DEI_Document
DEI Document | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document Information [Abstract] | ' | ' |
Entity Registrant Name | 'SunEdison Semiconductor Ltd | ' |
Entity Central Index Key | '0001585854 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Trading Symbol | 'SEMI | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 41,506,175 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales to non-affiliates | $214.60 | $240.10 | $420.40 | $471.30 |
Net sales to affiliates | 0.3 | 3.9 | 0.6 | 5.1 |
Cost of goods sold | 194.5 | 212.6 | 392.3 | 422.5 |
Gross profit | 20.4 | 31.4 | 28.7 | 53.9 |
Operating expenses (income): | ' | ' | ' | ' |
Marketing and administration | 19.6 | 26.1 | 41.4 | 48.4 |
Research and development | 10.3 | 10.7 | 18.3 | 20 |
Restructuring reversals | -10.8 | -1.2 | -15.4 | -5.5 |
Operating income (loss) | 1.3 | -4.2 | -15.6 | -9 |
Non-operating expenses (income): | ' | ' | ' | ' |
Interest expense | 1.5 | 0.1 | 1.7 | 0.3 |
Interest income | -0.1 | -0.1 | -0.2 | -0.2 |
Interest income, net - affiliates | 0 | -1.6 | -0.1 | -2.1 |
Other, net | 2 | -0.3 | -3.3 | -4.1 |
Total non-operating expenses (income) | 3.4 | -1.9 | -1.9 | -6.1 |
Loss before income tax (benefit) expense | -2.1 | -2.3 | -13.7 | -2.9 |
Income tax (benefit) expense | -16.3 | 9.4 | -12.7 | 18.5 |
Income (loss) before equity in (loss) earnings of equity method investments | 14.2 | -11.7 | -1 | -21.4 |
Equity in (loss) earnings of equity method investments, net of tax | -0.1 | 0 | -0.1 | 0 |
Net income (loss) | 14.1 | -11.7 | -1.1 | -21.4 |
Net loss (income) attributable to noncontrolling interests | 0.2 | -1.5 | 0.8 | -2.3 |
Net income (loss) attributable to SunEdison Semiconductor Limited | $14.30 | ($13.20) | ($0.30) | ($23.70) |
Basic earnings (loss) per share (see Note 7) | $0.34 | ($0.32) | ($0.01) | ($0.57) |
Diluted earnings (loss) per share (see Note 7) | $0.34 | ($0.32) | ($0.01) | ($0.57) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Income Statement (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | $14.10 | ($11.70) | ($1.10) | ($21.40) |
Net translation adjustment | 9.3 | -14.9 | 18.6 | -44.4 |
Actuarial loss/gain and prior service cost/credit | -0.2 | 0 | -0.3 | 0 |
Other comprehensive income (loss) | 9.1 | -14.9 | 18.3 | -44.4 |
Total comprehensive income (loss) | 23.2 | -26.6 | 17.2 | -65.8 |
Net loss (income) attributable to noncontrolling interests | 0.2 | -1.5 | 0.8 | -2.3 |
Net translation adjustment attributable to noncontrolling interests | 0.2 | 1.1 | 0.5 | 2.2 |
Comprehensive income (loss) attributable to SunEdison Semiconductor Limited | $23.60 | ($27) | $18.50 | ($65.90) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheet (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $115.40 | $40.80 |
Accounts receivable, less allowance for doubtful accounts of $3.4 and $4.1, respectively | 108.5 | 98.6 |
Accounts receivable, affiliate | 22.4 | 14.1 |
Inventories | 124.6 | 128.1 |
Deferred tax asset | 8.4 | 8.5 |
Prepaid and other current assets | 29.6 | 23.5 |
Total current assets | 408.9 | 313.6 |
Property, plant, and equipment, net of accumulated depreciation of $847.2 and $811.0, respectively | 695.4 | 724.9 |
Notes receivable, affiliate | ' | 18.7 |
Investments | 140.6 | ' |
Other assets | 138.8 | 94.6 |
Total assets | 1,383.70 | 1,151.80 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 2.1 | 2.8 |
Accounts payable | 109.9 | 105.1 |
Accounts payable, affiliate | 12.5 | 106.8 |
Income taxes payable | 15.1 | 14.4 |
Accrued liabilities | 37.9 | 37.5 |
Accrued wages and salaries | 25.9 | 35.3 |
Restructuring liabilities | 27.8 | 47.6 |
Total current liabilities | 231.2 | 349.5 |
Long-term debt, less current portion | 205.8 | 7.6 |
Pension and post-employment liabilities | 46.7 | 49.2 |
Restructuring liabilities | 8 | 8.7 |
Other liabilities | 26.3 | 25.6 |
Total liabilities | 518 | 440.6 |
Shareholders' equity: | ' | ' |
Ordinary shares, no par value, 41.5 and 0 shares issued and outstanding in 2014 and 2013, respectively | 937.6 | ' |
Net parent investment | ' | 777.2 |
Retained earnings | 11.2 | ' |
Accumulated other comprehensive loss | -84.3 | -110.2 |
Total SunEdison Semiconductor Limited shareholders' equity | 864.5 | 667 |
Noncontrolling interests | ' | ' |
Noncontrolling interests | 1.2 | 44.2 |
Total shareholders' equity | 865.7 | 711.2 |
Total liabilities and shareholders' equity | $1,383.70 | $1,151.80 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheet Parenthetical (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for Doubtful Accounts Receivable | $3.40 | $4.10 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $847.20 | $811 |
Shares, Outstanding | 41.5 | 0 |
Par Value Per Share | $0 | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Cash Flow (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($1.10) | ($21.40) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ' | ' |
Depreciation and amortization | 58.1 | 58.3 |
Stock-based compensation | 4 | 6.5 |
(Benefit) provision for deferred taxes | -31.3 | 4.7 |
Other | -0.4 | -10.2 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -8.1 | 8.5 |
Inventories | 2.8 | -1.3 |
Amounts due from affiliates | -20.3 | -18.1 |
Amounts due to affiliates | -50.7 | 40 |
Prepaid and other current assets | -5.7 | 1.1 |
Accounts payable and accrued liabilities | 7.4 | -3.6 |
Pension and post-employment liabilities | -2.3 | -2.4 |
Restructuring liabilities | -22.4 | -35.8 |
Other | -10.9 | -6.5 |
Net cash (used in) provided by operating activities | -80.9 | 19.8 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -41.9 | -62.1 |
Notes receivable from affiliates | 3 | -21.4 |
Net cash used in investing activities | -38.9 | -83.5 |
Cash flows from financing activities: | ' | ' |
Principal payments on long-term debt | -10.6 | -1.4 |
Proceeds from long-term debt borrowings | 210 | ' |
Deferred financing costs and original issuance discount | -11.9 | ' |
Net parent investment | -179.4 | 21.3 |
Proceeds from issuance of ordinary shares | 186.3 | ' |
Net cash provided by financing activities | 194.4 | 19.9 |
Effect of exchange rate changes on cash and cash equivalents | ' | -4.2 |
Net increase (decrease) in cash and cash equivalents | 74.6 | -48 |
Cash and cash equivalents at beginning of period | 40.8 | 103.2 |
Cash and cash equivalents at end of period | 115.4 | 55.2 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid, net of amount capitalized | 1.4 | 0.7 |
Income taxes paid, net | 16.1 | 17.1 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' |
Accounts payable relieved for acquisition of fixed assets | ($5.80) | ($17.70) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Equity Statement (USD $) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' |
Net Income (Loss) Attributable to Parent | $14.30 | ($0.30) | ' |
Net loss (income) attributable to noncontrolling interests | 0.2 | 0.8 | ' |
Net income (loss) | 14.1 | -1.1 | ' |
Other comprehensive income (loss) | 9.1 | 18.3 | ' |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | ' | -41.7 | ' |
Adjustments to Additional Paid in Capital, Share-based Compensation, Employee Stock Purchase Program, Requisite Service Period Recognition | ' | 0.6 | ' |
Proceeds from Contributions from Parent | ' | 178.4 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 865.7 | 865.7 | 711.2 |
Stockholders' Equity Attributable to Parent | 864.5 | 864.5 | 667 |
Ordinary Shares [Member] | ' | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' |
Stockholders' Equity, Other | ' | 937 | ' |
Adjustments to Additional Paid in Capital, Share-based Compensation, Employee Stock Purchase Program, Requisite Service Period Recognition | ' | 0.6 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 937.6 | 937.6 | ' |
Net Parent Investment [Member] | ' | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' |
Net income (loss) pre IPO attributable to parent | ' | -11.5 | ' |
Stockholders' Equity, Other | ' | -937 | ' |
Change in Net Parent Investment | ' | 171.3 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ' | ' | 777.2 |
Retained Earnings [Member] | ' | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' |
Net income (loss) Post IPO attributable to parent | ' | 11.2 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 11.2 | 11.2 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' |
Other comprehensive income (loss), net of tax, attributable to parent, including translation adjustment attributable to noncontrolling interest | ' | 18.8 | ' |
Other adjustment to accumulated other comprehensive income | ' | 7.1 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -84.3 | -84.3 | -110.2 |
Parent [Member] | ' | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' |
Net Income (Loss) Attributable to Parent | ' | -0.3 | ' |
Other comprehensive income (loss), net of tax, attributable to parent, including translation adjustment attributable to noncontrolling interest | ' | 18.8 | ' |
Adjustments to Additional Paid in Capital, Share-based Compensation, Employee Stock Purchase Program, Requisite Service Period Recognition | ' | 0.6 | ' |
Proceeds from Contributions from Parent | ' | 178.4 | ' |
Stockholders' Equity Attributable to Parent | 864.5 | 864.5 | 667 |
Noncontrolling Interest [Member] | ' | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' |
Net loss (income) attributable to noncontrolling interests | ' | -0.8 | ' |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | ' | -0.5 | ' |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | ' | -41.7 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $1.20 | $1.20 | $44.20 |
Nature_of_Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 2014 | |
Nature of Operations [Abstract] | ' |
Nature of Operations [Text Block] | ' |
NATURE OF OPERATIONS | |
SunEdison Semiconductor Limited and subsidiaries (formerly the Semiconductor Materials Business of SunEdison, Inc.) (“SunEdison Semiconductor”, the "Company”, “we”, “us”, and “our”) is a global leader in the development, manufacture and sale of silicon wafers to the semiconductor industry. Silicon wafers are used as the base substrate for nearly all semiconductor devices, which in turn provide the foundation for the entire electronics industry. Our business was established in 1959 and was known during most of our history as MEMC Electronic Materials, Inc. ("MEMC"). We have developed a broad product portfolio, an extensive global footprint, process technology expertise, and supply chain flexibility, while increasing our capital efficiency, and maintaining a lean operating culture. | |
The Company historically consisted of the combined operations of certain entities formerly wholly-owned by SunEdison, Inc. (“SunEdison” or “Parent” and formerly known as MEMC), as discussed in the basis of presentation below. Following the completion of a series of transactions undertaken to transfer ownership of its semiconductor materials business (the "Formation Transactions"), SunEdison sold a minority interest in SunEdison Semiconductor through an initial public offering (the “Offering”) of our ordinary shares which closed on May 28, 2014 and resulted in the creation of SunEdison Semiconductor Limited (prior to the Offering, SunEdison Semiconductor Pte. Ltd.), an independent company. | |
Basis of Presentation | |
