. Income received by SunCoke Energy from this investment, which is in the form of a dividend, is contingent upon achieving certain minimum production levels at the facility and payment is guaranteed by the parent company of the plant’s owner, which is a lessee of the facility. Accordingly, the Company recognizes income from this investment in other income on the Consolidated Statements of Operations when certain required production levels have been met and the amount is deemed collectible, typically in the fourth quarter. Income Taxes Deferred tax asset and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are projected to be recovered or settled. The Company recognizes uncertain tax positions in its financial statements when minimum recognition threshold and measurement attributes are met in accordance with current accounting guidance. Unrecognized tax benefits and accruals for interest and penalties are included in other deferred credits and liabilities on the Consolidated Balance Sheets. The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties in income tax expense on the Consolidated Statements of Operations. Retirement Benefit Liabilities The postretirement benefit plans are unfunded and the accumulated postretirement benefit obligation is fully recognized on the Consolidated Balance Sheets. Actuarial gains (losses) and prior service (benefits) costs which have not yet been recognized in net income are recognized as a credit (charge) to accumulated other comprehensive loss. The credit (charge) to accumulated other comprehensive loss, which is reflected net of related tax effects, is subsequently recognized in net income when amortized as a component of postretirement benefit plans expense. In addition, the credit (charge) may also be recognized in net income as a result of a plan curtailment or settlement. 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 generally to all full-time employees of Dominion Coal. In June 2015, the plan settled its obligations by purchasing annuities using plan assets, which triggered settlement accounting and resulted in a non-cash loss of $12.6 million recorded in cost of products sold and operating expense on the Consolidated Statements of Operations. See Note 14 . Asset Retirement Obligations The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the asset and depreciated over its remaining estimated useful life. The Company’s asset retirement obligations primarily relate to costs associated with restoring land to its original state. Shipping and Handling Costs Shipping and handling costs are included in cost of products sold and operating expenses on the Consolidated Statements of Operations. Share-based Compensation We measure the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award. The total cost is reduced by estimated forfeitures over the awards’ vesting period, and the cost is recognized over the requisite service period. Forfeiture estimates are reviewed on an annual basis. Fair Value Measurements The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As required, the Company utilizes valuation techniques that maximize the use of observable inputs (levels 1 and 2) and minimize the use of unobservable inputs (level 3) within the fair value hierarchy included in current accounting guidance. The Company generally applies the “market approach” to determine fair value. This method uses pricing and other information generated by market transactions for identical or comparable assets and liabilities. Assets and liabilities are classified within the fair value hierarchy based on the lowest level (least observable) input that is significant to the measurement in its entirety. Recently Issued Pronouncements In November 2015, Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. It is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. The Company early adopted this ASU retrospectively during the fourth quarter of 2015. See Note 9 . In September 2015, FASB issued ASU 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments." ASU 2015-16 eliminates the requirement to retrospectively account for adjustments made to provisional amounts recognized at the acquisition date. 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 third quarter of 2015. The Company does not expect this ASU to have a material effect on the Company's financial condition, results of operations, or cash flows. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which defers the effective date of ASU 2014-09 by one year. This ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period and permits early adoption on a limited basis. ASU 2014-09, “Revenue from Contracts with Customers,” requires an entity to recognize revenue upon transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The Company is currently reviewing the provisions of ASU 2014-09 but does not expect it to have a material effect on the Company's financial condition, results of operations, and cash flows. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." ASU 2015-11 requires an entity to measure inventory at the lower of cost and net realizable value, removing the consideration of current replacement cost. It is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, 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. In April 2015, the FASB issued 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 9. 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. Labor Concentrations As of December 31, 2015 , we have approximately 1,125 employees in the U.S. Approximately 32 percent of our domestic employees, principally at our cokemaking operations, are represented by the United Steelworkers union under various contracts. Additionally, approximately 2 percent of our domestic employees are represented by the International Union of Operating Engineers. On July 27, 2015 , we reached a new four -year labor agreement for our Haverhill location, which will expire on November 1, 2019 . The labor agreement at our Indiana Harbor cokemaking facility expired on September 1, 2015 . We are currently negotiating the extension of the agreement and do not anticipate any work stoppages. The labor agreements at our Quincy and Lake Terminal coal handling facilities expire on April 30, 2016 and June 30, 2016 , respectively. We will be negotiating the renewal of these agreements in 2016 and do not anticipate any work stoppages. As of December 31, 2015 , we have approximately 273 employees at the cokemaking facility in Vitória, Brazil, all of whom are represented by a union under a labor agreement. The labor agreement at our Vitoria, Brazil facility expired on October 31, 2015 . We are currently negotiating the extension of the agreement and do not anticipate any work stoppages. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions Convent Marine Terminal Acquisition On August 12, 2015 , the Partnership completed the acquisition of a 100 percent ownership interest in Raven Energy LLC, which owns CMT, for a total transaction value of $403.1 million . This transaction represents a significant expansion of the Partnership's Coal Logistics business and marks our entry into export coal handling. CMT is one of the largest export terminals on the U.S. Gulf Coast and provides strategic access to seaborne markets for coal and other industrial materials. Supporting low-cost Illinois basin coal producers, the terminal provides loading and unloading services and has direct rail access and the current capability to transload 10 million tons of coal annually. The facility is supported by long-term contracts with volume commitments covering all of its current 10 million ton capacity. The total transaction value of $403.1 million included the issuance of 4.8 million of the Partnership's common units to the previous owner of Raven Energy LLC, The Cline Group, with an aggregate value of $ 75.0 million , based on the unit price on the date of close. In addition, the Partnership assumed a $114.9 million , six-year term loan from Raven Energy LLC. The Partnership obtained additional funding for the transaction by drawing $185.0 million on the Partnership's revolving credit facility. The Partnership paid $191.7 million in cash, which was partially funded by SunCoke in exchange for 1.8 million of the Partnership's common units, with an aggregate value of $30.0 million . In connection with the acquisition, the Company made a capital contribution to the Partnership of approximately $2.3 million in order to preserve its 2 percent general partner interest. An additional $21.5 million in cash was withheld to fund the completion of expansion capital improvements at CMT, which is recorded in restricted cash on the Consolidated Balance Sheets. The following table summarizes the consideration transferred to acquire CMT and the amounts of identified assets acquired and liabilities assumed based on the estimated fair value at the acquisition date: Consideration: (Dollars in millions) Cash $ 191.7 Partnership common units 75.0 Assumption of Raven Energy LLC term loan 114.9 Cash withheld to fund capital expenditures 21.5 Total consideration transferred $ 403.1 Recognized amounts of identifiable assets acquired and liabilities assumed: Receivables $ 5.9 Inventories 1.7 Other current assets 0.1 Properties, plants and equipment, net 145.1 Intangible assets 185.0 Accounts payable (0.6 ) Accrued liabilities (1) (7.2 ) Current portion of long-term debt (1.1 ) Long-term debt (113.8 ) Contingent consideration (7.9 ) Net recognized amounts of identifiable assets acquired $ 207.2 Goodwill 59.5 Total assets acquired, net of liabilities assumed $ 266.7 Plus: Debt assumed 114.9 Cash withheld to fund capital expenditures 21.5 Total consideration $ 403.1 (1) Payments in excess of services performed are recorded as deferred revenue and are excluded from sales and other operating income related to the timing of revenue recognition. Deferred revenue on take-or-pay contracts is recognized into income when earned as determined by the terms of the contract. CMT had deferred revenue of $6.5 million as of August 12, 2015. The purchase price allocation has been determined provisionally and is subject to revision as additional information about the fair value of individual assets and liabilities becomes available. The Partnership is in the process of finalizing appraisals of tangible and intangible assets acquired. Accordingly, the provisional measurements are subject to change. Any change in the acquisition date fair value of acquired net assets will change the amount of the purchase price allocated to goodwill. Subsequent to September 30, 2015, minor measurement period adjustments were made to the preliminary purchase price allocation that impacted goodwill, receivables, accounts payable and accrued liabilities and are reflected in the table above. Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The primary factors that contributed to a premium in the purchase price and the resulting recognition of goodwill were the value of additional capacity and potential for future additional throughput. The purchase price allocation to identifiable intangible assets, which are all amortizable, along with their respective weighted-average amortization periods at the acquisition date are as follows: Purchase Price allocation to identifiable intangible assets Weighted - Average Remaining Amortization Years (Dollars in millions) Customer contracts 7 $ 24.0 Customer relationships 17 22.0 Permits 27 $ 139.0 Total purchase price allocation to identifiable intangible assets $ 185.0 The purchase price includes a contingent consideration arrangement that requires the Partnership to make future payments to The Cline Group based on future volume, price, and contract renewals. The fair value of the contingent consideration at the acquisition date was estimated at $7.9 million and was based on a probability-weighted analysis using significant inputs that are not observable in the market, or Level 3 inputs. Key assumptions included probability adjusted levels of coal handling services provided by CMT, anticipated price per ton on future sales, and probability of contract renewal including length of future contracts, volume commitment, and anticipated price per ton. Contingent consideration is included in other deferred credits and liabilities on the Consolidated Balance Sheet. The results of CMT have been included in the consolidated financial statements since the date of acquisition and are reported in the Coal Logistics segment. CMT contributed revenues of $28.6 million and operating income of $18.4 million from the date of acquisition to December 31, 2015 . The following unaudited pro forma combined results of operations were prepared using historical financial information of CMT and assumes that the acquisition of CMT occurred on January 1, 2014: Years Ended December 31, 2015 2014 (Dollars in millions) Total revenues $ 1,395.4 $ 1,564.0 Net income (loss) 9.7 (81.1 ) Net loss attributable to SunCoke Energy, Inc. (22.3 ) (114.7 ) Loss attributable to SunCoke Energy, Inc. per common share: Basic $ (0.34 ) $ (1.67 ) Diluted $ (0.34 ) $ (1.67 ) The unaudited pro forma combined results of operations reflect historical results adjusted for interest expense, depreciation adjustments based on the fair value of acquired property, plant and equipment, amortization of acquired identifiable intangible assets, and income tax expense. The pro forma combined results do not include acquisition costs or new contracts. The unaudited pro forma combined and consolidated financial statements are presented for informational purposes only and do not necessarily reflect future results given the timing of new customer contracts, revenue recognition related to take-or-pay shortfalls, and other effects of integration, nor do they purport to be indicative of the results of operations that actually would have resulted had the acquisition of CMT occurred on January 1, 2014 or future results. The Partnership incurred $3.5 million in acquisition and business development costs related to CMT as well as other targets for 2015. These expenses are included in selling, general and administrative expenses on the Consolidated Statements of Operations. Kanawha River Terminal LLC On October 1, 2013 , the Partnership acquired Kanawha River Terminals ("KRT") for $84.7 million , utilizing $44.7 million of available cash and $40.0 million of borrowings under its revolving credit facility. KRT is a leading metallurgical and thermal coal mixing and handling service provider with collective capacity to mix and transload more than 30 million tons of coal annually through its operations in West Virginia and Kentucky. KRT has and will continue to provide coal handling and mixing services to third-party customers as well as certain SunCoke cokemaking facilities. This acquisition was part of the Company’s strategy to grow through adjacent business lines. Goodwill of $8.2 million arising from the acquisition was primarily due to the strategic location of KRT’s operations. The following table summarizes the consideration paid for KRT and the fair value of assets acquired and liabilities assumed at the acquisition date: Consideration: (Dollars in millions) Cash $ 84.7 Recognized amounts of identifiable assets acquired and liabilities assumed: Current assets $ 5.2 Plant, property and equipment 67.2 Intangible assets 7.9 Current liabilities (3.7 ) Other long-term liabilities (0.1 ) Total identifiable net assets assumed $ 76.5 Goodwill 8.2 Total consideration $ 84.7 The results of KRT have been included in the consolidated financial statements since the acquisition date and are included in the Coal Logistics segment. Inclusive of intersegment sales of $6.5 million $5.7 million and $1.2 million , KRT had revenues of $38.6 million $41.6 million and $9.0 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The acquisition of KRT increased operating income by $4.9 million , $5.0 million and $1.0 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The acquisition of KRT was not material to the Company’s consolidated financial statements; therefore, pro forma information has not been presented. SunCoke Lake Terminal LLC On August 30, 2013 , the Partnership completed its acquisition of the assets and business operations of Lakeshore Coal Handling Corporation ("Lakeshore"), now called SunCoke Lake Terminal LLC ("Lake Terminal") for $28.6 million . Prior to the acquisition, the entity that owns SunCoke's Indiana Harbor cokemaking operations was a customer of Lakeshore and held the purchase rights to Lakeshore. Concurrent with the closing of the transaction, the Partnership paid $1.8 million to DTE Energy Company, the third-party investor owning a 15 percent interest in the entity that owns Indiana Harbor, in consideration for assigning its share of the Lake Terminal buyout rights to the Partnership. The Partnership recognized this payment in selling, general, and administrative expenses on the Consolidated Statements of Operations during the period. Located in East Chicago, Indiana, Lake Terminal does not take possession of coal but instead derives its revenue by providing coal handling and mixing services to its customers on a per ton basis. Lake Terminal has and will continue to provide coal handling and mixing services to SunCoke's Indiana Harbor cokemaking operations. In September 2013 , Lake Terminal and Indiana Harbor entered into a new 10 -year contract with terms equivalent to those of an arm's-length transaction. The following table summarizes the consideration paid for Lake Terminal and the fair value of the assets acquired at the acquisition date: Consideration: (Dollars in millions) Cash $ 28.6 Recognized amounts of identifiable assets acquired and liabilities assumed: Plant, property and equipment 25.9 Inventory 2.7 Total consideration $ 28.6 The results of Lake Terminal have been included in the consolidated financial statements since the acquisition date and are included in the Coal Logistics segment. Inclusive of intersegment sales of $13.9 million , $13.1 million and $4.3 million , Lake Terminal had revenues of $14.0 million , $13.4 million and $4.6 million , for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The acquisition of Lake Terminal increased operating income by $3.8 million , $1.7 million and $1.9 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The acquisition of Lake Terminal was not material to the Company's consolidated financial statements; therefore, pro forma information has not been presented. 4. Partnership Initial Public Offering and Dropdown Transactions Initial Public Offering On January 24, 2013 , we completed the initial public offering of SunCoke Energy Partners, L.P., a master limited partnership (“the Partnership”), through the sale of 13,500,000 common units representing limited partner interests in the Partnership in exchange for $231.8 million of net proceeds, net of $24.7 million of offering costs, $6.0 million of which were paid during 2012 (the "Partnership Offering"). Of these net proceeds, $67.0 million was retained by the Partnership for environmental remediation project expenditures and $12.4 million for sales discounts related to tax credits owed to our customers. Upon the closing of the Partnership Offering, we owned the general partner of the Partnership, which consists of a 2.0 percent ownership interest and incentive distribution rights, and a 55.9 percent limited partner interest in the Partnership. The remaining 42.1 percent interest in the Partnership was held by public unitholders and was reflected in noncontrolling interest on our Consolidated Statements of Operations and Consolidated Balance Sheets beginning with the first quarter of 2013. Key assets of the Partnership at the time of formation were a 65 percent interest in each of our Haverhill and Middletown cokemaking and heat recover facilities. Haverhill and Middletown Dropdown On May 9, 2014 , SunCoke Energy contributed an additional 33 percent interest in the Haverhill and Middletown cokemaking facilities to the Partnership for a 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 o f 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 closed on the issuance of 3.2 million common units to the public for $88.7 million of net proceeds , 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 . 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, representing the Partnership's common public unitholders' share of consideration paid for the acquisition, net of their share of the book value of ownership interest received. Granite City Dropdowns On January 13, 2015 , the Company contributed a 75 percent interest in its Granite City, Illinois cokemaking facility ("Granite City") to the Partnership for a total transaction value of $244.4 million (the "Granite City Dropdown"). Subsequent to the Granite City Dropdown, we continued to own the general partner of the Partnership, which consisted of a 2 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 $244.4 million included the issuance of 1.9 million of the Partnership's common units with an aggregate value of $50.1 million to the Company and $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, of which $1.0 million was included in interest expense, net on the Consolidated Statement of Operations. The total transaction value also included the applicable redemption premium of $7.7 million paid and included in interest expense, net on the Consolidated Statements of Operations. 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 16 . On August 12, 2015 , the Company contributed an additional 23 percent interest in Granite City to the Partnership for a total transaction value of $65.2 million (the "Granite City Supplemental Dropdown"). The transaction value for the Granite City Supplemental Dropdown included the issuance of 1.2 million of the Partnership's common units totaling $17.9 million and $0.4 million of general partner interest to the Company. In addition, the Partnership assumed $44.6 million of our Notes and $0.1 million o f accrued interest. The total transaction value also included interest incurred of $0.5 million , included in interest expense, net on the Consolidated Statements of Operations, and the applicable redemption premium of approximately $1.7 million . On November 18, 2015 , SunCoke re-assumed the $44.6 million of Notes from the Partnership in exchange of cash from the Partnership. We accounted for the Granite City Dropdown and Granite City Supplemental Dropdown as equity transactions, which resulted in an increase in noncontrolling interest and a decrease in SunCoke Energy's equity of $6.5 million and $1.5 million , respectively, representing the Partnership's common public unitholders' share of the book value of ownership interest received of $114.7 million , net of their share of the transaction value of $106.7 million . Subsequent to the Granite City Supplemental Dropdown and the units issued in connection with the acquisition of CMT ( Note 3 ), we continue to own the general partner of the Partnership, which consists of a 2.0 percent ownership interest and incentive distribution rights, and owned a 53.4 percent limited partner interest in the Partnership. The remaining 44.6 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 table below summarizes the effects of the changes in the Company’s ownership interest in Haverhill, Middletown and Granite City on SunCoke’s equity . Years Ended December 31, 2015 2014 (Dollars in millions) Net loss attributable to SunCoke Energy, Inc. $ (22.0 ) $ (126.1 ) Decrease in SunCoke Energy, Inc. equity for the contribution of 75 percent interest in Granite City (6.5 ) — Decrease in SunCoke Energy, Inc. for the contribution of an additional 23 percent interest in Granite City (1.5 ) — Increase in SunCoke Energy, Inc. equity for the contribution of 33 percent interest in Haverhill and Middletown — 83.7 Change from net loss attributable to SunCoke Energy, Inc. and dropdown transactions $ (30.0 ) $ (42.4 ) |
Partnership Initial Public Offe
Partnership Initial Public Offering and Dropdown Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Partnership Initial Public Offering and Dropdown Transactions | 3. Acquisitions Convent Marine Terminal Acquisition On August 12, 2015 , the Partnership completed the acquisition of a 100 percent ownership interest in Raven Energy LLC, which owns CMT, for a total transaction value of $403.1 million . This transaction represents a significant expansion of the Partnership's Coal Logistics business and marks our entry into export coal handling. CMT is one of the largest export terminals on the U.S. Gulf Coast and provides strategic access to seaborne markets for coal and other industrial materials. Supporting low-cost Illinois basin coal producers, the terminal provides loading and unloading services and has direct rail access and the current capability to transload 10 million tons of coal annually. The facility is supported by long-term contracts with volume commitments covering all of its current 10 million ton capacity. The total transaction value of $403.1 million included the issuance of 4.8 million of the Partnership's common units to the previous owner of Raven Energy LLC, The Cline Group, with an aggregate value of $ 75.0 million , based on the unit price on the date of close. In addition, the Partnership assumed a $114.9 million , six-year term loan from Raven Energy LLC. The Partnership obtained additional funding for the transaction by drawing $185.0 million on the Partnership's revolving credit facility. The Partnership paid $191.7 million in cash, which was partially funded by SunCoke in exchange for 1.8 million of the Partnership's common units, with an aggregate value of $30.0 million . In connection with the acquisition, the Company made a capital contribution to the Partnership of approximately $2.3 million in order to preserve its 2 percent general partner interest. An additional $21.5 million in cash was withheld to fund the completion of expansion capital improvements at CMT, which is recorded in restricted cash on the Consolidated Balance Sheets. The following table summarizes the consideration transferred to acquire CMT and the amounts of identified assets acquired and liabilities assumed based on the estimated fair value at the acquisition date: Consideration: (Dollars in millions) Cash $ 191.7 Partnership common units 75.0 Assumption of Raven Energy LLC term loan 114.9 Cash withheld to fund capital expenditures 21.5 Total consideration transferred $ 403.1 Recognized amounts of identifiable assets acquired and liabilities assumed: Receivables $ 5.9 Inventories 1.7 Other current assets 0.1 Properties, plants and equipment, net 145.1 Intangible assets 185.0 Accounts payable (0.6 ) Accrued liabilities (1) (7.2 ) Current portion of long-term debt (1.1 ) Long-term debt (113.8 ) Contingent consideration (7.9 ) Net recognized amounts of identifiable assets acquired $ 207.2 Goodwill 59.5 Total assets acquired, net of liabilities assumed $ 266.7 Plus: Debt assumed 114.9 Cash withheld to fund capital expenditures 21.5 Total consideration $ 403.1 (1) Payments in excess of services performed are recorded as deferred revenue and are excluded from sales and other operating income related to the timing of revenue recognition. Deferred revenue on take-or-pay contracts is recognized into income when earned as determined by the terms of the contract. CMT had deferred revenue of $6.5 million as of August 12, 2015. The purchase price allocation has been determined provisionally and is subject to revision as additional information about the fair value of individual assets and liabilities becomes available. The Partnership is in the process of finalizing appraisals of tangible and intangible assets acquired. Accordingly, the provisional measurements are subject to change. Any change in the acquisition date fair value of acquired net assets will change the amount of the purchase price allocated to goodwill. Subsequent to September 30, 2015, minor measurement period adjustments were made to the preliminary purchase price allocation that impacted goodwill, receivables, accounts payable and accrued liabilities and are reflected in the table above. Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The primary factors that contributed to a premium in the purchase price and the resulting recognition of goodwill were the value of additional capacity and potential for future additional throughput. The purchase price allocation to identifiable intangible assets, which are all amortizable, along with their respective weighted-average amortization periods at the acquisition date are as follows: Purchase Price allocation to identifiable intangible assets Weighted - Average Remaining Amortization Years (Dollars in millions) Customer contracts 7 $ 24.0 Customer relationships 17 22.0 Permits 27 $ 139.0 Total purchase price allocation to identifiable intangible assets $ 185.0 The purchase price includes a contingent consideration arrangement that requires the Partnership to make future payments to The Cline Group based on future volume, price, and contract renewals. The fair value of the contingent consideration at the acquisition date was estimated at $7.9 million and was based on a probability-weighted analysis using significant inputs that are not observable in the market, or Level 3 inputs. Key assumptions included probability adjusted levels of coal handling services provided by CMT, anticipated price per ton on future sales, and probability of contract renewal including length of future contracts, volume commitment, and anticipated price per ton. Contingent consideration is included in other deferred credits and liabilities on the Consolidated Balance Sheet. The results of CMT have been included in the consolidated financial statements since the date of acquisition and are reported in the Coal Logistics segment. CMT contributed revenues of $28.6 million and operating income of $18.4 million from the date of acquisition to December 31, 2015 . The following unaudited pro forma combined results of operations were prepared using historical financial information of CMT and assumes that the acquisition of CMT occurred on January 1, 2014: Years Ended December 31, 2015 2014 (Dollars in millions) Total revenues $ 1,395.4 $ 1,564.0 Net income (loss) 9.7 (81.1 ) Net loss attributable to SunCoke Energy, Inc. (22.3 ) (114.7 ) Loss attributable to SunCoke Energy, Inc. per common share: Basic $ (0.34 ) $ (1.67 ) Diluted $ (0.34 ) $ (1.67 ) The unaudited pro forma combined results of operations reflect historical results adjusted for interest expense, depreciation adjustments based on the fair value of acquired property, plant and equipment, amortization of acquired identifiable intangible assets, and income tax expense. The pro forma combined results do not include acquisition costs or new contracts. The unaudited pro forma combined and consolidated financial statements are presented for informational purposes only and do not necessarily reflect future results given the timing of new customer contracts, revenue recognition related to take-or-pay shortfalls, and other effects of integration, nor do they purport to be indicative of the results of operations that actually would have resulted had the acquisition of CMT occurred on January 1, 2014 or future results. The Partnership incurred $3.5 million in acquisition and business development costs related to CMT as well as other targets for 2015. These expenses are included in selling, general and administrative expenses on the Consolidated Statements of Operations. Kanawha River Terminal LLC On October 1, 2013 , the Partnership acquired Kanawha River Terminals ("KRT") for $84.7 million , utilizing $44.7 million of available cash and $40.0 million of borrowings under its revolving credit facility. KRT is a leading metallurgical and thermal coal mixing and handling service provider with collective capacity to mix and transload more than 30 million tons of coal annually through its operations in West Virginia and Kentucky. KRT has and will continue to provide coal handling and mixing services to third-party customers as well as certain SunCoke cokemaking facilities. This acquisition was part of the Company’s strategy to grow through adjacent business lines. Goodwill of $8.2 million arising from the acquisition was primarily due to the strategic location of KRT’s operations. The following table summarizes the consideration paid for KRT and the fair value of assets acquired and liabilities assumed at the acquisition date: Consideration: (Dollars in millions) Cash $ 84.7 Recognized amounts of identifiable assets acquired and liabilities assumed: Current assets $ 5.2 Plant, property and equipment 67.2 Intangible assets 7.9 Current liabilities (3.7 ) Other long-term liabilities (0.1 ) Total identifiable net assets assumed $ 76.5 Goodwill 8.2 Total consideration $ 84.7 The results of KRT have been included in the consolidated financial statements since the acquisition date and are included in the Coal Logistics segment. Inclusive of intersegment sales of $6.5 million $5.7 million and $1.2 million , KRT had revenues of $38.6 million $41.6 million and $9.0 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The acquisition of KRT increased operating income by $4.9 million , $5.0 million and $1.0 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The acquisition of KRT was not material to the Company’s consolidated financial statements; therefore, pro forma information has not been presented. SunCoke Lake Terminal LLC On August 30, 2013 , the Partnership completed its acquisition of the assets and business operations of Lakeshore Coal Handling Corporation ("Lakeshore"), now called SunCoke Lake Terminal LLC ("Lake Terminal") for $28.6 million . Prior to the acquisition, the entity that owns SunCoke's Indiana Harbor cokemaking operations was a customer of Lakeshore and held the purchase rights to Lakeshore. Concurrent with the closing of the transaction, the Partnership paid $1.8 million to DTE Energy Company, the third-party investor owning a 15 percent interest in the entity that owns Indiana Harbor, in consideration for assigning its share of the Lake Terminal buyout rights to the Partnership. The Partnership recognized this payment in selling, general, and administrative expenses on the Consolidated Statements of Operations during the period. Located in East Chicago, Indiana, Lake Terminal does not take possession of coal but instead derives its revenue by providing coal handling and mixing services to its customers on a per ton basis. Lake Terminal has and will continue to provide coal handling and mixing services to SunCoke's Indiana Harbor cokemaking operations. In September 2013 , Lake Terminal and Indiana Harbor entered into a new 10 -year contract with terms equivalent to those of an arm's-length transaction. The following table summarizes the consideration paid for Lake Terminal and the fair value of the assets acquired at the acquisition date: Consideration: (Dollars in millions) Cash $ 28.6 Recognized amounts of identifiable assets acquired and liabilities assumed: Plant, property and equipment 25.9 Inventory 2.7 Total consideration $ 28.6 The results of Lake Terminal have been included in the consolidated financial statements since the acquisition date and are included in the Coal Logistics segment. Inclusive of intersegment sales of $13.9 million , $13.1 million and $4.3 million , Lake Terminal had revenues of $14.0 million , $13.4 million and $4.6 million , for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The acquisition of Lake Terminal increased operating income by $3.8 million , $1.7 million and $1.9 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The acquisition of Lake Terminal was not material to the Company's consolidated financial statements; therefore, pro forma information has not been presented. 4. Partnership Initial Public Offering and Dropdown Transactions Initial Public Offering On January 24, 2013 , we completed the initial public offering of SunCoke Energy Partners, L.P., a master limited partnership (“the Partnership”), through the sale of 13,500,000 common units representing limited partner interests in the Partnership in exchange for $231.8 million of net proceeds, net of $24.7 million of offering costs, $6.0 million of which were paid during 2012 (the "Partnership Offering"). Of these net proceeds, $67.0 million was retained by the Partnership for environmental remediation project expenditures and $12.4 million for sales discounts related to tax credits owed to our customers. Upon the closing of the Partnership Offering, we owned the general partner of the Partnership, which consists of a 2.0 percent ownership interest and incentive distribution rights, and a 55.9 percent limited partner interest in the Partnership. The remaining 42.1 percent interest in the Partnership was held by public unitholders and was reflected in noncontrolling interest on our Consolidated Statements of Operations and Consolidated Balance Sheets beginning with the first quarter of 2013. Key assets of the Partnership at the time of formation were a 65 percent interest in each of our Haverhill and Middletown cokemaking and heat recover facilities. Haverhill and Middletown Dropdown On May 9, 2014 , SunCoke Energy contributed an additional 33 percent interest in the Haverhill and Middletown cokemaking facilities to the Partnership for a 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 o f 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 closed on the issuance of 3.2 million common units to the public for $88.7 million of net proceeds , 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 . 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, representing the Partnership's common public unitholders' share of consideration paid for the acquisition, net of their share of the book value of ownership interest received. Granite City Dropdowns On January 13, 2015 , the Company contributed a 75 percent interest in its Granite City, Illinois cokemaking facility ("Granite City") to the Partnership for a total transaction value of $244.4 million (the "Granite City Dropdown"). Subsequent to the Granite City Dropdown, we continued to own the general partner of the Partnership, which consisted of a 2 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 $244.4 million included the issuance of 1.9 million of the Partnership's common units with an aggregate value of $50.1 million to the Company and $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, of which $1.0 million was included in interest expense, net on the Consolidated Statement of Operations. The total transaction value also included the applicable redemption premium of $7.7 million paid and included in interest expense, net on the Consolidated Statements of Operations. 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 16 . On August 12, 2015 , the Company contributed an additional 23 percent interest in Granite City to the Partnership for a total transaction value of $65.2 million (the "Granite City Supplemental Dropdown"). The transaction value for the Granite City Supplemental Dropdown included the issuance of 1.2 million of the Partnership's common units totaling $17.9 million and $0.4 million of general partner interest to the Company. In addition, the Partnership assumed $44.6 million of our Notes and $0.1 million o f accrued interest. The total transaction value also included interest incurred of $0.5 million , included in interest expense, net on the Consolidated Statements of Operations, and the applicable redemption premium of approximately $1.7 million . On November 18, 2015 , SunCoke re-assumed the $44.6 million of Notes from the Partnership in exchange of cash from the Partnership. We accounted for the Granite City Dropdown and Granite City Supplemental Dropdown as equity transactions, which resulted in an increase in noncontrolling interest and a decrease in SunCoke Energy's equity of $6.5 million and $1.5 million , respectively, representing the Partnership's common public unitholders' share of the book value of ownership interest received of $114.7 million , net of their share of the transaction value of $106.7 million . Subsequent to the Granite City Supplemental Dropdown and the units issued in connection with the acquisition of CMT ( Note 3 ), we continue to own the general partner of the Partnership, which consists of a 2.0 percent ownership interest and incentive distribution rights, and owned a 53.4 percent limited partner interest in the Partnership. The remaining 44.6 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 table below summarizes the effects of the changes in the Company’s ownership interest in Haverhill, Middletown and Granite City on SunCoke’s equity . Years Ended December 31, 2015 2014 (Dollars in millions) Net loss attributable to SunCoke Energy, Inc. $ (22.0 ) $ (126.1 ) Decrease in SunCoke Energy, Inc. equity for the contribution of 75 percent interest in Granite City (6.5 ) — Decrease in SunCoke Energy, Inc. for the contribution of an additional 23 percent interest in Granite City (1.5 ) — Increase in SunCoke Energy, Inc. equity for the contribution of 33 percent interest in Haverhill and Middletown — 83.7 Change from net loss attributable to SunCoke Energy, Inc. and dropdown transactions $ (30.0 ) $ (42.4 ) |
Coal Mining Update
Coal Mining Update | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Coal Mining Update | 5. Coal Mining Update In July 2014, after the Company's Board of Directors authorized the Company to sell and/or otherwise dispose of the Company’s Coal Mining business, we reflected our coal mining operations as discontinued operations with the related assets and liabilities presented as held for sale in the Company's consolidated financial statements. During 2014, the Company recorded total impairment charges related to the coal business of $150.3 million , including long-lived asset and goodwill impairment charges as well as valuation impairment charges on the disposal group, which were stated at fair value less costs to sell. See Note 24 . During the second quarter of 2015 , the Company determined that a sale of our coal mining business was no longer probable, and Coal Mining segment assets and liabilities were reclassified as held and used for all periods presented, at which time the net assets were fair valued, with no net impact on the Consolidated Statements of Operations during 2015 . Additionally, the Consolidated Balance Sheet at December 31, 2014 , was reclassified to reflect the coal mining assets and liabilities as held and used. There have been no changes since the second quarter of 2015 that would require further valuations of the Coal Mining business. |
