Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Feb. 01, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | AdvanSix Inc. | |
Document Type | 10-K | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 30,482,966 | |
Entity Public Float | $ 0 | |
Amendment Flag | false | |
Entity Central Index Key | 1,673,985 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY |
CONSOLIDATED AND COMBINED STATE
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Sales | $ 1,191,524 | $ 1,329,409 | $ 1,790,372 | ||
Costs, expenses and other: | |||||
Costs of goods sold | 1,083,894 | 1,179,651 | 1,607,028 | ||
Selling, general and administrative expenses | 53,753 | 52,398 | 53,931 | ||
Other non-operating – net | 102 | (2,877) | (2,634) | ||
1,137,749 | 1,229,172 | 1,658,325 | |||
Income before taxes | 53,775 | 100,237 | 132,047 | ||
Income taxes | 19,628 | 36,461 | 48,189 | ||
Net income | $ 34,147 | $ 63,776 | $ 83,858 | ||
Earnings per common share | |||||
Basic (in Dollars per share) | $ 1.12 | [1] | $ 2.09 | [1] | $ 2.75 |
Diluted (in Dollars per share) | $ 1.12 | [1] | $ 2.09 | [1] | $ 2.75 |
Weighted average common shares outstanding | |||||
Basic (in Shares) | 30,482,966 | 30,482,966 | 30,482,966 | ||
Diluted (in Shares) | 30,503,587 | 30,482,966 | 30,482,966 | ||
[1] | On October 1, 2016, the date of consummation of the Spin-Off, 30,482,966 shares of the Company's Common Stock were distributed to Honeywell stockholders of record as of September 16, 2016. Basic and Diluted EPS for all periods prior to the Spin-off reflect the number of distributed shares, or 30,482,966 shares. |
CONSOLIDATED AND COMBINED STAT3
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 34,147 | $ 63,776 | $ 83,858 |
Foreign exchange translation adjustment | 154 | (1,390) | (283) |
Commodity hedges | (1,413) | 2,865 | (1,333) |
Pension obligation adjustments | 1,963 | ||
Other comprehensive income (loss), net of tax | 704 | 1,475 | (1,616) |
Comprehensive income | $ 34,851 | $ 65,251 | $ 82,242 |
CONSOLIDATED AND COMBINED BALAN
CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 14,199 | $ 0 |
Accounts and other receivables – net | 131,671 | 127,545 |
Inventories – net | 128,978 | 150,231 |
Other current assets | 7,690 | 4,443 |
Total current assets | 282,538 | 282,219 |
Property, plant, equipment – net | 575,375 | 527,542 |
Goodwill | 15,005 | 15,005 |
Other assets | 32,039 | 16,220 |
Total assets | 904,957 | 840,986 |
Current liabilities: | ||
Accounts payable | 223,015 | 192,733 |
Accrued liabilities | 25,396 | 25,114 |
Deferred income and customer advances | 25,567 | 25,207 |
Total current liabilities | 273,978 | 243,054 |
Deferred income taxes | 114,200 | 114,910 |
Long-term debt | 264,838 | |
Postretirement benefit obligations | 33,544 | |
Other liabilities | 3,035 | 3,952 |
Total liabilities | 689,595 | 361,916 |
CONTINGENCIES (Note 12) | ||
STOCKHOLDERS’ EQUITY | ||
Common stock, par value $0.01; 200,000,000 shares authorized and 30,482,966 shares issued and outstanding | 305 | |
Preferred stock, par value $0.01; 50,000,000 shares authorized and 0 shares issued and outstanding | ||
Additional paid-in capital | 242,806 | |
Accumulated deficit | (24,714) | |
Invested equity | 482,809 | |
Accumulated other comprehensive income (loss) | (3,035) | (3,739) |
Total stockholders’ equity | 215,362 | 479,070 |
Total liabilities and stockholders’ equity | $ 904,957 | $ 840,986 |
CONSOLIDATED AND COMBINED BALA5
CONSOLIDATED AND COMBINED BALANCE SHEETS (Parentheticals) | Dec. 31, 2016$ / sharesshares |
Common stock par value (in Dollars per share) | $ / shares | $ 0.01 |
Common stock, shares authorized | 200,000,000 |
Common stock, shares issued | 30,482,966 |
Common stock, shares outstanding | 30,482,966 |
Preferred stock par value (in Dollars per share) | $ / shares | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 |
Preferred stock, shares issued | 0 |
Preferred stock, shares outstanding | 0 |
CONSOLIDATED AND COMBINED STAT6
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 34,147 | $ 63,776 | $ 83,858 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 40,329 | 36,410 | 33,608 |
Loss on disposal of assets | 1,529 | 1,308 | 1,688 |
Deferred income taxes | 11,534 | 9,913 | 16,958 |
Stock based compensation | 1,327 | ||
Accretion of deferred financing costs | 148 | ||
Changes in assets and liabilities: | |||
Accounts and other receivables | (3,948) | 38,399 | 10,657 |
Inventories | 21,253 | 5,021 | (27,034) |
Accounts payable | 23,932 | (38,689) | 43,346 |
Accrued liabilities | 281 | 500 | (2,167) |
Deferred income and customer advances | 360 | (6,783) | 28,956 |
Other assets and liabilities | (17,152) | (8,319) | (1,446) |
Net cash provided by operating activities | 113,740 | 101,536 | 188,424 |
Cash flows from investing activities: | |||
Expenditures for property, plant and equipment | (84,009) | (97,144) | (101,382) |
Other investing activities | (2,372) | (1,086) | (818) |
Net cash used for investing activities | (86,381) | (98,230) | (102,200) |
Cash flows from financing activities: | |||
Proceeds from long term debt | 270,000 | ||
Payment of long term debt | (3,375) | ||
Payment of debt issuance costs | (1,881) | ||
Borrowings under revolving credit facility | 58,000 | ||
Payments of revolving credit facility | (58,000) | ||
Payment of revolving credit facility fees | (1,080) | ||
Principal payments under capital lease | (165) | ||
Distribution to Honeywell in connection with Spin-Off | (269,347) | ||
Net decrease in invested equity | (7,312) | (2,936) | (86,060) |
Other financing activities | (370) | (164) | |
Net cash used for financing activities | (13,160) | (3,306) | (86,224) |
Net increase in cash and cash equivalents | 14,199 | ||
Cash and cash equivalents at beginning of year | 0 | ||
Cash and cash equivalents at the end of year | 14,199 | 0 | |
Supplemental non-cash investing activities: | |||
Capital expenditures included in accounts payable | 28,485 | $ 22,282 | $ 23,634 |
Supplemental cash investing activities: | |||
Cash paid for interest | $ 2,411 |
CONSOLIDATED AND COMBINED STAT7
CONSOLIDATED AND COMBINED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Invested Equity [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2013 | $ 424,170 | $ (3,598) | $ 420,572 | |||
Balance (in Shares) at Dec. 31, 2013 | ||||||
Net Income (Loss) | 83,858 | 83,858 | ||||
Comprehensive income | ||||||
Foreign exchange translation adjustments | (283) | (283) | ||||
Commodity hedges | (1,333) | (1,333) | ||||
Total comprehensive income (loss), net of tax | (1,616) | (1,616) | ||||
Change in invested equity | (86,059) | (86,059) | ||||
Balance at Dec. 31, 2014 | 421,969 | (5,214) | 416,755 | |||
Balance (in Shares) at Dec. 31, 2014 | ||||||
Net Income (Loss) | 63,776 | 63,776 | ||||
Comprehensive income | ||||||
Foreign exchange translation adjustments | (1,390) | (1,390) | ||||
Commodity hedges | 2,865 | 2,865 | ||||
Total comprehensive income (loss), net of tax | 1,475 | 1,475 | ||||
Change in invested equity | (2,936) | (2,936) | ||||
Balance at Dec. 31, 2015 | $ 482,809 | (3,739) | 479,070 | |||
Balance (in Shares) at Dec. 31, 2015 | ||||||
Net Income (Loss) | 34,147 | |||||
Comprehensive income | ||||||
Total comprehensive income (loss), net of tax | 704 | |||||
Stock-based compensation | 1,327 | |||||
Balance at Dec. 31, 2016 | $ 305 | $ 242,806 | $ (24,714) | $ (3,035) | $ 215,362 | |
Balance (in Shares) at Dec. 31, 2016 | 30,482,966 | 30,482,966 |
Organization, Operations and Ba