We operated as a business segment of SunEdison prior to the Offering. The combined financial statements for interim and annual periods prior to the Offering were derived from the consolidated financial statements and accounting records of SunEdison and included allocations for direct costs and indirect costs attributable to the operations of the semiconductor materials business of SunEdison. Our condensed consolidated financial statements for the three month period ended June 30, 2014 were prepared following the Formation Transactions and the Offering. | |
The accompanying unaudited combined financial statements of SunEdison Semiconductor for the six month periods ended June 30, 2014 and 2013 and the three month period ended June 30, 2013, as well as the unaudited condensed consolidated financial statements for the three month period ended June 30, 2014, have been prepared in accordance with U.S. generally accepted accounting principles ("US GAAP") and, in the opinion of management, include all adjustments (consisting of normal, recurring items) necessary for the fair presentation of our financial position and results of operations and cash flows for the periods presented. We have presented our unaudited financial statements in accordance with the rules and regulations of the United States ("US") Securities and Exchange Commission ("SEC") applicable to interim financial reporting. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to SEC rules and regulations. These unaudited financial statements should be read in conjunction with our Rule 424(b)(4) prospectus filed with the SEC on May 23, 2014 ("Prospectus"), which contains SunEdison Semiconductor's audited combined financial statements and notes thereto as of December 31, 2013 and 2012, and for the years ended December 31, 2013, 2012, and 2011, as well as our unaudited interim combined financial statements as of March 31, 2014 and for the three month periods ended March 31, 2014 and 2013. All intracompany balances and transactions have been eliminated in consolidating our unaudited combined and unaudited condensed consolidated financial statements. | |
Refer to the audited financial statements and the notes thereto as of December 31, 2013 and 2012, and for the years ended December 31, 2013, 2012, and 2011 included in the Prospectus for further information on the Company's significant accounting policies. There have been no significant changes to our accounting policies since December 31, 2013. | |
SunEdison maintains a number of stock-based compensation and benefit programs at the corporate level. Our employees participate in those programs and as such, our unaudited combined financial statements included allocated expenses associated with those programs. Our unaudited condensed consolidated balance sheet as of June 30, 2014, and the combined balance sheet as of December 31, 2013 do not include any Parent outstanding equity related to the stock-based compensation programs. Both our unaudited condensed consolidated balance sheet as of June 30, 2014 and our audited combined balance sheet as of December 31, 2013 include net pension and postretirement benefit plan obligations in the US and certain foreign locations that are our direct obligation because substantially all of the Parent's legacy pension and other post-employment benefit plans related solely to us. See Notes 6 and 14 for further description of the stock-based compensation and benefit programs. | |
We generate a portion of our net sales from sales to SunEdison subsidiaries. These sales are reflected in a separate line item in our condensed consolidated statements of operations, net sales to affiliates. Normal operating activities with affiliates are reflected as amounts due from affiliates and amounts due to affiliates within operating activities in the condensed consolidated statements of cash flows. Prior to the Offering, our financial statements reflected cash transferred to and from SunEdison as notes receivable, affiliate and long-term debt, affiliate on the condensed consolidated balance sheet, and notes receivable from affiliates and borrowings from affiliates in the condensed consolidated statements of cash flows. The combined balance sheet as of December 31, 2013 does not separately present certain of the Parent's assets or liabilities where management deemed it inappropriate due to the underlying nature of those assets and liabilities. All changes in the net parent investment account in the combined balance sheets have been considered cash receipts and payments, except for the exchange of ordinary shares in connection with the Formation Transactions, for purposes of the combined statements of cash flows and are reflected in financing activities. See Note 13 for a further description of related party transactions. | |
Earnings per share data have been retroactively applied for the three and six month periods ended June 30, 2013 because we did not operate as a separate legal entity with our own capital structure prior to the Offering. | |
Our historical combined financial statements include general corporate expenses of SunEdison that were allocated to us for certain functions, including communications, corporate administration, finance, accounting, treasury, legal, information technology, human resources, compliance, employee benefits and incentives, operations, research and development, and stock compensation. These expenses were allocated on the basis of direct usage, where identifiable, with the remainder primarily allocated on the basis of revenue or other related sales metrics, headcount, or number of our manufacturing plants. We consider the expense allocation methodology and results to be reasonable for all periods presented. However, these allocations may not necessarily be indicative of the actual expenses we would have incurred as an independent publicly traded company during the periods prior to this Offering or of the costs we will incur in the future. | |
Use of Estimates | |
We use estimates and assumptions in preparing our condensed consolidated financial statements that may affect reported amounts and disclosures. Estimates are used when accounting for depreciation, amortization, leases, inventory valuation, accrued liabilities including restructuring, warranties, and employee benefits, derivatives, stock-based compensation, and income taxes and asset recoverability, including allowances, among others. These estimates and assumptions are based on current facts, historical experience, and various other factors we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recognition of revenue, costs, and other expenses that are not readily apparent from other sources. Our future results of operations would be affected to the extent there are material differences between the estimates and actual results. | |
Reclassifications | |
Certain amounts in prior periods have been reclassified to conform with the presentation adopted in the current period. | |
Accounting Standards Updates | |
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This ASU will replace most existing revenue recognition guidance in US GAAP when it becomes effective. The new standard is effective for us on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the effect that ASU 2014-09 will have on our condensed consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Equity_Financing_Transactions_
Equity Financing Transactions (Notes) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Equity Financing Transactions [Abstract] | ' | ||||||
Equity Financing Transactions [Text Block] | ' | ||||||
EQUITY FINANCING TRANSACTIONS | |||||||
Initial Public Offering (the "Offering") | |||||||
We closed on an initial public offering of 7,200,000 ordinary shares, representing equity interests in the Company, at a price to the public of $13.00 per ordinary share on May 28, 2014. The Company received net proceeds of $85.9 million from the sale of the ordinary shares, after deducting underwriting discounts, commissions, structuring fees, and offering expenses of approximately $7.7 million. Following the Offering, the underwriters exercised their over-allotment option to purchase an additional 1,080,000 ordinary shares at a price of $13.00 per ordinary share, providing additional net proceeds of $13.1 million, after deducting $0.9 million of underwriting discounts, commissions, and structuring fees. | |||||||
Samsung Private Placements | |||||||
Samsung Fine Chemicals Co., Ltd. ("Samsung Fine Chemicals") and Samsung Electronics Co., Ltd. ("Samsung Electronics") (together, the "Samsung Purchasers") purchased $93.6 million and $31.5 million, respectively, of our ordinary shares in separate private placements at a price per share equal to the public offering price of $13.00 per ordinary share. Samsung Fine Chemicals is a joint venture partner of ours and a subsidiary of SunEdison in SMP Ltd. ("SMP"). Samsung Electronics is one of our customers and was our joint venture partner in MEMC Korea Company ("MKC"). Samsung Fine Chemicals made an aggregate cash investment in us of $93.6 million and, in a non-cash transaction, Samsung Electronics transferred to us its remaining 20% interest in MKC as consideration for the issuance of the ordinary shares. We realized net proceeds from the Samsung Fine Chemicals investment in us of $87.3 million after deducting underwriting discounts, commissions, structuring fees, and offering expenses of approximately $6.3 million. These share purchases closed concurrently with the Offering. As a result of obtaining the 20% interest in MKC, we have redeemed the noncontrolling interest in this entity because MKC is now a wholly-owned subsidiary of the Company. There was no gain or loss recognized in connection with these transactions. | |||||||
The Company used the net proceeds from the Offering and the Samsung Private Placements, along with the proceeds of the $210.0 million term loan discussed in Note 5, to repay in full the intercompany notes payable of $215.2 million to a subsidiary of SunEdison that resulted from the Formation Transactions, and to repay existing bank indebtedness owed by the Company's Japanese subsidiary. The remainder of the proceeds from the term loan and the equity transactions outlined above was retained as cash on our balance sheet. | |||||||
As of June 30, 2014, the Company's equity ownership consisted of the following: | |||||||
Shareholder | Ordinary Shares | % Ownership | |||||
SunEdison, Inc. | 23,560,251 | 56.8 | % | ||||
Public | 8,280,000 | 20 | % | ||||
Samsung Fine Chemicals Co., Ltd. | 7,200,000 | 17.3 | % | ||||
Samsung Electronics Co., Ltd. | 2,425,578 | 5.8 | % | ||||
Other | 40,346 | 0.1 | % | ||||
Total Ordinary Shares | 41,506,175 | 100 | % | ||||
Restructuring_and_Related_Acti
Restructuring and Related Activities | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||
RESTRUCTURING, IMPAIRMENT AND OTHER CHARGES | |||||||||||||||||||||||||||||||||
2014 Consolidation of Crystal Activities | |||||||||||||||||||||||||||||||||
We announced a plan to consolidate our crystal operations during the first quarter of 2014. The consolidation will include transitioning small diameter crystal activities from our St. Peters, Missouri facility to other crystal facilities in Korea, Taiwan, and Italy. The consolidation of crystal activities will affect approximately 120 employees in St. Peters and will be implemented over the 12 months following commencement of the plan. Charges in the amount of $4.0 million were recorded for the six months ended June 30, 2014, which were mostly incurred during the first quarter of 2014, and are included within restructuring charges (reversals) on the condensed consolidated statement of operations. | |||||||||||||||||||||||||||||||||