Investment in Visa SunCoke
Investment in Visa SunCoke | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Visa SunCoke | 6. Investment in Visa SunCoke On March 18, 2013 , we completed a transaction to form a joint venture, VISA SunCoke, with VISA Steel. VISA SunCoke is comprised of a 440 thousand ton heat recovery cokemaking facility and the facility's associated steam generation units in Odisha, India. We invested $ 67.7 million to acquire a 49 percent interest in VISA SunCoke with VISA Steel holding the remaining 51 percent interest. This investment was accounted for under the equity method under which investments are initially recorded at cost. We recognized our share of GAAP earnings in VISA SunCoke on a one-month lag and began recognizing such earnings in the second quarter of 2013 . During 2014 , as the result of continued downward market pressures in India due to increased Chinese imports and restrictions on iron ore mining in India, which limited steel production, the Company evaluated its investment in Visa SunCoke for impairment and recorded an impairment charge of $30.5 million . During 2015 , continued decline in demand and price of coke in India led to an additional impairment of $19.4 million , resulting in an investment balance of zero . See Note 24 . Consequently, beginning in the fourth quarter of 2015 , we no longer include the results of our share of VISA SunCoke in our consolidated financial statements. In accordance with GAAP, our share of future earnings of the joint venture will only be included in our results once the cumulative investment balance is no longer negative. The Company's accumulated other comprehensive loss balance of $9.0 million from currency translation adjustments of the investment in VISA SunCoke remains until the cumulative investment balance is no longer negative or the investment is disposed. The balance would be reclassified to earnings if the investment is disposed by the Company. The Company has no plans to make further capital contributions to this investment. During the years ended December 31, 2015 , 2014 , and 2013 , including the impairment charges, we incurred losses from the equity method investment in VISA SunCoke of $21.6 million , $35.0 million and $2.2 million , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 7. Related Party Transactions Our Coal Logistics business provides coal handling and storage services to Murray American Coal ("Murray") and Foresight Energy LP ("Foresight"), who are related parties with The Cline Group. Murray also holds a significant interest in Foresight. The Cline Group was the previous owner of Raven Energy LLC and currently owns a 10.3 percent interest in the Partnership, which it acquired as part of the August 12, 2015 CMT acquisition. See Note 3 . Sales to Murray and Foresight accounted for $22.0 million , or 1.6 percent , of the Company’s sales and other operating revenue and were recorded in the Coal Logistics segments for the year ended December 31, 2015 . At December 31, 2015 , receivables from Murray and Foresight of $7.2 million were included in receivables on the Consolidated Balance Sheets. |
Customer Concentrations
Customer Concentrations | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Customer Concentrations | 8. Customer Concentrations In 2015 , the Company sold approximately 4.1 million tons of coke to its three primary Domestic Coke customers in the U.S.: AK Steel Corporation ("AK Steel"), ArcelorMittal USA, Inc. ("ArcelorMittal") and United States Steel Corporation ("U.S. Steel"). Substantially all of the production from the Jewell and Indiana Harbor facilities and approximately one-half of the production from the Haverhill facility is sold pursuant to long-term contracts with affiliates of ArcelorMittal. The remaining balance of coke sales at the Haverhill facility are primarily sold to AK Steel under long-term contracts. All coke sales from the Middletown cokemaking facility are made pursuant to a long-term contract with AK Steel. Substantially all coke sales from the Granite City cokemaking facility are made pursuant to a long-term contract with U.S. Steel. In addition, the licensing and operating fees, as well as preferred dividends pertaining to the Brazilian cokemaking operations, are payable to the Company under long-term contracts with a Brazilian subsidiary of ArcelorMittal. Two of our coke customers, AK Steel and U.S. Steel, have temporarily idled portions of their Ashland, Kentucky Works facility and Granite City Works facility, respectively. These temporary idlings do not change any obligations that AK Steel and/or U.S. Steel have under their long-term, take-or-pay contracts with us. The table below shows sales to the Company's significant customers for the years ended December 31, 2015, 2014 and 2013 (dollars in millions): Years ended December 31, 2015 2014 2013 Sales and other operating revenue Percent of Company sales and other operating revenue Sales and other operating revenue Percent of Company sales and other operating revenue Sales and other operating revenue Percent of Company sales and other operating revenue (Dollars in millions) ArcelorMittal (1) $ 662.3 49.0 % $ 771.9 51.8 % $ 826.7 50.6 % AK Steel (1) $ 395.4 29.3 % $ 402.4 27.0 % $ 489.7 30.0 % U.S. Steel (2) $ 212.7 15.7 % $ 249.2 16.7 % $ 276.6 16.9 % (1) Represents revenues recorded in our Domestic Coke segment. (2) Represents revenues recorded in our Domestic Coke and Coal Logistics segments. Additionally, ArcelorMittal Brazil preferred dividends of $9.5 million were recorded in other income, net on the Consolidated Statements of Operations during 2015 , 2014 , and 2013 . Total sales for services provided to Murray and Foresight were $22.0 million during 2015, which is 27.1 percent of total Coal Logistics sales and other operating revenue, including intersegment sales, and 1.6 percent of the Company’s consolidated sales and other operating revenue. The Company generally does not require any collateral with respect to its receivables. At December 31, 2015 , the Company’s receivables balance was primarily due from ArcelorMittal, AK Steel and U.S. Steel. As a result, the Company experiences concentrations of credit risk in its receivables with these three customers. These concentrations of credit risk may be affected by changes in economic or other conditions affecting the steel industry. At December 31, 2015 , receivables due from ArcelorMittal, AK Steel and U.S. Steel were $25.5 million , $14.8 million and $5.9 million , respectively. Also included in receivables at December 31, 2015 , was a $9.5 million preferred dividend from ArcelorMittal Brazil. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The components of income (loss) before income tax (benefit) expense and loss from equity method investment are as follows: Years Ended December 31, 2015 2014 2013 (Dollars in millions) Domestic $ 8.6 $ (137.0 ) $ 46.5 Foreign 14.5 11.4 12.5 Total $ 23.1 $ (125.6 ) $ 59.0 The components of income tax (benefit) expense are as follows: Years Ended December 31, 2015 2014 2013 (Dollars in millions) Income taxes currently (receivable) payable: U.S. federal $ (3.1 ) $ 3.6 $ 2.3 State (3.3 ) (1.0 ) 0.1 Foreign 3.2 3.0 2.7 Total taxes currently (receivable) payable (3.2 ) 5.6 5.1 Deferred tax (benefit) expense: U.S. federal (12.7 ) (58.1 ) (6.3 ) State 7.1 (6.3 ) 7.9 Total deferred tax (benefit) expense (5.6 ) (64.4 ) 1.6 Total $ (8.8 ) $ (58.8 ) $ 6.7 The reconciliation of the income tax (benefit) expense at the U.S. statutory rate to the income tax (benefit) expense is as follows: Years Ended December 31, 2015 2014 2013 (Dollars in millions) Income tax (benefit) expense at 35 percent U.S. statutory rate $ 8.0 35.0 % $ (43.9 ) 35.0 % $ 20.7 35.0 % Increase (reduction) in income taxes resulting from: Income attributable to noncontrolling interests (1) (11.2 ) (48.3 )% (8.7 ) 6.9 % (8.8 ) (14.9 )% Nonconventional fuel credit — — % — — % (9.5 ) (16.0 )% State and other income taxes, net of federal income tax effects 1.8 7.7 % (5.6 ) 4.5 % 3.2 5.4 % Return-to-provision adjustments — — % — — % (1.7 ) (2.9 )% Change in valuation allowance (2) (8.8 ) (38.0 )% 11.2 (9.1 )% 2.0 3.4 % Impact of tax sharing agreement — — % (0.7 ) 0.6 % 0.7 1.2 % Investment in subsidiary (2) 1.0 4.4 % (11.9 ) 9.5 % — — % Coal impairment — — % 2.4 (1.9 )% — — % Prior year adjustment — — % (1.1 ) 0.9 % — — % Other 0.4 1.2 % (0.5 ) 0.4 % 0.1 0.2 % $ (8.8 ) (38.0 )% $ (58.8 ) 46.8 % $ 6.7 11.4 % (1) No income tax expense is reflected in the Consolidated Statements of Operations for partnership income attributable to noncontrolling interests. (2) On December 22, 2014 , SunCoke executed a definitive agreement to sell 100 percent of its interest in the entities that made up the Harold Keene Coal Companies. This required SunCoke to record a deferred tax asset of $11.9 million related to the outside basis difference on the Harold Keene investment. This deferred tax asset was offset by a $9.8 million valuation allowance. SunCoke canceled the definitive agreement during the third quarter of 2015. Due to the cancellation of the agreement, the deferred tax asset and the valuation allowance recorded during 2014 were reversed during 2015. The tax effects of temporary differences that comprise the net deferred income tax liability from operations are as follows: December 31, 2015 2014 (Dollars in millions) Deferred tax assets: Retirement benefit liabilities $ 13.4 $ 14.6 Black lung benefit liabilities 19.4 16.8 Share-based compensation 8.4 6.9 Federal tax credit carryforward (1) 23.0 19.8 Foreign tax credit carryforward (2) 8.9 — Federal net operating loss (3) 8.2 — State tax credit carryforward, net of federal income tax effects (4) 6.4 9.2 State net operating loss carryforward, net of federal income tax effects (5) 7.4 5.4 Other liabilities not yet deductible 12.0 19.4 Properties, plants and equipment 12.0 — Investment in subsidiaries — 11.8 Total deferred tax assets 119.1 103.9 Less valuation allowance (6) (5.8 ) (14.7 ) Deferred tax asset, net 113.3 89.2 Deferred tax liabilities: Properties, plants and equipment — (85.0 ) Investment in partnerships (462.3 ) (299.7 ) Total deferred tax liabilities (462.3 ) (384.7 ) Net deferred tax liability $ (349.0 ) $ (295.5 ) (1) Federal tax credit carryforward expires in 2032 through 2033. (2) Foreign tax credit carryforward expires in 2022 through 2025. (3) Federal net operating loss expires in 2035. (4) State tax credit carryforward, net of federal income tax effects expires in 2016 through 2020. (5) State net operating loss carryforward, net of federal income tax effects expires in 2017 through 2035. (6) Primarily related to state tax credit carryforward and state net operating loss carryforward. Sunoco’s consolidated federal income tax returns have been examined by the Internal Revenue Service (“IRS”) for all years through the year ended October 4, 2012, the last year for which SunCoke was included on a Sunoco consolidated federal income tax return. Specifically related to SunCoke, the Sunoco consolidated federal income tax returns for all tax years between the years ended December 31, 2007 and October 4, 2012 remain open. Sunoco combined state income tax returns which specifically include SunCoke entities remain open for the years ended December 31, 2009 through October 4, 2012. SunCoke is currently open to examination by the IRS for the tax years ended December 31, 2012 and forward. State and foreign income tax returns are generally subject to examination for a period of three to five years after the filing of the respective returns. The state impact of any amended federal returns remains subject to examination by various states for a period of up to one year after formal notification of such amendments to the states. There were no uncertain tax positions at December 31, 2015 , and 2014 and there were no interest or penalties recognized during the years ended December 31, 2015 , 2014 and 2013 . The Company does not expect that any unrecognized tax benefits pertaining to income tax matters will be required in the next twelve months. At December 31, 2015 , our VISA SunCoke joint venture had cumulative losses. As such, there are currently no unconsolidated earnings that if remitted would result in additional tax. Further, in the event of earnings, 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. On July 18, 2011, SunCoke Energy and Sunoco entered into a new tax sharing agreement that governs the parties’ respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. SunCoke Energy is generally not entitled to receive payment from Sunoco in respect of any of SunCoke Energy’s tax attributes or tax benefits or any reduction of taxes of Sunoco. Moreover, Sunoco is generally entitled to refunds of income taxes with respect to periods ending at or prior to the distribution. If SunCoke Energy realizes any refund, credit or other reduction in otherwise required tax payments in any period beginning after the distribution date as a result of an audit adjustment resulting in taxes for which Sunoco would otherwise be responsible, then, subject to certain exceptions, SunCoke Energy must pay Sunoco the amount of any such taxes for which Sunoco would otherwise be responsible. Further, if any taxes are imposed on Sunoco as a result of a reduction in SunCoke Energy’s tax attributes for a period ending at or prior to the distribution date pursuant to an audit adjustment (relative to the amount of such tax attribute reflected on Sunoco’s tax return as originally filed), then, subject to certain exceptions, SunCoke Energy is generally responsible to pay Sunoco the amount of any such taxes. SunCoke Energy has also agreed to certain restrictions that are intended to preserve the tax-free status of the contribution and the distribution. These covenants include restrictions on SunCoke Energy’s issuance or sale of stock or other securities (including securities convertible into our stock but excluding certain compensatory arrangements), and sales of assets outside the ordinary course of business and entering into any other corporate transaction which would cause SunCoke Energy to undergo a 50 percent or greater change in its stock ownership. Certain key restrictions expired on January 18, 2014 . SunCoke Energy has generally agreed to indemnify Sunoco and its affiliates against any and all tax-related liabilities incurred by them relating to the contribution or the Distribution to the extent caused by an acquisition of SunCoke Energy’s stock or assets, or other of its actions. This indemnification applies even if Sunoco has permitted SunCoke Energy to take an action that would otherwise have been prohibited under the tax-related covenants as described above. As of December 31, 2015 , SunCoke Energy estimates that all tax benefits have been settled under the provisions of the tax sharing agreement. SunCoke Energy will continue to monitor the full utilization of all tax attributes when the respective tax returns are filed and will, consistent with the terms of the tax sharing agreement, record additional adjustments through earnings when necessary. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 10. Inventories The Company’s inventory consists of metallurgical coal, which is the principal raw material for the Company’s cokemaking operations, coke, which are the finished goods sold by the Company to its customers, and materials, supplies and other. These components of inventories were as follows: December 31, 2015 2014 (Dollars in millions) Coal $ 76.8 $ 100.9 Coke 8.8 6.9 Materials, supplies and other 36.5 34.4 Total inventories $ 122.1 $ 142.2 |
Properties, Plants, and Equipme
Properties, Plants, and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Properties, Plants, and Equipment, Net | 11. Properties, Plants, and Equipment, Net The components of net properties, plants and equipment were as follows: December 31, (1) 2015 2014 (Dollars in millions) Coke and energy plant, machinery and equipment $ 1,715.3 $ 1,676.3 Coal logistics plant, machinery and equipment 159.4 83.6 Land and land improvements 136.6 92.1 Mining (2) 148.4 151.5 Construction-in-progress (3) 106.1 65.6 Other 30.8 30.2 Gross investment, at cost 2,296.6 2,099.3 Less: Accumulated depreciation (2) (703.2 ) (619.3 ) Total properties, plants and equipment, net $ 1,593.4 $ 1,480.0 (1) Includes assets, consisting mainly of coke and energy plant, machinery and equipment, with a gross investment totaling $1,278.3 million and $1,155.1 million and accumulated depreciation of $371.7 million and $262.4 million at December 31, 2015 and December 31, 2014 , respectively, which are subject to long-term contracts to sell coke and are deemed to contain operating leases. (2) The net book value of our coal mining assets was $13.1 million and $22.8 million at December 31, 2015 and December 31, 2014 , respectively. (3) The December 31, 2015 balance includes CMT construction-in-progress of $37.3 million . This expansion capital project at CMT was pre-funded in conjunction with the acquisition. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 12. Goodwill and Other Intangible Assets Goodwill allocated to SunCoke's reportable segments as of December 31, 2015 and 2014 and changes in the carrying amount of goodwill during the fiscal years ended December 31, 2015 and 2014 are as follows: Domestic Coke Coal Mining Coal Logistics Total (Dollars in millions) Net balance at December 31, 2013 $ 3.4 $ 6.0 $ 8.2 $ 17.6 Impairment loss (1) — (6.0 ) — (6.0 ) Net balance at December 31, 2014 $ 3.4 $ — $ 8.2 $ 11.6 Goodwill acquired during the period (2) — — 59.5 59.5 Net balance at December 31, 2015 $ 3.4 $ — $ 67.7 $ 71.1 (1) As a result of the weakening coal market and the long-lived asset impairment relating to our Coal Mining segment, the Company performed a goodwill impairment analysis as of June 30, 2014 for the Coal Mining reporting unit. This analysis concluded that the fair value of the reporting unit, based on a discounted cash flows analysis, was less than the carrying amount. As a result, the Company recorded a $6.0 million pre-tax impairment of the entire goodwill balance. See Note 24 . (2) The Company acquired CMT during 2015 for total consideration of $403.1 million , of which $59.5 million was allocated to goodwill, representing the value of additional capacity and potential for future additional throughput. See Note 3 . Goodwill, which represents the excess of the purchase price over the fair value of net assets acquired, is tested for impairment as of October 1 of each year, or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit to below its carrying value. The analysis of potential goodwill impairment employs a two-step process. The first step involves the estimation of fair value of our reporting units. If step one indicates that impairment of goodwill potentially exists, the second step is performed to measure the amount of impairment, if any. Goodwill impairment exists when the estimated implied fair value of goodwill is less than its carrying value. The Company performed its annual goodwill impairment test as of October 1, 2015, with no indication of impairment. The fair value of the Coal Logistics reporting unit exceeded carrying value of the reporting unit by approximately 15 percent . A significant portion of our Coal Logistics business holds long-term, take-or-pay contracts with Murray and Foresight. Key assumptions in our goodwill impairment test include continued customer performance against long-term, take-or-pay contracts and an 18 percent discount rate representing the estimated weighted average cost of capital. The use of different assumptions, estimates or judgments, such as the estimated future cash flows of Coal Logistics and the discount rate used to discount such cash flows, could significantly impact the estimated fair value of a reporting unit, and therefore, impact the excess fair value above carrying value of the reporting unit. A 5 percent change in estimated discounted cash flows of the reporting unit or a 100 basis point change in the discount rate would not have impacted the results of our step one analysis. Despite the current challenging coal mining and coal export markets, our customers have continued to perform against their contracts, and our valuation model assumes continued performance under these contracts. However, to the extent changes in factors or circumstances occur, including further deterioration in the macro-economic environment or negative developments specific to our customers resulting from the difficulties being experienced in the coal and steel industries, future assessments of goodwill may result in impairment charges. The following table summarized the components of gross and net intangible asset balances as of December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Weighted - Average Remaining Amortization Years Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (Dollars in millions) Customer contracts 6 $ 31.7 $ 6.1 $ 25.6 $ 7.7 $ 4.2 $ 3.5 Customer relationships 14 28.7 1.8 26.9 6.7 0.7 6.0 Permits 27 139.0 1.9 137.1 — — — Trade name 3 1.2 0.6 0.6 1.2 0.3 0.9 Total $ 200.6 $ 10.4 $ 190.2 $ 15.6 $ 5.2 $ 10.4 Total amortization expense for intangible assets subject to amortization was $5.1 million , $1.5 million and $0.8 million for the years ended December 31, 2015 , 2014 and 2013, respectively. Based on the carrying value of finite-lived intangible assets as of December 31, 2015 , we estimate amortization expense for each of the next five years as follows: (Dollars in millions) 2016 $ 11.1 2017 11.1 2018 11.1 2019 10.9 2020 10.7 2021-Thereafter 135.3 Total $ 190.2 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligations | 13. Asset Retirement Obligations The Company’s asset retirement obligations arise primarily from the Federal Surface Mining Control and Reclamation Act of 1977 and similar state statutes, which require that mine property be restored in accordance with specified standards and an approved reclamation plan. The Company also has asset retirement obligations related to certain contractual obligations, including the retirement and removal of long-lived assets from certain properties. We do not have any unrecorded asset retirement obligations. The following table provides a reconciliation of changes in the asset retirement obligation from operations during each period: (Dollars in millions) Balance at January 1, 2014 $ 17.9 Liabilities incurred 2.6 Liabilities settled (0.6 ) Accretion expense (1) 1.4 Revisions in estimated cash flows 0.9 Balance at December 31, 2014 $ 22.2 Liabilities settled (2.1 ) Accretion expense (1) 1.4 Revisions in estimated cash flows 0.7 Balance at December 31, 2015 $ 22.2 (1) Included in cost of products sold and operating expenses on the Consolidated Statements of Operations. |
Retirement Benefits Plans
Retirement Benefits Plans | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Retirement Benefits Plans | 14. Retirement Benefits Plans Defined Benefit Pension Plan and Postretirement Health Care and Life Insurance Plans The Company had a noncontributory defined benefit pension plan (“defined benefit plan”), which provided retirement benefits for certain of its employees. Effective January 1, 2011 , pension benefits under the Company’s defined benefit plan were frozen for all participants in this plan. Effective May 30, 2014 , Dominion Coal Corporation, a wholly-owned subsidiary of the Company, terminated its defined benefit plan, a plan that was previously offered generally to all full-time employees of Dominion Coal Corporation. Subsequently, the Company obtained IRS approval for the plan termination and executed an agreement with a high-quality insurance company to annuitize the pension plan using plan assets. As a result of the termination of the Dominion Coal defined benefit plan, each participant became fully vested in his or her benefits thereunder without regard to age and years of service. As a result of the pension termination, unrecognized losses, which previously were recorded in accumulated other comprehensive loss on the Consolidated Balance Sheets, were recognized as expense. The net settlement loss of $12.6 million was recorded in cost of products sold and operating expenses on the Consolidated Statements of Operations during 2015 . At December 31, 2015 , there are no remaining benefit obligations or plan assets related to the defined benefit pension plan. 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. The Company amended its postretirement benefit plans during the first quarter of 2010 . Effective January 1, 2011 , postretirement medical benefits for future retirees were phased out or eliminated for non-mining employees with less than ten years of service. Employer costs for all those still eligible for such benefits were capped. The termination of coal mining employees triggered a curtailment gain of $4.1 million of $2.5 million in 2015 and 2014 , respectively, which represented accelerated amortization of prior service credits previously recorded in accumulated other comprehensive income. Defined benefit plan expense (benefit) consisted of the following components: Years Ended December 31, 2015 2014 2013 (Dollars in millions) Interest cost on benefit obligations $ 0.7 $ 1.5 $ 1.3 Expected return on plan assets (0.7 ) (1.8 ) (2.4 ) Settlement loss 12.6 — — Amortization of: Actuarial losses 0.5 0.5 1.0 Total expense (benefit) $ 13.1 $ 0.2 $ (0.1 ) Postretirement benefit plans benefit consisted of the following components: Years Ended December 31, 2015 2014 2013 (Dollars in millions) Service cost $ — $ 0.2 $ 0.3 Interest cost on benefit obligations 1.3 1.5 1.4 Amortization of: Actuarial losses 0.8 0.9 1.5 Prior service benefit (1.2 ) (5.6 ) (5.7 ) Curtailment gain (4.1 ) (2.5 ) — Total benefit $ (3.2 ) $ (5.5 ) $ (2.5 ) Amortization of actuarial losses and prior service benefit for 2016 is estimated to be $0.8 million and $0.7 million , respectively, for the postretirement benefit plans. Defined benefit plan and postretirement benefit plans expense (benefit) is determined using actuarial assumptions as of the beginning of the year or using weighted-average assumptions when curtailments, settlements and/or other events require a plan remeasurement. The following assumptions were used to determine defined benefit plan and postretirement benefit plans expense (benefit): Defined Benefit Plan Postretirement Benefit Plans 2015 2014 2013 2015 2014 2013 Discount Rate — % 4.55 % 3.65 % 3.45 % 4.15 % 3.30 % Long-term expected rate of return on plan assets — % 4.90 % 7.10 % — % — % — % The long-term expected rate of return on plan assets was estimated based on a variety of factors, including the historical investment return achieved over a long-term period, the targeted allocation of plan assets and expectations concerning future returns in the marketplace for fixed income securities. The following amounts were recognized as components of other comprehensive (loss) income for the years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, Defined Benefit Plan Postretirement Benefit Plans 2015 2014 2013 2015 2014 2013 (Dollars in millions) Reclassifications to earnings of: Actuarial loss amortization $ 0.5 $ 0.5 $ 1.0 $ 0.8 $ 0.9 $ 1.5 Prior service benefit amortization — — — (1.2 ) (5.6 ) (5.7 ) Curtailment gain — — — (4.1 ) (2.5 ) — Settlement loss 12.6 — — — — — Retirement benefit plan funded status adjustments: Actuarial gains (losses) 0.9 (3.9 ) 5.6 (1.4 ) 0.2 3.9 Prior service cost — (0.5 ) — — — — $ 14.0 $ (3.9 ) $ 6.6 $ (5.9 ) $ (7.0 ) $ (0.3 ) The following tables set forth the components of the changes in benefit obligations and fair value of plan assets during 2015 and 2014 , as well as the funded status at December 31, 2015 and 2014 : Years Ended December 31, Defined Postretirement 2015 2014 2015 2014 (Dollars in millions) Benefit obligations at beginning of year (1) $ 39.9 $ 32.9 $ 37.1 $ 38.4 Service cost — — — 0.2 Interest cost 0.7 1.5 1.3 1.5 Actuarial (gains) losses (2.5 ) 7.2 1.4 1.2 Plan amendments (2) — 0.5 — — Curtailments — — — (1.4 ) Benefits paid (1.5 ) (2.2 ) (5.0 ) (2.8 ) Settlement of obligation (36.6 ) — — — Benefit obligations at end of year (1) $ — $ 39.9 $ 34.8 $ 37.1 Fair value of plan assets at beginning of year $ 39.8 $ 36.9 Actual (loss) income on plan assets (1.0 ) 5.1 Benefits paid from plan assets (1.5 ) (2.2 ) Settlement of obligation (36.6 ) — Transfer to defined contribution plan (0.7 ) — Fair value of plan assets at end of year $ — $ 39.8 Net liability at end of year (3) $ — $ (0.1 ) $ (34.8 ) $ (37.1 ) (1) Represents both the accumulated benefit obligation and the projected benefit obligation for the defined benefit plan and the accumulated postretirement benefit obligations for the postretirement benefit plans. (2) The pension plan was terminated, effective May 30, 2014. As part of the plan termination process, all partially vested terminated participants were fully vested, and as a result, their accrued benefit increased $0.5 million . The amount is treated as a new prior service cost base which will be amortized over the plan's average future service. (3) Represents retirement benefit assets (liabilities), including current portion, on the Consolidated Balance Sheets. The current portion of retirement liabilities, which totaled $3.5 million and $3.7 million at December 31, 2015 and 2014 , respectively, is classified in accrued liabilities on the Consolidated Balance Sheets. The following table sets forth the cumulative amounts not yet recognized in net income (loss) at December 31, 2015 and 2014 : Defined Postretirement 2015 2014 2015 2014 (Dollars in millions) Cumulative amounts not yet recognized in net income (loss): Actuarial losses $ — $ 13.5 $ 10.6 $ 10.0 Prior service costs (benefits) — 0.5 (3.1 ) (8.4 ) Accumulated other comprehensive loss (before related tax benefit) $ — $ 14.0 $ 7.5 $ 1.6 The following table sets forth the plan assets in the funded defined benefit plan measured at fair value, by input level, at December 31, 2015 and 2014 : Quoted Prices in Active Markets for 2015 2014 (Dollars in millions) Mutual funds: Fixed income securities $ — $ 39.4 Cash and cash equivalents — 0.4 Total $ — $ 39.8 Investments in mutual funds are valued at the closing market price on the last business day of the year. The expected benefit payments through 2024 for the postretirement benefit plan are as follows: Postretirement (Dollars in millions) Year ending December 31: 2016 $ 3.5 2017 3.4 2018 3.2 2019 3.0 2020 2.9 2021 through 2024 11.7 The measurement date for the Company’s defined benefit plan and postretirement benefit plans is December 31. The following discount rates were used at December 31, 2015 and 2014 , respectively, to determine the benefit for the plans (in percentages): Defined Postretirement 2015 2014 2015 2014 Discount rate — % 3.75 % 3.80 % 3.45 % The health care cost trend assumption used at December 31, 2015 , to compute the accumulated postretirement benefit obligation for the postretirement benefit plans was an increase of 7.00 percent ( 7.50 percent at December 31, 2014), which is assumed to decline gradually to 5.00 percent in 2021 and to remain at that level thereafter. A one-percentage point change each year in assumed health care cost trend rates would have an impact of less than $0.1 million on the total of service and interest cost components of postretirement benefits expense and the accumulated postretirement benefit obligation as of December 31, 2015 and 2014 . Defined Contribution Plans The Company has defined contribution plans which provide retirement benefits for certain of its employees. The Company’s contributions, which are principally based on the Company’s pretax income and the aggregate compensation levels of participating employees and are charged against income as incurred, amounted to $6.5 million , $8.0 million and $7.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Accrued Liabilities | 15. Accrued Liabilities Accrued liabilities consist of following: December 31, 2015 2014 (Dollars in millions) Accrued benefits $ 20.3 $ 27.4 Other taxes payable 8.4 11.7 Accrued severance 4.7 13.0 Deferred revenue 2.1 — Current portion of black lung liability 5.2 3.8 Other 5.1 15.4 Total accrued liabilities $ 45.8 $ 71.3 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 16. Debt Total debt consisted of the following: December 31, 2015 2014 (Dollars in millions) 7.625 percent senior notes, due 2019 (“Notes”) $ 44.6 $ 240.0 SunCoke's revolving credit facility, due 2018 ("Revolving Facility") 60.4 — 7.375 percent senior notes, due 2020 ("Partnership Notes") 552.5 400.0 Partnership's promissory note payable, due 2021 ("Promissory Note") 114.3 — Partnership's revolving credit facility, due 2019 ("Partnership Revolver") 182.0 — Partnership's Term Loan, due 2019 ("Partnership Term Loan") 50.0 — Total Borrowings $ 1,003.8 $ 640.0 Original issue premium 12.1 11.5 Debt issuance costs (17.1 ) (18.0 ) Total debt 998.8 633.5 Less: current portion of long-term debt 1.1 — Total long-term debt $ 997.7 $ 633.5 Credit Facilities On July 26, 2011, SunCoke Energy entered into a credit agreement ("Credit Agreement") which provides for the five -year $150 million Revolving Facility. The proceeds of any loans made under the Revolving Facility can be used to finance capital expenditures, acquisitions, working capital needs and for other general corporate purposes. On October 22, 2015 , the Company drew $60.4 million on the Revolving Facility to fund the redemption of a portion of the Company's outstanding Notes. As of December 31, 2015 , the Revolving Facility had letters of credit outstanding of $2.8 million and an outstanding balance of $60.4 million , leaving $86.8 million available subject to the terms of the Credit Agreement. Commitment fees are based on the unused portion of the Revolving Facility at a rate of 0.4 percent . Borrowings under the Revolving Facility bear interest, at SunCoke Energy’s option, at either (i) a base rate plus an applicable margin or (ii) LIBOR plus an applicable margin. The applicable margin is based on the Company's total leverage ratio, as defined in the Credit Agreement. The weighted-average interest rate for borrowings outstanding under the Credit Agreement was 2.3 percent and 4.1 percent during 2015 and 2014, respectively. The obligations under the Credit Agreement are guaranteed by certain of the Company’s subsidiaries and secured by liens on substantially all of the Company’s and the guarantors’ assets pursuant to a Guarantee and Collateral Agreement, dated as of July 26, 2011 , among the Company, the subsidiaries of the Company party thereto and JPMorgan Chase Bank, N.A. as administrative agent. In conjunction with the closing of the Partnership Offering in 2013 , the Partnership also entered into the Partnership Revolver. The Partnership Revolver, as amended, provides total aggregate commitments from lenders of $250.0 million and up to $100.0 million uncommitted incremental revolving capacity with a term extending through May 2019 . The Partnership paid debt issuance costs of $1.8 million in 2014 for fees related to amendments. On August 12, 2015 , in connection with the funding of the acquisition of CMT, the Partnership drew $185.0 million on the Partnership Revolver. During the fourth quarter of 2015, the Partnership made net repayments of $3.0 million on the Partnership Revolver. At December 31, 2015 , the Partnership Revolver had no letters of credit outstanding and an outstanding balance of $182.0 million , leaving $68.0 million available. Commitment fees are based on the unused portion of the Partnership Revolver at a rate of 0.4 percent . The Partnership Revolver borrowings bear interest at a variable rate of LIBOR plus 250 basis points or an alternative base rate, based on the Partnership's total ratios as defined by the Partnership's credit agreement. The spread is subject to change based on the Partnership's total leverage ratio, as defined in the credit agreement. The weighted-average interest rate for borrowings under the Partnership Revolver was 2.9 percent and 2.4 percent during 2015 and 2014, respectively. During 2015 , we incurred $0.7 million of debt issuance costs in connection with amendments of our Revolving Facility and the Partnership Revolver. The amendments decreased the Company's maximum consolidated leverage ratio to 3.25 to 1.00 and increased the Partnership's maximum consolidated leverage ratio to 4.50 to 1.00 . Notes On July 26, 2011 , SunCoke Energy issued $400.0 million aggregate principal of Notes in a private placement. Interest on the Notes is payable semi-annually in cash in arrears on February 1 and August 1 of each year. The proceeds from the Notes were used to repay certain intercompany indebtedness to Sunoco, to pay related fees and expenses and for general corporate purposes. The Notes were offered in the U.S. to qualified institutional buyers in accordance with Rule 144A under the Securities Act, and outside the U.S. to non-U.S. persons in accordance with Regulation S under the Securities Act. On January 25, 2012, we completed an exchange offer for the Notes for an equal principal amount of the Notes whose sale is registered under the Securities Act. On May 9, 2014, in connection with the Haverhill and Middletown Dropdown, the Partnership assumed from SunCoke and repaid $160.0 million of Notes along with an $11.4 million market premium to complete the tender of the Notes. On January 13, 2015, in connection with the Granite City Dropdown, the Partnership assumed from SunCoke and repaid $135.0 million of Notes, as well as a market premium of $7.7 million to complete the tender of the Notes, which was included in interest expense, net on the Consolidated Statements of Operations. The Partnership also assumed $2.2 million in debt issuance costs, $0.7 million of which related to the portion of the debt extinguished and was recorded in interest expense, net on the Consolidated Statements of Operations. On August 12, 2015 , in connection with the Granite City Supplemental Dropdown, the Partnership assumed from SunCoke $44.6 million of Notes, which SunCoke re-assumed on November 18, 2015 from the Partnership in exchange of cash from the Partnership. On October 22, 2015, the Company redeemed $60.4 million of outstanding Notes for $63.7 million , which included accrued interest of $1.0 million and a market premium of $2.3 million . A $3.2 million loss on debt extinguishment was recorded in interest expense, net on the Consolidated Statement of Operations, resulting from the market premium discussed above and write-off of unamortized debt issuance costs of $0.9 million . The Company funded the redemption using cash of $3.3 million and $60.4 million of borrowings from the Revolving Facility. At December 31, 2015 and 2014, the Company had $44.6 million and $240.0 million of Notes outstanding, respectively. The Notes are the Company’s senior unsecured obligations and are guaranteed on a senior unsecured basis by each of the Company’s existing and future subsidiaries that guarantees the Company’s credit facilities (collectively, the “Notes Guarantors”). The Notes rank equally in right of payment to all of the Company’s existing and future unsecured unsubordinated debt and senior in right of payment to all of the Company’s existing and future debt that is by its terms expressly subordinated in right of payment to the Notes. The Notes are subordinated to indebtedness under the Credit Agreement as well as any future secured debt to the extent of the value of the assets securing such debt. Prior to August 1, 2014 , the Company was permitted to redeem some or all the Notes by paying a “make-whole” premium, on or after August 1, 2014 , the Company may redeem some or all of the Notes at specified redemption prices. The Company is obligated to offer to purchase the Notes at a price of (a) 101 percent of their principal amount, together with accrued and unpaid interest, if any, to the date of purchase, upon the occurrence of certain change of control events; and (b) 100 percent of their principal amount, together with accrued and unpaid interest, if any, to the date of purchase, with the proceeds from certain asset dispositions. These restrictions and prohibitions are subject to certain qualifications and exceptions set forth in the Indenture, including without limitation, reinvestment rights with respect to the proceeds of asset dispositions. Partnership Notes In addition, with the closing of the Partnership Offering, the Partnership issued $150.0 million of Partnership Notes. Interest on the Partnership Notes is payable semi-annually in cash in arrears on February 1 and August 1 of each year. The Partnership Notes are guaranteed on a senior unsecured basis by each of our existing and certain future subsidiaries. The Partnership may redeem some or all of the Partnership Notes prior to February 1, 2016 by paying a “make-whole” premium. The Partnership also may redeem some or all of the Partnership Notes on or after February 1, 2016 , at specified redemption prices. In addition, prior to February 1, 2016 , the Partnership may redeem up to 35 percent of the Partnership Notes using the proceeds of certain equity offerings. If the Partnership sells certain of its assets or experiences specific kinds of changes in control, subject to certain exceptions, the Partnership must offer to purchase the Partnership Notes. On May 9, 2014 , in connection with the Haverhill and Middletown Dropdown, the Partnership issued an additional $250.0 million of Partnership Notes. Proceeds of $263.1 million included an original issue premium of $13.1 million . In addition, the Partnership received $5.0 million to fund interest from February 1, 2014 to May 9, 2014 , the period prior to the issuance. This interest was paid to noteholders on August 1, 2014 . The Partnership incurred debt issuance costs of $4.9 million , of which $0.9 million was considered a modification of debt and was immediately expensed and recorded in interest expense, net in the Consolidated Statement of Operations and was included in other operating cash flows in the Consolidated Statement of Cash Flows. 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, 2015 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 Statements of Operations and was included in other operating cash flows on the Consolidated Statements of Cash Flows. During 2015, the Partnership began de-levering its balance sheet and redeemed $47.5 million of outstanding Partnership Notes for $35.3 million on the open market. A gain on debt extinguishment was recorded in interest expense, net on the Consolidated Statement of Operations, of $12.1 million , which included the write-off of unamortized original issue premium of $0.8 million and the unamortized debt issuance costs of $0.9 million . At December 31, 2015 and 2014, the Partnership had $552.5 million and $400.0 million of outstanding Partnership Notes, respectively. Promissory Note On August 12, 2015 , in connection with the acquisition of CMT, the Partnership assumed Raven Energy LLC's Promissory Note of $114.9 million . Under the Partnership's third amendment to the amended and restated credit agreement ("Promissory Agreement") dated August 12, 2015 , the Partnership shall repay a principal amount of $0.3 million on the Promissory Note each fiscal quarter ending prior to August 12, 2018 . For each fiscal quarter ending after August 12, 2018 , the Partnership shall repay a principal amount of $2.5 million on the Promissory Note. The entire outstanding amount of the loan is due in full on August 12, 2021 . The Promissory Note shall bear interest on the outstanding principal amount for each day from August 12, 2015 , until it becomes due, at a rate per annum equal to 6.0 percent until August 12, 2018 . After August 12, 2018 , that rate shall be the LIBOR for the interest period then in effect plus 4.5 percent. Interest is due at the end of each fiscal quarter. Partnership Term Loan On November 3, 2015 , the Partnership entered into the Partnership Term Loan, which provides for a three and one-half year term loan in a principal amount of $50.0 million . The Partnership shall repay the principal through even quarterly payments of $1.3 million starting on December 31, 2017 through May 9, 2019 , when the remaining payable balance is due. The Partnership Term Loan bears interest at a variable rate of LIBOR plus 250 basis points or an alternative base rate, based on the Partnership's total ratios as defined by the Partnership's credit agreement. Interest is due at the end of each fiscal quarter. The Company incurred and capitalized approximately $0.8 million of debt issuance costs associated with the transaction. Covenants The Company and the Partnership are subject to certain debt covenants that, among other things, limit the Company's and Partnership’s ability and the ability of certain of the Company's and the Partnership’s subsidiaries to (i) incur indebtedness, (ii) pay dividends or make other distributions, (iii) prepay, redeem or repurchase certain debt, (iv) make loans and investments, (v) sell assets, (vi) incur liens, (vii) enter into transactions with affiliates and (viii) consolidate or merge. These covenants are subject to a number of exceptions and qualifications set forth in the respective agreements. Additionally, under the terms of the Credit Agreement, the Company is subject to a maximum consolidated leverage ratio of 3.25 to 1.00 , calculated by dividing total debt by EBITDA as defined by the Credit Agreement, and a minimum consolidated interest coverage ratio of 2.75 to 1.00 , calculated by dividing EBITDA by interest expense as defined by the Credit Agreement. Under the terms of the Partnership Revolver, the Partnership is subject to a maximum consolidated leverage ratio of 4.50 to 1.00 , calculated by dividing total debt by EBITDA as defined by the Partnership Revolver, and a minimum consolidated interest coverage ratio of 2.50 to 1.00 , calculated by dividing EBITDA by interest expense as defined by the Partnership Revolver. The Partnership Term Loan has the same covenants as the previously discussed Partnership Revolver covenants. At December 31, 2015 the Company and the Partnership were in compliance with all applicable debt covenants contained in the Credit Agreement and the Partnership Revolver. Under the terms of the Promissory Agreement, Raven Energy LLC, a wholly-owned subsidiary of the Partnership, is subject to a maximum leverage ratio of 5.00 : 1.00 for any fiscal quarter ending prior to August 12, 2018 , calculated by dividing total debt by EBITDA as defined by the Promissory Agreement. For any fiscal quarter ending on or after August 12, 2018 the maximum leverage ratio is 4.50 : 1.00 . Additionally in order to make restricted payments, Raven Energy LLC is subject to a fixed charge ratio of greater than 1.00 : 1.00 , calculated by dividing EBITDA by fixed charges as defined by the Promissory Agreement. If we fail to perform our obligations under these and other covenants, the lenders' credit commitment could be terminated and any outstanding borrowings, together with accrued interest, under the Revolving Facility, Partnership Revolver, Partnership Term Loan and Promissory Note could be declared immediately due and payable. The Partnership has a cross-default provision that applies to our indebtedness having a principal amount in excess of $20 million. 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. Maturities As of December 31, 2015 , the combined aggregate amount of maturities for long-term borrowings for each of the next five years is as follows: (Dollars in Millions) 2016 $ 1.1 2017 2.4 2018 71.0 2019 280.3 2020 562.5 2021-Thereafter 86.5 Total $ 1,003.8 |
