Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 16, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | U.S. Silica Holdings, Inc. | ||
Entity Central Index Key | 1,524,741 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 80,539,945 | ||
Entity Public Float | $ 2,870,547,820 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 384,567 | $ 711,225 |
Accounts receivable, net | 212,586 | 89,006 |
Inventories, net | 92,376 | 78,709 |
Prepaid expenses and other current assets | 13,715 | 12,323 |
Income tax deposits | 0 | 1,682 |
Total current assets | 703,244 | 892,945 |
Property, plant and mine development, net | 1,169,155 | 783,313 |
Goodwill | 272,079 | 240,975 |
Trade names | 33,068 | 32,318 |
Finite-lived intangible assets | 116,939 | 108,160 |
Other assets | 12,798 | 15,509 |
Total assets | 2,307,283 | 2,073,220 |
Current Liabilities: | ||
Accounts payable | 148,772 | 70,778 |
Dividends payable | 5,229 | 5,221 |
Accrued liabilities | 16,841 | 13,034 |
Accrued interest | 199 | 169 |
Current portion of long-term debt | 4,504 | 4,821 |
Current portion of capital leases | 706 | 2,237 |
Current portion of deferred revenue | 36,128 | 13,700 |
Income tax payable | 1,566 | 0 |
Total current liabilities | 213,945 | 109,960 |
Long-term debt, net | 506,732 | 508,417 |
Liability for pension and other post-retirement benefits | 52,867 | 56,746 |
Deferred revenue | 82,286 | 58,090 |
Deferred income taxes, net | 29,856 | 50,075 |
Obligations under capital lease | 0 | 717 |
Other long-term obligations | 25,091 | 15,925 |
Total liabilities | 910,777 | 799,930 |
Commitments and Contingencies (Note O) | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized; 0 issued and outstanding at December 31, 2017 and 2016 | 0 | 0 |
Common stock, $0.01 par value, 500,000,000 shares authorized; 81,267,205 issued and 80,524,255 outstanding at December 31, 2017; 81,184,042 issued and 81,028,898 outstanding at December 31 2016 | 812 | 811 |
Additional paid-in capital | 1,147,084 | 1,129,051 |
Retained earnings | 287,992 | 163,173 |
Treasury stock, at cost, 742,950 and 155,144 shares at December 31, 2017 and 2016, respectively | (25,456) | (3,869) |
Accumulated other comprehensive loss | (13,926) | (15,876) |
Total stockholders’ equity | 1,396,506 | 1,273,290 |
Total liabilities and stockholders’ equity | 2,307,283 | 2,073,220 |
Intellectual property, net | ||
Current Assets: | ||
Finite-lived intangible assets | 64,786 | 57,270 |
Customer relationships, net | ||
Current Assets: | ||
Finite-lived intangible assets | $ 52,153 | $ 50,890 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock issued (in shares) | 81,267,205 | 81,184,042 |
Common stock, shares outstanding (in shares) | 80,524,255 | 81,028,898 |
Treasury stock (in shares) | 742,950 | 155,144 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Sales: | |||
Product | $ 1,057,553 | $ 523,900 | $ 640,464 |
Service | 183,298 | 35,725 | 2,525 |
Total sales | 1,240,851 | 559,625 | 642,989 |
Cost of sales (excluding depreciation, depletion and amortization): | |||
Product | 720,312 | 455,189 | 494,814 |
Service | 147,203 | 22,106 | 252 |
Total cost of sales (excluding depreciation, depletion and amortization) | 867,515 | 477,295 | 495,066 |
Operating expenses: | |||
Selling, general and administrative | 107,592 | 67,727 | 62,777 |
Depreciation, depletion and amortization | 97,233 | 68,134 | 58,474 |
Total operating expenses | 204,825 | 135,861 | 121,251 |
Operating income (loss) | 168,511 | (53,531) | 26,672 |
Other (expense) income: | |||
Interest expense | (31,342) | (27,972) | (27,283) |
Other income (expense), net, including interest income | (643) | 3,758 | 728 |
Total other (expenses) income | (31,985) | (24,214) | (26,555) |
Income (loss) before income taxes | 136,526 | (77,745) | 117 |
Income tax benefit | 8,680 | 36,689 | 11,751 |
Net income (loss) | $ 145,206 | $ (41,056) | $ 11,868 |
Earnings (loss) per share: | |||
Basic (in usd per share) | $ 1.79 | $ (0.63) | $ 0.22 |
Diluted (in usd per share) | $ 1.77 | $ (0.63) | $ 0.22 |
Weighted average shares outstanding: | |||
Weighted Average Number of Shares Outstanding, Basic (in shares) | 81,051 | 65,037 | 53,344 |
Weighted Average Number of Shares Outstanding, Diluted (in shares) | 81,960 | 65,037 | 53,601 |
Dividend declared per share (in usd per share) | $ 0.25 | $ 0.25 | $ 0.438 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income (loss) | $ 71,952 | $ 41,273 | $ 29,459 | $ 2,522 | $ (6,942) | $ (11,339) | $ (11,772) | $ (11,003) | $ 145,206 | $ (41,056) | $ 11,868 |
Other comprehensive income (loss): | |||||||||||
Unrealized gain (loss) on derivatives (net of tax of $(27), $29 and $34 for 2017, 2016, and 2015, respectively) | (44) | 49 | 53 | ||||||||
Foreign currency translation adjustment (net of tax of $2, $0 and $0 for 2017, 2016 and 2015, respectively) | (6) | 0 | 0 | ||||||||
Unrealized gain (loss) on investments (net of tax of $0, $(4) and $29 for 2017, 2016, and 2015, respectively) | 0 | (6) | 47 | ||||||||
Pension and other post-retirement benefits liability adjustment (net of tax of $1,205, $152 and $2,469 for 2017, 2016, and 2015, respectively) | 2,000 | 252 | 3,547 | ||||||||
Comprehensive income (loss) | $ 147,156 | $ (40,761) | $ 15,515 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Tax expense (benefit) on unrealized gain (loss) on derivatives | $ (27) | $ 29 | $ 34 |
Tax expense (benefit) on foreign currency translation adjustment | 2 | 0 | 0 |
Tax expense (benefit) on unrealized gain (loss) on investments | 0 | (4) | 29 |
Tax expense (benefit) on pension and other post-retirement benefits liability adjustment | $ 1,205 | $ 152 | $ 2,469 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total stockholders’ equity | $ 403,816 | $ 539 | $ (542) | $ 191,086 | $ 232,551 | $ (19,818) |
Beginning balance at Dec. 31, 2014 | 403,816 | 539 | (542) | 191,086 | 232,551 | (19,818) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 11,868 | 11,868 | ||||
Unrealized gain (loss) on derivatives | 53 | 53 | ||||
Unrealized gain (loss) on short-term investments | 47 | 47 | ||||
Foreign currency translation adjustment | 0 | |||||
Pension and post-retirement liability | 3,547 | 3,547 | ||||
Cash dividends declared ($0.25, $0.438 and $0.50 per share of common stock for 2016, 2015 and 2014 respectively)) | (23,445) | (23,445) | ||||
Equity-based compensation | 3,857 | 3,857 | ||||
Proceeds from options exercised | 473 | 744 | (271) | |||
Shares withheld for employee taxes related to vested restricted stock and stock units | (794) | (792) | (2) | |||
Repurchase of common stock | (15,255) | (15,255) | ||||
Total stockholders’ equity | 403,816 | 539 | (542) | 191,086 | 232,551 | (19,818) |
Total stockholders’ equity | 384,167 | 539 | (15,845) | 194,670 | 220,974 | (16,171) |
Beginning balance at Dec. 31, 2015 | 384,167 | 539 | (15,845) | 194,670 | 220,974 | (16,171) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (41,056) | (41,056) | ||||
Issuance of common stock (stock offerings net of issuance costs of $25,732) | 931,288 | 272 | 931,016 | |||
Unrealized gain (loss) on derivatives | 49 | 49 | ||||
Unrealized gain (loss) on short-term investments | (6) | (6) | ||||
Foreign currency translation adjustment | 0 | |||||
Pension and post-retirement liability | 252 | 252 | ||||
Cash dividends declared ($0.25, $0.438 and $0.50 per share of common stock for 2016, 2015 and 2014 respectively)) | (16,893) | (16,893) | ||||
Equity-based compensation | 12,107 | 12,107 | ||||
Excess tax benefit from equity-based compensation | 148 | 148 | ||||
Proceeds from options exercised | 4,825 | 8,465 | (3,640) | |||
Issuance of restricted stock | 0 | 1,437 | (1,437) | |||
Shares withheld for employee taxes related to vested restricted stock and stock units | (1,591) | 2,074 | (3,665) | |||
Total stockholders’ equity | 384,167 | 539 | (15,845) | 194,670 | 220,974 | (16,171) |
Total stockholders’ equity | 1,273,290 | 811 | (3,869) | 1,129,051 | 163,173 | (15,876) |
Beginning balance at Dec. 31, 2016 | 1,273,290 | 811 | (3,869) | 1,129,051 | 163,173 | (15,876) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 145,206 | 145,206 | ||||
Unrealized gain (loss) on derivatives | (44) | (44) | ||||
Unrealized gain (loss) on short-term investments | 0 | |||||
Foreign currency translation adjustment | (6) | (6) | ||||
Pension and post-retirement liability | 2,000 | 2,000 | ||||
Cash dividends declared ($0.25, $0.438 and $0.50 per share of common stock for 2016, 2015 and 2014 respectively)) | (20,387) | (20,387) | ||||
Equity-based compensation | 25,050 | 25,050 | ||||
Proceeds from options exercised | 798 | 1,190 | (392) | |||
Issuance of restricted stock | 0 | 1,859 | (1,859) | |||
Shares withheld for employee taxes related to vested restricted stock and stock units | (4,379) | 1 | 386 | (4,766) | ||
Repurchase of common stock | (25,022) | (25,022) | ||||
Total stockholders’ equity | 1,273,290 | 811 | (3,869) | 1,129,051 | 163,173 | (15,876) |
Total stockholders’ equity | $ 1,396,506 | $ 812 | $ (25,456) | $ 1,147,084 | $ 287,992 | $ (13,926) |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) | Nov. 03, 2016 | Jul. 21, 2016 | May 05, 2016 | Feb. 22, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Stockholders' Equity [Abstract] | ||||||||||||||||
Dividend declared per share (in usd per share) | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.25 | $ 0.25 | $ 0.438 | $ 0.438 |
Common stock issuance costs | $ 25,732 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities: | |||
Net income (loss) | $ 145,206 | $ (41,056) | $ 11,868 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 97,233 | 68,134 | 58,474 |
Debt issuance amortization | 1,382 | 1,392 | 1,401 |
Original issue discount amortization | 372 | 378 | 382 |
Deferred income taxes | (20,601) | (36,903) | (10,473) |
Loss on disposal of property, plant and equipment | 415 | 563 | 383 |
Deferred revenue | 28,438 | (9,026) | (16,079) |
Equity-based compensation | 25,050 | 12,107 | 3,857 |
Bad debt provision | 1,529 | (1,232) | (290) |
Other | 5,529 | 3,643 | (5,257) |
Changes in assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | (110,920) | (12,996) | 62,465 |
Inventories | (4,825) | (10,211) | 1,708 |
Prepaid expenses and other current assets | 8,787 | (509) | (708) |
Income taxes | 1,469 | 11,558 | (5,837) |
Accounts payable and accrued liabilities | 59,769 | 13,121 | (42,353) |
Accrued interest | 28 | 111 | (2) |
Liability for pension and other post-retirement benefits | (705) | 1,307 | 1,953 |
Net cash provided by operating activities | 238,156 | 381 | 61,492 |
Investing activities: | |||
Capital expenditures | (384,622) | (46,450) | (53,646) |
Capitalized intellectual property costs | (3,586) | (959) | 0 |
Maturities of short-term investments | 0 | 21,872 | 53,568 |
Acquisition of businesses, net of cash acquired | (119,801) | (176,617) | 0 |
Proceeds from sale of property, plant and equipment | 337 | 497 | 127 |
Net cash provided by (used in) investing activities | (507,672) | (201,657) | 49 |
Financing activities: | |||
Issuance of common stock | 0 | 678,791 | |
Common stock issuance costs | 0 | (25,732) | |
Dividends paid | (20,377) | (15,125) | (26,797) |
Repurchase of common stock | (25,022) | 0 | (15,255) |
Proceeds from options exercised | 798 | 4,825 | 473 |
Tax payments related to shares withheld for vested restricted stock and stock units | (4,379) | (1,591) | (794) |
Repayment of long-term debt | (7,211) | (5,202) | (5,093) |
Principal payments on capital lease obligations | (951) | (542) | 0 |
Financing fees | 0 | 0 | (64) |
Net cash provided by (used in) financing activities | (57,142) | 635,424 | (47,530) |
Net increase (decrease) in cash and cash equivalents | (326,658) | 434,148 | 14,011 |
Cash and cash equivalents, beginning of period | 711,225 | 277,077 | 263,066 |
Cash and cash equivalents, end of period | 384,567 | 711,225 | 277,077 |
Cash paid (received) during the period for: | |||
Interest | 24,490 | 21,994 | 21,729 |
Taxes, net of refunds | 8,958 | (11,322) | 4,568 |
Related party purchases | 4,942 | 446 | 0 |
Non-cash items: | |||
Common stock issued in connection with acquisitions | 0 | 278,229 | 0 |
Capital lease obligations incurred to acquire assets | 0 | 165 | 0 |
Equipment received | 18,185 | 0 | 0 |
Accrued capital expenditures | $ 16,534 | $ 391 | $ 1,154 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Organization | NOTE A—ORGANIZATION U.S. Silica Holdings, Inc. (“Holdings,” and together with its subsidiaries “we,” “us” or the “Company”) is a domestic producer of commercial silica, a specialized mineral that is a critical input into a variety of end markets. During our 118 -year history, we have developed core competencies in mining, processing, logistics and materials science that enable us to produce and cost-effectively deliver products to customers across these markets. We manufacture frac sand used to stimulate and maintain the flow of hydrocarbons in oil and natural gas wells. Our silica is also used as a raw material in a wide range of industrial applications, including glassmaking and chemical manufacturing. We operate in two business segments based on end markets served: (1) Oil & Gas Proppants and (2) Industrial & Specialty Products (see Note T - Segment Reporting for additional details). On August 16, 2016, we completed the acquisition of New Birmingham, Inc. (“NBI”), the ultimate parent company of NBR Sand, LLC (“NBR”), a regional sand producer located near Tyler, Texas. On August 22, 2016, we completed the acquisition of Sandbox Enterprises, LLC (“Sandbox” or the "Sandbox acquisition"), as a “last mile” logistics solution for frac sand in the oil and gas industry. On April 1, 2017, we completed the acquisition of White Armor, a product line of cool roof granules used in industrial roofing applications. On August 16, 2017, we completed the acquisition of Mississippi Sand, LLC ("MS Sand"). MS Sand is a frac sand mining and logistics company based in St. Louis, Missouri. See Note D - Business Combinations for additional details relating to these acquisitions. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE B—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation The accompanying Consolidated Financial Statements (the “Financial Statements”) have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, all adjustments necessary for a fair presentation of the Financial Statements have been included. Such adjustments are of a normal, recurring nature. Certain reclassifications of prior years’ amounts have been made to conform to the current year presentation. In order to make this report easier to read, we refer throughout to (i) our Consolidated Balance Sheets as our “Balance Sheets,” (ii) our Consolidated Statements of Operations as our “Income Statements,” and (iii) our Consolidated Statements of Cash Flows as our “Cash Flows.” Consolidation The Financial Statements include the accounts of Holdings and its direct and indirect wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. We follow FASB Accounting Standards Codification (“ASC”) guidance for identification and reporting of entities over which control is achieved through means other than voting rights. The guidance defines such entities as Variable Interest Entities (“VIEs”). For the periods presented herein, we have identified no VIE entities over which we maintain any level of control that would require consolidation under ASC guidance. Use of Estimates and Assumptions The preparation of the Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to purchase price allocation for businesses acquired; mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations; environmental, reclamation and closure obligations; estimates of recoverable minerals; estimates of allowance for doubtful accounts; estimates of fair value for certain reporting units and asset impairments (including impairments of goodwill and other long-lived assets); write-downs of inventory to net realizable value; equity-based compensation expense; post-employment, post-retirement and other employee benefit liabilities; valuation allowances for deferred tax assets; contingent considerations; reserves for contingencies and litigation; and the fair value and accounting treatment of financial instruments including derivative instruments. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. Revenue Recognition We derive most of our sales by mining and processing minerals that our customers purchase for various uses. Our product sales are primarily a function of the price per ton and the number of tons sold. The amount invoiced reflects product, transportation and/or additional services as applicable, such as storage, transloading the product from railcars to trucks and last mile logistics to the customer site. Revenue is recognized from a sale when persuasive evidence of an arrangement exists, the price is fixed and determinable, the product has been delivered, legal title has been transferred to the customer or services are completed and collection of the sale is reasonably assured. Amounts received from customers in advance of revenue recognition are deferred as liabilities. We primarily sell our products under short-term price agreements or at prevailing market rates. For a limited number of customers, we sell under long-term, minimum purchase supply agreements. As of December 31, 2017 , we had 23 minimum purchase supply agreements in the Oil & Gas Proppants segment with initial terms expiring between 2018 and 2022 . These agreements define, among other commitments, the volume of product that our customers must purchase, the volume of product that we must provide and the price that we will charge and that our customers will pay for each product. Prices under these agreements are generally fixed and subject to certain contractual adjustments. Sometimes these agreements may undergo negotiations regarding pricing and volume requirements, which may often occur in volatile market conditions. While these negotiations continue, we may deliver sand at prices or at volumes below the requirements in our existing supply agreements. We invoice the majority of our product customers on a per shipment basis, although for some larger customers, we consolidate invoices weekly or monthly. Standard terms are net 30 days, although extended terms are offered in competitive situations. Sales and other transaction taxes imposed by government entities are reported on a net basis. We invoice services periodically after the services are completed. Depending on the types of services, the total amount billed may include labor, equipment costs, freight, handling and other costs. Cash and Cash Equivalents Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Cash and cash equivalents are invested primarily in money market securities held by financial institutions with high credit ratings. Accounts at each institution are insured by the Federal Deposit Insurance Corporation. Cash balances at times may exceed federally-insured limits. We have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk on cash. Accounts Receivable The majority of our accounts receivable are due from companies in the oil and natural gas drilling, glass, building products, filler and extenders, foundries and other major industries. Credit is extended based on evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are stated at amounts due from customers net of an allowance for doubtful accounts. Accounts outstanding longer than the payment terms are considered past due. We determine our allowance by considering a number of factors, including the length of time trade accounts receivable are past due, our previous loss history, the customer’s current ability to pay its obligation to us, and the condition of the general economy and the industry as a whole. Ongoing credit evaluations are performed. We write-off accounts receivable when they are deemed uncollectible, and payments subsequently received on such receivables are credited to the allowance for doubtful accounts. Inventories Inventories include raw stockpiles and silica and other industrial sand available for shipment, as well as spare parts and supplies for routine facility maintenance. We value inventory at the lower of cost and net realizable value. Cost is determined using the first-in, first-out and average cost methods. Costs of our raw stockpiles and silica and other industrial sand inventories include production costs and transportation and additional service costs as applicable. Property, Plant and Mine Development Plant and equipment Plant and equipment is recorded at cost and depreciated over their estimated useful lives. Interest incurred during construction of facilities is capitalized and depreciated over the life of the asset. Costs for normal repairs and maintenance that do not extend economic life or improve service potential are expensed as incurred. Costs of improvements that extend economic life or improve service potential are capitalized and depreciated over the estimated remaining useful life. Depreciation is recorded using the straight-line method over the assets’ estimated useful lifes as follows: buildings ( 15 years); land improvements ( 10 years); machinery and equipment, including computer equipment and software ( 3 - 10 years); furniture and fixtures ( 8 years). Leasehold improvements are depreciated over the shorter of the asset life or lease term. Construction-in-progress is primarily comprised of machinery and equipment which have not yet been placed in service. Mining property and development Mining property and development includes mineral deposits and mine exploration and development. Mineral deposits are initially recognized at cost, which approximates the estimated fair value on the date of purchase. Mine exploration and development costs include engineering and mineral studies, drilling and other related costs to delineate an ore body, and the removal of overburden to initially expose an ore body for production. Costs incurred before mineralization are classified as proven and probable reserves are expensed and classified as exploration or advanced projects, research and development expense. Capitalization of mine development project costs, that meet the definition of an asset, begins once mineralization is classified as proven and probable reserves. The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. The production phase of an open pit mine commences when saleable minerals, beyond a de minimis amount, are produced. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in costs applicable to sales in the same period as the revenue from the sale of inventory. Depletion and amortization of mineral deposits and mine development costs are recorded as the minerals are extracted, based on units of production and engineering estimates of mineable reserves. The impact of revisions to reserve estimates is recognized on a prospective basis. Mine reclamation costs and asset retirement obligations We recognize the fair value of any liability for conditional asset retirement obligations, including environmental remediation liabilities when incurred, which is generally upon acquisition, construction or development and/or through the normal operation of the asset, if sufficient information exists to reasonably estimate the fair value of the liability. These obligations generally include the estimated net future costs of dismantling, restoring and reclaiming operating mines and related mine sites, in accordance with federal, state, local regulatory and land lease agreement requirements. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation and abandonment costs. The reclamation obligation is based on when spending for an existing environmental disturbance will occur. If the asset retirement obligation is settled for other than the carrying amount of the liability, a gain or loss is recognized on settlement. We review, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with ASC guidance for accounting reclamation obligations. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing care, maintenance and monitoring costs. Changes in estimates at inactive mines are reflected in earnings in the period an estimate is revised. In connection with our annual review of our reclamation obligations, we have determined that some of our estimates required revision due primarily to the additions of new plant and transload facilities and other changes in cost estimates and settlement dates at various sites. These additions and changes in estimates resulted in an additional $7.0 million and $(2.1) million of asset retirement obligations in 2017 and 2016 , respectively. Our asset retirement obligations are reported in other long-term obligations. The changes in these obligations (in thousands) during the years ending December 31, 2017 and 2016 are as follows: 2017 2016 Beginning balance $ 11,159 $ 12,254 Accretion 879 979 Additions and revisions of prior estimates 6,994 (2,074 ) Ending balance $ 19,032 $ 11,159 Impairment or Disposal of Property, Plant and Mine Development Gains on the sale of property, plant and mine development are included in income when the assets are disposed of provided there is more than reasonable certainty of the collectability of the sales price and any future activities required to be performed by us relating to the disposal of the assets are complete or insignificant. Upon retirement or disposal of assets, all costs and related accumulated depreciation or amortization are written-off. We periodically evaluate whether current events or circumstances indicate that the carrying value of our property, plant and equipment assets may not be recoverable. If circumstances indicate that the carrying value may not be recoverable, we estimate future undiscounted net cash flows using estimates of proven and probable sand reserves, estimated future sales prices (considering historical and current prices, price trends and related factors) and operating costs and anticipated capital expenditures. If th e undiscounted cash flows are less than the carrying value of the assets, we recognize an impairment loss equal to the amount by which the carrying value exceeds the fair value of the assets. Goodwill and Other Intangible Assets and Related Impairment Our intangible assets consist of goodwill, which is not being amortized, indefinite lived intangibles, which consist of certain trade names that are not subject to amortization, intellectual property and customer relationships. Intellectual property mainly consists of patents and technology, and it is amortized on a straight-line basis over an average useful life of 15 years . Customer relationships are amortized on a straight-line basis over their useful life of 20 , 15 or 13 years. Goodwill represents the excess of purchase price over the fair value of net assets from business acquisitions. Goodwill and trade names are reviewed for impairment annually as of October 31 or more frequently whenever events or circumstances change that would more likely than not reduce the fair value of those assets. Prior to conducting a formal impairment test, we have an option to assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that is more likely than not (more than 50% ) that the fair value of a reporting unit is less than its carrying amount. Such qualitative factors may include the following: macroeconomic conditions; industry and market considerations; cost factors; overall financial performance; and other relevant entity-specific events. If the qualitative assessment determines that an impairment is more likely than not, or if we choose to bypass the qualitative assessment, we perform a quantitative comparison of the fair value with the carrying amount, including goodwill. If this comparison reflects impairment, then the loss would be measured as the excess of recorded goodwill, or other intangible assets with indefinite lives, over its implied fair value. Implied fair value is the excess of our fair value over the fair value of all recognized and unrecognized assets and liabilities. As of October 31, 2017, our qualitative assessment did not indicate that it was more likely than not that an impairment had occurred. Further, no triggering events have subsequently transpired that would indicate a potential impairment as of December 31, 2017. Debt Issuance Costs The Company defers costs directly associated with acquiring third-party financing, primarily loan origination costs and related professional expenses. Debt issuance costs are deferred and amortized using the effective interest rate method over the term of our senior secured term loan facility (the “Term Loan”) and the straight-line method for our revolving line-of-credit (the "Revolver"). Debt issuance costs related to long-term debt are reflected as a direct deduction from the carrying amount of the debt. Amortization included in interest expense was $1.4 million for each of the years ended December 31, 2017 , 2016 and 2015 , respectively. Environmental Costs Environmental costs, other than qualifying capital expenditures, are accrued at the time the exposure becomes known and costs can be reasonably estimated. Costs are accrued based upon management’s estimates of all direct costs, after taking into account expected reimbursement by third parties (primarily the sellers of acquired businesses), and are reviewed by outside consultants. Environmental costs are charged to expense unless a settlement with an indemnifying party has been reached. Self-Insurance We are self-insured for various levels of employee health insurance coverage, workers’ compensation and third party product liability claims alleging occupational disease. We purchase insurance coverage for claim amounts which exceed our self-insured retentions. Depending on the type of insurance, these self-insured retentions range from $0.1 million to $0.5 million per occurrence. Our insurance reserves are accrued based on estimates of the ultimate cost of claims expected to occur during the covered period. The current portion of our self-insurance reserves is included in accrued liabilities and the non-current portion is included in other long-term obligations in our Balance Sheets. At December 31, 2017 and 2016 , our self-insurance reserves totaled $5.5 million and $5.3 million , respectively, of which $1.7 million and $1.3 million , respectively, was classified as current. Research and Development Costs We may incur immaterial internal research and development (“R&D”) expenditures, and research and development conducted for others, all of which are expensed as incurred, and included in selling, general and administrative expense. R&D costs may include, but are not limited to, research and administrative salaries, contractor fees, building costs, utilities, administrative expenses, and allocations of corporate costs. Advertising Costs We recognize advertising expense when incurred as selling, general and administrative expense. Equity-based Compensation We grant stock options, restricted stock, restricted stock units and performance share units to certain of our employees and directors under the Amended and Restated U.S. Silica Holdings, Inc. 2011 Incentive Compensation Plan. We recognize the cost of employee services rendered in exchange for awards of equity instruments. Vesting of restricted stock and restricted stock units is based on the individual continuing to render service over a three -year vesting schedule. Cash dividend equivalents are accrued and paid to the holders of time based restricted stock units and restricted stock. The fair value of the restricted stock awards is equal to the market price of our stock at date of grant. The restricted award-related compensation expense is recognized, on a straight-line basis, over the vesting period. We grant performance share units to certain employees in which the number of shares of common stock ultimately received is determined based on achievement of certain performance thresholds over a specified performance period (generally three years) in accordance with the stock award agreement. Cash dividend equivalents are not accrued or paid on performance share units. We recognize expense based on the estimated vesting of our performance share units granted and the grant date market price. The estimated vesting of the performance share units is principally based on the probability of achieving certain financial performance levels during the vesting periods. In the period it becomes probable that the minimum performance criteria specified in the award agreement will be achieved, we recognize expense for the proportionate share of the total fair value of the award related to the vesting period that has already lapsed. The remaining fair value of the award is expensed on a straight-line basis over the remaining vesting period. During the years ended December 31, 2017 and 2016, we granted certain employees performance share units, the vesting of which is based on the Company’s total shareholder return (“TSR”) ranking among a peer group over the three-year period from January 1, 2017 through December 31, 2019 for the 2017 awards and from January 1, 2016 through December 31, 2018 for the 2016 awards. The number of units that will vest will depend on the percentage ranking of the Company's TSR compared to the TSRs for each of the companies in the peer group over the performance period. For these awards subject to market conditions, a binomial-lattice model (i.e., Monte Carlo simulation model) is used to fair value these awards at grant date. The related compensation expense is recognized, on a straight-line basis, over the vesting period. We grant stock options to certain employees and directors. Stock options vest on a vesting schedule and the related compensation expense is recognized over the vesting period, usually over 3 or 4 years. In calculating the compensation expense for stock options granted, we estimate the fair value of each grant using the Black-Scholes option-pricing model. The fair value of stock options granted is based on the exercise price of the option and certain assumptions, which are evaluated and revised, as necessary, to reflect market conditions and experience. Our expected forfeiture rate is the estimated percentage of options granted that are expected to be forfeited or canceled on an annual basis before becoming fully vested. Our expected term is the period of time over which the options are expected to remain outstanding. An increase in the expected term will increase compensation expense. The computation of the expected term is based on the simplified method, under which the expected term is presumed to be the mid-point between the average vesting date and the end of the contractual term. The assumptions for expected volatility are based on historical experience for the same periods as our expected lives. Risk-free interest rates are set using grant-date U.S. Treasury yield curves for the same periods as our expected lives. The expected dividend yield is based on our future dividend expectations for the same periods as our expected lives. Income Taxes Deferred taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. This approach requires recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based upon the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the expenses are expected to reverse. