DEI Document
DEI Document - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 05, 2015 | |
Document Information [Abstract] | ||
Entity Registrant Name | SunEdison Semiconductor Ltd | |
Entity Central Index Key | 1,585,854 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Trading Symbol | SEMI | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 41,959,986 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Net sales to non-affiliates | $ 189 | $ 212.4 | $ 595 | $ 632.8 |
Net sales to affiliates | 0 | 0.8 | 0.8 | 1.4 |
Cost of goods sold | 167.7 | 186.4 | 533.8 | 578.7 |
Gross profit | 21.3 | 26.8 | 62 | 55.5 |
Operating expenses (income): | ||||
Marketing and administration | 21.1 | 22.3 | 63 | 63.7 |
Research and development | 8.4 | 8.1 | 23.8 | 26.4 |
Restructuring reversals | 3.9 | 0.9 | 3.7 | (14.5) |
Long-lived asset impairment charges | 56.7 | 58 | 58 | 58 |
Operating (loss) income | (68.8) | (62.5) | (86.5) | (78.1) |
Non-operating expenses (income): | ||||
Interest expense | 3.6 | 3.8 | 10.7 | 5.5 |
Interest income | (0.1) | (0.2) | (0.3) | (0.4) |
Interest, net - affiliates | 0 | (0.1) | ||
Other, net | 0.3 | 2.7 | (8.9) | (0.6) |
Total non-operating expenses (income) | 3.8 | 6.3 | 1.5 | 4.4 |
Loss before income tax expense (benefit) | (72.6) | (68.8) | (88) | (82.5) |
Income tax expense (benefit) | 7.8 | 10.4 | 16.2 | (2.3) |
(Loss) income before equity in loss of equity method investments | (80.4) | (79.2) | (104.2) | (80.2) |
Equity in loss of equity method investments, net of tax | (0.4) | (0.2) | (1.4) | (0.3) |
Net (loss) income | (80.8) | (79.4) | (105.6) | (80.5) |
Net loss attributable to noncontrolling interests | 0 | 0 | 0.8 | |
Net (loss) income attributable to SunEdison Semiconductor Limited shareholders | $ (80.8) | $ (79.4) | $ (105.6) | $ (79.7) |
Basic (loss) earnings per share (see Note 7) | $ (1.93) | $ (1.91) | $ (2.53) | $ (1.92) |
Diluted (loss) earnings per share (see Note 7) | $ (1.93) | $ (1.91) | $ (2.53) | $ (1.92) |
Condensed Consolidated Stateme3
Condensed Consolidated Statement of Comprehensive Income Statement - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (80.8) | $ (79.4) | $ (105.6) | $ (80.5) |
Net translation adjustment | (13.1) | (30.9) | (39.7) | (12.3) |
Amortization of net actuarial loss (gain) and prior service cost (credit) | 5.5 | (0.1) | 6 | (0.4) |
Other comprehensive (loss) income, net of tax | (7.6) | (31) | (33.7) | (12.7) |
Total comprehensive (loss) income | (88.4) | (110.4) | (139.3) | (93.2) |
Net loss attributable to noncontrolling interests | 0 | 0 | 0.8 | |
Net translation adjustment attributable to noncontrolling interests | 0 | 0.5 | ||
Comprehensive (loss) income attributable to SunEdison Semiconductor Limited shareholders | $ (88.4) | $ (110.4) | $ (139.3) | $ (91.9) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 90.8 | $ 88.2 |
Accounts receivable, affiliate | 0 | 4.3 |
Accounts receivable, less allowance for doubtful accounts of $2.6 and $3.1, respectively | 100.6 | 98.6 |
Inventories | 103.1 | 122.1 |
Deferred tax asset | 27.3 | 27.3 |
Prepaid and other current assets | 31.2 | 28.3 |
Total current assets | 353 | 368.8 |
Property, plant, and equipment, net of accumulated depreciation of $777.6 and $788.3, respectively | 537.7 | 598.8 |
Investments | 118.7 | 130.3 |
Other assets | 73.1 | 86.3 |
Total assets | 1,082.5 | 1,184.2 |
Current liabilities: | ||
Current portion, long-term debt | 2.1 | 2.1 |
Short-term borrowings | 6.7 | 0 |
Accounts payable, affiliate | 0 | 9.4 |
Accounts payable | 104.8 | 94.6 |
Deposit for investment distribution | 35 | 0 |
Accrued liabilities | 49.7 | 57.6 |
Accrued wages and salaries | 30.7 | 23.6 |
Restructuring liabilities | 8.4 | 14 |
Total current liabilities | 237.4 | 201.3 |
Long-term debt, less current portion | 203.7 | 205 |
Pension and post-employment liabilities | 52.3 | 54.7 |
Restructuring liabilities | 3.6 | 3.9 |
Other liabilities | 23.2 | 27.8 |
Total liabilities | 520.2 | 492.7 |
Shareholders' equity: | ||
Ordinary shares, no par value, 41.9 and 41.5 outstanding, respectively | 953.2 | 943.1 |
Accumulated deficit | (184.3) | (78.7) |
Accumulated other comprehensive loss | (207.8) | (174.1) |
Total SunEdison Semiconductor Limited shareholders' equity | 561.1 | 690.3 |
Noncontrolling interests | ||
Noncontrolling interests | 1.2 | 1.2 |
Total shareholders' equity | 562.3 | 691.5 |
Total liabilities and shareholders' equity | $ 1,082.5 | $ 1,184.2 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheet Parenthetical - USD ($) shares in Millions, $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2.6 | $ 3.1 |
Accumulated depreciation | $ 777.6 | $ 788.3 |
Ordinary shares | 41.9 | 41.5 |
Par value | $ 0 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Cash Flow - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (105.6) | $ (80.5) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 81.9 | 87.4 |
Long-lived asset impairment charge | 58 | 58 |
Stock-based compensation | 11.1 | 7.3 |
Provision (benefit) for deferred taxes | 5.1 | (31.9) |
Other | (0.7) | (2.5) |
Changes in assets and liabilities: | ||
Accounts receivable | 8.3 | (6.7) |
Inventories | 15.1 | (7.5) |
Accounts receivable, affiliate | (8) | (6.1) |
Accounts payable, affiliate | 12.4 | (52.9) |
Prepaid and other current assets | (3.3) | (5.6) |
Accounts payable and accrued liabilities | (5.4) | 12.4 |
Income taxes payable | 3.4 | 9.6 |
Pension and post-employment liabilities | 3.4 | (4.2) |
Restructuring liabilities | (4.9) | (21.9) |
Other | (14.3) | (14.1) |
Net cash provided by (used in) operating activities | 56.5 | (59.2) |
Cash flows from investing activities: | ||
Capital expenditures | (82.8) | (71.3) |
Notes receivable from affiliates | 3 | |
Disbursements made for notes receivable | (9.1) | |
Proceeds from deposit for investment distribution | 35 | 0 |
Other | 0 | (2.9) |
Net cash used in investing activities | (56.9) | (71.2) |
Cash flows from financing activities: | ||
Principal payments on long-term debt | (1.6) | (11.1) |
Proceeds from long-term debt | 0 | 210 |
Change in ordinary shares | (1) | 0 |
Net principal payments on short-term borrowings | (0.6) | 0 |
Proceeds from short-term borrowings | 7.6 | |
Deferred financing costs and original issuance discount | 0 | (11.9) |
Net parent investment | (179.4) | |
Proceeds from issuance of ordinary shares | 0 | 186.3 |
Net cash provided by financing activities | 4.4 | 193.9 |
Effect of exchange rate changes on cash and cash equivalents | (1.4) | (1.2) |
Net increase in cash and cash equivalents | 2.6 | 62.3 |
Cash and cash equivalents at beginning of period | 88.2 | 40.8 |
Cash and cash equivalents at end of period | 90.8 | 103.1 |
Supplemental disclosures of cash flow information: | ||
Interest paid, net of amount capitalized | 8.4 | 4.1 |
Income taxes paid, net | 9.8 | 16.1 |
Supplemental schedule of non-cash investing and financing activities: | ||
Accounts payable incurred (relieved) for acquisition of fixed assets | $ 0.3 | $ (4.7) |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Equity Statement - 9 months ended Sep. 30, 2015 - USD ($) shares in Millions, $ in Millions | Total | Ordinary Shares Outstanding [Member] | Ordinary Shares | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total SunEdison Semiconductor Limited Equity | Noncontrolling Interests |
Shares, Outstanding at Dec. 31, 2014 | 41.5 | 41.5 | |||||
Stockholders' Equity Attributable to Parent at Dec. 31, 2014 | $ 690.3 | $ 943.1 | $ (78.7) | $ (174.1) | $ 690.3 | ||
Stockholders' Equity Attributable to Noncontrolling Interest at Dec. 31, 2014 | 1.2 | $ 1.2 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2014 | 691.5 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss) Attributable to Parent | (105.6) | (105.6) | (105.6) | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0.4 | ||||||
Changes to Ordinary Shares due to stock compensation activity | 10.1 | 10.1 | 10.1 | ||||
Other Comprehensive Income (Loss), Net of Tax | $ (33.7) | (33.7) | (33.7) | ||||
Shares, Outstanding at Sep. 30, 2015 | 41.9 | 41.9 | |||||
Stockholders' Equity Attributable to Parent at Sep. 30, 2015 | $ 561.1 | $ 953.2 | $ (184.3) | $ (207.8) | $ 561.1 | ||
Stockholders' Equity Attributable to Noncontrolling Interest at Sep. 30, 2015 | 1.2 | $ 1.2 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Sep. 30, 2015 | $ 562.3 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2015 | |