2011 Global Plan | |||||||||||||||||||||||||||||||||
The semiconductor industry experienced a downturn during the second half of 2011. We committed in December 2011 to a series of actions to reduce our global workforce, right size production capacity, and accelerate operating cost reductions in 2012 and beyond (the “2011 Global Plan”) in order to better align our business to current and expected market conditions in the semiconductor market, as well as to improve our overall cost competitiveness and cash flows. | |||||||||||||||||||||||||||||||||
Details of the 2014 expenses, cash payments, and expected costs incurred related to the 2011 Global Plan are set out in the following table: | |||||||||||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||||||||||
In millions | Accrued | Year-to-date Restructuring Reversals | Cash Payments | Non-cash Settlements | Currency | Accrued | Cumulative Costs Incurred | Total Costs Expected to be Incurred | |||||||||||||||||||||||||
31-Dec-13 | 30-Jun-14 | ||||||||||||||||||||||||||||||||
2011 Global Plan | |||||||||||||||||||||||||||||||||
Severance and employee benefits | $ | 21 | $ | (1.4 | ) | $ | (2.6 | ) | $ | (0.9 | ) | $ | (0.2 | ) | $ | 15.9 | $ | 35.2 | $ | 35.2 | |||||||||||||
Contract termination | 10.5 | — | (10.5 | ) | — | — | — | 106.5 | 106.5 | ||||||||||||||||||||||||
Other | 24.2 | (3.5 | ) | (7.3 | ) | 2 | (0.3 | ) | 15.1 | 34.4 | 34.4 | ||||||||||||||||||||||
Total | $ | 55.7 | $ | (4.9 | ) | $ | (20.4 | ) | $ | 1.1 | $ | (0.5 | ) | $ | 31 | $ | 176.1 | $ | 176.1 | ||||||||||||||
We recorded net restructuring reversals of $7.2 million and $14.4 million for the three and six months ended June 30, 2014, respectively, due to a favorable settlement of a polysilicon supply agreement executed in 2013 with a subsidiary of SunEdison. The favorable settlement with a subsidiary of SunEdison was recorded within restructuring charges (reversals) on the condensed consolidated statement of operations with an offset to accounts receivable, affiliate in the condensed consolidated balance sheet, and thus is not reflected in the table above. This favorable settlement with a subsidiary of SunEdison is not reflected in the condensed consolidated statement of cash flows as this is a non-cash transaction. Other net favorable revisions to our estimated restructuring liabilities were recorded during the three and six months ended June 30, 2014 of $3.5 million and $4.9 million, respectively, based on actual results differing from our previous estimates. | |||||||||||||||||||||||||||||||||
During the second quarter of 2014, we executed a favorable settlement of a polysilicon supply agreement with a subsidiary of SunEdison. This settlement resulted in non-cash capital contributions in the form of intercompany debt forgiveness. Because this is a non-cash transaction, the Company recorded a net increase in net parent investment of approximately $32.3 million which is not reflected in the condensed consolidated statement of cash flows or the table above. | |||||||||||||||||||||||||||||||||
There were $1.2 million and $5.5 million, respectively, in net restructuring reversals for the three and six months ended June 30, 2013 pertaining to favorable settlements of contractual obligations and revisions to our estimated restructuring liabilities differing from our previous estimates related to the restructuring plans. We made approximately $44.3 million in cash payments related to these plans for the six months ended June 30, 2013. |
Inventories
Inventories | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
INVENTORIES | ||||||||
Inventories consist of the following: | ||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||
In millions | ||||||||
Raw materials and supplies | $ | 28.4 | $ | 37.5 | ||||
Goods in process | 54 | 48.1 | ||||||
Finished goods | 42.2 | 42.5 | ||||||
Total inventories | $ | 124.6 | $ | 128.1 | ||||
Debt
Debt | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Debt Disclosure [Text Block] | ' | |||||||||||||||||||
DEBT | ||||||||||||||||||||
Debt outstanding consists of the following: | ||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||
Total Principal | Current and Short-Term | Long-Term | Total Principal | Current and Short-Term | Long-Term | |||||||||||||||
In millions | ||||||||||||||||||||
Long-term notes | $ | 207.9 | $ | 2.1 | $ | 205.8 | $ | 10.4 | $ | 2.8 | $ | 7.6 | ||||||||
Senior Secured Credit Facility | ||||||||||||||||||||
On May 27, 2014, the Company and its direct subsidiary, SunEdison Semiconductor B.V. (the “Borrower”), entered into a credit agreement with Goldman Sachs Bank USA, as administrative agent, sole lead arranger, and sole syndication agent, and, together with Macquarie Capital (USA) Inc., as joint bookrunners, Citibank, N.A., as letter of credit issuer, and the lender parties thereto (the “Credit Facility”). The Credit Facility provides for: (i) a senior secured term loan facility in an aggregate principal amount up to $210.0 million (the “Term Facility”); and (ii) a senior secured revolving credit facility in an aggregate principal amount up to $50.0 million (the “Revolving Facility”). Under the Revolving Facility, the Borrower may obtain (i) letters of credit and bankers’ acceptances in an aggregate stated amount up to $15.0 million and (ii) swing line loans in an aggregate principal amount up to $15.0 million. The Term Facility has a five-year term, ending May 27, 2019, and the Revolving Facility has a three-year term, ending May 27, 2017. The full amount of the Term Facility was drawn on May 27, 2014 and remains outstanding. As of June 30, 2014, no amounts were outstanding under the Revolving Facility and no third party letters of credit were outstanding which would have reduced the available capacity. The principal amount of the Term Facility shall be repaid in quarterly installments of $525,000 beginning September 30, 2014 with the remaining balance paid at maturity. | ||||||||||||||||||||
The Term Facility was issued at a discount of 1.00%, or $2.1 million, which will be amortized as an increase in interest expense over the term of the Term Facility. We incurred approximately $9.8 million of financing fees related to the Credit Facility that have been capitalized and will be amortized over the term of the respective Term Facility and Revolving Facility. | ||||||||||||||||||||
The Borrower’s obligations under the Credit Facility are guaranteed by the Company and certain of its direct and indirect subsidiaries. The Borrower’s obligations and the guaranty obligations of the Company and its subsidiaries are secured by first-priority liens on and security interests in certain present and future assets of the Company, the Borrower, and the subsidiary guarantors, including pledges of the capital stock of certain of the Company’s subsidiaries. | ||||||||||||||||||||
Borrowings under the Credit Facility bear interest (i) at a base rate plus 4.50% per annum or (ii) at a reserve-adjusted eurocurrency rate plus 5.50% per annum. The minimum eurocurrency base rate for the Term Facility shall at no time be less than 1.00% per annum. Interest will be paid quarterly in arrears, and at the maturity date of each facility for loans bearing interest with reference to the base rate. Interest will be paid on the last day of selected interest periods (which will be one, three and six months), and at the maturity date of each facility for loans bearing interest with reference to the reserve-adjusted eurocurrency rate (and at the end of every three months, in the case of any interest period longer than three months). A fee equal to 5.50% per annum will be payable by the Borrower, quarterly in arrears, in respect of the daily amount available to be drawn under outstanding letters of credit and bankers’ acceptances. | ||||||||||||||||||||
The Credit Facility contains customary representations, covenants, and events of default typical for credit arrangements of comparable size, including our maintenance of a consolidated leverage ratio of not greater than: (i) 3.5 to 1.0 for the fiscal quarters ending September 30, 2014 and December 31, 2014; (ii) 3.0 to 1.0 for the fiscal quarters ending March 31, 2015 and June 30, 2015; and (iii) 2.5 to 1.0 for the fiscal quarters ending on and after September 30, 2015. The Credit Facility also contains customary material adverse effects and cross-default clauses. The cross-default clause is applicable to defaults on other indebtedness in excess of $30.0 million. As of June 30, 2014, we were in compliance with all covenants of the Credit Facility. | ||||||||||||||||||||
Japanese Credit Facility | ||||||||||||||||||||
Long-term notes totaling $10.4 million as of December 31, 2013 were owed to a bank by our Japanese subsidiary. The notes were guaranteed by our Parent and further secured by the property, plant and equipment of our Japanese subsidiary. The original maturity dates of these loans ranged from 2014 to 2017. These long-term notes were paid in full during the second quarter of 2014 using proceeds from the Offering and the Samsung Private Placements, along with the proceeds of the $210.0 million Term Facility. | ||||||||||||||||||||
The estimated fair value of our debt was $212.7 million and $9.8 million as of June 30, 2014 and December 31, 2013, respectively. Fair value of this debt is calculated using a discounted cash flow model (Level 2 assumptions) with consideration for our non-performance risk (Level 3 assumptions). |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
STOCK-BASED COMPENSATION | |||||||||||||||||
We have equity incentive plans that provide for the award of non-qualified stock options, performance shares, and restricted stock units ("RSU") to employees and non-employee directors. We filed a registration statement on Form S-8 on June 10, 2014 to register an aggregate of 11,000,000 ordinary shares reserved for issuance under the equity incentive plans we adopted in connection with the Offering. As of June 30, 2014, there were approximately 8.0 million shares remaining available for future grant under these plans. | |||||||||||||||||
The following table presents information regarding outstanding stock options as of June 30, 2014, and changes during the six months ended June 30, 2014: | |||||||||||||||||
Shares | Weighted- | Aggregate | Weighted-Average | ||||||||||||||
Average | Intrinsic | Remaining | |||||||||||||||
Exercise Price | Value | Contractual | |||||||||||||||
(in millions) | Life (years) | ||||||||||||||||
Outstanding at December 31, 2013 | — | $ | — | ||||||||||||||
Granted | 1,709,102 | $ | 15.76 | ||||||||||||||
Exercised | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Expired | — | — | |||||||||||||||
Outstanding at June 30, 2014 | 1,709,102 | $ | 15.76 | $ | 2.5 | 10 | |||||||||||
Options exercisable at June 30, 2014 | — | $ | — | $ | — | 0 | |||||||||||
In connection with the Offering and the Company's annual grant, approximately 1.7 million stock options were granted for the six month period ended June 30, 2014. The weighted-average grant-date fair value per share of options granted was $5.12 for the six month period ended June 30, 2014. | |||||||||||||||||
The following table presents information regarding outstanding restricted stock units as of June 30, 2014, and changes during the six months ended June 30, 2014: | |||||||||||||||||