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We recognize a tax benefit associated with an uncertain tax position when, in management’s judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, we initially and subsequently measure the tax benefit as the largest amount that we judge to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The largest permanent item in computing both our effective tax rate and taxable income is the deduction allowed for statutory depletion. The deduction for statutory depletion does not necessarily change proportionately to changes in income before income taxes. Earnings per Share Basic and diluted earnings per share is presented for net income (loss). Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is computed similarly to basic earnings per common share except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. In accordance with the applicable accounting guidance for calculating earnings per share, we did not include in our calculation of diluted earnings per share for the applicable periods stock options where the exercise prices were greater than the average market prices. The weighted-average stock awards (in thousands) that are antidilutive and are, therefore, excluded from the calculation of diluted earnings per common share are as follows: For the Year Ended December 31, 2017 2016 2015 Weighted-average outstanding stock options excluded 195 573 528 Weighted-average outstanding restricted stock and performance share units awards excluded 305 166 66 Comprehensive Income (loss) In addition to net income (loss), comprehensive income (loss) includes all changes in equity during a period, such as adjustments to minimum pension liabilities and the effective portion of changes in fair value of derivative instruments that qualify as cash flow hedges. Financial Instruments We currently use interest rate hedge agreements to manage interest costs and the risk associated with changing interest rates. Amounts to be paid or received under these hedge agreements are accrued as interest rates change and are recognized over the life of the hedge agreements as an adjustment to interest expense. Our policy is to not hold or issue derivative financial instruments for trading or speculative purposes. When entered into, these financial instruments are designated as hedges of underlying exposures, associated with our long-term debt, and are monitored to determine if they remain effective hedges. Gains and losses on derivatives designated as cash flow hedges are recorded in other comprehensive income (loss), net of tax, and reclassified to earnings in a manner that matches the timing of the earnings impact of the hedged transactions. The ineffective portion of all hedges, if any, is recognized currently in income. Additional disclosures for derivative instruments are presented in Note M - Derivative Instruments to these financial statements. Business Combinations The Company accounts for business combinations using the acquisition method of accounting. Under this method, acquired assets, including separately identifiable intangible assets and any assumed liabilities, are recorded at their acquisition date estimated fair value. The excess of purchase price over the fair value amounts assigned to the assets acquired and liabilities assumed represents the goodwill amount resulting from the acquisition. Determining the fair value of assets acquired and liabilities assumed involves the use of significant estimates and assumptions. Additional disclosures for business combinations are presented in Note D - Business Combinations to these financial statements. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) which supersedes previous revenue recognition guidance. The new guidance introduces a new principles-based framework for revenue recognition and disclosure. Since its issuance, the FASB has issued additional ASUs, amending the guidance and the effective dates of amendments, and the SEC has rescinded certain related SEC guidance. The pronouncements are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Based on our reviews, there is no material impact to the Company’s results of operations, financial position and cash flows as a result of this guidance. Companies can use either a full retrospective or modified retrospective method to adopt the standard. The Company has elected to apply the modified retrospective approach. Under the modified retrospective method, prior periods are not updated to be presented on an accounting basis that is consistent with 2018; rather, a cumulative adjustment for the effects of applying the new standard to periods prior to 2018 is recorded to retained earnings as of January 1, 2018. Because only 2018 revenues will reflect application of the new standard, incremental disclosures are required to present 2018 revenues under the prior standard. The new standard requires companies to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time based on when control of goods and services transfer to a customer. As a result of our implementation review, we do not expect significant changes in the presentation of our financial statements, including either: (1) timing of revenue recognition, or (2) changes in classification between revenue and costs. The new standard will have no cash flow impact and, as such, does not affect the underlying economics of our customer contracts. The effect of applying the new guidance to our existing book of contracts will be minimal. Application of this method will not result in a material cumulative effect adjustment as of the date of adoption. We do not expect application of the new guidance to result in increases or decreases in revenue within our segments, or any material impact on our balance sheets. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard establishes a right-of-use (ROU) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms greater than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. Similarly, lessors will be required to classify leases as sales-type, finance or operating, with classification affecting the pattern of income recognition. Classification for both lessees and lessors will be based on an assessment of whether risks and rewards as well as substantive control have been transferred through a lease contract. This update is effective for public entities for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted. This standard mandates a modified retrospective transition method. While we continue to evaluate the effect of the standard, we anticipate that the adoption will result in a material increase in assets and liabilities on our consolidated balance sheet and will not have a material impact on our consolidated income statement or statement of cash flows. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments,” which amends guidance on the classification of certain cash receipts and payments in the statement of cash flows. This ASU adds or clarifies guidance on eight specific cash flow issues. Additionally, guidance on the presentation of restricted cash is addres |
Capital Structure and Accumulat
Capital Structure and Accumulated Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Capital Structure and Accumulated Comprehensive Income | NOTE C—CAPITAL STRUCTURE AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Common Stock Our Amended and Restated Certificate of Incorporation, authorizes up to 500,000,000 shares of common stock, par value of $0.01 . Subject to the rights of holders of any series of preferred stock, all of the voting power of the stockholders of Holdings shall be vested in the holders of the common stock. In March 2016, we completed a public offering of 10,000,000 shares of our common stock for total cash proceeds of approximately $186.2 million net of underwriting discounts and offering costs. In August 2016, we issued an additional 6,825,693 shares of our common stock to complete two acquisitions discussed in Note D - Business Combinations. In November 2016, we executed another offering of 10,350,000 shares of common stock raising net cash proceeds of $467.0 million . There were 81,267,205 shares issued and 80,524,255 shares outstanding at December 31, 2017 . There were 81,184,042 shares issued and 81,028,898 shares outstanding at December 31, 2016 . In 2017, our Board of Directors declared quarterly cash dividends as follows: Dividends per Common Share Declaration Date Record Date Payable Date $ 0.0625 February 16, 2017 March 15, 2017 April 5, 2017 $ 0.0625 May 4, 2017 June 15, 2017 July 6, 2017 $ 0.0625 July 21, 2017 September 15, 2017 October 3, 2017 $ 0.0625 November 2, 2017 December 15, 2017 January 5, 2018 All dividends were paid as scheduled. Any determination to pay dividends and other distributions in cash, stock, or property by Holdings in the future will be at the discretion of our Board of Directors and will be dependent on then-existing conditions, including our business and financial condition, results of operations, liquidity, capital requirements, contractual restrictions, including restrictive covenants contained in our debt agreements, and other factors. Additionally, because we are a holding company, our ability to pay dividends on our common stock may be limited by restrictions on the ability of our subsidiaries to pay dividends or make distributions to us, including restrictions under the terms of the agreements governing our indebtedness. Preferred Stock Our Amended and Restated Certificate of Incorporation authorizes our Board of Directors to issue up to 10,000,000 shares, in the aggregate, of preferred stock, par value of $0.01 in one or more series, to fix the powers, preferences and other rights of such series, and any qualifications, limitations or restrictions thereof, including the dividend rate, conversion rights, voting rights, redemption rights and liquidation preference, and to fix the number of shares to be included in any such series, without any further vote or action by our stockholders. There were no shares of preferred stock issued or outstanding at December 31, 2017 and 2016 . At present, we have no plans to issue any preferred stock. Share Repurchase Program We are authorized by our Board of Directors to repurchase shares of our outstanding common stock from time to time on the open market or in privately negotiated transactions. As of December 31, 2017 , we are authorized to repurchase up to $100.0 million of our common stock through December 11, 2018. Stock repurchases, if any, will be funded using our available liquidity. The timing and amount of stock repurchases will depend on a variety of factors, including the market conditions as well as corporate and regulatory considerations. As of December 31, 2017 , we have repurchased 727,081 shares of our common stock at an average price of $34.41 under this program and are authorized to repurchase up to an additional $75.0 million of our common stock. Our Board of Directors previously had authorized the repurchase of up to $50.0 million of our common stock. This program expired on December 11, 2017 . We repurchased a total of 706,093 shares of our common stock at an average price of $23.83 under this program. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) consists of fair value adjustments associated with cash flow hedges, accumulated adjustments for net experience losses and prior service cost related to employee benefit plans and foreign currency translation adjustments primarily related to accounts payable denominated in Euros. The following table presents the changes in accumulated other comprehensive income (loss) by component (in thousands) during the year ended December 31, 2017 : For the Year Ended December 31, 2017 Unrealized Foreign currency translation adjustment Pension and Total Beginning Balance $ (32 ) $ — $ (15,844 ) $ (15,876 ) Other comprehensive gain (loss) before reclassifications (45 ) (6 ) 871 820 Amounts reclassed from accumulated other comprehensive income 1 — 1,129 1,130 Ending Balance $ (76 ) $ (6 ) $ (13,844 ) $ (13,926 ) Amounts reclassified from accumulated other comprehensive income (loss) related to cash flow hedges are included in interest expense in our Income Statements and amounts reclassified related to pension and other post-retirement benefits are included in the computation of net periodic pension costs, at their pre-tax amounts. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE D—BUSINESS COMBINATIONS Goodwill Goodwill represents the excess of the purchase price over the fair value of the underlying net assets acquired. Trade Names A trade name is a legally protected trade or similar mark. Acquired trade names are valued using an income method approach, generally the relief-from-royalty valuation method. The method uses a royalty rate based on comparable marketplace royalty agreements for similar types of trade names, and applies it to the after-tax discounted free cash flow attributed to the trade name. The discount rate used is based on an estimated weighted average cost of capital and the anticipated risk for intangible assets. The valued trade name has an indefinite life based on our plans and expectations for the trade name going forward, and is reviewed for impairment under ASC 360-10. Intellectual Property and Technology Intellectual property and technology (“IP”) is a design, work or invention that is the result of creativity to which one has ownership rights that may be protected through a patent, copyright, trademark or service mark. IP is valued using the relief from royalty valuation method. The method uses a royalty rate based on comparable market-place royalty agreements for similar types of IP, and applies it to the after-tax discounted free cash flow attributed to the IP. The discount rate used is based on an estimated weighted average cost of capital and the anticipated risk for intangible assets. The IP is amortized following the pattern in which the expected benefits will be consumed or otherwise used up over each component’s useful life, based on our plans and expectations for the IP going forward, which is generally the underlying IP’s legal expiration dates. IP is reviewed for impairment under ASC 360-10. Customer Relationships Customer relationships are intangible assets that consist of historical and factual information about customers and contacts collected from repeat transactions with customers, with or without any underlying contracts. The information is generally organized as customer lists or customer databases. We have the expectation of repeat patronage from these customers based on the customers’ historical purchase activity, which creates the intrinsic value over a finite period of time and translates into the expectation of future revenue, income, and cash flow. Customer relationships are valued using projected operating income, adjusted for estimated future existing customer growth less estimated future customer attrition, net of charges for net tangible assets, IP charge, trade name charge and work force. The concluded value is the after-tax discounted free cash flow. Customer relationships are reviewed for impairment under ASC 360-10. The tax rate applied for each class of intangible assets is pursuant to current tax legislation (15-year period for intangible assets). 2017 Acquisitions White Armor Acquisition: On April 1, 2017, we completed the acquisition of White Armor, a product line of cool roof granules used in industrial roofing applications, for cash consideration of $18.6 million . The preliminary purchase price was allocated to goodwill of approximately $3.9 million , identifiable intangible assets of $12.8 million and other net assets of approximately $1.9 million . Goodwill in this transaction is attributable to planned growth in our specialty industrial sand segment. The goodwill amount is included in our Industrial & Specialty Products segment. Identifiable definite lived intangibles, including customer relationships, and goodwill are expected to be deductible for tax purposes. We incurred $0.2 million of acquisition-related charges which are included in selling, general and administrative expenses during the year ended December 31, 2017. Revenue and earnings for White Armor after the acquisition date are not presented as the business was integrated into our operations subsequent to the acquisition and therefore impracticable to quantify. MS Sand Acquisition: On August 16, 2017, we completed the acquisition of Mississippi Sand, LLC ("MS Sand"), a Missouri limited liability company, for cash consideration of approximately $95.4 million , net of cash acquired of $2.2 million . As is normal and customary, subsequent adjustments were made including $(0.5) million to the net working capital adjustment plus an additional $6.1 million consideration paid related to a pre-existing contracted asset sale, which was entered into prior to our acquisition, for total cash consideration of $101.0 million . MS Sand is a frac sand mining and logistics company based in St. Louis, Missouri. The acquisition of MS Sand increased our regional frac sand product offering in our Oil & Gas Proppants segment. We have accounted for the acquisition of MS Sand under the acquisition method of accounting in accordance with ASC 805, Business Combinations, and have accounted for measurement period adjustments in accordance with ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments. Estimates of fair value included in the consolidated financial statements represent our best estimates and valuations. In accordance with the acquisition method of accounting, the allocation of consideration value is subject to adjustment until we complete our analysis, in a period of time, but not to exceed one year after the date of acquisition, or August 16, 2018, in order to provide us with the time to complete the valuation of its assets and liabilities. The following table sets forth the current allocation of the purchase price to MS Sands' identifiable tangible and intangible assets acquired and liabilities assumed, including measurement period adjustments (in thousands): Initial Estimate Measurement Period Adjustments Purchase Price Allocation Accounts receivable $ 11,201 $ — $ 11,201 Inventories 6,087 1,980 8,067 Other current assets 362 — 362 Assets held for sale 9,523 (70 ) 9,453 Property, plant and mine development 26,440 1,018 27,458 Mineral rights — 26,300 26,300 Other non-current assets 1,136 — 1,136 Goodwill 52,187 (29,665 ) 22,522 Customer relationships — 1,840 1,840 Total assets acquired 106,936 1,403 108,339 Accounts payable and accrued expenses 3,815 (54 ) 3,761 Unfavorable leasehold positions — 2,237 2,237 Notes Payable 866 — 866 Other long term liabilities 1,254 (1,254 ) — Asset retirement obligations — 474 474 Total liabilities assumed 5,935 1,403 7,338 Net assets acquired $ 101,001 $ — $ 101,001 The acquired intangible assets and the related estimated useful lives consist of the following: Approximate Fair Value Estimated Useful Life (in thousands) (in years) Customer relationships $ 1,840 15 Goodwill in this transaction is attributable to planned growth in our regional frac sand product offering in our Oil & Gas Proppants segment. The goodwill amount is included in our Oil & Gas Proppants segment. Identifiable definite lived intangibles, including customer relationships, and goodwill are expected to be deductible for tax purposes. We incurred $0.7 million of acquisition-related charges which are included in selling, general and administrative expenses during the year ended December 31, 2017. Revenue and earnings for MS Sand after the acquisition date are not presented as the business was integrated into our operations subsequent to the acquisition and therefore impracticable to quantify. Both acquisitions were accounted for using the acquisition method of accounting. The purchase price and purchase price allocation for both White Armor and MS Sand acquisitions are preliminary and subject to customary post-closing adjustments and changes in the fair value of assets and liabilities. The above estimated fair values of net assets acquired are based on the information that was available as of the reporting date. We believe that the information provides a reasonable basis for estimating the fair values of the acquired assets and assumed liabilities, but the potential for measurement period adjustments exists based on our continuing review of matters related to the acquisitions. As a result, our final purchase price allocations may be significantly different than those reflected above. We expect to complete the purchase price allocations as soon as practicable, but no later than one year from the acquisition dates. Unaudited Pro Forma Results The results of MS Sand’s operations have been included in the consolidated financial statements subsequent to the acquisition dates. The following unaudited pro forma consolidated financial information reflects the results of operations as if the MS Sand Acquisition had occurred on January 1, 2016, after giving effect to certain purchase accounting adjustments. These adjustments mainly include incremental depreciation expense related to the fair value adjustment of property, plant, equipment and mine development, amortization expense related to identifiable intangible assets and tax expense related to the combined tax provisions. This information does not purport to be indicative of the actual results that would have occurred if the acquisition had actually been completed on the date indicated, nor is it necessarily indicative of the future operating results or the financial position of the combined company (in thousands, except per share amounts): For the year ended December 31, 2017 2016 Sales $ 1,287,202 $ 642,951 Net income (loss) $ 143,604 $ (55,835 ) Basic earnings (loss) per share $ 1.77 $ (0.86 ) Diluted earnings (loss) per share $ 1.75 $ (0.86 ) 2016 Acquisitions NBI Acquisition: On August 16, 2016, we completed the acquisition of New Birmingham, Inc. (“NBI”), the ultimate parent company of NBR Sand, LLC (“NBR”), by acquiring all of the outstanding capital stock of NBI through the merger of New Birmingham Merger Corp., a Nevada corporation and wholly owned subsidiary of the Company, with and into NBI, followed immediately by the merger of NBI with and into NBI Merger Subsidiary II, Inc., a Delaware corporation and wholly owned subsidiary of the Company, which subsequently changed its name to Tyler Silica Company (the “NBI Acquisition”). NBR is a regional sand producer located near Tyler, Texas. The acquisition of NBI increased our regional frac sand product offering in our Oil & Gas Proppants segment. The consideration paid to the stockholders of NBI at the closing of the NBI Acquisition consisted of $107.2 million in cash (net of $9.0 million cash acquired) and 2,630,513 shares of common stock valued at $106.6 million . The calculation of the purchase price (in thousands, except shares) is as follows: Cash consideration paid $ 116,165 Number of Holdings common shares delivered 2,630,513 Multiplied by closing market price per share of U.S. Silica common stock on August 16, 2016 $ 40.51 Total value of Holdings common shares delivered $ 106,562 Less, cash acquired $ (9,002 ) Total purchase price $ 213,725 We have accounted for the acquisition of NBI under the acquisition method of accounting in accordance with ASC 805, Business Combinations, and have accounted for measurement period adjustments in accordance with ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments. Estimates of fair value included in the consolidated financial statements represent our best estimates and valuations. In accordance with the acquisition method of accounting, the allocation of consideration value was subject to adjustment until we completed our analysis, in a period of time, but not to exceed one year after the date of acquisition, or August 16, 2016, in order to provide us with the time to complete the valuation of its assets and liabilities. We have completed our analysis and allocation of consideration value to assets acquired and liabilities assumed. The following table sets forth the final allocation of the purchase price to NBI’s identifiable tangible and intangible assets acquired and liabilities assumed, including measurement period adjustments (in thousands): Initial Estimate Measurement Period Adjustments Purchase Price Allocation Accounts receivable $ 2,680 $ — $ 2,680 Inventories 3,494 — 3,494 Other current assets 428 — 428 Income tax deposits 6,657 (217 ) 6,440 Property, plant and mine development 210,913 (4,281 ) 206,632 Identifiable intangible assets 1,600 — 1,600 Goodwill 86,228 4,670 90,898 Total assets acquired 312,000 172 312,172 Accounts payable, accrued expenses and other current liabilities 1,938 726 2,664 Deferred revenue 500 — 500 Notes payable 24,361 243 24,604 Capital lease liabilities 3,331 — 3,331 Asset retirement obligations 710 — 710 Deferred tax liabilities 67,435 (797 ) 66,638 Total liabilities assumed 98,275 172 98,447 Net assets acquired $ 213,725 $ — $ 213,725 In addition to the changes in the balances reflected above, we recorded an adjustment to depreciation expense of $(0.6) million during the year ended December 31, 2017 . The acquired intangible assets and the related estimated useful lives consist of the following: Approximate Fair Value Estimated Useful Life (in thousands) (in years) Customer relationships $ 1,600 13 Goodwill in this transaction is attributable to planned growth in regional frac sand markets and synergies expected to be achieved from integrating the operations of our operating subsidiary, U.S. Silica Company (“U.S. Silica”), and NBI. The goodwill amount is included in our Oil & Gas Proppants segment. Both customer relationships and goodwill are not expected to be deductible for tax purposes. We incurred $1.4 million of acquisition-related charges which are included in selling, general and administrative expenses during the year ended December 31, 2016. Additionally, we incurred $1.7 million related to the inventory write-up values in cost of goods sold during the year ended December 31, 2016. Revenue and earnings for NBR after the acquisition date are not presented as the business was integrated into our operations subsequent to the acquisition and therefore impracticable to quantify. Sandbox Acquisition: On August 22, 2016, we completed the purchase of all of the outstanding units of membership interest of Sandbox Enterprises, LLC, a Texas limited liability company ("Sandbox" or the “Sandbox Acquisition”). Sandbox earns revenues from providing “last mile” transportation services to companies in the oil and gas industry. Sandbox has operations in Texas (Midland/Odessa, Kenedy, Dallas/Fort Worth, Tyler); Morgantown, West Virginia; western North Dakota; northeast of Denver, Colorado; Oklahoma City, Oklahoma; Cambridge, Ohio and Mansfield, Pennsylvania, where its major customers are located. The consideration paid to the unit-holders consisted of $69.5 million in cash (net of $1.3 million cash acquired) and 4,195,180 shares of our common stock valued at $171.7 million . The calculation of the purchase price (in thousands, except shares) is as follows: Cash consideration paid $ 70,760 Number of Holdings common shares delivered 4,195,180 Multiplied by closing market price per share of U.S. Silica common stock on August 22, 2016 $ 40.92 Total value of Holdings common shares delivered $ 171,667 Less, cash acquired $ (1,306 ) Total purchase price $ 241,121 The following table sets forth the allocation of the purchase price to Sandbox’s identifiable tangible and intangible assets acquired and liabilities assumed (in thousands): Allocation of Purchase price: (in thousands) Accounts receivable $ 13,392 Prepaid expenses and other 1,465 Property, plant and mine development 32,336 Identifiable intangible assets 120,144 Goodwill 86,100 Total assets acquired 253,437 Accounts payable 4,122 Deferred revenue 4,902 Accrued expenses and other current liabilities 3,292 Total liabilities assumed 12,316 Net assets acquired $ 241,121 The acquired intangible assets and the related estimated useful lives consist of the following: Approximate Fair Value Estimated Useful Life (in thousands) (in years) Indefinite lived intangible assets - Trade names $ 17,844 Indefinite Definite lived intangible assets - Technology and intellectual property 57,700 15 Definite lived intangible asset - Customer relationships 44,600 13 Total fair value of identifiable intangible assets $ 120,144 Goodwill in this transaction is attributable to expected growth in frac sand demand at the wellhead and synergies expected to be achieved from integrating the operations of U.S. Silica and Sandbox. The goodwill amount is included in our Oil & Gas Proppants segment. Goodwill and all intangible assets identified above are expected to be deductible for tax purposes. Our 2016 Income Statement included revenue of $31.0 million associated with Sandbox following the date of acquisition. Sandbox's impact on our net loss was not significant for the year ended December 31, 2016. We incurred $3.0 million of acquisition-related charges which are included in selling, general and administrative expenses on the Income Statement for the year ended December 31, 2016. The cost related to the issuance of the 6,825,693 shares of common stock to complete the two acquisitions totaled $0.3 million , which is included in additional paid-in capital on our Consolidated Statements of Stockholders' Equity for the year ended December 31, 2016. Combined Unaudited Pro Forma Results The results of NBI's and Sandbox’s operations have been included in the consolidated financial statements subsequent to the acquisition dates. The following unaudited pro forma consolidated financial information reflects the results of operations as if the NBI Acquisition and Sandbox Acquisition had occurred on January 1, 2015, after giving effect to certain purchase accounting adjustments. These adjustments mainly include incremental depreciation expense related to the fair value adjustment of property, plant, equipment and mine development, amortization expense related to identifiable intangible assets and tax expense related to the combined tax provisions. This information does not purport to be indicative of the actual results that would have occurred if the acquisition had actually been completed on the date indicated, nor is it necessarily indicative of the future operating results or the financial position of the combined company (in thousands, except per share amounts): For the year ended December 31, 2016 2015 Sales $ 615,552 $ 753,287 Net income (loss) $ (45,161 ) $ 43,163 Basic earnings per share $ (0.69 ) $ 0.81 Diluted earnings per share $ (0.69 ) $ 0.81 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Accounts Receivable | NOTE E—ACCOUNTS RECEIVABLE At December 31, 2017 and 2016 , accounts receivable (in thousands) consisted of the following: At December 31, 2017 2016 Trade receivables $ 217,649 $ 93,982 Less: Allowance for doubtful accounts (7,100 ) (7,042 ) Net trade receivables 210,549 86,940 Other receivables 2,037 2,066 Total accounts receivable $ 212,586 $ 89,006 Changes in our allowance for doubtful accounts (in thousands) during the years ended December 31, 2017 and 2016 are as follows: Allowance for Doubtful Accounts 2017 2016 Balance at January 1, $ 7,042 $ 7,686 Bad debt provision 1,529 (1,232 ) Write-offs and recoveries, net (1,471 ) 588 Balance at December 31, $ 7,100 $ 7,042 Our ten largest customers accounted for approximately 58% , 52% , and 56% of sales during the years ended December 31, 2017 , 2016 and 2015, respectively. Sales to two of our customers accounted for 15% and 12% of our total sales during the year ended December 31, 2017 . Sales to one of our customers accounted for 13% of our total sales during the year ended December 31, 2016. Sales to two of our customers accounted for 13% and 12% of our total sales during the year ended December 31, 2015. No other customers accounted for 10% or more of our total sales. At December 31, 2017 , two of our customers' accounts receivable represented 19% and 11% of our total accounts receivable, net of allowance. At December 31, 2016, two of our customers' accounts receivable represented 14% and 10% of our total accounts receivable, net of allowance. No other customers accounted for 10% or more of our total accounts receivable. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE F—INVENTORIES At December 31, 2017 and 2016 , inventories (in thousands) consisted of the following: At December 31, 2017 2016 Supplies $ 21,277 $ 18,824 Raw materials and work in process 28,034 25,161 Finished goods 43,065 34,724 Total inventories $ 92,376 $ 78,709 |
Property, Plant and Mine Develo
Property, Plant and Mine Development | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Mine Development | NOTE G—PROPERTY, PLANT AND MINE DEVELOPMENT At December 31, 2017 and 2016 , property, plant and mine development (in thousands) consisted of the following: At December 31, 2017 2016 Mining property and mine development $ 586,242 $ 414,434 Asset retirement cost 14,184 8,062 Land 36,552 35,052 Land improvements 45,878 42,738 Buildings 56,330 52,178 Machinery and equipment 590,566 450,881 Furniture and fixtures 2,953 2,566 Construction-in-progress 189,970 43,790 1,522,675 1,049,701 Accumulated depletion, depreciation and amortization (353,520 ) (266,388 ) Total property, plant and mine development, net $ 1,169,155 $ 783,313 At December 31, 2017 and 2016 , the aggregate cost of the machinery and equipment originally acquired under capital leases was $0.9 million and $4.7 million , respectively, reduced by accumulated depreciation of $0.2 million and $0.3 million , respectively. The decrease in machinery and equipment acquired under capital leases is due to lease terminations. The amount of interest costs capitalized in property, plant and mine development was $1.6 million , $0.2 million and $0.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE H—GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill (in thousands) consisted of the following: Goodwill Balance at December 31, 2015 $ 68,647 NBI acquisition 86,228 Sandbox acquisition 86,100 Balance at December 31, 2016 240,975 White Armor acquisition 3,912 NBI acquisition measurement period adjustment 4,670 MS Sand acquisition 52,187 MS Sand acquisition measurement period adjustment (29,665 ) Balance at December 31, 2017 $ 272,079 Goodwill represents the excess of purchase price over the fair value of net assets acquired from business acquisitions. Goodwill and trade names are reviewed for impairment annually as of October 31 or more frequently whenever events or circumstances change that would more likely than not reduce the fair value of those assets. We completed our annual impairment test by performing a qualitative assessment of goodwill. In performing this qualitative assessment, we evaluated events and circumstances since the date of the last quantitative impairment test, including the results of that test, macroeconomic conditions, industry and market conditions, and our overall financial performance. After assessing the totality of the events and circumstances, we determined that it was not more likely than not that the fair value of our reporting units was less than their carrying amount and, therefore, the first and second steps of the quantitative goodwill impairment test were deemed unnecessary. Further, no triggering events have subsequently transpired that would indicate a potential impairment as of December 31, 2017. Goodwill of $247.5 million has been allocated to the Oil & Gas Proppants business segment and $24.6 million to the Industrial & Specialty Products business segment at December 31, 2017 . Goodwill of $220.3 million has been allocated to the Oil & Gas Proppants business segment and $20.7 million to the Industrial & Specialty Products business segment at December 31, 2016 . Intangible Assets The changes in the carrying amount of intangible assets (in thousands) consisted of the following: December 31, 2017 December 31, 2016 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (in years) Technology and intellectual property 15 $ 70,703 $ (5,917 ) $ 64,786 $ 58,658 $ (1,388 ) $ 57,270 Customer relationships 13 - 15 61,229 (9,076 ) 52,153 55,689 (4,799 ) 50,890 Total definite-lived intangible assets: $ 131,932 $ (14,993 ) $ 116,939 $ 114,347 $ (6,187 ) $ 108,160 Trade name 33,068 — 33,068 32,318 — 32,318 Total intangible assets: $ 165,000 $ (14,993 ) $ 150,007 $ 146,665 $ (6,187 ) $ 140,478 Amortization expense was $8.8 million , $3.2 million and $0.5 million for the years ended December 31, 2017 , 2016 and 2015 . The estimated amortization expense related to definite-lived intangible assets (in thousands) for the five succeeding years is as follows: 2018 $ 9,239 2019 9,239 2020 9,239 2021 9,239 2022 9,224 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | NOTE I—ACCRUED LIABILITIES At December 31, 2017 and 2016 , accrued liabilities (in thousands) consisted of the following: At December 31, 2017 2016 Accrued salaries and wages $ 6,126 $ 3,794 Accrued vacation liability 2,906 2,471 Current portion of liability for pension and post-retirement benefits 1,524 1,553 Accrued healthcare liability 1,837 1,307 Accrued property taxes and sales taxes 2,720 1,815 Other accrued liabilities 1,728 2,094 Total accrued liabilities $ 16,841 $ 13,034 Other accrued liabilities consist of accrued transportation and related costs, customer rebates, royalties payable, and other items. |