Black Lung Benefit Obligations
Black Lung Benefit Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Black Lung Benefit Obligations [Abstract] | |
Black Lung Benefit Obligations | 17. Black Lung Benefit Obligations The Company is responsible for making pneumoconiosis (“black lung”) benefit payments to certain of its employees and former employees and their dependents. Such payments are for claims under Title IV of the Federal Coal Mine Health and Safety Act of 1969 and subsequent amendments, as well as for black lung benefits provided in the states of Virginia, Kentucky and West Virginia pursuant to workers’ compensation legislation. The Company acts as a self-insurer for both state and federal black lung benefits and adjusts the Company’s accrual each year based upon actuarial calculations of the Company’s expected future payments for these benefits. The Patient Protection and Affordable Care Act (“PPACA”), which was implemented in 2010, amended previous legislation related to coal workers’ black lung obligations. PPACA provides for the automatic extension of awarded lifetime benefits to surviving spouses and changes the legal criteria used to assess and award claims. Our obligation related to black lung benefits is estimated based on various assumptions, including actuarial estimates, discount rates, and changes in health care costs. For the years ended December 31, 2015 , 2014 and 2013 , the discount rate used to calculate the period end liability was 3.90 , 3.65 and 4.65 percent, respectively. The estimated liability was $49.9 million and $43.9 million at December 31, 2015 and 2014 , respectively, of which $5.2 million and $3.8 million was included in accrued liabilities on the Consolidated Balance Sheet. In addition to changes in the discount rate and other assumptions, the estimated liability at December 31, 2015 was impacted by a significant increase in the number of claims filed as well as the rate at which claims are awarded. The Company recognized expense of $9.8 million and $14.3 million and income of $0.3 million during 2015 , 2014 , and 2013 , respectively. The Company made payments related to black lung of $3.8 million , $2.8 million and $2.2 million during 2015 , 2014 , and 2013 , respectively. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 18. Commitments and Contingent Liabilities The Company, as lessee, has noncancelable operating leases for land, office space, equipment and railcars. Total rental expense was $8.5 million , $7.9 million and $6.4 million in 2015 , 2014 and 2013 , respectively. The aggregate amount of future minimum annual rental payments applicable to noncancelable operating leases is as follows: Minimum (Dollars in millions) Year ending December 31: 2016 $ 4.0 2017 2.5 2018 1.8 2019 1.4 2020 1.1 2021-Thereafter 2.0 Total $ 12.8 SunCoke Energy is party to an omnibus agreement pursuant to which we will provide indemnification 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”) issued Notices of Violations (“NOVs”) for our Haverhill and Granite City cokemaking facilities which stemmed 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 a $2.2 million civil penalty payment, which was paid in December 2014 , as well as capital projects underway to improve the reliability of the energy recovery systems and enhance environmental performance at the Haverhill and Granite City facilities. We anticipate spending approximately $130 million related to these projects, of which we have spent approximately $93 million to date. The remaining capital is expected to be spent through the first quarter of 2019 . 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, a Finding of Violation ("FOV"), and information requests 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 determine a range of probable or reasonably possible loss. 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 December 31, 2015 . The Company is a party to certain other pending and threatened claims, including matters related to commercial and tax disputes, product liability, employment claims, personal injury claims, premises-liability claims, allegations of exposures 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 claims would not have a material adverse impact on our consolidated financial statements. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 19. Restructuring Corporate In 2015 and 2014 , we reduced the workforce in our corporate office and incurred total charges of $4.1 million and $1.4 million in 2015 and 2014, respectively, in Corporate and Other. The Company also recorded restructuring charges of $0.7 million and $1.3 million in 2014 and 2013 , respectively, in connection with the relocation of the Company's corporate headquarters from Knoxville, Tennessee to Lisle, Illinois. The following table presents aggregate corporate restructuring charges: Employee- Contract Terminations Total (Dollars in millions) Year ended December 31, 2013 $ 0.1 $ 1.2 $ 1.3 Year ended December 31, 2014 1.4 0.7 2.1 Year ended December 31, 2015 4.1 — 4.1 Charges recorded through December 31, 2015 $ 5.6 $ 1.9 $ 7.5 Employee-related costs and contract terminations are included in selling, general and administrative expenses on the Consolidated Statements of Operations. The following table presents accrued corporate restructuring and related activity as of and for the years ended December 31, 2015 and 2014 : Employee- Contract Total (Dollars in millions) Balance at December 31, 2013 $ 0.1 $ 1.7 $ 1.8 Charges 1.4 0.7 2.1 Cash payments (1.0 ) (1.0 ) (2.0 ) Balance at December 31, 2014 $ 0.5 $ 1.4 $ 1.9 Charges 4.1 — 4.1 Cash payments (0.7 ) (1.4 ) (2.1 ) Balance at December 31, 2015 $ 3.9 $ — $ 3.9 The corporate restructuring balance at December 31, 2015 relates to severance, and we expect it will be substantially paid in 2016. Coal Mining In connection with the restructuring of the Coal Mining business the Company recorded $12.5 million of employee-related restructuring costs and $6.0 million in contract termination costs within the Coal Mining segment in 2014. During 2015 , the Company reduced the severance accrual by $2.3 million as a result of changes in estimates, including the relocation of certain coal employees to other areas of the business, the savings of which are included in selling, general and administrative expenses on the Consolidated Statements of Operations. The following table presents aggregate Coal Mining operations restructuring charges: Employee- Contract Terminations Total (Dollars in millions) Year Ended December 31, 2014 $ 12.5 $ 6.0 $ 18.5 Year Ended December 31, 2015 (2.3 ) — (2.3 ) Charges recorded through December 31, 2015 $ 10.2 $ 6.0 $ 16.2 The following table presents accrued restructuring and related activity for Coal Mining operations as of and for the years ended December 31, 2015 , 2014 and 2013 : Employee- Contract Total (Dollars in millions) Balance at December 31, 2013 $ — $ — $ — Charges 12.5 6.0 18.5 Cash payments — (6.0 ) (6.0 ) Balance at December 31, 2014 $ 12.5 $ — $ 12.5 Changes in estimates (2.3 ) — (2.3 ) Cash payments (9.4 ) — (9.4 ) Balance at December 31, 2015 $ 0.8 $ — $ 0.8 The Coal Mining restructuring balance at December 31, 2015 relates to severance, and we expect it will be substantially paid in 2016. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 20. Accumulated Other Comprehensive Loss The following tables set forth the changes in the balance of accumulated other comprehensive loss, net of tax, by component: Benefit Plans Currency Translation Adjustments Total (Dollars in millions) At December 31, 2013 $ (2.8 ) $ (11.3 ) $ (14.1 ) Other comprehensive loss before reclassifications — (0.8 ) (0.8 ) Amounts reclassified from accumulated other comprehensive income (4.0 ) — (4.0 ) Retirement benefit plans funded status adjustment (2.6 ) — (2.6 ) Net current period other comprehensive loss (6.6 ) (0.8 ) (7.4 ) At December 31, 2014 $ (9.4 ) $ (12.1 ) $ (21.5 ) Other comprehensive loss before reclassifications — (3.1 ) (3.1 ) Amounts reclassified from accumulated other comprehensive 5.2 — 5.2 Retirement benefit plans funded status adjustment (0.4 ) — (0.4 ) Net current period other comprehensive loss 4.8 (3.1 ) 1.7 At December 31, 2015 $ (4.6 ) $ (15.2 ) $ (19.8 ) The tax benefit associated with the Company's benefit plans as of December 31, 2015 and 2014 was $2.9 million and $6.2 million , respectively. The impact on net income of reclassification adjustments from accumulated other comprehensive (income) loss were as follows: December 31, 2015 2014 2013 (Dollars in millions) Amortization of benefit plans to net income: Actuarial loss (1.3 ) (1.4 ) (2.5 ) Prior service benefit 1.2 5.6 5.7 Curtailment gain 4.1 2.5 — Settlement loss (12.6 ) — — Total before taxes (8.6 ) 6.7 3.2 Income tax cost (benefit) 3.4 (2.7 ) (1.3 ) Total, net of tax $ (5.2 ) $ 4.0 $ 1.9 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | 21. Share-Based Compensation Effective July 13, 2011 , SunCoke Energy’s Board of Directors approved the SunCoke Energy, Inc. Long-Term Performance Enhancement Plan (“SunCoke LTPEP”). The SunCoke LTPEP provides for the grant of equity-based awards including stock options and share units, or restricted stock, to the Company’s directors, officers, and other employees, advisors, and consultants who are selected by the plan committee for participation in the SunCoke LTPEP. The plan authorizes the issuance of (i) 1,600,000 shares of SunCoke Energy common stock issuable upon the adjustment of Sunoco equity awards in connection with the Distribution and (ii) up to 6,000,000 shares of SunCoke Energy common stock pursuant to new awards under the SunCoke LTPEP. The Company measures the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award. The total cost is reduced for estimated forfeitures over the awards’ vesting period and the cost is recognized over the requisite service period. The estimated forfeiture rate is analyzed on an annual basis. The estimated forfeiture rate may be revised in subsequent periods if the actual forfeiture rate differs significantly. Compensation expense is recorded ratably over the service period. Stock Options During the years ended December 31, 2015 , 2014 and 2013 , the Company granted stock options to certain employees to acquire 593,976 , 407,075 and 446,948 shares of common stock, respectively. The stock options have a ten -year term and an exercise price, which was equal to the average of the high and low prices of SunCoke Energy common stock on the dates of grant. The weighted average exercise price was $16.33 per share, $22.30 per share and $16.55 per share in 2015 , 2014 and 2013 , respectively. The stock options become exercisable in three equal annual installments beginning one year from the date of grant (in each case subject to continued employment through the applicable vesting date). All awards vest immediately upon a change in control 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 years ended December 31, 2015 , 2014 and 2013 was $4.87 , $7.86 and $6.00 , respectively, using the following weighted-average assumptions: Years Ended December 31, 2015 2014 2013 Risk free interest rate 1.66 % 1.57 % 0.93 % Expected term 5 years 5 years 5 years Volatility 36 % 38 % 44 % Dividend yield 1.64 % — % — % Beginning in 2014 , we based our expected volatility on our historical volatility over our entire available trading history. Prior to 2014 , the Company used the average implied volatility of the Dow Jones U.S. Steel index coupled with the implied volatility of the S&P 600. Since the Company does not have a direct peer group and only had a limited trading history, it believes this approach provided a reasonable implied volatility. The risk-free interest rate assumption is based on the U.S. Treasury yield curve at the date of grant for periods which approximate the expected life of the option. The dividend yield assumption is based on the Company’s future expectation of dividend payouts at the time of grant. The 2014 and 2013 grants were made prior to the Board of Directors declaration of the Company's first dividend payment in the fourth quarter of 2014 . The expected life of employee options represents the average contractual term adjusted by the average vesting period of each option tranche. In calculating the fair value of options, the Company estimated a 15 percent and 3 percent forfeiture rate for options excluding those issued to certain executive employees, which were estimated at a zero percent forfeiture rate in 2015 and 2014 , respectively. The Company estimated a 3 percent forfeiture rate in calculating fair value in 2013 . The following table summarizes information with respect to common stock option awards outstanding as of December 31, 2015 and stock option activity during the fiscal year then ended: Number of Weighted Weighted Average Remaining Contractual Term (years) Aggregate Outstanding at December 31, 2014 2,403,850 $ 17.34 7.3 $ 5.9 Granted 593,976 $ 16.33 Exercised (27,021 ) $ 16.32 Forfeited (268,200 ) $ 18.92 Outstanding at December 31, 2015 2,702,605 $ 17.07 6.8 $ — Exercisable at December 31, 2015 2,032,116 $ 16.70 6.3 $ — Expected to vest at December 31, 2015 651,416 $ 18.20 8.5 $ — Intrinsic value for stock options is defined as the difference between the current market value of our common stock and the exercise price of the stock options. Total intrinsic value of stock options exercised during 2015 , 2014 and 2013 was $0.1 million , $0.9 million and $0.1 million , respectively. The Company recognized $2.5 million , $1.6 million net of tax, $4.7 million , $3.0 million net of tax, and $4.6 million , $2.9 million net of tax, in compensation expense during the years ended December 31, 2015 , 2014 and 2013 , respectively, related to the above stock options. As of December 31, 2015 , there was $2.3 million of total unrecognized compensation cost related to nonvested stock options. This compensation cost is expected to be recognized over the next 1.4 years. Restricted Stock Units During the years ended December 31, 2015 , 2014 and 2013 , the Company issued a total of 297,514 , 236,844 and 293,918 restricted stock units (“RSU”) to certain employees for shares of the Company’s common stock. The weighted average grant date fair value was $14.51 , $22.06 and $16.58 , in 2015 , 2014 and 2013 , respectively. The RSUs vest in three annual installments beginning one year from the date of grant. All awards vest immediately upon a change in control as defined by the SunCoke LTPEP. In calculating the fair value of the RSU, the Company estimated an 18 percent and 3 percent forfeiture rate excluding those issued to certain executive employees, which were estimated at a zero percent forfeiture rate in 2015 and 2014 , respectively. The Company estimated a 3 percent forfeiture rate in calculating fair value in 2013 . The following table summarizes information with respect to RSUs outstanding as of December 31, 2015 and RSU activity during the fiscal year then ended: Number of Weighted Nonvested at December 31, 2014 479,673 $ 18.77 Granted 297,514 $ 14.51 Vested (248,255 ) $ 18.00 Forfeited (44,808 ) $ 19.43 Nonvested at December 31, 2015 484,124 $ 16.48 Total fair value of RSUs vested was $4.6 million , $2.9 million and $1.3 million during 2015 , 2014 and 2013 , respectively. The Company recognized $4.2 million , $2.7 million net of tax, $3.9 million , $2.5 million net of tax, and $2.5 million , $1.6 million net of tax, in compensation expense during the years ended December 31, 2015 , 2014 and 2013 , respectively, related to the above RSUs. As of December 31, 2015 , there was $4.0 million of total unrecognized compensation cost related to nonvested RSUs. This compensation cost is expected to be recognized over the next 1.7 years. Performance Share Units The Company issued 134,271 , 84,734 and 96,073 performance share units ("PSU") for shares of the Company's common stock during the years ended December 31, 2015 , 2014 and 2013 , respectively, that are expensed over a service period through December 31, 2017, 2016 and 2015, respectively, and vest in the subsequent quarter upon final payout approval. 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 years ended December 31, 2015 , 2014 and 2013 was $17.58 , $ 26.09 and $19.56 respectively, 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 market conditions. The Company estimated a zero percent forfeiture rate for these awards. 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 and coal logistics businesses for the 2015 and 2014 grants and coke business only for the 2013 grants. Each portion of the award may be adjusted between zero and 200 percent of the original units granted. The following table summarizes information with respect to unearned PSUs outstanding as of December 31, 2015 and PSU activity during the fiscal year then ended: Number of Weighted Nonvested at December 31, 2014 161,438 $ 22.63 Granted 134,271 $ 17.58 Vested — $ — Forfeited (41,057 ) $ 18.71 Nonvested at December 31, 2015 254,652 $ 20.14 The Company recognized $0.5 million , $0.3 million net of tax, $1.2 million , $0.7 million net of tax, and $0.5 million , $0.3 million net of tax, during the years ended December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , there was $1.3 million of total unrecognized compensation cost related to these nonvested PSUs. This compensation cost is expected to be recognized over the next 1.7 years. Modifications In connection with the distribution, certain Sunoco common stock awards and stock options that were held by Sunoco employees, Sunoco directors and SunCoke Energy employees were modified and an anti-dilutive provision was added. In general, all Sunoco stock options held by Sunoco employees and Sunoco directors were converted into both Sunoco and SunCoke Energy stock options. Sunoco stock options held by SunCoke Energy employees were converted to SunCoke Energy stock options. All SunCoke Energy common stock issued as a result of option exercises or the vesting of common stock awards will be issued under the SunCoke LTPEP. At the distribution date, 1,219,842 SunCoke Energy stock options were issued in connection with the conversion of the outstanding Sunoco stock options to Sunoco employees and directors, of which 68,069 were outstanding at December 31, 2015 . The converted stock options for Sunoco employees and directors are fully vested and exercisable and any expense associated with the modification of these stock options was recognized by Sunoco. At the Distribution Date, 295,854 SunCoke Energy stock options were issued in connection with the conversion of the outstanding Sunoco stock options for SunCoke Energy employees, all of which are fully vested with 282,277 outstanding and exercisable as of December 31, 2015 . These awards were fully expensed prior to 2014 and compensation expense during the year ended December 31, 2013 was not material. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 22. Earnings per Share Basic earnings per share has been computed by dividing net income (loss) 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: Years Ended December 31, 2015 2014 2013 (Shares in millions) Weighted-average number of common shares outstanding-basic 65.0 68.8 69.9 Add: effect of dilutive share-based compensation awards — — 0.3 Weighted-average number of shares-diluted 65.0 68.8 70.2 For the years ended December 31, 2015 , 2014 and 2013 , diluted earnings per share was calculated to give effect to share-based compensation awards granted using the treasury stock method. The following table shows stock options, restricted stock units, and performance stock units that are excluded from the computation of diluted earnings per share as the shares would have been anti-dilutive: Years Ended December 31, 2015 2014 2013 (Shares in millions) Stock options 2.9 2.7 0.2 Restricted stock units 0.5 0.5 — Performance stock units — 0.1 — Total 3.4 3.3 0.2 On July 23, 2014 , the Company's Board of Directors authorized a program to repurchase outstanding shares of the Company’s common stock, $0.01 par value, at any time and from time to time in the open market, through privately negotiated transactions, block transactions, or otherwise for a total aggregate cost to the Company not to exceed $150.0 million . During 2015 , the Company repurchased 2.5 million shares of our common stock at a cost of $35.6 million in the open market at an average share price of $14.25 , leaving $39.4 million available under the authorized repurchase program. During 2014, the Company repurchased 3.2 million shares of our common stock at a cost of $75.0 million in the open market at an average share price of $23.28 , under the authorized repurchase program. |
Partnership Unit Repurchase Pro
Partnership Unit Repurchase Program and Equity Distribution Agreement | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Partnership Unit Repurchase Program and Equity Distribution Agreement | 23. Partnership Unit Repurchase Program and Equity Distribution Agreement On July 20, 2015 , the Partnership's Board of Directors authorized a program for the Partnership to repurchase up to $50 million of its common units from time to time in open market transactions, including block trades, or in privately negotiated transactions. During 2015 , the Partnership repurchased 0.9 million of its common units, in the open market, for $12.8 million at an average price of $14.91 per unit, leaving $37.2 million available under the authorized unit repurchase program. On August 5, 2014 , the Partnership entered into an equity distribution agreement ("Equity Agreement") in which the Partnership may sell from time to time through Wells Fargo Securities, LLC, the Partnership’s common units representing limited partner interests having an aggregate offering price of up to $75.0 million . During 2014, the Partnership sold 62,956 common units under the Equity Agreement with an aggregate offering price of $1.8 million , leaving $73.2 million available under the Equity Agreement. The Equity Agreement was suspended during 2015 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 24. Fair Value Measurements 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 to sell 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 $15.4 million and $88.2 million at December 31, 2015 and 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. CMT Contingent Consideration Contingent consideration related to the CMT acquisition is measured at fair value and amounted to $7.9 million at December 31, 2015 . The fair value was based on a probability-weighted analysis using significant inputs that are not observable in the market, or Level 3 inputs. There have been no changes to the significant inputs since acquisition. See Note 3 . 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 Mining Impairments In the second quarter of 2014 , the Company evaluated the recoverability of its long-lived coal asset group given the probable disposition of the assets as well as projected losses resulting from the weakening coal market. The Company performed a probability-weighted undiscounted cash flows analysis which indicated that the carrying value of the asset group was not recoverable. As such, the Company reduced the carrying value of the long-lived assets to their estimated fair value and recorded a pre-tax impairment charge of $97.1 million , $59.5 million , net of tax. The fair value was determined based on estimated discounted cash flows from the coal mining assets, which reflected the weakness in the coal market and were considered Level 3 inputs in the fair value hierarchy. Key assumptions included (a) coal sales prices of $97 per ton to $149 per ton; (b) sales volumes of 1.6 million tons to 1.8 million tons; and (c) a 14.0 percent discount rate representing the estimated weighted average cost of capital. Various third-party indicative offers for the assets were considered and were also included in the Company's assessment of the fair value of the asset group. In previous analyses, based upon the business plan and market expectations of coal prices at that time, the carrying value was recoverable and was substantially in excess of the undiscounted cash flows. Recent changes in market conditions, specifically decreased coal sales price expectations, were included in our asset impairment analysis. Additionally, in connections with plans to idle our preparation plant we recorded $1.7 million of impairment charges in the fourth quarter of 2014. As a result of the weakening coal market and the long-lived asset impairment discussed above, the Company also performed a goodwill impairment analysis as of June 30, 2014 for the coal mining reporting unit. This analysis concluded the fair value of the reporting unit, based on a discounted cash flows analysis, was less than the carrying amount. As a result, the Company recorded a $6.0 million pre-tax impairment of the entire goodwill balance, $3.7 million , net of tax. During 2014 , with our previous held for sale presentation of our coal mining assets, the Company valued these assets at fair value less costs to sell. This resulted in additional impairment charges of $45.5 million , $27.9 million , net of tax. The fair value was estimated utilizing a market approach, which was considered Level 2 in the fair value hierarchy. See Note 5 . During the second quarter of 2015 the Company determined that a sale of our coal mining business was no longer probable, and Coal Mining segment assets and liabilities were reclassified as held and used for all periods presented, at which time the net assets were fair valued, with no net impact on the Consolidated Statements of Operations during 2015 . Additionally, the Consolidated Balance Sheet at December 31, 2014 , was reclassified to reflect the coal mining assets and liabilities as held and used. There have been no changes since the second quarter of 2015 that would require further valuations of the Coal Mining business. India Equity Method Investment Valuation VISA SunCoke has continued to experience downward market pressures. Coke imports from China caused weakness in the coke pricing environment, and certain iron ore restrictions in India limited steel production. As a result of these sustained depressed market conditions, during 2014 , the Company evaluated the recoverability of its equity method investment in VISA SunCoke, which resulted in an other-than-temporary impairment charge of the joint venture investment in the Company's India reportable segment of $30.5 million , which was recorded in loss from equity method investment on the Consolidated Statement of Operations. Continued deterioration of market factors led to additional impairment of $19.4 million during 2015 , resulting in an investment balance of zero . The estimated discounted cash flows in both 2014 and in 2015 reflect weakness in the India market and utilize inputs considered Level 3 in the fair value hierarchy. Key assumptions in the 2014 discounted cash flow analysis included the timing and extent of future improvements in the Indian market and gross margin of $4 per ton to $24 per ton and a discount rate of 13.5 percent . These assumptions reflect the lifting of iron ore mining restrictions and the anticipated mitigation of Chinese coke imports. Key assumptions in the 2015 discounted cash flow analysis included a 13.5 percent discount rate and estimated cash flows, which considered the timing and extent of future improvements in the Indian market, an important component of which is gross margin recovery. The continuing deterioration of market conditions has resulted in forecasted gross loss of $8 per ton to a forecasted gross margin gain of $13 per ton upon market recovery. A $5 per ton change in the gross margin assumption would impact the valuation of our investment by approximately $8 million . To the extent possible, the Company considered available market information and other third-party data and compared the inputs to relevant historical information. Certain Financial Assets and Liabilities not Measured at Fair Value At December 31, 2015 and 2014 , the fair value of the Company’s long-term debt was estimated to be $788.8 million and $662.9 million , respectively, compared to a carrying amount of $1,003.8 million and $640.0 million , respectively. These fair values were 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 | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | 25. Business Segment Information The Company is an independent owner and operator of five cokemaking facilities in the eastern and midwestern regions of the U.S. The Company is also the operator of a cokemaking facility for a project company in Brazil in which it has a preferred stock investment and is a 49 percent joint venture partner in a cokemaking operation in India. In addition to its cokemaking operations, the Company has metallurgical coal mining operations in the eastern U.S. as well as coal handling and/or mixing operations in the eastern and midwestern regions of the U.S. 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 and Indiana Harbor 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 own a 49 percent interest in VISA SunCoke and account for this investment under the equity method. 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 recognized our share of earnings in VISA SunCoke on a one month lag and began recognizing such earnings in the second quarter of 2013. During 2015, we impaired our investment in VISA SunCoke to zero and, consequently, beginning in the fourth quarter of 2015, we no longer include our share of VISA SunCoke in our financial results. 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 CMT located in Louisiana, Lake Terminal located in Indiana and KRT located in Kentucky and West Virginia. This business provides coal handling and/or mixing services to third-party customers as well as SunCoke cokemaking facilities and has a collective capacity to mix and transload more than 40 million tons of coal annually. Coal handling and mixing results are presented in the Coal Logistics segment. The Coal Mining segment conducts coal mining operations near the Company’s Jewell cokemaking facility with mines located in Virginia and West Virginia, which are currently mined by contractors. A substantial portion of the coal production is sold to the Jewell cokemaking facility for conversion into coke. Some coal is also sold to other cokemaking facilities within the Domestic Coke segment. Intersegment coal revenues for sales to the Domestic Coke segment are reflective of the contract price that the facilities within the Domestic Coke segment charge their customers, which approximate the market prices for this quality of metallurgical coal. 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 expense (i.e. black lung, workers compensation, and net pension and other postretirement employee benefit obligations). Interest expense, net, which consists principally of interest expense, net of capitalized interest and interest income, 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 and liquidity reported to the chief operating decision maker for purposes of allocating resources to the segments and assessing their performance: Years Ended December 31, 2015 2014 2013 (Dollars in millions) Sales and other operating revenue: Domestic Coke $ 1,243.6 $ 1,388.3 $ 1,528.7 Brazil Coke 34.0 37.0 35.4 Coal Logistics 60.8 36.2 8.1 Coal Logistics intersegment sales 20.4 18.8 5.5 Coal Mining 12.9 29.2 61.3 Coal Mining intersegment sales 101.0 136.0 136.7 Elimination of intersegment sales (121.4 ) (154.8 ) (142.2 ) Total sales and other operating revenue $ 1,351.3 $ 1,490.7 $ 1,633.5 Adjusted EBITDA: Adjusted EBITDA Domestic Coke $ 210.1 $ 247.9 $ 243.2 Brazil Coke 22.4 18.9 16.1 India Coke (1.9 ) (3.1 ) 0.9 Coal Logistics 38.4 14.3 4.7 Coal Mining (18.9 ) (16.0 ) (15.1 ) Corporate and Other, including legacy costs, net (1) (64.3 ) (51.3 ) (34.7 ) Adjusted EBITDA $ 185.8 $ 210.7 $ 215.1 Depreciation and amortization expense: Domestic Coke (2) $ 81.6 $ 81.3 $ 68.1 Brazil Coke 0.6 0.5 0.4 Coal Logistics 14.0 7.6 1.8 Coal Mining (3) 10.1 13.9 23.2 Corporate and Other 2.8 3.0 2.5 Total depreciation and amortization expense $ 109.1 $ 106.3 $ 96.0 Capital expenditures: Domestic Coke $ 67.6 $ 109.2 $ 121.2 Brazil Coke — 0.9 0.8 Coal Logistics 6.0 2.9 0.2 Coal Mining 1.7 8.8 20.1 Corporate and Other 0.5 3.4 3.3 Total capital expenditures $ 75.8 $ 125.2 $ 145.6 (1) Legacy costs, net include costs associated with former mining employee-related liabilities prior to the implementation of our current contractor mining business, net of certain royalty revenues. See details of these legacy items below. Years Ended December 31, 2015 2014 2013 (Dollars in millions) Black lung (expense) benefit $ (9.8 ) $ (14.3 ) $ 0.3 Postretirement benefit plan benefit 3.6 3.7 1.0 Defined benefit plan (expense) benefit (13.1 ) (0.2 ) 0.1 Workers compensation expense (2.3 ) (4.6 ) (2.0 ) Other (0.4 ) 0.7 0.6 Total legacy costs, net $ (22.0 ) $ (14.7 ) $ — (2) We revised the estimated useful lives at our domestic cokemaking facilities, resulting in additional depreciation of $10.2 million , $15.6 million and $9.5 million , or $0.16 , $0.23 and $0.14 per common share from operations, during 2015 , 2014 and 2013 , respectively. (3) We revised the estimated useful lives of certain coal preparation plant assets in our Coal Mining segment, which resulted in additional depreciation of $4.9 million and $1.0 million , or $0.08 and $0.01 per common share, during 2015 and 2014 , respectively. Years Ended December 31, 2015 2014 (Dollars in millions) Segment assets Domestic Coke $ 1,534.2 $ 1,577.9 Brazil Coke 58.8 61.6 India Coke — 22.5 Coal Logistics 532.0 114.4 Coal Mining 20.5 45.9 Corporate and Other 98.4 131.4 Segment assets, excluding tax assets 2,243.9 1,953.7 Tax assets 11.6 6.0 Total Assets $ 2,255.5 $ 1,959.7 The following table sets forth the Company’s total sales and other operating revenue by product or service: Years Ended December 31, 2015 2014 2013 (Dollars in millions) Sales and other operating revenue: Coke sales $ 1,182.0 $ 1,323.1 $ 1,462.9 Steam and electricity sales 61.5 65.7 65.6 Operating and licensing fees 34.0 37.0 35.4 Coal logistics 58.8 33.9 7.2 Metallurgical coal sales 11.0 24.0 61.0 Other 4.0 7.0 1.4 Sales and other operating revenue $ 1,351.3 $ 1,490.7 $ 1,633.5 The Company evaluates the performance of its segments based on segment Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization (“EBITDA”) adjusted for impairments, coal rationalization costs, sales discounts, Coal Logistics deferred revenue and interest, taxes, depreciation and amortization attributable to our equity method investment. Prior to the expiration of our nonconventional fuel tax credits in November 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. Coal Logistics deferred revenue adjusts for differences between the timing of recognition of take-or-pay shortfalls into revenue for GAAP purposes versus the timing of payments from our customers. This adjustment aligns Adjusted EBITDA more closely with cash flow. Our Adjusted EBITDA also includes EBITDA attributable to our equity method investment. EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or operating income under GAAP and may not be comparable to other similarly titled measures in other businesses. Management believes Adjusted EBITDA is an important measure of the operating performance and liquidity of the Company's net assets and its ability to incur and service debt, fund capital expenditures and make distributions. Adjusted EBITDA 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 and liquidity. EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP, and they should not be considered a substitute for net income, operating cash flow or any other measure of financial performance presented in accordance with GAAP. Set forth below is additional discussion of the limitations of Adjusted EBITDA as an analytical tool. 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 items such as depreciation and amortization; • 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 and net cash provided by operating activities, which are its most directly comparable financial measures calculated and presented in accordance with GAAP: Years Ended December 31, 2015 2014 2013 (Dollars in millions) Adjusted EBITDA attributable to SunCoke Energy, Inc. $ 104.6 $ 150.0 $ 173.9 Add: Adjusted EBITDA attributable to noncontrolling interest (1) 81.2 60.7 41.2 Adjusted EBITDA $ 185.8 $ 210.7 $ 215.1 Subtract: Adjustment to unconsolidated affiliate earnings (2) $ 20.8 $ 33.5 $ 3.2 Coal rationalization costs (3) 0.6 18.5 — Depreciation and amortization expense 109.1 106.3 96.0 Interest expense, net 56.7 63.2 52.3 Income tax (benefit) expense (8.8 ) (58.8 ) 6.7 Sales discount provided to customers due to sharing of (4) — (0.5 ) 6.8 Asset and goodwill impairment — 150.3 — Coal Logistics deferred revenue (5) (2.9 ) — — Net income (loss) $ 10.3 $ (101.8 ) $ 50.1 Add: Asset and goodwill impairment $ — $ 150.3 $ — Depreciation and amortization expense 109.1 106.3 96.0 Deferred income tax (benefit) expense (5.6 ) (64.4 ) 1.6 Loss on extinguishment of debt 0.5 15.4 — Changes in working capital and other 26.8 6.5 3.6 Net cash provided by operating activities $ 141.1 $ 112.3 $ 151.3 (1) Reflects non-controlling interest in Indiana Harbor and the portion of the Partnership owned by public unitholders. (2) Reflects share of interest, taxes, depreciation and amortization related to VISA SunCoke. The years ended December 31, 2015 and 2014 also reflect impairments of our investment in VISA SunCoke of $19.4 million and $30.5 million , respectively. (3) Coal rationalization costs include employee severance, contract termination costs and other costs to idle mines incurred during the execution of our coal rationalization plan. (4) 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 . The gain was recorded in sales and other operating revenue on our Combined and Consolidated Statement of Operations. (5) Coal Logistics deferred revenue adjusts for differences between the timing of recognition of take-or-pay shortfalls into revenue for GAAP purposes versus the timing of payments from our customers. This adjustment aligns Adjusted EBITDA more closely with cash flow. |