Restricted Stock | Aggregate Intrinsic | Weighted-Average Remaining | |||||||||||||||
Units | Value (in millions) | Contractual Life (years) | |||||||||||||||
Outstanding at December 31, 2013 | — | ||||||||||||||||
Granted | 1,261,329 | ||||||||||||||||
Converted | — | ||||||||||||||||
Forfeited | — | ||||||||||||||||
Outstanding at June 30, 2014 | 1,261,329 | $ | 21.4 | 4 | |||||||||||||
In connection with the Offering and the Company's annual grant, approximately 1.3 million restricted stock units were granted for the six month period ended June 30, 2014. The weighted-average fair value of restricted stock units on the date of grant was $16.84 for the six months ended June 30, 2014. | |||||||||||||||||
Our Participation in Parent's Incentive Plans | |||||||||||||||||
SunEdison maintains a number of stock-based compensation programs at the corporate level. Our employees have historically participated in those programs and, as such, we were allocated expenses associated with those programs based on the actual number of stock-based compensation awards granted to our employees. Our condensed consolidated balance sheets do not include any Parent outstanding equity related to the stock-based compensation programs. Our employees retained the rights to those equity incentive awards as our Parent maintains a majority ownership interest in us, therefore, they are accounted as equity-classified awards. As a result, we have included this stock-based compensation expense in our condensed consolidated financial statements. | |||||||||||||||||
Stock-based compensation expense for the three months ended June 30, 2014 and 2013 was $1.7 million and $3.1 million, respectively. Stock-based compensation expense for the six months ended June 30, 2014 and 2013 was $4.0 million and $6.5 million, respectively. Stock-based compensation expense is reported as follows in the condensed consolidated statement of operations: | |||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
In millions | |||||||||||||||||
Cost of goods sold | $ | 0.7 | $ | 0.7 | $ | 1.5 | $ | 1.7 | |||||||||
Marketing and administration | 0.6 | 1.9 | 1.5 | 3.8 | |||||||||||||
Research and development | 0.4 | 0.5 | 1 | 1 | |||||||||||||
Stock-based employee compensation | $ | 1.7 | $ | 3.1 | $ | 4 | $ | 6.5 | |||||||||
The amount of stock-based compensation cost capitalized into inventory and fixed assets was not material for the three and six months ended June 30, 2014 and 2013. Further, the recognition of excess tax benefits from share-based payment arrangements was not material for the three and six months ended June 30, 2014 and 2013. |
Earnings_Loss_Per_Share_Notes
Earnings (Loss) Per Share (Notes) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||
EARNINGS (LOSS) PER SHARE | ||||||||||||||||
Basic earnings (loss) per share is computed by dividing net income by the number of weighted-average ordinary shares outstanding during the period. Diluted earnings (loss) per share is computed using the weighted-average ordinary shares outstanding and, if dilutive, potential ordinary shares outstanding during the period. Potential ordinary shares represent the incremental ordinary shares issuable for restricted stock units and stock option exercises. The Company calculates the dilutive effect of outstanding restricted stock units and stock options on earnings (loss) per share by application of the treasury stock method. | ||||||||||||||||
The computations of basic and diluted earnings (loss) per share assumes that the number of ordinary shares outstanding for all periods prior to the closing of the Offering on May 28, 2014 was equal to the number of ordinary shares of SunEdison Semiconductor Limited outstanding on May 28, 2014. | ||||||||||||||||
Basic and diluted earnings (loss) per share ("EPS") for the three month periods ended June 30, 2014 and 2013 were calculated as follows: | ||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | |||||||||||||||
In millions, except per share amounts | Basic | Diluted | Basic | Diluted | ||||||||||||
EPS Numerator: | ||||||||||||||||
Net income (loss) attributable to SunEdison Semiconductor Limited shareholders | $ | 14.3 | $ | 14.3 | $ | (13.2 | ) | $ | (13.2 | ) | ||||||
EPS Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 41.5 | 41.5 | 41.5 | 41.5 | ||||||||||||
Earnings (loss) per share | $ | 0.34 | $ | 0.34 | $ | (0.32 | ) | $ | (0.32 | ) | ||||||
Basic and diluted EPS for the six month periods ended June 30, 2014 and 2013 were calculated as follows: | ||||||||||||||||
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | |||||||||||||||
In millions, except per share amounts | Basic | Diluted | Basic | Diluted | ||||||||||||
EPS Numerator: | ||||||||||||||||
Net loss attributable to SunEdison Semiconductor Limited shareholders | $ | (0.3 | ) | $ | (0.3 | ) | $ | (23.7 | ) | $ | (23.7 | ) | ||||
EPS Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 41.5 | 41.5 | 41.5 | 41.5 | ||||||||||||
Loss per share | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.57 | ) | $ | (0.57 | ) | ||||
The computations for diluted earnings (loss) per share for the three and six months ended June 30, 2014 excludes approximately 1.7 million options to purchase SunEdison Semiconductor shares and 1.3 million restricted stock units because the effect would have been anti-dilutive. No SunEdison Semiconductor options or restricted stock units were outstanding during the three and six month periods ended June 30, 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive (Losses) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | ||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||||
8. ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||||||||
Comprehensive income (loss) represents a measure of all changes in equity that result from recognized transactions and economic events other than transactions with owners in their capacity as owners. Other comprehensive income (loss) from the Company includes foreign currency translations and pension adjustments. | |||||||||||||||||||
The following table presents the changes in each component of accumulated other comprehensive loss, net of tax: | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
In millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Foreign Currency Items (1) | |||||||||||||||||||
Beginning balance | $ | (66.7 | ) | $ | (56.5 | ) | $ | (76.3 | ) | $ | (28.1 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 9.5 | (13.8 | ) | 19.1 | (42.2 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | — | — | |||||||||||||||
Net other comprehensive income (loss) | 9.5 | (13.8 | ) | 19.1 | (42.2 | ) | |||||||||||||
Balance at June 30 | $ | (57.2 | ) | $ | (70.3 | ) | $ | (57.2 | ) | $ | (70.3 | ) | |||||||
Available-for-sale Securities | |||||||||||||||||||
Beginning balance | $ | — | $ | 0.2 | $ | — | $ | 0.2 | |||||||||||
Other comprehensive income (loss) before reclassifications | — | — | — | — | |||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | — | — | |||||||||||||||
Net other comprehensive income (loss) | — | — | — | — | |||||||||||||||
Balance at June 30 | $ | — | $ | 0.2 | $ | — | $ | 0.2 | |||||||||||
Pension Plans | |||||||||||||||||||
Beginning balance | $ | (34.0 | ) | $ | (67.3 | ) | $ | (33.9 | ) | $ | (67.3 | ) | |||||||
Other comprehensive income (loss) before reclassifications | — | — | — | — | |||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (0.2 | ) | — | (0.3 | ) | — | |||||||||||||
Net other comprehensive income | (0.2 | ) | — | (0.3 | ) | — | |||||||||||||
Amount of accumulated other comprehensive income transferred from SunEdison (2) | 7.1 | — | 7.1 | — | |||||||||||||||
Balance at June 30 | $ | (27.1 | ) | $ | (67.3 | ) | $ | (27.1 | ) | $ | (67.3 | ) | |||||||
Accumulated other comprehensive loss at June 30 | $ | (84.3 | ) | $ | (137.4 | ) | $ | (84.3 | ) | $ | (137.4 | ) | |||||||
(1) Excludes foreign currency adjustments related to noncontrolling interests. See the condensed consolidated statements of comprehensive income (loss). | |||||||||||||||||||
(2) Amount represents the non-cash transfer of accumulated other comprehensive income from SunEdison as part of the Formation Transactions. | |||||||||||||||||||
The following table presents reclassifications from accumulated other comprehensive loss and the affected line in the condensed consolidated statement of operations: | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Condensed Consolidated Statement of Operations | |||||||||||||||||
In millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Amortization of prior service costs/credits and net actuarial loss/gain | $ | 0.2 | $ | — | $ | 0.3 | $ | — | Marketing and administration expense | ||||||||||
Derivitives_and_Hedging_Instru
Derivitives and Hedging Instruments | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ' | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||||
DERIVATIVES AND HEDGING INSTRUMENTS | |||||||||||||||||||
Derivatives and hedging activities consist of: | |||||||||||||||||||
Assets (Liabilities) at Fair Value | |||||||||||||||||||
In millions | Balance Sheet Location | As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||||
Derivatives not designated as hedging: | |||||||||||||||||||
Currency forward contracts (1) | Prepaid and other current assets | $ | 0.2 | $ | — | ||||||||||||||
Currency forward contracts (1) | Accrued liabilities | $ | (0.1 | ) | $ | (3.1 | ) | ||||||||||||
(1) Currency forward contracts are recorded on the condensed consolidated balance sheet at fair value using Level 1 inputs. | |||||||||||||||||||
Gains | Gains | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
In millions | Statement of Operations Location | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Derivatives not designated as hedging: | |||||||||||||||||||
Currency forward contracts | Other, net | $ | 2.3 | $ | 18.5 | $ | 4.5 | $ | 10.4 | ||||||||||
We utilize currency forward contracts to mitigate financial market risks of fluctuations in foreign currency exchange rates. We do not use derivative financial instruments for speculative or trading purposes. We generally hedge transactional currency risks with currency forward contracts. Gains and losses on these foreign currency exposures are generally offset by corresponding losses and gains on the related hedging instruments, reducing the net exposure to SunEdison Semiconductor. A substantial portion of our revenue and capital spending is transacted in the U.S. dollar. However, we do enter into transactions in other currencies, primarily the Euro, the Japanese Yen, and certain other Asian currencies. We have established transaction-based hedging programs to protect against reductions in the value and volatility of future cash flows caused by changes in foreign exchange rates. Our hedging programs reduce, but do not always eliminate, the impact of foreign currency exchange rate movements. We may have outstanding contracts with several major financial institutions for these hedging transactions at any point in time. Our maximum credit risk with these institutions is limited to any gain on our outstanding contracts. These currency forward contracts had net notional amounts of $82.7 million and $222.5 million, as of June 30, 2014 and December 31, 2013, respectively, and are accounted for as economic hedges, for which hedge accounting was not applied. |
Equity_Method_Investment_Notes