Debt and Capital Leases
Debt and Capital Leases | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt and Capital Leases | NOTE J—DEBT AND CAPITAL LEASES At December 31, 2017 and 2016 , debt (in thousands) consisted of the following: December 31, 2017 December 31, 2016 Senior secured credit facility: Revolver expiring July 23, 2018 (5.75% at December 31, 2017 and 5.25% at December 31, 2016) $ — $ — Term loan facility—final maturity July 23, 2020 (4.75%-5.25% at December 31, 2017 and 4.00% - 4.50% at December 31, 2016) 489,075 494,175 Less: Unamortized original issue discount (944 ) (1,318 ) Less: Unamortized debt issuance cost (3,099 ) (4,482 ) Note payable secured by royalty interest 24,740 23,076 Customer note payable 745 1,787 Equipment notes payable 719 — Total debt 511,236 513,238 Less: current portion (4,504 ) (4,821 ) Total long-term portion of debt $ 506,732 $ 508,417 Revolving Line-of-Credit We have a $50 million revolving line-of-credit (the "Revolver"), with zero drawn and $4.5 million allocated for letters of credit as of December 31, 2017 , leaving $45.5 million available under the Revolver. Senior Secured Credit Facility At December 31, 2017 , contractual maturities of our senior secured credit facility (in thousands) are as follows: 2018 $ 5,100 2019 5,100 2020 478,875 Total $ 489,075 On July 23, 2013, we refinanced our then existing senior secured debt by amending our Term Loan and replacing our then existing revolving line-of-credit. The Term Loan amendment refinanced our then existing senior debt by entering into a new $425 million senior secured credit facility, consisting of a $375 million Term Loan and the $50 million Revolver that may also be used for swingline loans (up to $5 million ) or letters of credit (up to $20 million ). The Term Loan amendment also, among other things, removed and amended certain financial and other covenants to provide additional operating flexibility, and lowered interest rates on borrowed amounts. The Term Loan will expire on July 23, 2020 and the Revolver will expire on July 23, 2018 . On December 5, 2014, we further increased our Term Loan by an additional $135 million to a total of approximately $502 million in accordance with the incremental borrowing feature in our senior secured credit facility. Our senior secured credit facility is secured by a pledge of substantially all of our assets, including accounts receivable, inventory, property, plant and mine development, and a pledge of the equity interests in certain of our subsidiaries. The facility contains covenants that, among other things, govern our ability to create, incur or assume indebtedness and liens, to make acquisitions or investments, to sell assets and to pay dividends. This includes a restriction on the ability of our operating subsidiaries to make distributions to us to the extent that the incurrence ratio (as defined in the senior secured credit facility) after giving effect to the distribution is 3 :1 or greater. The facility also requires us to maintain a consolidated total net leverage ratio of no more than 3.75 : 1.00 as of the last day of any fiscal quarter whenever usage of the Revolver (other than certain undrawn letters of credit) exceeds 25% of the Revolver commitment. As of December 31, 2017 and December 31, 2016 , we are in compliance with all covenants in accordance with our senior secured credit facility. Note Payable Secured by Royalty Interest In connection with the acquisition of NBI in August 2016, we assumed a note payable secured by a royalty interest. The monthly royalty payment is calculated based on future tonnages and sales related to the sand shipped from our Tyler, Texas facility. The note payable is due by June 30, 2032. The note does not provide a stated interest rate. The minimum payments (in thousands) for the next five years required by the note are as follows: 2018 $ 1,750 2019 1,750 2020 1,750 2021 1,750 2022 1,750 Thereafter 15,990 Total $ 24,740 Under this agreement, once a certain number of tons have been shipped from the Tyler facility, the minimum payments will decrease to $0.5 million per year, subject to proration in the period this threshold is met. The note payable fair value was estimated to be $22.5 million on the acquisition date. The estimate was made using a discounted cash flow model, which calculated the present value of projected future cash payments required under the agreement using a discount rate of 14% . As of December 31, 2017 , the note payable had a balance of $24.7 million . The increase in this note payable amount is due to interest paid-in-kind. The effective interest rate based on the updated projected future cash payments is 24% at December 31, 2017 . Customer Note Payable In connection with the acquisition of NBI in August 2016, we assumed a customer note payable that was entered into by NBI. NBI entered into an amendment effective January 1, 2016. Terms of the amended agreement call for repayment of $2.5 million at 0% interest, in equal monthly payments beginning January 1, 2016 for 60 months, or $0.5 million per year. Additionally, the principal of this customer note payable can be reduced via future product load credit. We discounted the required future cash payments and projected product load credit using an effective interest rate of 3.5% and recorded the customer note payable at $1.9 million on the acquisition date. At December 31, 2017 , the customer note payable had a balance of $0.7 million . Equipment Notes Payable In connection with the acquisition of MS Sand in August 2017, we assumed notes payable, which are secured by equipment and bear interest rates between 0% to 5.2% . Maturities (in thousands) for the next five years required by the notes are as follows: 2018 $ 316 2019 286 2020 117 Total $ 719 Capital Leases We enter into financing arrangements from time to time to purchase machinery and equipment utilized in operations. At December 31, 2017 , scheduled future minimum lease payments under capital lease obligations (in thousands) are as follows: 2018 721 Total minimum lease payments 721 Less: amount representing interest (15 ) Present value of minimum lease payments 706 Less: current portion of capital lease obligations (706 ) Non-current portion of capital lease obligations $ — |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue | NOTE K—DEFERRED REVENUE We enter into certain customer supply agreements which give the customers the right to purchase certain products for a discounted price at certain volumes over an average initial contract term of one to five years. The advance payments represent future purchases and are recorded as deferred revenue, recognized as revenue over the contract term of each supply agreement. During the year ended December 31, 2017 we received advances of $50.5 million . At December 31, 2017 and 2016 , the total deferred revenue balance was $118.4 million and $71.8 million , respectively, of which $36.1 million and $13.7 million was classified as current in our Balance Sheets. |
Fair Value Accounting
Fair Value Accounting | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | NOTE L—FAIR VALUE ACCOUNTING Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1—Quoted prices in active markets for identical assets or liabilities Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. Cash Equivalents Due to the short-term maturity, we believe our cash equivalent instruments at December 31, 2017 and 2016 approximate their reported carrying values. Long-Term Debt, Including Current Maturities We believe that the fair values of our long-term debt, including current maturities, approximates their carrying values based on their effective interest rates compared to current market rates. Derivative Instruments The estimated fair value of our derivative instruments (interest rate caps) are recorded at each reporting period and are based upon widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative contract. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. We also incorporate credit valuation adjustments to appropriately reflect both our nonperformance risk as well as that of the respective counterparty in the fair value measurements. Additional disclosures for derivative instruments are presented in Note M - Derivative Instruments to these financial statements. Although we have determined that the majority of the inputs used to value our derivatives fall with Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default of ourselves and our counterparties. However, as of December 31, 2017 , we have assessed that the impact of the credit valuation adjustments on the overall valuation of our derivative positions is not significant. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. In accordance with the fair value hierarchy, the following table presents the fair value as of December 31, 2017 and 2016 , respectively, of those instruments (in thousands) that we measure at fair value on a recurring basis: December 31, 2017 December 31, 2016 Level 1 Level 2 Total Level 1 Level 2 Total Interest rate derivatives — — — — 72 72 Net asset $ — $ — $ — $ — $ 72 $ 72 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | NOTE M—DERIVATIVE INSTRUMENTS Cash Flow Hedges of Interest Rate Risk We enter into interest rate cap agreements in connection with the Term Loan to add stability to interest expense and to manage our exposure to interest rate movements. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium. The following table summarizes the fair value of our derivative instruments (in thousands, except contract/notional amount). See Note L - Fair Value Accounting for additional disclosures regarding the estimated fair values of our derivative instruments at December 31, 2017 , and 2016 . December 31, 2017 December 31, 2016 Maturity Contract/Notional Carrying Fair Maturity Contract/Notional Carrying Fair Interest rate cap agreement (1) 2019 $ 249 million $ — $ — 2019 $ 249 million $ 72 $ 72 (1) Agreements limit the LIBOR floating interest rate base to 4% . We have designated these contracts as qualified cash flow hedges. Accordingly, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and recognized in earnings in the same period or periods during which the hedged transaction affects earnings. During the years ended December 31, 2017 and 2016 , we had no ineffectiveness for such contracts. The following table summarizes the effect of derivatives instruments (in thousands) on our income statements and our consolidated statements of comprehensive income for the years ended December 31, 2017 , 2016 and 2015 . 2017 2016 2015 Deferred losses from derivatives in OCI, beginning of period $ (32 ) $ (81 ) $ (134 ) Loss recognized in OCI from derivative instruments (45 ) (32 ) — Gain reclassified from Accumulated OCI 1 81 53 Deferred losses from derivatives in OCI, end of period $ (76 ) $ (32 ) $ (81 ) |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation | NOTE N—EQUITY-BASED COMPENSATION In July 2011, we adopted the U.S. Silica Holdings, Inc. 2011 Incentive Compensation Plan (the “2011 Plan”), which was amended and restated in May 2015. The 2011 Plan provides for grants of stock options, restricted stock, performance share units and other incentive-based awards. We believe our 2011 Plan aligns the interests of our employees and directors with those of our common stockholders. At December 31, 2017 , we have 4,452,870 shares of common stock that may be issued under the 2011 Plan. We use a combination of treasury stock and new shares if necessary to satisfy option exercises or vesting of restricted awards and performance share units. Stock Options The following table summarizes the status of, and changes in, our stock option awards during the year ended December 31, 2017 : Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value (in thousands) Weighted Average Remaining Contractual Term in Years Outstanding at December 31, 2016 952,693 27.99 Granted — — Exercised (43,774 ) 18.22 Forfeited — — Outstanding at December 31, 2017 908,919 28.46 $ 7,008 6.1 years Exercisable at December 31, 2017 736,480 26.79 $ 6,707 5.8 years There were no grants of stock options during the years ended December 31, 2017 and 2016 . The total intrinsic value of stock options exercised was $1.2 million , $7.6 million , and $0.4 million for the years ended December 31, 2017 , 2016 and 2015 respectively. Cash received from options exercised in 2017 was $0.8 million . The tax benefit realized from option exercises totaled $0.4 million , $2.9 million , and zero for the years ended December 31, 2017 , 2016 and 2015 , respectively. We recognized $2.5 million , $3.0 million , and $3.4 million of equity-based compensation expense related to these options during the years ended December 31, 2017 , 2016 and 2015 , respectively. As of December 31, 2017 , there was $1.2 million of total unrecognized compensation expense related to these options, which is expected to be recognized over a weighted-average period of approximately 0.7 years . We account for forfeitures as they occur. Restricted Stock and Restricted Stock Unit Awards The following table summarizes the status of, and changes in, our unvested restricted stock awards during the year ended December 31, 2017 : Number of Shares Grant Date Weighted Average Fair Value Unvested, December 31, 2016 557,716 $ 24.33 Granted 156,164 44.45 Vested (248,031 ) 24.92 Forfeited (4,503 ) 30.94 Unvested, December 31, 2017 461,346 $ 30.76 We granted 156,164 restricted stock and restricted stock unit awards during the year ended December 31, 2017 . The fair value of the awards was based on the market price of our stock at date of grant. We recognized $7.1 million , $5.7 million , and $3.9 million of equity-based compensation expense related to these restricted stock awards during the years ended December 31, 2017 , 2016 and 2015 respectively. As of December 31, 2017 , there was $9.2 million of total unrecognized compensation expense related to these restricted stock awards, which is expected to be recognized over a weighted-average period of 1.7 years . Performance Share Unit Awards The following table summarizes the status of, and changes in, our performance share unit awards during the year ended December 31, 2017 : Number of Shares Grant Date Weighted Average Fair Value Unvested, December 31, 2016 963,613 $ 37.43 Granted 90,501 67.69 Vested — — Cancelled (172,698 ) 29.12 Unvested, December 31, 2017 881,416 $ 42.16 We granted 90,501 performance share unit awards during the year ended December 31, 2017 . The grant date fair value for these awards was estimated to be $67.69 and the number of units that will vest will depend on the percentage ranking of the Company's total shareholder return ("TSR") compared to the TSRs for each of the companies in the peer group over the three year period from January 1, 2017 through December 31, 2019. The related compensation expense is recognized on a straight-line basis over the vesting period. The grant date fair value for these awards was estimated using a Monte Carlo simulation model. The Monte Carlo simulation model requires the use of highly subjective assumptions. Our key assumptions in the model included the price and the expected volatility of our and our self-determined peer group companies’ stock, risk-free rate of interest, dividend yields and cross-correlations between our and our self-determined peer group companies' stock. We recognized $15.5 million , $3.3 million , and $3.4 million of compensation expense related to these performance share unit awards during the years ended December 31, 2017 , 2016 and 2015 respectively. As of December 31, 2017 , there was $18.3 million of estimated total unrecognized compensation expense related to these performance share unit awards, which is expected to be recognized over a weighted-average period of 1.2 years . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE O—COMMITMENTS AND CONTINGENCIES Future Minimum Annual Commitments at December 31, 2017 Amounts in thousands Year ending December 31, Operating Lease Minimum Rental Payments Minimum Purchase Commitments 2018 $ 69,892 $ 28,099 2019 62,294 18,938 2020 51,162 10,168 2021 35,915 5,736 2022 30,303 3,886 Thereafter 55,626 11,200 Total future lease and purchase commitments $ 305,192 $ 78,027 Operating Leases We are obligated under certain operating leases for railroad cars, office space, mining property, mining/processing equipment and transportation and other equipment. Certain operating lease agreements include options to purchase the equipment for fair market value at the end of the original lease term. In general, the above leases include renewal options and provide that we pay for all utilities, insurance, taxes and maintenance. Expense related to operating leases and rental agreements for the years ended December 31, 2017 , 2016 and 2015 totaled approximately $68.3 million , $54.1 million and $48.2 million , respectively. Minimum Purchase Commitments We enter into service agreements with our transload service providers and transportation service providers. Some of these agreements require us to purchase a minimum amount of services over a specific period of time. Any inability to meet these minimum contract requirements requires us to pay a shortfall fee, which is based on the difference between the minimum amount contracted for and the actual amount purchased. Contingent Liability on Royalty Agreement On May 17, 2017, we purchased reserves in Crane County, Texas, for $94.4 million cash consideration plus contingent consideration. The contingent consideration is a royalty that is based on the tonnage shipped to third-parties. Because the contingent consideration is dependent on future tonnage sold, the amounts of which are uncertain, it is not currently possible to estimate the fair value of these future payments. The contingent consideration will be capitalized at the time a payment is probable and reasonably estimable, and the related depletion expense will be adjusted prospectively. Other Commitments and Contingencies Our operating subsidiary, U.S. Silica Company ("U.S. Silica"), has been named as a defendant in various product liability claims alleging silica exposure causing silicosis. During the year ended December 31, 2017 , no new claims were brought against U.S. Silica. U.S. Silica was named as a defendant in two claims filed during the year ended December 31, 2016 and no claims filed in 2015 . As of December 31, 2017 , there were 59 active silica-related products liability claims pending in which U.S. Silica is a defendant. Although the outcomes of these claims cannot be predicted with certainty, in the opinion of management, it is not reasonably possible that the ultimate resolution of these matters will have a material adverse effect on our financial position or results of operations that exceeds the accrual amounts. For periods prior to 1986, U.S. Silica had numerous insurance policies and an indemnity from a former owner that covered silicosis claims. In the fourth quarter of 2012, U.S. Silica settled all rights under the indemnity and its underlying insurance. The settlement was received during the first quarter of 2013. As a result of the settlement, the indemnity and related policies are no longer available to U.S. Silica and U.S. Silica will not seek reimbursement for any defense costs or claim payments. Other insurance policies, however, continue to remain available to U.S. Silica. We have recorded estimated liabilities for these claims in other long-term obligations as well as estimated recoveries under the indemnity agreement and an estimate of future recoveries under insurance in other assets on our consolidated balance sheets. As of December 31, 2017 and 2016 , other non-current assets included zero and $0.3 million , respectively, for insurance for third-party products liability claims. As of December 31, 2017 and 2016 , other long-term obligations included $1.0 million and $1.3 million , respectively, in third-party products claims liability. Additionally, during 2015, we received an unfavorable ruling in an arbitration proceeding as a result of exiting a toll manufacturing contract. The matter was settled and the settlement amount of $6.5 million was paid on June 9, 2015, which was included in selling, general and administrative expense in our Income Statement for the year ended December 31, 2015 |
Pension and Post-Retirement Ben
Pension and Post-Retirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Post-Retirement Benefits | NOTE P—PENSION AND POST-RETIREMENT BENEFITS We maintain a single-employer noncontributory defined benefit pension plan covering certain employees. There have been no new entrants to the plan since May 2009 when the plan was frozen to all new employees. The plan provides benefits based on each covered employee’s years of qualifying service. Our funding policy is to contribute amounts within the range of the minimum required and maximum deductible contributions for the plan consistent with a goal of appropriate minimization of the unfunded projected benefit obligation. The pension plan uses a benefit level per year of service for covered hourly employees and a final average pay method for covered salaried employees. The plan uses the projected unit credit cost method to determine the actuarial valuation. We employ a total rate of return investment approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed-income investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks, as well as growth, value and small and large capitalizations. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements, and periodic asset/liability studies. We employ a building block approach in determining the long-term rate of return for plan assets. Historical markets are studied and long-term historical relationships between equities and fixed-income are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return is established via a building block approach with proper consideration of diversification and rebalancing. Peer data and historical returns are reviewed to check for reasonability and appropriateness. In addition, we provide defined benefit post-retirement healthcare and life insurance benefits to some employees. Covered employees become eligible for these benefits at retirement after meeting minimum age and service requirements. The projected future cost of providing post-retirement benefits, such as healthcare and life insurance, is recognized as an expense as employees render services. We previously maintained a Voluntary Employees’ Beneficiary Association trust that was used to partially fund health care benefits for future retirees. Benefits were funded to the extent contributions were tax deductible, which under current legislation is limited. In 2017, the trust terminated upon depletion of its assets, which were used in accordance with trust terms. In general, retiree health benefits are paid as covered expenses are incurred Net pension benefit cost (in thousands) consisted of the following for the years ended December 31, 2017 , 2016 and 2015 : Years Ended December 31, 2017 2016 2015 Service cost $ 1,037 $ 1,078 $ 1,295 Interest cost 3,971 4,067 4,813 Expected return on plan assets (5,265 ) (5,495 ) (5,498 ) Net amortization and deferral 1,773 1,592 2,665 Net pension benefit costs $ 1,516 $ 1,242 $ 3,275 Net post-retirement cost (in thousands) consisted of the following for the years ended December 31, 2017 , 2016 and 2015 : Years Ended December 31, 2017 2016 2015 Service cost $ 107 $ 132 $ 176 Interest cost 753 876 1,074 Expected return on plan assets (1 ) (1 ) (1 ) Net amortization and deferral — — 281 Special termination benefit — 21 48 Net post-retirement costs $ 859 $ 1,028 $ 1,578 The changes in benefit obligations and plan assets (in thousands), as well as the funded status (in thousands) of our pension and post-retirement plans at December 31, 2017 and 2016 are as follows: Pension Benefits Post-retirement Benefits 2017 2016 2017 2016 Benefit obligation at January 1, $ 116,145 $ 115,420 $ 24,393 $ 25,091 Service cost 1,037 1,078 107 132 Interest cost 3,971 4,067 753 876 Actuarial (gain) loss 6,824 1,640 (1,576 ) (802 ) Benefits paid (6,685 ) (6,517 ) (1,280 ) (1,332 ) Amendments 760 457 — — Special termination benefits — — — 21 Other — — 374 407 Benefit obligation at December 31, $ 122,052 $ 116,145 $ 22,771 $ 24,393 Fair value of plan assets at January 1, $ 83,850 $ 84,716 $ 14 $ 17 Actual return on plan assets 12,757 5,651 (1 ) (3 ) Employer contributions 2,145 — 893 925 Benefits paid (6,685 ) (6,517 ) (1,280 ) (1,332 ) Other — — 374 407 Fair value of plan assets at December 31, $ 92,067 $ 83,850 $ — $ 14 Plan assets less than benefit obligations at December 31 recognized as liability for pension and other post-retirement benefits $ (29,985 ) $ (32,295 ) $ (22,771 ) $ (24,379 ) The accumulated benefit obligation for the defined benefit pension plans, which excludes the assumption of future salary increases, totaled $122.0 million and $116.0 million at December 31, 2017 and 2016 , respectively. The amendments in 2017 and 2016 reflect plan changes including increases in the benefit multiplier for certain participants. We also sponsor unfunded, nonqualified pension plans. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for these plans were $1.6 million , $1.6 million and zero at December 31, 2017 and $1.6 million , $1.6 million and zero at December 31, 2016 . Future estimated annual benefit payments (in thousands) for pension and post-retirement benefit obligations at December 31, 2017 are as follows: Benefits Post-retirement Pension Before Medicare Subsidy After Medicare Subsidy 2018 $ 7,195 $ 1,536 $ 1,400 2019 7,334 1,480 1,345 2020 7,409 1,490 1,358 2021 7,446 1,571 1,438 2022 7,573 1,600 1,465 2023-2027 38,030 7,892 7,178 Our best estimate of expected contributions to the pension and post-retirement medical benefit plans for the 2018 fiscal year are $2.5 million and $1.4 million , respectively. The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost (in thousands) during the following fiscal year are as follows: Benefits Pension Post-retirement Total Net actuarial loss $ 1,877 $ — $ 1,877 Prior service cost 534 — 534 $ 2,411 $ — $ 2,411 The total amounts in accumulated other comprehensive income (loss) related to net actuarial loss, net of tax, for both qualified plans was $13.5 million and $13.8 million as of December 31, 2017 and 2016 , respectively. The total amounts in accumulated other comprehensive income (loss) related to prior service cost, net of tax, for both plans, was $0.5 million as of December 31, 2017 and 2016 . The following weighted-average assumptions were used to determine our obligations under the plans: Pension Benefits Post-retirement Benefits 2017 2016 2017 2016 Discount rate 3.7 % 4.2 % 3.7 % 4.2 % Long-term rate of compensation increase 3.5 % 3.5 % N/A N/A Long-term rate of return on plan assets 6.8 % 7.0 % 7.0 % 7.0 % Health care cost trend rate: Pre-65 initial rate/ultimate rate N/A N/A 7.3%/4.5% 7.3%/5.0% Pre-65 ultimate year N/A N/A — — Post-65 initial rate/ultimate rate N/A N/A 8.0%/4.5% 8.5%/5.0% Post-65 ultimate year N/A N/A 2025/2026 2024/2025 The weighted average discount rate used to determine the projected pension and post-retirement obligations was updated in 2017, and was decreased from 4.2% at December 31, 2016 to 3.7% at December 31, 2017. The discount rate reflects the expected long-term rates of return with maturities comparable to payments for the plan obligations utilizing Aon Hewitt's AA Only Above Medium Curve . In 2016, we changed the method utilized to estimate the service cost and interest cost components of net periodic benefit costs for our defined benefit pension and other post-retirement benefit plans. Historically, we estimated the service cost and interest cost components using a single weighted average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. We have elected to use a spot rate approach in the estimation of these components of benefit cost by applying the specific rates along the yield curve to the relevant projected cash flows, as we believe this provides a better estimate of service and interest costs. We consider this a change in estimate and, accordingly, have accounted for it prospectively starting in 2016. This change does not affect the measurement of our total benefit obligation. Mortality tables used for pension benefits and post-retirement benefits plans are the following: Pension Benefits and Post-retirement Benefits 2017 2016 Healthy Lives RP-2014 mortality table, adjusted back to 2006 base rates, with generational mortality improvements using Scale MP-2017 RP-2014 mortality table, adjusted back to 2006 base rates, with generational mortality improvements using Scale MP-2016 Disabled Lives RP-2014 disabled retiree mortality table, adjusted back to 2006 base rates, with generational mortality improvements using Scale MP-2017 RP-2014 disabled retiree mortality table, adjusted back to 2006 base rates, with generational mortality improvements using Scale MP-2016 Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects (in thousands): One-Percentage-Point Increase Decrease Effect on total of service and interest cost $ 113 $ (95 ) Effect on post-retirement benefit obligation 2,598 (2,209 ) The major investment categories and their relative percentage of the fair value of total plan assets as invested at December 31, 2017 , and 2016 are as follows: Pension Benefits Post-retirement Benefits 2017 2016 2017 2016 Equity securities 51.8 % 59.4 % — % 64.0 % Debt securities 46.3 % 38.3 % — % 39.1 % Cash 1.9 % 2.3 % — % (3.1 )% The fair values of the pension plan assets (in thousands) at December 31, 2017 , by asset category, are as follows: Level 1 Level 2 Level 3 Total Cash and cash equivalents $ — $ 1,727 $ — $ 1,727 Mutual funds: Diversified emerging markets 8,300 — — 8,300 Foreign large blend 11,856 — — 11,856 Large-cap blend 15,643 — — 15,643 Mid-cap blend 8,334 — — 8,334 Real estate 3,591 — — 3,591 Fixed income securities: Corporate notes and bonds 28,108 — — 28,108 Government agencies — — — — U.S. Treasuries 10,846 — — 10,846 Mortgage-backed securities — 2,615 — 2,615 Asset-backed securities — 1,047 — 1,047 Net asset $ 86,678 $ 5,389 $ — $ 92,067 The fair values of the pension plan assets (in thousands) at December 31, 2016 , by asset category, are as follows: Level 1 Level 2 Level 3 Total Cash and cash equivalents $ — $ 1,893 $ — $ 1,893 Mutual funds: Diversified emerging markets 7,700 — — 7,700 Foreign large blend 12,621 — — 12,621 Large-cap blend 16,687 — — 16,687 Mid-cap blend 8,674 — — 8,674 Real estate 4,070 — — 4,070 Fixed income securities: Corporate notes and bonds 21,357 — — 21,357 Government agencies 301 — — 301 U.S. Treasuries 7,495 — — 7,495 Mortgage-backed securities — 2,022 — 2,022 Asset-backed securities — 983 — 983 Insurance policies — — 47 47 Net asset $ 78,905 $ 4,898 $ 47 $ 83,850 We contribute to three multiemployer defined benefit pension plans under the terms of collective-bargaining agreements for union-represented employees. A multiemployer plan is subject to collective bargaining for employees of two or more unrelated companies. These plans allow multiple employers to pool their pension resources and realize efficiencies associated with the daily administration of the plan. Multiemployer plans are generally governed by a board of trustees composed of management and labor representatives and are funded through employer contributions. However, in most cases, management is not directly represented. The risks of participating in multiemployer plans differ from single employer plans as follows: 1) assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers, 2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers, and 3) if we cease to have an obligation to contribute to one or more of the multiemployer plans to which we contribute, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. A summary of each multiemployer pension plan for which we participate is presented below: Pension Fund EIN/ Pension Plan No. Pension Protection Act Zone Status (1) FIP/RP Status Pending/ Implemented Company Contributions (in thousands) Surcharge Imposed Expiration Date of CBA 2017 2016 2017 2016 2015 LIUNA 52-6074345/001 Red Red Yes $ 223 $ 167 $ 182 Yes 5/31/2020 IUOE 36-6052390/001 Green Green No 40 28 29 No 7/29/2018 CSSS (2) 36-6044243/001 Red Red Yes 51 51 51 NA NA (1) The Pension Protection Act of 2006 defines the zone status as follows: green—healthy, yellow—endangered, orange—seriously endangered and red—critical. (2) In 2011, we withdrew from the Central States, Southeast and Southwest Areas Pension Plan. The withdrawal liability of $1.0 million will be paid in monthly installments of $4,000 until 2031. Our contributions to individual multiemployer pension funds did not exceed 5% of the fund’s total contributions in any of the three years ended December 31, 2017 . Additionally, our contributions to multiemployer post-retirement benefit plans were immaterial for all periods presented in the accompanying consolidated financial statements. We also sponsor a defined contribution plan covering certain employees. We contribute to the plan in two ways. For certain employees not covered by the defined benefit plan, we make a contribution equal to 4% of their salary. We also contribute an employee match of 25 cents , for each dollar contributed by an employee, up to 8% of their earnings. For certain employees, we make a profit sharing match up to 25 cents , based on financial performance, for each dollar contributed up to 8% of their earnings. Finally, for some employees, we make a catch-up match of 25 cents for each dollar of catch-up contributions. Contributions were $3.0 million , $2.4 million and $2.