Organization, Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. Organization, Operations and Basis of Presentation Description of Business AdvanSix Inc. (“AdvanSix”, the “Business”, the “Company”, “we” or “our”) is an integrated manufacturer of Nylon 6, a polymer resin which is a synthetic material used by our customers to produce engineered plastics, fibers, filaments and films that, in turn, are used in such end-products as automotive and electronic components, carpets, sports apparel, fishing nets and food and industrial packaging. As a result of our backward integration and the configuration of our manufacturing facilities, we also sell a variety of other products, all of which are produced as part of the Nylon 6 resin manufacturing process including caprolactam, ammonium sulfate fertilizers, and other chemical intermediates. All of our manufacturing plants and operations are located in the United States. We serve approximately 500 customers globally located in more than 40 countries. For the years ended December 31, 2016, 2015 and 2014, we had sales of $1,191.5 million, $1,329.4 million and $1,790.4 million, respectively, and net income of $34.1 million, $63.8 million and $83.9 million, respectively. For the years ended December 31, 2016, 2015 and 2014, our sales to customers located outside the United States were $216.4 million, $355.8 million and $502.3 million, respectively. Each of these product lines represented the following approximate percentage of our sales: Years Ended December 31, 2016 2015 2014 Nylon 28% 27% 25% Caprolactam 17% 18% 21% Ammonium Sulfate Fertilizers 24% 25% 20% Chemical Intermediates 31% 30% 34% We evaluated segment reporting in accordance with Accounting Standards Codification Topic (“ASC”) 280. We concluded that AdvanSix is a single operating segment and a single reportable segment based on the operating results available which are evaluated regularly by the chief operating decision maker (“CODM”) to make decisions about resource allocation and performance assessment. AdvanSix operations are managed as one integrated process spread across three manufacturing sites, including centralized supply chain and procurement functions. The production process is dependent upon one key raw material, cumene, as the input to the manufacturing of all finished goods produced for sale through the sales channels and end-markets the Business serves. Production rates and output volumes are managed across all three plants jointly to align with the overall Business operating plan. The CODM makes operational performance assessments and resource allocation decisions on a consolidated basis, inclusive of all of the Business’s products. AdvanSix is primarily located in North America, operating through three integrated manufacturing sites located in Frankford, Pennsylvania, Hopewell, Virginia and Chesterfield, Virginia. Separation from Honeywell On October 1, 2016, Honeywell International Inc. (“Honeywell”) completed the previously announced separation of AdvanSix. The separation was completed by Honeywell distributing all of the then outstanding shares of common stock of AdvanSix on October 1, 2016 (the “Distribution Date”) through a dividend in kind of AdvanSix common stock, par value $0.01, to holders of Honeywell common stock as of the close of business on the record date of September 16, 2016 who held their shares through the Distribution Date (the “Spin-Off”). Each Honeywell stockholder who held their shares through the Distribution Date received one share of AdvanSix common stock for every 25 shares of Honeywell common stock held at the close of business on the record date of September 16, 2016. The separation was completed pursuant to a Separation and Distribution Agreement and other agreements with Honeywell related to the separation, including an Employee Matters Agreement, a Tax Matters Agreement and a Transition Services Agreement, each of which was filed as an exhibit to our Current Report on Form 8-K, filed with the Securities and Exchange Commission (“SEC”) on September 28, 2016, as well as Site Sharing and Services Agreements for facilities located in Chesterfield, Colonial Heights and Pottsville, each of which was filed as an exhibit to our Current Report on Form 8-K, filed with the SEC on October 3, 2016. These agreements govern the relationship between AdvanSix and Honeywell following the separation and provide for the allocation of various assets, liabilities, rights and obligations. These agreements also include arrangements for transition services to be provided by Honeywell to AdvanSix and by AdvanSix to Honeywell. A description of the material terms and conditions of these agreements can be found in the section titled “Certain Relationships and Related Party Transactions” of the Company’s Information Statement filed as Exhibit 99.1 to Amendment No. 5 to the Registration Statement of AdvanSix Inc. on Form 10 dated and filed with the SEC on September 7, 2016 and declared effective by the SEC on September 8, 2016 (the “Form 10”). On October 3, 2016, AdvanSix stock began “regular-way” trading on the New York Stock Exchange under the “ASIX” stock symbol. Basis of Presentation Prior to the separation, these Consolidated and Combined Financial Statements were derived from the consolidated financial statements and accounting records of Honeywell. These Consolidated and Combined Financial Statements reflect the consolidated historical results of operations, financial position and cash flows of AdvanSix as they were historically managed in conformity with GAAP. All intracompany transactions have been eliminated. As described in Note 3, all significant transactions between the Business and Honeywell prior to separation have been included in these Consolidated and Combined Financial Statements and are considered to be effectively settled for cash at the time the transaction was recorded. The total net effect of the settlement of these pre-separation transactions is reflected in the Consolidated and Combined Statements of Cash Flows as a financing activity and in the Consolidated and Combined Balance Sheets as invested equity. Prior to the Spin-Off, Honeywell provided certain services, such as legal, accounting, information technology, human resources and other infrastructure support, on behalf of the Business. The cost of these services has been allocated to the Business on a direct usage basis when identifiable, with the remainder allocated on the basis of revenues, headcount or other relevant measures. However, the financial information presented in these Consolidated and Combined Financial Statements may not reflect the financial position, operating results and cash flows of the Business had the Business been a separate stand-alone entity during the periods presented. Actual costs that would have been incurred if the Business had been a stand-alone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. Both we and Honeywell consider the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefits received by the Business during the periods presented. After the Spin-Off, a number of the above services will continue under a transition service agreement with Honeywell, which we will expense as incurred based on the contractual pricing terms. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2. Summary of Significant Accounting Policies Accounting Principles Principles of Consolidation Cash and Cash Equivalents Commodity Price Risk Management – Inventory Adjustments – Property, Plant, Equipment – Long-Lived Assets – Goodwill – Sales Recognition – Environmental – Deferred Income and Customer Advances – Trade Receivables and Allowance for Doubtful Accounts – Research and Development – Stock-Based Compensation Plans – Pension Benefits – Foreign Currency Translation – Income Taxes During the 4 th The benefit of tax positions taken or expected to be taken in our income tax returns are recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits”. A liability is recognized (or amount of net operating loss carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC 740. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable. Our policy is to classify tax related interest and penalties, if any, as a component of income tax expense. No interest or penalties were recorded during the years ended December 31, 2016 and 2015. As of December 31, 2016 and December 31, 2015, no liability for unrecognized tax benefits was required to be reported. We do not expect any significant changes in our unrecognized tax benefits in the next year. Prior to the Spin-Off, income taxes as presented are calculated on a separate tax return basis modified to apply the benefits-for-loss approach and may not be reflective of the results that would have occurred if tax returns were filed on a stand-alone basis. In applying the benefits-for-loss methodology, the tax provision was computed as if the Business filed tax returns on a separate tax return basis independent of other Honeywell businesses with an adjustment to reflect a tax benefit for losses generated by the Business but utilized by other Honeywell businesses in a combined tax filing. Given that the taxpaying entities in which the Business operates were retained by Honeywell subsequent to the Spin-Off transaction, all tax payables and attributes, such as tax credit and tax loss carryforwards, associated with these entities was also retained by Honeywell whether or not such attribute was generated in whole or in part by the Business. As a result, the taxes payable and attributes that relate to the Business’s operations were recorded and settled through intercompany accounts with Honeywell since they are attributable to the taxable entity to be retained by Honeywell. Accordingly, a tax attribute, such a tax loss, generated by the Business but utilized by Honeywell, reduced the intercompany payable to Honeywell and be recorded as a current tax benefit in the calculation of the tax provision. We believe applying the separate tax return method modified to apply the benefits-for-loss approach was more appropriate than carrying the tax attribute forward since the attribute no longer exists, nor was the attribute included in the assets and liabilities of the Business subsequent to the Spin-Off transaction. Furthermore, the amount of the attributes that were generated by the Business but utilized by Honeywell were not material to the overall financial statements. Earnings Per Share Use of Estimates – Recent Accounting Pronouncements – In January 2017, the Financial Accounting Standards Board (“FASB”) issued amended guidance that simplifies the accounting for goodwill impairment for all entities by requiring impairment charges to be based on the first step in today’s two-step impairment test under ASC 350. Under the new guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The amendments eliminate the requirement to calculate a goodwill impairment charge by comparing the implied fair value of goodwill with its carrying amount (i.e., Step 2 of today’s goodwill impairment test). The standard will be applied prospectively and is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. We are evaluating the impact of the amended guidance on our Consolidated and Combined Financial Statements and related disclosures. In August 2016, the FASB issued amended guidance clarifying how entities should classify certain cash receipts and cash payments on the statement of cash flows. The amended guidance addresses eight specific cash flow issues, including debt prepayment or extinguishment costs, and clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The amended guidance will be effective for interim and annual periods beginning after December 15, 2017; entities will be required to apply the guidance retrospectively and provide the relevant disclosures in ASC 250, in the first interim and annual periods in which they adopt the guidance. If it is impracticable to apply the amendments retrospectively for an issue, the amendments related to that issue would be applied prospectively. Early adoption is permitted. An entity that elects early adoption must adopt all of the amendments in the same period. Early adoption in an interim period is permitted, but any adjustments must be reflected as of the beginning of the fiscal year that includes that interim period. We are evaluating the impact of the amended guidance on our Consolidated and Combined Financial Statements and related disclosures. In March 2016, the FASB issued amended guidance related to employee share-based payment accounting. The guidance requires all income tax effects of awards to be recognized in the income statement on a prospective basis. The guidance also requires presentation of excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity, and can be applied retrospectively or prospectively. The guidance increases the amount companies can withhold to cover income taxes on awards without triggering liability classification for shares used to satisfy statutory income tax withholding obligations and requires application of a modified retrospective transition method. The amended guidance will be effective for interim and annual periods beginning after December 15, 2016; early adoption is permitted if all provisions are adopted in the same period. We are evaluating the impact of the amended guidance on our Consolidated and Combined Financial Statements and related disclosures. In February 2016, the FASB issued a new standard on accounting for leases which requires lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. The new standard also requires disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases and will be effective for interim and annual periods beginning after December 15, 2018 (early adoption is permitted). The new standard should be applied under a modified retrospective approach. We are evaluating the impact of the new standard on our Consolidated and Combined Financial Statements and related disclosures. In November 2015, the FASB issued guidance to simplify the presentation of deferred income taxes by permitting classification of all deferred tax assets and liabilities as noncurrent on the Consolidated and Combined Balance Sheets. The new guidance is effective for public business entities in fiscal years beginning after December 15, 2016, including interim periods within those years (i.e., in the first quarter of 2017 for calendar year-end companies). Early adoption is permitted for all entities as of the beginning of an interim or annual reporting period. The Business elected to early adopt the guidance on a prospective basis effective with the Consolidated and Combined Balance Sheets as of December 31, 2015. This is a change from the Business’s historical presentation whereby certain deferred tax assets and liabilities were classified as current and the remainder were classified as non-current. Adoption of the guidance resulted in a reclassification of $8,470 from current assets to noncurrent assets within the Consolidated and Combined Balance Sheets as of December 31, 2015. In May 2014 and in subsequent related updates and amendments, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The effective date was deferred for one year to the interim and annual periods beginning on or after December 15, 2017. Early adoption is permitted as of the original effective date – interim and annual periods beginning on or after December 15, 2016. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not made a decision on the method of adoption. The analysis identifying areas that will be impacted by the new guidance and their potential impacts to the consolidated financial statements and related disclosures is currently underway. While data is still being accumulated, our initial indication is that revenue from Nylon 6 and our other products sold as part of the Nylon 6 manufacturing process are expected to remain substantially unchanged from our current revenue recognition model. A final determination cannot be made until we complete our analysis. |