Equity Method Investment (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Equity Method Investment [Abstract] | ' |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' |
EQUITY METHOD INVESTMENT | |
SunEdison acquired an approximately 35% interest in SMP, Ltd. from Samsung Fine Chemicals Co., Ltd for a cash purchase price of 143.9 billion South Korean Won, or $140.7 million, and contributed that interest in SMP to us as part of the Formation Transactions. SMP owns a polysilicon manufacturing facility currently under construction in South Korea. This represents a non-cash transaction to us and is excluded from the condensed consolidated statements of cash flows. This transaction resulted in us having an equity method investment in SMP. | |
We use the equity method of accounting for our equity investments where we hold more than 20% of the outstanding stock of the investee or where we have the ability to significantly influence the operations or financial decisions of the investee. We initially record the investment at cost and adjust the carrying amount each period to recognize our share of the earnings or losses of the investee based on our ownership percentage. We review our equity and cost method investments periodically for indicators of impairment. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
COMMITMENTS AND CONTINGENCIES | |
Purchase Commitments | |
We provided notice to several of our vendors with whom we had long-term supply contracts that we will no longer be fulfilling our purchase obligations under those contracts as part of our restructuring activities announced in the fourth quarter of 2011. We recorded significant restructuring liabilities associated with the estimated settlements arising from these actions based on management's best estimates of the ultimate outcome of these contract resolutions at that time in connection with the restructuring. We had liabilities of $10.5 million as of December 31, 2013 associated with the settlements arising from these take-or-pay supply agreements and estimated purchase obligations, all recorded as short-term restructuring liabilities in the condensed consolidated balance sheet. There are no such liabilities as of June 30, 2014 as we have paid these liabilities in 2014 in accordance with the terms of those agreements. | |
Indemnification | |
We have agreed to indemnify some of our semiconductor customers against claims of infringement of the intellectual property rights of others in our sales contracts with these customers. Historically, we have not paid any claims under these indemnification obligations, and we do not have any pending indemnification claims as of June 30, 2014. | |
Legal Proceedings | |
We are involved in various legal proceedings, claims, investigations, and other legal matters which arise in the ordinary course of business. Although it is not possible to predict the outcome of these matters, we believe that the ultimate outcome of these proceedings, individually and in the aggregate, will not have a material adverse effect on our financial position, cash flows, or results of operations. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
INCOME TAXES | |
We record income tax expense (benefit) each quarter based on our best estimate of the full year's effective tax rate. This estimated tax expense (benefit) is reported based on a pro-ration of the actual income earned in the period divided by the full year forecasted income (loss). There are certain items, however, which are given discrete period treatment, and the tax effects of those items are reported in the quarter that such events arise. Items that give rise to discrete recognition include (but are not limited to) finalizing tax authority examinations, changes in statutory tax rates, and the expiration of a statute of limitations. | |
The process for calculating income tax expense (benefit) includes estimating current taxes due and assessing temporary differences between the recognition of assets and liabilities for tax and financial statement reporting purposes. The income tax benefit for the three and six month periods ended June 30, 2014 is associated with the result of our worldwide operational earnings mix using various tax rates and a discrete reduction of the valuation allowance on certain deferred tax assets of $29.6 million due to our ability to realize those benefits in the future. The discrete reduction of the valuation allowance was recorded in the three months ended June 30, 2014. The income tax expense for the three and six month periods ended June 30, 2013 is associated with the result of our worldwide operational earnings mix using various tax rates. We regularly review our deferred tax assets for realizability, taking into consideration all available evidence, both positive and negative, including cumulative losses, projected future pre-tax and taxable income (losses), the expected timing of the reversals of existing temporary differences, and the expected impact of tax planning strategies. Our total deferred tax assets, net of valuation allowance, as of June 30, 2014 and December 31, 2013, were $53.9 million and $21.5 million, respectively. We believe that it is more likely than not, based on our projections of future taxable income in certain jurisdictions, that we will generate sufficient taxable income to realize the benefits of the net deferred tax assets which have not been offset by a valuation allowance at June 30, 2014. | |
Our parent company is domiciled in Singapore. We are subject to income taxes in the United States and numerous foreign jurisdictions. We are subject to income tax audits in these jurisdictions from time to time. We believe that our tax return positions are fully supported, but tax authorities may challenge certain positions, which may not be fully sustained. Our income tax expense includes amounts intended to satisfy income tax assessments that may result from these challenges. Determining the income tax expense for these potential assessments and recording the related assets and liabilities requires significant judgments and estimates. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. We review our liabilities quarterly, and we may adjust such liabilities due to proposed assessments by tax authorities, changes in facts and circumstances, issuance of new regulations or new case law, negotiations between tax authorities of different countries concerning our transfer prices, the resolution of entire audits, or the expiration of statutes of limitations. Adjustments, if required, are most likely to occur in the year during which major audits are closed. The total accrual for uncertain tax positions as of June 30, 2014 and December 31, 2013 was $1.5 million and $1.6 million, respectively. | |
Management has reviewed its repatriation policy during the first six months of 2014 with respect to our planned legal structure and concluded that the undistributed current earnings of certain subsidiaries are expected to be remitted to the Singapore parent in the foreseeable future. There is very minimal tax effect to these newly planned remittances. We plan foreign remittance amounts based on projected cash flow needs as well as the working capital and long-term investment requirements of our worldwide subsidiaries and operations. All cash and cash equivalents were held by our foreign subsidiaries of our Singapore parent as of June 30, 2014, and a portion may be subject to repatriation tax effects. | |
We are under examination by certain international tax jurisdictions. We believe it is reasonably possible that some portions of these examinations could be completed within the next twelve months and have recorded amounts in the financial statements that are reflective of the current status of these examinations. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
RELATED PARTY TRANSACTIONS | |
Corporate Allocations | |
Refer to Note 1 for discussion on historical corporate expense allocations. | |
Transactions with Affiliates | |
We ship intermediate products such as polysilicon, trichlorosilane gas, ingots, scrap wafers, and other inventory items to SunEdison's subsidiaries in the United States, Europe, and Asia for use in their operations. We also provide limited services to SunEdison following the Offering as outlined in a transition services agreement. Any receivables related to these shipments and services to SunEdison are recognized as an accounts receivable, affiliate in the condensed consolidated balance sheet and shipment of products is recognized as net sales to affiliates in the condensed consolidated statement of operations. Net sales to affiliates were $0.3 million and $0.6 million for the three and six month periods ended June 30, 2014, respectively. Net sales to affiliates were $3.9 million and $5.1 million for the three and six month periods ended June 30, 2013, respectively. We had $22.4 million and $14.1 million of receivables due from affiliates as of June 30, 2014 and December 31, 2013, respectively. | |
We purchase products, primarily polysilicon, from SunEdison and its subsidiaries. SunEdison had in the past also performed financing, cash management, treasury, and other services for us on a centralized basis, and continues to provide limited services for us following the Offering as outlined in a transition services agreement. Accounts payable, affiliate were $12.5 million and $106.8 million as of June 30, 2014 and December 31, 2013, respectively. In connection with the Offering, $62.4 million of accounts payable, affiliate was settled through a cash payment to SunEdison after offsetting certain accounts receivable, affiliate and notes receivable, affiliate balances against accounts payable, affiliate balances with certain SunEdison subsidiaries. The amounts included in the offsetting transactions included $26.3 million of accounts receivable, affiliate and $3.8 million of notes receivable, affiliate balances that were outstanding as of March 31, 2014. The $26.3 million and $3.8 million non-cash transactions are excluded from the condensed consolidated statements of cash flows. | |
Notes Receivable and Debt - Affiliate | |
Prior to the Offering, certain intercompany loans were made to/by certain SunEdison and SunEdison Semiconductor subsidiaries. The related notes matured in less than one year, but were generally renewed and, therefore, considered long-term and recorded in notes receivable, affiliate and long-term debt, affiliate. Interest on the notes was calculated based on fixed rates ranging from 2.00% to 3.00%. There were no notes receivable, affiliate outstanding as of June 30, 2014 and $18.7 million of notes receivable, affiliate was outstanding as of December 31, 2013. There was no long-term debt payable, affiliate outstanding as of June 30, 2014 and December 31, 2013. | |
During the six months ended June 30, 2014, we settled $15.0 million of the note receivables from certain SunEdison subsidiaries by offsetting a portion of those amounts against affiliate trade payables we have with certain other SunEdison subsidiaries. Of the $15.0 million in settlements of affiliate note receivable balances, $12.0 million are non-cash transactions which are excluded from the combined statements of cash flows. The remaining $3.8 million intercompany notes between SunEdison and SunEdison Semiconductor were settled in connection with the Offering, as previously discussed, by offsetting a portion of the intercompany loans against accounts payable, affiliate balances with certain SunEdison subsidiaries. | |