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE Q—INCOME TAXES We evaluate our deferred tax assets periodically to determine if valuation allowances are required. Ultimately, the realization of deferred tax assets is dependent upon generation of future taxable income during those periods in which temporary differences become deductible and/or credits can be utilized. To this end, management considers the level of historical taxable income, the scheduled reversal of deferred tax liabilities, tax-planning strategies and projected future taxable income. Based on these considerations, and the carry-forward availability of a portion of the deferred tax assets, management believes it is more likely than not that we will realize the benefit of the deferred tax assets. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code including, but not limited to, (1) bonus depreciation that will allow for full expensing of qualified property; (2) reduction of the U.S. federal corporate tax rate; (3) elimination of the corporate alternative minimum tax; (4) a new limitation on deductible interest expense; (5) the repeal of the domestic production activity deduction; (6) limitations on the deductibility of certain executive compensation; and (7) limitations on net operating losses generated after December 31, 2017, to 80 percent of taxable income. We are not currently subject to the various international changes of the Tax Act. The SEC staff issued SAB 118, which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. As we are not subject to either the international changes of the Tax Act or other applicable provisions, we believe that the income tax effects of the Tax Act applicable to our accounting under ASC 740 is substantially complete for the year ended December 31, 2017. Additional information that may affect the accounting under ASC 740 would include further clarification and guidance on how the Internal Revenue Service and state taxing authorities will implement the Tax Act. We do not believe potential adjustments in future periods would materially impact the Company’s financial condition or results of operations. The Tax Act reduces the corporate tax rate to 21 percent, effective January 1, 2018. Because ASC 740-10-25-47 requires the effect of a change in tax laws or rates to be recognized as of the date of enactment, we are required to adjust deferred tax assets and liabilities as of December 22, 2017. Accordingly, we have recorded a decrease related to deferred tax assets and liabilities of $45.0 million and $80.8 million , respectively, with a corresponding net adjustment to deferred income tax benefit of $35.8 million for the year ended December 31, 2017. The expense or benefit for income taxes (in thousands) consisted of the following for the years ended December 31, 2017 , 2016 and 2015 : Years Ended December 31, 2017 2016 2015 Current: Federal $ (10,754 ) $ 60 $ (170 ) State (1,167 ) (274 ) 1,448 $ (11,921 ) $ (214 ) $ 1,278 Deferred: Federal 22,641 32,944 7,439 State (2,040 ) 3,959 3,034 $ 20,601 $ 36,903 $ 10,473 Income tax (expense) benefit $ 8,680 $ 36,689 $ 11,751 Deferred tax assets and liabilities are recognized for the estimated future tax effects, based on enacted tax laws, of temporary differences between the values of assets and liabilities recorded for financial reporting and for tax purposes and of net operating loss and other carry forwards. The tax effects of the types of temporary differences and carry forwards that gave rise to deferred tax assets and liabilities (in thousands) at December 31, 2017 and 2016 consisted of the following: At December 31, 2017 2016 Gross deferred tax assets: Net operating loss carry forward and state tax credits $ 22,783 $ 65,022 Pension and post-retirement benefit costs 13,710 22,920 Alternative minimum tax credit carry forward 30,401 19,431 Property, plant and equipment 5,750 6,112 Accrued expenses 10,755 6,752 Inventories 4,354 4,362 Third-party products liability 249 511 Stock-based compensation expense 8,785 5,576 Note payable 3,133 4,009 Other 5,095 5,458 Total deferred tax assets $ 105,015 $ 140,153 Gross deferred tax liabilities: Land and mineral property basis difference $ (78,520 ) $ (126,315 ) Fixed assets and depreciation (51,556 ) (61,531 ) Intangibles (4,795 ) (2,260 ) Other — (122 ) Total deferred tax liabilities $ (134,871 ) $ (190,228 ) Net deferred tax liabilities $ (29,856 ) $ (50,075 ) We have federal net operating loss carry forwards of approximately $93.4 million at December 31, 2017 . The losses will expire in years 2027 through 2036 . Approximately $69.0 million of the losses are subject to an annual limitation under Internal Revenue Code Section 382, but are expected to be fully realized. Under the Tax Act, net operating loss (NOL) deductions arising in tax years beginning after December 31, 2017 can only offset up to 80 percent of future taxable income. The Act also prohibits NOL carrybacks, but allows indefinite carryforwards for NOLs arising in tax years beginning after December 31, 2017. Net operating losses arising before January 1, 2018 are accounted for under the previous tax rules that imposed no limit on the amount of the taxable income that can be set off using NOLs (except for a 90 percent limit for AMT carryforwards) and that can be carried back 2 years, and carried forward 20 years. At December 31, 2017 and 2016 , we have an alternative minimum tax credit carry forward of approximately $30.4 million and $19.4 million , respectively. The Tax Act repeals the corporate alternative minimum tax (AMT), effective for tax years beginning after December 31, 2017, but allows an entity to claim portions of any unused AMT credits over the next four years to offset its regular tax liability. An entity with unused AMT credits as of December 31, 2017 can first use these credits to offset its regular tax for 2017, and can then claim up to 50 percent of the remaining AMT credits in 2018, 2019, and 2020, with all remaining AMT credits refundable in 2021. At the end of each reporting period as presented, there were no material amounts of interest and penalties recognized in the statement of operations or balance sheets. We have no material unrecognized tax benefits or any known material tax contingencies at December 31, 2017 or December 31, 2016 and do not expect this to change significantly within the next twelve months. Tax returns filed with the IRS for the years 2014 through 2016 along with tax returns filed with numerous state entities remain subject to examination. The income tax expense or benefit (in thousands) differed from the amount that would be provided by applying the U.S. federal statutory rate for the years ended December 31, 2017 , 2016 and 2015 due to the following: Years Ended December 31, 2017 2016 2015 Income tax (expense) benefit computed at U.S. federal statutory rate $ (47,784 ) $ 27,211 $ (41 ) Decrease (increase) resulting from: Statutory depletion 20,259 4,734 8,918 Prior year tax return reconciliation 219 435 393 State income taxes, net of federal benefit (2,267 ) 2,369 1,370 Adjustment to deferred taxes from the Tax Act rate reduction 35,772 — — Equity compensation 2,602 2,003 — Other, net (121 ) (63 ) 1,111 Income tax (expense) benefit $ 8,680 $ 36,689 $ 11,751 The largest permanent item in computing both our effective tax rate and taxable income is the deduction allowed for statutory depletion. The deduction for statutory depletion does not necessarily change proportionately to changes in income before income taxes. |
Obligations Under Guarantees
Obligations Under Guarantees | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees [Abstract] | |
Obligations Under Guarantees | NOTE R—OBLIGATIONS UNDER GUARANTEES We have indemnified The Travelers Companies, Inc. and subsidiaries (“Travelers”) against any loss Travelers may incur in the event that holders of surety bonds, issued on behalf of us by Travelers, execute the bonds. As of December 31, 2017 , Travelers had $12.1 million in bonds outstanding for us. The majority of these bonds, $10.3 million , relate to reclamation requirements issued by various governmental authorities. Reclamation bonds remain outstanding until the mining area is reclaimed and the authority issues a formal release. The remaining bonds relate to such indefinite purposes as licenses, permits, and tax collection. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE T—SEGMENT REPORTING Our business is organized into two reportable segments, Oil & Gas Proppants and Industrial & Specialty Products, based on end markets. The reportable segments are consistent with how management views the markets that we serve and the financial information reviewed by the chief operating decision maker. We manage our Oil & Gas Proppants and Industrial & Specialty Products businesses as components of an enterprise for which separate information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. In the Oil & Gas Proppants segment, we serve the oil and gas recovery market primarily by providing and delivering fracturing sand, or “frac sand,” which is pumped down oil and natural gas wells to prop open rock fissures and increase the flow rate of oil and natural gas from the wells. The Industrial & Specialty Products segment consists of over 221 products and materials used in a variety of industries, including container glass, fiberglass, specialty glass, flat glass, building products, fillers and extenders, foundry products, chemicals, recreation products and filtration products. An operating segment’s performance is primarily evaluated based on segment contribution margin, which excludes certain corporate costs not associated with the operations of the segment. These corporate costs are separately stated below and include costs that are related to functional areas such as operations management, corporate purchasing, accounting, treasury, information technology, legal and human resources. We believe that segment contribution margin, as defined above, is an appropriate measure for evaluating the operating performance of our segments. However, this measure should be considered in addition to, not a substitute for, or superior to, net income (loss) or other measures of financial performance prepared in accordance with generally accepted accounting principles. The other accounting policies of each of the two reporting segments are the same as those in Note B - Summary of Significant Accounting Policies to these financial statements. The following table presents sales and segment contribution margin (in thousands) for the reporting segments and other operating results not allocated to the reported segments for the years ended December 31, 2017 , 2016 and 2015 : Years Ended December 31, 2017 2016 2015 Sales: Oil & Gas Proppants $ 1,020,365 $ 362,550 $ 430,435 Industrial & Specialty Products 220,486 197,075 212,554 Total sales $ 1,240,851 $ 559,625 $ 642,989 Segment contribution margin: Oil & Gas Proppants $ 301,972 $ 11,445 $ 88,928 Industrial & Specialty Products 88,781 78,988 70,137 Total segment contribution margin $ 390,753 $ 90,433 $ 159,065 Operating activities excluded from segment cost of sales (17,417 ) (8,103 ) (11,142 ) Selling, general and administrative (107,592 ) (67,727 ) (62,777 ) Depreciation, depletion and amortization (97,233 ) (68,134 ) (58,474 ) Interest expense (31,342 ) (27,972 ) (27,283 ) Other income (expense), net, including interest income (643 ) 3,758 728 Income tax (expense) benefit 8,680 36,689 11,751 Net income (loss) $ 145,206 $ (41,056 ) $ 11,868 Asset information, including capital expenditures and depreciation, depletion, and amortization, by segment is not included in reports used by management in its monitoring of performance and, therefore, is not reported by segment. Goodwill of $272.1 million has been allocated to these segments with $247.5 million assigned to Oil & Gas Proppants and $24.6 million to Industrial & Specialty Products at December 31, 2017 . Goodwill of $241.0 million has been allocated to these segments with $220.3 million assigned to Oil & Gas Proppants and $20.7 million to Industrial & Specialty Products at December 31, 2016 . |
Unaudited Supplementary Data
Unaudited Supplementary Data | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Supplementary Data | NOTE U—UNAUDITED SUPPLEMENTARY DATA The following table sets forth our unaudited quarterly consolidated statements of operations (in thousands, except per share data) for each of the four quarters in the years ended December 31, 2017 and 2016 . This unaudited quarterly information has been prepared on the same basis as our annual audited financial statements and includes all adjustments, consisting only of normal recurring adjustments that are necessary to present fairly the financial information for the fiscal quarters presented. The income tax benefit amounts for 2016 first quarter and second quarter include the impacts from the early adoption of ASU 2016-09 discussed in Note B - Summary of Significant Accounting Policies to these financial statements. First Second Third Fourth 2017 (Unaudited) Sales: Product $ 209,321 $ 246,022 $ 295,768 $ 306,442 Service 35,476 44,443 49,255 54,124 Cost of sales (excluding depreciation, depletion and amortization): Product 162,637 164,025 189,105 204,545 Service 24,838 33,386 38,818 50,161 Operating expenses: Selling, general and administrative 22,341 26,012 29,602 29,637 Depreciation, depletion and amortization 21,599 23,626 24,673 27,335 Total operating expenses $ 43,940 $ 49,638 $ 54,275 $ 56,972 Operating income 13,382 43,416 62,825 48,888 Other income (expense): Interest expense (7,646 ) (8,105 ) (8,347 ) (7,244 ) Other income (expense), net, including interest income (4,928 ) 1,258 1,502 1,525 Total other expense $ (12,574 ) $ (6,847 ) $ (6,845 ) $ (5,719 ) Income before income taxes 808 36,569 55,980 43,169 Income tax (expense) benefit 1,714 (7,110 ) (14,707 ) 28,783 Net income $ 2,522 $ 29,459 $ 41,273 $ 71,952 Earnings per share, basic $ 0.03 $ 0.36 $ 0.51 $ 0.89 Earnings per share, diluted $ 0.03 $ 0.36 $ 0.50 $ 0.88 Weighted average shares outstanding, basic 80,983 81,087 81,121 81,014 Weighted average shares outstanding, diluted 82,244 81,945 81,783 81,921 Dividends declared per share $ 0.06 $ 0.06 $ 0.06 $ 0.06 First Second Third Fourth 2016 (Unaudited) Sales: Product $ 121,627 $ 116,039 $ 125,805 $ 160,429 Service 883 955 11,943 21,944 Cost of sales (excluding depreciation, depletion and amortization): Product 106,629 102,587 112,215 133,758 Service 122 120 7,211 14,653 Operating expenses: Selling, general and administrative 15,503 14,585 18,472 19,167 Depreciation, depletion and amortization 14,556 15,209 17,175 21,194 Total operating expenses $ 30,059 $ 29,794 $ 35,647 $ 40,361 Operating loss (14,300 ) (15,507 ) (17,325 ) (6,399 ) Other income (expense): Interest expense (6,643 ) (6,647 ) (6,684 ) (7,998 ) Other income, net, including interest income 1,790 608 493 867 Total other expense $ (4,853 ) $ (6,039 ) $ (6,191 ) $ (7,131 ) Loss before income taxes (19,153 ) (21,546 ) (23,516 ) (13,530 ) Income tax benefit (expense) 8,150 9,774 12,177 6,588 Net income (loss) $ (11,003 ) $ (11,772 ) $ (11,339 ) $ (6,942 ) Loss per share, basic $ (0.20 ) $ (0.19 ) $ (0.17 ) $ (0.09 ) Loss per share, diluted $ (0.20 ) $ (0.19 ) $ (0.17 ) $ (0.09 ) Weighted average shares, basic 54,470 63,417 66,676 75,539 Weighted average shares, diluted 54,470 63,417 66,676 75,539 Dividends declared per share $ 0.06 $ 0.06 $ 0.06 $ 0.06 |
Parent Company Financials
Parent Company Financials | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Parent Company Financials | NOTE V—PARENT COMPANY FINANCIALS U.S. SILICA HOLDINGS, INC. (PARENT COMPANY ONLY) CONDENSED BALANCE SHEETS December 31, 2017 2016 (in thousands) ASSETS Current Assets: Cash and cash equivalents $ 230,647 $ 534,378 Due from affiliates 146,683 — Total current assets 377,330 534,378 Investment in subsidiaries 1,024,511 854,860 Total assets $ 1,401,841 $ 1,389,238 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accrued expenses and other current liabilities $ 106 $ 461 Dividends payable 5,229 5,222 Due to affiliates — 110,265 Total current liabilities 5,335 115,948 Deferred income taxes, net — — Total liabilities 5,335 115,948 Stockholders’ Equity: Preferred stock — — Common stock 812 811 Additional paid-in capital 1,147,084 1,129,051 Retained earnings 287,992 163,173 Treasury stock, at cost (25,456 ) (3,869 ) Accumulated other comprehensive loss (13,926 ) (15,876 ) Total stockholders’ equity 1,396,506 1,273,290 Total liabilities and stockholders’ equity $ 1,401,841 $ 1,389,238 U.S. SILICA HOLDINGS, INC. (PARENT COMPANY ONLY) CONDENSED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2017 2016 2015 (in thousands, except per share amounts) Sales $ — $ — $ — Cost of sales — — — Operating expenses Selling, general and administrative 252 184 185 Other — 10 19 Total operating expenses 252 194 204 Operating loss (252 ) (194 ) (204 ) Other income (expense) Interest income 3,854 1,046 262 Other income, net, including interest income — — 1 Total other income (expense) 3,854 1,046 263 Income before income taxes and equity in net earnings of subsidiaries 3,602 852 59 Income tax benefit (expense) (1,453 ) (344 ) (24 ) Income before equity in net earnings of subsidiaries 2,149 508 35 Equity in earnings of subsidiaries, net of tax 143,057 (41,564 ) 11,833 Net income (loss) 145,206 (41,056 ) 11,868 Other comprehensive income (loss), net of deferred income taxes: Unrealized gain (loss) on investments (net of tax of $0, $(4), and $29 for 2017, 2016, and 2015, respectively) — (6 ) 47 Unrealized gain (loss) on derivatives, (net of tax of $(27), $29 and $34 for 2017, 2016 and 2015, respectively) (44 ) 49 53 Foreign currency translation adjustment (net of tax of $2, $0 and $0 for 2017, 2016 and 2015, respectively) (6 ) — — Pension and post-retirement liability (net of tax of $1,205, $152, and $2,469 for 2017, 2016 and 2015, respectively) 2,000 252 3,547 Other comprehensive income (loss), net of deferred income taxes 1,950 295 3,647 Comprehensive income (loss) attributable to U.S. Silica Holdings, Inc. $ 147,156 $ (40,761 ) $ 15,515 U.S. SILICA HOLDINGS, INC. (PARENT COMPANY ONLY) CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY Accumulated Additional Retained Other Total Par Treasury Paid-In Earnings- Comprehensive Stockholders' Value Stock Capital Present Income (Loss) Equity Balance at January 1, 2015 $ 539 $ (542 ) $ 191,086 $ 232,551 $ (19,818 ) $ 403,816 Net income — — — 11,868 — 11,868 Unrealized gain on derivatives — — — — 53 53 Unrealized gain on short-term investments — — — — 47 47 Pension and post-retirement liability — — — — 3,547 3,547 Cash dividend declared ($0.438 per share) — — — (23,445 ) — (23,445 ) Common stock-based compensation plans activity: Equity-based compensation — — 3,857 — — 3,857 Proceeds from options exercised — 744 (271 ) — — 473 Shares withheld for employee taxes related to vested restricted stock and stock units — (792 ) (2 ) — — (794 ) Repurchase of common stock — (15,255 ) — — — (15,255 ) Balance at December 31, 2015 $ 539 $ (15,845 ) $ 194,670 $ 220,974 $ (16,171 ) $ 384,167 Net loss — — — (41,056 ) — (41,056 ) Issuance of common stock (stock offerings net of issuance costs of $25,732) 272 — 931,016 — — 931,288 Unrealized gain on derivatives — — — — 49 49 Unrealized loss on short-term investments — — — — (6 ) (6 ) Pension and post-retirement liability — — — — 252 252 Cash dividend declared ($0.25 per share) — — — (16,893 ) — (16,893 ) Common stock-based compensation plans activity: Equity-based compensation — — 12,107 — — 12,107 Excess tax benefit from equity-based compensation — — — 148 — 148 Proceeds from options exercised — 8,465 (3,640 ) — — 4,825 Issuance of restricted stock — 1,437 (1,437 ) — — — Shares withheld for employee taxes related to vested restricted stock and stock units — 2,074 (3,665 ) — — (1,591 ) Balance at December 31, 2016 $ 811 $ (3,869 ) $ 1,129,051 $ 163,173 $ (15,876 ) $ 1,273,290 Net Income — — — 145,206 — 145,206 Unrealized loss on derivatives — — — — (44 ) (44 ) Foreign currency translation adjustment (6 ) (6 ) Pension and post-retirement liability — — — — 2,000 2,000 Cash dividend declared ($0.25 per share) — — — (20,387 ) — (20,387 ) Common stock-based compensation plans activity: Equity-based compensation — — 25,050 — — 25,050 Proceeds from options exercised — 1,190 (392 ) — — 798 Issuance of restricted stock — 1,859 (1,859 ) — — — Shares withheld for employee taxes related to vested restricted stock and stock units 1 386 (4,766 ) — — (4,379 ) Repurchase of common stock — (25,022 ) (25,022 ) Balance at December 31, 2017 $ 812 $ (25,456 ) $ 1,147,084 $ 287,992 $ (13,926 ) $ 1,396,506 U.S. SILICA HOLDINGS, INC. (PARENT COMPANY ONLY) CONDENSED STATEMENT OF CASH FLOWS Year Ended December 31, 2017 2016 2015 (in thousands) Operating activities: Net income (loss) $ 145,206 $ (41,056 ) $ 11,868 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Undistributed (Income) loss from equity method investment, net (143,057 ) 41,564 (11,833 ) Other — (30 ) (195 ) Changes in assets and liabilities, net of effects of acquisitions: Accounts payable and accrued liabilities 48 353 29 Net cash provided by (used in) operating activities 2,197 831 (131 ) Investing activities: Proceeds from sales and maturities of short-term investments — 21,872 53,568 Investment in subsidiary (143,654 ) (188,177 ) — Net cash provided by (used in) investing activities (143,654 ) (166,305 ) 53,568 Financing activities: Dividends paid (20,377 ) (15,125 ) (26,797 ) Repurchase of common stock (25,022 ) — (15,255 ) Proceeds from options exercised 798 4,603 473 Tax payments related to shares withheld for vested restricted stock and stock units (4,379 ) (1,590 ) (794 ) Issuance of common stock (secondary offering) — 678,791 — Issuance of treasury stock — 221 — Costs of common stock issuance — (25,733 ) — Net financing activities with subsidiaries (113,294 ) 106 223 Net cash provided by (used in) financing activities (162,274 ) 641,273 (42,150 ) Net increase in cash and cash equivalents (303,731 ) 475,799 11,287 Cash and cash equivalents, beginning of period 534,378 58,579 47,292 Cash and cash equivalents, end of period $ 230,647 $ 534,378 $ 58,579 Non-cash financing activities: Supplemental cash flow information: Cash paid (received) during the period for: Interest $ (3,853 ) $ (1,046 ) $ (263 ) Non-cash transactions Common stock issued for business acquisitions $ — $ 278,229 $ — Notes to Condensed Financial Statements of Registrant (Parent Company Only) These condensed parent company only financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, because the restricted net assets of the subsidiaries of U.S. Silica Holdings, Inc. (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed 25% of the consolidated net assets of the Company. The ability of the Company's operating subsidiaries to pay dividends may be restricted due to the terms of the Company's senior credit facility, as discussed in Note I - Accrued Liabilities to these financial statements. These condensed parent company financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements; the only exceptions are that (a) the parent company accounts for its subsidiaries using the equity method of accounting, (b) taxes are allocated to the parent from the subsidiary using the separate return method, and (c) intercompany loans are not eliminated. In the parent company financial statements, the Company's investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. These condensed parent company financial statements should be read in conjunction with the Company's consolidated financial statements and related notes thereto included elsewhere in this report. No cash dividends were paid to the parent by its consolidated entities for the years presented in the condensed financial statements. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE W—SUBSEQUENT EVENTS On February 16, 2018 , our Board of Directors declared a quarterly cash dividend of $0.0625 per share to common stockholders of record at the close of business on March 15, 2018 , payable on April 5, 2018 . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE S—RELATED PARTY TRANSACTIONS A current officer of one of our operating subsidiaries holds an ownership interest in a transportation brokerage and logistics services vendor, from which we made purchases of approximately $4.7 million and $0.8 million for the years ended December 31, 2017 and 2016 , respectively. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying Consolidated Financial Statements (the “Financial Statements”) have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, all adjustments necessary for a fair presentation of the Financial Statements have been included. Such adjustments are of a normal, recurring nature. Certain reclassifications of prior years’ amounts have been made to conform to the current year presentation. In order to make this report easier to read, we refer throughout to (i) our Consolidated Balance Sheets as our “Balance Sheets,” (ii) our Consolidated Statements of Operations as our “Income Statements,” and (iii) our Consolidated Statements of Cash Flows as our “Cash Flows.” |
Consolidation | Consolidation The Financial Statements include the accounts of Holdings and its direct and indirect wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. We follow FASB Accounting Standards Codification (“ASC”) guidance for identification and reporting of entities over which control is achieved through means other than voting rights. The guidance defines such entities as Variable Interest Entities (“VIEs”). For the periods presented herein, we have identified no VIE entities over which we maintain any level of control that would require consolidation under ASC guidance. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of the Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to purchase price allocation for businesses acquired; mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations; environmental, reclamation and closure obligations; estimates of recoverable minerals; estimates of allowance for doubtful accounts; estimates of fair value for certain reporting units and asset impairments (including impairments of goodwill and other long-lived assets); write-downs of inventory to net realizable value; equity-based compensation expense; post-employment, post-retirement and other employee benefit liabilities; valuation allowances for deferred tax assets; contingent considerations; reserves for contingencies and litigation; and the fair value and accounting treatment of financial instruments including derivative instruments. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. |
Revenue Recognition | The preparation of the Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to purchase price allocation for businesses acquired; mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations; environmental, reclamation and closure obligations; estimates of recoverable minerals; estimates of allowance for doubtful accounts; estimates of fair value for certain reporting units and asset impairments (including impairments of goodwill and other long-lived assets); write-downs of inventory to net realizable value; equity-based compensation expense; post-employment, post-retirement and other employee benefit liabilities; valuation allowances for deferred tax assets; contingent considerations; reserves for contingencies and litigation; and the fair value and accounting treatment of financial instruments including derivative instruments. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. Revenue Recognition We derive most of our sales by mining and processing minerals that our customers purchase for various uses. Our product sales are primarily a function of the price per ton and the number of tons sold. The amount invoiced reflects product, transportation and/or additional services as applicable, such as storage, transloading the product from railcars to trucks and last mile logistics to the customer site. Revenue is recognized from a sale when persuasive evidence of an arrangement exists |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Cash and cash equivalents are invested primarily in money market securities held by financial institutions with high credit ratings. Accounts at each institution are insured by the Federal Deposit Insurance Corporation. Cash balances at times may exceed federally-insured limits. We have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk on cash. |
Accounts Receivable | Accounts Receivable The majority of our accounts receivable are due from companies in the oil and natural gas drilling, glass, building products, filler and extenders, foundries and other major industries. Credit is extended based on evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are stated at amounts due from customers net of an allowance for doubtful accounts. Accounts outstanding longer than the payment terms are considered past due. We determine our allowance by considering a number of factors, including the length of time trade accounts receivable are past due, our previous loss history, the customer’s current ability to pay its obligation to us, and the condition of the general economy and the industry as a whole. Ongoing credit evaluations are performed. We write-off accounts receivable when they are deemed uncollectible, and payments subsequently received on such receivables are credited to the allowance for doubtful accounts. |
Inventories | Inventories Inventories include raw stockpiles and silica and other industrial sand available for shipment, as well as spare parts and supplies for routine facility maintenance. We value inventory at the lower of cost and net realizable value. Cost is determined using the first-in, first-out and average cost methods. Costs of our raw stockpiles and silica and other industrial sand inventories include production costs and transportation and additional service costs as applicable. |
Property, Plant and Mine Development | Property, Plant and Mine Development Plant and equipment Plant and equipment is recorded at cost and depreciated over their estimated useful lives. Interest incurred during construction of facilities is capitalized and depreciated over the life of the asset. Costs for normal repairs and maintenance that do not extend economic life or improve service potential are expensed as incurred. Costs of improvements that extend economic life or improve service potential are capitalized and depreciated over the estimated remaining useful life. Depreciation is recorded using the straight-line method over the assets’ estimated useful lifes as follows: buildings ( 15 years); land improvements ( 10 years); machinery and equipment, including computer equipment and software ( 3 - 10 years); furniture and fixtures ( 8 years). Leasehold improvements are depreciated over the shorter of the asset life or lease term. Construction-in-progress is primarily comprised of machinery and equipment which have not yet been placed in service. Mining property and development Mining property and development includes mineral deposits and mine exploration and development. Mineral deposits are initially recognized at cost, which approximates the estimated fair value on the date of purchase. Mine exploration and development costs include engineering and mineral studies, drilling and other related costs to delineate an ore body, and the removal of overburden to initially expose an ore body for production. Costs incurred before mineralization are classified as proven and probable reserves are expensed and classified as exploration or advanced projects, research and development expense. Capitalization of mine development project costs, that meet the definition of an asset, begins once mineralization is classified as proven and probable reserves. The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. The production phase of an open pit mine commences when saleable minerals, beyond a de minimis amount, are produced. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in costs applicable to sales in the same period as the revenue from the sale of inventory. Depletion and amortization of mineral deposits and mine development costs are recorded as the minerals are extracted, based on units of production and engineering estimates of mineable reserves. The impact of revisions to reserve estimates is recognized on a prospective basis. Mine reclamation costs and asset retirement obligations We recognize the fair value of any liability for conditional asset retirement obligations, including environmental remediation liabilities when incurred, which is generally upon acquisition, construction or development and/or through the normal operation of the asset, if sufficient information exists to reasonably estimate the fair value of the liability. These obligations generally include the estimated net future costs of dismantling, restoring and reclaiming operating mines and related mine sites, in accordance with federal, state, local regulatory and land lease agreement requirements. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation and abandonment costs. The reclamation obligation is based on when spending for an existing environmental disturbance will occur. If the asset retirement obligation is settled for other than the carrying amount of the liability, a gain or loss is recognized on settlement. We review, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with ASC guidance for accounting reclamation obligations. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing care, maintenance and monitoring costs. Changes in estimates at inactive mines are reflected in earnings in the period an estimate is revised. In connection with our annual review of our reclamation obligations, we have determined that some of our estimates required revision due primarily to the additions of new plant and transload facilities and other changes in cost estimates and settlement dates at various sites. These additions and changes in estimates resulted in an additional $7.0 million and $(2.1) million of asset retirement obligations in 2017 and 2016 , respectively. |
Impairment or Disposal of Property, Plant and Mine Development | Impairment or Disposal of Property, Plant and Mine Development Gains on the sale of property, plant and mine development are included in income when the assets are disposed of provided there is more than reasonable certainty of the collectability of the sales price and any future activities required to be performed by us relating to the disposal of the assets are complete or insignificant. Upon retirement or disposal of assets, all costs and related accumulated depreciation or amortization are written-off. We periodically evaluate whether current events or circumstances indicate that the carrying value of our property, plant and equipment assets may not be recoverable. If circumstances indicate that the carrying value may not be recoverable, we estimate future undiscounted net cash flows using estimates of proven and probable sand reserves, estimated future sales prices (considering historical and current prices, price trends and related factors) and operating costs and anticipated capital expenditures. If th e undiscounted cash flows are less than the carrying value of the assets, we recognize an impairment loss equal to the amount by which the carrying value exceeds the fair value of the assets. |