Related Party Transactions with
Related Party Transactions with Honeywell | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 3. Related Party Transactions with Honeywell The Consolidated and Combined Financial Statements have been prepared on a stand-alone basis and are derived from the Consolidated and Combined Financial Statements and accounting records of Honeywell. Prior to consummation of the Spin-Off, Honeywell provided certain services, such as legal, accounting, information technology, human resources and other infrastructure support, on behalf of the Business. The cost of these services were allocated to the Business on a direct usage basis when identifiable, with the remainder allocated on the basis of revenues, headcount or other relevant measures. When not specifically identifiable, legal and accounting costs were allocated on the basis of revenues, information technology and human resources were allocated on the basis of headcount and other infrastructure support was allocated on the basis of revenue. During the nine months ended September 30, 2016 and the years ended December 31, 2015 and 2014, AdvanSix was allocated $31,877, $49,292 and $57,171, respectively, of general corporate expenses incurred by Honeywell for certain services, such as legal, accounting, information technology, human resources, other infrastructure support and shared facilities, on behalf of the Business. These expenses have been reflected within Costs of goods sold and Selling, general and administrative expenses in the Consolidated and Combined Statements of Operations. Sales to Honeywell during the nine months ended September 30, 2016 and the years ended December 31, 2015 and 2014 were $5,955, $9,071 and $8,585, respectively. Of these sales, during the nine months ended September 30, 2016 and the years ended December 31, 2015 and 2014, $5,682, $7,736 and $8,362, respectively, were sold to Honeywell at zero margin. Costs of goods sold to Honeywell during the nine months ended September 30, 2016 and the years ended December 31, 2015 and 2014 were $5,842, $288 and $378, respectively. Purchases from Honeywell during the nine months ended September 30, 2016 and the years ended December 31, 2015 and 2014 were $3,299, $4,694 and $5,140, respectively. The total net effect of the settlement of these intercompany transactions, prior to the Spin-off, is reflected in the Consolidated and Combined Statements of Cash Flows as a financing activity and in the Consolidated and Combined Balance Sheets as Invested equity. While we were owned by Honeywell, a centralized approach to cash management and financing of operations was used. Prior to consummation of the Spin-Off, the Business’s cash was transferred to Honeywell daily and Honeywell funded the Business’s operating and investing activities as needed. Net transfers to and from Honeywell are included within Invested equity on the Consolidated and Combined Balance Sheets. The components of the net transfers to and from Honeywell as of December 31, 2016, 2015 and 2014 are as follows: Years Ended December 31, 2016 2015 2014 Cash pooling and general financing activities $ (73,534 ) $ (84,312 ) $ (187,975 ) Distribution to Honeywell in connection with the Spin-Off (269,347 ) – – Net contribution of assets and liabilities upon Spin-Off (22,938 ) – – Sales to Honeywell (5,955 ) (9,071 ) (8,585 ) Purchases from Honeywell 3,299 4,694 5,140 Corporate allocations 31,877 49,292 57,171 Income tax expense 36,712 36,461 48,189 Net decrease in invested equity $ (299,886 ) $ (2,936 ) $ (86,060 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 4. Income Taxes 2016 2015 2014 Income (loss) before taxes U.S $ 55,189 $ 103,115 $ 132,852 Non-U.S (1,414 ) (2,878 ) (805 ) $ 53,775 $ 100,237 $ 132,047 Income taxes Income tax expense (benefit) consists of: Years Ended December 31, 2016 2015 2014 Current Provision: Federal $ 6,875 $ 23,023 $ 26,502 State 1,290 4,241 4,875 Non-U.S (71 ) (716 ) (146 ) $ 8,094 $ 26,548 $ 31,231 Deferred Provision: Federal $ 10,908 $ 8,372 $ 14,333 State 638 1,527 2,614 Non-U.S (12 ) 14 11 11,534 9,913 16,958 $ 19,628 $ 36,461 $ 48,189 The U.S. federal statutory income tax rate is reconciled to the effective income tax rate as follows: Years Ended December 31, 2016 2015 2014 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % U.S. state income taxes 2.3 % 3.7 % 3.7 % Manufacturing incentives (1.8 )% (2.6 )% (2.3 )% Tax rate differential on non-U.S. earnings 0.8 % 0.3 % 0.1 % Other, net 0.2 % – – 36.5 % 36.4 % 36.5 % The Company’s effective income tax rates for 2016, 2015 and 2014 were higher than the U.S. Federal statutory rate of 35.0% primarily due to state taxes and, to a lesser extent, losses incurred in foreign jurisdictions with lower than the U.S. federal statutory rate, partially offset by the federal tax credit for research activities and the U.S. manufacturing incentive credits. For 2016, 2015 and 2014, there were no unrecognized tax benefits recorded by the Company. Although there are no unrecognized income tax benefits, when applicable, the Company’s policy is to report interest expense related to unrecognized income tax benefits in the income tax provision. Deferred tax assets (liabilities) The tax effects of temporary differences which give rise to future income tax benefits and expenses are as follows: December 31, 2016 2015 Deferred tax assets: Net Operating Loss $ 12,560 $ – Accruals and Reserves 6,772 5,673 Inventory 215 4,520 Pension Obligation 13,086 – Other 141 184 Total gross deferred tax assets 32,774 10,377 Less: Valuation Allowance – – Total deferred tax assets $ 32,774 $ 10,377 Deferred tax liabilities: Property, plant & equipment $ (145,712 ) $ (123,574 ) Intangibles (1,262 ) (1,713 ) Total deferred tax liabilities (146,974 ) (125,287 ) Net deferred taxes $ (114,200 ) $ (114,910 ) The net deferred taxes are primarily related to U.S. operations. As of December 31, 2016, we recognized a federal net operating loss (“NOL”) carryforward of $32,392, which is expected to expire in 2036, and a foreign NOL carryforward of $213 which is not subject to expiration. We also have state NOL carryforwards in multiple jurisdictions, including most materially in Virginia, $14,248. The most significant state NOL carryforwards are expected to expire in 2036. There were no material tax loss or tax credit carryforwards at December 31, 2015. We believe that the federal, foreign and state NOL carryforwards and other deferred tax assets are more likely than not to be realized and we have not recorded a valuation allowance against the deferred tax assets. As of December 31, 2016, there are no undistributed earnings of the Business’ non-U.S. subsidiary and, as such, we have not provided a deferred tax liability for undistributed earnings. |
Accounts and Other Receivables
Accounts and Other Receivables - Net | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 5. Accounts and Other Receivables – Net December 31, 2016 2015 Accounts receivables $ 119,475 $ 129,402 Other 15,407 1,018 134,882 130,420 Less – allowance for doubtful accounts (3,211 ) (2,875 ) Total accounts and other receivables – net $ 131,671 $ 127,545 The roll-forward of allowance for doubtful accounts are summarized in the table below: Balance at Charged to Charged to Deductions Balance at Year ended December 31, 2016 $ 2,875 $ 334 $ 74 $ (72 ) $ 3,211 Year ended December 31, 2015 484 2,477 – (86 ) 2,875 Year ended December 31, 2014 978 3 (79 ) (418 ) 484 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 6. Inventories December 31, 2016 2015 Raw materials $ 68,900 $ 75,666 Work in progress 47,759 56,025 Finished goods 19,069 35,508 Spares and other 23,129 21,528 158,857 188,727 Reduction to LIFO cost basis (29,879 ) (38,496 ) Total inventories $ 128,978 $ 150,231 |