Selected Quarterly Data (unaudi
Selected Quarterly Data (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Data (unaudited) | 26. Selected Quarterly Data (unaudited) 2015 2014 First Second Third Fourth First Second Third Fourth (Dollars in millions) Sales and other operating revenue $ 323.9 $ 347.6 $ 336.2 $ 343.6 $ 358.0 $ 371.7 $ 376.2 $ 384.8 Gross profit (1) $ 38.0 $ 25.2 $ 44.3 $ 36.3 $ 25.0 $ 53.1 $ 60.7 $ 32.7 Net income (loss) (2) $ 0.4 $ (6.5 ) $ (16.5 ) $ 32.9 $ (3.8 ) $ (48.6 ) $ 6.4 $ (55.8 ) Less: Net income attributable to noncontrolling interests $ 4.4 $ 7.0 $ 7.0 $ 13.9 $ 4.0 $ 0.6 $ 10.0 $ 9.7 Net (loss) income attributable to SunCoke Energy, Inc. $ (4.0 ) $ (13.5 ) $ (23.5 ) $ 19.0 $ (7.8 ) $ (49.2 ) $ (3.6 ) $ (65.5 ) (Loss) earnings attributable to SunCoke Energy, Inc. per common share: Basic $ (0.06 ) $ (0.21 ) $ (0.36 ) $ 0.30 $ (0.11 ) $ (0.71 ) $ (0.05 ) $ (0.98 ) Diluted $ (0.06 ) $ (0.21 ) $ (0.36 ) $ 0.30 $ (0.11 ) $ (0.71 ) $ (0.05 ) $ (0.98 ) Cash dividends declared per share $ 0.0585 $ 0.0750 $ 0.1500 $ 0.1500 $ — $ — $ — $ 0.0585 (1) Gross profit equals sales and other operating revenue less cost of products sold and operating expenses and depreciation and amortization. (2) Net income in the second, third and fourth quarter of 2014 was unfavorably impacted by impairment charges relating to our Coal Mining business of $103.1 million , $16.4 million and $30.8 million , respectively. The pension settlement unfavorably impacted net income in the second quarter of 2015, when the Company recorded a net settlement loss of $12.6 million . Additionally, net income was unfavorably impacted by non-cash impairment charges on our investment in VISA SunCoke, our Indian cokemaking joint venture, recorded in the third quarter of 2015 and the fourth quarter of 2014 of $19.4 million and $30.5 million , respectively. |
Supplemental Condensed Consolid
Supplemental Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Supplemental Condensed Consolidating Financial Information | 27. Supplemental Condensed Consolidating Financial Information Certain 100 percent owned subsidiaries of the Company serve as guarantors of the obligations under the Credit Agreement and $44.6 million of 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, 2015 , less than 25 percent of net assets were restricted. In connection with the Granite City Dropdown, the Company 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. Additionally, in 2015, the Company's Board of Directors designated certain coal mining entities as unrestricted subsidiaries . As such, all the subsidiaries described above 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; • 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 Years Ended December 31, 2015 (Dollars in millions) Issuer Guarantor Non- Combining Total Revenues Sales and other operating revenue $ — $ 196.8 $ 1,154.5 $ — $ 1,351.3 Equity in (loss) earnings of subsidiaries (8.4 ) 34.4 — (26.0 ) — Other income (loss), net — 0.4 11.0 — 11.4 Total revenues (8.4 ) 231.6 1,165.5 (26.0 ) 1,362.7 Costs and operating expenses Cost of products sold and operating expenses — 150.2 948.2 — 1,098.4 Selling, general and administrative expenses 9.5 30.7 35.2 — 75.4 Depreciation and amortization expenses — 10.4 98.7 — 109.1 Total costs and operating expenses 9.5 191.3 1,082.1 1,282.9 Operating (loss) income (17.9 ) 40.3 83.4 (26.0 ) 79.8 Interest (income) expense, net - affiliate — (7.3 ) 7.3 — — Interest expense (income), net 9.5 (0.6 ) 47.8 — 56.7 Total interest expense (income), net 9.5 (7.9 ) 55.1 — 56.7 (Loss) income before income tax expense and loss from (27.4 ) 48.2 28.3 (26.0 ) 23.1 Income tax (benefit) expense (5.4 ) 29.6 (33.0 ) — (8.8 ) Loss from equity method investment — — 21.6 — 21.6 Net (loss) income (22.0 ) 18.6 39.7 (26.0 ) 10.3 Less: Net income attributable to noncontrolling interests — — 32.3 — 32.3 Net (loss) income attributable to SunCoke Energy, Inc. $ (22.0 ) $ 18.6 $ 7.4 $ (26.0 ) $ (22.0 ) Comprehensive (loss) income $ (20.3 ) $ 18.4 $ 41.6 $ (27.7 ) $ 12.0 Less: Comprehensive income attributable to noncontrolling interests — — 32.3 — 32.3 Comprehensive (loss) income attributable to SunCoke Energy, Inc. $ (20.3 ) $ 18.4 $ 9.3 $ (27.7 ) $ (20.3 ) SunCoke Energy, Inc. Condensed Consolidating Statement of Income Years Ended December 31, 2014 (Dollars in millions) Issuer Guarantor Non- Combining Total Revenues Sales and other operating revenue $ — $ 210.0 $ 1,280.7 $ — $ 1,490.7 Equity in (loss) earnings of subsidiaries (101.3 ) (57.4 ) — 158.7 — Other (loss) income, net (0.2 ) 1.6 11.7 — 13.1 Total revenues (101.5 ) 154.2 1,292.4 158.7 1,503.8 Costs and operating expenses Cost of products sold and operating expenses — 156.0 1,056.9 — 1,212.9 Selling, general and administrative expenses 13.5 28.3 54.9 — 96.7 Depreciation and amortization expenses — 8.4 97.9 — 106.3 Asset and goodwill impairment — — 150.3 — 150.3 Total costs and operating expenses 13.5 192.7 1,360.0 — 1,566.2 Operating (loss) income (115.0 ) (38.5 ) (67.6 ) 158.7 (62.4 ) Interest (income) expense, net - affiliate — (7.3 ) 7.3 — — Interest expense (income), net 26.3 (1.8 ) 38.7 — 63.2 Total interest expense (income), net 26.3 (9.1 ) 46.0 — 63.2 (Loss) income before income tax expense and loss from equity method investment (141.3 ) (29.4 ) (113.6 ) 158.7 (125.6 ) Income tax (benefit) expense (15.2 ) 29.5 (73.1 ) — (58.8 ) Loss from equity method investment — — 35.0 — 35.0 Net (loss) income (126.1 ) (58.9 ) (75.5 ) 158.7 (101.8 ) Less: Net income attributable to noncontrolling interests — — 24.3 — 24.3 Net (loss) income attributable to SunCoke Energy, Inc. $ (126.1 ) $ (58.9 ) $ (99.8 ) $ 158.7 $ (126.1 ) Comprehensive (loss) income $ (133.5 ) $ (61.1 ) $ (80.7 ) $ 166.1 $ (109.2 ) Less: Comprehensive income attributable to noncontrolling interests — — 24.3 — 24.3 Comprehensive (loss) income attributable to SunCoke Energy, Inc. $ (133.5 ) $ (61.1 ) $ (105.0 ) $ 166.1 $ (133.5 ) SunCoke Energy, Inc. Condensed Consolidating Statement of Income Years Ended December 31, 2013 (Dollars in millions) Issuer Guarantor Non- Combining Total Revenues Sales and other operating revenue $ — $ 236.0 $ 1,397.5 $ — $ 1,633.5 Equity in earnings (loss) of subsidiaries 56.2 84.3 — (140.5 ) — Other income (loss), net — 3.7 10.5 — 14.2 Total revenues 56.2 324.0 1,408.0 (140.5 ) 1,647.7 Costs and operating expenses Cost of products sold and operating expenses — 179.3 1,168.7 — 1,348.0 Selling, general and administrative expenses 12.2 34.9 45.3 — 92.4 Depreciation and amortization expenses — 7.5 88.5 — 96.0 Total costs and operating expenses 12.2 221.7 1,302.5 — 1,536.4 Operating income (loss) 44.0 102.3 105.5 (140.5 ) 111.3 Interest (income) expense, net - affiliate — (7.3 ) 7.3 — — Interest expense (income), net 37.8 (0.7 ) 15.2 — 52.3 Total interest expense (income), net 37.8 (8.0 ) 22.5 — 52.3 Income (loss) before income tax expense and loss from equity method investment 6.2 110.3 83.0 (140.5 ) 59.0 Income tax (benefit) expense (18.8 ) 45.8 (20.3 ) — 6.7 Loss from equity method investment — — 2.2 — 2.2 Net income (loss) 25.0 64.5 101.1 (140.5 ) 50.1 Less: Net income attributable to noncontrolling interests — — 25.1 — 25.1 Net income (loss) attributable to SunCoke Energy, Inc. $ 25.0 $ 64.5 $ 76.0 $ (140.5 ) $ 25.0 Comprehensive income (loss) $ 18.8 $ 64.2 $ 95.2 $ (134.3 ) $ 43.9 Less: Comprehensive income (loss) attributable to noncontrolling interests — — 25.1 — 25.1 Comprehensive income (loss) attributable to SunCoke Energy, Inc. $ 18.8 $ 64.2 $ 70.1 $ (134.3 ) $ 18.8 SunCoke Energy, Inc. Condensed Consolidating Balance Sheet December 31, 2015 (Dollars in millions, except per share amounts) Issuer Guarantor Non- Combining Total Assets Cash and cash equivalents $ — $ 70.6 $ 52.8 $ — $ 123.4 Receivables — 7.9 57.3 — 65.2 Inventories — 5.3 116.8 — 122.1 Income tax receivable 10.9 — 60.0 (59.3 ) 11.6 Other current assets 0.1 2.4 1.3 — 3.8 Advances to affiliates — 250.9 — (250.9 ) — Total current assets 11.0 337.1 288.2 (310.2 ) 326.1 Notes receivable from affiliate — 89.0 300.0 (389.0 ) — Restricted cash — — 18.2 — 18.2 Investment in Brazilian cokemaking operations — — 41.0 — 41.0 Properties, plants and equipment, net — 68.2 1,525.2 — 1,593.4 Goodwill — 3.4 67.7 — 71.1 Other intangibles assets, net — 2.9 187.3 — 190.2 Deferred charges and other assets 0.2 12.5 2.8 — 15.5 Investment in subsidiaries 522.1 649.3 — (1,171.4 ) — Total assets $ 533.3 $ 1,162.4 $ 2,430.4 $ (1,870.6 ) $ 2,255.5 Liabilities and Equity Advances from affiliate $ 105.2 $ — $ 145.7 $ (250.9 ) $ — Accounts payable — 10.4 89.5 — 99.9 Accrued liabilities 0.1 16.4 29.3 — 45.8 Current portion of long-term debt — — 1.1 — 1.1 Interest payable 1.5 — 17.4 — 18.9 Income taxes payable — 59.3 — (59.3 ) — Total current liabilities 106.8 86.1 283.0 (310.2 ) 165.7 Long term-debt 103.2 — 894.5 — 997.7 Payable to affiliate — 300.0 89.0 (389.0 ) — Accrual for black lung benefits — 12.6 32.1 — 44.7 Retirement benefit liabilities — 14.9 16.4 — 31.3 Deferred income taxes 32.3 362.4 (45.7 ) — 349.0 Asset retirement obligations — — 22.2 — 22.2 Other deferred credits and liabilities 1.1 7.0 14.0 — 22.1 Total liabilities 243.4 783.0 1,305.5 (699.2 ) 1,632.7 Equity Common stock, $0.01 par value. Authorized 300,000,000 0.7 — — — 0.7 Treasury Stock, 7,477,657 shares at December 31, 2015 (140.7 ) — — (140.7 ) Additional paid-in capital 486.1 62.0 664.7 (726.7 ) 486.1 Accumulated other comprehensive loss (19.8 ) (1.3 ) (18.5 ) 19.8 (19.8 ) Retained (deficit) earnings (36.4 ) 318.7 145.8 (464.5 ) (36.4 ) Total SunCoke Energy, Inc. stockholders’ equity 289.9 379.4 792.0 (1,171.4 ) 289.9 Noncontrolling interests — — 332.9 — 332.9 Total equity 289.9 379.4 1,124.9 (1,171.4 ) 622.8 Total liabilities and equity $ 533.3 $ 1,162.4 $ 2,430.4 $ (1,870.6 ) $ 2,255.5 SunCoke Energy, Inc. Condensed Consolidating Balance Sheet December 31, 2014 (Dollars in millions, except per share amounts) Issuer Guarantor Non- Combining Total Assets Cash and cash equivalents $ — $ 102.3 $ 36.7 $ — $ 139.0 Receivables 0.1 17.4 60.7 — 78.2 Inventories — 4.0 138.2 — 142.2 Income taxes receivable 28.0 — 14.1 (36.1 ) 6.0 Other current assets — 2.7 0.9 — 3.6 Advances to affiliate — 117.0 — (117.0 ) — Total current assets 28.1 243.4 250.6 (153.1 ) 369.0 Notes receivable from affiliate — 89.0 300.0 (389.0 ) — Restricted Cash — — 0.5 — 0.5 Investment in Brazilian cokemaking operations — — 41.0 — 41.0 Equity method investment in VISA SunCoke Limited — — 22.3 — 22.3 Properties, plants and equipment, net — 65.3 1,414.7 — 1,480.0 Goodwill — 3.4 8.2 — 11.6 Other intangible assets, net — 3.5 6.9 — 10.4 Deferred charges and other assets 0.2 9.9 14.8 — 24.9 Investment in subsidiaries 718.2 760.1 — (1,478.3 ) — Total assets $ 746.5 $ 1,174.6 $ 2,059.0 $ (2,020.4 ) $ 1,959.7 Liabilities and Equity Advances from affiliate $ 73.4 $ — $ 43.6 $ (117.0 ) $ — Accounts payable — 12.8 108.5 — 121.3 Accrued liabilities 0.1 17.6 53.6 — 71.3 Interest payable 7.6 — 12.3 — 19.9 Income taxes payable — 36.1 — (36.1 ) — Total current liabilities 81.1 66.5 218.0 (153.1 ) 212.5 Long-term debt 234.5 — 399.0 — 633.5 Payable to affiliate — 300.0 89.0 (389.0 ) — Accrual for black lung benefits — 9.9 30.2 — 40.1 Retirement benefit liabilities — 16.3 17.3 — 33.6 Deferred income taxes (2.6 ) 269.4 28.7 — 295.5 Asset retirement obligations — 0.1 22.1 — 22.2 Other deferred credits and liabilities 1.8 6.9 8.2 — 16.9 Total liabilities 314.8 669.1 812.5 (542.1 ) 1,254.3 Equity Common stock, $0.01 par value. Authorized 300,000,000 0.7 — — — 0.7 Treasury stock, 4,977,115 shares at December 31, 2014 (105.0 ) — — — (105.0 ) Additional paid-in capital 543.6 206.5 854.8 (1,061.3 ) 543.6 Accumulated other comprehensive income (21.5 ) (1.1 ) (20.4 ) 21.5 (21.5 ) Retained earnings 13.9 300.1 138.4 (438.5 ) 13.9 Total SunCoke Energy, Inc. stockholders’ equity 431.7 505.5 972.8 (1,478.3 ) 431.7 Noncontrolling interests — — 273.7 — 273.7 Total equity 431.7 505.5 1,246.5 (1,478.3 ) 705.4 Total liabilities and equity $ 746.5 $ 1,174.6 $ 2,059.0 $ (2,020.4 ) $ 1,959.7 SunCoke Energy, Inc. Condensed Consolidating Statement of Cash Flows Years Ended December 31, 2015 (Dollars in millions) Issuer Guarantor Non- Combining Total Cash Flows from Operating Activities: Net (loss) income $ (22.0 ) $ 18.6 $ 39.7 $ (26.0 ) $ 10.3 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Loss from equity method investment — — 21.6 — 21.6 Depreciation and amortization expense — 10.4 98.7 — 109.1 Deferred income tax (benefit) expense (20.7 ) 14.9 0.2 — (5.6 ) Settlement loss and payments in excess of expense for pension plan — — 13.1 — 13.1 Gain on curtailment and payments in excess of expense for postretirement plan benefits — (1.6 ) (6.4 ) — (8.0 ) Share-based compensation expense 7.2 — — — 7.2 Equity in loss (earnings) of subsidiaries 8.4 (34.4 ) — 26.0 — Loss on extinguishment of debt 1.2 — (0.7 ) — 0.5 Changes in working capital pertaining to continuing operating activities (net of acquisitions): Receivables 0.1 9.4 9.3 — 18.8 Inventories — (1.3 ) 24.5 — 23.2 Accounts payable — (3.2 ) (14.7 ) — (17.9 ) Accrued liabilities (0.2 ) (2.3 ) (26.2 ) — (28.7 ) Interest payable (6.1 ) — 5.1 — (1.0 ) Income taxes 17.1 23.2 (45.9 ) — (5.6 ) Accrual for black lung benefits — 3.8 2.2 6.0 Other (0.9 ) (2.3 ) 1.3 — (1.9 ) Net cash provided by operating activities (15.9 ) 35.2 121.8 — 141.1 Cash Flows from Investing Activities: Capital expenditures — (11.8 ) (64.0 ) — (75.8 ) Acquisition of businesses, net of cash acquired — — (191.7 ) — (191.7 ) Restricted Cash — — (17.7 ) — (17.7 ) Net cash used in investing activities — (11.8 ) (273.4 ) — (285.2 ) Cash Flows from Financing Activities: Proceeds from issuance of long-term debt — — 260.8 — 260.8 Repayment of long-term debt (16.8 ) — (231.3 ) — (248.1 ) Debt issuance costs (0.4 ) — (5.3 ) — (5.7 ) Proceeds from revolving facility 60.4 — 232.0 — 292.4 Repayment of revolving facility — — (50.0 ) — (50.0 ) Dividends paid (28.0 ) — — — (28.0 ) Cash distributions to noncontrolling interests — — (43.3 ) — (43.3 ) Shares repurchased (35.7 ) — — — (35.7 ) SunCoke Energy Partners, L.P. units repurchased — — (12.8 ) — (12.8 ) Proceeds from exercise of stock options, net of shares withheld for taxes (1.1 ) — — — (1.1 ) Net increase (decrease) in advances from affiliate 37.5 (55.1 ) 17.6 — — Net cash provided by (used in) financing activities 15.9 (55.1 ) 167.7 — 128.5 Net (decrease) increase in cash and cash equivalents — (31.7 ) 16.1 — (15.6 ) Cash and cash equivalents at beginning of year — 102.3 36.7 — 139.0 Cash and cash equivalents at end of year $ — $ 70.6 $ 52.8 $ — $ 123.4 SunCoke Energy, Inc. Condensed Consolidating Statement of Cash Flows Years Ended December 31, 2014 (Dollars in millions) Issuer Guarantor Non- Combining Total Cash Flows from Operating Activities: Net (loss) income $ (126.1 ) $ (58.9 ) $ (75.5 ) $ 158.7 $ (101.8 ) Adjustments to reconcile net income to net cash (used in) provided by operating activities: Asset and goodwill impairment — — 150.3 — 150.3 Loss from equity method investment — — 35.0 — 35.0 Depreciation and amortization expense — 8.4 97.9 — 106.3 Deferred income tax expense (benefit) 6.8 (7.9 ) (63.3 ) — (64.4 ) Payments in excess of expense for pension plan — — (7.5 ) — (7.5 ) Payments in excess of expense for postretirement plan benefits — — (0.6 ) — (0.6 ) Share-based compensation expense 9.8 — — — 9.8 Equity in loss (earnings) of subsidiaries 101.3 57.4 — (158.7 ) — Excess tax benefit from share-based awards (0.4 ) 0.1 — — (0.3 ) Loss on extinguishment of debt — — 15.4 — 15.4 Changes in working capital pertaining to operating activities (net of acquisitions): Receivables (0.1 ) 23.7 (10.3 ) — 13.3 Inventories — 2.3 (14.9 ) — (12.6 ) Accounts payable — 0.4 (33.4 ) — (33.0 ) Accrued liabilities (0.4 ) (4.7 ) (2.9 ) — (8.0 ) Interest payable (6.0 ) 7.3 0.4 — 1.7 Income taxes 12.3 (20.5 ) 9.2 — 1.0 Accrual for black lung benefits — 3.6 7.9 11.5 Other 6.0 (8.2 ) (1.6 ) — (3.8 ) Net cash provided by operating activities 3.2 3.0 106.1 — 112.3 Cash Flows from Investing Activities: Capital expenditures — (5.5 ) (119.7 ) — (125.2 ) Net cash used in investing activities — (5.5 ) (119.7 ) — (125.2 ) Cash Flows from Financing Activities: Proceeds from issuance of common units of SunCoke — — 90.5 — 90.5 Proceeds from issuance of long-term debt — — 268.1 — 268.1 Repayment of long-term debt — — (276.5 ) — (276.5 ) Debt issuance costs — — (5.8 ) — (5.8 ) Proceeds from revolving facility — — 40.0 — 40.0 Repayment of revolving facility — — (80.0 ) — (80.0 ) Dividends paid (3.8 ) — — — (3.8 ) Cash distributions to noncontrolling interests — — (32.3 ) — (32.3 ) Shares repurchased (85.1 ) — — — (85.1 ) Proceeds from exercise of stock options 2.9 — — — 2.9 Excess tax benefit from share-based awards 0.3 — — — 0.3 Net increase (decrease) in advances from affiliate 82.5 (79.6 ) (2.9 ) — — Net cash (used in) provided by financing activities (3.2 ) (79.6 ) 1.1 — (81.7 ) Net decrease in cash and cash equivalents — (82.1 ) (12.5 ) — (94.6 ) Cash and cash equivalents at beginning of year — 184.4 49.2 — 233.6 Cash and cash equivalents at end of year $ — $ 102.3 $ 36.7 $ — $ 139.0 SunCoke Energy, Inc. Condensed Consolidating Statement of Cash Flows December 31, 2013 (Dollars in millions) Issuer Guarantor Non- Combining Total Cash Flows from Operating Activities: Net income (loss) $ 25.0 $ 64.5 $ 101.1 $ (140.5 ) $ 50.1 Adjustments to reconcile net income to net cash (used in) provided by continuing operating activities: Loss from equity method investment — — 2.2 — 2.2 Depreciation and amortization expense — 7.5 88.5 — 96.0 Deferred income tax expense — 1.6 — — 1.6 Payments in excess of expense for pension plan — — (0.1 ) — (0.1 ) Gain on curtailment and payments (in excess) less than expense for postretirement plan benefits — — (5.3 ) — (5.3 ) Share-based compensation expense 7.6 — — — 7.6 Equity in (earnings) loss of subsidiaries (56.2 ) (84.3 ) — 140.5 — Changes in working capital pertaining to operating activities (net of acquisitions): Receivables — (24.1 ) 6.0 — (18.1 ) Inventories — 5.7 23.5 — 29.2 Accounts payable (0.5 ) (2.6 ) 23.1 — 20.0 Accrued liabilities (0.1 ) 3.8 (28.4 ) — (24.7 ) Interest payable (2.1 ) (7.3 ) 11.9 — 2.5 Income taxes (23.5 ) 41.5 (28.2 ) — (10.2 ) Accrual for black lung benefits — (3.5 ) 1.1 (2.4 ) Other 5.5 4.5 (7.1 ) — 2.9 Net cash (used in) provided by operating activities (44.3 ) 7.3 188.3 — 151.3 Cash Flows from Investing Activities: Capital expenditures — (7.9 ) (137.7 ) — (145.6 ) Acquisition of business — — (113.3 ) — (113.3 ) Equity method investment in VISA SunCoke Limited — — (67.7 ) (67.7 ) Net cash used in investing activities — (7.9 ) (318.7 ) — (326.6 ) Cash Flows from Financing Activities: Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs — — 237.8 — 237.8 Proceeds from issuance of long-term debt — — 150.0 — 150.0 Repayment of long-term debt — — (225.0 ) — (225.0 ) Debt issuance costs — — (6.9 ) — (6.9 ) Proceeds from revolving facility — — 40.0 — 40.0 Cash distributions to noncontrolling interests — — (17.8 ) — (17.8 ) Shares repurchased (10.9 ) — — — (10.9 ) Proceeds from exercise of stock options 2.5 — — — 2.5 Net increase (decrease) in advances from affiliate 52.7 (21.9 ) (30.8 ) — — Net cash provided by (used in) financing activities 44.3 (21.9 ) 147.3 — 169.7 Net (decrease) increase in cash and cash equivalents — (22.5 ) 16.9 — (5.6 ) Cash and cash equivalents at beginning of year — 206.9 32.3 — 239.2 Cash and cash equivalents at end of year $ — $ 184.4 $ 49.2 $ — $ 233.6 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 28. Subsequent Events During February 2016, the Partnership continued de-levering its balance sheet and redeemed $22.0 million of outstanding Partnership Notes for $12.7 million on the open market. Subsequent to December 31, 2015, the Company issued a $5.0 million letter of credit as collateral to one of its surety providers in connection with black lung and other financial guarantee obligations. Also, the Company issued an $18.0 million letter of credit as collateral to surety providers in connection with certain contractual obligations, including certain reclamation obligations primarily related to our coal mining operations. These letters of credit lower our borrowing availability under our credit facilities. |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual amounts could differ from these estimates. |
Reclassifications | Reclassifications Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current year presentation. |
Currency Translation | Currency Translation The functional currency of the Company’s Brazilian operations and India joint venture are the Brazilian real and Indian rupee, respectively. The Company’s foreign operations translate their assets and liabilities into U.S. dollars at the current exchange rates in effect at the end of the fiscal period. The gains or losses that result from this process are shown as cumulative translation adjustments within accumulated other comprehensive loss in the Consolidated Balance Sheets. The revenue and expense accounts of foreign operations are translated into U.S. dollars at the average exchange rates that prevailed during the period. Some transactions of the Company’s Brazilian operations and India joint venture are conducted in currencies different from their functional currency. Gains and losses from these foreign currency transactions are included in income as they occur. Our share of equity method losses in India resulting from foreign currency transactions was $0.6 million , $0.3 million and $1.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The gains from these foreign currency transactions from our Brazilian operations were $0.9 million , $0.4 million and $0.1 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Revenue Recognition | Revenue Recognition The Company sells metallurgical coal and coke as well as steam and electricity and also provides coal mixing and/or handling services to third-party customers. The Company also receives fees for operating the cokemaking plant in Brazil and for the licensing of its proprietary technology for use at this facility as well as reimbursement of substantially all of its operating costs. Revenues related to the sale of products are recognized when title passes, while service revenues are recognized when services are provided as defined by customer contracts. Licensing fees, which are determined on a per ton basis, are recognized when coke is produced in accordance with the contract terms. Title passage generally occurs when products are shipped or delivered in accordance with the terms of the respective sales agreements. Revenues are not recognized until sales prices are fixed or determinable and collectability is reasonably assured. Substantially all of the coke produced by the Company is sold pursuant to long-term contracts with its customers. The Company evaluates each of its contracts to determine whether the arrangement contains a lease under the applicable accounting standards. If the specific facts and circumstances indicate that it is remote that parties other than the contracted customer will take more than a minor amount of the coke that will be produced by the property, plant and equipment during the term of the coke supply agreement, and the price that the customer is paying for the coke is neither contractually fixed per unit nor equal to the current market price per unit at the time of delivery, then the long-term contract is deemed to contain a lease. The lease component of the price of coke represents the rental payment for the use of the property, plant and equipment, and all such payments are accounted for as contingent rentals as they are only earned by the Company when the coke is delivered and title passes to the customer. The total amount of revenue recognized by the Company for these contingent rentals represents less than 10 percent of combined sales and other operating revenues for each of the years ended December 31, 2015 , 2014 and 2013 . The Company receives payment for shortfall obligations on certain Coal Logistics take-or-pay contracts. The payments in excess of services performed are recorded as deferred revenue and are included in accrued liabilities on the Consolidated Balance Sheets. Deferred revenue on take-or-pay contracts is recognized into income when earned as determined by the terms of the contract. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with a remaining maturity of three months or less at the time of purchase to be cash equivalents. These cash equivalents consist principally of time deposits and money market investments. |
Inventories | Inventories Inventories are valued at the lower of cost or market. Cost is determined using the first-in, first-out method, except for the Company’s materials and supplies inventory, which are determined using the average-cost method. The Company utilizes the selling prices under its long-term coke supply contracts to record lower of cost or market inventory adjustments. |
Properties, Plants and Equipment | Properties, Plants and Equipment Plants and equipment are depreciated on a straight-line basis over their estimated useful lives. Coke and energy plant, machinery and equipment are depreciated over 25 to 30 years. Coal Logistics plant and equipment are depreciated over 15 to 35 years. All depreciation and amortization is excluded from cost of products sold and operating expenses and is presented separately on the Consolidated Statements of Operations. Gains and losses on the disposal or retirement of fixed assets are reflected in earnings when the assets are sold or retired. Amounts incurred that extend an asset’s useful life, increase its productivity or add production capacity are capitalized. The Company had capitalized interest costs related to its environmental remediation projects and capital expansion projects at CMT of $3.7 million in 2015 , and capitalized interest costs related to its environmental remediation projects of $3.2 million and $1.0 million in 2014 and 2013 , respectively. See Note 18 . Direct costs, such as outside labor, materials, internal payroll and benefits costs incurred during capital projects are capitalized; indirect costs are not capitalized. Normal repairs and maintenance costs are expensed as incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets and Equity Method Investment Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Such events and circumstances include, among other factors: operating losses; unused capacity; market value declines; changes in the expected physical life of an asset; technological developments resulting in obsolescence; changes in demand for our products or in end-use goods manufactured by others utilizing our products as raw materials; changes in our business plans or those of our major customers, suppliers or other business partners; changes in competition and competitive practices; uncertainties associated with the U.S. and world economies; changes in the expected level of capital, operating or environmental remediation project expenditures; and changes in governmental regulations or actions. A long-lived asset, or group of assets, is considered to be impaired when the undiscounted net cash flows expected to be generated by the asset are less than its carrying amount. Such estimated future cash flows are highly subjective and are based on numerous assumptions about future operations and market conditions. The impairment recognized is the amount by which the carrying amount exceeds the fair market value of the impaired asset, or group of assets. It is also difficult to precisely estimate fair market value because quoted market prices for our long-lived assets may not be readily available. Therefore, fair market value is generally based on the present values of estimated future cash flows using discount rates commensurate with the risks associated with the assets being reviewed for impairment. During 2014, we recorded total impairment charges related to the Coal Mining business of $150.3 million , including both long-lived asset and goodwill impairment charges on our coal mining assets previously held for sale, which were stated at fair value less costs to sell. Additionally, during 2015 and 2014 , we recorded other-than-temporary impairment charges on our investment in VISA SunCoke of $19.4 million and $30.5 million , respectively. These impairment charges were included in loss from equity method investment on the Consolidated Statement of Operations and brought our investment in VISA SunCoke to zero . See Note 5 , Note 6 and Note 24 . Cash flows at our Indiana Harbor facility were negative during 2015, driven by changes to our contracted reimbursement of operating and maintenance costs as well as volume shortfalls caused by operational inefficiencies. Based on these results and recent operational challenges, we performed an impairment test and concluded that our undiscounted cash flows were sufficient to recover our long-lived assets at Indiana Harbor. However, we continue to closely monitor our performance at Indiana Harbor, and if operational challenges continue or conditions deteriorate, our current conclusion as to recoverability of assets at that location could change. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill, which represents the excess of the purchase price over the fair value of net assets acquired, is tested for impairment as of October 1 of each year, or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit to below its carrying value. The Company had goodwill carrying amounts of $71.1 million and $11.6 million as of December 31, 2015 and 2014, respectively. The analysis of potential goodwill impairment employs a two-step process. The first step involves the estimation of fair value of our reporting units. If step one indicates that impairment of goodwill potentially exists, the second step is performed to measure the amount of impairment, if any. Goodwill impairment exists when the estimated implied fair value of goodwill is less than its carrying value. There were no impairments, other than those previously discussed, of goodwill or other intangible assets during the periods presented. See Note 12 and Note 24 . We have finite-lived intangible assets with net values of $190.2 million and $10.4 million as of December 31, 2015 and 2014, respectively. Intangible assets are primarily comprised of customer contracts, customer relationships and permits. Intangible assets are amortized over their useful lives in a manner that reflects the pattern in which the economic benefit of the intangible asset is consumed. Intangible assets are assessed for impairment when a triggering event occurs. No triggering events occurred during periods presented |
Investment in Brazilian Cokemaking Operations | Investment in Brazilian Cokemaking Operations SunCoke Energy’s investment in preferred shares of the company that owns the cokemaking facility in Vitória, Brazil, which SunCoke Energy operates under licensing and operating agreements, is accounted for at cost. Income received by SunCoke Energy from this investment, which is in the form of a dividend, is contingent upon achieving certain minimum production levels at the facility and payment is guaranteed by the parent company of the plant’s owner, which is a lessee of the facility. Accordingly, the Company recognizes income from this investment in other income on the Consolidated Statements of Operations when certain required production levels have been met and the amount is deemed collectible, typically in the fourth quarter. |
Income Taxes | Income Taxes Deferred tax asset and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are projected to be recovered or settled. The Company recognizes uncertain tax positions in its financial statements when minimum recognition threshold and measurement attributes are met in accordance with current accounting guidance. Unrecognized tax benefits and accruals for interest and penalties are included in other deferred credits and liabilities on the Consolidated Balance Sheets. The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties in income tax expense on the Consolidated Statements of Operations. |
Retirement Benefit Liabilities | Retirement Benefit Liabilities The postretirement benefit plans are unfunded and the accumulated postretirement benefit obligation is fully recognized on the Consolidated Balance Sheets. Actuarial gains (losses) and prior service (benefits) costs which have not yet been recognized in net income are recognized as a credit (charge) to accumulated other comprehensive loss. The credit (charge) to accumulated other comprehensive loss, which is reflected net of related tax effects, is subsequently recognized in net income when amortized as a component of postretirement benefit plans expense. In addition, the credit (charge) may also be recognized in net income as a result of a plan curtailment or settlement. |
Asset Retirement Obligations | Asset Retirement Obligations The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the asset and depreciated over its remaining estimated useful life. The Company’s asset retirement obligations primarily relate to costs associated with restoring land to its original state. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are included in cost of products sold and operating expenses on the Consolidated Statements of Operations. |
Share-based Compensation | Share-based Compensation We measure the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award. The total cost is reduced by estimated forfeitures over the awards’ vesting period, and the cost is recognized over the requisite service period. Forfeiture estimates are reviewed on an annual basis. |
Fair Value Measurements | Fair Value Measurements The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As required, the Company utilizes valuation techniques that maximize the use of observable inputs (levels 1 and 2) and minimize the use of unobservable inputs (level 3) within the fair value hierarchy included in current accounting guidance. The Company generally applies the “market approach” to determine fair value. This method uses pricing and other information generated by market transactions for identical or comparable assets and liabilities. Assets and liabilities are classified within the fair value hierarchy based on the lowest level (least observable) input that is significant to the measurement in its entirety. |
Recently Issued Pronouncements | Recently Issued Pronouncements In November 2015, Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. It is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption permitted. The Company early adopted this ASU retrospectively during the fourth quarter of 2015. See Note 9 . In September 2015, FASB issued ASU 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments." ASU 2015-16 eliminates the requirement to retrospectively account for adjustments made to provisional amounts recognized at the acquisition date. 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 third quarter of 2015. The Company does not expect this ASU to have a material effect on the Company's financial condition, results of operations, or cash flows. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which defers the effective date of ASU 2014-09 by one year. This ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period and permits early adoption on a limited basis. ASU 2014-09, “Revenue from Contracts with Customers,” requires an entity to recognize revenue upon transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The Company is currently reviewing the provisions of ASU 2014-09 but does not expect it to have a material effect on the Company's financial condition, results of operations, and cash flows. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." ASU 2015-11 requires an entity to measure inventory at the lower of cost and net realizable value, removing the consideration of current replacement cost. It is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, 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. In April 2015, the FASB issued 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 9. 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. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Fair value of the assets acquired and liabilities assumed at the acquisition date | The following table summarizes the consideration paid for Lake Terminal and the fair value of the assets acquired at the acquisition date: Consideration: (Dollars in millions) Cash $ 28.6 Recognized amounts of identifiable assets acquired and liabilities assumed: Plant, property and equipment 25.9 Inventory 2.7 Total consideration $ 28.6 The following table summarizes the consideration transferred to acquire CMT and the amounts of identified assets acquired and liabilities assumed based on the estimated fair value at the acquisition date: Consideration: (Dollars in millions) Cash $ 191.7 Partnership common units 75.0 Assumption of Raven Energy LLC term loan 114.9 Cash withheld to fund capital expenditures 21.5 Total consideration transferred $ 403.1 Recognized amounts of identifiable assets acquired and liabilities assumed: Receivables $ 5.9 Inventories 1.7 Other current assets 0.1 Properties, plants and equipment, net 145.1 Intangible assets 185.0 Accounts payable (0.6 ) Accrued liabilities (1) (7.2 ) Current portion of long-term debt (1.1 ) Long-term debt (113.8 ) Contingent consideration (7.9 ) Net recognized amounts of identifiable assets acquired $ 207.2 Goodwill 59.5 Total assets acquired, net of liabilities assumed $ 266.7 Plus: Debt assumed 114.9 Cash withheld to fund capital expenditures 21.5 Total consideration $ 403.1 (1) Payments in excess of services performed are recorded as deferred revenue and are excluded from sales and other operating income related to the timing of revenue recognition. Deferred revenue on take-or-pay contracts is recognized into income when earned as determined by the terms of the contract. CMT had deferred revenue of $6.5 million as of August 12, 2015. The following table summarizes the consideration paid for KRT and the fair value of assets acquired and liabilities assumed at the acquisition date: Consideration: (Dollars in millions) Cash $ 84.7 Recognized amounts of identifiable assets acquired and liabilities assumed: Current assets $ 5.2 Plant, property and equipment 67.2 Intangible assets 7.9 Current liabilities (3.7 ) Other long-term liabilities (0.1 ) Total identifiable net assets assumed $ 76.5 Goodwill 8.2 Total consideration $ 84.7 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The purchase price allocation to identifiable intangible assets, which are all amortizable, along with their respective weighted-average amortization periods at the acquisition date are as follows: Purchase Price allocation to identifiable intangible assets Weighted - Average Remaining Amortization Years (Dollars in millions) Customer contracts 7 $ 24.0 Customer relationships 17 22.0 Permits 27 $ 139.0 Total purchase price allocation to identifiable intangible assets $ 185.0 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma combined results of operations were prepared using historical financial information of CMT and assumes that the acquisition of CMT occurred on January 1, 2014: Years Ended December 31, 2015 2014 (Dollars in millions) Total revenues $ 1,395.4 $ 1,564.0 Net income (loss) 9.7 (81.1 ) Net loss attributable to SunCoke Energy, Inc. (22.3 ) (114.7 ) Loss attributable to SunCoke Energy, Inc. per common share: Basic $ (0.34 ) $ (1.67 ) Diluted $ (0.34 ) $ (1.67 ) |
Partnership Initial Public Of40
Partnership Initial Public Offering and Dropdown Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Changes in Company's Ownership Interest in Les than Wholly Owned Subsidiary | The table below summarizes the effects of the changes in the Company’s ownership interest in Haverhill, Middletown and Granite City on SunCoke’s equity . Years Ended December 31, 2015 2014 (Dollars in millions) Net loss attributable to SunCoke Energy, Inc. $ (22.0 ) $ (126.1 ) Decrease in SunCoke Energy, Inc. equity for the contribution of 75 percent interest in Granite City (6.5 ) — Decrease in SunCoke Energy, Inc. for the contribution of an additional 23 percent interest in Granite City (1.5 ) — Increase in SunCoke Energy, Inc. equity for the contribution of 33 percent interest in Haverhill and Middletown — 83.7 Change from net loss attributable to SunCoke Energy, Inc. and dropdown transactions $ (30.0 ) $ (42.4 ) |
Customer Concentrations (Tables