Goodwill and Other Intangible Assets and Related Impairment | Goodwill and Other Intangible Assets and Related Impairment Our intangible assets consist of goodwill, which is not being amortized, indefinite lived intangibles, which consist of certain trade names that are not subject to amortization, intellectual property and customer relationships. Intellectual property mainly consists of patents and technology, and it is amortized on a straight-line basis over an average useful life of 15 years . Customer relationships are amortized on a straight-line basis over their useful life of 20 , 15 or 13 years. Goodwill represents the excess of purchase price over the fair value of net assets from business acquisitions. Goodwill and trade names are reviewed for impairment annually as of October 31 or more frequently whenever events or circumstances change that would more likely than not reduce the fair value of those assets. Prior to conducting a formal impairment test, we have an option to assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that is more likely than not (more than 50% ) that the fair value of a reporting unit is less than its carrying amount. Such qualitative factors may include the following: macroeconomic conditions; industry and market considerations; cost factors; overall financial performance; and other relevant entity-specific events. If the qualitative assessment determines that an impairment is more likely than not, or if we choose to bypass the qualitative assessment, we perform a quantitative comparison of the fair value with the carrying amount, including goodwill. If this comparison reflects impairment, then the loss would be measured as the excess of recorded goodwill, or other intangible assets with indefinite lives, over its implied fair value. Implied fair value is the excess of our fair value over the fair value of all recognized and unrecognized assets and liabilities. As of October 31, 2017, our qualitative assessment did not indicate that it was more likely than not that an impairment had occurred. Further, no triggering events have subsequently transpired that would indicate a potential impairment as of December 31, 2017. |
Debt Issuance Costs | Debt Issuance Costs The Company defers costs directly associated with acquiring third-party financing, primarily loan origination costs and related professional expenses. Debt issuance costs are deferred and amortized using the effective interest rate method over the term of our senior secured term loan facility (the “Term Loan”) and the straight-line method for our revolving line-of-credit (the "Revolver"). Debt issuance costs related to long-term debt are reflected as a direct deduction from the carrying amount of the debt. Amortization included in interest expense was $1.4 million for each of the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Environmental Costs | Environmental Costs Environmental costs, other than qualifying capital expenditures, are accrued at the time the exposure becomes known and costs can be reasonably estimated. Costs are accrued based upon management’s estimates of all direct costs, after taking into account expected reimbursement by third parties (primarily the sellers of acquired businesses), and are reviewed by outside consultants. Environmental costs are charged to expense unless a settlement with an indemnifying party has been reached. |
Self-Insurance | Self-Insurance We are self-insured for various levels of employee health insurance coverage, workers’ compensation and third party product liability claims alleging occupational disease. We purchase insurance coverage for claim amounts which exceed our self-insured retentions. Depending on the type of insurance, these self-insured retentions range from $0.1 million to $0.5 million per occurrence. Our insurance reserves are accrued based on estimates of the ultimate cost of claims expected to occur during the covered period. The current portion of our self-insurance reserves is included in accrued liabilities and the non-current portion is included in other long-term obligations in our Balance Sheets. At December 31, 2017 and 2016 , our self-insurance reserves totaled $5.5 million and $5.3 million , respectively, of which $1.7 million and $1.3 million , respectively, was classified as current |
Equity-based Compensation | Equity-based Compensation We grant stock options, restricted stock, restricted stock units and performance share units to certain of our employees and directors under the Amended and Restated U.S. Silica Holdings, Inc. 2011 Incentive Compensation Plan. We recognize the cost of employee services rendered in exchange for awards of equity instruments. Vesting of restricted stock and restricted stock units is based on the individual continuing to render service over a three -year vesting schedule. Cash dividend equivalents are accrued and paid to the holders of time based restricted stock units and restricted stock. The fair value of the restricted stock awards is equal to the market price of our stock at date of grant. The restricted award-related compensation expense is recognized, on a straight-line basis, over the vesting period. We grant performance share units to certain employees in which the number of shares of common stock ultimately received is determined based on achievement of certain performance thresholds over a specified performance period (generally three years) in accordance with the stock award agreement. Cash dividend equivalents are not accrued or paid on performance share units. We recognize expense based on the estimated vesting of our performance share units granted and the grant date market price. The estimated vesting of the performance share units is principally based on the probability of achieving certain financial performance levels during the vesting periods. In the period it becomes probable that the minimum performance criteria specified in the award agreement will be achieved, we recognize expense for the proportionate share of the total fair value of the award related to the vesting period that has already lapsed. The remaining fair value of the award is expensed on a straight-line basis over the remaining vesting period. During the years ended December 31, 2017 and 2016, we granted certain employees performance share units, the vesting of which is based on the Company’s total shareholder return (“TSR”) ranking among a peer group over the three-year period from January 1, 2017 through December 31, 2019 for the 2017 awards and from January 1, 2016 through December 31, 2018 for the 2016 awards. The number of units that will vest will depend on the percentage ranking of the Company's TSR compared to the TSRs for each of the companies in the peer group over the performance period. For these awards subject to market conditions, a binomial-lattice model (i.e., Monte Carlo simulation model) is used to fair value these awards at grant date. The related compensation expense is recognized, on a straight-line basis, over the vesting period. We grant stock options to certain employees and directors. Stock options vest on a vesting schedule and the related compensation expense is recognized over the vesting period, usually over 3 or 4 years. In calculating the compensation expense for stock options granted, we estimate the fair value of each grant using the Black-Scholes option-pricing model. The fair value of stock options granted is based on the exercise price of the option and certain assumptions, which are evaluated and revised, as necessary, to reflect market conditions and experience. Our expected forfeiture rate is the estimated percentage of options granted that are expected to be forfeited or canceled on an annual basis before becoming fully vested. Our expected term is the period of time over which the options are expected to remain outstanding. An increase in the expected term will increase compensation expense. The computation of the expected term is based on the simplified method, under which the expected term is presumed to be the mid-point between the average vesting date and the end of the contractual term. The assumptions for expected volatility are based on historical experience for the same periods as our expected lives. Risk-free interest rates are set using grant-date U.S. Treasury yield curves for the same periods as our expected lives. The expected dividend yield is based on our future dividend expectations for the same periods as our expected lives. |
Income Taxes | Income Taxes Deferred taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. This approach requires recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based upon the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the expenses are expected to reverse. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We recognize a tax benefit associated with an uncertain tax position when, in management’s judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, we initially and subsequently measure the tax benefit as the largest amount that we judge to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The largest permanent item in computing both our effective tax rate and taxable income is the deduction allowed for statutory depletion. The deduction for statutory depletion does not necessarily change proportionately to changes in income before income taxes. |
Earnings per Share | Earnings per Share Basic and diluted earnings per share is presented for net income (loss). Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is computed similarly to basic earnings per common share except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. In accordance with the applicable accounting guidance for calculating earnings per share, we did not include in our calculation of diluted earnings per share for the applicable periods stock options where the exercise prices were greater than the average market prices. |
Comprehensive Income (loss) | Comprehensive Income (loss) In addition to net income (loss), comprehensive income (loss) includes all changes in equity during a period, such as adjustments to minimum pension liabilities and the effective portion of changes in fair value of derivative instruments that qualify as cash flow hedges. |
Financial Instruments | Financial Instruments We currently use interest rate hedge agreements to manage interest costs and the risk associated with changing interest rates. Amounts to be paid or received under these hedge agreements are accrued as interest rates change and are recognized over the life of the hedge agreements as an adjustment to interest expense. Our policy is to not hold or issue derivative financial instruments for trading or speculative purposes. When entered into, these financial instruments are designated as hedges of underlying exposures, associated with our long-term debt, and are monitored to determine if they remain effective hedges. Gains and losses on derivatives designated as cash flow hedges are recorded in other comprehensive income (loss), net of tax, and reclassified to earnings in a manner that matches the timing of the earnings impact of the hedged transactions. The ineffective portion of all hedges, if any, is recognized currently in income. Additional disclosures for derivative instruments are presented in Note M - Derivative Instruments to these financial statements. |
Business Combinations | Business Combinations The Company accounts for business combinations using the acquisition method of accounting. Under this method, acquired assets, including separately identifiable intangible assets and any assumed liabilities, are recorded at their acquisition date estimated fair value. The excess of purchase price over the fair value amounts assigned to the assets acquired and liabilities assumed represents the goodwill amount resulting from the acquisition. Determining the fair value of assets acquired and liabilities assumed involves the use of significant estimates and assumptions. |
Recently Adopted and Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) which supersedes previous revenue recognition guidance. The new guidance introduces a new principles-based framework for revenue recognition and disclosure. Since its issuance, the FASB has issued additional ASUs, amending the guidance and the effective dates of amendments, and the SEC has rescinded certain related SEC guidance. The pronouncements are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Based on our reviews, there is no material impact to the Company’s results of operations, financial position and cash flows as a result of this guidance. Companies can use either a full retrospective or modified retrospective method to adopt the standard. The Company has elected to apply the modified retrospective approach. Under the modified retrospective method, prior periods are not updated to be presented on an accounting basis that is consistent with 2018; rather, a cumulative adjustment for the effects of applying the new standard to periods prior to 2018 is recorded to retained earnings as of January 1, 2018. Because only 2018 revenues will reflect application of the new standard, incremental disclosures are required to present 2018 revenues under the prior standard. The new standard requires companies to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time based on when control of goods and services transfer to a customer. As a result of our implementation review, we do not expect significant changes in the presentation of our financial statements, including either: (1) timing of revenue recognition, or (2) changes in classification between revenue and costs. The new standard will have no cash flow impact and, as such, does not affect the underlying economics of our customer contracts. The effect of applying the new guidance to our existing book of contracts will be minimal. Application of this method will not result in a material cumulative effect adjustment as of the date of adoption. We do not expect application of the new guidance to result in increases or decreases in revenue within our segments, or any material impact on our balance sheets. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard establishes a right-of-use (ROU) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms greater than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. Similarly, lessors will be required to classify leases as sales-type, finance or operating, with classification affecting the pattern of income recognition. Classification for both lessees and lessors will be based on an assessment of whether risks and rewards as well as substantive control have been transferred through a lease contract. This update is effective for public entities for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted. This standard mandates a modified retrospective transition method. While we continue to evaluate the effect of the standard, we anticipate that the adoption will result in a material increase in assets and liabilities on our consolidated balance sheet and will not have a material impact on our consolidated income statement or statement of cash flows. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments,” which amends guidance on the classification of certain cash receipts and payments in the statement of cash flows. This ASU adds or clarifies guidance on eight specific cash flow issues. Additionally, guidance on the presentation of restricted cash is addressed in ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which was issued in November 2016. Both standards are effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those annual reporting periods. Early adoption is permitted. Adoption of these standards will not have a material impact on our consolidated Statements of Cash Flows. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The new guidance clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Early application of the amendments in ASU 2017-01 is allowed for a transaction(s) for which the acquisition date occurs before the issuance date or effective date of the amendments, a subsidiary is deconsolidated or a group of assets is derecognized only when the transaction(s) has (have) not been reported in financial statements that have been issued or made available for issuance. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which removes Step 2 from the goodwill impairment test. It is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed with a measurement date after January 1, 2017. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit. ASU 2017-07 amends presentation requirements related to reporting the service cost component of net benefit costs to require that the service cost component be reported in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period, disaggregating the component from other net benefit costs. ASU 2017-07 also limits the components of net benefit cost eligible to be capitalized to service cost. ASU 2017-07 is effective for fiscal years beginning after December 15, 2017, including interim periods within those annual periods for public business entities. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. Early adoption should be within the first interim period if an employer issues interim financial statements. Disclosures of the nature of and reason for the change in accounting principle are required in the first interim and annual periods of adoption. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718), Scope of Modification Accounting. This update amends the scope of modification accounting for share-based payment arrangements. ASU 2017-09 provides guidance on the types of the changes to the terms or conditions of share-based payments awards to which an entity would be required to apply modification accounting. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within those annual periods for all entities. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Changes in Asset Retirement Obligation | The changes in these obligations (in thousands) during the years ending December 31, 2017 and 2016 are as follows: 2017 2016 Beginning balance $ 11,159 $ 12,254 Accretion 879 979 Additions and revisions of prior estimates 6,994 (2,074 ) Ending balance $ 19,032 $ 11,159 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The weighted-average stock awards (in thousands) that are antidilutive and are, therefore, excluded from the calculation of diluted earnings per common share are as follows: For the Year Ended December 31, 2017 2016 2015 Weighted-average outstanding stock options excluded 195 573 528 Weighted-average outstanding restricted stock and performance share units awards excluded 305 166 66 |
Capital Structure and Accumul35
Capital Structure and Accumulated Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Declared Quarterly Dividends | In 2017, our Board of Directors declared quarterly cash dividends as follows: Dividends per Common Share Declaration Date Record Date Payable Date $ 0.0625 February 16, 2017 March 15, 2017 April 5, 2017 $ 0.0625 May 4, 2017 June 15, 2017 July 6, 2017 $ 0.0625 July 21, 2017 September 15, 2017 October 3, 2017 $ 0.0625 November 2, 2017 December 15, 2017 January 5, 2018 |
Changes in Accumulated Other Comprehensive Income | The following table presents the changes in accumulated other comprehensive income (loss) by component (in thousands) during the year ended December 31, 2017 : For the Year Ended December 31, 2017 Unrealized Foreign currency translation adjustment Pension and Total Beginning Balance $ (32 ) $ — $ (15,844 ) $ (15,876 ) Other comprehensive gain (loss) before reclassifications (45 ) (6 ) 871 820 Amounts reclassed from accumulated other comprehensive income 1 — 1,129 1,130 Ending Balance $ (76 ) $ (6 ) $ (13,844 ) $ (13,926 ) |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The calculation of the purchase price (in thousands, except shares) is as follows: Cash consideration paid $ 116,165 Number of Holdings common shares delivered 2,630,513 Multiplied by closing market price per share of U.S. Silica common stock on August 16, 2016 $ 40.51 Total value of Holdings common shares delivered $ 106,562 Less, cash acquired $ (9,002 ) Total purchase price $ 213,725 The calculation of the purchase price (in thousands, except shares) is as follows: Cash consideration paid $ 70,760 Number of Holdings common shares delivered 4,195,180 Multiplied by closing market price per share of U.S. Silica common stock on August 22, 2016 $ 40.92 Total value of Holdings common shares delivered $ 171,667 Less, cash acquired $ (1,306 ) Total purchase price $ 241,121 |
Schedule of Identifiable Assets Acquired and Liabilities Assumed | The following table sets forth the allocation of the purchase price to Sandbox’s identifiable tangible and intangible assets acquired and liabilities assumed (in thousands): Allocation of Purchase price: (in thousands) Accounts receivable $ 13,392 Prepaid expenses and other 1,465 Property, plant and mine development 32,336 Identifiable intangible assets 120,144 Goodwill 86,100 Total assets acquired 253,437 Accounts payable 4,122 Deferred revenue 4,902 Accrued expenses and other current liabilities 3,292 Total liabilities assumed 12,316 Net assets acquired $ 241,121 The following table sets forth the current allocation of the purchase price to MS Sands' identifiable tangible and intangible assets acquired and liabilities assumed, including measurement period adjustments (in thousands): Initial Estimate Measurement Period Adjustments Purchase Price Allocation Accounts receivable $ 11,201 $ — $ 11,201 Inventories 6,087 1,980 8,067 Other current assets 362 — 362 Assets held for sale 9,523 (70 ) 9,453 Property, plant and mine development 26,440 1,018 27,458 Mineral rights — 26,300 26,300 Other non-current assets 1,136 — 1,136 Goodwill 52,187 (29,665 ) 22,522 Customer relationships — 1,840 1,840 Total assets acquired 106,936 1,403 108,339 Accounts payable and accrued expenses 3,815 (54 ) 3,761 Unfavorable leasehold positions — 2,237 2,237 Notes Payable 866 — 866 Other long term liabilities 1,254 (1,254 ) — Asset retirement obligations — 474 474 Total liabilities assumed 5,935 1,403 7,338 Net assets acquired $ 101,001 $ — $ 101,001 Initial Estimate Measurement Period Adjustments Purchase Price Allocation Accounts receivable $ 2,680 $ — $ 2,680 Inventories 3,494 — 3,494 Other current assets 428 — 428 Income tax deposits 6,657 (217 ) 6,440 Property, plant and mine development 210,913 (4,281 ) 206,632 Identifiable intangible assets 1,600 — 1,600 Goodwill 86,228 4,670 90,898 Total assets acquired 312,000 172 312,172 Accounts payable, accrued expenses and other current liabilities 1,938 726 2,664 Deferred revenue 500 — 500 Notes payable 24,361 243 24,604 Capital lease liabilities 3,331 — 3,331 Asset retirement obligations 710 — 710 Deferred tax liabilities 67,435 (797 ) 66,638 Total liabilities assumed 98,275 172 98,447 Net assets acquired $ 213,725 $ — $ 213,725 |
Summary of Identifiable Intangible Assets | The acquired intangible assets and the related estimated useful lives consist of the following: Approximate Fair Value Estimated Useful Life (in thousands) (in years) Customer relationships $ 1,840 15 The acquired intangible assets and the related estimated useful lives consist of the following: Approximate Fair Value Estimated Useful Life (in thousands) (in years) Indefinite lived intangible assets - Trade names $ 17,844 Indefinite Definite lived intangible assets - Technology and intellectual property 57,700 15 Definite lived intangible asset - Customer relationships 44,600 13 Total fair value of identifiable intangible assets $ 120,144 The acquired intangible assets and the related estimated useful lives consist of the following: Approximate Fair Value Estimated Useful Life (in thousands) (in years) Customer relationships $ 1,600 13 |
Pro Forma Summary | This information does not purport to be indicative of the actual results that would have occurred if the acquisition had actually been completed on the date indicated, nor is it necessarily indicative of the future operating results or the financial position of the combined company (in thousands, except per share amounts): For the year ended December 31, 2016 2015 Sales $ 615,552 $ 753,287 Net income (loss) $ (45,161 ) $ 43,163 Basic earnings per share $ (0.69 ) $ 0.81 Diluted earnings per share $ (0.69 ) $ 0.81 This information does not purport to be indicative of the actual results that would have occurred if the acquisition had actually been completed on the date indicated, nor is it necessarily indicative of the future operating results or the financial position of the combined company (in thousands, except per share amounts): For the year ended December 31, 2017 2016 Sales $ 1,287,202 $ 642,951 Net income (loss) $ 143,604 $ (55,835 ) Basic earnings (loss) per share $ 1.77 $ (0.86 ) Diluted earnings (loss) per share $ 1.75 $ (0.86 ) |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | At December 31, 2017 and 2016 , accounts receivable (in thousands) consisted of the following: At December 31, 2017 2016 Trade receivables $ 217,649 $ 93,982 Less: Allowance for doubtful accounts (7,100 ) (7,042 ) Net trade receivables 210,549 86,940 Other receivables 2,037 2,066 Total accounts receivable $ 212,586 $ 89,006 Changes in our allowance for doubtful accounts (in thousands) during the years ended December 31, 2017 and 2016 are as follows: Allowance for Doubtful Accounts 2017 2016 Balance at January 1, $ 7,042 $ 7,686 Bad debt provision 1,529 (1,232 ) Write-offs and recoveries, net (1,471 ) 588 Balance at December 31, $ 7,100 $ 7,042 Our ten largest customers accounted for approximately 58% , 52% , and 56% of sales during the years ended December 31, 2017 , 2016 and 2015, respectively. Sales to two of our customers accounted for 15% and 12% of our total sales during the year ended December 31, 2017 . Sales to one of our customers accounted for 13% of our total sales during the year ended December 31, 2016. Sales to two of our customers accounted for 13% and 12% of our total sales during the year ended December 31, 2015. No other customers accounted for 10% or more of our total sales. At December 31, 2017 , two of our customers' accounts receivable represented 19% and 11% of our total accounts receivable, net of allowance. At December 31, 2016, two of our customers' accounts receivable represented 14% and 10% of our total accounts receivable, net of allowance. No other customers accounted for 10% or more of our total accounts receivable. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | At December 31, 2017 and 2016 , inventories (in thousands) consisted of the following: At December 31, 2017 2016 Supplies $ 21,277 $ 18,824 Raw materials and work in process 28,034 25,161 Finished goods 43,065 34,724 Total inventories $ 92,376 $ 78,709 |
Property, Plant and Mine Deve39
Property, Plant and Mine Development (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Mine Development | At December 31, 2017 and 2016 , property, plant and mine development (in thousands) consisted of the following: At December 31, 2017 2016 Mining property and mine development $ 586,242 $ 414,434 Asset retirement cost 14,184 8,062 Land 36,552 35,052 Land improvements 45,878 42,738 Buildings 56,330 52,178 Machinery and equipment 590,566 450,881 Furniture and fixtures 2,953 2,566 Construction-in-progress 189,970 43,790 1,522,675 1,049,701 Accumulated depletion, depreciation and amortization (353,520 ) (266,388 ) Total property, plant and mine development, net $ 1,169,155 $ 783,313 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill (in thousands) consisted of the following: Goodwill Balance at December 31, 2015 $ 68,647 NBI acquisition 86,228 Sandbox acquisition 86,100 Balance at December 31, 2016 240,975 White Armor acquisition 3,912 NBI acquisition measurement period adjustment 4,670 MS Sand acquisition 52,187 MS Sand acquisition measurement period adjustment (29,665 ) Balance at December 31, 2017 $ 272,079 |
Schedule of Changes in the Carrying Amount of Definite-Lived Intangible Assets | The changes in the carrying amount of intangible assets (in thousands) consisted of the following: December 31, 2017 December 31, 2016 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (in years) Technology and intellectual property 15 $ 70,703 $ (5,917 ) $ 64,786 $ 58,658 $ (1,388 ) $ 57,270 Customer relationships 13 - 15 61,229 (9,076 ) 52,153 55,689 (4,799 ) 50,890 Total definite-lived intangible assets: $ 131,932 $ (14,993 ) $ 116,939 $ 114,347 $ (6,187 ) $ 108,160 Trade name 33,068 — 33,068 32,318 — 32,318 Total intangible assets: $ 165,000 $ (14,993 ) $ 150,007 $ 146,665 $ (6,187 ) $ 140,478 |
Schedule of Changes in the Carrying Amount of Indefinite-Lived Intangible Assets | The changes in the carrying amount of intangible assets (in thousands) consisted of the following: December 31, 2017 December 31, 2016 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (in years) Technology and intellectual property 15 $ 70,703 $ (5,917 ) $ 64,786 $ 58,658 $ (1,388 ) $ 57,270 Customer relationships 13 - 15 61,229 (9,076 ) 52,153 55,689 (4,799 ) 50,890 Total definite-lived intangible assets: $ 131,932 $ (14,993 ) $ 116,939 $ 114,347 $ (6,187 ) $ 108,160 Trade name 33,068 — 33,068 32,318 — 32,318 Total intangible assets: $ 165,000 $ (14,993 ) $ 150,007 $ 146,665 $ (6,187 ) $ 140,478 |
Schedule of Estimated Amortization Expense Related to Definite-Lived Intangible Assets | The estimated amortization expense related to definite-lived intangible assets (in thousands) for the five succeeding years is as follows: 2018 $ 9,239 2019 9,239 2020 9,239 2021 9,239 2022 9,224 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | At December 31, 2017 and 2016 , accrued liabilities (in thousands) consisted of the following: At December 31, 2017 2016 Accrued salaries and wages $ 6,126 $ 3,794 Accrued vacation liability 2,906 2,471 Current portion of liability for pension and post-retirement benefits 1,524 1,553 Accrued healthcare liability 1,837 1,307 Accrued property taxes and sales taxes 2,720 1,815 Other accrued liabilities 1,728 2,094 Total accrued liabilities $ 16,841 $ 13,034 |
Debt and Capital Leases (Tables
Debt and Capital Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | At December 31, 2017 and 2016 , debt (in thousands) consisted of the following: December 31, 2017 December 31, 2016 Senior secured credit facility: Revolver expiring July 23, 2018 (5.75% at December 31, 2017 and 5.25% at December 31, 2016) $ — $ — Term loan facility—final maturity July 23, 2020 (4.75%-5.25% at December 31, 2017 and 4.00% - 4.50% at December 31, 2016) 489,075 494,175 Less: Unamortized original issue discount (944 ) (1,318 ) Less: Unamortized debt issuance cost (3,099 ) (4,482 ) Note payable secured by royalty interest 24,740 23,076 Customer note payable 745 1,787 Equipment notes payable 719 — Total debt 511,236 513,238 Less: current portion (4,504 ) (4,821 ) Total long-term portion of debt $ 506,732 $ 508,417 |
Schedule of Contractual Maturities of Debt | At December 31, 2017 , contractual maturities of our senior secured credit facility (in thousands) are as follows: 2018 $ 5,100 2019 5,100 2020 478,875 Total $ 489,075 The minimum payments (in thousands) for the next five years required by the note are as follows: 2018 $ 1,750 2019 1,750 2020 1,750 2021 1,750 2022 1,750 Thereafter 15,990 Total $ 24,740 |
Debt and Capital Leases Disclosures | At December 31, 2017 , scheduled future minimum lease payments under capital lease obligations (in thousands) are as follows: 2018 721 Total minimum lease payments 721 Less: amount representing interest (15 ) Present value of minimum lease payments 706 Less: current portion of capital lease obligations (706 ) Non-current portion of capital lease obligations $ — |
Fair Value Accounting (Tables)
Fair Value Accounting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Measure at Fair Value on Recurring Basis | In accordance with the fair value hierarchy, the following table presents the fair value as of December 31, 2017 and 2016 , respectively, of those instruments (in thousands) that we measure at fair value on a recurring basis: December 31, 2017 December 31, 2016 Level 1 Level 2 Total Level 1 Level 2 Total Interest rate derivatives — — — — 72 72 Net asset $ — $ — $ — $ — $ 72 $ 72 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Estimated Fair Values of Derivative Instruments | The following table summarizes the fair value of our derivative instruments (in thousands, except contract/notional amount). See Note L - Fair Value Accounting for additional disclosures regarding the estimated fair values of our derivative instruments at December 31, 2017 , and 2016 . December 31, 2017 December 31, 2016 Maturity Contract/Notional Carrying Fair Maturity Contract/Notional Carrying Fair Interest rate cap agreement (1) 2019 $ 249 million $ — $ — 2019 $ 249 million $ 72 $ 72 (1) Agreements limit the LIBOR floating interest rate base to 4% . |
Effect of Derivatives Instruments on Combined Statements of Operations and Comprehensive Income | The following table summarizes the effect of derivatives instruments (in thousands) on our income statements and our consolidated statements of comprehensive income for the years ended December 31, 2017 , 2016 and 2015 . 2017 2016 2015 Deferred losses from derivatives in OCI, beginning of period $ (32 ) $ (81 ) $ (134 ) Loss recognized in OCI from derivative instruments (45 ) (32 ) — Gain reclassified from Accumulated OCI 1 81 53 Deferred losses from derivatives in OCI, end of period $ (76 ) $ (32 ) $ (81 ) |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Activity with Respect to Stock Options | The following table summarizes the status of, and changes in, our stock option awards during the year ended December 31, 2017 : Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value (in thousands) Weighted Average Remaining Contractual Term in Years Outstanding at December 31, 2016 952,693 27.99 Granted — — Exercised (43,774 ) 18.22 Forfeited — — Outstanding at December 31, 2017 908,919 28.46 $ 7,008 6.1 years Exercisable at December 31, 2017 736,480 26.79 $ 6,707 5.8 years |
Summary of Restricted Stock Award Activity | The following table summarizes the status of, and changes in, our performance share unit awards during the year ended December 31, 2017 : Number of Shares Grant Date Weighted Average Fair Value Unvested, December 31, 2016 963,613 $ 37.43 Granted 90,501 67.69 Vested — — Cancelled (172,698 ) 29.12 Unvested, December 31, 2017 881,416 $ 42.16 The following table summarizes the status of, and changes in, our unvested restricted stock awards during the year ended December 31, 2017 : Number of Shares Grant Date Weighted Average Fair Value Unvested, December 31, 2016 557,716 $ 24.33 Granted 156,164 44.45 Vested (248,031 ) 24.92 Forfeited (4,503 ) 30.94 Unvested, December 31, 2017 461,346 $ 30.76 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Annual Commitments | Future Minimum Annual Commitments at December 31, 2017 Amounts in thousands Year ending December 31, Operating Lease Minimum Rental Payments Minimum Purchase Commitments 2018 $ 69,892 $ 28,099 2019 62,294 18,938 2020 51,162 10,168 2021 35,915 5,736 2022 30,303 3,886 Thereafter 55,626 11,200 Total future lease and purchase commitments $ 305,192 $ 78,027 |