Interest income on intercompany notes receivable and interest expense on intercompany borrowings is recorded as interest (income) expense, net - affiliates on the condensed consolidated statements of operations. |
Employee_Related_Liabilities_N
Employee Related Liabilities (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Employee Related Liabilities [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
EMPLOYEE-RELATED LIABILITIES | |
The changes in pension and other post-employment benefit plans are not material to our condensed consolidated financial statements for the three and six months ended June 30, 2014 and 2013. SunEdison also maintains a number of benefit programs at the corporate level. Our employees have historically participated in those programs and, as such, we were allocated expenses associated with those programs. | |
SunEdison received a notice from the Pension Benefit Guaranty Corporation (“PBGC”) in May 2014 that it intends to require an additional contribution to our U. S. pension plan under ERISA section 4062(e), which was transferred to us upon the completion of the Offering. SunEdison have not received a formal assessment or concluded the negotiation process with the PBGC. On July 8, 2014, the PBGC announced a moratorium through the end of 2014 on the enforcement of 4062(e) cases. Therefore, we have not yet made any modifications to our U.S. pension plan assets. The U.S. pension plan was in an over-funded status on a US GAAP basis as of December 31, 2013, and we have not recorded any additional amounts to fund the pension plan as a result of the PBGC notice because we believe the over-funded amount is sufficient to cover the request for contribution by the PBGC. We do not expect any final resolution with the PBGC to have a material impact on our financial condition or results of operations. |
Nature_of_Operations_Accountin
Nature of Operations Accounting policy (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies [Text Block] | ' |
We operated as a business segment of SunEdison prior to the Offering. The combined financial statements for interim and annual periods prior to the Offering were derived from the consolidated financial statements and accounting records of SunEdison and included allocations for direct costs and indirect costs attributable to the operations of the semiconductor materials business of SunEdison. Our condensed consolidated financial statements for the three month period ended June 30, 2014 were prepared following the Formation Transactions and the Offering. | |
The accompanying unaudited combined financial statements of SunEdison Semiconductor for the six month periods ended June 30, 2014 and 2013 and the three month period ended June 30, 2013, as well as the unaudited condensed consolidated financial statements for the three month period ended June 30, 2014, have been prepared in accordance with U.S. generally accepted accounting principles ("US GAAP") and, in the opinion of management, include all adjustments (consisting of normal, recurring items) necessary for the fair presentation of our financial position and results of operations and cash flows for the periods presented. We have presented our unaudited financial statements in accordance with the rules and regulations of the United States ("US") Securities and Exchange Commission ("SEC") applicable to interim financial reporting. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to SEC rules and regulations. These unaudited financial statements should be read in conjunction with our Rule 424(b)(4) prospectus filed with the SEC on May 23, 2014 ("Prospectus"), which contains SunEdison Semiconductor's audited combined financial statements and notes thereto as of December 31, 2013 and 2012, and for the years ended December 31, 2013, 2012, and 2011, as well as our unaudited interim combined financial statements as of March 31, 2014 and for the three month periods ended March 31, 2014 and 2013. All intracompany balances and transactions have been eliminated in consolidating our unaudited combined and unaudited condensed consolidated financial statements. | |
Refer to the audited financial statements and the notes thereto as of December 31, 2013 and 2012, and for the years ended December 31, 2013, 2012, and 2011 included in the Prospectus for further information on the Company's significant accounting policies. There have been no significant changes to our accounting policies since December 31, 2013. | |
SunEdison maintains a number of stock-based compensation and benefit programs at the corporate level. Our employees participate in those programs and as such, our unaudited combined financial statements included allocated expenses associated with those programs. Our unaudited condensed consolidated balance sheet as of June 30, 2014, and the combined balance sheet as of December 31, 2013 do not include any Parent outstanding equity related to the stock-based compensation programs. Both our unaudited condensed consolidated balance sheet as of June 30, 2014 and our audited combined balance sheet as of December 31, 2013 include net pension and postretirement benefit plan obligations in the US and certain foreign locations that are our direct obligation because substantially all of the Parent's legacy pension and other post-employment benefit plans related solely to us. See Notes 6 and 14 for further description of the stock-based compensation and benefit programs. | |
We generate a portion of our net sales from sales to SunEdison subsidiaries. These sales are reflected in a separate line item in our condensed consolidated statements of operations, net sales to affiliates. Normal operating activities with affiliates are reflected as amounts due from affiliates and amounts due to affiliates within operating activities in the condensed consolidated statements of cash flows. Prior to the Offering, our financial statements reflected cash transferred to and from SunEdison as notes receivable, affiliate and long-term debt, affiliate on the condensed consolidated balance sheet, and notes receivable from affiliates and borrowings from affiliates in the condensed consolidated statements of cash flows. The combined balance sheet as of December 31, 2013 does not separately present certain of the Parent's assets or liabilities where management deemed it inappropriate due to the underlying nature of those assets and liabilities. All changes in the net parent investment account in the combined balance sheets have been considered cash receipts and payments, except for the exchange of ordinary shares in connection with the Formation Transactions, for purposes of the combined statements of cash flows and are reflected in financing activities. See Note 13 for a further description of related party transactions. | |
Earnings per share data have been retroactively applied for the three and six month periods ended June 30, 2013 because we did not operate as a separate legal entity with our own capital structure prior to the Offering. | |
Our historical combined financial statements include general corporate expenses of SunEdison that were allocated to us for certain functions, including communications, corporate administration, finance, accounting, treasury, legal, information technology, human resources, compliance, employee benefits and incentives, operations, research and development, and stock compensation. These expenses were allocated on the basis of direct usage, where identifiable, with the remainder primarily allocated on the basis of revenue or other related sales metrics, headcount, or number of our manufacturing plants. We consider the expense allocation methodology and results to be reasonable for all periods presented. However, these allocations may not necessarily be indicative of the actual expenses we would have incurred as an independent publicly traded company during the periods prior to this Offering or of the costs we will incur in the future. | |
Use of Estimates | |
We use estimates and assumptions in preparing our condensed consolidated financial statements that may affect reported amounts and disclosures. Estimates are used when accounting for depreciation, amortization, leases, inventory valuation, accrued liabilities including restructuring, warranties, and employee benefits, derivatives, stock-based compensation, and income taxes and asset recoverability, including allowances, among others. These estimates and assumptions are based on current facts, historical experience, and various other factors we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recognition of revenue, costs, and other expenses that are not readily apparent from other sources. Our future results of operations would be affected to the extent there are material differences between the estimates and actual results. | |
Reclassifications | |
Certain amounts in prior periods have been reclassified to conform with the presentation adopted in the current period. | |
Accounting Standards Updates | |
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This ASU will replace most existing revenue recognition guidance in US GAAP when it becomes effective. The new standard is effective for us on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the effect that ASU 2014-09 will have on our condensed consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Equity_Financing_Transactions_1
Equity Financing Transactions (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Equity Financing Transactions [Abstract] | ' | ||||||
Equity ownership [Table Text Block] | ' | ||||||
As of June 30, 2014, the Company's equity ownership consisted of the following: | |||||||
Shareholder | Ordinary Shares | % Ownership | |||||
SunEdison, Inc. | 23,560,251 | 56.8 | % | ||||
Public | 8,280,000 | 20 | % | ||||
Samsung Fine Chemicals Co., Ltd. | 7,200,000 | 17.3 | % | ||||
Samsung Electronics Co., Ltd. | 2,425,578 | 5.8 | % | ||||
Other | 40,346 | 0.1 | % | ||||
Total Ordinary Shares | 41,506,175 | 100 | % | ||||
Restructuring_and_Related_Acti1
Restructuring and Related Activities (Tables) (2011 US Plan [Member]) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
2011 US Plan [Member] | ' | ||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ||||||||||||||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Details of the 2014 expenses, cash payments, and expected costs incurred related to the 2011 Global Plan are set out in the following table: | |||||||||||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||||||||||
In millions | Accrued | Year-to-date Restructuring Reversals | Cash Payments | Non-cash Settlements | Currency | Accrued | Cumulative Costs Incurred | Total Costs Expected to be Incurred | |||||||||||||||||||||||||
31-Dec-13 | 30-Jun-14 | ||||||||||||||||||||||||||||||||
2011 Global Plan | |||||||||||||||||||||||||||||||||
Severance and employee benefits | $ | 21 | $ | (1.4 | ) | $ | (2.6 | ) | $ | (0.9 | ) | $ | (0.2 | ) | $ | 15.9 | $ | 35.2 | $ | 35.2 | |||||||||||||
Contract termination | 10.5 | — | (10.5 | ) | — | — | — | 106.5 | 106.5 | ||||||||||||||||||||||||
Other | 24.2 | (3.5 | ) | (7.3 | ) | 2 | (0.3 | ) | 15.1 | 34.4 | 34.4 | ||||||||||||||||||||||
Total | $ | 55.7 | $ | (4.9 | ) | $ | (20.4 | ) | $ | 1.1 | $ | (0.5 | ) | $ | 31 | $ | 176.1 | $ | 176.1 | ||||||||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories consist of the following: | ||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||