Nature of Operations [Abstract] | |
Nature of Operations [Text Block] | BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of SunEdison Semiconductor Limited and subsidiaries (“SunEdison Semiconductor”, "SSL", the "Company”, “we”, “us”, and “our”) have been prepared in accordance with generally accepted accounting principles in the United States ("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. Results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014, which contains SunEdison Semiconductor's audited financial statements for such year. As of and after the closing of the secondary offering on July 1, 2015, in which SunEdison, Inc. ("SunEdison") sold all of its shares in the Company, transactions with SunEdison are no longer considered related party transactions. Historical affiliate amounts and transactions are shown on the condensed consolidated financial statements for the six months ended June 30, 2015 and as of December 31, 2014. 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, impairments, leases, inventory valuation, accrued liabilities, restructuring, warranties, employee benefits, derivatives, stock-based compensation, income taxes, and asset recoverability, including allowances, and certain other items. 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 these 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 The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers , in May 2014, 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 effective date of the new standard, as amended, is effective for us on January 1, 2018. Early application is permitted for fiscal years beginning after December 15, 2016 and interim periods within those years. The standard permits the use of either the retrospective or cumulative effect transition method. We have not determined which transition method we will adopt, but do not anticipate a material impact on our consolidated financial statements and related disclosures upon adoption of ASU 2014-09. The FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) , in April 2015, which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The new standard is effective for us on January 1, 2016. Early application is permitted. We have evaluated the impact of this standard and do not anticipate a material impact on our consolidated financial statements and related disclosures upon adoption. The FASB issued ASU No. 2015-05, Intangibles - Goodwill and Other Internal Use Software (Subtopic 350-40) , in April 2015, which amended the guidance on internal use software to clarify how customers in cloud computing arrangements should determine whether an arrangement includes a software license and eliminates the current requirement that entities analogize to the leases standard when determining the asset acquired in an arrangement to license software for internal use. Instead, entities will account for these arrangements as licenses of intangible assets. The new standard is effective for us on January 1, 2016. Early application is permitted. We have evaluated the impact of this standard and do not anticipate a material impact on our consolidated financial statements and related disclosures upon adoption. The FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory , which requires entities to measure most inventory "at the lower of cost and net realizable value", thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new standard is effective for us on January 1, 2017. ASU 2015-11 should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We have evaluated the impact of this standard and do not anticipate a material impact on our consolidated financial statements and related disclosures upon adoption. The FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, entities will recognize the measurement-period adjustment during the reporting period in which the adjustment amount is determined. The new standard is effective for us on January 1, 2016. The amendments should be applied prospectively with earlier application permitted for any interim and annual financial statements that have not yet been made available for issuance. We have evaluated the impact of this standard and do not anticipate a material impact on our consolidated financial statements and related disclosures upon adoption. |
Restructuring and Related Activ
Restructuring and Related Activities | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING ACTIVITIES 2015 Ipoh Plan On July 30, 2015, the Board of Directors of the Company authorized the closure of our Ipoh, Malaysia facility ("2015 Ipoh Plan"), which produces 200 millimeter semiconductor wafers. This action is being taken to consolidate the Company’s manufacturing footprint to better match the demands of the industry. This action is consistent with our continued efforts to improve operational efficiencies, maximize capacity utilization across the Company's geographic platforms, and lower costs. The consolidation will include the transitioning of 200 millimeter wafering activities from our Ipoh facility to Novara, Italy and other operating facilities. This action will affect approximately 650 employees at the Ipoh facility and will be largely complete by the end of 2016. Charges related to the 2015 Ipoh Plan are included within restructuring charges (reversals) and long-lived impairment charges in the condensed consolidated statements of operations. Details of the 2015 expenses, cash payments, and expected costs incurred related to the 2015 Ipoh Plan are set out in the following table: As of September 30, 2015 In millions Accrued Year-to-date Restructuring Charges Cash Payments Accrued September 30, 2015 Cumulative Costs Incurred Total Costs Expected to be Incurred 2015 Ipoh Plan Severance and employee benefits $ — $ 2.3 $ — $ 2.3 $ 2.3 $ 4.5 Contract termination — — — — — 0.6 Other — — — — — 7.7 Total $ — $ 2.3 $ — $ 2.3 $ 2.3 $ 12.8 The decision to close the Ipoh facility triggered an interim impairment analysis, resulting in the recording of $56.7 million of long-lived asset impairment charges for the three and nine months ended September 30, 2015. The impairment charges included $36.9 million related to buildings, $16.0 million related to machinery and equipment, and $3.8 million related to our inventory of spare parts for machinery and equipment stores. These charges are recognized as long-lived asset impairment charges in our condensed consolidated statements of operations. Impairment charges were measured based on the amount by which the carrying value of these assets exceeded their estimated fair value after consideration of their future cash flows using management's assumptions and an independent valuation report for the buildings (Level 3 assumptions). 2014 Consolidation of Crystal and Other Activities We announced a plan to consolidate our crystal operations during the first quarter of 2014. The consolidation includes transitioning small diameter crystal activities from our St. Peters, Missouri facility to other crystal facilities in South Korea, Taiwan, and Italy. The consolidation of crystal activities will affect approximately 120 employees in St. Peters and is currently being implemented. It is expected to be completed by the end of 2015. Net restructuring charges of $1.5 million and $0.9 million were recorded for the three and nine months ended September 30, 2015, respectively. Restructuring reversals of $0.5 million and charges in the amount of $3.5 million were recorded for the three and nine months ended September 30, 2014, respectively, most of which were incurred during the first quarter of 2014. These charges are included within restructuring charges (reversals) in the condensed consolidated statements of operations. We also recorded long-lived asset impairment charges of $1.3 million for the nine months ended September 30, 2015 and $0.7 million for the three and nine months ended September 30, 2014, related to the consolidation of the semiconductor crystal operations. On December 18, 2014, we initiated the termination of certain employees as part of a workforce restructuring plan. The plan was designed to realign our workforce, improve profitability, and support new growth opportunities. The plan resulted in a total reduction of approximately 120 positions, a majority of which were employed outside of the United States. This plan was substantially completed by June 30, 2015. We recorded restructuring charges of $0.2 million and $1.2 million for the three and nine months ended September 30, 2015, respectively, in connection with this workforce restructuring. 