Pension and Post-Retirement B47
Pension and Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Summarizes Information about Pension and Post-Retirement Benefit Plans | Net pension benefit cost (in thousands) consisted of the following for the years ended December 31, 2017 , 2016 and 2015 : Years Ended December 31, 2017 2016 2015 Service cost $ 1,037 $ 1,078 $ 1,295 Interest cost 3,971 4,067 4,813 Expected return on plan assets (5,265 ) (5,495 ) (5,498 ) Net amortization and deferral 1,773 1,592 2,665 Net pension benefit costs $ 1,516 $ 1,242 $ 3,275 Net post-retirement cost (in thousands) consisted of the following for the years ended December 31, 2017 , 2016 and 2015 : Years Ended December 31, 2017 2016 2015 Service cost $ 107 $ 132 $ 176 Interest cost 753 876 1,074 Expected return on plan assets (1 ) (1 ) (1 ) Net amortization and deferral — — 281 Special termination benefit — 21 48 Net post-retirement costs $ 859 $ 1,028 $ 1,578 |
Changes in Benefit Obligations and Plan Assets | The changes in benefit obligations and plan assets (in thousands), as well as the funded status (in thousands) of our pension and post-retirement plans at December 31, 2017 and 2016 are as follows: Pension Benefits Post-retirement Benefits 2017 2016 2017 2016 Benefit obligation at January 1, $ 116,145 $ 115,420 $ 24,393 $ 25,091 Service cost 1,037 1,078 107 132 Interest cost 3,971 4,067 753 876 Actuarial (gain) loss 6,824 1,640 (1,576 ) (802 ) Benefits paid (6,685 ) (6,517 ) (1,280 ) (1,332 ) Amendments 760 457 — — Special termination benefits — — — 21 Other — — 374 407 Benefit obligation at December 31, $ 122,052 $ 116,145 $ 22,771 $ 24,393 Fair value of plan assets at January 1, $ 83,850 $ 84,716 $ 14 $ 17 Actual return on plan assets 12,757 5,651 (1 ) (3 ) Employer contributions 2,145 — 893 925 Benefits paid (6,685 ) (6,517 ) (1,280 ) (1,332 ) Other — — 374 407 Fair value of plan assets at December 31, $ 92,067 $ 83,850 $ — $ 14 Plan assets less than benefit obligations at December 31 recognized as liability for pension and other post-retirement benefits $ (29,985 ) $ (32,295 ) $ (22,771 ) $ (24,379 ) |
Estimated Future Pension and Post-Retirement Benefit Payments | Future estimated annual benefit payments (in thousands) for pension and post-retirement benefit obligations at December 31, 2017 are as follows: Benefits Post-retirement Pension Before Medicare Subsidy After Medicare Subsidy 2018 $ 7,195 $ 1,536 $ 1,400 2019 7,334 1,480 1,345 2020 7,409 1,490 1,358 2021 7,446 1,571 1,438 2022 7,573 1,600 1,465 2023-2027 38,030 7,892 7,178 |
Amounts in Accumulated Other Comprehensive Income Expected to be Recognized as Components of Net Periodic Benefit Cost | The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost (in thousands) during the following fiscal year are as follows: Benefits Pension Post-retirement Total Net actuarial loss $ 1,877 $ — $ 1,877 Prior service cost 534 — 534 $ 2,411 $ — $ 2,411 |
Company's Obligations Determined under Weighted-Average Assumptions | The following weighted-average assumptions were used to determine our obligations under the plans: Pension Benefits Post-retirement Benefits 2017 2016 2017 2016 Discount rate 3.7 % 4.2 % 3.7 % 4.2 % Long-term rate of compensation increase 3.5 % 3.5 % N/A N/A Long-term rate of return on plan assets 6.8 % 7.0 % 7.0 % 7.0 % Health care cost trend rate: Pre-65 initial rate/ultimate rate N/A N/A 7.3%/4.5% 7.3%/5.0% Pre-65 ultimate year N/A N/A — — Post-65 initial rate/ultimate rate N/A N/A 8.0%/4.5% 8.5%/5.0% Post-65 ultimate year N/A N/A 2025/2026 2024/2025 |
Schedule of Mortality Tables Used | Mortality tables used for pension benefits and post-retirement benefits plans are the following: Pension Benefits and Post-retirement Benefits 2017 2016 Healthy Lives RP-2014 mortality table, adjusted back to 2006 base rates, with generational mortality improvements using Scale MP-2017 RP-2014 mortality table, adjusted back to 2006 base rates, with generational mortality improvements using Scale MP-2016 Disabled Lives RP-2014 disabled retiree mortality table, adjusted back to 2006 base rates, with generational mortality improvements using Scale MP-2017 RP-2014 disabled retiree mortality table, adjusted back to 2006 base rates, with generational mortality improvements using Scale MP-2016 |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects (in thousands): One-Percentage-Point Increase Decrease Effect on total of service and interest cost $ 113 $ (95 ) Effect on post-retirement benefit obligation 2,598 (2,209 ) |
Fair Value of Pension Plan Assets | The major investment categories and their relative percentage of the fair value of total plan assets as invested at December 31, 2017 , and 2016 are as follows: Pension Benefits Post-retirement Benefits 2017 2016 2017 2016 Equity securities 51.8 % 59.4 % — % 64.0 % Debt securities 46.3 % 38.3 % — % 39.1 % Cash 1.9 % 2.3 % — % (3.1 )% |
Fair Value of Pension Plan Assets, by Asset Category | The fair values of the pension plan assets (in thousands) at December 31, 2017 , by asset category, are as follows: Level 1 Level 2 Level 3 Total Cash and cash equivalents $ — $ 1,727 $ — $ 1,727 Mutual funds: Diversified emerging markets 8,300 — — 8,300 Foreign large blend 11,856 — — 11,856 Large-cap blend 15,643 — — 15,643 Mid-cap blend 8,334 — — 8,334 Real estate 3,591 — — 3,591 Fixed income securities: Corporate notes and bonds 28,108 — — 28,108 Government agencies — — — — U.S. Treasuries 10,846 — — 10,846 Mortgage-backed securities — 2,615 — 2,615 Asset-backed securities — 1,047 — 1,047 Net asset $ 86,678 $ 5,389 $ — $ 92,067 The fair values of the pension plan assets (in thousands) at December 31, 2016 , by asset category, are as follows: Level 1 Level 2 Level 3 Total Cash and cash equivalents $ — $ 1,893 $ — $ 1,893 Mutual funds: Diversified emerging markets 7,700 — — 7,700 Foreign large blend 12,621 — — 12,621 Large-cap blend 16,687 — — 16,687 Mid-cap blend 8,674 — — 8,674 Real estate 4,070 — — 4,070 Fixed income securities: Corporate notes and bonds 21,357 — — 21,357 Government agencies 301 — — 301 U.S. Treasuries 7,495 — — 7,495 Mortgage-backed securities — 2,022 — 2,022 Asset-backed securities — 983 — 983 Insurance policies — — 47 47 Net asset $ 78,905 $ 4,898 $ 47 $ 83,850 |
Summary of Multiemployer Pension Plan | A summary of each multiemployer pension plan for which we participate is presented below: Pension Fund EIN/ Pension Plan No. Pension Protection Act Zone Status (1) FIP/RP Status Pending/ Implemented Company Contributions (in thousands) Surcharge Imposed Expiration Date of CBA 2017 2016 2017 2016 2015 LIUNA 52-6074345/001 Red Red Yes $ 223 $ 167 $ 182 Yes 5/31/2020 IUOE 36-6052390/001 Green Green No 40 28 29 No 7/29/2018 CSSS (2) 36-6044243/001 Red Red Yes 51 51 51 NA NA (1) The Pension Protection Act of 2006 defines the zone status as follows: green—healthy, yellow—endangered, orange—seriously endangered and red—critical. (2) In 2011, we withdrew from the Central States, Southeast and Southwest Areas Pension Plan. The withdrawal liability of $1.0 million will be paid in monthly installments of $4,000 until 2031. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax (Expense) Benefit | The expense or benefit for income taxes (in thousands) consisted of the following for the years ended December 31, 2017 , 2016 and 2015 : Years Ended December 31, 2017 2016 2015 Current: Federal $ (10,754 ) $ 60 $ (170 ) State (1,167 ) (274 ) 1,448 $ (11,921 ) $ (214 ) $ 1,278 Deferred: Federal 22,641 32,944 7,439 State (2,040 ) 3,959 3,034 $ 20,601 $ 36,903 $ 10,473 Income tax (expense) benefit $ 8,680 $ 36,689 $ 11,751 |
Summary of Tax Effects on Deferred Tax Assets and Liabilities | The tax effects of the types of temporary differences and carry forwards that gave rise to deferred tax assets and liabilities (in thousands) at December 31, 2017 and 2016 consisted of the following: At December 31, 2017 2016 Gross deferred tax assets: Net operating loss carry forward and state tax credits $ 22,783 $ 65,022 Pension and post-retirement benefit costs 13,710 22,920 Alternative minimum tax credit carry forward 30,401 19,431 Property, plant and equipment 5,750 6,112 Accrued expenses 10,755 6,752 Inventories 4,354 4,362 Third-party products liability 249 511 Stock-based compensation expense 8,785 5,576 Note payable 3,133 4,009 Other 5,095 5,458 Total deferred tax assets $ 105,015 $ 140,153 Gross deferred tax liabilities: Land and mineral property basis difference $ (78,520 ) $ (126,315 ) Fixed assets and depreciation (51,556 ) (61,531 ) Intangibles (4,795 ) (2,260 ) Other — (122 ) Total deferred tax liabilities $ (134,871 ) $ (190,228 ) Net deferred tax liabilities $ (29,856 ) $ (50,075 ) |
Summary of Effective Income Tax Rate on Pretax Earnings | The income tax expense or benefit (in thousands) differed from the amount that would be provided by applying the U.S. federal statutory rate for the years ended December 31, 2017 , 2016 and 2015 due to the following: Years Ended December 31, 2017 2016 2015 Income tax (expense) benefit computed at U.S. federal statutory rate $ (47,784 ) $ 27,211 $ (41 ) Decrease (increase) resulting from: Statutory depletion 20,259 4,734 8,918 Prior year tax return reconciliation 219 435 393 State income taxes, net of federal benefit (2,267 ) 2,369 1,370 Adjustment to deferred taxes from the Tax Act rate reduction 35,772 — — Equity compensation 2,602 2,003 — Other, net (121 ) (63 ) 1,111 Income tax (expense) benefit $ 8,680 $ 36,689 $ 11,751 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Presentation of Sales and Segment Contribution Margin for Reporting Segments and Other Operating Results | The following table presents sales and segment contribution margin (in thousands) for the reporting segments and other operating results not allocated to the reported segments for the years ended December 31, 2017 , 2016 and 2015 : Years Ended December 31, 2017 2016 2015 Sales: Oil & Gas Proppants $ 1,020,365 $ 362,550 $ 430,435 Industrial & Specialty Products 220,486 197,075 212,554 Total sales $ 1,240,851 $ 559,625 $ 642,989 Segment contribution margin: Oil & Gas Proppants $ 301,972 $ 11,445 $ 88,928 Industrial & Specialty Products 88,781 78,988 70,137 Total segment contribution margin $ 390,753 $ 90,433 $ 159,065 Operating activities excluded from segment cost of sales (17,417 ) (8,103 ) (11,142 ) Selling, general and administrative (107,592 ) (67,727 ) (62,777 ) Depreciation, depletion and amortization (97,233 ) (68,134 ) (58,474 ) Interest expense (31,342 ) (27,972 ) (27,283 ) Other income (expense), net, including interest income (643 ) 3,758 728 Income tax (expense) benefit 8,680 36,689 11,751 Net income (loss) $ 145,206 $ (41,056 ) $ 11,868 |
Unaudited Supplementary Data (T
Unaudited Supplementary Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Information | The following table sets forth our unaudited quarterly consolidated statements of operations (in thousands, except per share data) for each of the four quarters in the years ended December 31, 2017 and 2016 . This unaudited quarterly information has been prepared on the same basis as our annual audited financial statements and includes all adjustments, consisting only of normal recurring adjustments that are necessary to present fairly the financial information for the fiscal quarters presented. The income tax benefit amounts for 2016 first quarter and second quarter include the impacts from the early adoption of ASU 2016-09 discussed in Note B - Summary of Significant Accounting Policies to these financial statements. First Second Third Fourth 2017 (Unaudited) Sales: Product $ 209,321 $ 246,022 $ 295,768 $ 306,442 Service 35,476 44,443 49,255 54,124 Cost of sales (excluding depreciation, depletion and amortization): Product 162,637 164,025 189,105 204,545 Service 24,838 33,386 38,818 50,161 Operating expenses: Selling, general and administrative 22,341 26,012 29,602 29,637 Depreciation, depletion and amortization 21,599 23,626 24,673 27,335 Total operating expenses $ 43,940 $ 49,638 $ 54,275 $ 56,972 Operating income 13,382 43,416 62,825 48,888 Other income (expense): Interest expense (7,646 ) (8,105 ) (8,347 ) (7,244 ) Other income (expense), net, including interest income (4,928 ) 1,258 1,502 1,525 Total other expense $ (12,574 ) $ (6,847 ) $ (6,845 ) $ (5,719 ) Income before income taxes 808 36,569 55,980 43,169 Income tax (expense) benefit 1,714 (7,110 ) (14,707 ) 28,783 Net income $ 2,522 $ 29,459 $ 41,273 $ 71,952 Earnings per share, basic $ 0.03 $ 0.36 $ 0.51 $ 0.89 Earnings per share, diluted $ 0.03 $ 0.36 $ 0.50 $ 0.88 Weighted average shares outstanding, basic 80,983 81,087 81,121 81,014 Weighted average shares outstanding, diluted 82,244 81,945 81,783 81,921 Dividends declared per share $ 0.06 $ 0.06 $ 0.06 $ 0.06 First Second Third Fourth 2016 (Unaudited) Sales: Product $ 121,627 $ 116,039 $ 125,805 $ 160,429 Service 883 955 11,943 21,944 Cost of sales (excluding depreciation, depletion and amortization): Product 106,629 102,587 112,215 133,758 Service 122 120 7,211 14,653 Operating expenses: Selling, general and administrative 15,503 14,585 18,472 19,167 Depreciation, depletion and amortization 14,556 15,209 17,175 21,194 Total operating expenses $ 30,059 $ 29,794 $ 35,647 $ 40,361 Operating loss (14,300 ) (15,507 ) (17,325 ) (6,399 ) Other income (expense): Interest expense (6,643 ) (6,647 ) (6,684 ) (7,998 ) Other income, net, including interest income 1,790 608 493 867 Total other expense $ (4,853 ) $ (6,039 ) $ (6,191 ) $ (7,131 ) Loss before income taxes (19,153 ) (21,546 ) (23,516 ) (13,530 ) Income tax benefit (expense) 8,150 9,774 12,177 6,588 Net income (loss) $ (11,003 ) $ (11,772 ) $ (11,339 ) $ (6,942 ) Loss per share, basic $ (0.20 ) $ (0.19 ) $ (0.17 ) $ (0.09 ) Loss per share, diluted $ (0.20 ) $ (0.19 ) $ (0.17 ) $ (0.09 ) Weighted average shares, basic 54,470 63,417 66,676 75,539 Weighted average shares, diluted 54,470 63,417 66,676 75,539 Dividends declared per share $ 0.06 $ 0.06 $ 0.06 $ 0.06 |
Parent Company Financials (Tabl
Parent Company Financials (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Balance Sheet | December 31, 2017 2016 (in thousands) ASSETS Current Assets: Cash and cash equivalents $ 230,647 $ 534,378 Due from affiliates 146,683 — Total current assets 377,330 534,378 Investment in subsidiaries 1,024,511 854,860 Total assets $ 1,401,841 $ 1,389,238 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accrued expenses and other current liabilities $ 106 $ 461 Dividends payable 5,229 5,222 Due to affiliates — 110,265 Total current liabilities 5,335 115,948 Deferred income taxes, net — — Total liabilities 5,335 115,948 Stockholders’ Equity: Preferred stock — — Common stock 812 811 Additional paid-in capital 1,147,084 1,129,051 Retained earnings 287,992 163,173 Treasury stock, at cost (25,456 ) (3,869 ) Accumulated other comprehensive loss (13,926 ) (15,876 ) Total stockholders’ equity 1,396,506 1,273,290 Total liabilities and stockholders’ equity $ 1,401,841 $ 1,389,238 |
Condensed Income Statement | Year Ended December 31, 2017 2016 2015 (in thousands, except per share amounts) Sales $ — $ — $ — Cost of sales — — — Operating expenses Selling, general and administrative 252 184 185 Other — 10 19 Total operating expenses 252 194 204 Operating loss (252 ) (194 ) (204 ) Other income (expense) Interest income 3,854 1,046 262 Other income, net, including interest income — — 1 Total other income (expense) 3,854 1,046 263 Income before income taxes and equity in net earnings of subsidiaries 3,602 852 59 Income tax benefit (expense) (1,453 ) (344 ) (24 ) Income before equity in net earnings of subsidiaries 2,149 508 35 Equity in earnings of subsidiaries, net of tax 143,057 (41,564 ) 11,833 Net income (loss) 145,206 (41,056 ) 11,868 Other comprehensive income (loss), net of deferred income taxes: Unrealized gain (loss) on investments (net of tax of $0, $(4), and $29 for 2017, 2016, and 2015, respectively) — (6 ) 47 Unrealized gain (loss) on derivatives, (net of tax of $(27), $29 and $34 for 2017, 2016 and 2015, respectively) (44 ) 49 53 Foreign currency translation adjustment (net of tax of $2, $0 and $0 for 2017, 2016 and 2015, respectively) (6 ) — — Pension and post-retirement liability (net of tax of $1,205, $152, and $2,469 for 2017, 2016 and 2015, respectively) 2,000 252 3,547 Other comprehensive income (loss), net of deferred income taxes 1,950 295 3,647 Comprehensive income (loss) attributable to U.S. Silica Holdings, Inc. $ 147,156 $ (40,761 ) $ 15,515 |
Condensed Equity Statement | Accumulated Additional Retained Other Total Par Treasury Paid-In Earnings- Comprehensive Stockholders' Value Stock Capital Present Income (Loss) Equity Balance at January 1, 2015 $ 539 $ (542 ) $ 191,086 $ 232,551 $ (19,818 ) $ 403,816 Net income — — — 11,868 — 11,868 Unrealized gain on derivatives — — — — 53 53 Unrealized gain on short-term investments — — — — 47 47 Pension and post-retirement liability — — — — 3,547 3,547 Cash dividend declared ($0.438 per share) — — — (23,445 ) — (23,445 ) Common stock-based compensation plans activity: Equity-based compensation — — 3,857 — — 3,857 Proceeds from options exercised — 744 (271 ) — — 473 Shares withheld for employee taxes related to vested restricted stock and stock units — (792 ) (2 ) — — (794 ) Repurchase of common stock — (15,255 ) — — — (15,255 ) Balance at December 31, 2015 $ 539 $ (15,845 ) $ 194,670 $ 220,974 $ (16,171 ) $ 384,167 Net loss — — — (41,056 ) — (41,056 ) Issuance of common stock (stock offerings net of issuance costs of $25,732) 272 — 931,016 — — 931,288 Unrealized gain on derivatives — — — — 49 49 Unrealized loss on short-term investments — — — — (6 ) (6 ) Pension and post-retirement liability — — — — 252 252 Cash dividend declared ($0.25 per share) — — — (16,893 ) — (16,893 ) Common stock-based compensation plans activity: Equity-based compensation — — 12,107 — — 12,107 Excess tax benefit from equity-based compensation — — — 148 — 148 Proceeds from options exercised — 8,465 (3,640 ) — — 4,825 Issuance of restricted stock — 1,437 (1,437 ) — — — Shares withheld for employee taxes related to vested restricted stock and stock units — 2,074 (3,665 ) — — (1,591 ) Balance at December 31, 2016 $ 811 $ (3,869 ) $ 1,129,051 $ 163,173 $ (15,876 ) $ 1,273,290 Net Income — — — 145,206 — 145,206 Unrealized loss on derivatives — — — — (44 ) (44 ) Foreign currency translation adjustment (6 ) (6 ) Pension and post-retirement liability — — — — 2,000 2,000 Cash dividend declared ($0.25 per share) — — — (20,387 ) — (20,387 ) Common stock-based compensation plans activity: Equity-based compensation — — 25,050 — — 25,050 Proceeds from options exercised — 1,190 (392 ) — — 798 Issuance of restricted stock — 1,859 (1,859 ) — — — Shares withheld for employee taxes related to vested restricted stock and stock units 1 386 (4,766 ) — — (4,379 ) Repurchase of common stock — (25,022 ) (25,022 ) Balance at December 31, 2017 $ 812 $ (25,456 ) $ 1,147,084 $ 287,992 $ (13,926 ) $ 1,396,506 |
Condensed Cash Flow Statement | Year Ended December 31, 2017 2016 2015 (in thousands) Operating activities: Net income (loss) $ 145,206 $ (41,056 ) $ 11,868 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Undistributed (Income) loss from equity method investment, net (143,057 ) 41,564 (11,833 ) Other — (30 ) (195 ) Changes in assets and liabilities, net of effects of acquisitions: Accounts payable and accrued liabilities 48 353 29 Net cash provided by (used in) operating activities 2,197 831 (131 ) Investing activities: Proceeds from sales and maturities of short-term investments — 21,872 53,568 Investment in subsidiary (143,654 ) (188,177 ) — Net cash provided by (used in) investing activities (143,654 ) (166,305 ) 53,568 Financing activities: Dividends paid (20,377 ) (15,125 ) (26,797 ) Repurchase of common stock (25,022 ) — (15,255 ) Proceeds from options exercised 798 4,603 473 Tax payments related to shares withheld for vested restricted stock and stock units (4,379 ) (1,590 ) (794 ) Issuance of common stock (secondary offering) — 678,791 — Issuance of treasury stock — 221 — Costs of common stock issuance — (25,733 ) — Net financing activities with subsidiaries (113,294 ) 106 223 Net cash provided by (used in) financing activities (162,274 ) 641,273 (42,150 ) Net increase in cash and cash equivalents (303,731 ) 475,799 11,287 Cash and cash equivalents, beginning of period 534,378 58,579 47,292 Cash and cash equivalents, end of period $ 230,647 $ 534,378 $ 58,579 Non-cash financing activities: Supplemental cash flow information: Cash paid (received) during the period for: Interest $ (3,853 ) $ (1,046 ) $ (263 ) Non-cash transactions Common stock issued for business acquisitions $ — $ 278,229 $ — |
Organization - (Detail)
Organization - (Detail) | 12 Months Ended |
Dec. 31, 2017Segment | |
Organization And Nature Of Business | |
Number of business segments | 2 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Agreement | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Organization And Significant Accounting Policies | |||
Number of customers in the oil & gas proppants segment | Agreement | 23 | ||
Additions and revisions of prior estimates | $ 6,994,000 | $ (2,074,000) | |
Gross Carrying Amount | 131,932,000 | 114,347,000 | |
Amortization of Intangible Assets | 8,800,000 | 3,200,000 | $ 500,000 |
Accumulated amortization | 14,993,000 | 6,187,000 | |
Estimated annual amortization, 2017 | 9,239,000 | ||
Estimated annual amortization, 2018 | 9,239,000 | ||
Estimated annual amortization, 2019 | 9,239,000 | ||
Estimated annual amortization, 2020 | 9,239,000 | ||
Estimated annual amortization, 2021 | $ 9,224,000 | ||
Percentage of fair value of reporting unit less than carrying amount | 50.00% | ||
Amortization in interest expense | $ 1,382,000 | 1,392,000 | $ 1,401,000 |
Self insurance reserve | 5,500,000 | 5,300,000 | |
Self-insurance reserve current | $ 1,700,000 | 1,300,000 | |
Buildings | |||
Organization And Significant Accounting Policies | |||
Depreciation over the assets estimated useful life | 15 years | ||
Land improvements | |||
Organization And Significant Accounting Policies | |||
Depreciation over the assets estimated useful life | 10 years | ||
Furniture and fixtures | |||
Organization And Significant Accounting Policies | |||
Depreciation over the assets estimated useful life | 8 years | ||
Customer relationships | |||
Organization And Significant Accounting Policies | |||
Estimated Useful Life | 20 years | ||
Gross Carrying Amount | $ 61,229,000 | 55,689,000 | |
Accumulated amortization | 9,076,000 | 4,799,000 | |
Estimated annual amortization, 2018 | 4,000,000 | ||
Estimated annual amortization, 2019 | 4,000,000 | ||
Estimated annual amortization, 2020 | 4,000,000 | ||
Estimated annual amortization, 2021 | $ 4,000,000 | ||
Technology and intellectual property | |||
Organization And Significant Accounting Policies | |||
Estimated Useful Life | 15 years | ||
Gross Carrying Amount | $ 70,703,000 | 58,658,000 | |
Accumulated amortization | 5,917,000 | $ 1,388,000 | |
Estimated annual amortization, 2018 | 3,800,000 | ||
Estimated annual amortization, 2019 | 3,800,000 | ||
Estimated annual amortization, 2020 | 3,800,000 | ||
Estimated annual amortization, 2021 | 3,800,000 | ||
Minimum | |||
Organization And Significant Accounting Policies | |||
Self-insured retentions | $ 100,000 | ||
Minimum | Machinery and equipment | |||
Organization And Significant Accounting Policies | |||
Depreciation over the assets estimated useful life | 3 years | ||
Minimum | Customer relationships | |||
Organization And Significant Accounting Policies | |||
Estimated Useful Life | 13 years | ||
Maximum | |||
Organization And Significant Accounting Policies | |||
Self-insured retentions | $ 500,000 | ||
Maximum | Machinery and equipment | |||
Organization And Significant Accounting Policies | |||
Depreciation over the assets estimated useful life | 10 years | ||
Maximum | Customer relationships | |||
Organization And Significant Accounting Policies | |||
Estimated Useful Life | 15 years | ||
Ten Largest Customers | Product concentration risk | Sales Revenue, Net | |||
Organization And Significant Accounting Policies | |||
Percentage of sales in which customers accounted | 58.00% | 52.00% | 56.00% |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Change in Asset Retirement Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation | ||
Beginning balance | $ 11,159 | $ 12,254 |
Accretion | 879 | 979 |
Additions and revisions of prior estimates | 6,994 | (2,074) |
Ending balance | $ 19,032 | $ 11,159 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies - Equity-Based Compensation (Details) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 0 | 0 |
Restricted stock and restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock vesting period | 3 years | |
Minimum | Stock option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock vesting period | 3 years | |
Maximum | Stock option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock vesting period | 4 years |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Weighted-average Outstanding Stock Options Excluded Schedule (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Stock Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average outstanding stock options excluded (in shares) | 195 | 573 | 528 |
Restricted Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average outstanding stock options excluded (in shares) | 305 | 166 | 66 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncement, Early Adoption [Line Items] | |||||||||||
Deferred income taxes, net | $ 29,856 | $ 50,075 | $ 29,856 | $ 50,075 | |||||||
Income tax benefit (expense) | $ (28,783) | $ 14,707 | $ 7,110 | $ (1,714) | $ (6,588) | $ (12,177) | $ (9,774) | $ (8,150) | $ (8,680) | $ (36,689) | $ (11,751) |
Capital Structure and Accumul58
Capital Structure and Accumulated Comprehensive Income - Additional Information (Detail) | Nov. 03, 2016$ / shares | Jul. 21, 2016$ / shares | May 05, 2016$ / shares | Feb. 22, 2016$ / shares | Dec. 31, 2017USD ($)$ / sharesshares | Nov. 30, 2016USD ($)shares | Aug. 31, 2016acquisitionshares | Mar. 31, 2016USD ($)shares | Dec. 31, 2017USD ($)$ / sharesshares | Sep. 30, 2017$ / shares | Jun. 30, 2017$ / shares | Mar. 31, 2017$ / shares | Dec. 31, 2016$ / sharesshares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / sharesshares | Dec. 11, 2017USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)acquisition$ / sharesshares | Dec. 31, 2015$ / shares | Dec. 31, 2014$ / shares |
Class of Stock [Line Items] | |||||||||||||||||||||
Common stock authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||
Secondary offering (in shares) | 10,000,000 | 10,000,000 | |||||||||||||||||||
Public offering, proceeds from issuance of common stock | $ | $ 467,000,000 | $ 186,200,000 | $ 931,288,000 | ||||||||||||||||||
Number of acquisitions | acquisition | 2 | 2 | |||||||||||||||||||
Common stock issued (in shares) | 81,267,205 | 81,267,205 | 81,184,042 | 81,267,205 | 81,184,042 | ||||||||||||||||
Common stock, shares outstanding (in shares) | 80,524,255 | 80,524,255 | 81,028,898 | 80,524,255 | 81,028,898 | ||||||||||||||||
Dividend declared per share (in usd per share) | $ / shares | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.25 | $ 0.25 | $ 0.438 | $ 0.438 | |||||
Declaration Date | Nov. 2, 2017 | Jul. 21, 2017 | May 4, 2017 | Feb. 16, 2017 | |||||||||||||||||
Record Date | Dec. 15, 2017 | Sep. 15, 2017 | Jun. 15, 2017 | Mar. 15, 2017 | |||||||||||||||||
Payable Date | Jan. 5, 2018 | Oct. 3, 2017 | Jul. 6, 2017 | Apr. 5, 2017 | |||||||||||||||||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||
Preferred stock issued (in shares) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Authorization to repurchase common stock | $ | $ 100,000,000 | $ 100,000,000 | $ 50,000,000 | $ 100,000,000 | |||||||||||||||||
Repurchase of common stock (shares) | 727,081 | 706,093 | |||||||||||||||||||
Average price per common share of repurchase common stock (in dollars per share) | $ / shares | $ 34.41 | $ 23.83 | |||||||||||||||||||
Remaining authorized repurchase of common stock amount | $ | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | ||||||||||||||||||
Common Stock | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Additional offering, shares issued (in shares) | 6,825,693 | 6,825,693 | |||||||||||||||||||
Common Stock | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Public offering, proceeds from issuance of common stock | $ | $ 272,000 | ||||||||||||||||||||
Additional offering, shares issued (in shares) | 10,350,000 |
Capital Structure and Accumul59
Capital Structure and Accumulated Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Beginning balance | $ 1,273,290 |
Ending balance | 1,396,506 |
Unrealized gain/(loss) on cash flow hedges | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Beginning balance | (32) |
Other comprehensive gain (loss) before reclassifications | (45) |
Amounts reclassed from accumulated other comprehensive income | 1 |
Ending balance | (76) |
Foreign currency translation adjustment | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Beginning balance | 0 |
Other comprehensive gain (loss) before reclassifications | (6) |
Amounts reclassed from accumulated other comprehensive income | 0 |
Ending balance | (6) |
Pension and other post- retirement benefits liability | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Beginning balance | (15,844) |
Other comprehensive gain (loss) before reclassifications | 871 |
Amounts reclassed from accumulated other comprehensive income | 1,129 |
Ending balance | (13,844) |
Accumulated Other Comprehensive (Loss) | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Beginning balance | (15,876) |
Other comprehensive gain (loss) before reclassifications | 820 |
Amounts reclassed from accumulated other comprehensive income | (1,130) |
Ending balance | $ (13,926) |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands | Aug. 16, 2017USD ($) | Apr. 01, 2017USD ($) | Aug. 22, 2016USD ($)shares | Aug. 16, 2016USD ($)shares | Aug. 31, 2016acquisitionshares | Mar. 31, 2013USD ($) | Aug. 16, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)acquisitionshares | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | ||||||||||
Cash consideration | $ 119,801 | $ 176,617 | $ 0 | |||||||
Goodwill | 272,079 | 240,975 | 68,647 | |||||||
Total cash consideration for pre-existing contracted asset sale | 384,622 | $ 46,450 | $ 53,646 | |||||||
Number of acquisitions | acquisition | 2 | 2 | ||||||||
Payments of Stock Issuance Costs | $ 0 | 0 | $ 25,732 | |||||||
White Armor acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 3,900 | |||||||||
Identifiable intangible assets | 12,800 | |||||||||
Other net assets | 1,900 | |||||||||
Acquisition-related costs | 200 | |||||||||
Cash payments to acquire business | $ 18,600 | |||||||||
MS Sand | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash consideration | $ 95,400 | |||||||||
Goodwill | 22,522 | $ 22,522 | ||||||||
Cash acquired | 2,200 | |||||||||
Net working capital adjustment | (500) | |||||||||
Additional consideration paid | $ 6,100 | |||||||||
Acquisition-related costs | 700 | |||||||||
NBI acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash consideration | $ 107,200 | |||||||||
Goodwill | 90,898 | |||||||||
Identifiable intangible assets | 1,600 | |||||||||
Cash acquired | $ 9,002 | |||||||||
Number of U.S. Silica common shares delivered | shares | 2,630,513 | |||||||||
Acquisition-related costs | 1,400 | |||||||||
Adjustment to depreciation expense | $ (1,000) | |||||||||
Inventory write-down | 1,700 | |||||||||
Cash payments to acquire business | $ 116,165 | |||||||||
Total value of Holdings common shares delivered | $ 106,562 | |||||||||
Sandbox acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash consideration | $ 69,500 | |||||||||
Goodwill | 86,100 | |||||||||
Identifiable intangible assets | 120,144 | |||||||||
Cash acquired | $ 1,306 | |||||||||
Number of U.S. Silica common shares delivered | shares | 4,195,180 | |||||||||
Acquisition-related costs | 3,000 | |||||||||
Revenue | $ 31,000 | |||||||||
Cash payments to acquire business | $ 70,760 | |||||||||
Total value of Holdings common shares delivered | $ 171,667 | |||||||||
Common Stock | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Shares issued to complete acquisitions (in shares) | shares | 6,825,693 | 6,825,693 | ||||||||
Payments of Stock Issuance Costs | $ 300 | |||||||||
MS Sand | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total cash consideration for pre-existing contracted asset sale | $ 101,000 |
Business Combination - Schedule
Business Combination - Schedule of Purchase Price Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 22, 2016 | Aug. 16, 2016 |
Business Acquisition [Line Items] | ||
Multiplied by closing market price per share of U.S. Silica common stock on August 16, 2016 | $ 40.92 | $ 40.51 |
Sandbox acquisition | ||
Business Acquisition [Line Items] | ||
Cash consideration paid | $ 70,760 | |
Number of Holdings common shares delivered | 4,195,180 | |
Total value of Holdings common shares delivered | $ 171,667 | |
Less, cash acquired | (1,306) | |
Total purchase price | $ 241,121 | |
NBI acquisition | ||
Business Acquisition [Line Items] | ||
Cash consideration paid | $ 116,165 | |
Number of Holdings common shares delivered | 2,630,513 | |
Total value of Holdings common shares delivered | $ 106,562 | |
Less, cash acquired | (9,002) | |
Total purchase price | $ 213,725 |
Business Combination - Schedu62
Business Combination - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Aug. 16, 2017 | Dec. 31, 2016 | Aug. 22, 2016 | Aug. 16, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 272,079 | $ 240,975 | $ 68,647 | |||
MS Sand | ||||||
Business Acquisition [Line Items] | ||||||
Accounts receivable | $ 11,201 | |||||
Inventories | 8,067 | |||||
Other current assets | 362 | |||||
Assets held for sale | 9,453 | |||||
Property, plant and mine development | 27,458 | |||||
Mineral rights | 26,300 | |||||
Other non-current assets | 1,136 | |||||
Goodwill | 22,522 | |||||
Total assets acquired | 108,339 | |||||
Accounts payable, accrued expenses and other current liabilities | 3,761 | |||||
Unfavorable leasehold positions | 0 | |||||
Notes payable | 866 | |||||
Other long term liabilities | 2,237 | |||||
Asset retirement obligations | 474 | |||||
Total liabilities assumed | 7,338 | |||||
Net assets acquired | 101,001 | |||||
Sandbox acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Accounts receivable | $ 13,392 | |||||
Prepaid expenses and other | 1,465 | |||||
Property, plant and mine development | 32,336 | |||||
Goodwill | 86,100 | |||||
Identifiable intangible assets | 120,144 | |||||
Total assets acquired | 253,437 | |||||
Accounts payable | 4,122 | |||||
Deferred revenue | 4,902 | |||||
Accrued expenses and other current liabilities | 3,292 | |||||
Total liabilities assumed | 12,316 | |||||
Net assets acquired | $ 241,121 | |||||
NBI acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Accounts receivable | $ 2,680 | |||||
Inventories | 3,494 | |||||
Other current assets | 428 | |||||