In millions | ||||||||
Raw materials and supplies | $ | 28.4 | $ | 37.5 | ||||
Goods in process | 54 | 48.1 | ||||||
Finished goods | 42.2 | 42.5 | ||||||
Total inventories | $ | 124.6 | $ | 128.1 | ||||
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Debt [Table Text Block] | ' | |||||||||||||||||||
Debt outstanding consists of the following: | ||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||
Total Principal | Current and Short-Term | Long-Term | Total Principal | Current and Short-Term | Long-Term | |||||||||||||||
In millions | ||||||||||||||||||||
Long-term notes | $ | 207.9 | $ | 2.1 | $ | 205.8 | $ | 10.4 | $ | 2.8 | $ | 7.6 | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
The following table presents information regarding outstanding restricted stock units as of June 30, 2014, and changes during the six months ended June 30, 2014: | |||||||||||||||||
Restricted Stock | Aggregate Intrinsic | Weighted-Average Remaining | |||||||||||||||
Units | Value (in millions) | Contractual Life (years) | |||||||||||||||
Outstanding at December 31, 2013 | — | ||||||||||||||||
Granted | 1,261,329 | ||||||||||||||||
Converted | — | ||||||||||||||||
Forfeited | — | ||||||||||||||||
Outstanding at June 30, 2014 | 1,261,329 | $ | 21.4 | 4 | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
The following table presents information regarding outstanding stock options as of June 30, 2014, and changes during the six months ended June 30, 2014: | |||||||||||||||||
Shares | Weighted- | Aggregate | Weighted-Average | ||||||||||||||
Average | Intrinsic | Remaining | |||||||||||||||
Exercise Price | Value | Contractual | |||||||||||||||
(in millions) | Life (years) | ||||||||||||||||
Outstanding at December 31, 2013 | — | $ | — | ||||||||||||||
Granted | 1,709,102 | $ | 15.76 | ||||||||||||||
Exercised | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Expired | — | — | |||||||||||||||
Outstanding at June 30, 2014 | 1,709,102 | $ | 15.76 | $ | 2.5 | 10 | |||||||||||
Options exercisable at June 30, 2014 | — | $ | — | $ | — | 0 | |||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
Stock-based compensation expense is reported as follows in the condensed consolidated statement of operations: | |||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
In millions | |||||||||||||||||
Cost of goods sold | $ | 0.7 | $ | 0.7 | $ | 1.5 | $ | 1.7 | |||||||||
Marketing and administration | 0.6 | 1.9 | 1.5 | 3.8 | |||||||||||||
Research and development | 0.4 | 0.5 | 1 | 1 | |||||||||||||
Stock-based employee compensation | $ | 1.7 | $ | 3.1 | $ | 4 | $ | 6.5 | |||||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||
Basic and diluted earnings (loss) per share ("EPS") for the three month periods ended June 30, 2014 and 2013 were calculated as follows: | ||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | |||||||||||||||
In millions, except per share amounts | Basic | Diluted | Basic | Diluted | ||||||||||||
EPS Numerator: | ||||||||||||||||
Net income (loss) attributable to SunEdison Semiconductor Limited shareholders | $ | 14.3 | $ | 14.3 | $ | (13.2 | ) | $ | (13.2 | ) | ||||||
EPS Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 41.5 | 41.5 | 41.5 | 41.5 | ||||||||||||
Earnings (loss) per share | $ | 0.34 | $ | 0.34 | $ | (0.32 | ) | $ | (0.32 | ) | ||||||
Basic and diluted EPS for the six month periods ended June 30, 2014 and 2013 were calculated as follows: | ||||||||||||||||
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | |||||||||||||||
In millions, except per share amounts | Basic | Diluted | Basic | Diluted | ||||||||||||
EPS Numerator: | ||||||||||||||||
Net loss attributable to SunEdison Semiconductor Limited shareholders | $ | (0.3 | ) | $ | (0.3 | ) | $ | (23.7 | ) | $ | (23.7 | ) | ||||
EPS Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 41.5 | 41.5 | 41.5 | 41.5 | ||||||||||||
Loss per share | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.57 | ) | $ | (0.57 | ) | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive (Losses) (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | ||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||
The following table presents the changes in each component of accumulated other comprehensive loss, net of tax: | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
In millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Foreign Currency Items (1) | |||||||||||||||||||
Beginning balance | $ | (66.7 | ) | $ | (56.5 | ) | $ | (76.3 | ) | $ | (28.1 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 9.5 | (13.8 | ) | 19.1 | (42.2 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | — | — | |||||||||||||||
Net other comprehensive income (loss) | 9.5 | (13.8 | ) | 19.1 | (42.2 | ) | |||||||||||||
Balance at June 30 | $ | (57.2 | ) | $ | (70.3 | ) | $ | (57.2 | ) | $ | (70.3 | ) | |||||||
Available-for-sale Securities | |||||||||||||||||||
Beginning balance | $ | — | $ | 0.2 | $ | — | $ | 0.2 | |||||||||||
Other comprehensive income (loss) before reclassifications | — | — | — | — | |||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | — | — | |||||||||||||||
Net other comprehensive income (loss) | — | — | — | — | |||||||||||||||
Balance at June 30 | $ | — | $ | 0.2 | $ | — | $ | 0.2 | |||||||||||
Pension Plans | |||||||||||||||||||
Beginning balance | $ | (34.0 | ) | $ | (67.3 | ) | $ | (33.9 | ) | $ | (67.3 | ) | |||||||
Other comprehensive income (loss) before reclassifications | — | — | — | — | |||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (0.2 | ) | — | (0.3 | ) | — | |||||||||||||
Net other comprehensive income | (0.2 | ) | — | (0.3 | ) | — | |||||||||||||
Amount of accumulated other comprehensive income transferred from SunEdison (2) | 7.1 | — | 7.1 | — | |||||||||||||||
Balance at June 30 | $ | (27.1 | ) | $ | (67.3 | ) | $ | (27.1 | ) | $ | (67.3 | ) | |||||||
Accumulated other comprehensive loss at June 30 | $ | (84.3 | ) | $ | (137.4 | ) | $ | (84.3 | ) | $ | (137.4 | ) | |||||||
(1) Excludes foreign currency adjustments related to noncontrolling interests. See the condensed consolidated statements of comprehensive income (loss). | |||||||||||||||||||
(2) Amount represents the non-cash transfer of accumulated other comprehensive income from SunEdison as part of the Formation Transactions. | |||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||||
The following table presents reclassifications from accumulated other comprehensive loss and the affected line in the condensed consolidated statement of operations: | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Condensed Consolidated Statement of Operations | |||||||||||||||||
In millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Amortization of prior service costs/credits and net actuarial loss/gain | $ | 0.2 | $ | — | $ | 0.3 | $ | — | Marketing and administration expense | ||||||||||
Derivitives_and_Hedging_Instru1
Derivitives and Hedging Instruments (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ' | ||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||||||
Derivatives and hedging activities consist of: | |||||||||||||||||||
Assets (Liabilities) at Fair Value | |||||||||||||||||||
In millions | Balance Sheet Location | As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||||
Derivatives not designated as hedging: | |||||||||||||||||||
Currency forward contracts (1) | Prepaid and other current assets | $ | 0.2 | $ | — | ||||||||||||||
Currency forward contracts (1) | Accrued liabilities | $ | (0.1 | ) | $ | (3.1 | ) | ||||||||||||
(1) Currency forward contracts are recorded on the condensed consolidated balance sheet at fair value using Level 1 inputs. | |||||||||||||||||||
Gains | Gains | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
In millions | Statement of Operations Location | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Derivatives not designated as hedging: | |||||||||||||||||||
Currency forward contracts | Other, net | $ | 2.3 | $ | 18.5 | $ | 4.5 | $ | 10.4 | ||||||||||
Equity_Financing_Transactions_2
Equity Financing Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | 28-May-14 |
Shares issued [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 41,506,175 | ' | ' | ' |
Ownership percentage | 100.00% | 100.00% | ' | ' |
Shares Issued, Price Per Share | ' | ' | ' | $13 |
Proceeds from Issuance Initial Public Offering | ' | $186.30 | ' | ' |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 20.00% | ' | ' | ' |
Net proceeds from issuance of private placements | 87.3 | ' | ' | ' |
Payments for Fees | 6.3 | ' | ' | ' |
Proceeds from Issuance of Debt | 210 | ' | ' | ' |
Repayments of Related Party Debt | 215.2 | ' | ' | ' |
Public [Domain] | ' | ' | ' | ' |
Shares issued [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 8,280,000 | ' | ' | ' |
Ownership percentage | 20.00% | 20.00% | ' | ' |
Samsung Fine Chemicals Co., Ltd. [Member] | ' | ' | ' | ' |
Shares issued [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 7,200,000 | ' | ' | ' |
Ownership percentage | 17.30% | 17.30% | ' | ' |
Proceeds from Issuance of Private Placement | 93.6 | ' | ' | ' |
Samsung Electronics Co., Ltd. [Member] | ' | ' | ' | ' |
Shares issued [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 2,425,578 | ' | ' | ' |
Ownership percentage | 5.80% | 5.80% | ' | ' |
Proceeds from Issuance of Private Placement | 31.5 | ' | ' | ' |
Other owners [Member] | ' | ' | ' | ' |
Shares issued [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 40,346 | ' | ' | ' |
Ownership percentage | 0.10% | 0.10% | ' | ' |
Over-allotment [Member] | ' | ' | ' | ' |
Shares issued [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 1,080,000 | ' | ' | ' |
Proceeds from Issuance Initial Public Offering | 13.1 | ' | ' | ' |
Payments of Stock Issuance Costs | 0.9 | ' | ' | ' |
SunEdison, Inc. [Member] | ' | ' | ' | ' |
Shares issued [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 23,560,251 | ' | ' | ' |
Ownership percentage | 56.80% | 56.80% | ' | ' |
Initial public offering [Member] | ' | ' | ' | ' |
Shares issued [Line Items] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 7,200,000 | ' | ' | ' |
Proceeds from Issuance Initial Public Offering | 85.9 | ' | ' | ' |
Payments of Stock Issuance Costs | $7.70 | ' | ' | ' |
Equity_Financing_Transactions_3
Equity Financing Transactions Table of ownership percentages (Details) | 3 Months Ended |
Jun. 30, 2014 | |
Shares issued [Line Items] | ' |
Stock Issued During Period, Shares, New Issues | 41,506,175 |
Ownership percentage | 100.00% |
SunEdison, Inc. [Member] | ' |
Shares issued [Line Items] | ' |
Stock Issued During Period, Shares, New Issues | 23,560,251 |
Ownership percentage | 56.80% |
Public [Domain] | ' |
Shares issued [Line Items] | ' |
Stock Issued During Period, Shares, New Issues | 8,280,000 |
Ownership percentage | 20.00% |
Samsung Fine Chemicals Co., Ltd. [Member] | ' |
Shares issued [Line Items] | ' |
Stock Issued During Period, Shares, New Issues | 7,200,000 |
Ownership percentage | 17.30% |
Samsung Electronics Co., Ltd. [Member] | ' |
Shares issued [Line Items] | ' |
Stock Issued During Period, Shares, New Issues | 2,425,578 |
Ownership percentage | 5.80% |
Other owners [Member] | ' |
Shares issued [Line Items] | ' |
Stock Issued During Period, Shares, New Issues | 40,346 |
Ownership percentage | 0.10% |
Restructuring_and_Related_Acti2
Restructuring and Related Activities (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