2011 Global Plan The semiconductor industry experienced a downturn during the second half of 2011. In response, we committed to a series of actions in December 2011 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 then-current and expected market conditions in the semiconductor market, as well as to improve our overall cost competitiveness and cash flows. Details of the 2015 expenses, cash payments, and expected costs incurred related to the 2011 Global Plan are set out in the following table: As of September 30, 2015 In millions Accrued December 31, 2014 Year-to-date Restructuring Reversals Cash Payments Currency Accrued September 30, 2015 Cumulative Costs Incurred Total Costs Expected to be Incurred 2011 Global Plan Severance and employee benefits $ 0.7 $ — $ (0.1 ) $ (0.1 ) $ 0.5 $ 22.3 $ 22.3 Contract termination — — — — — 106.5 106.5 Other 11.5 (0.8 ) (1.4 ) (0.9 ) 8.4 36.8 36.8 Total $ 12.2 $ (0.8 ) $ (1.5 ) $ (1.0 ) $ 8.9 $ 165.6 $ 165.6 We recorded net restructuring reversals of $14.4 million for the nine months ended September 30, 2014 due to a favorable settlement of a polysilicon supply agreement executed in 2013 with a subsidiary of SunEdison, and $1.3 million of other net charges and $3.6 million of other net reversals to our estimated restructuring liabilities based on actual results differing from our previous estimates for the three and nine months ended September 30, 2014 , respectively. We made approximately $22.8 million in cash payments related to the 2011 Global Plan for the nine months ended September 30, 2014 . During the third quarter of 2014, we received offers of interest to purchase our indefinitely closed Merano, Italy polysilicon facility and the related chlorosilanes facility. These offers indicated to us that the carrying value of the assets exceeded the estimated fair value. As a result of an impairment analysis, we recorded approximately $57 million of non-cash charges to write these assets down to their then-current estimated fair value. These charges are recognized as long-lived asset impairment charges in our condensed consolidated statement of operations. Impairment charges were measured based on the amount by which the carrying value of these assets exceeded their estimated fair value after consideration of their future cash flows using management's assumptions (Level 3 assumptions). |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventory [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES Inventories consist of the following: As of September 30, 2015 As of December 31, 2014 In millions Raw materials and supplies $ 24.6 $ 29.9 Goods in process 42.9 49.7 Finished goods 35.6 42.5 Total inventories $ 103.1 $ 122.1 |
Equity Method Investment (Notes
Equity Method Investment (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investment [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | EQUITY METHOD INVESTMENT We have an equity method investment in SMP, Ltd. ("SMP") that owns a polysilicon manufacturing facility in South Korea, which is currently in the initial stages of production. Our ownership interest decreased from 35.00% to 33.05% on June 12, 2015 as a result of a capital call by SMP in which we did not participate. Our ownership interest further decreased from 33.05% to 30.51% on August 5, 2015 as a result of an additional capital call by SMP in which we did not participate. During the third quarter, we entered into a definitive agreement to sell approximately 30% of our SMP investment, representing approximately 9% of total SMP shares outstanding, for $35.0 million to a third party. We have received an advance payment of the $35.0 million, representing the third party purchase price, which is recorded as a deposit for investment distribution, within current liabilities, on our balance sheet. The consummation of the transaction is subject to a third party consent. The sale is expected to close within one year. The SMP polysilicon manufacturing facility has experienced delays in ramping-up to reach full commercial capabilities. This has placed pressure on SMP's short-term working capital needs to overcome the construction delays. The existing equity holders of SMP may be requested to make additional capital investments to assist with financing SMP's short-term working capital needs and SMP's ability to service their debt obligations. If we do not make additional capital investments, our equity ownership percentage in SMP may be further reduced. Should SMP prove unable to reach full commercial capabilities or meet their financial obligations, an asset impairment could be indicated. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | DEBT Debt outstanding consists of the following: As of September 30, 2015 As of December 31, 2014 Total Principal Current Portion Long-Term Total Principal Current Portion Long-Term In millions Long-term debt $ 205.8 $ 2.1 $ 203.7 $ 207.1 $ 2.1 $ 205.0 Senior Secured Credit Facility The Company and its direct subsidiary, SunEdison Semiconductor B.V. (the “Borrower”), entered into a credit agreement on May 27, 2014 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”). The Borrower may obtain, under the Revolving Facility, (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. No amounts were outstanding under the Revolving Facility as of September 30, 2015, but $4.3 million of third party letters of credit were outstanding which reduced the available borrowing capacity. The principal amount of the Term Facility must 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 is being amortized as an increase in interest expense over the term of the Term Facility. We incurred $10.2 million of financing fees related to the Credit Facility that have been capitalized and are being 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 is paid quarterly in arrears, and at the maturity date of each facility for loans bearing interest with reference to the base rate. Interest is 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 is 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 2.5 to 1.0 for the 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. We were in compliance with all covenants of the Credit Facility as of September 30, 2015 . Other Financing Arrangements We have short-term committed financing arrangements of $30.5 million at September 30, 2015 , of which there was $6.7 million outstanding as of September 30, 2015 , that bear variable interest rates of between 2% to 3% . An additional $8.0 million is unavailable because it relates to the issuance of third party letters of credit and bank guarantees. Interest rates are negotiated at the time of the borrowings. The estimated fair value of our debt was $ 210.5 million and $200.6 million as of September 30, 2015 and December 31, 2014 , 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). |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | SHAREHOLDERS' EQUITY Ordinary Shares On January 20, 2015, a secondary public offering of 17,250,000 of our ordinary shares by SunEdison, Samsung Fine Chemicals Co., Ltd., and Samsung Electronics Co., Ltd. was closed. We did not receive any of the proceeds from the sale of our ordinary shares in this offering. As a result of this offering, our former parent company, SunEdison, ceased to own more than 50% of our outstanding ordinary shares. The Company and SunEdison agreed, effective concurrently with the secondary public offering on January 20, 2015, to replace 25% of the equity-based compensation awards relating to SunEdison stock that were unvested and held by our employees (including our non-US employees, subject to applicable local laws) with adjusted stock options and restricted stock units ("RSUs"), as applicable, for the Company’s ordinary shares, each of which generally preserves the value of the original awards. The balance of the awards ( 75% ) will be maintained by SunEdison. The Company issued options to purchase an aggregate of 442,790 ordinary shares with