Customer Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor | The table below shows sales to the Company's significant customers for the years ended December 31, 2015, 2014 and 2013 (dollars in millions): Years ended December 31, 2015 2014 2013 Sales and other operating revenue Percent of Company sales and other operating revenue Sales and other operating revenue Percent of Company sales and other operating revenue Sales and other operating revenue Percent of Company sales and other operating revenue (Dollars in millions) ArcelorMittal (1) $ 662.3 49.0 % $ 771.9 51.8 % $ 826.7 50.6 % AK Steel (1) $ 395.4 29.3 % $ 402.4 27.0 % $ 489.7 30.0 % U.S. Steel (2) $ 212.7 15.7 % $ 249.2 16.7 % $ 276.6 16.9 % (1) Represents revenues recorded in our Domestic Coke segment. (2) Represents revenues recorded in our Domestic Coke and Coal Logistics segments. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
The components of income before income tax expense | The components of income (loss) before income tax (benefit) expense and loss from equity method investment are as follows: Years Ended December 31, 2015 2014 2013 (Dollars in millions) Domestic $ 8.6 $ (137.0 ) $ 46.5 Foreign 14.5 11.4 12.5 Total $ 23.1 $ (125.6 ) $ 59.0 |
Components of income tax expense | The components of income tax (benefit) expense are as follows: Years Ended December 31, 2015 2014 2013 (Dollars in millions) Income taxes currently (receivable) payable: U.S. federal $ (3.1 ) $ 3.6 $ 2.3 State (3.3 ) (1.0 ) 0.1 Foreign 3.2 3.0 2.7 Total taxes currently (receivable) payable (3.2 ) 5.6 5.1 Deferred tax (benefit) expense: U.S. federal (12.7 ) (58.1 ) (6.3 ) State 7.1 (6.3 ) 7.9 Total deferred tax (benefit) expense (5.6 ) (64.4 ) 1.6 Total $ (8.8 ) $ (58.8 ) $ 6.7 |
Reconciliation of income tax expense | The reconciliation of the income tax (benefit) expense at the U.S. statutory rate to the income tax (benefit) expense is as follows: Years Ended December 31, 2015 2014 2013 (Dollars in millions) Income tax (benefit) expense at 35 percent U.S. statutory rate $ 8.0 35.0 % $ (43.9 ) 35.0 % $ 20.7 35.0 % Increase (reduction) in income taxes resulting from: Income attributable to noncontrolling interests (1) (11.2 ) (48.3 )% (8.7 ) 6.9 % (8.8 ) (14.9 )% Nonconventional fuel credit — — % — — % (9.5 ) (16.0 )% State and other income taxes, net of federal income tax effects 1.8 7.7 % (5.6 ) 4.5 % 3.2 5.4 % Return-to-provision adjustments — — % — — % (1.7 ) (2.9 )% Change in valuation allowance (2) (8.8 ) (38.0 )% 11.2 (9.1 )% 2.0 3.4 % Impact of tax sharing agreement — — % (0.7 ) 0.6 % 0.7 1.2 % Investment in subsidiary (2) 1.0 4.4 % (11.9 ) 9.5 % — — % Coal impairment — — % 2.4 (1.9 )% — — % Prior year adjustment — — % (1.1 ) 0.9 % — — % Other 0.4 1.2 % (0.5 ) 0.4 % 0.1 0.2 % $ (8.8 ) (38.0 )% $ (58.8 ) 46.8 % $ 6.7 11.4 % (1) No income tax expense is reflected in the Consolidated Statements of Operations for partnership income attributable to noncontrolling interests. (2) On December 22, 2014 , SunCoke executed a definitive agreement to sell 100 percent of its interest in the entities that made up the Harold Keene Coal Companies. This required SunCoke to record a deferred tax asset of $11.9 million related to the outside basis difference on the Harold Keene investment. This deferred tax asset was offset by a $9.8 million valuation allowance. SunCoke canceled the definitive agreement during the third quarter of 2015. Due to the cancellation of the agreement, the deferred tax asset and the valuation allowance recorded during 2014 were reversed during 2015. |
Tax effects of temporary differences that comprise the net deferred income tax liability | The tax effects of temporary differences that comprise the net deferred income tax liability from operations are as follows: December 31, 2015 2014 (Dollars in millions) Deferred tax assets: Retirement benefit liabilities $ 13.4 $ 14.6 Black lung benefit liabilities 19.4 16.8 Share-based compensation 8.4 6.9 Federal tax credit carryforward (1) 23.0 19.8 Foreign tax credit carryforward (2) 8.9 — Federal net operating loss (3) 8.2 — State tax credit carryforward, net of federal income tax effects (4) 6.4 9.2 State net operating loss carryforward, net of federal income tax effects (5) 7.4 5.4 Other liabilities not yet deductible 12.0 19.4 Properties, plants and equipment 12.0 — Investment in subsidiaries — 11.8 Total deferred tax assets 119.1 103.9 Less valuation allowance (6) (5.8 ) (14.7 ) Deferred tax asset, net 113.3 89.2 Deferred tax liabilities: Properties, plants and equipment — (85.0 ) Investment in partnerships (462.3 ) (299.7 ) Total deferred tax liabilities (462.3 ) (384.7 ) Net deferred tax liability $ (349.0 ) $ (295.5 ) (1) Federal tax credit carryforward expires in 2032 through 2033. (2) Foreign tax credit carryforward expires in 2022 through 2025. (3) Federal net operating loss expires in 2035. (4) State tax credit carryforward, net of federal income tax effects expires in 2016 through 2020. (5) State net operating loss carryforward, net of federal income tax effects expires in 2017 through 2035. (6) Primarily related to state tax credit carryforward and state net operating loss carryforward. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Components of inventories | These components of inventories were as follows: December 31, 2015 2014 (Dollars in millions) Coal $ 76.8 $ 100.9 Coke 8.8 6.9 Materials, supplies and other 36.5 34.4 Total inventories $ 122.1 $ 142.2 |
Properties, Plants and Equipmen
Properties, Plants and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Components of net properties, plants and equipment | The components of net properties, plants and equipment were as follows: December 31, (1) 2015 2014 (Dollars in millions) Coke and energy plant, machinery and equipment $ 1,715.3 $ 1,676.3 Coal logistics plant, machinery and equipment 159.4 83.6 Land and land improvements 136.6 92.1 Mining (2) 148.4 151.5 Construction-in-progress (3) 106.1 65.6 Other 30.8 30.2 Gross investment, at cost 2,296.6 2,099.3 Less: Accumulated depreciation (2) (703.2 ) (619.3 ) Total properties, plants and equipment, net $ 1,593.4 $ 1,480.0 (1) Includes assets, consisting mainly of coke and energy plant, machinery and equipment, with a gross investment totaling $1,278.3 million and $1,155.1 million and accumulated depreciation of $371.7 million and $262.4 million at December 31, 2015 and December 31, 2014 , respectively, which are subject to long-term contracts to sell coke and are deemed to contain operating leases. (2) The net book value of our coal mining assets was $13.1 million and $22.8 million at December 31, 2015 and December 31, 2014 , respectively. (3) The December 31, 2015 balance includes CMT construction-in-progress of $37.3 million . This expansion capital project at CMT was pre-funded in conjunction with the acquisition. |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill allocated to SunCoke's reportable segments as of December 31, 2015 and 2014 and changes in the carrying amount of goodwill during the fiscal years ended December 31, 2015 and 2014 are as follows: Domestic Coke Coal Mining Coal Logistics Total (Dollars in millions) Net balance at December 31, 2013 $ 3.4 $ 6.0 $ 8.2 $ 17.6 Impairment loss (1) — (6.0 ) — (6.0 ) Net balance at December 31, 2014 $ 3.4 $ — $ 8.2 $ 11.6 Goodwill acquired during the period (2) — — 59.5 59.5 Net balance at December 31, 2015 $ 3.4 $ — $ 67.7 $ 71.1 (1) As a result of the weakening coal market and the long-lived asset impairment relating to our Coal Mining segment, the Company performed a goodwill impairment analysis as of June 30, 2014 for the Coal Mining reporting unit. This analysis concluded that the fair value of the reporting unit, based on a discounted cash flows analysis, was less than the carrying amount. As a result, the Company recorded a $6.0 million pre-tax impairment of the entire goodwill balance. See Note 24 . (2) The Company acquired CMT during 2015 for total consideration of $403.1 million , of which $59.5 million was allocated to goodwill, representing the value of additional capacity and potential for future additional throughput. See Note 3 . |
Schedule of Finite-Lived Intangible Assets | The following table summarized the components of gross and net intangible asset balances as of December 31, 2015 and December 31, 2014 : December 31, 2015 December 31, 2014 Weighted - Average Remaining Amortization Years Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (Dollars in millions) Customer contracts 6 $ 31.7 $ 6.1 $ 25.6 $ 7.7 $ 4.2 $ 3.5 Customer relationships 14 28.7 1.8 26.9 6.7 0.7 6.0 Permits 27 139.0 1.9 137.1 — — — Trade name 3 1.2 0.6 0.6 1.2 0.3 0.9 Total $ 200.6 $ 10.4 $ 190.2 $ 15.6 $ 5.2 $ 10.4 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Based on the carrying value of finite-lived intangible assets as of December 31, 2015 , we estimate amortization expense for each of the next five years as follows: (Dollars in millions) 2016 $ 11.1 2017 11.1 2018 11.1 2019 10.9 2020 10.7 2021-Thereafter 135.3 Total $ 190.2 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation [Abstract] | |
Reconciliation of changes in the asset retirement obligation | The following table provides a reconciliation of changes in the asset retirement obligation from operations during each period: (Dollars in millions) Balance at January 1, 2014 $ 17.9 Liabilities incurred 2.6 Liabilities settled (0.6 ) Accretion expense (1) 1.4 Revisions in estimated cash flows 0.9 Balance at December 31, 2014 $ 22.2 Liabilities settled (2.1 ) Accretion expense (1) 1.4 Revisions in estimated cash flows 0.7 Balance at December 31, 2015 $ 22.2 (1) Included in cost of products sold and operating expenses on the Consolidated Statements of Operations. |
Retirement Benefits Plans (Tabl
Retirement Benefits Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Defined benefit plan expense (benefit) | Defined benefit plan expense (benefit) consisted of the following components: Years Ended December 31, 2015 2014 2013 (Dollars in millions) Interest cost on benefit obligations $ 0.7 $ 1.5 $ 1.3 Expected return on plan assets (0.7 ) (1.8 ) (2.4 ) Settlement loss 12.6 — — Amortization of: Actuarial losses 0.5 0.5 1.0 Total expense (benefit) $ 13.1 $ 0.2 $ (0.1 ) |
Postretirement benefit plans (benefit) expense | Postretirement benefit plans benefit consisted of the following components: Years Ended December 31, 2015 2014 2013 (Dollars in millions) Service cost $ — $ 0.2 $ 0.3 Interest cost on benefit obligations 1.3 1.5 1.4 Amortization of: Actuarial losses 0.8 0.9 1.5 Prior service benefit (1.2 ) (5.6 ) (5.7 ) Curtailment gain (4.1 ) (2.5 ) — Total benefit $ (3.2 ) $ (5.5 ) $ (2.5 ) |
Defined benefit plan and postretirement benefit plans expense (benefit) | The following assumptions were used to determine defined benefit plan and postretirement benefit plans expense (benefit): Defined Benefit Plan Postretirement Benefit Plans 2015 2014 2013 2015 2014 2013 Discount Rate — % 4.55 % 3.65 % 3.45 % 4.15 % 3.30 % Long-term expected rate of return on plan assets — % 4.90 % 7.10 % — % — % — % |
Recognized components of other comprehensive income (loss) | The following amounts were recognized as components of other comprehensive (loss) income for the years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, Defined Benefit Plan Postretirement Benefit Plans 2015 2014 2013 2015 2014 2013 (Dollars in millions) Reclassifications to earnings of: Actuarial loss amortization $ 0.5 $ 0.5 $ 1.0 $ 0.8 $ 0.9 $ 1.5 Prior service benefit amortization — — — (1.2 ) (5.6 ) (5.7 ) Curtailment gain — — — (4.1 ) (2.5 ) — Settlement loss 12.6 — — — — — Retirement benefit plan funded status adjustments: Actuarial gains (losses) 0.9 (3.9 ) 5.6 (1.4 ) 0.2 3.9 Prior service cost — (0.5 ) — — — — $ 14.0 $ (3.9 ) $ 6.6 $ (5.9 ) $ (7.0 ) $ (0.3 ) |
Components of changes in benefit obligations and fair value of plan assets | The following tables set forth the components of the changes in benefit obligations and fair value of plan assets during 2015 and 2014 , as well as the funded status at December 31, 2015 and 2014 : Years Ended December 31, Defined Postretirement 2015 2014 2015 2014 (Dollars in millions) Benefit obligations at beginning of year (1) $ 39.9 $ 32.9 $ 37.1 $ 38.4 Service cost — — — 0.2 Interest cost 0.7 1.5 1.3 1.5 Actuarial (gains) losses (2.5 ) 7.2 1.4 1.2 Plan amendments (2) — 0.5 — — Curtailments — — — (1.4 ) Benefits paid (1.5 ) (2.2 ) (5.0 ) (2.8 ) Settlement of obligation (36.6 ) — — — Benefit obligations at end of year (1) $ — $ 39.9 $ 34.8 $ 37.1 Fair value of plan assets at beginning of year $ 39.8 $ 36.9 Actual (loss) income on plan assets (1.0 ) 5.1 Benefits paid from plan assets (1.5 ) (2.2 ) Settlement of obligation (36.6 ) — Transfer to defined contribution plan (0.7 ) — Fair value of plan assets at end of year $ — $ 39.8 Net liability at end of year (3) $ — $ (0.1 ) $ (34.8 ) $ (37.1 ) (1) Represents both the accumulated benefit obligation and the projected benefit obligation for the defined benefit plan and the accumulated postretirement benefit obligations for the postretirement benefit plans. (2) The pension plan was terminated, effective May 30, 2014. As part of the plan termination process, all partially vested terminated participants were fully vested, and as a result, their accrued benefit increased $0.5 million . The amount is treated as a new prior service cost base which will be amortized over the plan's average future service. (3) Represents retirement benefit assets (liabilities), including current portion, on the Consolidated Balance Sheets. The current portion of retirement liabilities, which totaled $3.5 million and $3.7 million at December 31, 2015 and 2014 , respectively, is classified in accrued liabilities on the Consolidated Balance Sheets. |
Cumulative amounts not recognized | The following table sets forth the cumulative amounts not yet recognized in net income (loss) at December 31, 2015 and 2014 : Defined Postretirement 2015 2014 2015 2014 (Dollars in millions) Cumulative amounts not yet recognized in net income (loss): Actuarial losses $ — $ 13.5 $ 10.6 $ 10.0 Prior service costs (benefits) — 0.5 (3.1 ) (8.4 ) Accumulated other comprehensive loss (before related tax benefit) $ — $ 14.0 $ 7.5 $ 1.6 |
Schedule of Defined Benefit Plans Disclosures | The following table sets forth the plan assets in the funded defined benefit plan measured at fair value, by input level, at December 31, 2015 and 2014 : Quoted Prices in Active Markets for 2015 2014 (Dollars in millions) Mutual funds: Fixed income securities $ — $ 39.4 Cash and cash equivalents — 0.4 Total $ — $ 39.8 |
Expected benefit payments | The expected benefit payments through 2024 for the postretirement benefit plan are as follows: Postretirement (Dollars in millions) Year ending December 31: 2016 $ 3.5 2017 3.4 2018 3.2 2019 3.0 2020 2.9 2021 through 2024 11.7 |
Discount rates used to determine benefit obligations for the plans | The following discount rates were used at December 31, 2015 and 2014 , respectively, to determine the benefit for the plans (in percentages): Defined Postretirement 2015 2014 2015 2014 Discount rate — % 3.75 % 3.80 % 3.45 % |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Accrued liabilities | Accrued liabilities consist of following: December 31, 2015 2014 (Dollars in millions) Accrued benefits $ 20.3 $ 27.4 Other taxes payable 8.4 11.7 Accrued severance 4.7 13.0 Deferred revenue 2.1 — Current portion of black lung liability 5.2 3.8 Other 5.1 15.4 Total accrued liabilities $ 45.8 $ 71.3 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Total debt consisted of the following: December 31, 2015 2014 (Dollars in millions) 7.625 percent senior notes, due 2019 (“Notes”) $ 44.6 $ 240.0 SunCoke's revolving credit facility, due 2018 ("Revolving Facility") 60.4 — 7.375 percent senior notes, due 2020 ("Partnership Notes") 552.5 400.0 Partnership's promissory note payable, due 2021 ("Promissory Note") 114.3 — Partnership's revolving credit facility, due 2019 ("Partnership Revolver") 182.0 — Partnership's Term Loan, due 2019 ("Partnership Term Loan") 50.0 — Total Borrowings $ 1,003.8 $ 640.0 Original issue premium 12.1 11.5 Debt issuance costs (17.1 ) (18.0 ) Total debt 998.8 633.5 Less: current portion of long-term debt 1.1 — Total long-term debt $ 997.7 $ 633.5 |
Schedule of Maturities of Long-term Debt | As of December 31, 2015 , the combined aggregate amount of maturities for long-term borrowings for each of the next five years is as follows: (Dollars in Millions) 2016 $ 1.1 2017 2.4 2018 71.0 2019 280.3 2020 562.5 2021-Thereafter 86.5 Total $ 1,003.8 |
Commitments And Contingent Li50
Commitments And Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Aggregate amount of future minimum annual rentals applicable to noncancelable operating leases and related subleases | The aggregate amount of future minimum annual rental payments applicable to noncancelable operating leases is as follows: Minimum (Dollars in millions) Year ending December 31: 2016 $ 4.0 2017 2.5 2018 1.8 2019 1.4 2020 1.1 2021-Thereafter 2.0 Total $ 12.8 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Aggregate restructuring charges | The following table presents aggregate corporate restructuring charges: Employee- Contract Terminations Total (Dollars in millions) Year ended December 31, 2013 $ 0.1 $ 1.2 $ 1.3 Year ended December 31, 2014 1.4 0.7 2.1 Year ended December 31, 2015 4.1 — 4.1 Charges recorded through December 31, 2015 $ 5.6 $ 1.9 $ 7.5 The following table presents aggregate Coal Mining operations restructuring charges: Employee- Contract Terminations Total (Dollars in millions) Year Ended December 31, 2014 $ 12.5 $ 6.0 $ 18.5 Year Ended December 31, 2015 (2.3 ) — (2.3 ) Charges recorded through December 31, 2015 $ 10.2 $ 6.0 $ 16.2 The following table presents accrued restructuring and related activity for Coal Mining operations as of and for the years ended December 31, 2015 , 2014 and 2013 : Employee- Contract Total (Dollars in millions) Balance at December 31, 2013 $ — $ — $ — Charges 12.5 6.0 18.5 Cash payments — (6.0 ) (6.0 ) Balance at December 31, 2014 $ 12.5 $ — $ 12.5 Changes in estimates (2.3 ) — (2.3 ) Cash payments (9.4 ) — (9.4 ) Balance at December 31, 2015 $ 0.8 $ — $ 0.8 The following table presents accrued corporate restructuring and related activity as of and for the years ended December 31, 2015 and 2014 : Employee- Contract Total (Dollars in millions) Balance at December 31, 2013 $ 0.1 $ 1.7 $ 1.8 Charges 1.4 0.7 2.1 Cash payments (1.0 ) (1.0 ) (2.0 ) Balance at December 31, 2014 $ 0.5 $ 1.4 $ 1.9 Charges 4.1 — 4.1 Cash payments (0.7 ) (1.4 ) (2.1 ) Balance at December 31, 2015 $ 3.9 $ — $ 3.9 |
Accumulated Other Comprehensi52
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Components of accumulated other comprehensive (loss) income | The following tables set forth the changes in the balance of accumulated other comprehensive loss, net of tax, by component: Benefit Plans Currency Translation Adjustments Total (Dollars in millions) At December 31, 2013 $ (2.8 ) $ (11.3 ) $ (14.1 ) Other comprehensive loss before reclassifications — (0.8 ) (0.8 ) Amounts reclassified from accumulated other comprehensive income (4.0 ) — (4.0 ) Retirement benefit plans funded status adjustment (2.6 ) — (2.6 ) Net current period other comprehensive loss (6.6 ) (0.8 ) (7.4 ) At December 31, 2014 $ (9.4 ) $ (12.1 ) $ (21.5 ) Other comprehensive loss before reclassifications — (3.1 ) (3.1 ) Amounts reclassified from accumulated other comprehensive 5.2 — 5.2 Retirement benefit plans funded status adjustment (0.4 ) — (0.4 ) Net current period other comprehensive loss 4.8 (3.1 ) 1.7 At December 31, 2015 $ (4.6 ) $ (15.2 ) $ (19.8 ) |
Impact of Net Income on Reclassification Adjustments | The impact on net income of reclassification adjustments from accumulated other comprehensive (income) loss were as follows: December 31, 2015 2014 2013 (Dollars in millions) Amortization of benefit plans to net income: Actuarial loss (1.3 ) (1.4 ) (2.5 ) Prior service benefit 1.2 5.6 5.7 Curtailment gain 4.1 2.5 — Settlement loss (12.6 ) — — Total before taxes (8.6 ) 6.7 3.2 Income tax cost (benefit) 3.4 (2.7 ) (1.3 ) Total, net of tax $ (5.2 ) $ 4.0 $ 1.9 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Weighted-average assumptions | The weighted-average fair value of employee stock options granted during the years ended December 31, 2015 , 2014 and 2013 was $4.87 , $7.86 and $6.00 , respectively, using the following weighted-average assumptions: Years Ended December 31, 2015 2014 2013 Risk free interest rate 1.66 % 1.57 % 0.93 % Expected term 5 years 5 years 5 years Volatility 36 % 38 % 44 % Dividend yield 1.64 % — % — % |
Summary of information with respect to common stock option awards | The following table summarizes information with respect to common stock option awards outstanding as of December 31, 2015 and stock option activity during the fiscal year then ended: Number of Weighted Weighted Average Remaining Contractual Term (years) Aggregate Outstanding at December 31, 2014 2,403,850 $ 17.34 7.3 $ 5.9 Granted 593,976 $ 16.33 Exercised (27,021 ) $ 16.32 Forfeited (268,200 ) $ 18.92 Outstanding at December 31, 2015 2,702,605 $ 17.07 6.8 $ — Exercisable at December 31, 2015 2,032,116 $ 16.70 6.3 $ — Expected to vest at December 31, 2015 651,416 $ 18.20 8.5 $ — |
Summary of information with respect to RSUs | The following table summarizes information with respect to RSUs outstanding as of December 31, 2015 and RSU activity during the fiscal year then ended: Number of Weighted Nonvested at December 31, 2014 479,673 $ 18.77 Granted 297,514 $ 14.51 Vested (248,255 ) $ 18.00 Forfeited (44,808 ) $ 19.43 Nonvested at December 31, 2015 484,124 $ 16.48 |
Summary of information with respect to PSUs | The following table summarizes information with respect to unearned PSUs outstanding as of December 31, 2015 and PSU activity during the fiscal year then ended: Number of Weighted Nonvested at December 31, 2014 161,438 $ 22.63 Granted 134,271 $ 17.58 Vested — $ — Forfeited (41,057 ) $ 18.71 Nonvested at December 31, 2015 254,652 $ 20.14 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 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: Years Ended December 31, 2015 2014 2013 (Shares in millions) Weighted-average number of common shares outstanding-basic 65.0 68.8 69.9 Add: effect of dilutive share-based compensation awards — — 0.3 Weighted-average number of shares-diluted 65.0 68.8 70.2 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table shows stock options, restricted stock units, and performance stock units that are excluded from the computation of diluted earnings per share as the shares would have been anti-dilutive: Years Ended December 31, 2015 2014 2013 (Shares in millions) Stock options 2.9 2.7 0.2 Restricted stock units 0.5 0.5 — Performance stock units — 0.1 — Total 3.4 3.3 0.2 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business segment information | The following table includes Adjusted EBITDA, which is the measure of segment profit or loss and liquidity reported to the chief operating decision maker for purposes of allocating resources to the segments and assessing their performance: Years Ended December 31, 2015 2014 2013 (Dollars in millions) Sales and other operating revenue: Domestic Coke $ 1,243.6 $ 1,388.3 $ 1,528.7 Brazil Coke 34.0 37.0 35.4 Coal Logistics 60.8 36.2 8.1 Coal Logistics intersegment sales 20.4 18.8 5.5 Coal Mining 12.9 29.2 61.3 Coal Mining intersegment sales 101.0 136.0 136.7 Elimination of intersegment sales (121.4 ) (154.8 ) (142.2 ) Total sales and other operating revenue $ 1,351.3 $ 1,490.7 $ 1,633.5 Adjusted EBITDA: Adjusted EBITDA Domestic Coke $ 210.1 $ 247.9 $ 243.2 Brazil Coke 22.4 18.9 16.1 India Coke (1.9 ) (3.1 ) 0.9 Coal Logistics 38.4 14.3 4.7 Coal Mining (18.9 ) (16.0 ) (15.1 ) Corporate and Other, including legacy costs, net (1) (64.3 ) (51.3 ) (34.7 ) Adjusted EBITDA $ 185.8 $ 210.7 $ 215.1 Depreciation and amortization expense: Domestic Coke (2) $ 81.6 $ 81.3 $ 68.1 Brazil Coke 0.6 0.5 0.4 Coal Logistics 14.0 7.6 1.8 Coal Mining (3) 10.1 13.9 23.2 Corporate and Other 2.8 3.0 2.5 Total depreciation and amortization expense $ 109.1 $ 106.3 $ 96.0 Capital expenditures: Domestic Coke $ 67.6 $ 109.2 $ 121.2 Brazil Coke — 0.9 0.8 Coal Logistics 6.0 2.9 0.2 Coal Mining 1.7 8.8 20.1 Corporate and Other 0.5 3.4 3.3 Total capital expenditures $ 75.8 $ 125.2 $ 145.6 (1) Legacy costs, net include costs associated with former mining employee-related liabilities prior to the implementation of our current contractor mining business, net of certain royalty revenues. See details of these legacy items below. Years Ended December 31, 2015 2014 2013 (Dollars in millions) Black lung (expense) benefit $ (9.8 ) $ (14.3 ) $ 0.3 Postretirement benefit plan benefit 3.6 3.7 1.0 Defined benefit plan (expense) benefit (13.1 ) (0.2 ) 0.1 Workers compensation expense (2.3 ) (4.6 ) (2.0 ) Other (0.4 ) 0.7 0.6 Total legacy costs, net $ (22.0 ) $ (14.7 ) $ — (2) We revised the estimated useful lives at our domestic cokemaking facilities, resulting in additional depreciation of $10.2 million , $15.6 million and $9.5 million , or $0.16 , $0.23 and $0.14 per common share from operations, during 2015 , 2014 and 2013 , respectively. (3) We revised the estimated useful lives of certain coal preparation plant assets in our Coal Mining segment, which resulted in additional depreciation of $4.9 million and $1.0 million , or $0.08 and $0.01 per common share, during 2015 and 2014 , respectively. Years Ended December 31, 2015 2014 (Dollars in millions) Segment assets Domestic Coke $ 1,534.2 $ 1,577.9 Brazil Coke 58.8 61.6 India Coke — 22.5 Coal Logistics 532.0 114.4 Coal Mining 20.5 45.9 Corporate and Other 98.4 131.4 Segment assets, excluding tax assets 2,243.9 1,953.7 Tax assets 11.6 6.0 Total Assets $ 2,255.5 $ 1,959.7 The following table sets forth the Company’s total sales and other operating revenue by product or service: Years Ended December 31, 2015 2014 2013 (Dollars in millions) Sales and other operating revenue: Coke sales $ 1,182.0 $ 1,323.1 $ 1,462.9 Steam and electricity sales 61.5 65.7 65.6 Operating and licensing fees 34.0 37.0 35.4 Coal logistics 58.8 33.9 7.2 Metallurgical coal sales 11.0 24.0 61.0 Other 4.0 7.0 1.4 Sales and other operating revenue $ 1,351.3 $ 1,490.7 $ 1,633.5 |
Reconciliation of Adjusted EBITDA (unaudited) to net income | Below is a reconciliation of Adjusted EBITDA to net income and net cash provided by operating activities, which are its most directly comparable financial measures calculated and presented in accordance with GAAP: Years Ended December 31, 2015 2014 2013 (Dollars in millions) Adjusted EBITDA attributable to SunCoke Energy, Inc. $ 104.6 $ 150.0 $ 173.9 Add: Adjusted EBITDA attributable to noncontrolling interest (1) 81.2 60.7 41.2 Adjusted EBITDA $ 185.8 $ 210.7 $ 215.1 Subtract: Adjustment to unconsolidated affiliate earnings (2) $ 20.8 $ 33.5 $ 3.2 Coal rationalization costs (3) 0.6 18.5 — Depreciation and amortization expense 109.1 106.3 96.0 Interest expense, net 56.7 63.2 52.3 Income tax (benefit) expense (8.8 ) (58.8 ) 6.7 Sales discount provided to customers due to sharing of (4) — (0.5 ) 6.8 Asset and goodwill impairment — 150.3 — Coal Logistics deferred revenue (5) (2.9 ) — — Net income (loss) $ 10.3 $ (101.8 ) $ 50.1 Add: Asset and goodwill impairment $ — $ 150.3 $ — Depreciation and amortization expense 109.1 106.3 96.0 Deferred income tax (benefit) expense (5.6 ) (64.4 ) 1.6 Loss on extinguishment of debt 0.5 15.4 — Changes in working capital and other 26.8 6.5 3.6 Net cash provided by operating activities $ 141.1 $ 112.3 $ 151.3 (1) Reflects non-controlling interest in Indiana Harbor and the portion of the Partnership owned by public unitholders. (2) Reflects share of interest, taxes, depreciation and amortization related to VISA SunCoke. The years ended December 31, 2015 and 2014 also reflect impairments of our investment in VISA SunCoke of $19.4 million and $30.5 million , respectively. (3) Coal rationalization costs include employee severance, contract termination costs and other costs to idle mines incurred during the execution of our coal rationalization plan. (4) 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 . The gain was recorded in sales and other operating revenue on our Combined and Consolidated Statement of Operations. (5) Coal Logistics deferred revenue adjusts for differences between the timing of recognition of take-or-pay shortfalls into revenue for GAAP purposes versus the timing of payments from our customers. This adjustment aligns Adjusted EBITDA more closely with cash flow. |
Selected Quarterly Data (unau56
Selected Quarterly Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | 2015 2014 First Second Third Fourth First Second Third Fourth (Dollars in millions) Sales and other operating revenue $ 323.9 $ 347.6 $ 336.2 $ 343.6 $ 358.0 $ 371.7 $ 376.2 $ 384.8 Gross profit (1) $ 38.0 $ 25.2 $ 44.3 $ 36.3 $ 25.0 $ 53.1 $ 60.7 $ 32.7 Net income (loss) (2) $ 0.4 $ (6.5 ) $ (16.5 ) $ 32.9 $ (3.8 ) $ (48.6 ) $ 6.4 $ (55.8 ) Less: Net income attributable to noncontrolling interests $ 4.4 $ 7.0 $ 7.0 $ 13.9 $ 4.0 $ 0.6 $ 10.0 $ 9.7 Net (loss) income attributable to SunCoke Energy, Inc. $ (4.0 ) $ (13.5 ) $ (23.5 ) $ 19.0 $ (7.8 ) $ (49.2 ) $ (3.6 ) $ (65.5 ) (Loss) earnings attributable to SunCoke Energy, Inc. per common share: Basic $ (0.06 ) $ (0.21 ) $ (0.36 ) $ 0.30 $ (0.11 ) $ (0.71 ) $ (0.05 ) $ (0.98 ) Diluted $ (0.06 ) $ (0.21 ) $ (0.36 ) $ 0.30 $ (0.11 ) $ (0.71 ) $ (0.05 ) $ (0.98 ) Cash dividends declared per share $ 0.0585 $ 0.0750 $ 0.1500 $ 0.1500 $ — $ — $ — $ 0.0585 (1) Gross profit equals sales and other operating revenue less cost of products sold and operating expenses and depreciation and amortization. (2) Net income in the second, third and fourth quarter of 2014 was unfavorably impacted by impairment charges relating to our Coal Mining business of $103.1 million , $16.4 million and $30.8 million , respectively. The pension settlement unfavorably impacted net income in the second quarter of 2015, when the Company recorded a net settlement loss of $12.6 million . Additionally, net income was unfavorably impacted by non-cash impairment charges on our investment in VISA SunCoke, our Indian cokemaking joint venture, recorded in the third quarter of 2015 and the fourth quarter of 2014 of $19.4 million and $30.5 million , respectively. |
Supplemental Condensed Consol57
Supplemental Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Condensed Consolidating Statement of Income | SunCoke Energy, Inc. Condensed Consolidating Statement of Operations Years Ended December 31, 2015 (Dollars in millions) Issuer Guarantor Non- Combining Total Revenues Sales and other operating revenue $ — $ 196.8 $ 1,154.5 $ — $ 1,351.3 Equity in (loss) earnings of subsidiaries (8.4 ) 34.4 — (26.0 ) — Other income (loss), net — 0.4 11.0 — 11.4 Total revenues (8.4 ) 231.6 1,165.5 (26.0 ) 1,362.7 Costs and operating expenses Cost of products sold and operating expenses — 150.2 948.2 — 1,098.4 Selling, general and administrative expenses 9.5 30.7 35.2 — 75.4 Depreciation and amortization expenses — 10.4 98.7 — 109.1 Total costs and operating expenses 9.5 191.3 1,082.1 1,282.9 Operating (loss) income (17.9 ) 40.3 83.4 (26.0 ) 79.8 Interest (income) expense, net - affiliate — (7.3 ) 7.3 — — Interest expense (income), net 9.5 (0.6 ) 47.8 — 56.7 Total interest expense (income), net 9.5 (7.9 ) 55.1 — 56.7 (Loss) income before income tax expense and loss from (27.4 ) 48.2 28.3 (26.0 ) 23.1 Income tax (benefit) expense (5.4 ) 29.6 (33.0 ) — (8.8 ) Loss from equity method investment — — 21.6 — 21.6 Net (loss) income (22.0 ) 18.6 39.7 (26.0 ) 10.3 Less: Net income attributable to noncontrolling interests — — 32.3 — 32.3 Net (loss) income attributable to SunCoke Energy, Inc. $ (22.0 ) $ 18.6 $ 7.4 $ (26.0 ) $ (22.0 ) Comprehensive (loss) income $ (20.3 ) $ 18.4 $ 41.6 $ (27.7 ) $ 12.0 Less: Comprehensive income attributable to noncontrolling interests — — 32.3 — 32.3 Comprehensive (loss) income attributable to SunCoke Energy, Inc. $ (20.3 ) $ 18.4 $ 9.3 $ (27.7 ) $ (20.3 ) SunCoke Energy, Inc. Condensed Consolidating Statement of Income Years Ended December 31, 2014 (Dollars in millions) Issuer Guarantor Non- Combining Total Revenues Sales and other operating revenue $ — $ 210.0 $ 1,280.7 $ — $ 1,490.7 Equity in (loss) earnings of subsidiaries (101.3 ) (57.4 ) — 158.7 — Other (loss) income, net (0.2 ) 1.6 11.7 — 13.1 Total revenues (101.5 ) 154.2 1,292.4 158.7 1,503.8 Costs and operating expenses Cost of products sold and operating expenses — 156.0 1,056.9 — 1,212.9 Selling, general and administrative expenses 13.5 28.3 54.9 — 96.7 Depreciation and amortization expenses — 8.4 97.9 — 106.3 Asset and goodwill impairment — — 150.3 — 150.3 Total costs and operating expenses 13.5 192.7 1,360.0 — 1,566.2 Operating (loss) income (115.0 ) (38.5 ) (67.6 ) 158.7 (62.4 ) Interest (income) expense, net - affiliate — (7.3 ) 7.3 — — Interest expense (income), net 26.3 (1.8 ) 38.7 — 63.2 Total interest expense (income), net 26.3 (9.1 ) 46.0 — 63.2 (Loss) income before income tax expense and loss from equity method investment (141.3 ) (29.4 ) (113.6 ) 158.7 (125.6 ) Income tax (benefit) expense (15.2 ) 29.5 (73.1 ) — (58.8 ) Loss from equity method investment — — 35.0 — 35.0 Net (loss) income (126.1 ) (58.9 ) (75.5 ) 158.7 (101.8 ) Less: Net income attributable to noncontrolling interests — — 24.3 — 24.3 Net (loss) income attributable to SunCoke Energy, Inc. $ (126.1 ) $ (58.9 ) $ (99.8 ) $ 158.7 $ (126.1 ) Comprehensive (loss) income $ (133.5 ) $ (61.1 ) $ (80.7 ) $ 166.1 $ (109.2 ) Less: Comprehensive income attributable to noncontrolling interests — — 24.3 — 24.3 Comprehensive (loss) income attributable to SunCoke Energy, Inc. $ (133.5 ) $ (61.1 ) $ (105.0 ) $ 166.1 $ (133.5 ) SunCoke Energy, Inc. Condensed Consolidating Statement of Income Years Ended December 31, 2013 (Dollars in millions) Issuer Guarantor Non- Combining Total Revenues Sales and other operating revenue $ — $ 236.0 $ 1,397.5 $ — $ 1,633.5 Equity in earnings (loss) of subsidiaries 56.2 84.3 — (140.5 ) — Other income (loss), net — 3.7 10.5 — 14.2 Total revenues 56.2 324.0 1,408.0 (140.5 ) 1,647.7 Costs and operating expenses Cost of products sold and operating expenses — 179.3 1,168.7 — 1,348.0 Selling, general and administrative expenses 12.2 34.9 45.3 — 92.4 Depreciation and amortization expenses — 7.5 88.5 — 96.0 Total costs and operating expenses 12.2 221.7 1,302.5 — 1,536.4 Operating income (loss) 44.0 102.3 105.5 (140.5 ) 111.3 Interest (income) expense, net - affiliate — (7.3 ) 7.3 — — Interest expense (income), net 37.8 (0.7 ) 15.2 — 52.3 Total interest expense (income), net 37.8 (8.0 ) 22.5 — 52.3 Income (loss) before income tax expense and loss from equity method investment 6.2 110.3 83.0 (140.5 ) 59.0 Income tax (benefit) expense (18.8 ) 45.8 (20.3 ) — 6.7 Loss from equity method investment — — 2.2 — 2.2 Net income (loss) 25.0 64.5 101.1 (140.5 ) 50.1 Less: Net income attributable to noncontrolling interests — — 25.1 — 25.1 Net income (loss) attributable to SunCoke Energy, Inc. $ 25.0 $ 64.5 $ 76.0 $ (140.5 ) $ 25.0 Comprehensive income (loss) $ 18.8 $ 64.2 $ 95.2 $ (134.3 ) $ 43.9 Less: Comprehensive income (loss) attributable to noncontrolling interests — — 25.1 — 25.1 Comprehensive income (loss) attributable to SunCoke Energy, Inc. $ 18.8 $ 64.2 $ 70.1 $ (134.3 ) $ 18.8 |
Condensed Consolidating Balance Sheet | SunCoke Energy, Inc. Condensed Consolidating Balance Sheet December 31, 2015 (Dollars in millions, except per share amounts) Issuer Guarantor Non- Combining Total Assets Cash and cash equivalents $ — $ 70.6 $ 52.8 $ — $ 123.4 Receivables — 7.9 57.3 — 65.2 Inventories — 5.3 116.8 — 122.1 Income tax receivable 10.9 — 60.0 (59.3 ) 11.6 Other current assets 0.1 2.4 1.3 — 3.8 Advances to affiliates — 250.9 — (250.9 ) — Total current assets 11.0 337.1 288.2 (310.2 ) 326.1 Notes receivable from affiliate — 89.0 300.0 (389.0 ) — Restricted cash — — 18.2 — 18.2 Investment in Brazilian cokemaking operations — — 41.0 — 41.0 Properties, plants and equipment, net — 68.2 1,525.2 — 1,593.4 Goodwill — 3.4 67.7 — 71.1 Other intangibles assets, net — 2.9 187.3 — 190.2 Deferred charges and other assets 0.2 12.5 2.8 — 15.5 Investment in subsidiaries 522.1 649.3 — (1,171.4 ) — Total assets $ 533.3 $ 1,162.4 $ 2,430.4 $ (1,870.6 ) $ 2,255.5 Liabilities and Equity Advances from affiliate $ 105.2 $ — $ 145.7 $ (250.9 ) $ — Accounts payable — 10.4 89.5 — 99.9 Accrued liabilities 0.1 16.4 29.3 — 45.8 Current portion of long-term debt — — 1.1 — 1.1 Interest payable 1.5 — 17.4 — 18.9 Income taxes payable — 59.3 — (59.3 ) — Total current liabilities 106.8 86.1 283.0 (310.2 ) 165.7 Long term-debt 103.2 — 894.5 — 997.7 Payable to affiliate — 300.0 89.0 (389.0 ) — Accrual for black lung benefits — 12.6 32.1 — 44.7 Retirement benefit liabilities — 14.9 16.4 — 31.3 Deferred income taxes 32.3 362.4 (45.7 ) — 349.0 Asset retirement obligations — — 22.2 — 22.2 Other deferred credits and liabilities 1.1 7.0 14.0 — 22.1 Total liabilities 243.4 783.0 1,305.5 (699.2 ) 1,632.7 Equity Common stock, $0.01 par value. Authorized 300,000,000 0.7 — — — 0.7 Treasury Stock, 7,477,657 shares at December 31, 2015 (140.7 ) — — (140.7 ) Additional paid-in capital 486.1 62.0 664.7 (726.7 ) 486.1 Accumulated other comprehensive loss (19.8 ) (1.3 ) (18.5 ) 19.8 (19.8 ) Retained (deficit) earnings (36.4 ) 318.7 145.8 (464.5 ) (36.4 ) Total SunCoke Energy, Inc. stockholders’ equity 289.9 379.4 792.0 (1,171.4 ) 289.9 Noncontrolling interests — — 332.9 — 332.9 Total equity 289.9 379.4 1,124.9 (1,171.4 ) 622.8 Total liabilities and equity $ 533.3 $ 1,162.4 $ 2,430.4 $ (1,870.6 ) $ 2,255.5 SunCoke Energy, Inc. Condensed Consolidating Balance Sheet December 31, 2014 (Dollars in millions, except per share amounts) Issuer Guarantor Non- Combining Total Assets Cash and cash equivalents $ — $ 102.3 $ 36.7 $ — $ 139.0 Receivables 0.1 17.4 60.7 — 78.2 Inventories — 4.0 138.2 — 142.2 Income taxes receivable 28.0 — 14.1 (36.1 ) 6.0 Other current assets — 2.7 0.9 — 3.6 Advances to affiliate — 117.0 — (117.0 ) — Total current assets 28.1 243.4 250.6 (153.1 ) 369.0 Notes receivable from affiliate — 89.0 300.0 (389.0 ) — Restricted Cash — — 0.5 — 0.5 Investment in Brazilian cokemaking operations — — 41.0 — 41.0 Equity method investment in VISA SunCoke Limited — — 22.3 — 22.3 Properties, plants and equipment, net — 65.3 1,414.7 — 1,480.0 Goodwill — 3.4 8.2 — 11.6 Other intangible assets, net — 3.5 6.9 — 10.4 Deferred charges and other assets 0.2 9.9 14.8 — 24.9 Investment in subsidiaries 718.2 760.1 — (1,478.3 ) — Total assets $ 746.5 $ 1,174.6 $ 2,059.0 $ (2,020.4 ) $ 1,959.7 Liabilities and Equity Advances from affiliate $ 73.4 $ — $ 43.6 $ (117.0 ) $ — Accounts payable — 12.8 108.5 — 121.3 Accrued liabilities 0.1 17.6 53.6 — 71.3 Interest payable 7.6 — 12.3 — 19.9 Income taxes payable — 36.1 — (36.1 ) — Total current liabilities 81.1 66.5 218.0 (153.1 ) 212.5 Long-term debt 234.5 — 399.0 — 633.5 Payable to affiliate — 300.0 89.0 (389.0 ) — Accrual for black lung benefits — 9.9 30.2 — 40.1 Retirement benefit liabilities — 16.3 17.3 — 33.6 Deferred income taxes (2.6 ) 269.4 28.7 — 295.5 Asset retirement obligations — 0.1 22.1 — 22.2 Other deferred credits and liabilities 1.8 6.9 8.2 — 16.9 Total liabilities 314.8 669.1 812.5 (542.1 ) 1,254.3 Equity Common stock, $0.01 par value. Authorized 300,000,000 0.7 — — — 0.7 Treasury stock, 4,977,115 shares at December 31, 2014 (105.0 ) — — — (105.0 ) Additional paid-in capital 543.6 206.5 854.8 (1,061.3 ) 543.6 Accumulated other comprehensive income (21.5 ) (1.1 ) (20.4 ) 21.5 (21.5 ) Retained earnings 13.9 300.1 138.4 (438.5 ) 13.9 Total SunCoke Energy, Inc. stockholders’ equity 431.7 505.5 972.8 (1,478.3 ) 431.7 Noncontrolling interests — — 273.7 — 273.7 Total equity 431.7 505.5 1,246.5 (1,478.3 ) 705.4 Total liabilities and equity $ 746.5 $ 1,174.6 $ 2,059.0 $ (2,020.4 ) $ 1,959.7 |