Property, Plant, Equipment-Net
Property, Plant, Equipment-Net | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 7. Property, Plant, Equipment – Net December 31, 2016 2015 Land and improvements $ 6,396 $ 6,599 Machinery and equipment 1,116,758 1,102,087 Buildings and improvements 155,749 152,765 Construction in progress 67,829 74,544 1,346,732 1,335,995 Less – accumulated depreciation (771,357 ) (808,453 ) Total property, plant, equipment – net $ 575,375 $ 527,542 Capitalized interest was $2,725, $2,870 and $2,846 for the years ended December 31, 2016, 2015 and 2014, respectively. Depreciation expense was $39,304, $35,703 and $33,065 for the years ended December 31, 2016, 2015 and 2014, respectively. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Leases, Operating [Abstract] | |
Operating Leases of Lessee Disclosure [Table Text Block] | Note 8. Lease Commitments The Business has entered into agreements to lease land, buildings and equipment. The operating leases have initial terms of up to 20 years with some containing renewal options subject to customary conditions. Future minimum lease payments under operating leases having an initial or remaining non-cancellable lease terms in excess of one year are as follows: December 31, 2017 $ 43,748 2018 31,171 2019 19,734 2020 11,148 2021 10,532 Thereafter 44,644 Total $ 160,977 Rent expense was $19,357, $15,984 and $14,625 for the years ended December 31, 2016, 2015 and 2014, respectively. |
Long-term Debt and Credit Arran
Long-term Debt and Credit Arrangements | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | Note 9. Long-term Debt and Credit Agreement The Company’s debt at December 31, 2016 consisted of the following: Total term loan outstanding $ 264,838 Amounts outstanding under the Revolving Credit Facility – Total outstanding indebtedness 264,838 Less: amounts due within one year – Total long term debt due after one year $ 264,838 At December 31, 2016, the Company assessed the amount recorded under the Term Loan (defined below) and the Revolving Credit Facility (defined below) and determined that such amounts approximated fair value. The fair values of the debt are based on quoted inactive market prices and are therefore classified as Level 2 within the valuation hierarchy. The Term Loan is presented net of deferred costs of issuance, which are amortized using the effective interest method over the term of the Term Loan. Gross deferred issuance costs at the inception of the Term Loan were $1,881 and, as of December 31, 2016, there were $1,787 of unamortized deferred issuance costs netted against the Term-Loan. Scheduled principal repayments under the Term Loan subsequent to December 31, 2016 are as follows: 2017 $ – 2018 16,875 2019 27,000 2020 27,000 Thereafter 195,750 Total $ 266,625 Credit Agreement On September 30, 2016, in connection with the consummation of the Spin-Off, the Company as the borrower, entered into a Credit Agreement with Bank of America, as administrative agent (the “Credit Agreement”). The Credit Agreement consists of a $270.0 million term loan (the “Term Loan”) and a $155.0 million revolving loan facility (the “Revolving Credit Facility”). The Revolving Credit Facility includes a $25.0 million letter-of-credit sub-facility and a $20.0 million Swing-Line Loan sub-facility, issuances against which reduce the available capacity for borrowing. As of December 31, 2016, the Company has issued $2.1 million of letters of credit, against which no funds have been drawn, and has no outstanding borrowings against the Swing-Line Loan. The unutilized portion of the Revolving Credit Facility is subject to an annual commitment fee of 0.25% to 0.40% depending on the Company’s consolidated leverage ratio. The Term Loan and the Revolving Credit Facility both have a scheduled maturity date of September 30, 2021. The interest rates on borrowings under the facilities are based on, at the option of the Company, either: (a) the London Interbank Offered Rate (“LIBOR”), plus a margin of 2.25% to 3.00% depending on the Company’s consolidated leverage ratio, or (b) the higher of (i) the Federal Funds Rate plus 0.5%, (ii) Bank of America’s “prime rate”, and (iii) LIBOR plus 1.0%, plus a margin of 1.25% to 2.00% depending on the Company’s consolidated leverage ratio. The proceeds of the Term Loan, net of adjustments for certain working capital and other items, were used to fund a cash distribution to Honeywell in connection with the Spin-Off. Amounts available under the Revolving Credit Facility may be used for working capital, general corporate purposes, and other uses, all as more fully set forth in the Credit Agreement. The Company incurred approximately $1.9 million in debt issuance costs related to the Term Loan and $1.0 million in costs related to the Revolving Credit Facility. The debt issuance costs associated with the Term Loan were recorded as a reduction of the principal balance of the debt, and the Revolving Credit Facility costs were capitalized in Other assets. All issuance costs are being amortized through interest expense for the duration of each respective debt facility. The accretion in interest expense during the year ended December 31, 2016 was $148. The obligations under the Credit Agreement are secured by liens on substantially all of the assets of AdvanSix Inc. The Credit Agreement contains customary covenants limiting the ability of the Company and its subsidiaries to, among other things, pay cash dividends, incur debt or liens, redeem or repurchase stock of the Company, enter into transactions with affiliates, make investments, make capital expenditures, merge or consolidate with others or dispose of assets. The Credit Agreement also contains financial covenants that require the Company to maintain a Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) of not less than 3:00 to 1:00 and to maintain a Consolidated Leverage Ratio of (i) 3:00 to 1:00 or less for the fiscal quarter ending September 30, 2016, through and including the fiscal quarter ending March 31, 2018, (ii) 2:75 to 1:00 or less for the fiscal quarter ending June 30, 2018, through and including the fiscal quarter ending March 31, 2019, and (iii) 2:50 to 1:00 or less for the fiscal quarter ending June 30, 2019, and each fiscal quarter thereafter (subject to the Company’s option to elect a consolidated leverage ratio increase in connection with certain acquisitions). If the Company does not comply with the covenants in the Credit Agreement, the lenders may, subject to customary cure rights, require the immediate payment of all amounts outstanding under the Credit Agreement. |
Postretirement Benefit Obligati