a weighted-average exercise price of $5.19 per share and an aggregate of 170,115 RSUs, in each case based on applicable SunEdison equity awards outstanding, and the Company’s and SunEdison’s share prices, as of market close on January 20, 2015. Each of the foregoing replacement awards was issued pursuant to the SunEdison Semiconductor Limited 2014 Long-Term Incentive Plan. The remaining 75% of the unvested SunEdison options and RSUs, as well as all vested SunEdison options, will continue to vest in accordance with their terms, with employment by us to be deemed employment by SunEdison. We have included the stock-based compensation expense related to these awards granted to our employees in our condensed consolidated financial statements. On July 1, 2015, a secondary public offering of 15,935,828 of our ordinary shares by SunEdison, Samsung Fine Chemicals Co., Ltd., and Samsung Electronics Co., Ltd. was closed. We did not receive any of the proceeds from the sale of our ordinary shares in this offering. In this offering, SunEdison, Samsung Fine Chemicals Co., Ltd., and Samsung Electronics Co., Ltd. sold all remaining shares of the Company that they held. Stock-Based Compensation We have equity incentive plans that provide for the award of non-qualified stock options, performance shares, and RSUs to employees and non-employee directors. There were 5.7 million shares remaining available for future grant under these plans as of September 30, 2015 . The following table presents information regarding outstanding stock options as of September 30, 2015 , and related changes during the nine months ended September 30, 2015 : Shares Weighted-Average Exercise Price Aggregate Intrinsic Value (in millions) Weighted-Average Remaining Contractual Life (years) Outstanding at December 31, 2014 1,726,354 $ 15.77 Granted 1,419,497 15.40 Exercised (51,848 ) 4.45 Forfeited (107,404 ) 15.64 Expired — — Outstanding at September 30, 2015 2,986,599 $ 15.81 $ 2.0 8.7 Options exercisable at September 30, 2015 650,938 $ 11.50 $ 1.5 7.5 The weighted-average grant-date fair value per share of options granted was $ 5.95 for the nine month period ended September 30, 2015 . The following table presents information regarding outstanding RSUs as of September 30, 2015 , and related changes during the nine months ended September 30, 2015 : Restricted Stock Units Aggregate Intrinsic Value (in millions) Weighted-Average Remaining Contractual Life (years) Outstanding at December 31, 2014 1,561,412 Granted 828,787 Converted (418,046 ) Forfeited (88,560 ) Outstanding at September 30, 2015 1,883,593 $ 19.9 1.9 The weighted-average fair value of restricted stock units on the date of grant was $ 17.63 for the nine months ended September 30, 2015 . Stock-based compensation expense for the three and nine months ended September 30, 2015 and 2014 was as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 In millions Cost of goods sold $ 1.1 $ 1.1 $ 3.1 $ 2.6 Marketing and administration 2.1 1.5 5.4 3.0 Research and development 0.9 0.7 2.6 1.7 Stock-based employee compensation $ 4.1 $ 3.3 $ 11.1 $ 7.3 The amount of stock-based compensation cost capitalized into inventory and fixed assets was not material for the three and nine months ended September 30, 2015 and 2014 . Further, the recognition of excess tax benefits from share-based payment arrangements was not material for the three and nine months ended September 30, 2015 and 2014 . |
Earnings (Loss) Per Share (Note
Earnings (Loss) Per Share (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | (LOSS) EARNINGS PER SHARE Basic (loss) earnings per share is computed by dividing net (loss) income by the number of weighted-average ordinary shares outstanding during the period. Diluted (loss) earnings 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 RSUs and stock option exercises. The Company calculates the dilutive effect of outstanding RSUs and stock options on (loss) earnings per share by application of the treasury stock method. Basic and diluted (loss) earnings per share ("EPS") for the three month periods ended September 30, 2015 and 2014 were calculated as follows: Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 In millions, except per share amounts Basic Diluted Basic Diluted EPS Numerator: Net loss attributable to SunEdison Semiconductor Limited shareholders $ (80.8 ) $ (80.8 ) $ (79.4 ) $ (79.4 ) EPS Denominator: Weighted-average shares outstanding 41.9 41.9 41.5 41.5 Loss per share $ (1.93 ) $ (1.93 ) $ (1.91 ) $ (1.91 ) Basic and diluted EPS for the nine month periods ended September 30, 2015 and 2014 were calculated as follows: Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 In millions, except per share amounts Basic Diluted Basic Diluted EPS Numerator: Net loss attributable to SunEdison Semiconductor Limited shareholders $ (105.6 ) $ (105.6 ) $ (79.7 ) $ (79.7 ) EPS Denominator: Weighted-average shares outstanding 41.7 41.7 41.5 41.5 Loss per share $ (2.53 ) $ (2.53 ) $ (1.92 ) $ (1.92 ) The computations for diluted loss per share for the three and nine months ended September 30, 2015 exclude options to purchase approximately 3.0 million shares and 1.9 million RSUs because the effect would have been anti-dilutive. The computations for diluted loss per share for the three and nine months ended September 30, 2014 exclude options to purchase approximately 1.7 million shares and 1.4 million RSUs because the effect would have been anti-dilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | ACCUMULATED OTHER COMPREHENSIVE LOSS Comprehensive (loss) income 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 (loss) income includes adjustments related to foreign currency translation and pension and post-retirement related liabilities. The following table presents the changes in each component of accumulated other comprehensive loss, net of tax: Three Months Ended September 30, Nine Months Ended September 30, In millions 2015 2014 2015 2014 Foreign Currency Items (1) Beginning balance $ (143.1 ) $ (57.2 ) $ (116.5 ) $ (76.3 ) Other comprehensive loss before reclassifications (13.1 ) (30.9 ) (39.7 ) (11.8 ) Amounts reclassified from accumulated other comprehensive loss — — — — Net other comprehensive loss (13.1 ) (30.9 ) (39.7 ) (11.8 ) Balance at September 30 $ (156.2 ) $ (88.1 ) $ (156.2 ) $ (88.1 ) Pension and Post-Retirement Benefit Plans Beginning balance $ (57.1 ) $ (27.1 ) $ (57.6 ) $ (33.9 ) Other comprehensive loss before reclassifications 0.2 — (0.3 ) — Amounts reclassified from accumulated other comprehensive loss (2) 5.3 (0.1 ) 6.3 (0.4 ) Net other comprehensive income (loss) 5.5 (0.1 ) 6.0 (0.4 ) Amount of accumulated other comprehensive income transferred from SunEdison (3) — — — 7.1 Balance at September 30 $ (51.6 ) $ (27.2 ) $ (51.6 ) $ (27.2 ) Accumulated other comprehensive loss at September 30 $ (207.8 ) $ (115.3 ) $ (207.8 ) $ (115.3 ) (1) Excludes foreign currency adjustments related to noncontrolling interests. See the condensed consolidated statements of comprehensive loss. (2) Amounts reclassified from accumulated other comprehensive loss for the three and nine months ended September 30, 2015 include $4.8 million in interim lump-sum pension settlement charges. (3) Amount represents the non-cash transfer of accumulated other comprehensive income from SunEdison as part of the initial public offering ("IPO") and related 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 September 30, Nine Months Ended September 30, Condensed Consolidated Statement of Operations In millions 2015 2014 2015 2014 Amortization of net actuarial (loss) gain and prior service (cost) credit $ (0.5 ) $ 0.1 $ (1.5 ) $ 0.4 Marketing and administration Pension settlement charge (2.0 ) — (2.0 ) — Cost of goods sold Pension settlement charge (1.7 ) — (1.7 ) — Marketing and administration Pension settlement charge (1.1 ) — (1.1 ) — Research and development $ (5.3 ) $ 0.1 $ (6.3 ) $ 0.4 |
Derivitives and Hedging Instrum