Condensed Combining and Consolidating Statement of Cash Flows | SunCoke Energy, Inc. Condensed Consolidating Statement of Cash Flows Years Ended December 31, 2015 (Dollars in millions) Issuer Guarantor Non- Combining Total Cash Flows from Operating Activities: Net (loss) income $ (22.0 ) $ 18.6 $ 39.7 $ (26.0 ) $ 10.3 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Loss from equity method investment — — 21.6 — 21.6 Depreciation and amortization expense — 10.4 98.7 — 109.1 Deferred income tax (benefit) expense (20.7 ) 14.9 0.2 — (5.6 ) Settlement loss and payments in excess of expense for pension plan — — 13.1 — 13.1 Gain on curtailment and payments in excess of expense for postretirement plan benefits — (1.6 ) (6.4 ) — (8.0 ) Share-based compensation expense 7.2 — — — 7.2 Equity in loss (earnings) of subsidiaries 8.4 (34.4 ) — 26.0 — Loss on extinguishment of debt 1.2 — (0.7 ) — 0.5 Changes in working capital pertaining to continuing operating activities (net of acquisitions): Receivables 0.1 9.4 9.3 — 18.8 Inventories — (1.3 ) 24.5 — 23.2 Accounts payable — (3.2 ) (14.7 ) — (17.9 ) Accrued liabilities (0.2 ) (2.3 ) (26.2 ) — (28.7 ) Interest payable (6.1 ) — 5.1 — (1.0 ) Income taxes 17.1 23.2 (45.9 ) — (5.6 ) Accrual for black lung benefits — 3.8 2.2 6.0 Other (0.9 ) (2.3 ) 1.3 — (1.9 ) Net cash provided by operating activities (15.9 ) 35.2 121.8 — 141.1 Cash Flows from Investing Activities: Capital expenditures — (11.8 ) (64.0 ) — (75.8 ) Acquisition of businesses, net of cash acquired — — (191.7 ) — (191.7 ) Restricted Cash — — (17.7 ) — (17.7 ) Net cash used in investing activities — (11.8 ) (273.4 ) — (285.2 ) Cash Flows from Financing Activities: Proceeds from issuance of long-term debt — — 260.8 — 260.8 Repayment of long-term debt (16.8 ) — (231.3 ) — (248.1 ) Debt issuance costs (0.4 ) — (5.3 ) — (5.7 ) Proceeds from revolving facility 60.4 — 232.0 — 292.4 Repayment of revolving facility — — (50.0 ) — (50.0 ) Dividends paid (28.0 ) — — — (28.0 ) Cash distributions to noncontrolling interests — — (43.3 ) — (43.3 ) Shares repurchased (35.7 ) — — — (35.7 ) SunCoke Energy Partners, L.P. units repurchased — — (12.8 ) — (12.8 ) Proceeds from exercise of stock options, net of shares withheld for taxes (1.1 ) — — — (1.1 ) Net increase (decrease) in advances from affiliate 37.5 (55.1 ) 17.6 — — Net cash provided by (used in) financing activities 15.9 (55.1 ) 167.7 — 128.5 Net (decrease) increase in cash and cash equivalents — (31.7 ) 16.1 — (15.6 ) Cash and cash equivalents at beginning of year — 102.3 36.7 — 139.0 Cash and cash equivalents at end of year $ — $ 70.6 $ 52.8 $ — $ 123.4 SunCoke Energy, Inc. Condensed Consolidating Statement of Cash Flows Years Ended December 31, 2014 (Dollars in millions) Issuer Guarantor Non- Combining Total Cash Flows from Operating Activities: Net (loss) income $ (126.1 ) $ (58.9 ) $ (75.5 ) $ 158.7 $ (101.8 ) Adjustments to reconcile net income to net cash (used in) provided by operating activities: Asset and goodwill impairment — — 150.3 — 150.3 Loss from equity method investment — — 35.0 — 35.0 Depreciation and amortization expense — 8.4 97.9 — 106.3 Deferred income tax expense (benefit) 6.8 (7.9 ) (63.3 ) — (64.4 ) Payments in excess of expense for pension plan — — (7.5 ) — (7.5 ) Payments in excess of expense for postretirement plan benefits — — (0.6 ) — (0.6 ) Share-based compensation expense 9.8 — — — 9.8 Equity in loss (earnings) of subsidiaries 101.3 57.4 — (158.7 ) — Excess tax benefit from share-based awards (0.4 ) 0.1 — — (0.3 ) Loss on extinguishment of debt — — 15.4 — 15.4 Changes in working capital pertaining to operating activities (net of acquisitions): Receivables (0.1 ) 23.7 (10.3 ) — 13.3 Inventories — 2.3 (14.9 ) — (12.6 ) Accounts payable — 0.4 (33.4 ) — (33.0 ) Accrued liabilities (0.4 ) (4.7 ) (2.9 ) — (8.0 ) Interest payable (6.0 ) 7.3 0.4 — 1.7 Income taxes 12.3 (20.5 ) 9.2 — 1.0 Accrual for black lung benefits — 3.6 7.9 11.5 Other 6.0 (8.2 ) (1.6 ) — (3.8 ) Net cash provided by operating activities 3.2 3.0 106.1 — 112.3 Cash Flows from Investing Activities: Capital expenditures — (5.5 ) (119.7 ) — (125.2 ) Net cash used in investing activities — (5.5 ) (119.7 ) — (125.2 ) Cash Flows from Financing Activities: Proceeds from issuance of common units of SunCoke — — 90.5 — 90.5 Proceeds from issuance of long-term debt — — 268.1 — 268.1 Repayment of long-term debt — — (276.5 ) — (276.5 ) Debt issuance costs — — (5.8 ) — (5.8 ) Proceeds from revolving facility — — 40.0 — 40.0 Repayment of revolving facility — — (80.0 ) — (80.0 ) Dividends paid (3.8 ) — — — (3.8 ) Cash distributions to noncontrolling interests — — (32.3 ) — (32.3 ) Shares repurchased (85.1 ) — — — (85.1 ) Proceeds from exercise of stock options 2.9 — — — 2.9 Excess tax benefit from share-based awards 0.3 — — — 0.3 Net increase (decrease) in advances from affiliate 82.5 (79.6 ) (2.9 ) — — Net cash (used in) provided by financing activities (3.2 ) (79.6 ) 1.1 — (81.7 ) Net decrease in cash and cash equivalents — (82.1 ) (12.5 ) — (94.6 ) Cash and cash equivalents at beginning of year — 184.4 49.2 — 233.6 Cash and cash equivalents at end of year $ — $ 102.3 $ 36.7 $ — $ 139.0 SunCoke Energy, Inc. Condensed Consolidating Statement of Cash Flows December 31, 2013 (Dollars in millions) Issuer Guarantor Non- Combining Total Cash Flows from Operating Activities: Net income (loss) $ 25.0 $ 64.5 $ 101.1 $ (140.5 ) $ 50.1 Adjustments to reconcile net income to net cash (used in) provided by continuing operating activities: Loss from equity method investment — — 2.2 — 2.2 Depreciation and amortization expense — 7.5 88.5 — 96.0 Deferred income tax expense — 1.6 — — 1.6 Payments in excess of expense for pension plan — — (0.1 ) — (0.1 ) Gain on curtailment and payments (in excess) less than expense for postretirement plan benefits — — (5.3 ) — (5.3 ) Share-based compensation expense 7.6 — — — 7.6 Equity in (earnings) loss of subsidiaries (56.2 ) (84.3 ) — 140.5 — Changes in working capital pertaining to operating activities (net of acquisitions): Receivables — (24.1 ) 6.0 — (18.1 ) Inventories — 5.7 23.5 — 29.2 Accounts payable (0.5 ) (2.6 ) 23.1 — 20.0 Accrued liabilities (0.1 ) 3.8 (28.4 ) — (24.7 ) Interest payable (2.1 ) (7.3 ) 11.9 — 2.5 Income taxes (23.5 ) 41.5 (28.2 ) — (10.2 ) Accrual for black lung benefits — (3.5 ) 1.1 (2.4 ) Other 5.5 4.5 (7.1 ) — 2.9 Net cash (used in) provided by operating activities (44.3 ) 7.3 188.3 — 151.3 Cash Flows from Investing Activities: Capital expenditures — (7.9 ) (137.7 ) — (145.6 ) Acquisition of business — — (113.3 ) — (113.3 ) Equity method investment in VISA SunCoke Limited — — (67.7 ) (67.7 ) Net cash used in investing activities — (7.9 ) (318.7 ) — (326.6 ) Cash Flows from Financing Activities: Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs — — 237.8 — 237.8 Proceeds from issuance of long-term debt — — 150.0 — 150.0 Repayment of long-term debt — — (225.0 ) — (225.0 ) Debt issuance costs — — (6.9 ) — (6.9 ) Proceeds from revolving facility — — 40.0 — 40.0 Cash distributions to noncontrolling interests — — (17.8 ) — (17.8 ) Shares repurchased (10.9 ) — — — (10.9 ) Proceeds from exercise of stock options 2.5 — — — 2.5 Net increase (decrease) in advances from affiliate 52.7 (21.9 ) (30.8 ) — — Net cash provided by (used in) financing activities 44.3 (21.9 ) 147.3 — 169.7 Net (decrease) increase in cash and cash equivalents — (22.5 ) 16.9 — (5.6 ) Cash and cash equivalents at beginning of year — 206.9 32.3 — 239.2 Cash and cash equivalents at end of year $ — $ 184.4 $ 49.2 $ — $ 233.6 |
General and Basis of Presenta58
General and Basis of Presentation (Details) | Aug. 12, 2015 | Jan. 13, 2015 | May. 09, 2014 | Mar. 18, 2013T | Dec. 31, 2015TCokemaking_facility | May. 08, 2014 |
General (Textual) [Abstract] | ||||||
Coke production experience, more than | 50 years | |||||
Period that Suncoke constructed the only greenfield cokemaking facilities in the US | 25 years | |||||
Coal Mining, proven and probable reserves (in tons) | 109,000,000 | |||||
Ownership interest of general partnership (as a percent) | 2.00% | |||||
Interest in partnership (as a percent) | 53.40% | 56.10% | 54.10% | 53.90% | 55.90% | |
Ownership percentage held by public unitholders | 44.60% | 41.90% | 43.90% | 44.10% | ||
VISA SunCoke Limited | ||||||
General (Textual) [Abstract] | ||||||
Cokemaking facility capacity (in tons) | 440,000 | 440,000 | ||||
United States | ||||||
General (Textual) [Abstract] | ||||||
Number of cokemaking facilities | Cokemaking_facility | 5 | |||||
Cokemaking capacity (in tons) | 4,200,000 | |||||
Brazil | ||||||
General (Textual) [Abstract] | ||||||
Number of cokemaking facilities | Cokemaking_facility | 1 | |||||
Cokemaking capacity (in tons) | 1,700,000 | |||||
Convent, Louisiana, East Chicago, Indiana, West Virginia, and Kentucky | ||||||
General (Textual) [Abstract] | ||||||
Coal handling capacity (in tons), more than | 40,000,000 | |||||
Coal storage capacity | 3,000,000 |
Summary of Significant Accoun59
Summary of Significant Accounting Policies (Details) | Aug. 12, 2015USD ($) | Jul. 27, 2015 | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)Employee | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||
Foreign currency transaction gain (loss) | $ (600,000) | $ (300,000) | $ (1,500,000) | |||
Business Combinations [Abstract] | ||||||
Asset and goodwill impairment | 0 | 150,300,000 | 0 | |||
Goodwill | 71,100,000 | 11,600,000 | 17,600,000 | |||
Finite-lived intangible assets, net | $ 190,200,000 | 10,400,000 | ||||
Number of employees | Employee | 1,125 | |||||
Percentage of domestic employees | 2.00% | |||||
Term of labor agreement | 4 years | |||||
Equity method investment in VISA SunCoke Limited | $ 0 | 22,300,000 | ||||
Defined Benefit Plan | ||||||
Business Combinations [Abstract] | ||||||
Settlement loss | $ 12,600,000 | $ 12,600,000 | 0 | 0 | ||
Vitoria, Brazil | ||||||
Business Combinations [Abstract] | ||||||
Number of employees | Employee | 273 | |||||
Brazil Coke | ||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||
Foreign currency transaction gain (loss) | $ 900,000 | 400,000 | $ 100,000 | |||
Cokemaking Operations | ||||||
Business Combinations [Abstract] | ||||||
Percentage of domestic employees | 32.00% | |||||
VISA SunCoke Limited | ||||||
Business Combinations [Abstract] | ||||||
Asset and goodwill impairment | $ 19,400,000 | $ 30,500,000 | ||||
Equity method investment in VISA SunCoke Limited | 0 | |||||
SunCoke Energy Partners, L.P. | Convent Marine Terminal | ||||||
Business Combinations [Abstract] | ||||||
Interest acquired (as a percent) | 100.00% | |||||
Fair value of total consideration transferred | $ 403,100,000 | 403,100,000 | ||||
Goodwill | $ 59,500,000 | $ 59,500,000 | ||||
Maximum | ||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||
Contingent rentals as a percent of combined sales, less than | 10.00% |
Summary of Significant Accoun60
Summary of Significant Accounting Policies - Property, Plants and Equipment (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Capitalized interest costs | $ 3.7 | $ 3.2 | $ 1 |
Service Life | Indiana Harbor | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 10.2 | $ 15.6 | $ 9.5 |
Depreciation per common share (in USD per share) | $ 0.16 | $ 0.23 | $ 0.14 |
Coke and energy plant, machinery and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Coke and energy plant, machinery and equipment useful life (in years) | 25 years | ||
Coke and energy plant, machinery and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Coke and energy plant, machinery and equipment useful life (in years) | 30 years | ||
Coal logistics plant, machinery and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Coke and energy plant, machinery and equipment useful life (in years) | 15 years | ||
Coal logistics plant, machinery and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Coke and energy plant, machinery and equipment useful life (in years) | 35 years |
Acquisitions - Covent Marine Te
Acquisitions - Covent Marine Terminal (Details) $ / shares in Units, shares in Millions, T in Millions, $ in Millions | Aug. 12, 2015USD ($)Tshares | Jan. 13, 2015shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | |||||
Proceeds from revolving facility | $ 292.4 | $ 40 | $ 40 | ||
Limited Partnership (LP) ownership interest (as a percent) | 2.00% | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Goodwill | $ 71.1 | 11.6 | 17.6 | ||
Convent Marine Terminal | |||||
Business Acquisition [Line Items] | |||||
Limited Partnership (LP) ownership interest (as a percent) | 2.00% | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Contingent consideration | (7.9) | ||||
Convent Marine Terminal | Suncoke Energy Inc | |||||
Business Acquisition, Pro Forma Information [Abstract] | |||||
Net income | $ (22.3) | $ (114.7) | |||
Net income per unit, basic (in USD per share) | $ / shares | $ (0.34) | $ (1.67) | |||
Net income per unit, diluted (in USD per share) | $ / shares | $ (0.34) | $ (1.67) | |||
SunCoke Energy Partners, L.P. | Common units | |||||
Business Acquisition [Line Items] | |||||
Stock issued, shares | shares | 1.2 | 1.9 | |||
Stock issued, value | $ 17.9 | ||||
SunCoke Energy Partners, L.P. | Common units | Sale of Partnership Units | SunCoke Energy Inc | SunCoke Energy Inc | |||||
Business Acquisition [Line Items] | |||||
Stock issued, shares | shares | 1.8 | ||||
Stock issued, value | $ 30 | ||||
SunCoke Energy Partners, L.P. | Common units | Capital Contribution | SunCoke Energy Inc | SunCoke Energy Inc | |||||
Business Acquisition [Line Items] | |||||
Capital contributions from SunCoke Energy Partners GP LLC | $ 2.3 | ||||
SunCoke Energy Partners, L.P. | Convent Marine Terminal | |||||
Business Acquisition [Line Items] | |||||
Interest acquired (as a percent) | 100.00% | ||||
Coal handling capacity (in tons) | T | 10 | ||||
Debt assumed | $ 114.9 | ||||
Term of debt instrument | 6 years | ||||
Proceeds from revolving facility | $ 185 | ||||
Consideration transferred, cash payment | 191.7 | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Receivables | 5.9 | ||||
Inventory | 1.7 | ||||
Other current assets | 0.1 | ||||
Property and equipment | 145.1 | ||||
Intangible assets | 185 | ||||
Accounts payable | (0.6) | ||||
Accrued liabilities | (7.2) | ||||
Current portion of long-term debt | (1.1) | ||||
Long-term debt | (113.8) | ||||
Contingent consideration | (7.9) | ||||
Total identifiable net assets assumed | 207.2 | ||||
Goodwill | 59.5 | $ 59.5 | |||
Total assets acquired, net of liabilities assumed | 266.7 | ||||
Debt assumed | 114.9 | ||||
Cash withheld to fund capital expenditures | 21.5 | ||||
Total consideration | 403.1 | 403.1 | |||
Deferred revenue | 6.5 | ||||
Business Combination, Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Abstract] | |||||
Finite-lived intangible assets acquired | $ 185 | ||||
Business Acquisition, Pro Forma Information [Abstract] | |||||
Revenue from acquisition to period end | 28.6 | ||||
Operating income from acquisition to period end | 18.4 | ||||
Sales and other operating revenue | 1,395.4 | $ 1,564 | |||
Net income | 9.7 | (81.1) | |||
SunCoke Energy Partners, L.P. | Convent Marine Terminal | Customer contracts | |||||
Business Combination, Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Abstract] | |||||
Weighted - Average Remaining Amortization Years | 7 years | ||||
Finite-lived intangible assets acquired | $ 24 | ||||
SunCoke Energy Partners, L.P. | Convent Marine Terminal | Customer relationships | |||||
Business Combination, Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Abstract] | |||||
Weighted - Average Remaining Amortization Years | 17 years | ||||
Finite-lived intangible assets acquired | $ 22 | ||||
SunCoke Energy Partners, L.P. | Convent Marine Terminal | Permits | |||||
Business Combination, Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Abstract] | |||||
Weighted - Average Remaining Amortization Years | 27 years | ||||
Finite-lived intangible assets acquired | $ 139 | ||||
SunCoke Energy Partners, L.P. | Convent Marine Terminal | Restricted Cash | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Cash withheld to fund capital expenditures | $ 21.5 | ||||
SunCoke Energy Partners, L.P. | Convent Marine Terminal | Common units | |||||
Business Acquisition [Line Items] | |||||
Stock issued, shares | shares | 4.8 | ||||
Stock issued as consideration | $ 75 | ||||
SunCoke Energy Inc | |||||
Business Acquisition [Line Items] | |||||
Proceeds from revolving facility | 60.4 | $ 0 | $ 0 | ||
Selling, General and Administrative Expenses | SunCoke Energy Partners, L.P. | |||||
Business Acquisition, Pro Forma Information [Abstract] | |||||
Acquisition and business development costs | $ 3.5 |
Acquisitions - Kanawha River Te
Acquisitions - Kanawha River Terminal LLC (Details) $ in Millions | Oct. 01, 2013USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)T | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||||||||
Goodwill | $ 71.1 | $ 11.6 | $ 71.1 | $ 11.6 | $ 17.6 | |||||||
Sales and other operating revenue | $ 343.6 | $ 336.2 | $ 347.6 | $ 323.9 | $ 384.8 | $ 376.2 | $ 371.7 | $ 358 | 1,351.3 | 1,490.7 | 1,633.5 | |
Revenues | 1,362.7 | 1,503.8 | 1,647.7 | |||||||||
Operating (loss) income | 79.8 | (62.4) | 111.3 | |||||||||
Coal Logistics Intersegment Sales | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||||||||
Sales and other operating revenue | $ 20.4 | 18.8 | 5.5 | |||||||||
SunCoke Energy Partners, L.P. | Kanawha River Terminals LLC | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Fair value of total consideration transferred | $ 84.7 | |||||||||||
Cash consideration | 44.7 | |||||||||||
Debt assumed | 40 | |||||||||||
Coal handling capacity (in tons), more than | T | 30,000,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||||||||
Current assets | 5.2 | |||||||||||
Property and equipment | 67.2 | |||||||||||
Intangible assets | 7.9 | |||||||||||
Current liabilities | (3.7) | |||||||||||
Other long-term liabilities | (0.1) | |||||||||||
Total identifiable net assets assumed | 76.5 | |||||||||||
Goodwill | $ 8.2 | |||||||||||
Revenues | $ 38.6 | 41.6 | 9 | |||||||||
Operating (loss) income | 4.9 | 5 | 1 | |||||||||
SunCoke Energy Partners, L.P. | Kanawha River Terminals LLC | Coal Logistics Intersegment Sales | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ||||||||||||
Sales and other operating revenue | $ 6.5 | $ 5.7 | $ 1.2 |
Acquisitions - SunCoke Lake Ter
Acquisitions - SunCoke Lake Terminal LLC (Details) - USD ($) $ in Millions | Aug. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||||||||||||
Sales and other operating revenue | $ 343.6 | $ 336.2 | $ 347.6 | $ 323.9 | $ 384.8 | $ 376.2 | $ 371.7 | $ 358 | $ 1,351.3 | $ 1,490.7 | $ 1,633.5 | ||
Revenues | 1,362.7 | 1,503.8 | 1,647.7 | ||||||||||
Operating (loss) income | 79.8 | (62.4) | 111.3 | ||||||||||
Coal Logistics Intersegment Sales | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Sales and other operating revenue | 20.4 | 18.8 | 5.5 | ||||||||||
SunCoke Energy Partners, L.P. | SunCoke Lake Terminal LLC [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash consideration | $ 28.6 | ||||||||||||
Consideration for assigning share of buyout rights to partnership | $ 1.8 | ||||||||||||
Interest acquired (as a percent) | 15.00% | ||||||||||||
Term of contract | 10 years | ||||||||||||
Property and equipment | $ 25.9 | ||||||||||||
Inventory | 2.7 | ||||||||||||
Total consideration | $ 28.6 | ||||||||||||
Revenues | 14 | 13.4 | 4.6 | ||||||||||
Operating (loss) income | 3.8 | 1.7 | 1.9 | ||||||||||
SunCoke Energy Partners, L.P. | SunCoke Lake Terminal LLC [Member] | Coal Logistics Intersegment Sales | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Sales and other operating revenue | $ 13.9 | $ 13.1 | $ 4.3 |
Partnership Initial Public Of64
Partnership Initial Public Offering and Dropdown Transactions - Initial Public Offering (Details) - USD ($) $ in Millions | Aug. 12, 2015 | Jan. 13, 2015 | May. 09, 2014 | Jan. 23, 2013 | Dec. 31, 2015 | Dec. 31, 2012 | May. 08, 2014 | Jan. 24, 2013 |
Class of Stock [Line Items] | ||||||||
Ownership interest of general partnership (as a percent) | 2.00% | |||||||
Interest in partnership (as a percent) | 53.40% | 56.10% | 54.10% | 53.90% | 55.90% | |||
Ownership percentage held by public unitholders | 44.60% | 41.90% | 43.90% | 44.10% | ||||
IPO | ||||||||
Class of Stock [Line Items] | ||||||||
Proceeds from issuance of stock, net | $ 231.8 | |||||||
Offering costs | $ 24.7 | $ 6 | ||||||
IPO | Public | ||||||||
Class of Stock [Line Items] | ||||||||
Stock issued (in shares) | 13,500,000 | |||||||
Ownership percentage held by public unitholders | 42.10% | |||||||
IPO | General Partner | ||||||||
Class of Stock [Line Items] | ||||||||
Ownership interest of general partnership (as a percent) | 2.00% | |||||||
IPO | Haverhill Coke Company LLC and Middletown Coke Company LLC | ||||||||
Class of Stock [Line Items] | ||||||||
Funds retained fro environmental remediation project | $ 67 | |||||||
Interest in partnership (as a percent) | 65.00% | |||||||
IPO | Haverhill | ||||||||
Class of Stock [Line Items] | ||||||||
Sales discounts related to tax credits | $ 12.4 |
Partnership Initial Public Of65
Partnership Initial Public Offering and Dropdown Transactions - Haverhill and Middletown Dropdown (Details) - USD ($) shares in Millions | Aug. 12, 2015 | Jan. 13, 2015 | May. 09, 2014 | Jan. 23, 2013 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 08, 2014 |
Business Acquisition [Line Items] | |||||||||
Ownership interest of general partnership (as a percent) | 2.00% | ||||||||
Interest in partnership (as a percent) | 53.40% | 56.10% | 54.10% | 53.90% | 55.90% | ||||
Ownership percentage held by public unitholders | 44.60% | 41.90% | 43.90% | 44.10% | |||||
Long-term Debt | $ 998,800,000 | $ 633,500,000 | |||||||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | 0 | 90,500,000 | $ 237,800,000 | ||||||
Increase in SunCoke Energy, Inc. equity for the contribution of 33 percent interest in Haverhill and Middletown | 12,800,000 | ||||||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Interest acquired (as a percent) | 33.00% | ||||||||
Increase in SunCoke Energy, Inc. equity for the contribution of 33 percent interest in Haverhill and Middletown | $ 83,700,000 | $ 0 | 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% | ||||||||
Fair value of total consideration transferred | $ 365,000,000 | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 10,400,000 | ||||||||
Redemption Premium | 11,400,000 | ||||||||
Business Acquisition, Consideration Transferred, Cash | 3,400,000 | ||||||||
Consideration withheld to pre-fund anticipated environmental remediation costs | 7,000,000 | ||||||||
Proceeds from issuance of private placement | $ 263,100,000 | ||||||||
IPO | General Partner | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest of general partnership (as a percent) | 2.00% | ||||||||
Common units | SunCoke Energy Partners, L.P. | |||||||||
Business Acquisition [Line Items] | |||||||||
Proceeds from issuance of private placement | $ 1,800,000 | ||||||||
Common units | SunCoke Energy Partners, L.P. | Haverhill Coke Company LLC and Middletown Coke Company LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 2.7 | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 80,000,000 | ||||||||
Stock issued (in shares) | 3.2 | ||||||||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | $ 88,700,000 | ||||||||
General Partner | SunCoke Energy Partners, L.P. | Haverhill Coke Company LLC and Middletown Coke Company LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 3,300,000 | ||||||||
Term Loans | SunCoke Energy Partners, L.P. | Haverhill Coke Company LLC and Middletown Coke Company LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Long-term Debt | 271,300,000 | ||||||||
7.375% Partnership notes, due 2020 | |||||||||
Business Acquisition [Line Items] | |||||||||
Interest rate (as a percent) | 7.375% | 7.375% | |||||||
7.375% Partnership notes, due 2020 | Haverhill Coke Company LLC and Middletown Coke Company LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Proceeds to fund interest | 5,000,000 | ||||||||
7.375% Partnership notes, due 2020 | SunCoke Energy Partners, L.P. | |||||||||
Business Acquisition [Line Items] | |||||||||
Long-term Debt | $ 250,000,000 | ||||||||
Interest rate (as a percent) | 7.375% |
Partnership Initial Public Of66
Partnership Initial Public Offering and Dropdown Transactions - Granite City Dropdowns (Details) - USD ($) shares in Millions | Nov. 18, 2015 | Aug. 12, 2015 | Jan. 13, 2015 | May. 09, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 08, 2014 |
Business Acquisition [Line Items] | ||||||||
Ownership interest of general partnership (as a percent) | 2.00% | |||||||
Interest in partnership (as a percent) | 53.40% | 56.10% | 54.10% | 53.90% | 55.90% | |||
Ownership percentage held by public unitholders | 44.60% | 41.90% | 43.90% | 44.10% | ||||
Long-term Debt | $ 998,800,000 | $ 633,500,000 | ||||||
Interest payable | 18,900,000 | 19,900,000 | ||||||
Interest paid | 58,100,000 | 45,800,000 | $ 43,200,000 | |||||
Adjustments from changes in ownership of SunCoke Energy Partners, L.P. | 75,000,000 | 0 | ||||||
Granite City | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership interest of general partnership (as a percent) | 2.00% | |||||||
Adjustments from changes in ownership of SunCoke Energy Partners, L.P. | (6,500,000) | $ 0 | ||||||
Gateway Energy and Coal Company, LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Interest acquired (as a percent) | 23.00% | 75.00% | ||||||
Debt assumed | $ 44,600,000 | |||||||
SunCoke Energy Partners, L.P. | Granite City | ||||||||
Business Acquisition [Line Items] | ||||||||
Interest acquired (as a percent) | 75.00% | |||||||
Fair value of total consideration transferred | $ 244,400,000 | |||||||
Interest payable | 5,600,000 | |||||||
Redemption Premium | 7,700,000 | |||||||
Consideration withheld to pre-fund anticipated environmental remediation costs | 45,000,000 | |||||||
Adjustments from changes in ownership of SunCoke Energy Partners, L.P. | $ 6,500,000 | |||||||
SunCoke Energy Partners, L.P. | Gateway Energy and Coal Company, LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of total consideration transferred | $ 65,200,000 | |||||||
Debt assumed | 44,600,000 | |||||||
Interest Payable | 100,000 | |||||||
Adjustments from changes in ownership of SunCoke Energy Partners, L.P. | $ 1,500,000 | |||||||
Common units | SunCoke Energy Partners, L.P. | ||||||||
Business Acquisition [Line Items] | ||||||||
Stock issued, shares | 1.2 | 1.9 | ||||||
Stock issued, value | $ 17,900,000 | |||||||
General Partner | SunCoke Energy Partners, L.P. | Granite City | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 1,000,000 | |||||||
Stock issued, value | 400,000 | |||||||
Interest paid | 1,000,000 | |||||||
Common units | SunCoke Energy Partners, L.P. | Granite City | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 106,700,000 | 50,100,000 | ||||||
Public | Common Units - Public [Member] | SunCoke Energy Partners, L.P. | ||||||||
Business Acquisition [Line Items] | ||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ 114,700,000 | |||||||
Term Loans | SunCoke Energy Partners, L.P. | Granite City | ||||||||
Business Acquisition [Line Items] | ||||||||
Long-term Debt | $ 135,000,000 | |||||||
Interest rate (as a percent) | 7.625% | |||||||
Private Placement | SunCoke Energy Partners, L.P. | ||||||||
Business Acquisition [Line Items] | ||||||||
Long-term Debt | $ 200,000,000 | |||||||
Senior Notes | SunCoke Energy Partners, L.P. | Gateway Energy and Coal Company, LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Redemption Premium | 1,700,000 | |||||||
Interest paid | $ 500,000 |
Partnership Initial Public Of67
Partnership Initial Public Offering and Dropdown Transactions - Effects of Changes in Company's Ownership (Details) - USD ($) $ in Millions | Aug. 12, 2015 | Jan. 13, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 09, 2014 |
Business Acquisition [Line Items] | ||||||||||||||
Net income attributable to SunCoke Energy, Inc. | $ 19 | $ (23.5) | $ (13.5) | $ (4) | $ (65.5) | $ (3.6) | $ (49.2) | $ (7.8) | $ (22) | $ (126.1) | $ 25 | |||
Decrease in noncontrolling interest | 75 | 0 | ||||||||||||
Increase in SunCoke Energy, Inc. equity for the contribution of 33 percent interest in Haverhill and Middletown | 12.8 | |||||||||||||
Change from net loss attributable to SunCoke Energy, Inc. and dropdown transactions | (30) | (42.4) | ||||||||||||
Haverhill Coke Company LLC and Middletown Coke Company LLC | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Increase in SunCoke Energy, Inc. equity for the contribution of 33 percent interest in Haverhill and Middletown | $ 83.7 | 0 | 83.7 | |||||||||||
Interest acquired (as a percent) | 33.00% | |||||||||||||
Gateway Energy and Coal Company, LLC | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Interest acquired (as a percent) | 23.00% | 75.00% | ||||||||||||
Granite City | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Decrease in noncontrolling interest | (6.5) | 0 | ||||||||||||
Decrease in SunCoke Energy, Inc. for the contribution of an additional 23 percent interest in Granite City | $ (1.5) | $ 0 | ||||||||||||
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% | |||||||||||||
SunCoke Energy Partners, L.P. | Gateway Energy and Coal Company, LLC | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Decrease in noncontrolling interest | $ 1.5 | |||||||||||||
SunCoke Energy Partners, L.P. | Granite City | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Decrease in noncontrolling interest | $ 6.5 | |||||||||||||
Interest acquired (as a percent) | 75.00% |
Coal Mining Update Textuals (De
Coal Mining Update Textuals (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Asset and goodwill impairment | $ 0 | $ 150.3 | $ 0 |
Investment in Visa SunCoke (Det
Investment in Visa SunCoke (Details Textual) T in Thousands | Mar. 18, 2013USD ($)T | Dec. 31, 2015USD ($)T | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage (as a percent) | 100.00% | |||
Impairment charge | $ 0 | $ 150,300,000 | $ 0 | |
Equity method investment in VISA SunCoke Limited | 0 | 22,300,000 | ||
Loss from equity method investment | $ 21,600,000 | 35,000,000 | $ 2,200,000 | |
VISA SunCoke Limited | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Cokemaking facility capacity (in tons) | T | 440 | 440 | ||
Investment in joint venture | $ 67,700,000 | |||
Ownership percentage (as a percent) | 49.00% | 49.00% | ||
Impairment charge | $ 19,400,000 | 30,500,000 | ||
Equity method investment in VISA SunCoke Limited | $ 0 | |||
Accumulated other comprehensive loss | $ 9,000,000 | |||
VISA SunCoke Limited | VISA Steel | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage (as a percent) | 51.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 12, 2015 | Jan. 13, 2015 | May. 09, 2014 | May. 08, 2014 | |
Related Party Transaction [Line Items] | |||||||
Interest in partnership (as a percent) | 53.90% | 53.40% | 56.10% | 54.10% | 55.90% | ||
Revenues | $ 1,362.7 | $ 1,503.8 | $ 1,647.7 | ||||
Coal Logistics | Affiliated Entity | The Cline Group | |||||||
Related Party Transaction [Line Items] | |||||||
Revenues | 22 | ||||||
Accounts receivable | $ 7.2 | ||||||
Coal Logistics | Affiliated Entity | The Cline Group | Sales Revenue, Net | |||||||
Related Party Transaction [Line Items] | |||||||
Sales to customers (as a percent) | 1.60% | ||||||
The Cline Group | Coal Logistics | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Interest in partnership (as a percent) | 10.30% |
Customer Concentrations (Detail
Customer Concentrations (Details Textual) T in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)CustomerT | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Customer Concentrations (Textual) [Abstract] | |||
Number of customers with idle facilities | Customer | 2 | ||
Revenues | $ 1,362.7 | $ 1,503.8 | $ 1,647.7 |
Coal Logistics | The Cline Group | Affiliated Entity | |||
Customer Concentrations (Textual) [Abstract] | |||
Revenues | $ 22 | ||
Coal Logistics | The Cline Group | Affiliated Entity | Sales Revenue, Segment | |||
Customer Concentrations (Textual) [Abstract] | |||
Sales to customers (as a percent) | 27.10% | ||
Coal Logistics | The Cline Group | Affiliated Entity | Sales Revenue, Net | |||
Customer Concentrations (Textual) [Abstract] | |||
Sales to customers (as a percent) | 1.60% | ||
Customer Concentration Risk | |||
Customer Concentrations (Textual) [Abstract] | |||
Quantity of coke sold to three primary customers (in tons) | T | 4.1 | ||
Number of primary customers in U.S | Customer | 3 | ||
Customer Concentration Risk | Accounts Receivable | |||
Customer Concentrations (Textual) [Abstract] | |||
Number of primary customers in U.S | Customer | 3 | ||
Customer Concentration Risk | ArcelorMittal | Accounts Receivable | |||
Customer Concentrations (Textual) [Abstract] | |||
Accounts receivable due | $ 25.5 | ||
Customer Concentration Risk | AK Steel | Accounts Receivable | |||
Customer Concentrations (Textual) [Abstract] | |||
Accounts receivable due | 14.8 | ||
Customer Concentration Risk | U.S Steel | Accounts Receivable | |||
Customer Concentrations (Textual) [Abstract] | |||
Accounts receivable due | 5.9 | ||
Customer Concentration Risk | ArcelorMittal Brazil | Accounts Receivable | |||
Customer Concentrations (Textual) [Abstract] | |||
Preferred dividend | $ 9.5 | $ 9.5 | $ 9.5 |
Customer Concentrations - Sales
Customer Concentrations - Sales to Significant Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Concentration Risk [Line Items] | |||||||||||
Sales and other operating revenue | $ 343.6 | $ 336.2 | $ 347.6 | $ 323.9 | $ 384.8 | $ 376.2 | $ 371.7 | $ 358 | $ 1,351.3 | $ 1,490.7 | $ 1,633.5 |
ArcelorMittal | Sales Revenue, Net | Customer Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Sales and other operating revenue | $ 662.3 | $ 771.9 | $ 826.7 | ||||||||
Sales to customers (as a percent) | 49.00% | 51.80% | 50.60% | ||||||||
AK Steel | Sales Revenue, Net | Customer Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Sales and other operating revenue | $ 395.4 | $ 402.4 | $ 489.7 | ||||||||
Sales to customers (as a percent) | 29.30% | 27.00% | 30.00% | ||||||||
U.S. Steel | Sales Revenue, Net | Customer Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Sales and other operating revenue | $ 212.7 | $ 249.2 | $ 276.6 | ||||||||
Sales to customers (as a percent) | 15.70% | 16.70% | 16.90% |
Income Taxes Components of Inco
Income Taxes Components of Income From Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
The components of income before income tax expense | |||
Domestic | $ 8.6 | $ (137) | $ 46.5 |
Foreign | 14.5 | 11.4 | 12.5 |
Total | $ 23.1 | $ (125.6) | $ 59 |
Income Taxes Components of In74
Income Taxes Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income taxes currently (receivable) payable: | |||
U.S. federal | $ (3.1) | $ 3.6 | $ 2.3 |
State | (3.3) | (1) | 0.1 |
Foreign | 3.2 | 3 | 2.7 |
Total taxes currently (receivable) payable | (3.2) | 5.6 | 5.1 |
Deferred tax (benefit) expense: | |||
U.S. federal | (12.7) | (58.1) | (6.3) |
State | 7.1 | (6.3) | 7.9 |
Total deferred tax (benefit) expense | (5.6) | (64.4) | 1.6 |
Income tax expense | $ (8.8) | $ (58.8) | $ 6.7 |
Income Taxes Reconciliation of
Income Taxes Reconciliation of Income Tax Expense to US Statutory Rate (Details) - USD ($) $ in Millions | Dec. 22, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Reconciliation of income tax expense | ||||
Income tax (benefit) expense at 35 percent U.S. statutory rate | $ 8 | $ (43.9) | $ 20.7 | |
Income attributable to noncontrolling interests | (11.2) | (8.7) | (8.8) | |
Nonconventional fuel credit | 0 | 0 | (9.5) | |
State and other income taxes, net of federal income tax effects | 1.8 | (5.6) | 3.2 | |
Return-to-provision adjustments | 0 | 0 | (1.7) | |
Change in valuation allowance | (8.8) | 11.2 | 2 | |
Impact of tax sharing agreement | 0 | (0.7) | 0.7 | |
Investment in subsidiary | 1 | (11.9) | 0 | |
Coal impairment | 0 | 2.4 | 0 | |
Prior year adjustment | 0 | (1.1) | 0 | |
Other | 0.4 | (0.5) | 0.1 | |
Income tax expense | $ (8.8) | $ (58.8) | $ 6.7 | |
Reconciliation of income tax expense (as a percent) | ||||
Income tax (benefit) expense at 35 percent U.S. statutory rate | 35.00% | 35.00% | 35.00% | |
Income attributable to noncontrolling interests | (48.30%) | 6.90% | (14.90%) | |
Nonconventional fuel credit | 0.00% | 0.00% | (16.00%) | |
State and other income taxes, net of federal income tax effects | 7.70% | 4.50% | 5.40% | |
Return-to-provision adjustments | 0.00% | 0.00% | (2.90%) | |
Change in valuation allowance | (38.00%) | (9.10%) | 3.40% | |
Impact of tax sharing agreement | 0.00% | 0.60% | 1.20% | |
Investment in subsidiary | 4.40% | 9.50% | (0.00%) | |
Coal impairment | 0.00% | (1.90%) | 0.00% | |
Prior year adjustment | 0.00% | 0.90% | 0.00% | |
Other | 1.20% | 0.40% | 0.20% | |
Total effective income tax expense | (38.00%) | 46.80% | 11.40% | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Investment in subsidiary | $ (1) | $ 11.9 | $ 0 | |
Valuation allowance | $ 5.8 | 14.7 | ||
Harold Keene Coal Co | ||||
Reconciliation of income tax expense | ||||
Investment in subsidiary | (11.9) | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Interest in Harold Keene Coal Companies sold | 100.00% | |||
Investment in subsidiary | 11.9 | |||
Valuation allowance | $ 9.8 |
Income Taxes Components of Net
Income Taxes Components of Net Deferred Tax Liability (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Retirement benefit liabilities | $ 13.4 | $ 14.6 |
Black lung benefit liabilities | 19.4 | 16.8 |
Share-based compensation | 8.4 | 6.9 |
Federal tax credit carryforward | 23 | 19.8 |
Foreign tax credit carryforward | 8.9 | 0 |
Federal net operating loss | 8.2 | 0 |
State tax credit carryforward, net of federal income tax effects | 6.4 | 9.2 |
State net operating loss carryforward, net of federal income tax effects | 7.4 | 5.4 |
Other liabilities not yet deductible | 12 | 19.4 |
Properties, plants and equipment | 12 | 0 |
Investment in subsidiaries | 0 | 11.8 |
Total deferred tax assets | 119.1 | 103.9 |
Less valuation allowance | (5.8) | (14.7) |
Deferred tax asset, net | 113.3 | 89.2 |
Deferred tax liabilities: | ||
Properties, plants and equipment | 0 | (85) |
Investment in partnerships | (462.3) | (299.7) |
Total deferred tax liabilities | (462.3) | (384.7) |
Net deferred tax liability | $ (349) | $ (295.5) |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
State and foreign income tax returns subject to examination period (in years) | 3 years |
State and foreign income tax returns subject to examination period maximum (in years) | 5 years |
Period amended federal returns remain subject to examination | 1 year |
Increase decrease in percentage of stock ownership (as a percent) | 50.00% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Components of inventories | ||
Coal | $ 76.8 | $ 100.9 |
Coke | 8.8 | 6.9 |
Materials, supplies and other | 36.5 | 34.4 |
Total inventories | $ 122.1 | $ 142.2 |
Properties, Plants, and Equip79
Properties, Plants, and Equipment, Net - Components (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Components of net properties, plants and equipment | ||
Gross investment, at cost | $ 2,296.6 | $ 2,099.3 |
Less: Accumulated depreciation | (703.2) | (619.3) |
Total properties, plants and equipment, net | 1,593.4 | 1,480 |
Coke and energy plant, machinery and equipment | ||
Components of net properties, plants and equipment | ||
Gross investment, at cost | 1,715.3 | 1,676.3 |
Less: Accumulated depreciation | (371.7) | (262.4) |
Coal logistics plant, machinery and equipment | ||
Components of net properties, plants and equipment | ||
Gross investment, at cost | 159.4 | 83.6 |
Land and land improvements | ||
Components of net properties, plants and equipment | ||
Gross investment, at cost | 136.6 | 92.1 |
Mining | ||
Components of net properties, plants and equipment | ||
Gross investment, at cost | 148.4 | 151.5 |
Total properties, plants and equipment, net | 13.1 | 22.8 |
Construction-in-progress | ||
Components of net properties, plants and equipment | ||
Gross investment, at cost | 106.1 | 65.6 |
Other | ||
Components of net properties, plants and equipment | ||
Gross investment, at cost | $ 30.8 | $ 30.2 |
Properties, Plants and Equipm80
Properties, Plants and Equipment, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Properties Plants and Equipment, Net (Textual) [Abstract] | ||
Accumulated depreciation | $ 703.2 | $ 619.3 |
Properties, plants and equipment, net | 1,593.4 | 1,480 |
Gross investment, at cost | 2,296.6 | 2,099.3 |
Coke and energy plant, machinery and equipment | ||
Properties Plants and Equipment, Net (Textual) [Abstract] | ||
Coke and energy plant, machinery and equipment | 1,278.3 | 1,155.1 |
Accumulated depreciation | 371.7 | 262.4 |
Gross investment, at cost | 1,715.3 | 1,676.3 |
Mining | ||
Properties Plants and Equipment, Net (Textual) [Abstract] | ||
Properties, plants and equipment, net | 13.1 | 22.8 |
Gross investment, at cost | 148.4 | 151.5 |
Construction-in-progress | ||
Properties Plants and Equipment, Net (Textual) [Abstract] | ||
Gross investment, at cost | 106.1 | $ 65.6 |
Construction-in-progress | Convent Marine Terminal | ||
Properties Plants and Equipment, Net (Textual) [Abstract] | ||
Gross investment, at cost | $ 37.3 |
Goodwill and Other Intangible81
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | Aug. 12, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill [Roll Forward] | |||
Goodwill, beginning of period | $ 11.6 | $ 17.6 | |
Impairment loss | (6) | ||
Goodwill acquired during the period | 59.5 | ||
Goodwill, end of period | 71.1 | 11.6 | |
Convent Marine Terminal | SunCoke Energy Partners, L.P. | |||
Goodwill [Roll Forward] | |||
Goodwill, end of period | $ 59.5 | 59.5 | |
Fair value of total consideration transferred | $ 403.1 | 403.1 | |
Domestic Coke | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning of period | 3.4 | 3.4 | |
Impairment loss | 0 | ||
Goodwill acquired during the period | 0 | ||
Goodwill, end of period | 3.4 | 3.4 | |
Coal Mining | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning of period | 0 | 6 | |
Impairment loss | (6) | ||
Goodwill acquired during the period | 0 | ||
Goodwill, end of period | 0 | 0 | |
Coal Logistics | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning of period | 8.2 | 8.2 | |
Impairment loss | 0 | ||
Goodwill acquired during the period | 59.5 | ||
Goodwill, end of period | $ 67.7 | $ 8.2 |
Goodwill and Other Intangible82
Goodwill and Other Intangible Assets - Gross and Net Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 200.6 | $ 15.6 |
Accumulated Amortization | 10.4 | 5.2 |
Total | $ 190.2 | 10.4 |
Customer contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted - Average Remaining Amortization (in years) | 6 years | |
Gross Carrying Amount | $ 31.7 | 7.7 |
Accumulated Amortization | 6.1 | 4.2 |
Total | $ 25.6 | 3.5 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted - Average Remaining Amortization (in years) | 14 years | |
Gross Carrying Amount | $ 28.7 | 6.7 |
Accumulated Amortization | 1.8 | 0.7 |
Total | $ 26.9 | 6 |
Permits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted - Average Remaining Amortization (in years) | 27 years | |
Gross Carrying Amount | $ 139 | 0 |
Accumulated Amortization | 1.9 | 0 |
Total | $ 137.1 | 0 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted - Average Remaining Amortization (in years) | 3 years | |
Gross Carrying Amount | $ 1.2 | 1.2 |
Accumulated Amortization | 0.6 | 0.3 |
Total | $ 0.6 | $ 0.9 |
Goodwill and Other Intangible83
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | Oct. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ||||
Total amortization expense | $ 5.1 | $ 1.5 | $ 0.8 | |
Coal Logistics | ||||
Goodwill [Line Items] | ||||
Fair value of reporting unit in excess of carrying value, percent | 15.00% | |||
Change in discount rate that would not impact goodwill impairment test | 1.00% | |||
Goodwill | Coal Logistics | ||||
Goodwill [Line Items] | ||||
Discount rate on discounted cash flow analysis | 18.00% | |||
Change in estimated discounted cash flows that would not impact goodwill impairment test | 5.00% |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 11.1 | |
2,017 | 11.1 | |
2,018 | 11.1 | |
2,019 | 10.9 | |
2,020 | 10.7 | |
2021-Thereafter | 135.3 | |
Total | $ 190.2 | $ 10.4 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of changes in the asset retirement obligation | ||
Beginning Balance | $ 22.2 | $ 17.9 |
Liabilities incurred | 2.6 | |
Liabilities settled | (2.1) | (0.6) |
Accretion expense | 1.4 | 1.4 |
Revisions in estimated cash flows | 0.7 | 0.9 |
Ending Balance | $ 22.2 | $ 22.2 |
Retirement Benefits Plans (Deta