Property, plant and mine development | 206,632 | |||||
Income tax deposits | 6,440 | |||||
Goodwill | 90,898 | |||||
Identifiable intangible assets | 1,600 | |||||
Total assets acquired | 312,172 | |||||
Accounts payable, accrued expenses and other current liabilities | 2,664 | |||||
Deferred revenue | 500 | |||||
Notes payable | 24,604 | |||||
Capital lease liabilities | 3,331 | |||||
Asset retirement obligations | 710 | |||||
Deferred tax liabilities | 66,638 | |||||
Total liabilities assumed | 98,447 | |||||
Net assets acquired | 213,725 | |||||
Customer relationships | MS Sand | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | 1,840 | |||||
Initial Estimate | MS Sand | ||||||
Business Acquisition [Line Items] | ||||||
Accounts receivable | 11,201 | |||||
Inventories | 6,087 | |||||
Other current assets | 362 | |||||
Assets held for sale | 9,523 | |||||
Property, plant and mine development | 26,440 | |||||
Mineral rights | 0 | |||||
Other non-current assets | 1,136 | |||||
Goodwill | 52,187 | |||||
Total assets acquired | 106,936 | |||||
Accounts payable, accrued expenses and other current liabilities | 3,815 | |||||
Unfavorable leasehold positions | 1,254 | |||||
Notes payable | 866 | |||||
Other long term liabilities | 0 | |||||
Asset retirement obligations | 0 | |||||
Total liabilities assumed | 5,935 | |||||
Net assets acquired | 101,001 | |||||
Initial Estimate | NBI acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Accounts receivable | 2,680 | |||||
Inventories | 3,494 | |||||
Other current assets | 428 | |||||
Property, plant and mine development | 210,913 | |||||
Income tax deposits | 6,657 | |||||
Goodwill | 86,228 | |||||
Identifiable intangible assets | 1,600 | |||||
Total assets acquired | 312,000 | |||||
Accounts payable, accrued expenses and other current liabilities | 1,938 | |||||
Deferred revenue | 500 | |||||
Notes payable | 24,361 | |||||
Capital lease liabilities | 3,331 | |||||
Asset retirement obligations | 710 | |||||
Deferred tax liabilities | 67,435 | |||||
Total liabilities assumed | 98,275 | |||||
Net assets acquired | 213,725 | |||||
Initial Estimate | Customer relationships | MS Sand | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | 0 | |||||
Measurement Period Adjustments | MS Sand | ||||||
Business Acquisition [Line Items] | ||||||
Accounts receivable | 0 | |||||
Inventories | 1,980 | |||||
Other current assets | 0 | |||||
Assets held for sale | (70) | |||||
Property, plant and mine development | 1,018 | |||||
Mineral rights | 26,300 | |||||
Other non-current assets | 0 | |||||
Goodwill | (29,665) | |||||
Total assets acquired | 1,403 | |||||
Accounts payable, accrued expenses and other current liabilities | (54) | |||||
Unfavorable leasehold positions | (1,254) | |||||
Notes payable | 0 | |||||
Other long term liabilities | 2,237 | |||||
Asset retirement obligations | 474 | |||||
Total liabilities assumed | 1,403 | |||||
Net assets acquired | 0 | |||||
Measurement Period Adjustments | NBI acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Accounts receivable | 0 | |||||
Inventories | 0 | |||||
Other current assets | 0 | |||||
Property, plant and mine development | (4,281) | |||||
Income tax deposits | (217) | |||||
Goodwill | 4,670 | |||||
Identifiable intangible assets | 0 | |||||
Total assets acquired | 172 | |||||
Accounts payable, accrued expenses and other current liabilities | 726 | |||||
Deferred revenue | 0 | |||||
Notes payable | 243 | |||||
Capital lease liabilities | 0 | |||||
Asset retirement obligations | 0 | |||||
Deferred tax liabilities | (797) | |||||
Total liabilities assumed | 172 | |||||
Net assets acquired | $ 0 | |||||
Measurement Period Adjustments | Customer relationships | MS Sand | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 1,840 |
Business Combination - Schedu63
Business Combination - Schedule of Intangible Assets Acquired as Part of Business Combination (Details) - USD ($) $ in Thousands | Aug. 16, 2017 | Aug. 22, 2016 | Aug. 16, 2016 | Dec. 31, 2017 |
Sandbox acquisition | ||||
Business Acquisition [Line Items] | ||||
Definite lived intangible assets - approximate fair value | $ 120,144 | |||
NBI acquisition | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible asset, useful life | 13 years | |||
Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible asset, useful life | 20 years | |||
Customer relationships | MS Sand | ||||
Business Acquisition [Line Items] | ||||
Definite lived intangible assets - approximate fair value | $ 1,840 | |||
Finite-lived intangible asset, useful life | 15 years | |||
Customer relationships | Sandbox acquisition | ||||
Business Acquisition [Line Items] | ||||
Definite lived intangible assets - approximate fair value | $ 44,600 | |||
Finite-lived intangible asset, useful life | 13 years | |||
Customer relationships | NBI acquisition | ||||
Business Acquisition [Line Items] | ||||
Definite lived intangible assets - approximate fair value | $ 1,600 | |||
Developed Technology Rights | Sandbox acquisition | ||||
Business Acquisition [Line Items] | ||||
Definite lived intangible assets - approximate fair value | $ 57,700 | |||
Finite-lived intangible asset, useful life | 15 years | |||
Trade name | Sandbox acquisition | ||||
Business Acquisition [Line Items] | ||||
Indefinite lived intangible assets - Trade names | $ 17,844 |
Business Combinations - Pro For
Business Combinations - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||
Sales | $ 615,552 | $ 753,287 | |
Net income | $ (45,161) | $ 43,163 | |
Basic earnings per share (in dollars per share) | $ (0.69) | $ 0.81 | |
Diluted earnings per share (in dollars per share) | $ (0.69) | $ 0.81 | |
MS Sand | |||
Business Acquisition [Line Items] | |||
Sales | $ 1,287,202 | $ 642,951 | |
Net income | $ 143,604 | $ (55,835) | |
Basic earnings per share (in dollars per share) | $ 1.77 | $ (0.86) | |
Diluted earnings per share (in dollars per share) | $ 1.75 | $ (0.86) |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Trade receivables | $ 217,649 | $ 93,982 |
Less: Allowance for doubtful accounts | (7,100) | (7,042) |
Net trade receivables | 210,549 | 86,940 |
Other receivables | 2,037 | 2,066 |
Total accounts receivable | $ 212,586 | $ 89,006 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Supplies | $ 21,277 | $ 18,824 |
Raw materials and work in process | 28,034 | 25,161 |
Finished goods | 43,065 | 34,724 |
Total inventories | $ 92,376 | $ 78,709 |
Accounts Receivable - Allowance
Accounts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at January 1, | $ 7,042 | $ 7,686 | |
Bad debt provision | 1,529 | (1,232) | $ (290) |
Write-offs and recoveries, net | (1,471) | 588 | |
Balance at December 31, | $ 7,100 | $ 7,042 | $ 7,686 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Details) - Product concentration risk | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Sales | Ten Largest Customers | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 58.00% | 52.00% | 56.00% |
Sales | Customer one | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 15.00% | 13.00% | 13.00% |
Sales | Customer two | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 12.00% | 12.00% | |
Accounts receivable | Customer one | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 19.00% | 14.00% | |
Accounts receivable | Customer two | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 11.00% | 10.00% |
Property, Plant and Mine Deve69
Property, Plant and Mine Development - Schedule of Property, Plant and Mine Development (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment | ||
Property, plant and mine development | $ 1,522,675 | $ 1,049,701 |
Accumulated depletion, depreciation and amortization | (353,520) | (266,388) |
Total property, plant and mine development, net | 1,169,155 | 783,313 |
Mining property and mine development | ||
Property, Plant and Equipment | ||
Property, plant and mine development | 586,242 | 414,434 |
Asset retirement cost | ||
Property, Plant and Equipment | ||
Property, plant and mine development | 14,184 | 8,062 |
Land | ||
Property, Plant and Equipment | ||
Property, plant and mine development | 36,552 | 35,052 |
Land improvements | ||
Property, Plant and Equipment | ||
Property, plant and mine development | 45,878 | 42,738 |
Buildings | ||
Property, Plant and Equipment | ||
Property, plant and mine development | 56,330 | 52,178 |
Machinery and equipment | ||
Property, Plant and Equipment | ||
Property, plant and mine development | 590,566 | 450,881 |
Furniture and fixtures | ||
Property, Plant and Equipment | ||
Property, plant and mine development | 2,953 | 2,566 |
Construction-in-progress | ||
Property, Plant and Equipment | ||
Property, plant and mine development | $ 189,970 | $ 43,790 |
Property, Plant and Mine Deve70
Property, Plant and Mine Development - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment | |||
Machinery and equipment acquired under capital lease | $ 1,522,675 | $ 1,049,701 | |
Accumulated depletion, depreciation and amortization | 353,520 | 266,388 | |
Property plant equipment interest capitalization | 1,600 | 200 | $ 500 |
Assets Held under Capital Leases | |||
Property, Plant and Equipment | |||
Machinery and equipment acquired under capital lease | 900 | 4,700 | |
Accumulated depletion, depreciation and amortization | $ 200 | $ 300 |
Goodwill and Intangible Asset71
Goodwill and Intangible Assets - Schedule of Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 240,975 | $ 68,647 |
Ending balance | 272,079 | 240,975 |
NBI acquisition | ||
Goodwill [Roll Forward] | ||
Acquisition | 86,228 | |
Acquisition measurement period adjustment | 4,670 | |
Sandbox acquisition | ||
Goodwill [Roll Forward] | ||
Acquisition | $ 86,100 | |
White Armor acquisition | ||
Goodwill [Roll Forward] | ||
Acquisition | 3,912 | |
MS Sand acquisition | ||
Goodwill [Roll Forward] | ||
Acquisition | 52,187 | |
Acquisition measurement period adjustment | $ (29,665) |
Goodwill and Intangible Asset72
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Goodwill | $ 272,079 | $ 240,975 | $ 68,647 |
Amortization expense | 8,800 | 3,200 | $ 500 |
Operating Segments | Oil & Gas Proppants | |||
Goodwill [Line Items] | |||
Goodwill | 247,500 | 220,300 | |
Operating Segments | Industrial & Specialty Products | |||
Goodwill [Line Items] | |||
Goodwill | $ 24,600 | $ 20,700 |
Goodwill and Intangible Asset73
Goodwill and Intangible Assets - Schedule of Changes in the Carrying Amount of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 131,932 | $ 114,347 |
Accumulated Amortization | (14,993) | (6,187) |
Net | 116,939 | 108,160 |
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 165,000 | 146,665 |
Accumulated Amortization | (14,993) | (6,187) |
Net | 150,007 | 140,478 |
Trade name | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount/Net | $ 33,068 | 32,318 |
Technology and intellectual property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 15 years | |
Gross Carrying Amount | $ 70,703 | 58,658 |
Accumulated Amortization | (5,917) | (1,388) |
Net | 64,786 | 57,270 |
Indefinite-lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (5,917) | (1,388) |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 20 years | |
Gross Carrying Amount | $ 61,229 | 55,689 |
Accumulated Amortization | (9,076) | (4,799) |
Net | 52,153 | 50,890 |
Indefinite-lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (9,076) | $ (4,799) |
Customer relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 13 years | |
Customer relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 15 years |
Goodwill and Intangible Asset74
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense Related to Definite-Lived Intangible Assets (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,018 | $ 9,239 |
2,019 | 9,239 |
2,020 | 9,239 |
2,021 | 9,239 |
2,022 | $ 9,224 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Accrued salaries and wages | $ 6,126 | $ 3,794 |
Accrued vacation liability | 2,906 | 2,471 |
Current portion of liability for pension and post-retirement benefits | 1,524 | 1,553 |
Accrued healthcare liability | 1,837 | 1,307 |
Accrued property taxes and sales taxes | 2,720 | 1,815 |
Other accrued liabilities | 1,728 | 2,094 |
Total accrued liabilities | $ 16,841 | $ 13,034 |
Debt and Capital Leases - Addit
Debt and Capital Leases - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 05, 2014USD ($) | Jul. 23, 2013USD ($) | |
Short-term Debt | |||||
Available borrowing base | $ 425,000,000 | ||||
Incurrence ratio | 3 | ||||
Facility consolidated total net leverage ratio | 3.75 | ||||
Increase of commitment | 25.00% | ||||
Long-term debt | $ 511,236,000 | $ 513,238,000 | |||
Revolving Credit Facility | |||||
Short-term Debt | |||||
Available borrowing base | 50,000,000 | 50,000,000 | |||
Long-term line of credit | 0 | ||||
Remaining borrowing capacity under Revolver | 45,500,000 | ||||
Long-term debt | 0 | 0 | |||
Swingline loans | |||||
Short-term Debt | |||||
Available borrowing base | 5,000,000 | ||||
Letter of Credit | |||||
Short-term Debt | |||||
Available borrowing base | 20,000,000 | ||||
Letters of credit outstanding, amount | 4,500,000 | ||||
Term loan facility | |||||
Short-term Debt | |||||
Available borrowing base | $ 502,000,000 | $ 375,000,000 | |||
Increase in borrowing capacity | $ 135,000,000 | ||||
Notes Payable, Other Payables | Note Payable Secured by Royalty Interest | |||||
Short-term Debt | |||||
Annual minimum payments | 500,000 | ||||
Debt instrument, fair value | $ 22,500,000 | ||||
Fair value inputs, discount rate | 14.00% | ||||
Interest rate, effective percentage | 24.00% | ||||
Long-term debt | $ 24,740,000 | 23,076,000 | |||
Notes Payable, Other Payables | Customer Note Payable | |||||
Short-term Debt | |||||
Annual minimum payments | $ 500,000 | ||||
Outstanding principal | $ 2,500,000 | ||||
Debt instrument, stated interest rate percentage | 0.00% | ||||
Consumer notes payable, term | 60 months | ||||
Interest rate, effective percentage | 3.50% | ||||
Long-term debt | $ 1,900,000 | $ 745,000 | $ 1,787,000 | ||
Minimum | Notes Payable, Other Payables | |||||
Short-term Debt | |||||
Debt instrument, stated interest rate percentage | 0.00% | ||||
Maximum | Notes Payable, Other Payables | |||||
Short-term Debt | |||||
Debt instrument, stated interest rate percentage | 5.20% |
Debt and Capital Leases - Sched
Debt and Capital Leases - Schedule of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 31, 2016 |
Line of Credit Facility | |||
Total debt | $ 511,236 | $ 513,238 | |
Less: Unamortized original issue discount | (944) | (1,318) | |
Less: Unamortized debt issuance cost | (3,099) | (4,482) | |
Less: current portion | (4,504) | (4,821) | |
Total long-term portion of debt | 506,732 | 508,417 | |
Revolving Credit Facility | |||
Line of Credit Facility | |||
Total debt | 0 | 0 | |
Senior Secured Credit Facility | Term loan facility | |||
Line of Credit Facility | |||
Total debt | 489,075 | 494,175 | |
Equipment Notes Payable | |||
Line of Credit Facility | |||
Total debt | 719 | ||
Notes Payable, Other Payables | Note Payable Secured by Royalty Interest | |||
Line of Credit Facility | |||
Total debt | 24,740 | 23,076 | |
Notes Payable, Other Payables | Equipment Notes Payable | |||
Line of Credit Facility | |||
Total debt | 719 | 0 | |
Notes Payable, Other Payables | Customer Note Payable | |||
Line of Credit Facility | |||
Total debt | $ 745 | $ 1,787 | $ 1,900 |
Debt and Capital Leases - Sch78
Debt and Capital Leases - Schedule of Debt (Phantom) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Senior Secured Credit Facility | Revolver | ||
Line of Credit Facility | ||
Credit facility, interest rate | 5.25% | 5.00% |
Senior Secured Credit Facility | Minimum | Term loan facility | ||
Line of Credit Facility | ||
Credit facility, interest rate | 4.00% | 4.00% |
Senior Secured Credit Facility | Maximum | Term loan facility | ||
Line of Credit Facility | ||
Credit facility, interest rate | 4.50% | 4.50% |
Notes Payable, Other Payables | Note Payable Secured by Royalty Interest | ||
Line of Credit Facility | ||
Unamortized premium | $ 3,053 |
Debt and Capital Leases - Sch79
Debt and Capital Leases - Schedule of Contractual Maturities of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total debt | $ 511,236 | $ 513,238 |
Equipment Notes Payable | ||
Debt Instrument [Line Items] | ||
2,018 | 316 | |
2,019 | 286 | |
2,020 | 117 | |
Total debt | 719 | |
Term loan facility | Senior Secured Credit Facility | ||
Debt Instrument [Line Items] | ||
2,018 | 5,100 | |
2,019 | 5,100 | |
2,020 | 478,875 | |
Total debt | $ 489,075 | $ 494,175 |
Debt and Capital Leases - Sch80
Debt and Capital Leases - Schedule of Debt Backed by Secured Royalty Interest (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total debt | $ 511,236 | $ 513,238 |
Notes Payable, Other Payables | Note Payable Secured by Royalty Interest | ||
Debt Instrument [Line Items] | ||
2,018 | 1,750 | |
2,019 | 1,750 | |
2,020 | 1,750 | |
2,021 | 1,750 | |
2,022 | 1,750 | |
Thereafter | 15,990 | |
Total debt | $ 24,740 | $ 23,076 |
Debt and Capital Leases - Sch81
Debt and Capital Leases - Schedule of Capital Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
2,019 | $ 721 | |
Total minimum lease payments | 721 | |
Less: amount representing interest | 15 | |
Present value of minimum lease payments | 706 | |
Current portion of capital leases | 706 | $ 2,237 |
Obligations under capital lease | $ 0 | $ 717 |
Deferred Revenue (Detail)
Deferred Revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Revenue Arrangement [Line Items] | ||
Advances received | $ 50,500 | |
Total deferred revenue balance | 118,400 | $ 71,800 |
Current portion of deferred revenue | $ 36,128 | $ 13,700 |
Minimum | Supply Agreement | ||
Deferred Revenue Arrangement [Line Items] | ||
Average initial contract term | 1 year | |
Maximum | Supply Agreement | ||
Deferred Revenue Arrangement [Line Items] | ||
Average initial contract term | 5 years |
Fair Value Accounting - Schedul
Fair Value Accounting - Schedule of Measure at Fair Value on Recurring Basis (Detail) - Measured at Fair Value on Recurring Basis - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Plans, Postretirement and Other Employee Benefits | ||
Interest rate derivatives | $ 0 | $ 72 |
Net asset | 0 | 72 |
Level 1 | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Interest rate derivatives | 0 | 0 |
Net asset | 0 | 0 |
Level 2 | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Interest rate derivatives | 0 | 72 |
Net asset | $ 0 | $ 72 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Ineffective portion of derivative contracts | $ 0 | $ 0 |
Derivative Instruments - Estima
Derivative Instruments - Estimated Fair Values of Derivative Instruments (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Interest Rate Cap Agreement | ||
Derivative Instruments, Gain (Loss) | ||
Contract/Notional Amount | $ 249,000,000 | $ 249,000,000 |
Carrying Amount | $ 0 | 72,000 |
Maximum | ||
Derivative Instruments, Gain (Loss) | ||
Derivative, basis spread on variable rate | 4.00% | |
Fair Value, Measurements, Recurring | ||
Derivative Instruments, Gain (Loss) | ||
Fair Value | $ 0 | 72,000 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ||
Derivative Instruments, Gain (Loss) | ||
Fair Value | 0 | 72,000 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Interest Rate Cap Agreement | ||
Derivative Instruments, Gain (Loss) | ||
Fair Value | $ 0 | $ 72,000 |
Derivative Instruments - Effect
Derivative Instruments - Effect of Derivatives Instruments on Combined Statements of Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Losses from Derivatives in OCI [Roll Forward] | |||
Deferred losses from derivatives in OCI, beginning of period | $ (32) | $ (81) | $ (134) |
Loss recognized in OCI from derivative instruments | (45) | (32) | 0 |
Gain reclassified from Accumulated OCI | 1 | 81 | 53 |
Deferred losses from derivatives in OCI, end of period | $ (76) | $ (32) | $ (81) |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Option Indexed to Issuer's Equity | |||
Stock options granted (in shares) | 0 | 0 | |
Intrinsic value of stock options exercised | $ 1.2 | $ 7.6 | $ 0.4 |
Cash received from options exercised | 0.8 | ||
Actual tax benefit realized for the tax deductions from option exercises | 0.4 | 2.9 | 0 |
Stock option | |||
Option Indexed to Issuer's Equity | |||
Recognized compensation expense (benefit) | 2.5 | 3 | 3.4 |
Unrecognized compensation expense related to stock options | $ 1.2 | ||
Recognized weighted-average period | 8 months | ||
Restricted Stock and Restricted Stock Units | |||
Option Indexed to Issuer's Equity | |||
Performance share units granted (in shares) | 156,164 | ||
Estimated grant date fair value (in dollars per share) | $ 44.45 | ||
Recognized compensation expense (benefit) | $ 7.1 | 5.7 | 3.9 |
Total unrecognized compensation expense | $ 9.2 | ||
Recognized weighted-average period | 1 year 8 months 2 days | ||
Performance Shares | |||
Option Indexed to Issuer's Equity | |||
Performance share units granted (in shares) | 90,501 | ||
Estimated grant date fair value (in dollars per share) | $ 67.69 | ||
Recognized compensation expense (benefit) | $ 15.5 | $ (3.3) | $ 3.4 |
Total unrecognized compensation expense | $ 18.3 | ||
Recognized weighted-average period | 1 year 2 months | ||
2011 Incentive Compensation Plan | |||
Option Indexed to Issuer's Equity | |||
Common stock that may be issued (in shares) | 4,452,870 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Activity with Respect to Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares | ||
Outstanding at beginning of period (in shares) | 952,693 | |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | (43,774) | |
Forfeited (in shares) | 0 | |
Outstanding at period end (in shares) | 908,919 | 952,693 |
Exercisable at period end (in shares) | 736,480,000 | |
Weighted Average Exercise Price | ||
Outstanding at beginning of period, weighted average exercise price (in dollars per share) | $ 27.99 | |
Granted, weighted average exercise price (in dollars per share) | 0 | |
Exercised, weighted average exercise price (in dollars per share) | 18.22 | |
Forfeited, weighted average exercise price (in dollars per share) | 0 | |
Outstanding at period end, weighted average exercise price (in dollars per share) | 28.46 | $ 27.99 |
Exercisable at period end, weighted average exercise price (in dollars per share) | $ 26.79 | |
Weighted Average Remaining Contractual Term in Years | ||
Outstanding at period end, weighted average remaining contractual term in years | 6 years 1 month | |
Exercisable at period end, weighted average remaining contractual term in years | 5 years 10 months | |
Aggregate Intrinsic Value (in thousands) | ||
Intrinsic value options outstanding | $ 7,008 | |
Intrinsic value options exercisable | $ 6,707 |
Equity-Based Compensation - Res
Equity-Based Compensation - Restricted Stock Activity (Details) - Restricted Stock | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Number of Shares | |
Unvested at beginning of period (in shares) | shares | 557,716 |
Granted (in shares) | shares | 156,164 |
Vested (in shares) | shares | (248,031) |
Forfeited (in shares) | shares | (4,503) |
Unvested at period end (in shares) | shares | 461,346 |
Grant Date Weighted Average Fair Value | |
Unvested at beginning of period (in dollars per share) | $ / shares | $ 24.33 |
Granted (in dollars per share) | $ / shares | 44.45 |
Vested (in dollars per share) | $ / shares | 24.92 |
Forfeited (in dollars per share) | $ / shares | 30.94 |
Unvested at period end (in dollars per share) | $ / shares | $ 30.76 |
Equity-Based Compensation - Per
Equity-Based Compensation - Performance Stock Activity (Details) - Performance Shares | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Number of Shares | |
Unvested at beginning of period (in shares) | shares | 963,613 |
Granted (in shares) | shares | 90,501 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | (172,698) |
Unvested at period end (in shares) | shares | 881,416 |
Weighted Average | |
Unvested at beginning of period (in dollars per share) | $ / shares | $ 37.43 |
Granted (in dollars per share) | $ / shares | 67.69 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 29.12 |
Unvested at period end (in dollars per share) | $ / shares | $ 42.16 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual Obligations (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Lease Minimum Rental Payments | |
2,017 | $ 69,892 |
2,018 | 62,294 |
2,019 | 51,162 |
2,020 | 35,915 |
2,021 | 30,303 |
Thereafter | 55,626 |
Total future lease and purchase commitments | 305,192 |
Minimum Purchase Commitments | |
2,017 | 28,099 |
2,018 | 18,938 |
2,019 | 10,168 |
2,020 | 5,736 |
2,021 | 3,886 |
Thereafter | 11,200 |
Total future lease and purchase commitments | $ 78,027 |
Commitments and Contingencies92
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | May 17, 2017USD ($) | Jun. 09, 2015USD ($) | Dec. 31, 2017USD ($)claim | Dec. 31, 2016USD ($)claim | Dec. 31, 2015USD ($)claim |
Expense related to operating leases and rental agreements | $ 68,300 | $ 54,100 | $ 48,200 | ||
Payments to Acquire Oil and Gas Property | $ 94,400 | ||||
Current portion of capital leases | $ 706 | $ 2,237 | |||
New claims filed | claim | 2 | 0 | |||
Products liability claims outstanding | claim | 59 | ||||
Third-party products claims liability under insurance in other assets | $ 300 | ||||
Selling, General and Administrative Expenses | |||||
Payments for legal settlements | $ 6,500 | ||||
Other Non-current Assets | |||||
Third-party products claims liability under insurance in other long-term obligations | $ 0 | 300 | |||
Other Non-current Liabilities | |||||
Third-party products claims liability under insurance in other long-term obligations | $ 1,000 | $ 1,300 |
Pension and Post-Retirement B93
Pension and Post-Retirement Benefits - Summarizes Information about Pension and Post-Retirement Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits | |||
Pension Plans, Postretirement and Other Employee Benefits | |||
Service cost | $ 1,037 | $ 1,078 | $ 1,295 |
Interest cost | 3,971 | 4,067 | 4,813 |
Expected return on plan assets | (5,265) | (5,495) | (5,498) |
Net amortization and deferral | 1,773 | 1,592 | 2,665 |
Net pension benefit or post-retirement costs | 1,516 | 1,242 | 3,275 |
Post-retirement Benefits | |||
Pension Plans, Postretirement and Other Employee Benefits | |||
Service cost | 107 | 132 | 176 |
Interest cost | 753 | 876 | 1,074 |
Expected return on plan assets | (1) | (1) | (1) |
Net amortization and deferral | 0 | 0 | 281 |
Special termination benefit | 0 | 21 | 48 |
Net pension benefit or post-retirement costs | $ 859 | $ 1,028 | $ 1,578 |
Pension and Post-Retirement B94
Pension and Post-Retirement Benefits - Changes in Benefit Obligations and Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning balance | $ 116,145 | $ 115,420 | |
Service cost | 1,037 | 1,078 | $ 1,295 |
Interest cost | 3,971 | 4,067 | 4,813 |
Actuarial (gain) loss | 6,824 | 1,640 | |
Benefits paid | (6,685) | (6,517) | |
Amendments | 760 | 457 | |
Other | 0 | 0 | |
Benefit obligation, ending balance | 122,052 | 116,145 | 115,420 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | 83,850 | 84,716 | |
Actual return on plan assets | 12,757 | 5,651 | |
Employer contributions | 2,145 | 0 | |
Benefits paid | (6,685) | (6,517) | |
Other | 0 | 0 | |
Fair value of plan assets, ending balance | 92,067 | 83,850 | 84,716 |
Plan assets less than benefit obligations at December 31 recognized as liability for pension and other post-retirement benefits | (29,985) | (32,295) | |
Post-retirement Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning balance | 24,393 | 25,091 | |
Service cost | 107 | 132 | 176 |
Interest cost | 753 | 876 | 1,074 |
Actuarial (gain) loss | (1,576) | (802) | |
Benefits paid | (1,280) | (1,332) | |
Amendments | 0 | 0 | |
Other | 374 | 407 | |
Benefit obligation, ending balance | 22,771 | 24,393 | 25,091 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | 14 | 17 | |
Actual return on plan assets | (1) | (3) | |
Employer contributions | 893 | 925 | |
Benefits paid | (1,280) | (1,332) | |
Other | 374 | 407 | |
Fair value of plan assets, ending balance | 0 | 14 | $ 17 |
Plan assets less than benefit obligations at December 31 recognized as liability for pension and other post-retirement benefits | $ (22,771) | $ (24,379) |
Pension and Post-Retirement B95
Pension and Post-Retirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plans, Postretirement and Other Employee Benefits | |||
Projected benefit obligation, nonqualified pension plan | $ 1.6 | $ 1.6 | |
Defined benefit plan, pension plans with accumulated benefit obligations in excess of plan assets, aggregate accumulated benefit obligation | 1.6 | 1.6 | |
Fair value of plan assets, nonqualified pension plan | 0 | 0 | |
Defined benefit plan, accumulated other comprehensive income net gains (losses), after tax | (13.5) | $ (13.8) | |
Defined benefit plan, accumulated other comprehensive income net prior service cost (credit), after tax | $ 0.5 | ||
Percentage of contributions to individual multiemployer pension funds | 5.00% | 5.00% | 5.00% |
Company contribution over defined benefit plan | 4.00% | ||
Company contributing percentage on defined benefit plan | 25.00% | ||
Employee contribution over defined benefit plan | 8.00% | ||
Company contributions to defined contribution plan | $ 3 | $ 2.4 | $ 2.8 |
Pension Benefits | |||
Pension Plans, Postretirement and Other Employee Benefits | |||
Accumulated benefit obligation | 122 | $ 116 | |
Expected contributions to the plans for fiscal year | 2.5 | ||
Post-retirement Benefits | |||
Pension Plans, Postretirement and Other Employee Benefits | |||
Expected contributions to the plans for fiscal year | $ 1.4 | ||
Certain Employees | |||
Pension Plans, Postretirement and Other Employee Benefits | |||
Employee contribution over defined benefit plan | 8.00% | ||
Company contribution on profit sharing match | 25.00% | ||
Other Employees | |||
Pension Plans, Postretirement and Other Employee Benefits | |||
Company contribution on profit sharing match | 25.00% |
Pension and Post-Retirement B96
Pension and Post-Retirement Benefits - Estimated Future Pension and Post-Retirement Benefit Payments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Pension Benefits | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,017 | $ 7,195 |
2,018 | 7,334 |
2,019 | 7,409 |
2,020 | 7,446 |
2,021 | 7,573 |
2023-2027 | 38,030 |
Post-retirement Benefits | Before Medicare Subsidy | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,017 | 1,536 |
2,018 | 1,480 |
2,019 | 1,490 |
2,020 | 1,571 |
2,021 | 1,600 |
2023-2027 | 7,892 |
Post-retirement Benefits | After Medicare Subsidy | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,017 | 1,400 |
2,018 | 1,345 |
2,019 | 1,358 |
2,020 | 1,438 |
2,021 | 1,465 |
2023-2027 | $ 7,178 |
Pension and Post-Retirement B97
Pension and Post-Retirement Benefits - Amounts in Accumulated Other Comprehensive Income Expected to be Recognized as Components of Net Periodic Benefit Cost (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Pension Plans, Postretirement and Other Employee Benefits | |
Net actuarial loss | $ 1,877 |
Prior service cost | 534 |
Total | 2,411 |
Pension Benefits | |
Pension Plans, Postretirement and Other Employee Benefits | |
Net actuarial loss | 1,877 |
Prior service cost | 534 |
Total | 2,411 |
Post-retirement Benefits | |
Pension Plans, Postretirement and Other Employee Benefits | |
Net actuarial loss | 0 |
Prior service cost | 0 |
Total | $ 0 |
Pension and Post-Retirement B98
Pension and Post-Retirement Benefits - Company's Obligations Determined under Weighted-Average Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Discount rate | 3.70% | 4.20% |
Long-term rate of compensation increase | 3.50% | 3.50% |
Long-term rate of return on plan assets | 6.80% | 7.00% |
Post-retirement Benefits | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Discount rate | 3.70% | 4.20% |
Long-term rate of return on plan assets | 7.00% | 7.00% |
Post-retirement Benefits | Pre-65 | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Ultimate rate | 0.00% | 5.00% |
Post-retirement Benefits | Pre-65 | Maximum | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Initial rate | 0.00% | 7.30% |
Post-retirement Benefits | Post-65 | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Ultimate rate | 0.00% | 5.00% |
Post-retirement Benefits | Post-65 | Minimum | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Initial rate | 0.00% | 8.50% |
Pension and Post-Retirement B99
Pension and Post-Retirement Benefits - Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Effect on total of service and interest cost, increase | $ 113 |
Effect on post-retirement benefit obligation, increase | 2,598 |
Effect on total of service and interest cost, decrease | (95) |
Effect on post-retirement benefit obligation, decrease | $ (2,209) |
Pension and Post-Retirement 100
Pension and Post-Retirement Benefits - Fair Value of Pension Plan Assets (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Benefits | Equity securities | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Percentage of the fair value of the total plan assets | 51.80% | 59.40% |
Pension Benefits | Debt securities | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Percentage of the fair value of the total plan assets | 46.30% | 38.30% |
Pension Benefits | Cash | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Percentage of the fair value of the total plan assets | 1.90% | 2.30% |
Post-retirement Benefits | Equity securities | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Percentage of the fair value of the total plan assets | 0.00% | 64.00% |
Post-retirement Benefits | Debt securities | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Percentage of the fair value of the total plan assets | 0.00% | 39.10% |
Post-retirement Benefits | Cash | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Percentage of the fair value of the total plan assets | 0.00% | (3.10%) |
Pension and Post-Retirement 101
Pension and Post-Retirement Benefits - Fair Value of Pension Plan Assets, by Asset Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | $ 1,727 | $ 1,893 |
Diversified emerging markets | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 8,300 | 7,700 |
Foreign large blend | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 11,856 | 12,621 |
Large-cap blend | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 15,643 | 16,687 |
Mid-cap blend | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 8,334 | 8,674 |
Real estate | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 3,591 | 4,070 |
Corporate notes and bonds | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 28,108 | 21,357 |
Government agencies | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 301 |
U.S. Treasuries | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 10,846 | 7,495 |
Mortgage-backed securities | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 2,615 | 2,022 |
Asset-backed securities | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 1,047 | 983 |
Insurance policies | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 47 | |
Net asset | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 92,067 | 83,850 |
Level 1 | Cash and cash equivalents | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 1 | Diversified emerging markets | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 8,300 | 7,700 |