Derivitives and Hedging Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVES AND HEDGING INSTRUMENTS SunEdison Semiconductor's derivatives and hedging activities consist of: Assets (Liabilities) at Fair Value In millions Balance Sheet Classification As of September 30, 2015 As of December 31, 2014 Derivatives not designated as hedging: Currency forward contracts (1) Prepaid and other current assets $ 0.1 $ 0.2 Currency forward contracts (1) Accrued liabilities $ (3.2 ) $ (0.9 ) (1) Currency forward contracts are recorded on the condensed consolidated balance sheet at fair value using Level 1 inputs. Losses Losses (Gains) Three Months Ended September 30, Nine Months Ended September 30, In millions Statement of Operations Classification 2015 2014 2015 2014 Derivatives not designated as hedging: Currency forward contracts Other, net $ 3.8 $ 4.3 $ 3.9 $ (0.2 ) We utilize currency forward contracts to mitigate the financial market risks of fluctuations in foreign currency exchange rates. We do not use derivative financial instruments for speculative or trading purposes. 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 the Company. A substantial portion of our revenue and capital spending is transacted in the US dollar. However, we do enter into transactions in other currencies, primarily the new Taiwan dollar, South Korean won, Japanese yen, and euro. We have established transaction-based hedging programs to protect against reductions in 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 risk of credit loss is limited to any gain on our outstanding contracts with these institutions. These currency forward contracts had net notional amounts of $133.5 million and $65.1 million as of September 30, 2015 and December 31, 2014 , respectively, and are accounted for as economic hedges, for which hedge accounting is not applied. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies Disclosure [Text Block] | CONTINGENCIES 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 | 9 Months Ended |
Sep. 30, 2015 | |
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 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 statutes of limitations. Deferred income taxes arise primarily because of differences in the bases of assets or liabilities between financial accounting and tax accounting which are known as temporary differences. We record the tax effect of these temporary differences as deferred tax assets (generally items that can be used as a tax deduction or credit in future periods) and deferred tax liabilities (generally items for which we receive a tax deduction, but have not yet been recorded in the consolidated statement of operations). We regularly review our deferred tax assets for realizability, taking into consideration all available evidence, both positive and negative, including historical pre-tax and taxable income (losses), projected future pre-tax and taxable income (losses), and the expected timing of the reversals of existing temporary differences. In arriving at these judgments, the weight given to the potential effect of all positive and negative evidence is commensurate with the extent to which it can be objectively verified. Our total deferred tax assets, net of valuation allowances, as of September 30, 2015 and December 31, 2014, were $35.5 million and $43.0 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 that have not been offset by a valuation allowance at September 30, 2015 . We believe our tax positions are in compliance with applicable tax laws and regulations. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in our tax returns that do not meet these recognition and measurement standards. Uncertain tax benefits, including accrued interest and penalties, are included as a component of other long-term liabilities because we do not anticipate that settlement of the liabilities will require payment of cash within the next 12 months. The accrual of interest begins in the first reporting period that interest would begin to accrue under the applicable tax law. Penalties, when applicable, are accrued in the financial reporting period in which the uncertain tax position is taken on a tax return. We recognize interest and penalties related to uncertain tax positions in income tax expense, which is consistent with our historical policy. We believe that our accrued income tax liabilities, including related interest, are adequate in relation to the potential for additional tax assessments. There is a risk, however, that the amounts ultimately paid upon resolution of audits could be materially different from the amounts previously included in our income tax expense and, therefore, could have a material impact on our tax provision, net income (loss), and cash flows. We review our accrued tax 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 between our subsidiaries, the resolution of entire audits, or the expiration of statutes of limitations. Adjustments are most likely to occur in the year during which major audits are closed. The income tax expense related to uncertain tax positions for the nine month period ended September 30, 2015 was favorably impacted by a discrete reduction of the reserve for uncertain tax positions of $3.6 million related to the closure of a foreign tax examination and new information on positions previously taken, which occurred during the first quarter. The accrual for uncertain tax positions as of September 30, 2015 and December 31, 2014 was $5.5 million and $8.9 million , respectively. We are domiciled in Singapore. Management has reviewed its repatriation policy during 2015 with respect to our planned legal structure. Recognition of Singapore or local withholding taxes on undistributed non-Singapore earnings would be triggered by a management decision to repatriate those earnings. There is no current intention to repatriate those earnings. 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, and after concluding that such remittances can be done in a tax-efficient manner. Determination of the amount of taxes that might be paid on these undistributed earnings if eventually remitted is not practicable. However, we currently believe that any repatriation tax effects would have minimal impact on future cash flows. Of our cash and cash equivalents as of September 30, 2015 , $75.3 million was held by our non-Singapore subsidiaries, a portion of which may be subject to repatriation tax effects. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS As of and after the closing of the secondary offering on July 1, 2015, in which SunEdison sold all of its shares in the Company, transactions with SunEdison are no longer considered related party transactions. See Note 6 for additional discussion regarding the secondary offering. On June 23, 2015, prior to the closing of the secondary offering on July 1, 2015, the Company and SunEdison entered into a letter agreement regarding granular polysilicon supply matters (the “Agreement”). The Agreement provides for a long-term supply by SunEdison or SMP of the Company’s granular semiconductor grade polysilicon needs. We sell 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 as outlined in the post-IPO transition services agreement. Net sales to SunEdison were $0.8 million for the six month period ended June 30, 2015 that were still considered affiliate transactions. Net sales to SunEdison were $0.8 million and $1.4 million for the three and nine month periods ended September 30, 2014, respectively. |
Nature of Operations Accounting
Nature of Operations Accounting policy (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | 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, impairments, leases, inventory valuation, accrued liabilities, restructuring, warranties, employee benefits, derivatives, stock-based compensation, income taxes, and asset recoverability, including allowances, and certain other items. 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 these estimates and actual results. |