Postretirement Benefit Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 10. Postretirement Benefit Obligations Prior to the Spin-Off certain of our employees participated in a defined benefit pension plan (the “Shared Plan”) sponsored by Honeywell which includes participants of other Honeywell subsidiaries and operations. We accounted for our participation in the Shared Plan as a multiemployer benefit plan. Accordingly, we did not record an asset or liability to recognize the funded status of the Shared Plan. The related pension expense was allocated based on annual service cost of active participants and reported within Costs of goods sold and Selling, general and administrative expenses in the Combined Statements of Operations. The pension expense related to our participation in the Shared Plan for the nine months ended September 30, 2016 and years ended December 31, 2015, 2014 was $5,151, $10,215 and $9,249, respectively. As of the date of separation from Honeywell, these employees’ entitlement to benefits in Honeywell’s plans was frozen and they will accrue no further benefits in Honeywell’s plans. Honeywell retained the liability for benefits payable to eligible employees, which are based on age, years of service and average pay upon retirement. Upon consummation of the Spin-Off, AdvanSix employees who were participants in a Honeywell defined benefit pension plan became participants in the AdvanSix defined benefit pension plan (“AdvanSix Retirement Earnings Plan”). The AdvanSix Retirement Earnings Plan has the same benefit formula as the Honeywell defined benefit pension plan. Moreover, vesting service, benefit accrual service and compensation credited under the Honeywell defined benefit pension plan apply to the determination of pension benefits under the AdvanSix Retirement Earnings Plan. Benefits earned under the AdvanSix Retirement Earnings Plan shall be reduced by the value of benefits accrued under the Honeywell plans. The following tables summarize the balance sheet impact, including the benefit obligations, assets and funded status associated with the AdvanSix Retirement Earnings Plan. Change in benefit obligation: Benefit obligation at October 1, 2016 (Spin-Off) $ 34,935 Service Cost 1,796 Interest Cost 315 Actuarial (gains) losses (3,159 ) Benefit obligation at December 31, 2016 $ 33,887 Change in plan assets: Fair value of plan assets at October 1, 2016 (Spin-Off) $ – Company contributions – Fair value of plan assets at end of year – Funded status of plans $ (33,887 ) Amounts recognized in Balance Sheet consists of: Accrued pension liabilities-current (1) $ (343 ) Accrued pension liabilities-noncurrent (2) (33,544 ) Net amount recognized $ (33,887 ) (1) Included in accrued liabilities on Balance Sheet (2) Included in postretirement benefit obligations on Balance Sheet Amounts recognized in accumulated other comprehensive income (loss) associated with our pension plan at December 31, 2016 are as follows: Transition obligation $ – Prior service (credit) cost – Net actuarial gain (3,159 ) Net amount recognized $ (3,159 ) The components of net periodic benefit cost and other amounts recognized in other comprehensive income for our pension plan include the following components: Years ended December 31, 2016 2015 2014 Service cost $ 1,796 $ – $ – Interest cost 315 – – Expected return on plan assets – – – Recognition of actuarial losses – – – Net periodic benefit cost $ 2,111 $ – $ – Other Changes in Benefits Obligations Recognized in Other Comprehensive Income (loss) Actuarial gains (3,159 ) – – Total recognized in other comprehensive income $ (3,159 ) $ – $ – Total recognized in net periodic benefit cost and other comprehensive income $ (1,048 ) $ – $ – The estimated actuarial gain that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2017 is expected to be nil. Significant actuarial assumptions used in determining the benefit obligations and net periodic benefit cost for our pension plan were as follows: 2016 Actuarial assumptions used to determine benefit obligations as of December 31,: Discount rate 4.48% Expected annual rate of compensation increase 2.75% Actuarial assumptions used to determine the net periodic benefit cost for the year ended December 31,: Discount rate 3.93% Expected annual rate of compensation increase 3.75% The discount rate for our pension plan reflects the current rate at which the associated liabilities could be settled at the measurement date of December 31, 2016. To determine discount rates for our pension plan, we use a modeling process that involves matching the expected cash outflows of our benefit plan to a yield curve constructed from a portfolio of high quality, fixed-income debt instruments. We use the single weighted-average yield of this hypothetical portfolio as a discount rate benchmark. The accumulated benefit obligation for our pension plan was $31.2 million as of December 31, 2016. No assets had been contributed to the Plan prior to December 31, 2016. Our general funding policy for our pension plan is to contribute amounts at least sufficient to satisfy regulatory funding standards. We plan to make estimated payments through such time as the plan is fully funded. During January 2017, the Company made a contribution to the AdvanSix Retirement Earnings Plan of $2.2 million. The Company plans to make additional contributions of approximately $20 million during 2017 sufficient to satisfy pension funding requirements as well as additional contributions in future years sufficient to satisfy pension funding requirements in those periods. Benefit payments, including amounts to be paid from Company assets, and reflecting expected future service, as appropriate, are expected to be paid during the following years: 2017 $ 343 2018 879 2019 1,481 2020 2,106 2021 2,778 2022–2026 24,379 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measures | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Financial Instruments Disclosure [Text Block] | Note 11. Financial Instruments and Fair Value Measures Credit and Market Risk The Company continually monitors the creditworthiness of its customers to which it grants credit terms in the normal course of Company. The terms and conditions of credit sales are designed to mitigate or eliminate concentrations of credit risk with any single customer. The Company has one major customer that accounts for approximately 16% of the trade accounts receivable – net balance. Commodity Price Risk Management Fair Value of Financial Instruments Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or Inputs other than quoted prices that are observable for the asset or liability Level 3 Unobservable inputs for the asset or liability Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2016 and 2015: Years Ended December 31, 2016 2015 Liabilities: Forward commodity contracts $ – $ 3,628 The forward commodity contracts are valued using broker quotations, or market transactions in either the listed or over-the-counter markets. As such, these derivative instruments are classified within level 2 of the fair value hierarchy. The carrying value of accounts receivables and payables contained in the Consolidated and Combined Balance Sheets approximates fair value. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 12. Commitments and Contingencies Litigation: The Company is subject to a number of lawsuits, investigations and disputes (some of which involve substantial amounts claimed) arising out of the conduct of the Company or other third parties in the normal and ordinary course of business, including matters relating to commercial transactions. A liability is recognized for any contingency that is probable of occurrence and reasonably estimable. The Company continually assesses the likelihood of adverse judgments or outcomes in these matters, as well as potential ranges of possible losses (taking into consideration any insurance recoveries), based on an analysis of each matter with the assistance of legal counsel and, if applicable, other experts. Given the uncertainty inherent in such lawsuits, investigations and disputes, the Company does not believe it is possible to develop estimates of reasonably possible loss in excess of current accruals for these matters. Considering the Company’s past experience and existing accruals, the Business does not expect the outcome of these matters, either individually or in the aggregate, to have a material adverse effect on the Company’s Consolidated and Combined Balance Sheets, results of operations or cash flows. Potential liabilities are subject to change due to new developments, changes in settlement strategy or the impact of evidentiary requirements, which could cause the Company to pay damage awards or settlements (or become subject to equitable remedies) that could have a material adverse effect on the Company’s consolidated and combined results of operations, balance sheet and/or operating cash flows in the periods recognized