Level 1 | Foreign large blend | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 11,856 | 12,621 |
Level 1 | Large-cap blend | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 15,643 | 16,687 |
Level 1 | Mid-cap blend | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 8,334 | 8,674 |
Level 1 | Real estate | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 3,591 | 4,070 |
Level 1 | Corporate notes and bonds | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 28,108 | 21,357 |
Level 1 | Government agencies | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 301 |
Level 1 | U.S. Treasuries | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 10,846 | 7,495 |
Level 1 | Mortgage-backed securities | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 1 | Asset-backed securities | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 1 | Insurance policies | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | |
Level 1 | Net asset | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 86,678 | 78,905 |
Level 2 | Cash and cash equivalents | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 1,727 | 1,893 |
Level 2 | Diversified emerging markets | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 2 | Foreign large blend | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 2 | Large-cap blend | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 2 | Mid-cap blend | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 2 | Real estate | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 2 | Corporate notes and bonds | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 2 | Government agencies | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 2 | U.S. Treasuries | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 2 | Mortgage-backed securities | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 2,615 | 2,022 |
Level 2 | Asset-backed securities | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 1,047 | 983 |
Level 2 | Insurance policies | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | |
Level 2 | Net asset | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 5,389 | 4,898 |
Level 3 | Cash and cash equivalents | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 3 | Diversified emerging markets | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 3 | Foreign large blend | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 3 | Large-cap blend | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 3 | Mid-cap blend | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 3 | Real estate | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 3 | Corporate notes and bonds | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 3 | Government agencies | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 3 | U.S. Treasuries | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 3 | Mortgage-backed securities | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 3 | Asset-backed securities | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 0 | 0 |
Level 3 | Insurance policies | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | 47 | |
Level 3 | Net asset | ||
Pension Plans, Postretirement and Other Employee Benefits | ||
Fair value of pension plan assets | $ 0 | $ 47 |
Pension and Post-Retirement 102
Pension and Post-Retirement Benefits - Summary of Multiemployer Pension Plan (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
LIUNA | |||
Pension Plans, Postretirement and Other Employee Benefits | |||
EIN/ Pension Plan No. | 52-6074345/001 | ||
Pension Protection Act Zone Status | Red | Red | |
Company Contributions (in thousands) | $ 223,000 | $ 167,000 | $ 182,000 |
Surcharge Imposed | Yes | ||
Expiration Date of CBA | May 31, 2020 | ||
IUOE | |||
Pension Plans, Postretirement and Other Employee Benefits | |||
EIN/ Pension Plan No. | 36-6052390/001 | ||
Pension Protection Act Zone Status | Green | Green | |
Company Contributions (in thousands) | $ 40,000 | $ 28,000 | 29,000 |
Surcharge Imposed | No | ||
Expiration Date of CBA | Jul. 29, 2018 | ||
CSSS | |||
Pension Plans, Postretirement and Other Employee Benefits | |||
EIN/ Pension Plan No. | 36-6044243/001 | ||
Pension Protection Act Zone Status | Red | Red | |
Company Contributions (in thousands) | $ 51,000 | $ 51,000 | $ 51,000 |
Surcharge Imposed | NA | ||
Central States, Southeast and Southwest Areas Pension Plan | |||
Pension Plans, Postretirement and Other Employee Benefits | |||
Withdrawal liability from pension plan | $ 1,000,000 | ||
Withdrawal liability paid on monthly installments | $ 4,000 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax (Expense) Benefit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||||||||||
Federal | $ (10,754) | $ 60 | $ (170) | ||||||||
State | (1,167) | (274) | 1,448 | ||||||||
Current income tax total | (11,921) | (214) | 1,278 | ||||||||
Deferred: | |||||||||||
Federal | 22,641 | 32,944 | 7,439 | ||||||||
State | (2,040) | 3,959 | 3,034 | ||||||||
Deferred income tax total | 20,601 | 36,903 | 10,473 | ||||||||
Income tax (expense) benefit | $ 28,783 | $ (14,707) | $ (7,110) | $ 1,714 | $ 6,588 | $ 12,177 | $ 9,774 | $ 8,150 | $ 8,680 | $ 36,689 | $ 11,751 |
Income Taxes - Summary of Tax E
Income Taxes - Summary of Tax Effects on Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Gross deferred tax assets: | ||
Net operating loss carry forward and state tax credits | $ 22,783 | $ 65,022 |
Pension and post-retirement benefit costs | 13,710 | 22,920 |
Alternative minimum tax credit carry forward | 30,401 | 19,431 |
Property, plant and equipment | 5,750 | 6,112 |
Accrued expenses | 10,755 | 6,752 |
Inventories | 4,354 | 4,362 |
Third-party products liability | 249 | 511 |
Stock-based compensation expense | 8,785 | 5,576 |
Note payable | 3,133 | 4,009 |
Other | 5,095 | 5,458 |
Deferred Tax Assets, Gross | 105,015 | 140,153 |
Gross deferred tax liabilities: | ||
Land and mineral property basis difference | (78,520) | (126,315) |
Fixed assets and depreciation | (51,556) | (61,531) |
Intangibles | (4,795) | (2,260) |
Other | 0 | (122) |
Total deferred tax liabilities | (134,871) | (190,228) |
Net deferred tax liabilities | $ (29,856) | $ (50,075) |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) - IRS $ in Millions | Dec. 31, 2017USD ($) |
Operating Loss Carryforwards [Line Items] | |
Federal net operating loss carryforwards | $ 93.4 |
Cadre Services, Inc. | |
Operating Loss Carryforwards [Line Items] | |
Federal net operating loss carryforwards | $ 69 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Decrease related to deferred tax assets | $ 45,000,000 | |
Decrease related to deferred tax liabilities | 80,800,000 | |
Corresponding net adjustment to deferred income tax benefit | 35,800,000 | |
Alternative minimum tax credit carry forward | 30,400,000 | $ 19,400,000 |
Unrecognized tax benefits | $ 0 | $ 0 |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Income Tax Rate on Pretax Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income tax (expense) benefit computed at U.S. federal statutory rate | $ (47,784) | $ 27,211 | $ (41) | ||||||||
Decrease (increase) resulting from: | |||||||||||
Statutory depletion | 20,259 | 4,734 | 8,918 | ||||||||
Prior year tax return reconciliation | 219 | 435 | 393 | ||||||||
State income taxes, net of federal benefit | (2,267) | 2,369 | 1,370 | ||||||||
Adjustment to deferred taxes from the Tax Act rate reduction | 35,772 | 0 | 0 | ||||||||
Equity compensation | 2,602 | 2,003 | 0 | ||||||||
Other, net | (121) | (63) | 1,111 | ||||||||
Income tax (expense) benefit | $ 28,783 | $ (14,707) | $ (7,110) | $ 1,714 | $ 6,588 | $ 12,177 | $ 9,774 | $ 8,150 | $ 8,680 | $ 36,689 | $ 11,751 |
Obligations Under Guarantees (D
Obligations Under Guarantees (Detail) - Travelers Casualty and Surety Company $ in Millions | Dec. 31, 2017USD ($) |
Surety Bonds | |
Loss Contingencies | |
Surety bonds outstanding | $ 12.1 |
Reclamation Bonds | |
Loss Contingencies | |
Bonds related to reclamation requirements | $ 10.3 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)SegmentProduct | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information | |||
Number of reportable segments | Segment | 2 | ||
Number of products | Product | 221 | ||
Goodwill | $ 272,079 | $ 240,975 | $ 68,647 |
Operating Segments | Oil & Gas Proppants | |||
Segment Reporting Information | |||
Goodwill | 247,500 | 220,300 | |
Operating Segments | Industrial & Specialty Products | |||
Segment Reporting Information | |||
Goodwill | $ 24,600 | $ 20,700 |
Segment Reporting - Presentatio
Segment Reporting - Presentation of Sales and Segment Contribution Margin for Reporting Segments and Other Operating Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information | |||||||||||
Sales: | $ 1,240,851 | $ 559,625 | $ 642,989 | ||||||||
Selling, general and administrative | $ (29,637) | $ (29,602) | $ (26,012) | $ (22,341) | $ (19,167) | $ (18,472) | $ (14,585) | $ (15,503) | (107,592) | (67,727) | (62,777) |
Depreciation, depletion and amortization | (27,335) | (24,673) | (23,626) | (21,599) | (21,194) | (17,175) | (15,209) | (14,556) | (97,233) | (68,134) | (58,474) |
Interest expense | (7,244) | (8,347) | (8,105) | (7,646) | (7,998) | (6,684) | (6,647) | (6,643) | |||
Income tax (expense) benefit | 28,783 | (14,707) | (7,110) | 1,714 | 6,588 | 12,177 | 9,774 | 8,150 | 8,680 | 36,689 | 11,751 |
Net income (loss) | $ 71,952 | $ 41,273 | $ 29,459 | $ 2,522 | $ (6,942) | $ (11,339) | $ (11,772) | $ (11,003) | 145,206 | (41,056) | 11,868 |
Operating Segments | |||||||||||
Segment Reporting Information | |||||||||||
Sales: | 1,240,851 | 559,625 | 642,989 | ||||||||
Total segment contribution margin | 390,753 | 90,433 | 159,065 | ||||||||
Operating Segments | Oil & Gas Proppants | |||||||||||
Segment Reporting Information | |||||||||||
Sales: | 1,020,365 | 362,550 | 430,435 | ||||||||
Total segment contribution margin | 301,972 | 11,445 | 88,928 | ||||||||
Operating Segments | Industrial & Specialty Products | |||||||||||
Segment Reporting Information | |||||||||||
Sales: | 220,486 | 197,075 | 212,554 | ||||||||
Total segment contribution margin | 88,781 | 78,988 | 70,137 | ||||||||
Segment Reconciling Items | |||||||||||
Segment Reporting Information | |||||||||||
Operating activities excluded from segment cost of sales | (17,417) | (8,103) | (11,142) | ||||||||
Selling, general and administrative | (107,592) | (67,727) | (62,777) | ||||||||
Depreciation, depletion and amortization | (97,233) | (68,134) | (58,474) | ||||||||
Interest expense | (31,342) | (27,972) | (27,283) | ||||||||
Other income (expense), net, including interest income | $ (643) | $ 3,758 | $ 728 |
Unaudited Supplementary Data (D
Unaudited Supplementary Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Nov. 03, 2016 | Jul. 21, 2016 | May 05, 2016 | Feb. 22, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Sales: | ||||||||||||||||
Product | $ 306,442 | $ 295,768 | $ 246,022 | $ 209,321 | $ 160,429 | $ 125,805 | $ 116,039 | $ 121,627 | $ 1,057,553 | $ 523,900 | $ 640,464 | |||||
Service | 54,124 | 49,255 | 44,443 | 35,476 | 21,944 | 11,943 | 955 | 883 | 183,298 | 35,725 | 2,525 | |||||
Cost of sales (excluding depreciation, depletion and amortization): | ||||||||||||||||
Product | 204,545 | 189,105 | 164,025 | 162,637 | 133,758 | 112,215 | 102,587 | 106,629 | 720,312 | 455,189 | 494,814 | |||||
Service | 50,161 | 38,818 | 33,386 | 24,838 | 14,653 | 7,211 | 120 | 122 | 147,203 | 22,106 | 252 | |||||
Operating expenses | ||||||||||||||||
Selling, general and administrative | 29,637 | 29,602 | 26,012 | 22,341 | 19,167 | 18,472 | 14,585 | 15,503 | 107,592 | 67,727 | 62,777 | |||||
Depreciation, depletion and amortization | 27,335 | 24,673 | 23,626 | 21,599 | 21,194 | 17,175 | 15,209 | 14,556 | 97,233 | 68,134 | 58,474 | |||||
Total operating expenses | 56,972 | 54,275 | 49,638 | 43,940 | 40,361 | 35,647 | 29,794 | 30,059 | 204,825 | 135,861 | 121,251 | |||||
Operating income (loss) | 48,888 | 62,825 | 43,416 | 13,382 | (6,399) | (17,325) | (15,507) | (14,300) | 168,511 | (53,531) | 26,672 | |||||
Other (expense) income: | ||||||||||||||||
Interest expense | (7,244) | (8,347) | (8,105) | (7,646) | (7,998) | (6,684) | (6,647) | (6,643) | ||||||||
Other income (expense), net, including interest income | 1,525 | 1,502 | 1,258 | (4,928) | 867 | 493 | 608 | 1,790 | (643) | 3,758 | 728 | |||||
Total other (expenses) income | (5,719) | (6,845) | (6,847) | (12,574) | (7,131) | (6,191) | (6,039) | (4,853) | (31,985) | (24,214) | (26,555) | |||||
Income (loss) before income taxes | 43,169 | 55,980 | 36,569 | 808 | (13,530) | (23,516) | (21,546) | (19,153) | 136,526 | (77,745) | 117 | |||||
Income tax benefit | 28,783 | (14,707) | (7,110) | 1,714 | 6,588 | 12,177 | 9,774 | 8,150 | 8,680 | 36,689 | 11,751 | |||||
Net income (loss) | $ 71,952 | $ 41,273 | $ 29,459 | $ 2,522 | $ (6,942) | $ (11,339) | $ (11,772) | $ (11,003) | $ 145,206 | $ (41,056) | $ 11,868 | |||||
Earnings (loss) per share, basic (in usd per share) | $ 0.89 | $ 0.51 | $ 0.36 | $ 0.03 | $ (0.09) | $ (0.17) | $ (0.19) | $ (0.20) | $ 1.79 | $ (0.63) | $ 0.22 | |||||
Earnings (loss) per share, diluted (in usd per share) | $ 0.88 | $ 0.50 | $ 0.36 | $ 0.03 | $ (0.09) | $ (0.17) | $ (0.19) | $ (0.20) | $ 1.77 | $ (0.63) | $ 0.22 | |||||
Weighted average common shares outstanding, basic (in shares) | 81,014 | 81,121 | 81,087 | 80,983 | 75,539 | 66,676 | 63,417 | 54,470 | 81,051 | 65,037 | 53,344 | |||||
Weighted average common shares outstanding, diluted (in shares) | 81,921 | 81,783 | 81,945 | 82,244 | 75,539 | 66,676 | 63,417 | 54,470 | ||||||||
Dividend declared per share (in usd per share) | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.25 | $ 0.25 | $ 0.438 | $ 0.438 |
Parent Company Financials - Bal
Parent Company Financials - Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||||
Cash and cash equivalents | $ 384,567 | $ 711,225 | $ 277,077 | $ 263,066 |
Due from affiliates | 146,683 | 0 | ||
Total current assets | 703,244 | 892,945 | ||
Total assets | 2,307,283 | 2,073,220 | ||
Current Liabilities: | ||||
Dividends payable | 5,229 | 5,221 | ||
Total current liabilities | 213,945 | 109,960 | ||
Deferred income taxes, net | 29,856 | 50,075 | ||
Total liabilities | 910,777 | 799,930 | ||
Stockholders’ Equity: | ||||
Preferred stock, $0.01 par value, 10,000,000 shares authorized; 0 issued and outstanding at December 31, 2017 and 2016 | 0 | 0 | ||
Common stock, $0.01 par value, 500,000,000 shares authorized; 81,267,205 issued and 80,524,255 outstanding at December 31, 2017; 81,184,042 issued and 81,028,898 outstanding at December 31 2016 | 812 | 811 | ||
Additional paid-in capital | 1,147,084 | 1,129,051 | ||
Retained earnings | 287,992 | 163,173 | ||
Treasury stock, at cost, 742,950 and 155,144 shares at December 31, 2017 and 2016, respectively | (25,456) | (3,869) | ||
Accumulated other comprehensive loss | (13,926) | (15,876) | ||
Total stockholders’ equity | 1,396,506 | 1,273,290 | 384,167 | 403,816 |
Total liabilities and stockholders’ equity | 2,307,283 | 2,073,220 | ||
Parent Company | ||||
Current Assets: | ||||
Cash and cash equivalents | 230,647 | 534,378 | 58,579 | 47,292 |
Total current assets | 377,330 | 534,378 | ||
Investment in subsidiaries | 1,024,511 | 854,860 | ||
Total assets | 1,401,841 | 1,389,238 | ||
Current Liabilities: | ||||
Accrued expenses and other current liabilities | 106 | 461 | ||
Dividends payable | 5,229 | 5,222 | ||
Due to affiliates | 0 | 110,265 | ||
Total current liabilities | 5,335 | 115,948 | ||
Deferred income taxes, net | 0 | 0 | ||
Total liabilities | 5,335 | 115,948 | ||
Stockholders’ Equity: | ||||
Preferred stock, $0.01 par value, 10,000,000 shares authorized; 0 issued and outstanding at December 31, 2017 and 2016 | 0 | 0 | ||
Common stock, $0.01 par value, 500,000,000 shares authorized; 81,267,205 issued and 80,524,255 outstanding at December 31, 2017; 81,184,042 issued and 81,028,898 outstanding at December 31 2016 | 812 | 811 | ||
Additional paid-in capital | 1,147,084 | 1,129,051 | ||
Retained earnings | 287,992 | 163,173 | ||
Treasury stock, at cost, 742,950 and 155,144 shares at December 31, 2017 and 2016, respectively | (25,456) | (3,869) | ||
Accumulated other comprehensive loss | (13,926) | (15,876) | ||
Total stockholders’ equity | 1,396,506 | 1,273,290 | $ 384,167 | $ 403,816 |
Total liabilities and stockholders’ equity | $ 1,401,841 | $ 1,389,238 |
Parent Company Financials- Inco
Parent Company Financials- Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Income (Loss) [Abstract] | |||||||||||
Sales | $ 1,240,851 | $ 559,625 | $ 642,989 | ||||||||
Cost of sales | $ 204,545 | $ 189,105 | $ 164,025 | $ 162,637 | $ 133,758 | $ 112,215 | $ 102,587 | $ 106,629 | 720,312 | 455,189 | 494,814 |
Operating expenses: | |||||||||||
Selling, general and administrative | 29,637 | 29,602 | 26,012 | 22,341 | 19,167 | 18,472 | 14,585 | 15,503 | 107,592 | 67,727 | 62,777 |
Total operating expenses | 56,972 | 54,275 | 49,638 | 43,940 | 40,361 | 35,647 | 29,794 | 30,059 | 204,825 | 135,861 | 121,251 |
Operating income (loss) | 48,888 | 62,825 | 43,416 | 13,382 | (6,399) | (17,325) | (15,507) | (14,300) | 168,511 | (53,531) | 26,672 |
Other income (expense) | |||||||||||
Interest income | (31,342) | (27,972) | (27,283) | ||||||||
Other income (expense), net, including interest income | 1,525 | 1,502 | 1,258 | (4,928) | 867 | 493 | 608 | 1,790 | (643) | 3,758 | 728 |
Total other (expenses) income | (5,719) | (6,845) | (6,847) | (12,574) | (7,131) | (6,191) | (6,039) | (4,853) | (31,985) | (24,214) | (26,555) |
Income tax benefit | 28,783 | (14,707) | (7,110) | 1,714 | 6,588 | 12,177 | 9,774 | 8,150 | 8,680 | 36,689 | 11,751 |
Net income (loss) | $ 71,952 | $ 41,273 | $ 29,459 | $ 2,522 | $ (6,942) | $ (11,339) | $ (11,772) | $ (11,003) | 145,206 | (41,056) | 11,868 |
Other comprehensive income (loss), net of deferred income taxes: | |||||||||||
Unrealized gain (loss) on investments (net of tax of $0, $(4) and $29 for 2017, 2016, and 2015, respectively) | 0 | (6) | 47 | ||||||||
Unrealized gain (loss) on derivatives (net of tax of $(27), $29 and $34 for 2017, 2016, and 2015, respectively) | (44) | 49 | 53 | ||||||||
Foreign currency translation adjustment (net of tax of $2, $0 and $0 for 2017, 2016 and 2015, respectively) | (6) | 0 | 0 | ||||||||
Pension and other post-retirement benefits liability adjustment (net of tax of $1,205, $152 and $2,469 for 2017, 2016, and 2015, respectively) | 2,000 | 252 | 3,547 | ||||||||
Comprehensive income (loss) | 147,156 | (40,761) | 15,515 | ||||||||
Pension and post-retirement liability | 2,000 | 252 | 3,547 | ||||||||
Tax expense (benefit) on unrealized gain (loss) on investments | 0 | (4) | 29 | ||||||||
Tax expense (benefit) on unrealized gain (loss) on derivatives | (27) | 29 | 34 | ||||||||
Tax expense (benefit) on pension and other post-retirement benefits liability adjustment | 1,205 | 152 | 2,469 | ||||||||
Parent Company | |||||||||||
Operating Income (Loss) [Abstract] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Operating expenses: | |||||||||||
Selling, general and administrative | 252 | 184 | 185 | ||||||||
Other | 0 | 10 | 19 | ||||||||
Total operating expenses | 252 | 194 | 204 | ||||||||
Operating income (loss) | (252) | (194) | (204) | ||||||||
Other income (expense) | |||||||||||
Interest income | 3,854 | 1,046 | 262 | ||||||||
Other income (expense), net, including interest income | 0 | 0 | 1 | ||||||||
Total other (expenses) income | 3,854 | 1,046 | 263 | ||||||||
Income before income taxes and equity in net earnings of subsidiaries | 3,602 | 852 | 59 | ||||||||
Income tax benefit | (1,453) | (344) | (24) | ||||||||
Income before equity in net earnings of subsidiaries | 2,149 | 508 | 35 | ||||||||
Equity in earnings of subsidiaries, net of tax | 143,057 | (41,564) | 11,833 | ||||||||
Net income (loss) | 145,206 | (41,056) | 11,868 | ||||||||
Other comprehensive income (loss), net of deferred income taxes: | |||||||||||
Unrealized gain (loss) on investments (net of tax of $0, $(4) and $29 for 2017, 2016, and 2015, respectively) | 0 | (6) | 47 | ||||||||
Unrealized gain (loss) on derivatives (net of tax of $(27), $29 and $34 for 2017, 2016, and 2015, respectively) | (44) | 49 | 53 | ||||||||
Foreign currency translation adjustment (net of tax of $2, $0 and $0 for 2017, 2016 and 2015, respectively) | (6) | 0 | 0 | ||||||||
Pension and other post-retirement benefits liability adjustment (net of tax of $1,205, $152 and $2,469 for 2017, 2016, and 2015, respectively) | 2,000 | 252 | 3,547 | ||||||||
Other comprehensive income (loss), net of deferred income taxes | 1,950 | 295 | 3,647 | ||||||||
Comprehensive income (loss) | 147,156 | (40,761) | 15,515 | ||||||||
Pension and post-retirement liability | 2,000 | 252 | 3,547 | ||||||||
Tax expense (benefit) on unrealized gain (loss) on investments | (4) | 29 | (8) | ||||||||
Tax expense (benefit) on unrealized gain (loss) on derivatives | 29 | 34 | (32) | ||||||||
Tax expense (benefit) on pension and other post-retirement benefits liability adjustment | $ 152 | $ 2,469 | $ (9,678) |
Parent Company Financials - Sta
Parent Company Financials - Statement of Equity (Details) - USD ($) | Nov. 03, 2016 | Jul. 21, 2016 | May 05, 2016 | Feb. 22, 2016 | Nov. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Beginning balance | $ 1,273,290,000 | $ 384,167,000 | $ 1,273,290,000 | $ 384,167,000 | $ 403,816,000 | |||||||||||||
Net income (loss) | $ 71,952,000 | $ 41,273,000 | $ 29,459,000 | $ 2,522,000 | $ (6,942,000) | $ (11,339,000) | $ (11,772,000) | $ (11,003,000) | 145,206,000 | (41,056,000) | 11,868,000 | |||||||
Issuance of common stock (stock offerings net of issuance costs of $25,732) | $ 467,000,000 | $ 186,200,000 | 931,288,000 | |||||||||||||||
Unrealized gain (loss) on derivatives | (44,000) | 49,000 | 53,000 | |||||||||||||||
Foreign currency translation adjustment | (6,000) | 0 | 0 | |||||||||||||||
Unrealized gain (loss) on short-term investments | 0 | (6,000) | 47,000 | |||||||||||||||
Pension and post-retirement liability | 2,000,000 | 252,000 | 3,547,000 | |||||||||||||||
Cash dividends declared ($0.25, $0.438 and $0.500 per share of common stock for 2016, 2015 and 2014 respectively)) | (20,387,000) | (16,893,000) | (23,445,000) | |||||||||||||||
Equity-based compensation | 25,050,000 | 12,107,000 | 3,857,000 | |||||||||||||||
Excess tax benefit from equity-based compensation | 148,000 | |||||||||||||||||
Proceeds from options exercised | 798,000 | 4,825,000 | 473,000 | |||||||||||||||
Issuance of restricted stock | 0 | 0 | ||||||||||||||||
Shares withheld for employee taxes related to vested restricted stock and stock units | (4,379,000) | (1,591,000) | (794,000) | |||||||||||||||
Repurchase of common stock | (25,022,000) | (15,255,000) | ||||||||||||||||
Ending balance | $ 1,396,506,000 | $ 1,273,290,000 | $ 1,396,506,000 | $ 1,273,290,000 | $ 384,167,000 | $ 403,816,000 | ||||||||||||
Dividend declared per share (in usd per share) | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.25 | $ 0.25 | $ 0.438 | $ 0.438 | ||
Common stock issuance costs | $ 25,732 | |||||||||||||||||
Common Stock | ||||||||||||||||||
Beginning balance | $ 811,000 | $ 539,000 | $ 811,000 | 539,000 | $ 539,000 | |||||||||||||
Issuance of common stock (stock offerings net of issuance costs of $25,732) | 272,000 | |||||||||||||||||
Shares withheld for employee taxes related to vested restricted stock and stock units | 1,000 | |||||||||||||||||
Ending balance | $ 812,000 | $ 811,000 | 812,000 | 811,000 | 539,000 | $ 539,000 | ||||||||||||
Treasury Stock | ||||||||||||||||||
Beginning balance | (3,869,000) | (15,845,000) | (3,869,000) | (15,845,000) | (542,000) | |||||||||||||
Proceeds from options exercised | 1,190,000 | 8,465,000 | 744,000 | |||||||||||||||
Issuance of restricted stock | 1,859,000 | 1,437,000 | ||||||||||||||||
Shares withheld for employee taxes related to vested restricted stock and stock units | 386,000 | 2,074,000 | (792,000) | |||||||||||||||
Repurchase of common stock | (25,022,000) | (15,255,000) | ||||||||||||||||
Ending balance | (25,456,000) | (3,869,000) | (25,456,000) | (3,869,000) | (15,845,000) | (542,000) | ||||||||||||
Additional Paid-In Capital | ||||||||||||||||||
Beginning balance | 1,129,051,000 | 194,670,000 | 1,129,051,000 | 194,670,000 | 191,086,000 | |||||||||||||
Issuance of common stock (stock offerings net of issuance costs of $25,732) | 931,016,000 | |||||||||||||||||
Equity-based compensation | 25,050,000 | 12,107,000 | 3,857,000 | |||||||||||||||
Proceeds from options exercised | (392,000) | (3,640,000) | (271,000) | |||||||||||||||
Issuance of restricted stock | (1,859,000) | (1,437,000) | ||||||||||||||||
Shares withheld for employee taxes related to vested restricted stock and stock units | (4,766,000) | (3,665,000) | (2,000) | |||||||||||||||
Ending balance | 1,147,084,000 | 1,129,051,000 | 1,147,084,000 | 1,129,051,000 | 194,670,000 | 191,086,000 | ||||||||||||
Retained Earnings | ||||||||||||||||||
Beginning balance | 163,173,000 | 220,974,000 | 163,173,000 | 220,974,000 | 232,551,000 | |||||||||||||
Net income (loss) | 145,206,000 | (41,056,000) | 11,868,000 | |||||||||||||||
Cash dividends declared ($0.25, $0.438 and $0.500 per share of common stock for 2016, 2015 and 2014 respectively)) | (20,387,000) | (16,893,000) | (23,445,000) | |||||||||||||||
Excess tax benefit from equity-based compensation | 148,000 | |||||||||||||||||
Ending balance | 287,992,000 | 163,173,000 | 287,992,000 | 163,173,000 | 220,974,000 | 232,551,000 | ||||||||||||
Accumulated Other Comprehensive (Loss) | ||||||||||||||||||
Beginning balance | (15,876,000) | (16,171,000) | (15,876,000) | (16,171,000) | (19,818,000) | |||||||||||||
Unrealized gain (loss) on derivatives | (44,000) | 49,000 | 53,000 | |||||||||||||||
Foreign currency translation adjustment | (6,000) | |||||||||||||||||
Unrealized gain (loss) on short-term investments | (6,000) | 47,000 | ||||||||||||||||
Pension and post-retirement liability | 2,000,000 | 252,000 | 3,547,000 | |||||||||||||||
Ending balance | (13,926,000) | (15,876,000) | (13,926,000) | (15,876,000) | (16,171,000) | (19,818,000) | ||||||||||||
Parent Company | ||||||||||||||||||
Beginning balance | 1,273,290,000 | 384,167,000 | 1,273,290,000 | 384,167,000 | 403,816,000 | |||||||||||||
Net income (loss) | 145,206,000 | (41,056,000) | 11,868,000 | |||||||||||||||
Issuance of common stock (stock offerings net of issuance costs of $25,732) | 931,288,000 | |||||||||||||||||
Unrealized gain (loss) on derivatives | (44,000) | 49,000 | 53,000 | |||||||||||||||
Foreign currency translation adjustment | (6,000) | 0 | 0 | |||||||||||||||
Unrealized gain (loss) on short-term investments | 0 | (6,000) | 47,000 | |||||||||||||||
Pension and post-retirement liability | 2,000,000 | 252,000 | 3,547,000 | |||||||||||||||
Cash dividends declared ($0.25, $0.438 and $0.500 per share of common stock for 2016, 2015 and 2014 respectively)) | (20,387,000) | (16,893,000) | (23,445,000) | |||||||||||||||
Equity-based compensation | 25,050,000 | 12,107,000 | 3,857,000 | |||||||||||||||
Excess tax benefit from equity-based compensation | 148,000 | |||||||||||||||||
Proceeds from options exercised | 798,000 | 4,825,000 | 473,000 | |||||||||||||||
Issuance of restricted stock | 0 | 0 | ||||||||||||||||
Shares withheld for employee taxes related to vested restricted stock and stock units | (4,379,000) | (1,591,000) | (794,000) | |||||||||||||||
Repurchase of common stock | 25,022,000 | (15,255,000) | ||||||||||||||||
Ending balance | 1,396,506,000 | 1,273,290,000 | $ 1,396,506,000 | $ 1,273,290,000 | $ 384,167,000 | 403,816,000 | ||||||||||||
Dividend declared per share (in usd per share) | $ 0.25 | $ 0.438 | $ 0.500 | |||||||||||||||
Common stock issuance costs | $ 25,732 | |||||||||||||||||
Parent Company | Common Stock | ||||||||||||||||||
Beginning balance | 811,000 | 539,000 | 811,000 | $ 539,000 | $ 539,000 | |||||||||||||
Issuance of common stock (stock offerings net of issuance costs of $25,732) | 272,000 | |||||||||||||||||
Shares withheld for employee taxes related to vested restricted stock and stock units | 1,000 | |||||||||||||||||
Ending balance | 812,000 | 811,000 | 812,000 | 811,000 | 539,000 | 539,000 | ||||||||||||
Parent Company | Treasury Stock | ||||||||||||||||||
Beginning balance | (3,869,000) | (15,845,000) | (3,869,000) | (15,845,000) | (542,000) | |||||||||||||
Proceeds from options exercised | 1,190,000 | 8,465,000 | 744,000 | |||||||||||||||
Issuance of restricted stock | 1,859,000 | 1,437,000 | ||||||||||||||||
Shares withheld for employee taxes related to vested restricted stock and stock units | 386,000 | 2,074,000 | (792,000) | |||||||||||||||
Repurchase of common stock | 25,022,000 | (15,255,000) | ||||||||||||||||
Ending balance | (25,456,000) | (3,869,000) | (25,456,000) | (3,869,000) | (15,845,000) | (542,000) | ||||||||||||
Parent Company | Additional Paid-In Capital | ||||||||||||||||||
Beginning balance | 1,129,051,000 | 194,670,000 | 1,129,051,000 | 194,670,000 | 191,086,000 | |||||||||||||
Issuance of common stock (stock offerings net of issuance costs of $25,732) | 931,016,000 | |||||||||||||||||
Equity-based compensation | 25,050,000 | 12,107,000 | 3,857,000 | |||||||||||||||
Proceeds from options exercised | (392,000) | (3,640,000) | (271,000) | |||||||||||||||
Issuance of restricted stock | (1,859,000) | (1,437,000) | ||||||||||||||||
Shares withheld for employee taxes related to vested restricted stock and stock units | (4,766,000) | (3,665,000) | (2,000) | |||||||||||||||
Ending balance | 1,147,084,000 | 1,129,051,000 | 1,147,084,000 | 1,129,051,000 | 194,670,000 | 191,086,000 | ||||||||||||
Parent Company | Retained Earnings | ||||||||||||||||||
Beginning balance | 163,173,000 | 220,974,000 | 163,173,000 | 220,974,000 | 232,551,000 | |||||||||||||
Net income (loss) | 145,206,000 | (41,056,000) | 11,868,000 | |||||||||||||||
Cash dividends declared ($0.25, $0.438 and $0.500 per share of common stock for 2016, 2015 and 2014 respectively)) | (20,387,000) | (16,893,000) | (23,445,000) | |||||||||||||||
Excess tax benefit from equity-based compensation | 148,000 | |||||||||||||||||
Ending balance | 287,992,000 | 163,173,000 | 287,992,000 | 163,173,000 | 220,974,000 | 232,551,000 | ||||||||||||
Parent Company | Accumulated Other Comprehensive (Loss) | ||||||||||||||||||
Beginning balance | $ (15,876,000) | $ (16,171,000) | (15,876,000) | (16,171,000) | (19,818,000) | |||||||||||||
Unrealized gain (loss) on derivatives | (44,000) | 49,000 | 53,000 | |||||||||||||||
Foreign currency translation adjustment | (6,000) | |||||||||||||||||
Unrealized gain (loss) on short-term investments | (6,000) | 47,000 | ||||||||||||||||
Pension and post-retirement liability | 2,000,000 | 252,000 | 3,547,000 | |||||||||||||||
Ending balance | $ (13,926,000) | $ (15,876,000) | $ (13,926,000) | $ (15,876,000) | $ (16,171,000) | $ (19,818,000) |
Parent Company Financials - 115
Parent Company Financials - Statement of Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities: | ||||||||||||
Net income (loss) | $ 71,952 | $ 41,273 | $ 29,459 | $ 2,522 | $ (6,942) | $ (11,339) | $ (11,772) | $ (11,003) | $ 145,206 | $ (41,056) | $ 11,868 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||
Other | 5,529 | 3,643 | (5,257) | |||||||||
Accounts payable and accrued liabilities | 59,769 | 13,121 | (42,353) | |||||||||
Net cash provided by operating activities | 238,156 | 381 | 61,492 | |||||||||
Investing activities: | ||||||||||||
Maturities of short-term investments | 0 | 21,872 | 53,568 | |||||||||
Net cash provided by (used in) investing activities | (507,672) | (201,657) | 49 | |||||||||
Financing activities: | ||||||||||||
Dividends paid | (20,377) | (15,125) | (26,797) | |||||||||
Repurchase of common stock | (25,022) | 0 | (15,255) | |||||||||
Proceeds from options exercised | 798 | 4,825 | 473 | |||||||||
Tax payments related to shares withheld for vested restricted stock and stock units | (4,379) | (1,591) | (794) | |||||||||
Issuance of common stock | $ 0 | 0 | 678,791 | |||||||||
Common stock issuance costs | $ 0 | 0 | (25,732) | |||||||||
Net cash provided by (used in) financing activities | (57,142) | 635,424 | (47,530) | |||||||||
Net increase (decrease) in cash and cash equivalents | (326,658) | 434,148 | 14,011 | |||||||||
Cash and cash equivalents, beginning of period | 711,225 | 277,077 | 711,225 | 277,077 | 263,066 | |||||||
Cash and cash equivalents, end of period | 384,567 | 711,225 | 384,567 | 711,225 | 277,077 | |||||||
Cash paid (received) during the period for: | ||||||||||||
Interest | 24,490 | 21,994 | 21,729 | |||||||||
Common stock issued for business acquisitions | 0 | 165 | 0 | |||||||||
Parent Company | ||||||||||||
Operating activities: | ||||||||||||
Net income (loss) | 145,206 | (41,056) | 11,868 | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||
Undistributed (Income) loss from equity method investment, net | (143,057) | 41,564 | (11,833) | |||||||||
Other | 0 | (30) | (195) | |||||||||
Accounts payable and accrued liabilities | 48 | 353 | 29 | |||||||||
Net cash provided by operating activities | 2,197 | 831 | (131) | |||||||||
Investing activities: | ||||||||||||
Maturities of short-term investments | 0 | 21,872 | 53,568 | |||||||||
Investment in subsidiary | (143,654) | (188,177) | 0 | |||||||||
Net cash provided by (used in) investing activities | (143,654) | (166,305) | 53,568 | |||||||||
Financing activities: | ||||||||||||
Dividends paid | (20,377) | (15,125) | (26,797) | |||||||||
Repurchase of common stock | (25,022) | 0 | (15,255) | |||||||||
Proceeds from options exercised | 798 | 4,603 | 473 | |||||||||
Tax payments related to shares withheld for vested restricted stock and stock units | (4,379) | (1,590) | (794) | |||||||||
Issuance of common stock | 0 | 678,791 | 0 | |||||||||
Issuance of treasury stock | 0 | 221 | 0 | |||||||||
Common stock issuance costs | 0 | (25,733) | 0 | |||||||||
Net financing activities with subsidiaries | (113,294) | 106 | 223 | |||||||||
Net cash provided by (used in) financing activities | (162,274) | 641,273 | (42,150) | |||||||||
Net increase (decrease) in cash and cash equivalents | (303,731) | 475,799 | 11,287 | |||||||||
Cash and cash equivalents, beginning of period | $ 534,378 | $ 58,579 | 534,378 | 58,579 | 47,292 | |||||||
Cash and cash equivalents, end of period | $ 230,647 | $ 534,378 | 230,647 | 534,378 | 58,579 | |||||||
Cash paid (received) during the period for: | ||||||||||||
Interest | (3,853) | (1,046) | (263) | |||||||||
Common stock issued for business acquisitions | $ 0 | $ 278,229 | $ 0 |
Subsequent Events (Detail)
Subsequent Events (Detail) - $ / shares | Feb. 16, 2018 | Nov. 03, 2016 | Jul. 21, 2016 | May 05, 2016 | Feb. 22, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Event | |||||||||||||||||
Common stock cash dividend declared, per share | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.25 | $ 0.25 | $ 0.438 | $ 0.438 | |
Subsequent Event | |||||||||||||||||
Subsequent Event | |||||||||||||||||
Common stock cash dividend declared, per share | $ 0.0625 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Purchases from related party | $ 4,942 | $ 446 | $ 0 |
Current officer of operating subsidiary | Transportation brokerage and logistics services | |||
Related Party Transaction [Line Items] | |||
Purchases from related party | $ 4,700 | $ 800 |