Basis of Presentation and Significant Accounting Policies [Text Block] | BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of SunEdison Semiconductor Limited and subsidiaries (“SunEdison Semiconductor”, "SSL", the "Company”, “we”, “us”, and “our”) have been prepared in accordance with generally accepted accounting principles in the United States ("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. Results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014, which contains SunEdison Semiconductor's audited financial statements for such year. As of and after the closing of the secondary offering on July 1, 2015, in which SunEdison, Inc. ("SunEdison") sold all of its shares in the Company, transactions with SunEdison are no longer considered related party transactions. Historical affiliate amounts and transactions are shown on the condensed consolidated financial statements for the six months ended June 30, 2015 and as of December 31, 2014. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain amounts in prior periods have been reclassified to conform with the presentation adopted in the current period. |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Updates The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers , in May 2014, 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 effective date of the new standard, as amended, is effective for us on January 1, 2018. Early application is permitted for fiscal years beginning after December 15, 2016 and interim periods within those years. The standard permits the use of either the retrospective or cumulative effect transition method. We have not determined which transition method we will adopt, but do not anticipate a material impact on our consolidated financial statements and related disclosures upon adoption of ASU 2014-09. The FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) , in April 2015, which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The new standard is effective for us on January 1, 2016. Early application is permitted. We have evaluated the impact of this standard and do not anticipate a material impact on our consolidated financial statements and related disclosures upon adoption. The FASB issued ASU No. 2015-05, Intangibles - Goodwill and Other Internal Use Software (Subtopic 350-40) , in April 2015, which amended the guidance on internal use software to clarify how customers in cloud computing arrangements should determine whether an arrangement includes a software license and eliminates the current requirement that entities analogize to the leases standard when determining the asset acquired in an arrangement to license software for internal use. Instead, entities will account for these arrangements as licenses of intangible assets. The new standard is effective for us on January 1, 2016. Early application is permitted. We have evaluated the impact of this standard and do not anticipate a material impact on our consolidated financial statements and related disclosures upon adoption. The FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory , which requires entities to measure most inventory "at the lower of cost and net realizable value", thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new standard is effective for us on January 1, 2017. ASU 2015-11 should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We have evaluated the impact of this standard and do not anticipate a material impact on our consolidated financial statements and related disclosures upon adoption. The FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, entities will recognize the measurement-period adjustment during the reporting period in which the adjustment amount is determined. The new standard is effective for us on January 1, 2016. The amendments should be applied prospectively with earlier application permitted for any interim and annual financial statements that have not yet been made available for issuance. We have evaluated the impact of this standard and do not anticipate a material impact on our consolidated financial statements and related disclosures upon adoption. |
Restructuring and Related Act21
Restructuring and Related Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
2015 Ipoh Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | Details of the 2015 expenses, cash payments, and expected costs incurred related to the 2015 Ipoh Plan are set out in the following table: As of September 30, 2015 In millions Accrued Year-to-date Restructuring Charges Cash Payments Accrued September 30, 2015 Cumulative Costs Incurred Total Costs Expected to be Incurred 2015 Ipoh Plan Severance and employee benefits $ — $ 2.3 $ — $ 2.3 $ 2.3 $ 4.5 Contract termination — — — — — 0.6 Other — — — — — 7.7 Total $ — $ 2.3 $ — $ 2.3 $ 2.3 $ 12.8 |
2011 US Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | Details of the 2015 expenses, cash payments, and expected costs incurred related to the 2011 Global Plan are set out in the following table: As of September 30, 2015 In millions Accrued December 31, 2014 Year-to-date Restructuring Reversals Cash Payments Currency Accrued September 30, 2015 Cumulative Costs Incurred Total Costs Expected to be Incurred 2011 Global Plan Severance and employee benefits $ 0.7 $ — $ (0.1 ) $ (0.1 ) $ 0.5 $ 22.3 $ 22.3 Contract termination — — — — — 106.5 106.5 Other 11.5 (0.8 ) (1.4 ) (0.9 ) 8.4 36.8 36.8 Total $ 12.2 $ (0.8 ) $ (1.5 ) $ (1.0 ) $ 8.9 $ 165.6 $ 165.6 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: As of September 30, 2015 As of December 31, 2014 In millions Raw materials and supplies $ 24.6 $ 29.9 Goods in process 42.9 49.7 Finished goods 35.6 42.5 Total inventories $ 103.1 $ 122.1 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Debt outstanding consists of the following: As of September 30, 2015 As of December 31, 2014 Total Principal Current Portion Long-Term Total Principal Current Portion Long-Term In millions Long-term debt $ 205.8 $ 2.1 $ 203.7 $ 207.1 $ 2.1 $ 205.0 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table presents information regarding outstanding stock options as of September 30, 2015 , and related changes during the nine months ended September 30, 2015 : Shares Weighted-Average Exercise Price Aggregate Intrinsic Value (in millions) Weighted-Average Remaining Contractual Life (years) Outstanding at December 31, 2014 1,726,354 $ 15.77 Granted 1,419,497 15.40 Exercised (51,848 ) 4.45 Forfeited (107,404 ) 15.64 Expired — — Outstanding at September 30, 2015 2,986,599 $ 15.81 $ 2.0 8.7 Options exercisable at September 30, 2015 650,938 $ 11.50 $ 1.5 7.5 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table presents information regarding outstanding RSUs as of September 30, 2015 , and related changes during the nine months ended September 30, 2015 : Restricted Stock Units Aggregate Intrinsic Value (in millions) Weighted-Average Remaining Contractual Life (years) Outstanding at December 31, 2014 1,561,412 Granted 828,787 Converted (418,046 ) Forfeited (88,560 ) Outstanding at September 30, 2015 1,883,593 $ 19.9 1.9 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Stock-based compensation expense for the three and nine months ended September 30, 2015 and 2014 was as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 In millions Cost of goods sold $ 1.1 $ 1.1 $ 3.1 $ 2.6 Marketing and administration 2.1 1.5 5.4 3.0 Research and development 0.9 0.7 2.6 1.7 Stock-based employee compensation $ 4.1 $ 3.3 $ 11.1 $ 7.3 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic and diluted (loss) earnings per share ("EPS") for the three month periods ended September 30, 2015 and 2014 were calculated as follows: Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 In millions, except per share amounts Basic Diluted Basic Diluted EPS Numerator: Net loss attributable to SunEdison Semiconductor Limited shareholders $ (80.8 ) $ (80.8 ) $ (79.4 ) $ (79.4 ) EPS Denominator: Weighted-average shares outstanding 41.9 41.9 41.5 41.5 Loss per share $ (1.93 ) $ (1.93 ) $ (1.91 ) $ (1.91 ) Basic and diluted EPS for the nine month periods ended September 30, 2015 and 2014 were calculated as follows: Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 In millions, except per share amounts Basic Diluted Basic Diluted EPS Numerator: Net loss attributable to SunEdison Semiconductor Limited shareholders $ (105.6 ) $ (105.6 ) $ (79.7 ) $ (79.7 ) EPS Denominator: Weighted-average shares outstanding 41.7 41.7 41.5 41.5 Loss per share $ (2.53 ) $ (2.53 ) $ (1.92 ) $ (1.92 ) |
Accumulated Other Comprehensi26