or paid. Unconditional Purchase Obligations: In the normal course of business, the Company makes commitments to purchase goods with various vendors in the normal course of business which are consistent with our expected requirements and primarily relate to cumene, oleum, sulfur and natural gas as well as a long term agreement for loading, unloading and the handling of a portion of our ammonium sulfate export volumes. Future minimum payments for these unconditional purchase obligations as of December 31, 2016 are as follows (dollars in thousands): Year Amount 2017 $ 67,154 2018 26,854 2019 26,957 2020 27,006 2021 26,920 Thereafter 12,649 $ 187,540 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Other Comprehensive Income, Noncontrolling Interest [Text Block] | Note 13. Changes in Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) are as follows: Currency Postretirement Changes in Accumulated Balance at December 31, 2013 $ (3,479 ) $ – $ (119 ) $ (3,598 ) Other comprehensive income (loss) (283 ) – (1,333 ) (1,616 ) Amounts reclassified from accumulated other – – – – Income tax expense – – – – Current period change (283 ) – (1,333 ) (1,616 ) Balance at December 31, 2014 (3,762 ) – (1,452 ) (5,214 ) Other comprehensive income (loss) (1,390 ) – 2,865 1,475 Amounts reclassified from accumulated other – – – – Income tax expense – – – – Current period change (1,390 ) – 2,865 1,475 Balance at December 31, 2015 (5,152 ) – 1,413 (3,739 ) Other comprehensive income (loss) 154 1,963 (1,413 ) 704 Amounts reclassified from accumulated other – – – – Income tax expense – – – – Current period change 154 1,963 (1,413 ) 704 Balance at December 31, 2016 $ (4,998 ) $ 1,963 $ – $ (3,035 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 14. Earnings Per Share On October 1, 2016, the date of consummation of the Spin-Off, 30,482,966 shares of the Company’s Common Stock were distributed to Honeywell stockholders of record as of September 16, 2016 who held their shares through the Distribution Date. Basic and Diluted EPS for all periods prior to the Spin-off reflect the number of distributed shares, or 30,482,966 shares. For the 2016 year to date calculations, these shares are treated as issued and outstanding from January 1, 2016 for purposes of calculating historical basic earnings per share. The details of the earnings per share calculations for the years ended December 31, 2016, 2015 and 2014 are as follows: Years Ended December 31, 2016 2015 2014 Basic Net Income $ 34,147 $ 63,776 $ 83,858 Weighted average common shares outstanding 30,482,966 30,482,966 30,482,966 EPS – Basic $ 1.12 $ 2.09 $ 2.75 Years Ended December 31, 2016 2015 2014 Diluted Net Income $ 34,147 $ 63,776 $ 83,858 Weighted average common shares outstanding – Basic 30,482,966 30,482,966 30,482,966 Dilutive effect of unvested RSUs 20,621 – – Weighted average common shares outstanding – Diluted 30,503,587 30,482,966 30,482,966 EPS – Diluted $ 1.12 $ 2.09 $ 2.75 Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the year. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 15. Stock-Based Compensation Plans On September 8, 2016, our Board adopted, and Honeywell, as our sole stockholder, approved, the 2016 Stock Incentive Plan of AdvanSix Inc. and its Affiliates (the “Equity Plan”). The Equity Plan provides for the grant of stock options, stock appreciation rights, performance awards, restricted stock units, restricted stock, other stock-based awards, and non-share-based awards. The maximum aggregate number of shares of our common stock that may be issued under all stock-based awards granted under the Equity Plan is 3,350,000. Of those shares, only 1,750,000 may be subject, on a one-for-one basis, to awards granted under the Equity Plan that are not stock options or stock appreciation rights (“full-value awards”). After the number of shares subject to full-value awards exceed such limit, each share subject to future full-value awards would reduce the number of shares available for grant under the Equity Plan by four shares, with the exception of awards to non-employee directors, which shall not count towards such limit and shares related to such awards shall always be counted on a one-for-one basis. Under the terms of the Equity Plan, there were 2,441,460 shares of AdvanSix common stock available for future grants of full value awards, of which 841,460 were available for awards other than full-value awards on a one-for-one basis, at December 31, 2016. Restricted Stock Units Since the Spin-Off on October 1, 2016, we have granted the following awards: • 783,159 RSUs were granted to officers of AdvanSix with three year vesting periods in accordance with the Equity Plan • Honeywell RSU awards held by certain of our key employees who would otherwise forfeit prior Honeywell awards as a result of the Spin-Off were issued replacement grants in the amount of 88,817 shares of our RSUs with substantially the same vesting schedule as the forfeited awards. Compensation expense for these awards will continue to be recognized ratably over the remaining term of the unvested awards, which ranged from 1.25 to 3.25 years as of the date of the Spin-Off • 36,564 RSUs were granted to members of our Board of Directors for annual director compensation with three year vesting periods in accordance with the Equity Plan The following table summarizes information about RSU activity related to our Equity Plan: Number of Restricted Weighted Average Grant Date Fair Value Per Share Non-vested at October 1, 2016 – $ – Granted 908,540 16.41 Vested – – Forfeited – – Non-vested at December 31, 2016 908,540 $ 16.41 As of December 31, 2016, there was approximately $13.6 million of total unrecognized compensation cost related to non-vested RSUs granted under our Equity Plan, which is expected to be recognized over a weighted-average period of 2.65 years. The following table summarizes information about income statement impact from RSUs for the year ended December 31, 2016: Compensation expense $ 1,327 Future income tax benefit recognized 513 Certain share-based compensation expense relates to stock options and restricted stock units awarded to key employees of the Business as part of Honeywell’s incentive compensation plans prior to the Spin-off. Such share-based compensation expense was $538, $562 and $469 for the nine months ended September 30, 2016 and the years ended December 31, 2015 and 2014, respectively. |
Geographic Areas and Major Cust
Geographic Areas and Major Customers - Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Geographic Areas Financial Data Disclosure [Abstract] | |
Geographic Areas Financial Data Disclosure [Text Block] | Note 16. Geographic Areas and Major Customers – Financial Data Net Sales Long-lived Assets (1) Years Ended December 31, 2016 2015 2014 2016 2015 2014 United States $ 975 $ 936 $ 1,249 $ 575 $ 527 $ 468 International 217 372 511 – 1 1 Total $ 1,192 $ 1,308 $ 1,760 $ 575 $ 528 $ 469 (1) Long-lived assets are comprised of property, plant and equipment – net. Our largest customer is Shaw Industries Group Inc. (“Shaw”), one of the world’s largest consumers of caprolactam and Nylon 6 resin. We sell Nylon 6 resin and caprolactam to Shaw under a long-term contract. In 2016, 2015 and 2014, our sales to Shaw were 17%, 16% and 19%, respectively, of our total sales. We typically sell to our other customers under short-term contracts with one- to two-year terms or by purchase orders. International sales for the years ended December 31, 2016, 2015 and 2014 include export sales of $216.4 million, $350.3 million and $480.4 million, respectively. |
Unaudited Quarterly Financial I