Retirement Benefits Plans (Details Textual) - USD ($) | Jan. 01, 2011 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||||
Estimated Change in Service and Interest Cost of Postretirement Benefits Expense and APBO Due to Change in Health Care Cost Trend Rates, Percent | 1.00% | 1.00% | |||
Years of service, less than | 10 years | ||||
Curtailment gain | $ 4,100,000 | $ 2,500,000 | |||
Health care cost trend assumption increased health care cost trend rates (as a percent) | 7.00% | 7.50% | |||
Health care cost trend assumption increased health care cost trend rates (as a percent) | 5.00% | ||||
Estimated impact of one percent point change in assumed health care cost trend, less than | $ 100,000 | ||||
Company's pretax income and the aggregate compensation levels of participating employees | 6,500,000 | $ 8,000,000 | $ 7,400,000 | ||
Defined Benefit Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement loss | $ 12,600,000 | 12,600,000 | 0 | 0 | |
Benefit obligations | 0 | 39,900,000 | 32,900,000 | ||
Postretirement Benefit Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefit obligations | 34,800,000 | 37,100,000 | 38,400,000 | ||
Curtailment gain | 4,100,000 | $ 2,500,000 | $ 0 | ||
Amortization of net gains (losses) | 800,000 | ||||
Prior service benefit amortization | $ 700,000 |
Retirement Benefits Plans (Defi
Retirement Benefits Plans (Defined Benefit Plan Expense (Benefit) Components) (Details) - Defined Benefit Plan - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined benefit plan expense (benefit) | ||||
Interest cost on benefit obligations | $ 0.7 | $ 1.5 | $ 1.3 | |
Expected return on plan assets | (0.7) | (1.8) | (2.4) | |
Settlement loss | $ 12.6 | 12.6 | 0 | 0 |
Amortization of: | ||||
Actuarial losses | 0.5 | 0.5 | 1 | |
Benefit plan (benefit) expense, total | $ 13.1 | $ 0.2 | $ (0.1) |
Retirement Benefits Plans (Post
Retirement Benefits Plans (Postretirement Benefit Plans (Benefit) Expense Components) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amortization of: | |||
Curtailment gain | $ (4.1) | $ (2.5) | |
Postretirement Benefit Plans | |||
Postretirement benefit plans benefit | |||
Service cost | 0 | 0.2 | $ 0.3 |
Interest cost on benefit obligations | 1.3 | 1.5 | 1.4 |
Amortization of: | |||
Actuarial losses | 0.8 | 0.9 | 1.5 |
Prior service benefit | (1.2) | (5.6) | (5.7) |
Curtailment gain | (4.1) | (2.5) | 0 |
Benefit plan (benefit) expense, net | $ (3.2) | $ (5.5) | $ (2.5) |
Retirement Benefits Plans (Assu
Retirement Benefits Plans (Assumptions Used to Determine Defined Benefit Plan and Postretirement Benefit Plans Expense (Benefit) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan | |||
Defined benefit plan and postretirement benefit plans expense (benefit) | |||
Discount Rate (as a percent) | 0.00% | 4.55% | 3.65% |
Long term expected rate of return on plan assets (as a percent) | 0.00% | 4.90% | 7.10% |
Postretirement Benefit Plans | |||
Defined benefit plan and postretirement benefit plans expense (benefit) | |||
Discount Rate (as a percent) | 3.45% | 4.15% | 3.30% |
Long term expected rate of return on plan assets (as a percent) | 0.00% | 0.00% | 0.00% |
Retirement Benefits Plans (Amou
Retirement Benefits Plans (Amounts Recognized as Components of Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Retirement benefit plan funded status adjustments: | |||
Actuarial gains (losses) | $ 5.2 | $ (4) | $ (1.9) |
Total | 0.4 | 2.6 | (5.7) |
Defined Benefit Plan | |||
Reclassifications to earnings of: | |||
Actuarial loss amortization | 0.5 | 0.5 | 1 |
Prior service benefit amortization | 0 | 0 | 0 |
Curtailment gain | 0 | 0 | 0 |
Settlement loss | 12.6 | 0 | 0 |
Retirement benefit plan funded status adjustments: | |||
Actuarial gains (losses) | (0.9) | 3.9 | (5.6) |
Prior service cost | 0 | (0.5) | 0 |
Total | 14 | (3.9) | 6.6 |
Postretirement Benefit Plans | |||
Reclassifications to earnings of: | |||
Actuarial loss amortization | 0.8 | 0.9 | 1.5 |
Prior service benefit amortization | (1.2) | (5.6) | (5.7) |
Curtailment gain | (4.1) | (2.5) | 0 |
Settlement loss | 0 | 0 | 0 |
Retirement benefit plan funded status adjustments: | |||
Actuarial gains (losses) | 1.4 | (0.2) | (3.9) |
Prior service cost | 0 | 0 | 0 |
Total | $ (5.9) | $ (7) | $ (0.3) |
Retirement Benefits Plans (Comp
Retirement Benefits Plans (Components of the Changes in Benefit Obligations and Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Current portion of retirement liabilities classified in accrued liabilities | $ 3.5 | $ 3.7 | |
Defined Benefit Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of year | 39.9 | 32.9 | |
Service cost | 0 | 0 | |
Interest cost | 0.7 | 1.5 | $ 1.3 |
Actuarial (gains) losses | (2.5) | 7.2 | |
Plan amendments | 0 | 0.5 | |
Curtailments | 0 | 0 | |
Benefits paid | (1.5) | (2.2) | |
Settlement of obligation | (36.6) | 0 | |
Benefit obligations at end of year | 0 | 39.9 | 32.9 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 39.8 | 36.9 | |
Actual (loss) income on plan assets | (1) | 5.1 | |
Benefits paid from plan assets | (1.5) | (2.2) | |
Transfer to defined contribution plan | (0.7) | 0 | |
Fair value of plan assets at end of year | 0 | 39.8 | 36.9 |
Net asset (liability) at end of year | 0 | (0.1) | |
Postretirement Benefit Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligations at beginning of year | 37.1 | 38.4 | |
Service cost | 0 | 0.2 | 0.3 |
Interest cost | 1.3 | 1.5 | 1.4 |
Actuarial (gains) losses | 1.4 | 1.2 | |
Plan amendments | 0 | 0 | |
Curtailments | 0 | (1.4) | |
Benefits paid | (5) | (2.8) | |
Settlement of obligation | 0 | 0 | |
Benefit obligations at end of year | 34.8 | 37.1 | $ 38.4 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Benefits paid from plan assets | (5) | (2.8) | |
Net asset (liability) at end of year | $ (34.8) | $ (37.1) |
Retirement Benefits Plans (Cumu
Retirement Benefits Plans (Cumulative Amounts Not Yet Recognized in Net Income) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan | ||
Cumulative amounts not yet recognized in net income (loss): | ||
Actuarial losses | $ 0 | $ 13.5 |
Prior service costs (benefits) | 0 | 0.5 |
Accumulated other comprehensive loss (before related tax benefit) | 0 | 14 |
Postretirement Benefit Plans | ||
Cumulative amounts not yet recognized in net income (loss): | ||
Actuarial losses | 10.6 | 10 |
Prior service costs (benefits) | (3.1) | (8.4) |
Accumulated other comprehensive loss (before related tax benefit) | $ 7.5 | $ 1.6 |
Retirement Benefits Plans (Plan
Retirement Benefits Plans (Plan Assets in the Funded Defined Benefit Plan Measured at Fair Value, by Input Level) (Details) - Quoted Prices in Active Markets for Identical Assets (Level 1) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Plan assets in the funded defined benefit plan measured at fair value | ||
Fair value of plan assets | $ 0 | $ 39.8 |
Cash and cash equivalents | ||
Schedule of Plan assets in the funded defined benefit plan measured at fair value | ||
Fair value of plan assets | 0 | 0.4 |
Fixed income securities | Fixed income securities | Fixed income securities | ||
Schedule of Plan assets in the funded defined benefit plan measured at fair value | ||
Fair value of plan assets | $ 0 | $ 39.4 |
Retirement Benefits Plans (Expe
Retirement Benefits Plans (Expected Benefit Payments) (Details) - Postretirement Benefit Plans $ in Millions | Dec. 31, 2015USD ($) |
Expected benefit payments | |
2,016 | $ 3.5 |
2,017 | 3.4 |
2,018 | 3.2 |
2,019 | 3 |
2,020 | 2.9 |
2021 through 2024 | $ 11.7 |
Retirement Benefits Plans (Disc
Retirement Benefits Plans (Discount Rate) (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan | ||
Measurement date for the Company's defined benefit plan and postretirement benefit plans | ||
Discount rate (as a percent) | 0.00% | 3.75% |
Postretirement Benefit Plans | ||
Measurement date for the Company's defined benefit plan and postretirement benefit plans | ||
Discount rate (as a percent) | 3.80% | 3.45% |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued liabilities | ||
Accrued benefits | $ 20.3 | $ 27.4 |
Other taxes payable | 8.4 | 11.7 |
Accrued severance | 4.7 | 13 |
Deferred revenue | 2.1 | 0 |
Current portion of black lung liability | 5.2 | 3.8 |
Other | 5.1 | 15.4 |
Total accrued liabilities | $ 45.8 | $ 71.3 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Total debt, including the current portion of long-term debt | ||
Long-term debt, gross | $ 1,003.8 | $ 640 |
Original issue premium | 12.1 | 11.5 |
Debt issuance costs | (17.1) | (18) |
Total debt | 998.8 | 633.5 |
Current portion of long-term debt | 1.1 | 0 |
Total long-term debt | 997.7 | 633.5 |
7.625% senior notes, due 2019 | Senior Notes | ||
Total debt, including the current portion of long-term debt | ||
Long-term debt, gross | 44.6 | 240 |
SunCoke Revolving Credit Facility, due 2018 | Line of Credit | Revolving credit facility | ||
Total debt, including the current portion of long-term debt | ||
Long-term debt, gross | 60.4 | 0 |
7.375% Partnership notes, due 2020 | Senior Notes | ||
Total debt, including the current portion of long-term debt | ||
Long-term debt, gross | 552.5 | 400 |
Promissory notes, due 2021 | Senior Notes | ||
Total debt, including the current portion of long-term debt | ||
Long-term debt, gross | 114.3 | 0 |
Partnership revolver, due 2019 | Line of Credit | Revolving credit facility | ||
Total debt, including the current portion of long-term debt | ||
Long-term debt, gross | 182 | 0 |
Partnership Term Loan Due 2019 | Line of Credit | ||
Total debt, including the current portion of long-term debt | ||
Long-term debt, gross | $ 50 | $ 0 |
Debt (Details Textual)
Debt (Details Textual) | Aug. 12, 2018USD ($) | Nov. 18, 2015USD ($) | Nov. 03, 2015USD ($) | Oct. 22, 2015USD ($) | Aug. 12, 2015USD ($) | Jan. 13, 2015USD ($) | May. 09, 2014USD ($) | Jan. 23, 2013USD ($) | Jul. 26, 2011USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 12, 2019 |
Debt (Textual) [Abstract] | ||||||||||||||
Proceeds from revolving facility | $ 292,400,000 | $ 40,000,000 | $ 40,000,000 | |||||||||||
Long-term debt, gross | $ 1,003,800,000 | 1,003,800,000 | 640,000,000 | |||||||||||
Repayments of long-term debt | 248,100,000 | 276,500,000 | 225,000,000 | |||||||||||
Interest paid | 58,100,000 | 45,800,000 | 43,200,000 | |||||||||||
Original issue premium | 12,100,000 | 12,100,000 | 11,500,000 | |||||||||||
Loss on extinguishment of debt | 500,000 | 15,400,000 | $ 0 | |||||||||||
Long-term Debt | 998,800,000 | 998,800,000 | 633,500,000 | |||||||||||
Unamortized debt issuance expense | 17,100,000 | 17,100,000 | $ 18,000,000 | |||||||||||
Gateway Energy and Coal Company, LLC | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Debt assumed | $ 44,600,000 | |||||||||||||
SunCoke Energy Partners, L.P. | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Cross default provision | $ 20,000,000 | $ 20,000,000 | ||||||||||||
SunCoke Energy Partners, L.P. | Haverhill Coke Company LLC and Middletown Coke Company LLC | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Redemption premium | $ 11,400,000 | |||||||||||||
Proceeds from issuance of private placement | 263,100,000 | |||||||||||||
SunCoke Energy Partners, L.P. | Gateway Energy and Coal Company, LLC | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Debt assumed | $ 44,600,000 | |||||||||||||
SunCoke Energy Partners, L.P. | Convent Marine Terminal | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Proceeds from revolving facility | 185,000,000 | |||||||||||||
Debt assumed | 114,900,000 | |||||||||||||
Debt assumed | 114,900,000 | |||||||||||||
Senior Notes | SunCoke Energy Partners, L.P. | Gateway Energy and Coal Company, LLC | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Redemption premium | 1,700,000 | |||||||||||||
Interest paid | 500,000 | |||||||||||||
7.375% Partnership notes, due 2020 | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Interest rate (as a percent) | 7.375% | 7.375% | 7.375% | |||||||||||
7.375% Partnership notes, due 2020 | Haverhill Coke Company LLC and Middletown Coke Company LLC | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Proceeds to fund interest | 5,000,000 | |||||||||||||
7.375% Partnership notes, due 2020 | SunCoke Energy Partners, L.P. | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Long-term Debt | $ 250,000,000 | |||||||||||||
Interest rate (as a percent) | 7.375% | |||||||||||||
7.375% Partnership notes, due 2020 | SunCoke Energy Partners, L.P. | Haverhill Coke Company LLC and Middletown Coke Company LLC | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Debt issuance cost | $ 2,200,000 | |||||||||||||
Debt assumed | 160,000,000 | |||||||||||||
Debt issuance costs expensed immediately | 700,000 | |||||||||||||
7.625% senior notes, due 2019 | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Interest rate (as a percent) | 7.625% | 7.625% | 7.625% | |||||||||||
7.625% senior notes, due 2019 | Gateway Energy and Coal Company, LLC | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Interest paid | $ 1,000,000 | |||||||||||||
Original issue premium | 2,300,000 | |||||||||||||
7.625% senior notes, due 2019 | Interest Expense | Gateway Energy and Coal Company, LLC | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Loss on extinguishment of debt | 3,200,000 | |||||||||||||
7.625% senior notes, due 2019 | SunCoke Energy Partners, L.P. | Gateway Energy and Coal Company, LLC | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Redemption premium | $ 7,700,000 | |||||||||||||
Repayments of long-term debt | 135,000,000 | |||||||||||||
Debt assumed | 44,600,000 | |||||||||||||
Uncommitted Incremental Revolving Credit Facility | IPO | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Principal amount of term loan | $ 100,000,000 | $ 100,000,000 | ||||||||||||
SunCoke Revolving Credit Facility, due 2018 | Revolving credit facility | Line of Credit | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Principal amount of term loan | $ 150,000,000 | |||||||||||||
Proceeds from revolving facility | 60,400,000 | |||||||||||||
Long-term debt, gross | 60,400,000 | 60,400,000 | $ 0 | |||||||||||
Letters of credit outstanding under revolving facility | 2,800,000 | 2,800,000 | ||||||||||||
Remaining letters of credit agreement amount | $ 86,800,000 | $ 86,800,000 | ||||||||||||
Unused capacity commitment fee (as a percent) | 0.40% | |||||||||||||
The weighted-average interest rate for borrowings outstanding under credit agreement (as a percent) | 2.30% | 2.30% | 4.10% | |||||||||||
Maximum consolidated leverage ratio | 3.25 | 3.25 | ||||||||||||
Minimum interest coverage ratio | 2.75 | 2.75 | ||||||||||||
Partnership revolver, due 2019 | Line of Credit | SunCoke Energy Partners, L.P. | LIBOR | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Basis spread on variable rate | 2.50% | |||||||||||||
Partnership revolver, due 2019 | Revolving credit facility | Line of Credit | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Principal amount of term loan | $ 250,000,000 | $ 250,000,000 | ||||||||||||
Long-term debt, gross | 182,000,000 | 182,000,000 | $ 0 | |||||||||||
Debt issuance costs, amendments | $ 1,800,000 | |||||||||||||
Partnership revolver, due 2019 | Revolving credit facility | Line of Credit | SunCoke Energy Partners, L.P. | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Long-term debt, gross | $ 185,000,000 | |||||||||||||
Letters of credit outstanding under revolving facility | 0 | 0 | ||||||||||||
Remaining letters of credit agreement amount | $ 68,000,000 | $ 68,000,000 | ||||||||||||
Unused capacity commitment fee (as a percent) | 0.40% | |||||||||||||
The weighted-average interest rate for borrowings outstanding under credit agreement (as a percent) | 2.90% | 2.90% | 2.40% | |||||||||||
Payments on line of credit | $ 3,000,000 | |||||||||||||
Maximum consolidated leverage ratio | 4.5 | 4.5 | ||||||||||||
Minimum interest coverage ratio | 2.5 | 2.5 | ||||||||||||
Credit Agreement and Partner Revolver | Line of Credit | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Debt issuance cost | $ 700,000 | |||||||||||||
7.625% senior notes, due 2019 | Senior Notes | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Long-term debt, gross | $ 44,600,000 | 44,600,000 | $ 240,000,000 | |||||||||||
Senior notes | $ 400,000,000 | |||||||||||||
7.375% Partnership notes, due 2020 | Senior Notes | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Long-term debt, gross | 552,500,000 | 552,500,000 | 400,000,000 | |||||||||||
Repayments of long-term debt | 63,700,000 | 35,300,000 | ||||||||||||
Extinguishment of debt | 60,400,000 | 47,500,000 | ||||||||||||
Cash portion of debt redemption | 3,300,000 | |||||||||||||
7.375% Partnership notes, due 2020 | Senior Notes | Interest Expense | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Loss on extinguishment of debt | (12,100,000) | |||||||||||||
Write off of debt issuance costs | $ 900,000 | 900,000 | ||||||||||||
Write-off of original issue premium | 800,000 | |||||||||||||
7.375% Partnership notes, due 2020 | Senior Notes | Change in Control | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Debt redemption price, percent | 101.00% | |||||||||||||
7.375% Partnership notes, due 2020 | Senior Notes | At Any Time | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Debt redemption price, percent | 100.00% | |||||||||||||
7.375% Partnership notes, due 2020 | Senior Notes | SunCoke Energy Partners, L.P. | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Senior notes | $ 150,000,000 | |||||||||||||
Redeem partnership note percentage (as a percent) | 35.00% | |||||||||||||
7.375% Partnership notes, due 2020 | Senior Notes | SunCoke Energy Partners, L.P. | Haverhill Coke Company LLC and Middletown Coke Company LLC | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Debt issuance cost | 4,900,000 | |||||||||||||
Debt issuance costs expensed immediately | 900,000 | |||||||||||||
Long-term Debt | 250,000,000 | |||||||||||||
Proceeds from issuance of private placement | 263,100,000 | |||||||||||||
Original issue premium | 13,100,000 | |||||||||||||
Proceeds to fund interest | $ 5,000,000 | |||||||||||||
7.375% Partnership notes, due 2020 | Senior Notes | SunCoke Energy Partners, L.P. | Gateway Energy and Coal Company, LLC | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Debt issuance cost | 5,200,000 | |||||||||||||
Original issue premium | 4,000,000 | |||||||||||||
Senior notes | 200,000,000 | |||||||||||||
Proceeds from issuance of debt | 204,000,000 | |||||||||||||
Proceeds to fund interest | 6,800,000 | |||||||||||||
7.375% Partnership notes, due 2020 | Senior Notes | SunCoke Energy Partners, L.P. | Interest Expense | Gateway Energy and Coal Company, LLC | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Debt issuance cost | $ 1,000,000 | |||||||||||||
Raven Energy LLC Promissory Note | Convent Marine Terminal | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Debt assumed | $ 114,900,000 | |||||||||||||
Principal payment amount | $ 300,000 | |||||||||||||
Interest rate (as a percent) | 6.00% | |||||||||||||
Raven Energy LLC Promissory Note | Convent Marine Terminal | Scenario, Forecast | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Principal payment amount | $ 2,500,000 | |||||||||||||
Raven Energy LLC Promissory Note | LIBOR | Convent Marine Terminal | Scenario, Forecast | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Basis spread on variable rate | 4.50% | |||||||||||||
Raven Energy LLC Promissory Note | Raven Energy LLC | Convent Marine Terminal | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Maximum consolidated leverage ratio | 5 | |||||||||||||
Minimum fixed charge coverage ratio | 1 | |||||||||||||
Raven Energy LLC Promissory Note | Raven Energy LLC | Convent Marine Terminal | Scenario, Forecast | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Maximum consolidated leverage ratio | 4.5 | |||||||||||||
Partnership Term Loan Due 2019 | Line of Credit | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Long-term debt, gross | $ 50,000,000 | $ 50,000,000 | $ 0 | |||||||||||
Debt issuance cost | $ 800,000 | |||||||||||||
Senior notes | 50,000,000 | |||||||||||||
Quarterly payments | $ 1,300,000 | |||||||||||||
Partnership Term Loan Due 2019 | Line of Credit | SunCoke Energy Partners, L.P. | LIBOR | ||||||||||||||
Debt (Textual) [Abstract] | ||||||||||||||
Basis spread on variable rate | 2.50% |
Debt Debt - Schedule of Long-Te
Debt Debt - Schedule of Long-Term Debt Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 1.1 | |
2,017 | 2.4 | |
2,018 | 71 | |
2,019 | 280.3 | |
2,020 | 562.5 | |
2021-Thereafter | 86.5 | |
Total debt | $ 1,003.8 | $ 640 |
Black Lung Benefit Obligations
Black Lung Benefit Obligations (Details Textual) - Black Lung Benefit - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Black Lung Benefit Obligations (Textual) [Abstract] | |||
Discount rate for period end liability (as a percent) | 3.90% | 3.65% | 4.65% |
Estimated liability | $ 49.9 | $ 43.9 | |
Black lung liability expense | 9.8 | 14.3 | $ 0.3 |
Payments made to black lung liability | 3.8 | 2.8 | $ 2.2 |
Accrued Liabilities | |||
Black Lung Benefit Obligations (Textual) [Abstract] | |||
Estimated liability | $ 5.2 | $ 3.8 |
Commitments and Contingent L101
Commitments and Contingent Liabilities (Details) $ in Millions | Dec. 31, 2015USD ($) |
Aggregate amount of future minimum annual rentals applicable to noncancelable operating leases and related subleases | |
2,016 | $ 4 |
2,017 | 2.5 |
2,018 | 1.8 |
2,019 | 1.4 |
2,020 | 1.1 |
2021-Thereafter | 2 |
Total | $ 12.8 |
Commitments and Contingent L102
Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingent Liabilities (Textual) [Abstract] | |||
Rental expense, net of sublease income | $ 8.5 | $ 7.9 | $ 6.4 |
Haverhill and Granite City | |||
Commitments and Contingent Liabilities (Textual) [Abstract] | |||
Estimate possible loss | $ 2.2 | ||
Expected spending on environmental liability | 130 | ||
Cost of capital projects since 2012 | 93 | ||
Funds retained fro environmental remediation project | $ 119 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | 36 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2015 | |
Aggregate restructuring charges | |||||
Charges | $ 4.1 | $ 2.1 | $ 1.3 | $ 7.5 | |
Coal Mining | |||||
Aggregate restructuring charges | |||||
Charges | (2.3) | 18.5 | $ 16.2 | ||
Employee- Related Costs | |||||
Aggregate restructuring charges | |||||
Charges | 4.1 | 1.4 | 0.1 | 5.6 | |
Employee- Related Costs | Coal Mining | |||||
Aggregate restructuring charges | |||||
Charges | (2.3) | 12.5 | 10.2 | ||
Lease Terminations | |||||
Aggregate restructuring charges | |||||
Charges | 0 | 0.7 | $ 1.2 | $ 1.9 | |
Lease Terminations | Coal Mining | |||||
Aggregate restructuring charges | |||||
Charges | $ 0 | $ 6 | $ 6 |
Restructuring - Restructuring R
Restructuring - Restructuring Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | 36 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2015 | |
Accrued restructuring and related activity | |||||
Beginning Balance | $ 1.9 | $ 1.8 | $ 1.8 | ||
Charges | 4.1 | 2.1 | $ 1.3 | $ 7.5 | |
Cash payments | (2.1) | (2) | |||
Ending Balance | 3.9 | 1.9 | 1.8 | 3.9 | 3.9 |
Coal Mining | |||||
Accrued restructuring and related activity | |||||
Beginning Balance | 12.5 | 0 | 0 | ||
Charges | (2.3) | 18.5 | 16.2 | ||
Changes in estimates | (2.3) | ||||
Cash payments | (9.4) | (6) | |||
Ending Balance | 0.8 | 12.5 | 0 | 0.8 | 0.8 |
Employee- Related Costs | |||||
Accrued restructuring and related activity | |||||
Beginning Balance | 0.5 | 0.1 | 0.1 | ||
Charges | 4.1 | 1.4 | 0.1 | 5.6 | |
Cash payments | (0.7) | (1) | |||
Ending Balance | 3.9 | 0.5 | 0.1 | 3.9 | 3.9 |
Employee- Related Costs | Coal Mining | |||||
Accrued restructuring and related activity | |||||
Beginning Balance | 12.5 | 0 | 0 | ||
Charges | (2.3) | 12.5 | 10.2 | ||
Changes in estimates | (2.3) | ||||
Cash payments | (9.4) | 0 | |||
Ending Balance | 0.8 | 12.5 | 0 | 0.8 | 0.8 |
Lease Terminations | |||||
Accrued restructuring and related activity | |||||
Beginning Balance | 1.4 | 1.7 | 1.7 | ||
Charges | 0 | 0.7 | 1.2 | 1.9 | |
Cash payments | (1.4) | (1) | |||
Ending Balance | 0 | 1.4 | 1.7 | 0 | 0 |
Lease Terminations | Coal Mining | |||||
Accrued restructuring and related activity | |||||
Beginning Balance | 0 | 0 | 0 | ||
Charges | 0 | 6 | 6 | ||
Changes in estimates | 0 | ||||
Cash payments | 0 | (6) | |||
Ending Balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Accumulated Other Comprehens105
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of accumulated other comprehensive (loss) income (net of related income taxes) | |||
Balance at beginning of period | $ (21.5) | $ (14.1) | |
Other comprehensive loss before reclassifications | (3.1) | (0.8) | |
Amounts reclassified from accumulated other comprehensive income | 5.2 | (4) | $ (1.9) |
Retirement benefit plans funded status adjustment | (0.4) | (2.6) | 5.7 |
Net current period other comprehensive loss | 1.7 | (7.4) | |
Balance at end of period | (19.8) | (21.5) | (14.1) |
Benefit Plans | |||
Components of accumulated other comprehensive (loss) income (net of related income taxes) | |||
Balance at beginning of period | (9.4) | (2.8) | |
Other comprehensive loss before reclassifications | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income | 5.2 | (4) | |
Retirement benefit plans funded status adjustment | (0.4) | (2.6) | |
Net current period other comprehensive loss | 4.8 | (6.6) | |
Balance at end of period | (4.6) | (9.4) | (2.8) |
Tax benefit associated with benefit plans | (2.9) | (6.2) | |
Currency Translation Adjustments | |||
Components of accumulated other comprehensive (loss) income (net of related income taxes) | |||
Balance at beginning of period | (12.1) | (11.3) | |
Other comprehensive loss before reclassifications | (3.1) | (0.8) | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | |
Retirement benefit plans funded status adjustment | 0 | 0 | |
Net current period other comprehensive loss | (3.1) | (0.8) | |
Balance at end of period | $ (15.2) | $ (12.1) | $ (11.3) |
Accumulated Other Comprehens106
Accumulated Other Comprehensive Loss Reclassification Adjustments From AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amortization of Actuarial Losses and Prior Service Benefit [Abstract] | |||
Actuarial loss | $ (1.3) | $ (1.4) | $ (2.5) |
Prior service benefit | 1.2 | 5.6 | 5.7 |
Curtailment gain | 4.1 | 2.5 | 0 |
Settlement loss | (12.6) | 0 | 0 |
Total before taxes | (8.6) | 6.7 | 3.2 |
Income tax cost (benefit) | 3.4 | (2.7) | (1.3) |
Total, net of tax | $ (5.2) | $ 4 | $ 1.9 |
Share-Based Compensation (Detai
Share-Based Compensation (Details Textual) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)installment$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Jul. 13, 2011shares | |
Distribution First | Modified Options Sunoco Employees | ||||
Share-based compensation (Textual) [Abstract] | ||||
Modified options granted Sonoco employees (in shares) | shares | 1,219,842 | |||
Options outstanding | shares | 68,069 | |||
Distribution Second | Modified Options | ||||
Share-based compensation (Textual) [Abstract] | ||||
Modified options granted to SunCoke employees (in shares) | shares | 295,854 | |||
Options outstanding | shares | 282,277 | |||
SunCoke LTPEP | ||||
Share-based compensation (Textual) [Abstract] | ||||
Common stock issuable (in shares) | shares | 1,600,000 | |||
Common stock issuable pursuant to new awards (in shares) | shares | 6,000,000 | |||
Stock Options | ||||
Share-based compensation (Textual) [Abstract] | ||||
Granted stock options (in shares) | shares | 593,976 | 407,075 | 446,948 | |
Stock option time until expiration (in years) | 10 years | |||
Weighted average exercise price (in USD per share) | $ / shares | $ 16.33 | $ 22.30 | $ 16.55 | |
Number of annual installment in which stock option exercisable | installment | 3 | |||
Period from grant date for annual installment (in years) | 1 year | |||
Weighted-average fair value stock option (in dollars per share) | $ / shares | $ 4.87 | $ 7.86 | $ 6 | |
Forfeiture rate (as a percent) | 15.00% | 3.00% | 3.00% | |
Total intrinsic value of stock options exercised | $ 0.1 | $ 0.9 | $ 0.1 | |
Compensation expense | 2.5 | 4.7 | 4.6 | |
Compensation expense, net of tax | 1.6 | $ 3 | $ 2.9 | |
Unrecognized compensation cost | $ 2.3 | |||
Unrecognized compensation cost, period for recognition (in years) | 1 year 5 months | |||
Expected to vest at end of period | $ 0 | |||
Stock option exercised (in shares) | shares | 27,021 | |||
Weighted average remaining contractual term (in years) | 6 years 10 months | 7 years 3 months | ||
Options outstanding | shares | 2,702,605 | 2,403,850 | ||
Stock Options | Executive Officer | ||||
Share-based compensation (Textual) [Abstract] | ||||
Forfeiture rate (as a percent) | 0.00% | 0.00% | ||
Restricted Stock Units (RSUs) | ||||
Share-based compensation (Textual) [Abstract] | ||||
Number of annual installment in which stock option exercisable | installment | 3 | |||
Period from grant date for annual installment (in years) | 1 year | |||
Forfeiture rate (as a percent) | 18.00% | 3.00% | 3.00% | |
Compensation expense | $ 4.2 | $ 3.9 | $ 2.5 | |
Compensation expense, net of tax | 2.7 | $ 2.5 | $ 1.6 | |
Unrecognized compensation cost | $ 4 | |||
Unrecognized compensation cost, period for recognition (in years) | 1 year 8 months | |||
Granted | shares | 297,514 | 236,844 | 293,918 | |
Total fair value of non-option award units vested | $ 4.6 | $ 2.9 | $ 1.3 | |
Granted (in USD per share) | $ / shares | $ 14.51 | $ 22.06 | $ 16.58 | |
Restricted Stock Units (RSUs) | Executive Officer | ||||
Share-based compensation (Textual) [Abstract] | ||||
Forfeiture rate (as a percent) | 0.00% | |||
Performance Share Units | ||||
Share-based compensation (Textual) [Abstract] | ||||
Forfeiture rate (as a percent) | 0.00% | |||
Compensation expense | $ 0.5 | $ 1.2 | $ 0.5 | |
Compensation expense, net of tax | 0.3 | $ 0.7 | $ 0.3 | |
Unrecognized compensation cost | $ 1.3 | |||
Unrecognized compensation cost, period for recognition (in years) | 1 year 8 months | |||
Granted | shares | 134,271 | 84,734 | 96,073 | |
Percentage of award determined by the Company's three year TSR (as a percent) | 50.00% | |||
Period for measuring shareholder return | 3 years | |||
Percentage of award determined by pre-tax return on capital (as a percent) | 50.00% | |||
Granted (in USD per share) | $ / shares | $ 17.58 | $ 26.09 | $ 19.56 | |
Performance Share Units | Pre-tax return of capital for Coke and Coal Logistics businesses | ||||
Share-based compensation (Textual) [Abstract] | ||||
Period for measuring shareholder return | 3 years | |||
Performance Share Units | Pre-tax return of capital for coke business | ||||
Share-based compensation (Textual) [Abstract] | ||||
Period for measuring shareholder return | 3 years | |||
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% |
Share-Based Compensation - Assu
Share-Based Compensation - Assumptions Used to Calculate Value of Stock Options (Details) - Stock Options | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted-average assumptions | |||
Risk Free Interest Rate (as a percent) | 1.66% | 1.57% | 0.93% |
Expected Term (in years) | 5 years | 5 years | 5 years |
Volatility (as a percent) | 36.00% | 38.00% | 44.00% |
Dividend yield (as a percent) | 1.64% | 0.00% | 0.00% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Options (in shares) | |||
Outstanding at the beginning of period | 2,403,850 | ||
Granted | 593,976 | 407,075 | 446,948 |
Exercised | (27,021) | ||
Forfeited | (268,200) | ||
Outstanding at end of period | 2,702,605 | 2,403,850 | |
Exercisable at end of period | 2,032,116 | ||
Expected to vest at end of period | 651,416 | ||
Weighted Average Exercise Price (in dollars per share) | |||
Outstanding at beginning of period (in USD per share) | $ 17.34 | ||
Granted (in USD per share) | 16.33 | $ 22.30 | $ 16.55 |
Exercised (in USD per share) | 16.32 | ||
Forfeited (in USD per share) | 18.92 | ||
Outstanding at end of period (in USD per share) | 17.07 | $ 17.34 | |
Exercisable at end of period (in USD per share) | 16.70 | ||
Expected to vest at end of period (in USD per share) | $ 18.20 | ||
Weighted Average Remaining Contractual Term (years) | |||
Weighted average remaining contractual term (in years) | 6 years 10 months | 7 years 3 months | |
Exercisable at end of period | 6 years 3 months | ||
Expected to vest at end of period | 8 years 6 months | ||
Aggregate Intrinsic Value (millions) | |||
Outstanding at beginning of period | $ 5.9 | ||
Outstanding at end of period | 0 | $ 5.9 | |
Exercisable at end of period | 0 | ||
Expected to vest at end of period | $ 0 |
Share-Based Compensation - S110
Share-Based Compensation - Summary of RSUs and PSUs Outstanding (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding at beginning of period | 479,673 | ||
Granted | 297,514 | 236,844 | 293,918 |
Vested | (248,255) | ||
Forfeited | (44,808) | ||
Outstanding at end of period | 484,124 | 479,673 | |
Weighted Average Grant- Date Fair Value (in dollars per share) | |||
Outstanding at beginning of period (in USD per share) | $ 18.77 | ||
Granted (in USD per share) | 14.51 | $ 22.06 | $ 16.58 |
Vested (in USD per share) | 18 | ||
Forfeited (in USD per share) | 19.43 | ||
Outstanding at end of period (in USD per share) | $ 16.48 | $ 18.77 | |
Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding at beginning of period | 161,438 | ||
Granted | 134,271 | 84,734 | 96,073 |
Vested | 0 | ||
Forfeited | (41,057) | ||
Outstanding at end of period | 254,652 | 161,438 | |
Weighted Average Grant- Date Fair Value (in dollars per share) | |||
Outstanding at beginning of period (in USD per share) | $ 22.63 | ||
Granted (in USD per share) | 17.58 | $ 26.09 | $ 19.56 |
Vested (in USD per share) | 0 | ||
Forfeited (in USD per share) | 18.71 | ||
Outstanding at end of period (in USD per share) | $ 20.14 | $ 22.63 |
Earnings per Share - Weighted A
Earnings per Share - Weighted Average Number of Shares (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Weighted-average number of common shares outstanding-basic (in shares) | 65 | 68.8 | 69.9 |
Add: effect of dilutive share-based compensation awards (in shares) | 0 | 0 | 0.3 |
Weighted-average number of shares-diluted (in shares) | 65 | 68.8 | 70.2 |
Earnings per Share (Details Tex
Earnings per Share (Details Textual) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Jul. 23, 2014 | |
Earnings Per Share [Abstract] | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Share repurchase program, maximum amount | $ 150,000,000 | ||
Shares repurchased, shares | 2.5 | 3.2 | |
Aggregate cost of share repurchases | $ 35,600,000 | $ 75,000,000 | |
Shares repurchased, in dollar per share | $ 14.25 | $ 23.28 | |
Share repurchase program, remaining authorized repurchase amount | $ 39,400,000 |
Earnings per Share - Antidiluti
Earnings per Share - Antidilutive Shares Excluded From EPS Calculation (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential dilutive effect excluded from the computation of diluted weighted-average shares outstanding (in shares) | 3.4 | 3.3 | 0.2 |
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 (in shares) | 2.9 | 2.7 | 0.2 |
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 (in shares) | 0.5 | 0.5 | 0 |
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 (in shares) | 0 | 0.1 | 0 |
Partnership Unit Repurchase 114
Partnership Unit Repurchase Program and Equity Distribution Agreement (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Jul. 20, 2015 | Aug. 05, 2014 | Jul. 23, 2014 | |
Limited Partners' Capital Account [Line Items] | |||||
Share repurchase program, maximum amount | $ 150,000,000 | ||||
Shares repurchased, in dollar per share | $ 14.25 | $ 23.28 | |||
Share repurchase program, remaining authorized repurchase amount | $ 39,400,000 | ||||
SunCoke Energy Partners, L.P. | Common units | |||||
Limited Partners' Capital Account [Line Items] | |||||
Partnership common units authorized for sale | $ 75,000,000 | ||||
Shares sold under the equity agreement (in shares) | 62,956 | ||||
Proceeds from issuance of private placement | $ 1,800,000 | ||||
Remaining partnership common units authorized for sale | $ 73,200,000 | ||||
Common units | SunCoke Energy Partners, L.P. | |||||
Limited Partners' Capital Account [Line Items] | |||||
Share repurchase program, maximum amount | $ 50,000,000 | ||||
Unit repurchases, shares | 900,000 | ||||
Unit repurchases, value | $ 12,800,000 | ||||
Shares repurchased, in dollar per share | $ 14.91 | ||||
Share repurchase program, remaining authorized repurchase amount | $ 37,200,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) T in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($)T$ / T | Dec. 31, 2015USD ($)$ / T | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||||
Asset and goodwill impairment | $ 0 | $ 150,300,000 | $ 0 | ||
Goodwill impairment | 6,000,000 | ||||
Asset and goodwill impairment | 0 | 150,300,000 | $ 0 | ||
Equity method investment in VISA SunCoke Limited | $ 22,300,000 | 0 | 22,300,000 | ||
Fair value of long-term debt | 662,900,000 | 788,800,000 | 662,900,000 | ||
Long-term debt, gross | 640,000,000 | 1,003,800,000 | 640,000,000 | ||
VISA SunCoke Limited | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||||
Asset and goodwill impairment | 19,400,000 | 30,500,000 | |||
Equity method investment in VISA SunCoke Limited | $ 0 | ||||
Gross margin per ton on coke imports (in USD per ton) | $ / T | 5 | ||||
Discount rate on discounted cash flow analysis | 13.50% | ||||
Change in investment valuation from $5 change in gross margin per ton (in USD per ton) | $ 8,000,000 | ||||
Minimum | VISA SunCoke Limited | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||||
Gross margin per ton on coke imports (in USD per ton) | $ / T | 4 | ||||
Maximum | VISA SunCoke Limited | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||||
Gross margin per ton on coke imports (in USD per ton) | $ / T | 24 | ||||
Coal Mining Business | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||||
Asset and goodwill impairment | 1,700,000 | $ 97,100,000 | 45,500,000 | ||
Asset and goodwill impairment, net of tax | $ 59,500,000 | 27,900,000 | |||
Discount rate | 14.00% | ||||
Goodwill impairment | $ 6,000,000 | ||||
Goodwill impairment, net of tax | $ 3,700,000 | ||||
Asset and goodwill impairment | 150,300,000 | ||||
Coal Mining Business | Minimum | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||||
Coal sales price per ton | $ / T | 97 | ||||
Sales volume in tons | T | 1.6 | ||||
Coal Mining Business | Maximum | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||||
Coal sales price per ton | $ / T | 149 | ||||
Sales volume in tons | T | 1.8 | ||||
Level 1 | Cash Equivalents | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||||
Cash equivalents measured at fair value | $ 88,200,000 | $ 15,400,000 | $ 88,200,000 | ||
Fair Value, Inputs, Level 3 [Member] | VISA SunCoke Limited | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||||
Discount rate on discounted cash flow analysis | 13.50% | ||||
Fair Value, Inputs, Level 3 [Member] | Minimum | VISA SunCoke Limited | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||||
Gross margin per ton (in USD per ton) | $ / T | (8) | ||||
Fair Value, Inputs, Level 3 [Member] | Maximum | VISA SunCoke Limited | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||||
Gross margin per ton (in USD per ton) | $ / T | 13 | ||||
Convent Marine Terminal | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||||
Contingent consideration | $ 7,900,000 |
Business Segment Information (D
Business Segment Information (Details Textual) | Mar. 18, 2013T | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2013 | Dec. 31, 2015USD ($)TCokemaking_facility$ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Asset and goodwill impairment | $ 0 | $ 150,300,000 | $ 0 | |||||
Business Segment Information (Textual) [Abstract] | ||||||||
Number of facilities | Cokemaking_facility | 5 | |||||||
Ownership percentage (as a percent) | 100.00% | |||||||
Equity method investment in VISA SunCoke Limited | $ 22,300,000 | $ 0 | 22,300,000 | |||||
Service Life | Indiana Harbor | ||||||||
Business Segment Information (Textual) [Abstract] | ||||||||
Depreciation | $ 10,200,000 | $ 15,600,000 | $ 9,500,000 | |||||
Depreciation per common share (in USD per share) | $ / shares | $ 0.16 | $ 0.23 | $ 0.14 | |||||
VISA SunCoke Limited | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Asset and goodwill impairment | $ 19,400,000 | $ 30,500,000 | ||||||
Business Segment Information (Textual) [Abstract] | ||||||||
Ownership percentage (as a percent) | 49.00% | 49.00% | ||||||
Cokemaking facility capacity (in tons) | T | 440,000 | 440,000 | ||||||
Lag period for recognition of earnings for equity method investment | 1 month | |||||||
Equity method investment in VISA SunCoke Limited | $ 0 | |||||||
Coal Logistics | ||||||||
Business Segment Information (Textual) [Abstract] | ||||||||
Coal handling capacity (in tons), more than | T | 40,000,000 | |||||||
Coal Mining | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Asset and goodwill impairment | $ 30,800,000 | $ 16,400,000 | $ 103,100,000 | |||||
Coal Mining | Service Life | ||||||||
Business Segment Information (Textual) [Abstract] | ||||||||
Depreciation | $ 4,900,000 | $ 1,000,000 | ||||||
Depreciation per common share (in USD per share) | $ / shares | $ 0.08 | $ 0.01 |
Business Segment Information -
Business Segment Information - Adjusted EBITDA and Segment Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Segment Information | |||||||||||
Sales and other operating revenue | $ 343.6 | $ 336.2 | $ 347.6 | $ 323.9 | $ 384.8 | $ 376.2 | $ 371.7 | $ 358 | $ 1,351.3 | $ 1,490.7 | $ 1,633.5 |
Adjusted EBITDA | 185.8 | 210.7 | 215.1 | ||||||||
Depreciation and amortization expense | 109.1 | 106.3 | 96 | ||||||||
Capital expenditures | 75.8 | 125.2 | 145.6 | ||||||||
Tax assets | 11.6 | 6 | 11.6 | 6 | |||||||
Assets | 2,255.5 | 1,959.7 | 2,255.5 | 1,959.7 | |||||||
Intersegment Eliminations | |||||||||||
Business Segment Information | |||||||||||
Sales and other operating revenue | (121.4) | (154.8) | (142.2) | ||||||||
Continuing Operations | |||||||||||
Business Segment Information | |||||||||||
Asset, tax | 2,243.9 | 1,953.7 | 2,243.9 | 1,953.7 | |||||||
Domestic Coke | |||||||||||