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, Nine Months Ended September 30, In millions 2015 2014 2015 2014 Foreign Currency Items (1) Beginning balance $ (143.1 ) $ (57.2 ) $ (116.5 ) $ (76.3 ) Other comprehensive loss before reclassifications (13.1 ) (30.9 ) (39.7 ) (11.8 ) Amounts reclassified from accumulated other comprehensive loss — — — — Net other comprehensive loss (13.1 ) (30.9 ) (39.7 ) (11.8 ) Balance at September 30 $ (156.2 ) $ (88.1 ) $ (156.2 ) $ (88.1 ) Pension and Post-Retirement Benefit Plans Beginning balance $ (57.1 ) $ (27.1 ) $ (57.6 ) $ (33.9 ) Other comprehensive loss before reclassifications 0.2 — (0.3 ) — Amounts reclassified from accumulated other comprehensive loss (2) 5.3 (0.1 ) 6.3 (0.4 ) Net other comprehensive income (loss) 5.5 (0.1 ) 6.0 (0.4 ) Amount of accumulated other comprehensive income transferred from SunEdison (3) — — — 7.1 Balance at September 30 $ (51.6 ) $ (27.2 ) $ (51.6 ) $ (27.2 ) Accumulated other comprehensive loss at September 30 $ (207.8 ) $ (115.3 ) $ (207.8 ) $ (115.3 ) (1) Excludes foreign currency adjustments related to noncontrolling interests. See the condensed consolidated statements of comprehensive loss. (2) Amounts reclassified from accumulated other comprehensive loss for the three and nine months ended September 30, 2015 include $4.8 million in interim lump-sum pension settlement charges. (3) Amount represents the non-cash transfer of accumulated other comprehensive income from SunEdison as part of the initial public offering ("IPO") and related 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 September 30, Nine Months Ended September 30, Condensed Consolidated Statement of Operations In millions 2015 2014 2015 2014 Amortization of net actuarial (loss) gain and prior service (cost) credit $ (0.5 ) $ 0.1 $ (1.5 ) $ 0.4 Marketing and administration Pension settlement charge (2.0 ) — (2.0 ) — Cost of goods sold Pension settlement charge (1.7 ) — (1.7 ) — Marketing and administration Pension settlement charge (1.1 ) — (1.1 ) — Research and development $ (5.3 ) $ 0.1 $ (6.3 ) $ 0.4 |
Derivitives and Hedging Instr27
Derivitives and Hedging Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | SunEdison Semiconductor's derivatives and hedging activities consist of: Assets (Liabilities) at Fair Value In millions Balance Sheet Classification As of September 30, 2015 As of December 31, 2014 Derivatives not designated as hedging: Currency forward contracts (1) Prepaid and other current assets $ 0.1 $ 0.2 Currency forward contracts (1) Accrued liabilities $ (3.2 ) $ (0.9 ) (1) Currency forward contracts are recorded on the condensed consolidated balance sheet at fair value using Level 1 inputs. Losses Losses (Gains) Three Months Ended September 30, Nine Months Ended September 30, In millions Statement of Operations Classification 2015 2014 2015 2014 Derivatives not designated as hedging: Currency forward contracts Other, net $ 3.8 $ 4.3 $ 3.9 $ (0.2 ) |
Restructuring and Related Act28
Restructuring and Related Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring | $ 3.9 | $ 0.9 | $ 3.7 | $ (14.5) |
2015 Ipoh Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring | 2.3 | |||
Payments for Restructuring | 0 | |||
Restructuring Reserve | 2.3 | 2.3 | ||
Restructuring and Related Cost, Cost Incurred to Date | 2.3 | 2.3 | ||
Restructuring and Related Cost, Expected Cost | 12.8 | 12.8 | ||
2011 US Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 12.2 | |||
Restructuring | (0.8) | (14.4) | ||
Payments for Restructuring | (1.5) | $ (22.8) | ||
Restructuring Reserve, Translation Adjustment | (1) | |||
Restructuring Reserve | 8.9 | 8.9 | ||
Restructuring and Related Cost, Cost Incurred to Date | 165.6 | 165.6 | ||
Restructuring and Related Cost, Expected Cost | 165.6 | 165.6 | ||
Severance and employee benefits | 2015 Ipoh Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring | 2.3 | |||
Payments for Restructuring | 0 | |||
Restructuring Reserve | 2.3 | 2.3 | ||
Restructuring and Related Cost, Cost Incurred to Date | 2.3 | 2.3 | ||
Restructuring and Related Cost, Expected Cost | 4.5 | 4.5 | ||
Severance and employee benefits | 2011 US Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0.7 | |||
Restructuring | 0 | |||
Payments for Restructuring | (0.1) | |||
Restructuring Reserve, Translation Adjustment | (0.1) | |||
Restructuring Reserve | 0.5 | 0.5 | ||
Restructuring and Related Cost, Cost Incurred to Date | 22.3 | 22.3 | ||
Restructuring and Related Cost, Expected Cost | 22.3 | 22.3 | ||
Contract Termination [Member] | 2015 Ipoh Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and Related Cost, Expected Cost | 0.6 | 0.6 | ||
Contract Termination [Member] | 2011 US Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 106.5 | 106.5 | ||
Restructuring and Related Cost, Expected Cost | 106.5 | 106.5 | ||
Other | 2015 Ipoh Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring and Related Cost, Expected Cost | 7.7 | 7.7 | ||
Other | 2011 US Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 11.5 | |||
Restructuring | (0.8) | |||
Payments for Restructuring | (1.4) | |||
Restructuring Reserve, Translation Adjustment | (0.9) | |||
Restructuring Reserve | 8.4 | 8.4 | ||
Restructuring and Related Cost, Cost Incurred to Date | 36.8 | 36.8 | ||
Restructuring and Related Cost, Expected Cost | $ 36.8 | $ 36.8 |
Restructuring and Related Act29
Restructuring and Related Activities (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Restructuring Plan [Line Items] | |||||
Tangible Asset Impairment Charges | $ 56.7 | $ 58 | $ 58 | $ 58 | |
Restructuring Charges | (3.9) | (0.9) | $ (3.7) | 14.5 | |
2015 Ipoh Plan [Member] | |||||
Restructuring Plan [Line Items] | |||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 650 | ||||
Tangible Asset Impairment Charges | 56.7 | ||||
Restructuring Charges | $ (2.3) | ||||
Payments for Restructuring | $ 0 | ||||
2014 Plan [Member] | |||||
Restructuring Plan [Line Items] | |||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 120 | ||||
Tangible Asset Impairment Charges | $ 1.3 | 0.7 | |||
Restructuring Charges | (1.5) | 0.5 | $ (0.9) | (3.5) | |
Q4 2014 Workforce Restructuring Plan [Member] | |||||
Restructuring Plan [Line Items] | |||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 120 | ||||
Restructuring Charges | (0.2) | $ (1.2) | |||
2011 US Plan [Member] | |||||
Restructuring Plan [Line Items] | |||||
Tangible Asset Impairment Charges | 57 | ||||
Restructuring Charges | 0.8 | 14.4 | |||
Payments for Restructuring | $ (1.5) | $ (22.8) | |||
Other | |||||
Restructuring Plan [Line Items] | |||||
Restructuring Charges | $ (1.3) | $ (3.6) | |||
Building [Member] | 2015 Ipoh Plan [Member] | |||||
Restructuring Plan [Line Items] | |||||
Tangible Asset Impairment Charges | 36.9 | ||||
Machinery and Equipment [Member] | 2015 Ipoh Plan [Member] | |||||
Restructuring Plan [Line Items] | |||||
Tangible Asset Impairment Charges | 16 | ||||
Other Assets [Member] | 2015 Ipoh Plan [Member] | |||||
Restructuring Plan [Line Items] | |||||
Tangible Asset Impairment Charges | $ 3.8 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory [Abstract] | ||
Raw materials and supplies | $ 24.6 | $ 29.9 |
Goods in process | 42.9 | 49.7 |
Finished goods | 35.6 | 42.5 |
Total inventories | $ 103.1 | $ 122.1 |
Equity Method Investment (Narra
Equity Method Investment (Narrative)(Details) - USD ($) $ in Millions | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Equity Method Investment [Abstract] | ||||
Equity Method Investment, Ownership Percentage | 30.51% | 33.05% | 35.00% | |
Percentage Of Our SMP Investment To Be Sold To Third Party | 30.00% | |||
Percentage Of Total SMP Ownership To Be Sold To Third Party | 9.00% | |||
Deposit for investment distribution | $ 35 | $ 0 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Total Principal | $ 205.8 | $ 207.1 |
Current portion, long-term debt | 2.1 | 2.1 |
Long-term debt, less current portion | $ 203.7 | $ 205 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Interest rates [Line Items] | ||
Line of Credit Facility, Commitment Fee Percentage | 5.50% | |
Total Principal | $ 205,800 | $ 207,100 |
Proceeds from Issuance of Debt | 210,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | |
Letters of credit maximum borrowing capacity | 15,000 | |
Swing line loan maximum borrowing capacity | $ 15,000 | |
Debt Instrument, Maturity Date, Description | The Term Facility has a five-year term, ending May 27, 2019 | |
Letters of Credit Outstanding, Amount | $ 4,300 | |
Debt Instrument, Periodic Payment, Principal | $ 525 | |
Original issue discount percentage on debt | 1.00% | |
Original issue discount amount on debt | $ 2,100 | |
Debt Issuance Cost | $ 10,200 | |