2011 US Plan [Member] | 2011 US Plan [Member] | 2011 US Plan [Member] | Employee Severance [Member] | Employee Severance [Member] | Contract Termination [Member] | Contract Termination [Member] | Other Restructuring [Member] | Other Restructuring [Member] | |||||
2011 US Plan [Member] | 2011 US Plan [Member] | 2011 US Plan [Member] | 2011 US Plan [Member] | 2011 US Plan [Member] | 2011 US Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve | ' | ' | ' | ' | $31 | $31 | $55.70 | $15.90 | $21 | ' | $10.50 | $15.10 | $24.20 |
Restructuring | -10.8 | -1.2 | -15.4 | -5.5 | -3.5 | -4.9 | ' | -1.4 | ' | ' | ' | -3.5 | ' |
Payments for Restructuring | ' | ' | -44.3 | ' | ' | -20.4 | ' | -2.6 | ' | -10.5 | ' | -7.3 | ' |
Restructuring Reserve - Non Cash Settlement | ' | ' | ' | ' | ' | 1.1 | ' | -0.9 | ' | ' | ' | 2 | ' |
Restructuring Reserve, Translation Adjustment | ' | ' | ' | ' | ' | -0.5 | ' | -0.2 | ' | ' | ' | -0.3 | ' |
Restructuring and Related Cost, Cost Incurred to Date | ' | ' | ' | ' | ' | 176.1 | ' | 35.2 | ' | 106.5 | ' | 34.4 | ' |
Restructuring and Related Cost, Expected Cost | ' | ' | ' | ' | ' | $176.10 | ' | $35.20 | ' | $106.50 | ' | $34.40 | ' |
Restructuring_and_Related_Acti3
Restructuring and Related Activities (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Restructuring Plan [Line Items] | ' | ' | ' | ' | ' |
Payments for Restructuring | ' | ' | $44.30 | ' | ' |
Restructuring Reserve, Current | 27.8 | ' | 27.8 | ' | 47.6 |
Restructuring Charges | 10.8 | 1.2 | 15.4 | 5.5 | ' |
Settlement of supply agreement with affiliate | 32.3 | ' | ' | ' | ' |
2014 Plan [Member] | ' | ' | ' | ' | ' |
Restructuring Plan [Line Items] | ' | ' | ' | ' | ' |
Restructuring Charges | ' | ' | -4 | ' | ' |
Other Restructuring [Member] | ' | ' | ' | ' | ' |
Restructuring Plan [Line Items] | ' | ' | ' | ' | ' |
Restructuring Charges | 7.2 | ' | 14.4 | ' | ' |
2011 US Plan [Member] | ' | ' | ' | ' | ' |
Restructuring Plan [Line Items] | ' | ' | ' | ' | ' |
Payments for Restructuring | ' | ' | 20.4 | ' | ' |
Restructuring Charges | $3.50 | ' | $4.90 | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory [Abstract] | ' | ' |
Inventory, Raw Materials and Supplies, Net of Reserves | $28.40 | $37.50 |
Inventory, Work in Process, Net of Reserves | 54 | 48.1 |
Inventory, Finished Goods, Net of Reserves | 42.2 | 42.5 |
Inventory, Net | $124.60 | $128.10 |
Debt_Details
Debt (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Notes Payable | $207.90 | $10.40 |
Current portion of long-term debt | 2.1 | 2.8 |
Long-term debt, less current portion | $205.80 | $7.60 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Interest rates [Line Items] | ' | ' |
Proceeds from Issuance of Debt | $210,000,000 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | ' |
Letters of credit maximum borrowing capacity | 15,000,000 | ' |
Swing line loan maximum borrowing capacity | 15,000,000 | ' |
Debt Instrument, Maturity Date, Description | 'The Term Facility has a five-year term, ending MayB 27, 2019 | ' |
Debt Instrument, Periodic Payment, Principal | 525,000 | ' |
Original issue discount percentage on debt | 1.00% | ' |
Original issue discount amount on debt | 2,100,000 | ' |
Debt Issuance Cost | 9,800,000 | ' |
Debt Instrument, Covenant Description | 'The Credit Facility contains customary representations, covenants, and events of default typical for credit arrangements of comparable size, including our maintenance of a consolidated leverage ratio of not greater than: (i)B 3.5 to 1.0 for the fiscal quarters ending SeptemberB 30, 2014 and DecemberB 31, 2014; (ii)B 3.0 to 1.0 for the fiscal quarters ending MarchB 31, 2015 and JuneB 30, 2015; and (iii)B 2.5 to 1.0 for the fiscal quarters ending on and after SeptemberB 30, 2015. The Credit Facility also contains customary material adverse effects and cross-default clauses. The cross-default clause is applicable to defaults on other indebtedness in excess of $30.0 million. | ' |
Notes Payable | 207,900,000 | 10,400,000 |
Long-term Debt, Fair Value | $212,700,000 | $9,800,000 |
Base Rate [Member] | ' | ' |
Interest rates [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ' |
Spread over LIBOR [Member] | ' | ' |
Interest rates [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ' |
Minimum [Member] | Base Rate [Member] | ' | ' |
Interest rates [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ' |
StockBased_Compensation_Stock_
Stock-Based Compensation Stock based compensation expense table (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $1.70 | $3.10 | $4 | $6.50 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,261,329 | ' | 1,261,329 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | 1,261,329 | ' | ' |
Share Based COmpoensation Arrangement By Share Based Payment Award Equity Instrument Other Than Options; Converted In Period | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share | $21.40 | ' | $21.40 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | ' | ' | '4 years | ' | ' |
Cost of Goods, Total [Member] | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 0.7 | 0.7 | 1.5 | 1.7 | ' |
Selling and Marketing Expense [Member] | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 0.6 | 1.9 | 1.5 | 3.8 | ' |
Research and Development Expense [Member] | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $0.40 | $0.50 | $1 | $1 | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation [Abstract] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | 1,261,329 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $16.84 | ' |
Granted | ' | ' | 1,709,102 | ' |
Registered shares | 11,000,000 | ' | ' | ' |
Allocated Share-based Compensation Expense | $1.70 | $3.10 | $4 | $6.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $5.12 | ' |
Shares available to be issued | 8,000,000 | ' | 8,000,000 | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation Schedule Of Share Based Compensation Stock Options Activity (Details) (USD $) | 6 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Beginning of year | ' | ' |
Granted | 1,709,102 | ' |
End of year | 1,709,102 | ' |
Options exercisable at end of period | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' | ' |
Outstanding | $15.76 | ' |
Granted | $15.76 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' |
Exercised | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | ' | ' |
Forfeited | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | ' | ' |
Expired | ' | ' |
Exercisable | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | ' | ' |
Outstanding | $2.50 | ' |
Options, Outstanding, Weighted Average Remaining Contractual Life (years) | '10 years | ' |
Options, Exercisable, Weighted Average Remaining Contractual Life (years) | '0 years | ' |
StockBased_Compensation_Schedu1
Stock-Based Compensation Schedule Of Share Based Compensation RSU Activity (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Stock Based Compensation [Abstract] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share | $21,400,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | '4 years |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ' |
Beginning of year | ' |
Granted | 1,261,329 |
End of year | 1,261,329 |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
earnings per share [Line Items] | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | $14.30 | ($13.20) | ($0.30) | ($23.70) |
Weighted Average Number of Shares Outstanding, Basic | 41.5 | 41.5 | 41.5 | 41.5 |
Weighted Average Number of Shares Outstanding, Diluted | 41.5 | 41.5 | 41.5 | 41.5 |
Earnings Per Share, Diluted | $0.34 | ($0.32) | ($0.01) | ($0.57) |
Earnings Per Share, Basic | $0.34 | ($0.32) | ($0.01) | ($0.57) |
Restricted Stock [Member] | ' | ' | ' | ' |
earnings per share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 1.3 | ' |
Employee Stock Option [Member] | ' | ' | ' | ' |
earnings per share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 1.7 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive (Losses) Change in components of Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Accumulated Translation Adjustment [Member] | Accumulated Translation Adjustment [Member] | Accumulated Translation Adjustment [Member] | Accumulated Translation Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
AccumulatedOtherComprenhensiveIncomeLossRollForwardRollForward [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ($110.20) | ' | ($66.70) | ($56.50) | ($76.30) | ($28.10) | ($34) | ($33.90) | ($67.30) | ($67.30) | ($67.30) | $0.20 | $0.20 | $0.20 |
Other comprehensive (loss) income before reclassifications | ' | ' | ' | ' | 9.5 | -13.8 | 19.1 | -42.2 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive loss (2) | ' | ' | ' | ' | ' | ' | ' | ' | -0.2 | -0.3 | ' | ' | ' | ' | ' | ' |
Other adjustment to accumulated other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 7.1 | 7.1 | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 9.1 | -14.9 | 18.3 | -44.4 | 9.5 | -13.8 | 19.1 | -42.2 | -0.2 | -0.3 | ' | ' | ' | ' | ' | ' |
Ending balance | ($84.30) | ($137.40) | ($84.30) | ($137.40) | ($57.20) | ($70.30) | ($57.20) | ($70.30) | ($27.10) | ($27.10) | ($67.30) | ($67.30) | ($67.30) | $0.20 | $0.20 | $0.20 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive (Losses) Reclassifications from Accumulated Other Comprehensive Loss (Details) (Accumulated Defined Benefit Plans Adjustment [Member], USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $0.20 | $0.30 |
Derivitives_and_Hedging_Instru2
Derivitives and Hedging Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Prepaid and Other Current Assets [Member] [Domain] | Prepaid and Other Current Assets [Member] [Domain] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Other Expense | Other Expense | Other Expense | Other Expense |
Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | |||
Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net | ' | ' | $0.20 | ' | ($0.10) | ($3.10) | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | ' | ' | ' | ' | ' | ' | 2.3 | 18.5 | 4.5 | 10.4 |
Derivative, Notional Amount | $82.70 | $222.50 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Method_Investment_Detai
Equity Method Investment (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
USD ($) | KRW | |
Equity Method Investment [Abstract] | ' | ' |
Equity Method Investment, Ownership Percentage | 35.00% | 35.00% |
Payments to Acquire Equity Method Investments | $140.70 | 143,900 |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Restructuring Reserve | $10.50 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Valuation Allowances and Reserves, Adjustments | $29.60 | ' |
Unrecognized Tax Benefits | 1.5 | 1.6 |
Deferred Tax Assets, Net of Valuation Allowance | $53.90 | $21.50 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Related Party Transactions [Abstract] | ' | ' | ' | ' | ' | ' |
Net sales to affiliates | $0.30 | $3.90 | $0.60 | $5.10 | ' | ' |
Due from Affiliate, Current | 22.4 | ' | 22.4 | ' | 26.3 | 14.1 |
Due from Affiliate, Noncurrent | ' | ' | ' | ' | 3.8 | 18.7 |
Notes receivable settled with affiliate | ' | ' | 15 | ' | ' | ' |
Non cash settlements with affiliate | ' | ' | 12 | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | ' | ' | 2.00% | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | ' | ' | 3.00% | ' | ' | ' |
Due to Affiliate, Current | 12.5 | ' | 12.5 | ' | ' | 106.8 |
Accounts payable settled with affiliate | ' | ' | $62.40 | ' | ' | ' |