Business Segment Information | |||||||||||
Sales and other operating revenue | 1,243.6 | 1,388.3 | 1,528.7 | ||||||||
Adjusted EBITDA from Continuing Operations | 210.1 | 247.9 | 243.2 | ||||||||
Depreciation and amortization expense | 81.6 | 81.3 | 68.1 | ||||||||
Capital expenditures | 67.6 | 109.2 | 121.2 | ||||||||
Domestic Coke | Continuing Operations | |||||||||||
Business Segment Information | |||||||||||
Asset, tax | 1,534.2 | 1,577.9 | 1,534.2 | 1,577.9 | |||||||
Brazil Coke | |||||||||||
Business Segment Information | |||||||||||
Sales and other operating revenue | 34 | 37 | 35.4 | ||||||||
Adjusted EBITDA from Continuing Operations | 22.4 | 18.9 | 16.1 | ||||||||
Depreciation and amortization expense | 0.6 | 0.5 | 0.4 | ||||||||
Capital expenditures | 0 | 0.9 | 0.8 | ||||||||
Brazil Coke | Continuing Operations | |||||||||||
Business Segment Information | |||||||||||
Asset, tax | 58.8 | 61.6 | 58.8 | 61.6 | |||||||
India Coke | |||||||||||
Business Segment Information | |||||||||||
Adjusted EBITDA from Continuing Operations | (1.9) | (3.1) | 0.9 | ||||||||
India Coke | Continuing Operations | |||||||||||
Business Segment Information | |||||||||||
Asset, tax | 0 | 22.5 | 0 | 22.5 | |||||||
Coal Logistics | |||||||||||
Business Segment Information | |||||||||||
Sales and other operating revenue | 60.8 | 36.2 | 8.1 | ||||||||
Adjusted EBITDA from Continuing Operations | 38.4 | 14.3 | 4.7 | ||||||||
Depreciation and amortization expense | 14 | 7.6 | 1.8 | ||||||||
Capital expenditures | 6 | 2.9 | 0.2 | ||||||||
Coal Logistics | Continuing Operations | |||||||||||
Business Segment Information | |||||||||||
Asset, tax | 532 | 114.4 | 532 | 114.4 | |||||||
Coal Logistics Intersegment Sales | |||||||||||
Business Segment Information | |||||||||||
Sales and other operating revenue | 20.4 | 18.8 | 5.5 | ||||||||
Coal Mining | |||||||||||
Business Segment Information | |||||||||||
Sales and other operating revenue | 12.9 | 29.2 | 61.3 | ||||||||
Adjusted EBITDA from Continuing Operations | (18.9) | (16) | (15.1) | ||||||||
Depreciation and amortization expense | 10.1 | 13.9 | 23.2 | ||||||||
Capital expenditures | 1.7 | 8.8 | 20.1 | ||||||||
Coal Mining | Continuing Operations | |||||||||||
Business Segment Information | |||||||||||
Asset, tax | 20.5 | 45.9 | 20.5 | 45.9 | |||||||
Coal Mining intersegment sales | |||||||||||
Business Segment Information | |||||||||||
Sales and other operating revenue | 101 | 136 | 136.7 | ||||||||
Corporate and Other | |||||||||||
Business Segment Information | |||||||||||
Adjusted EBITDA from Continuing Operations | (64.3) | (51.3) | (34.7) | ||||||||
Depreciation and amortization expense | 2.8 | 3 | 2.5 | ||||||||
Capital expenditures | 0.5 | 3.4 | $ 3.3 | ||||||||
Corporate and Other | Continuing Operations | |||||||||||
Business Segment Information | |||||||||||
Asset, tax | $ 98.4 | $ 131.4 | $ 98.4 | $ 131.4 |
Business Segment Information118
Business Segment Information - Total Legacy Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Defined benefit plan expense (benefit) | $ (13.1) | $ 7.5 | $ 0.1 |
Other Segments | |||
Segment Reporting Information [Line Items] | |||
Black lung liability expense | (9.8) | (14.3) | 0.3 |
Postretirement benefit plan benefit | 3.6 | 3.7 | 1 |
Defined benefit plan expense (benefit) | (13.1) | (0.2) | 0.1 |
Workers compensation expense | (2.3) | (4.6) | (2) |
Other | (0.4) | 0.7 | 0.6 |
Total legacy costs | $ (22) | $ (14.7) | $ 0 |
Business Segment Information119
Business Segment Information - Sales and Other Operating Revenue by Product or Service (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of total sales and other operating revenue by product or service | |||||||||||
Coke sales | $ 1,182 | $ 1,323.1 | $ 1,462.9 | ||||||||
Steam and electricity sales | 61.5 | 65.7 | 65.6 | ||||||||
Operating and licensing fees | 34 | 37 | 35.4 | ||||||||
Coal logistics | 58.8 | 33.9 | 7.2 | ||||||||
Metallurgical coal sales | 11 | 24 | 61 | ||||||||
Other | 4 | 7 | 1.4 | ||||||||
Sales and other operating revenue | $ 343.6 | $ 336.2 | $ 347.6 | $ 323.9 | $ 384.8 | $ 376.2 | $ 371.7 | $ 358 | $ 1,351.3 | $ 1,490.7 | $ 1,633.5 |
Business Segment Information120
Business Segment Information - Reconciliation of Adjusted EBITDA to Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Reconciliation of Adjusted EBITDA to net income | ||||||||||||
Adjusted EBITDA attributable to SunCoke Energy, Inc. | $ 104.6 | $ 150 | $ 173.9 | |||||||||
Add: Adjusted EBITDA attributable to noncontrolling interest | 81.2 | 60.7 | 41.2 | |||||||||
Adjusted EBITDA | 185.8 | 210.7 | 215.1 | |||||||||
Subtract: | ||||||||||||
Adjustment to unconsolidated affiliate earnings | 20.8 | 33.5 | 3.2 | |||||||||
Coal rationalization costs | 4.1 | 2.1 | 1.3 | $ 7.5 | ||||||||
Depreciation, depletion and amortization | 109.1 | 106.3 | 96 | |||||||||
Financing expense, net | 56.7 | 63.2 | 52.3 | |||||||||
Income tax (benefit) expense | (8.8) | (58.8) | 6.7 | |||||||||
Sales discount provided to customers due to sharing of nonconventional fuel tax credits | 0 | (0.5) | 6.8 | |||||||||
Asset and goodwill impairment | 0 | 150.3 | 0 | |||||||||
Coal Logistics deferred revenue | (2.9) | 0 | 0 | |||||||||
Net income (loss) | $ 32.9 | $ (16.5) | $ (6.5) | $ 0.4 | $ (55.8) | $ 6.4 | $ (48.6) | $ (3.8) | 10.3 | (101.8) | 50.1 | |
Deferred income tax (benefit) expense | (5.6) | (64.4) | 1.6 | |||||||||
Loss on extinguishment of debt | 0.5 | 15.4 | 0 | |||||||||
Changes in working capital and other | 26.8 | 6.5 | 3.6 | |||||||||
Net cash provided by operating activities | 141.1 | 112.3 | 151.3 | |||||||||
Accrued benefits | 13.6 | |||||||||||
Settlement of accrued sales discount | 13.1 | |||||||||||
Gain on settlement of sales discounts | $ 0.5 | |||||||||||
VISA SunCoke Limited | ||||||||||||
Subtract: | ||||||||||||
Asset and goodwill impairment | 19.4 | 30.5 | ||||||||||
Employee Severance, Contract Termination And Other | ||||||||||||
Subtract: | ||||||||||||
Coal rationalization costs | $ 0.6 | $ 18.5 | $ 0 |
Selected Quarterly Data (una121
Selected Quarterly Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selected Quarterly Financial Information | |||||||||||
Sales and other operating revenue | $ 343.6 | $ 336.2 | $ 347.6 | $ 323.9 | $ 384.8 | $ 376.2 | $ 371.7 | $ 358 | $ 1,351.3 | $ 1,490.7 | $ 1,633.5 |
Gross profit | 36.3 | 44.3 | 25.2 | 38 | 32.7 | 60.7 | 53.1 | 25 | |||
Net income (loss) | 32.9 | (16.5) | (6.5) | 0.4 | (55.8) | 6.4 | (48.6) | (3.8) | 10.3 | (101.8) | 50.1 |
Less: Net income attributable to noncontrolling interests | 13.9 | 7 | 7 | 4.4 | 9.7 | 10 | 0.6 | 4 | 32.3 | 24.3 | 25.1 |
Net income attributable to SunCoke Energy, Inc. | $ 19 | $ (23.5) | $ (13.5) | $ (4) | $ (65.5) | $ (3.6) | $ (49.2) | $ (7.8) | $ (22) | $ (126.1) | $ 25 |
Earnings attributable to SunCoke Energy, Inc. / net parent investment per share of common stock: (in dollars per share) | |||||||||||
Earnings per share, basic (in dollars per share) | $ 0.30 | $ (0.36) | $ (0.21) | $ (0.06) | $ (0.98) | $ (0.05) | $ (0.71) | $ (0.11) | $ (0.34) | $ (1.83) | $ 0.36 |
Earnings per share, diluted (in dollars per share) | 0.30 | (0.36) | (0.21) | (0.06) | (0.98) | (0.05) | (0.71) | (0.11) | $ (0.34) | $ (1.83) | $ 0.36 |
Cash dividend declared per share (in USD per share) | $ 0.15 | $ 0.15 | $ 0.075 | $ 0.0585 | $ 0.0585 | $ 0 | $ 0 | $ 0 | |||
Segment Reporting Information [Line Items] | |||||||||||
Impairment charge | $ 0 | $ 150.3 | $ 0 | ||||||||
VISA SunCoke Limited | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Impairment charge | 19.4 | 30.5 | |||||||||
Defined Benefit Plan | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Settlement loss | $ 12.6 | 12.6 | 0 | 0 | |||||||
Coal Mining | |||||||||||
Selected Quarterly Financial Information | |||||||||||
Sales and other operating revenue | $ 12.9 | $ 29.2 | $ 61.3 | ||||||||
Segment Reporting Information [Line Items] | |||||||||||
Impairment charge | $ 30.8 | $ 16.4 | $ 103.1 |
Supplemental Condensed Conso122
Supplemental Condensed Consolidating Financial Information (Details Textual) $ in Millions | Dec. 31, 2015USD ($) |
Supplemental Condensed Consolidating Financial Information (Textual) [Abstract] | |
Ownership percentage (as a percent) | 100.00% |
Guarantor Subsidiaries | |
Supplemental Condensed Consolidating Financial Information (Textual) [Abstract] | |
Guarantors obligations under the credit agreement | $ 44.6 |
SunCoke Energy Partners, L.P. | |
Supplemental Condensed Consolidating Financial Information (Textual) [Abstract] | |
Partnership net assets restricted, less than | 25.00% |
Supplemental Condensed Conso123
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||||||||||
Sales and other operating revenue | $ 343.6 | $ 336.2 | $ 347.6 | $ 323.9 | $ 384.8 | $ 376.2 | $ 371.7 | $ 358 | $ 1,351.3 | $ 1,490.7 | $ 1,633.5 |
Equity in (loss) earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Other income (loss), net | 11.4 | 13.1 | 14.2 | ||||||||
Total revenues | 1,362.7 | 1,503.8 | 1,647.7 | ||||||||
Costs and operating expenses | |||||||||||
Cost of products sold and operating expenses | 1,098.4 | 1,212.9 | 1,348 | ||||||||
Selling, general and administrative expenses | 75.4 | 96.7 | 92.4 | ||||||||
Depreciation, depletion and amortization | 109.1 | 106.3 | 96 | ||||||||
Asset and goodwill impairment | 0 | 150.3 | 0 | ||||||||
Total costs and operating expenses | 1,282.9 | 1,566.2 | 1,536.4 | ||||||||
Operating (loss) income | 79.8 | (62.4) | 111.3 | ||||||||
Interest (income) expense, net - affiliate | 0 | 0 | 0 | ||||||||
Interest expense (income), net | 56.7 | 63.2 | 52.3 | ||||||||
Total interest expense (income), net | 56.7 | 63.2 | 52.3 | ||||||||
(Loss) income before income tax expense and loss from equity method investment | 23.1 | (125.6) | 59 | ||||||||
Income tax (benefit) expense | (8.8) | (58.8) | 6.7 | ||||||||
Loss from equity method investment | 21.6 | 35 | 2.2 | ||||||||
Net income (loss) | 32.9 | (16.5) | (6.5) | 0.4 | (55.8) | 6.4 | (48.6) | (3.8) | 10.3 | (101.8) | 50.1 |
Less: Net income attributable to noncontrolling interests | 13.9 | 7 | 7 | 4.4 | 9.7 | 10 | 0.6 | 4 | 32.3 | 24.3 | 25.1 |
Net income attributable to SunCoke Energy, Inc./net parent investment | $ 19 | $ (23.5) | $ (13.5) | $ (4) | $ (65.5) | $ (3.6) | $ (49.2) | $ (7.8) | (22) | (126.1) | 25 |
Comprehensive (loss) income | 12 | (109.2) | 43.9 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 32.3 | 24.3 | 25.1 | ||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | (20.3) | (133.5) | 18.8 | ||||||||
Issuer | |||||||||||
Revenues | |||||||||||
Sales and other operating revenue | 0 | 0 | 0 | ||||||||
Equity in (loss) earnings of subsidiaries | (8.4) | (101.3) | 56.2 | ||||||||
Other income (loss), net | 0 | (0.2) | 0 | ||||||||
Total revenues | (8.4) | (101.5) | 56.2 | ||||||||
Costs and operating expenses | |||||||||||
Cost of products sold and operating expenses | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 9.5 | 13.5 | 12.2 | ||||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | ||||||||
Asset and goodwill impairment | 0 | ||||||||||
Total costs and operating expenses | 9.5 | 13.5 | 12.2 | ||||||||
Operating (loss) income | (17.9) | (115) | 44 | ||||||||
Interest (income) expense, net - affiliate | 0 | 0 | 0 | ||||||||
Interest expense (income), net | 9.5 | 26.3 | 37.8 | ||||||||
Total interest expense (income), net | 9.5 | 26.3 | 37.8 | ||||||||
(Loss) income before income tax expense and loss from equity method investment | (27.4) | (141.3) | 6.2 | ||||||||
Income tax (benefit) expense | (5.4) | (15.2) | (18.8) | ||||||||
Loss from equity method investment | 0 | 0 | 0 | ||||||||
Net income (loss) | (22) | (126.1) | 25 | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to SunCoke Energy, Inc./net parent investment | (22) | (126.1) | 25 | ||||||||
Comprehensive (loss) income | (20.3) | (133.5) | 18.8 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | (20.3) | (133.5) | 18.8 | ||||||||
Guarantor Subsidiaries | |||||||||||
Revenues | |||||||||||
Sales and other operating revenue | 196.8 | 210 | 236 | ||||||||
Equity in (loss) earnings of subsidiaries | 34.4 | (57.4) | 84.3 | ||||||||
Other income (loss), net | 0.4 | 1.6 | 3.7 | ||||||||
Total revenues | 231.6 | 154.2 | 324 | ||||||||
Costs and operating expenses | |||||||||||
Cost of products sold and operating expenses | 150.2 | 156 | 179.3 | ||||||||
Selling, general and administrative expenses | 30.7 | 28.3 | 34.9 | ||||||||
Depreciation, depletion and amortization | 10.4 | 8.4 | 7.5 | ||||||||
Asset and goodwill impairment | 0 | ||||||||||
Total costs and operating expenses | 191.3 | 192.7 | 221.7 | ||||||||
Operating (loss) income | 40.3 | (38.5) | 102.3 | ||||||||
Interest (income) expense, net - affiliate | (7.3) | (7.3) | (7.3) | ||||||||
Interest expense (income), net | (0.6) | (1.8) | (0.7) | ||||||||
Total interest expense (income), net | (7.9) | (9.1) | (8) | ||||||||
(Loss) income before income tax expense and loss from equity method investment | 48.2 | (29.4) | 110.3 | ||||||||
Income tax (benefit) expense | 29.6 | 29.5 | 45.8 | ||||||||
Loss from equity method investment | 0 | 0 | 0 | ||||||||
Net income (loss) | 18.6 | (58.9) | 64.5 | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to SunCoke Energy, Inc./net parent investment | 18.6 | (58.9) | 64.5 | ||||||||
Comprehensive (loss) income | 18.4 | (61.1) | 64.2 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | 18.4 | (61.1) | 64.2 | ||||||||
Non- Guarantor Subsidiaries | |||||||||||
Revenues | |||||||||||
Sales and other operating revenue | 1,154.5 | 1,280.7 | 1,397.5 | ||||||||
Equity in (loss) earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Other income (loss), net | 11 | 11.7 | 10.5 | ||||||||
Total revenues | 1,165.5 | 1,292.4 | 1,408 | ||||||||
Costs and operating expenses | |||||||||||
Cost of products sold and operating expenses | 948.2 | 1,056.9 | 1,168.7 | ||||||||
Selling, general and administrative expenses | 35.2 | 54.9 | 45.3 | ||||||||
Depreciation, depletion and amortization | 98.7 | 97.9 | 88.5 | ||||||||
Asset and goodwill impairment | 150.3 | ||||||||||
Total costs and operating expenses | 1,082.1 | 1,360 | 1,302.5 | ||||||||
Operating (loss) income | 83.4 | (67.6) | 105.5 | ||||||||
Interest (income) expense, net - affiliate | 7.3 | 7.3 | 7.3 | ||||||||
Interest expense (income), net | 47.8 | 38.7 | 15.2 | ||||||||
Total interest expense (income), net | 55.1 | 46 | 22.5 | ||||||||
(Loss) income before income tax expense and loss from equity method investment | 28.3 | (113.6) | 83 | ||||||||
Income tax (benefit) expense | (33) | (73.1) | (20.3) | ||||||||
Loss from equity method investment | 21.6 | 35 | 2.2 | ||||||||
Net income (loss) | 39.7 | (75.5) | 101.1 | ||||||||
Less: Net income attributable to noncontrolling interests | 32.3 | 24.3 | 25.1 | ||||||||
Net income attributable to SunCoke Energy, Inc./net parent investment | 7.4 | (99.8) | 76 | ||||||||
Comprehensive (loss) income | 41.6 | (80.7) | 95.2 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 32.3 | 24.3 | 25.1 | ||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | 9.3 | (105) | 70.1 | ||||||||
Combining and Consolidating Adjustments | |||||||||||
Revenues | |||||||||||
Sales and other operating revenue | 0 | 0 | 0 | ||||||||
Equity in (loss) earnings of subsidiaries | (26) | 158.7 | (140.5) | ||||||||
Other income (loss), net | 0 | 0 | 0 | ||||||||
Total revenues | (26) | 158.7 | (140.5) | ||||||||
Costs and operating expenses | |||||||||||
Cost of products sold and operating expenses | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Depreciation, depletion and amortization | $ 0 | 0 | 0 | ||||||||
Asset and goodwill impairment | 0 | ||||||||||
Total costs and operating expenses | 0 | 0 | |||||||||
Operating (loss) income | $ (26) | 158.7 | (140.5) | ||||||||
Interest (income) expense, net - affiliate | 0 | 0 | 0 | ||||||||
Interest expense (income), net | 0 | 0 | 0 | ||||||||
Total interest expense (income), net | 0 | 0 | 0 | ||||||||
(Loss) income before income tax expense and loss from equity method investment | (26) | 158.7 | (140.5) | ||||||||
Income tax (benefit) expense | 0 | 0 | 0 | ||||||||
Loss from equity method investment | 0 | 0 | 0 | ||||||||
Net income (loss) | (26) | 158.7 | (140.5) | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to SunCoke Energy, Inc./net parent investment | (26) | 158.7 | (140.5) | ||||||||
Comprehensive (loss) income | (27.7) | 166.1 | (134.3) | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | $ (27.7) | $ 166.1 | $ (134.3) |
Supplemental Condensed Conso124
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 23, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | |||||
Cash and cash equivalents | $ 123.4 | $ 139 | $ 233.6 | $ 239.2 | |
Receivables | 65.2 | 78.2 | |||
Inventories | 122.1 | 142.2 | |||
Income tax receivable | 11.6 | 6 | |||
Other current assets | 3.8 | 3.6 | |||
Advances to affiliates | 0 | 0 | |||
Total current assets | 326.1 | 369 | |||
Notes receivable from affiliate | 0 | 0 | |||
Restricted cash | 18.2 | 0.5 | |||
Investment in Brazilian cokemaking operations | 41 | 41 | |||
Equity method investment in VISA SunCoke Limited | 0 | 22.3 | |||
Properties, plants and equipment, net | 1,593.4 | 1,480 | |||
Goodwill | 71.1 | 11.6 | |||
Other intangible assets, net | 190.2 | 10.4 | |||
Deferred charges and other assets | 15.5 | 24.9 | |||
Investment in subsidiaries | 0 | 0 | |||
Total assets | 2,255.5 | 1,959.7 | |||
Liabilities and Equity | |||||
Advances from affiliate | 0 | 0 | |||
Accounts payable | 99.9 | 121.3 | |||
Accrued liabilities | 45.8 | 71.3 | |||
Current portion of long-term debt | 1.1 | 0 | |||
Interest payable | 18.9 | 19.9 | |||
Income taxes payable | 0 | 0 | |||
Total current liabilities | 165.7 | 212.5 | |||
Long-term debt | 997.7 | 633.5 | |||
Payable to affiliate | 0 | 0 | |||
Accrual for black lung benefits | 44.7 | 40.1 | |||
Retirement benefit liabilities | 31.3 | 33.6 | |||
Deferred income taxes | 349 | 295.5 | |||
Asset retirement obligations | 22.2 | 22.2 | |||
Other deferred credits and liabilities | 22.1 | 16.9 | |||
Total liabilities | 1,632.7 | 1,254.3 | |||
Equity | |||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 71,251,529 and 70,892,140 shares at December 31, 2014 and December 31, 2013, respectively | 0.7 | 0.7 | |||
Treasury stock, 7,477,657 shares and 4,977,115 shares at December 31, 2015 and 2014 respectively | (140.7) | (105) | |||
Additional paid-in capital | 486.1 | 543.6 | |||
Accumulated other comprehensive loss | (19.8) | (21.5) | (14.1) | ||
Retained (deficit) earnings | (36.4) | 13.9 | |||
Total SunCoke Energy, Inc. stockholders' equity | 289.9 | 431.7 | |||
Noncontrolling interests | 332.9 | 273.7 | |||
Total equity | 622.8 | 705.4 | 832.3 | 574.9 | |
Total liabilities and equity | $ 2,255.5 | $ 1,959.7 | |||
Supplemental Condensed Consolidating Financial Information (Additional Textual) [Abstract] | |||||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 | |||
Common stock, shares, issued | 71,489,448 | 71,251,529 | |||
Treasury stock, shares | 7,477,657 | 4,977,115 | |||
Issuer | |||||
Assets | |||||
Cash and cash equivalents | $ 0 | $ 0 | 0 | 0 | |
Receivables | 0 | 0.1 | |||
Inventories | 0 | 0 | |||
Income tax receivable | 10.9 | 28 | |||
Other current assets | 0.1 | 0 | |||
Advances to affiliates | 0 | 0 | |||
Total current assets | 11 | 28.1 | |||
Notes receivable from affiliate | 0 | 0 | |||
Restricted cash | 0 | 0 | |||
Investment in Brazilian cokemaking operations | 0 | 0 | |||
Equity method investment in VISA SunCoke Limited | 0 | ||||
Properties, plants and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Other intangible assets, net | 0 | 0 | |||
Deferred charges and other assets | 0.2 | 0.2 | |||
Investment in subsidiaries | 522.1 | 718.2 | |||
Total assets | 533.3 | 746.5 | |||
Liabilities and Equity | |||||
Advances from affiliate | 105.2 | 73.4 | |||
Accounts payable | 0 | 0 | |||
Accrued liabilities | 0.1 | 0.1 | |||
Current portion of long-term debt | 0 | ||||
Interest payable | 1.5 | 7.6 | |||
Income taxes payable | 0 | 0 | |||
Total current liabilities | 106.8 | 81.1 | |||
Long-term debt | 103.2 | 234.5 | |||
Payable to affiliate | 0 | 0 | |||
Accrual for black lung benefits | 0 | 0 | |||
Retirement benefit liabilities | 0 | 0 | |||
Deferred income taxes | 32.3 | (2.6) | |||
Asset retirement obligations | 0 | 0 | |||
Other deferred credits and liabilities | 1.1 | 1.8 | |||
Total liabilities | 243.4 | 314.8 | |||
Equity | |||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 71,251,529 and 70,892,140 shares at December 31, 2014 and December 31, 2013, respectively | 0.7 | 0.7 | |||
Treasury stock, 7,477,657 shares and 4,977,115 shares at December 31, 2015 and 2014 respectively | (140.7) | (105) | |||
Additional paid-in capital | 486.1 | 543.6 | |||
Accumulated other comprehensive loss | (19.8) | (21.5) | |||
Retained (deficit) earnings | (36.4) | 13.9 | |||
Total SunCoke Energy, Inc. stockholders' equity | 289.9 | 431.7 | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | 289.9 | 431.7 | |||
Total liabilities and equity | 533.3 | 746.5 | |||
Guarantor Subsidiaries | |||||
Assets | |||||
Cash and cash equivalents | 70.6 | 102.3 | 184.4 | 206.9 | |
Receivables | 7.9 | 17.4 | |||
Inventories | 5.3 | 4 | |||
Income tax receivable | 0 | 0 | |||
Other current assets | 2.4 | 2.7 | |||
Advances to affiliates | 250.9 | 117 | |||
Total current assets | 337.1 | 243.4 | |||
Notes receivable from affiliate | 89 | 89 | |||
Restricted cash | 0 | 0 | |||
Investment in Brazilian cokemaking operations | 0 | 0 | |||
Equity method investment in VISA SunCoke Limited | 0 | ||||
Properties, plants and equipment, net | 68.2 | 65.3 | |||
Goodwill | 3.4 | 3.4 | |||
Other intangible assets, net | 2.9 | 3.5 | |||
Deferred charges and other assets | 12.5 | 9.9 | |||
Investment in subsidiaries | 649.3 | 760.1 | |||
Total assets | 1,162.4 | 1,174.6 | |||
Liabilities and Equity | |||||
Advances from affiliate | 0 | 0 | |||
Accounts payable | 10.4 | 12.8 | |||
Accrued liabilities | 16.4 | 17.6 | |||
Current portion of long-term debt | 0 | ||||
Interest payable | 0 | 0 | |||
Income taxes payable | 59.3 | 36.1 | |||
Total current liabilities | 86.1 | 66.5 | |||
Long-term debt | 0 | 0 | |||
Payable to affiliate | 300 | 300 | |||
Accrual for black lung benefits | 12.6 | 9.9 | |||
Retirement benefit liabilities | 14.9 | 16.3 | |||
Deferred income taxes | 362.4 | 269.4 | |||
Asset retirement obligations | 0 | 0.1 | |||
Other deferred credits and liabilities | 7 | 6.9 | |||
Total liabilities | 783 | 669.1 | |||
Equity | |||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 71,251,529 and 70,892,140 shares at December 31, 2014 and December 31, 2013, respectively | 0 | 0 | |||
Treasury stock, 7,477,657 shares and 4,977,115 shares at December 31, 2015 and 2014 respectively | 0 | 0 | |||
Additional paid-in capital | 62 | 206.5 | |||
Accumulated other comprehensive loss | (1.3) | (1.1) | |||
Retained (deficit) earnings | 318.7 | 300.1 | |||
Total SunCoke Energy, Inc. stockholders' equity | 379.4 | 505.5 | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | 379.4 | 505.5 | |||
Total liabilities and equity | 1,162.4 | 1,174.6 | |||
Non- Guarantor Subsidiaries | |||||
Assets | |||||
Cash and cash equivalents | 52.8 | 36.7 | 49.2 | 32.3 | |
Receivables | 57.3 | 60.7 | |||
Inventories | 116.8 | 138.2 | |||
Income tax receivable | 60 | 14.1 | |||
Other current assets | 1.3 | 0.9 | |||
Advances to affiliates | 0 | 0 | |||
Total current assets | 288.2 | 250.6 | |||
Notes receivable from affiliate | 300 | 300 | |||
Restricted cash | 18.2 | 0.5 | |||
Investment in Brazilian cokemaking operations | 41 | 41 | |||
Equity method investment in VISA SunCoke Limited | 22.3 | ||||
Properties, plants and equipment, net | 1,525.2 | 1,414.7 | |||
Goodwill | 67.7 | 8.2 | |||
Other intangible assets, net | 187.3 | 6.9 | |||
Deferred charges and other assets | 2.8 | 14.8 | |||
Investment in subsidiaries | 0 | 0 | |||
Total assets | 2,430.4 | 2,059 | |||
Liabilities and Equity | |||||
Advances from affiliate | 145.7 | 43.6 | |||
Accounts payable | 89.5 | 108.5 | |||
Accrued liabilities | 29.3 | 53.6 | |||
Current portion of long-term debt | 1.1 | ||||
Interest payable | 17.4 | 12.3 | |||
Income taxes payable | 0 | 0 | |||
Total current liabilities | 283 | 218 | |||
Long-term debt | 894.5 | 399 | |||
Payable to affiliate | 89 | 89 | |||
Accrual for black lung benefits | 32.1 | 30.2 | |||
Retirement benefit liabilities | 16.4 | 17.3 | |||
Deferred income taxes | (45.7) | 28.7 | |||
Asset retirement obligations | 22.2 | 22.1 | |||
Other deferred credits and liabilities | 14 | 8.2 | |||
Total liabilities | 1,305.5 | 812.5 | |||
Equity | |||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 71,251,529 and 70,892,140 shares at December 31, 2014 and December 31, 2013, respectively | 0 | 0 | |||
Treasury stock, 7,477,657 shares and 4,977,115 shares at December 31, 2015 and 2014 respectively | 0 | 0 | |||
Additional paid-in capital | 664.7 | 854.8 | |||
Accumulated other comprehensive loss | (18.5) | (20.4) | |||
Retained (deficit) earnings | 145.8 | 138.4 | |||
Total SunCoke Energy, Inc. stockholders' equity | 792 | 972.8 | |||
Noncontrolling interests | 332.9 | 273.7 | |||
Total equity | 1,124.9 | 1,246.5 | |||
Total liabilities and equity | 2,430.4 | 2,059 | |||
Combining and Consolidating Adjustments | |||||
Assets | |||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |
Receivables | 0 | 0 | |||
Inventories | 0 | 0 | |||
Income tax receivable | (59.3) | (36.1) | |||
Other current assets | 0 | 0 | |||
Advances to affiliates | (250.9) | (117) | |||
Total current assets | (310.2) | (153.1) | |||
Notes receivable from affiliate | (389) | (389) | |||
Restricted cash | 0 | 0 | |||
Investment in Brazilian cokemaking operations | 0 | 0 | |||
Equity method investment in VISA SunCoke Limited | 0 | ||||
Properties, plants and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Other intangible assets, net | 0 | 0 | |||
Deferred charges and other assets | 0 | 0 | |||
Investment in subsidiaries | (1,171.4) | (1,478.3) | |||
Total assets | (1,870.6) | (2,020.4) | |||
Liabilities and Equity | |||||
Advances from affiliate | (250.9) | (117) | |||
Accounts payable | 0 | 0 | |||
Accrued liabilities | 0 | 0 | |||
Current portion of long-term debt | 0 | ||||
Interest payable | 0 | 0 | |||
Income taxes payable | (59.3) | (36.1) | |||
Total current liabilities | (310.2) | (153.1) | |||
Long-term debt | 0 | 0 | |||
Payable to affiliate | (389) | (389) | |||
Accrual for black lung benefits | 0 | 0 | |||
Retirement benefit liabilities | 0 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Asset retirement obligations | 0 | 0 | |||
Other deferred credits and liabilities | 0 | 0 | |||
Total liabilities | (699.2) | (542.1) | |||
Equity | |||||
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued and outstanding 71,251,529 and 70,892,140 shares at December 31, 2014 and December 31, 2013, respectively | $ 0 | 0 | |||
Treasury stock, 7,477,657 shares and 4,977,115 shares at December 31, 2015 and 2014 respectively | 0 | ||||
Additional paid-in capital | $ (726.7) | (1,061.3) | |||
Accumulated other comprehensive loss | 19.8 | 21.5 | |||
Retained (deficit) earnings | (464.5) | (438.5) | |||
Total SunCoke Energy, Inc. stockholders' equity | (1,171.4) | (1,478.3) | |||
Noncontrolling interests | 0 | 0 | |||
Total equity | (1,171.4) | (1,478.3) | |||
Total liabilities and equity | $ (1,870.6) | $ (2,020.4) |
Supplemental Condensed Conso125
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) | $ 32.9 | $ (16.5) | $ (6.5) | $ 0.4 | $ (55.8) | $ 6.4 | $ (48.6) | $ (3.8) | $ 10.3 | $ (101.8) | $ 50.1 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Loss from equity method investment | 21.6 | 35 | 2.2 | ||||||||
Asset and goodwill impairment | 0 | 150.3 | 0 | ||||||||
Depreciation and amortization expense | 109.1 | 106.3 | 96 | ||||||||
Deferred income tax (benefit) expense | (5.6) | (64.4) | 1.6 | ||||||||
Settlement loss and payments in excess of expense for pension plan | 13.1 | (7.5) | (0.1) | ||||||||
Payments in Excess of Expense for Retirement Plans | (8) | (0.6) | (5.3) | ||||||||
Share-based compensation expense | 7.2 | 9.8 | 7.6 | ||||||||
Equity in Earnings of Subsidiaries | 0 | 0 | 0 | ||||||||
Excess tax benefit from share-based awards | 0 | (0.3) | 0 | ||||||||
Loss on extinguishment of debt | 0.5 | 15.4 | 0 | ||||||||
Changes in working capital pertaining to operating activities (net of acquisitions): | |||||||||||
Receivables | 18.8 | 13.3 | (18.1) | ||||||||
Inventories | 23.2 | (12.6) | 29.2 | ||||||||
Accounts payable | (17.9) | (33) | 20 | ||||||||
Accrued liabilities | (28.7) | (8) | (24.7) | ||||||||
Interest payable | (1) | 1.7 | 2.5 | ||||||||
Income taxes | (5.6) | 1 | (10.2) | ||||||||
Accrual for black lung benefits | 6 | 11.5 | (2.4) | ||||||||
Other | (1.9) | (3.8) | 2.9 | ||||||||
Net cash provided by operating activities | 141.1 | 112.3 | 151.3 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | (75.8) | (125.2) | (145.6) | ||||||||
Acquisition of businesses, net of cash received | (191.7) | 0 | (113.3) | ||||||||
Payments to Acquire Equity Method Investments | 0 | (67.7) | |||||||||
Restricted cash | (17.7) | 0 | 0 | ||||||||
Net cash used in investing activities | (285.2) | (125.2) | (326.6) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | 0 | 90.5 | 237.8 | ||||||||
Proceeds from issuance of long-term debt | 260.8 | 268.1 | 150 | ||||||||
Repayment of long-term debt | (248.1) | (276.5) | (225) | ||||||||
Debt issuance costs | (5.7) | (5.8) | (6.9) | ||||||||
Proceeds from revolving facility | 292.4 | 40 | 40 | ||||||||
Repayment of revolving facility | (50) | (80) | 0 | ||||||||
Cash distributions to noncontrolling interests | (43.3) | (32.3) | (17.8) | ||||||||
Shares repurchased | (35.7) | (85.1) | (10.9) | ||||||||
SunCoke Energy Partners, L.P. units repurchased | (12.8) | 0 | 0 | ||||||||
Proceeds from exercise of stock options, net of shares withheld for taxes | (1.1) | 2.9 | 2.5 | ||||||||
Excess tax benefit from share-based awards | 0.3 | 0 | |||||||||
Dividends paid | (28) | (3.8) | 0 | ||||||||
Net increase (decrease) in advances from affiliate | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) financing activities | 128.5 | (81.7) | 169.7 | ||||||||
Net (decrease) increase in cash and cash equivalents | (15.6) | (94.6) | (5.6) | ||||||||
Cash and cash equivalents at beginning of year | 139 | 233.6 | 139 | 233.6 | 239.2 | ||||||
Cash and cash equivalents at end of year | 123.4 | 139 | 123.4 | 139 | 233.6 | ||||||
Issuer | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) | (22) | (126.1) | 25 | ||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Loss from equity method investment | 0 | 0 | 0 | ||||||||
Asset and goodwill impairment | 0 | ||||||||||
Depreciation and amortization expense | 0 | 0 | 0 | ||||||||
Deferred income tax (benefit) expense | (20.7) | 6.8 | 0 | ||||||||
Settlement loss and payments in excess of expense for pension plan | 0 | 0 | 0 | ||||||||
Payments in Excess of Expense for Retirement Plans | 0 | 0 | 0 | ||||||||
Share-based compensation expense | 7.2 | 9.8 | 7.6 | ||||||||
Equity in Earnings of Subsidiaries | 8.4 | 101.3 | (56.2) | ||||||||
Excess tax benefit from share-based awards | (0.4) | ||||||||||
Loss on extinguishment of debt | 1.2 | 0 | |||||||||
Changes in working capital pertaining to operating activities (net of acquisitions): | |||||||||||
Receivables | 0.1 | (0.1) | 0 | ||||||||
Inventories | 0 | 0 | 0 | ||||||||
Accounts payable | 0 | 0 | (0.5) | ||||||||
Accrued liabilities | (0.2) | (0.4) | (0.1) | ||||||||
Interest payable | (6.1) | (6) | (2.1) | ||||||||
Income taxes | 17.1 | 12.3 | (23.5) | ||||||||
Accrual for black lung benefits | 0 | 0 | 0 | ||||||||
Other | (0.9) | 6 | 5.5 | ||||||||
Net cash provided by operating activities | (15.9) | 3.2 | (44.3) | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Acquisition of businesses, net of cash received | 0 | 0 | |||||||||
Payments to Acquire Equity Method Investments | 0 | ||||||||||
Restricted cash | 0 | ||||||||||
Net cash used in investing activities | 0 | 0 | 0 | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | 0 | 0 | |||||||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | ||||||||
Repayment of long-term debt | (16.8) | 0 | 0 | ||||||||
Debt issuance costs | (0.4) | 0 | 0 | ||||||||
Proceeds from revolving facility | 60.4 | 0 | 0 | ||||||||
Repayment of revolving facility | 0 | 0 | |||||||||
Cash distributions to noncontrolling interests | 0 | 0 | 0 | ||||||||
Shares repurchased | (35.7) | (85.1) | (10.9) | ||||||||
SunCoke Energy Partners, L.P. units repurchased | 0 | ||||||||||
Proceeds from exercise of stock options, net of shares withheld for taxes | (1.1) | 2.9 | 2.5 | ||||||||
Excess tax benefit from share-based awards | 0.3 | ||||||||||
Dividends paid | (28) | (3.8) | |||||||||
Net increase (decrease) in advances from affiliate | 37.5 | 82.5 | 52.7 | ||||||||
Net cash provided by (used in) financing activities | 15.9 | (3.2) | 44.3 | ||||||||
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 | ||||||||
Cash and cash equivalents at beginning of year | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents at end of year | 0 | 0 | 0 | 0 | 0 | ||||||
Guarantor Subsidiaries | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) | 18.6 | (58.9) | 64.5 | ||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Loss from equity method investment | 0 | 0 | 0 | ||||||||
Asset and goodwill impairment | 0 | ||||||||||
Depreciation and amortization expense | 10.4 | 8.4 | 7.5 | ||||||||
Deferred income tax (benefit) expense | 14.9 | (7.9) | 1.6 | ||||||||
Settlement loss and payments in excess of expense for pension plan | 0 | 0 | 0 | ||||||||
Payments in Excess of Expense for Retirement Plans | (1.6) | 0 | 0 | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
Equity in Earnings of Subsidiaries | (34.4) | 57.4 | (84.3) | ||||||||
Excess tax benefit from share-based awards | 0.1 | ||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Changes in working capital pertaining to operating activities (net of acquisitions): | |||||||||||
Receivables | 9.4 | 23.7 | (24.1) | ||||||||
Inventories | (1.3) | 2.3 | 5.7 | ||||||||
Accounts payable | (3.2) | 0.4 | (2.6) | ||||||||
Accrued liabilities | (2.3) | (4.7) | 3.8 | ||||||||
Interest payable | 0 | 7.3 | (7.3) | ||||||||
Income taxes | 23.2 | (20.5) | 41.5 | ||||||||
Accrual for black lung benefits | 3.8 | 3.6 | (3.5) | ||||||||
Other | (2.3) | (8.2) | 4.5 | ||||||||
Net cash provided by operating activities | 35.2 | 3 | 7.3 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | (11.8) | (5.5) | (7.9) | ||||||||
Acquisition of businesses, net of cash received | 0 | 0 | |||||||||
Payments to Acquire Equity Method Investments | 0 | ||||||||||
Restricted cash | 0 | ||||||||||
Net cash used in investing activities | (11.8) | (5.5) | (7.9) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | 0 | 0 | |||||||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | ||||||||
Repayment of long-term debt | 0 | 0 | 0 | ||||||||
Debt issuance costs | 0 | 0 | 0 | ||||||||
Proceeds from revolving facility | 0 | 0 | 0 | ||||||||
Repayment of revolving facility | 0 | 0 | |||||||||
Cash distributions to noncontrolling interests | 0 | 0 | 0 | ||||||||
Shares repurchased | 0 | 0 | 0 | ||||||||
SunCoke Energy Partners, L.P. units repurchased | 0 | ||||||||||
Proceeds from exercise of stock options, net of shares withheld for taxes | 0 | 0 | 0 | ||||||||
Excess tax benefit from share-based awards | 0 | ||||||||||
Dividends paid | 0 | 0 | |||||||||
Net increase (decrease) in advances from affiliate | (55.1) | (79.6) | (21.9) | ||||||||
Net cash provided by (used in) financing activities | (55.1) | (79.6) | (21.9) | ||||||||
Net (decrease) increase in cash and cash equivalents | (31.7) | (82.1) | (22.5) | ||||||||
Cash and cash equivalents at beginning of year | 102.3 | 184.4 | 102.3 | 184.4 | 206.9 | ||||||
Cash and cash equivalents at end of year | 70.6 | 102.3 | 70.6 | 102.3 | 184.4 | ||||||
Non- Guarantor Subsidiaries | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) | 39.7 | (75.5) | 101.1 | ||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Loss from equity method investment | 21.6 | 35 | 2.2 | ||||||||
Asset and goodwill impairment | 150.3 | ||||||||||
Depreciation and amortization expense | 98.7 | 97.9 | 88.5 | ||||||||
Deferred income tax (benefit) expense | 0.2 | (63.3) | 0 | ||||||||
Settlement loss and payments in excess of expense for pension plan | 13.1 | (7.5) | (0.1) | ||||||||
Payments in Excess of Expense for Retirement Plans | (6.4) | (0.6) | (5.3) | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
Equity in Earnings of Subsidiaries | 0 | 0 | 0 | ||||||||
Excess tax benefit from share-based awards | 0 | ||||||||||
Loss on extinguishment of debt | (0.7) | 15.4 | |||||||||
Changes in working capital pertaining to operating activities (net of acquisitions): | |||||||||||
Receivables | 9.3 | (10.3) | 6 | ||||||||
Inventories | 24.5 | (14.9) | 23.5 | ||||||||
Accounts payable | (14.7) | (33.4) | 23.1 | ||||||||
Accrued liabilities | (26.2) | (2.9) | (28.4) | ||||||||
Interest payable | 5.1 | 0.4 | 11.9 | ||||||||
Income taxes | (45.9) | 9.2 | (28.2) | ||||||||
Accrual for black lung benefits | 2.2 | 7.9 | 1.1 | ||||||||
Other | 1.3 | (1.6) | (7.1) | ||||||||
Net cash provided by operating activities | 121.8 | 106.1 | 188.3 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | (64) | (119.7) | (137.7) | ||||||||
Acquisition of businesses, net of cash received | (191.7) | (113.3) | |||||||||
Payments to Acquire Equity Method Investments | (67.7) | ||||||||||
Restricted cash | (17.7) | ||||||||||
Net cash used in investing activities | (273.4) | (119.7) | (318.7) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | 90.5 | 237.8 | |||||||||
Proceeds from issuance of long-term debt | 260.8 | 268.1 | 150 | ||||||||
Repayment of long-term debt | (231.3) | (276.5) | (225) | ||||||||
Debt issuance costs | (5.3) | (5.8) | (6.9) | ||||||||
Proceeds from revolving facility | 232 | 40 | 40 | ||||||||
Repayment of revolving facility | (50) | (80) | |||||||||
Cash distributions to noncontrolling interests | (43.3) | (32.3) | (17.8) | ||||||||
Shares repurchased | 0 | 0 | 0 | ||||||||
SunCoke Energy Partners, L.P. units repurchased | (12.8) | ||||||||||
Proceeds from exercise of stock options, net of shares withheld for taxes | 0 | 0 | 0 | ||||||||
Excess tax benefit from share-based awards | 0 | ||||||||||
Dividends paid | 0 | 0 | |||||||||
Net increase (decrease) in advances from affiliate | 17.6 | (2.9) | (30.8) | ||||||||
Net cash provided by (used in) financing activities | 167.7 | 1.1 | 147.3 | ||||||||
Net (decrease) increase in cash and cash equivalents | 16.1 | (12.5) | 16.9 | ||||||||
Cash and cash equivalents at beginning of year | 36.7 | 49.2 | 36.7 | 49.2 | 32.3 | ||||||
Cash and cash equivalents at end of year | 52.8 | 36.7 | 52.8 | 36.7 | 49.2 | ||||||
Combining and Consolidating Adjustments | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) | (26) | 158.7 | (140.5) | ||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Loss from equity method investment | 0 | 0 | 0 | ||||||||
Asset and goodwill impairment | 0 | ||||||||||
Depreciation and amortization expense | 0 | 0 | 0 | ||||||||
Deferred income tax (benefit) expense | 0 | 0 | 0 | ||||||||
Settlement loss and payments in excess of expense for pension plan | 0 | 0 | 0 | ||||||||
Payments in Excess of Expense for Retirement Plans | 0 | 0 | 0 | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
Equity in Earnings of Subsidiaries | 26 | (158.7) | 140.5 | ||||||||
Excess tax benefit from share-based awards | 0 | ||||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Changes in working capital pertaining to operating activities (net of acquisitions): | |||||||||||
Receivables | 0 | 0 | 0 | ||||||||
Inventories | 0 | 0 | 0 | ||||||||
Accounts payable | 0 | 0 | 0 | ||||||||
Accrued liabilities | 0 | 0 | 0 | ||||||||
Interest payable | 0 | 0 | 0 | ||||||||
Income taxes | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Net cash provided by operating activities | 0 | 0 | 0 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Acquisition of businesses, net of cash received | 0 | 0 | |||||||||
Restricted cash | 0 | ||||||||||
Net cash used in investing activities | 0 | 0 | 0 | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of common units of SunCoke Energy Partners, L.P., net of offering costs | 0 | 0 | |||||||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | ||||||||
Repayment of long-term debt | 0 | 0 | 0 | ||||||||
Debt issuance costs | 0 | 0 | 0 | ||||||||
Proceeds from revolving facility | 0 | 0 | 0 | ||||||||
Repayment of revolving facility | 0 | 0 | |||||||||
Cash distributions to noncontrolling interests | 0 | 0 | 0 | ||||||||
Shares repurchased | 0 | 0 | 0 | ||||||||
SunCoke Energy Partners, L.P. units repurchased | 0 | ||||||||||
Proceeds from exercise of stock options, net of shares withheld for taxes | 0 | 0 | 0 | ||||||||
Excess tax benefit from share-based awards | 0 | ||||||||||
Dividends paid | 0 | 0 | |||||||||
Net increase (decrease) in advances from affiliate | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | ||||||||
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 | ||||||||
Cash and cash equivalents at beginning of year | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents at end of year | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Oct. 22, 2015 | Feb. 18, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Subsequent Event [Line Items] | |||||
Repayments of long-term debt | $ 248.1 | $ 276.5 | $ 225 | ||
Senior Notes | 7.375% Partnership notes, due 2020 | |||||
Subsequent Event [Line Items] | |||||
Extinguishment of debt | $ 60.4 | 47.5 | |||
Repayments of long-term debt | $ 63.7 | $ 35.3 | |||
Subsequent Event | SunCoke Energy Partners, L.P. | Senior Notes | 7.375% Partnership notes, due 2020 | |||||
Subsequent Event [Line Items] | |||||
Extinguishment of debt | $ 22 | ||||
Repayments of long-term debt | 12.7 | ||||
Black Lung and Other Financial Guarantee Obligations | Letter of credit | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Letter of credit issued as collateral | 5 | ||||
Contractual Obligations | Letter of credit | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Letter of credit issued as collateral | $ 18 |