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 2.5 to 1.0 for the 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. | |
ShortTermCommittedFinancingArrangementsMaximumAmount | $ 30,500 | |
Short-term Debt | 6,700 | 0 |
ShortTermCommittedFinancingArrangementsUnavailableAmountDueToThirdPartyLettersOfCredit | 8,000 | |
Debt, Fair Value, Including Short-Term Borrowings | $ 210,500 | |
Long-term Debt, Fair Value | $ 200,600 | |
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% | |
Short-term Debt [Member] | ||
Interest rates [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 2.00% | |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 3.00% |
Shareholders' Equity Schedule O
Shareholders' Equity Schedule Of Share Based Compensation Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at December 31, 2014 | 1,726,354 | |
Granted | 1,419,497 | |
Exercised | (51,848) | |
Forfeited | (107,404) | |
Expired | 0 | |
Outstanding at September 30, 2015 | 2,986,599 | |
Options exercisable at September 30, 2015 | 650,938 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Outstanding | $ 15.81 | $ 15.77 |
Granted | 15.40 | |
Exercised | 4.45 | |
Forfeited | 15.64 | |
Expired | 0 | |
Options exercisable at September 30, 2015 | $ 11.50 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | ||
Outstanding at September 30, 2015 | $ 2 | |
Options exercisable at September 30, 2015 | $ 1.5 | |
Options, Outstanding, Weighted Average Remaining Contractual Life (years) | 8 years 8 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years 6 months |
Shareholders' Equity Schedule35
Shareholders' Equity Schedule Of Share Based Compensation RSU Activity (Details) $ / shares in Millions | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Stock Based Compensation [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share | $ / shares | $ 19.9 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 11 months |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding at December 31, 2014 | 1,561,412 |
Granted | 828,787 |
Converted | (418,046) |
Forfeited | (88,560) |
Outstanding at September 30, 2015 | 1,883,593 |
Shareholders' Equity Stock base
Shareholders' Equity Stock based compensation expense table (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 4.1 | $ 3.3 | $ 11.1 | $ 7.3 |
Cost of goods sold | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 1.1 | 1.1 | 3.1 | 2.6 |
Marketing and administration | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 2.1 | 1.5 | 5.4 | 3 |
Research and development | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 0.9 | $ 0.7 | $ 2.6 | $ 1.7 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Secondary Offering [Line Items] | |||||
Secondary Public Offering | 15,935,828 | ||||
Ordinary shares | $ 953.2 | $ 953.2 | $ 943.1 | ||
Granted | 1,419,497 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 15.40 | ||||
Shares available to be issued | 5,700,000 | 5,700,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.95 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 17.63 | ||||
Allocated Share-based Compensation Expense | $ 4.1 | $ 3.3 | $ 11.1 | $ 7.3 | |
Secondary Offering [Member] | |||||
Secondary Offering [Line Items] | |||||
Secondary Public Offering | 17,250,000 | ||||
Ownership percentage | 50.00% | 50.00% | |||
Percentage of Equity Based Compensation Awards Exchanged | 25.00% | ||||
Granted | 442,790 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 5.19 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 170,115 | ||||
Percentage of Equity Based Compensation Awards Not Exchanged | 75.00% |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net loss attributable to SunEdison Semiconductor Limited shareholders | $ (80.8) | $ (79.4) | $ (105.6) | $ (79.7) |
Weighted Average Number of Shares Outstanding, Basic | 41.9 | 41.5 | 41.7 | 41.5 |
Weighted Average Number of Shares Outstanding, Diluted | 41.9 | 41.5 | 41.7 | 41.5 |
Earnings Per Share, Diluted | $ (1.93) | $ (1.91) | $ (2.53) | $ (1.92) |
Earnings Per Share, Basic | $ (1.93) | $ (1.91) | $ (2.53) | $ (1.92) |
Earnings (Loss) Per Share (Narr
Earnings (Loss) Per Share (Narrative) (Details) - shares shares in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Stock Option [Member] | ||
earnings per share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3 | 1.7 |
Restricted Stock Units (RSUs) [Member] | ||
earnings per share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.9 | 1.4 |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Loss Change in components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprenhensive Loss Roll Forward [Roll Forward] | ||||
Beginning balance | $ (174.1) | |||
Other comprehensive income (loss) | $ (7.6) | $ (31) | (33.7) | $ (12.7) |
Ending balance | (207.8) | (115.3) | (207.8) | (115.3) |
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprenhensive Loss Roll Forward [Roll Forward] | ||||
Beginning balance | (143.1) | (57.2) | (116.5) | (76.3) |
Other comprehensive (loss) income before reclassifications | (13.1) | (30.9) | (39.7) | (11.8) |
Other comprehensive income (loss) | (13.1) | (30.9) | (39.7) | (11.8) |
Ending balance | (156.2) | (88.1) | (156.2) | (88.1) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprenhensive Loss Roll Forward [Roll Forward] | ||||
Beginning balance | (57.1) | (27.1) | (57.6) | (33.9) |
Other comprehensive (loss) income before reclassifications | 0.2 | (0.3) | ||
Amounts reclassified from accumulated other comprehensive loss (2) | 5.3 | (0.1) | 6.3 | (0.4) |
Other comprehensive income (loss) | 5.5 | (0.1) | 6 | (0.4) |
Other adjustment to accumulated other comprehensive income | 0 | 7.1 | ||
Ending balance | $ (51.6) | $ (27.2) | (51.6) | $ (27.2) |
Accumulated Defined Benefit Plans Adjustment [Member] | Pension Settlement Charge [Member] | ||||
Accumulated Other Comprenhensive Loss Roll Forward [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive loss (2) | $ 4.8 |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Loss Reclassifications from Accumulated Other Comprehensive Loss (Details) - Accumulated Defined Benefit Plans Adjustment [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (5.3) | $ 0.1 | $ (6.3) | $ 0.4 |
Amortization Of Net Actuarial (Loss) Gain and Prior Service (Cost) Credit [Member] | General and Administrative Expense [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.5) | 0.1 | (1.5) | 0.4 |
Pension Settlement Charge [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (4.8) | |||
Pension Settlement Charge [Member] | General and Administrative Expense [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1.7) | 0 | (1.7) | 0 |
Pension Settlement Charge [Member] | Cost of Sales [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2) | 0 | (2) | 0 |
Pension Settlement Charge [Member] | Research and Development Expense [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (1.1) | $ 0 | $ (1.1) | $ 0 |
Derivitives and Hedging Instr42
Derivitives and Hedging Instruments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Derivative [Line Items] | |||||
Accumulated other comprehensive loss | $ (207,800,000) | $ (115,300,000) | $ (207,800,000) | $ (115,300,000) | $ (174,100,000) |
Prepaid and Other Current Assets [Member] [Domain] | Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Fair Value, Net | 100,000 | 100,000 | 200,000 | ||
Accrued Liabilities [Member] | Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Fair Value, Net | (3,200,000) | (3,200,000) | $ (900,000) | ||
Other Expense | Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | $ 3,800,000 | $ 4,300,000 | $ 3,900,000 | $ (200,000) |
Derivitives and Hedging Instr43
Derivitives and Hedging Instruments (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Foreign Exchange Forward [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 133.5 | $ 65.1 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Net | $ 35.5 | $ 43 |
Unrecognized Tax Benefits | 5.5 | $ 8.9 |
Reduction to Reserve for Uncertain Tax Positions | 3.6 | |
Cash and Cash Equivalents Subject to Repatriation | $ 75.3 |
Related Party Transactions (Nar
Related Party Transactions (Narrative)(Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | ||||||
Net sales to affiliates | $ 0 | $ 0.8 | $ 0.8 | $ 0.8 | $ 1.4 | |
Due from Affiliate, Current | 0 | 0 | $ 4.3 | |||
Due to Affiliate, Current | $ 0 | $ 0 | $ 9.4 |