Unaudited Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Note 17. Unaudited Quarterly Financial Information The following tables show selected unaudited quarterly results of operations for 2016 and 2015. The quarterly data have been prepared on the same basis as the audited annual financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair statement of our results of operations for these periods. 2016 March 31 June 30 September 30 December 31 Year Ended December 31, Net Sales $ 299,830 $ 308,418 $ 323,953 $ 259,323 $ 1,191,524 Gross Profit 54,271 34,598 38,862 (20,101 ) 107,630 Net Income (Loss) 27,393 15,008 16,460 (24,714 ) 34,147 Earnings (loss) per share – basic (a) 0.90 0.49 0.54 (0.81 ) 1.12 Earnings (loss) per share – diluted (a) 0.90 0.49 0.54 (0.81 ) 1.12 2015 March 31 June 30 September 30 December 31 Year Ended December 31, Net Sales $ 310,229 $ 367,441 $ 335,874 $ 315,865 $ 1,329,409 Gross Profit 15,546 51,914 45,889 36,409 149,758 Net Income 3,062 24,965 20,411 15,338 63,776 Earnings per share – basic (a) 0.10 0.82 0.67 0.50 2.09 Earnings per share – diluted (a) 0.10 0.82 0.67 0.50 2.09 (a) On October 1, 2016, the date of consummation of the Spin-Off, 30,482,966 shares of the Company’s Common Stock were distributed to Honeywell stockholders of record as of September 16, 2016. Basic and Diluted EPS for all periods prior to the Spin-off reflect the number of distributed shares, or 30,482,966 shares. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Accounting Principles |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents |
Commodity Price Risk Management [Policy Text Block] | Commodity Price Risk Management – |
Inventory, Policy [Policy Text Block] | Inventory Adjustments – |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant, Equipment – |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets – |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill – |
Revenue Recognition, Policy [Policy Text Block] | Sales Recognition – |
Environmental Cost, Expense Policy [Policy Text Block] | Environmental – |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Deferred Income and Customer Advances – |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Trade Receivables and Allowance for Doubtful Accounts – |
Research and Development Expense, Policy [Policy Text Block] | Research and Development – |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Plans – |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Pension Benefits – |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation – |
Income Tax, Policy [Policy Text Block] | Income Taxes During the 4 th The benefit of tax positions taken or expected to be taken in our income tax returns are recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits”. A liability is recognized (or amount of net operating loss carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC 740. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable. Our policy is to classify tax related interest and penalties, if any, as a component of income tax expense. No interest or penalties were recorded during the years ended December 31, 2016 and 2015. As of December 31, 2016 and December 31, 2015, no liability for unrecognized tax benefits was required to be reported. We do not expect any significant changes in our unrecognized tax benefits in the next year. Prior to the Spin-Off, income taxes as presented are calculated on a separate tax return basis modified to apply the benefits-for-loss approach and may not be reflective of the results that would have occurred if tax returns were filed on a stand-alone basis. In applying the benefits-for-loss methodology, the tax provision was computed as if the Business filed tax returns on a separate tax return basis independent of other Honeywell businesses with an adjustment to reflect a tax benefit for losses generated by the Business but utilized by other Honeywell businesses in a combined tax filing. Given that the taxpaying entities in which the Business operates were retained by Honeywell subsequent to the Spin-Off transaction, all tax payables and attributes, such as tax credit and tax loss carryforwards, associated with these entities was also retained by Honeywell whether or not such attribute was generated in whole or in part by the Business. As a result, the taxes payable and attributes that relate to the Business’s operations were recorded and settled through intercompany accounts with Honeywell since they are attributable to the taxable entity to be retained by Honeywell. Accordingly, a tax attribute, such a tax loss, generated by the Business but utilized by Honeywell, reduced the intercompany payable to Honeywell and be recorded as a current tax benefit in the calculation of the tax provision. We believe applying the separate tax return method modified to apply the benefits-for-loss approach was more appropriate than carrying the tax attribute forward since the attribute no longer exists, nor was the attribute included in the assets and liabilities of the Business subsequent to the Spin-Off transaction. Furthermore, the amount of the attributes that were generated by the Business but utilized by Honeywell were not material to the overall financial statements. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates – |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements – In January 2017, the Financial Accounting Standards Board (“FASB”) issued amended guidance that simplifies the accounting for goodwill impairment for all entities by requiring impairment charges to be based on the first step in today’s two-step impairment test under ASC 350. Under the new guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The amendments eliminate the requirement to calculate a goodwill impairment charge by comparing the implied fair value of goodwill with its carrying amount (i.e., Step 2 of today’s goodwill impairment test). The standard will be applied prospectively and is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. We are evaluating the impact of the amended guidance on our Consolidated and Combined Financial Statements and related disclosures. In August 2016, the FASB issued amended guidance clarifying how entities should classify certain cash receipts and cash payments on the statement of cash flows. The amended guidance addresses eight specific cash flow issues, including debt prepayment or extinguishment costs, and clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The amended guidance will be effective for interim and annual periods beginning after December 15, 2017; entities will be required to apply the guidance retrospectively and provide the relevant disclosures in ASC 250, in the first interim and annual periods in which they adopt the guidance. If it is impracticable to apply the amendments retrospectively for an issue, the amendments related to that issue would be applied prospectively. Early adoption is permitted. An entity that elects early adoption must adopt all of the amendments in the same period. Early adoption in an interim period is permitted, but any adjustments must be reflected as of the beginning of the fiscal year that includes that interim period. We are evaluating the impact of the amended guidance on our Consolidated and Combined Financial Statements and related disclosures. In March 2016, the FASB issued amended guidance related to employee share-based payment accounting. The guidance requires all income tax effects of awards to be recognized in the income statement on a prospective basis. The guidance also requires presentation of excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity, and can be applied retrospectively or prospectively. The guidance increases the amount companies can withhold to cover income taxes on awards without triggering liability classification for shares used to satisfy statutory income tax withholding obligations and requires application of a modified retrospective transition method. The amended guidance will be effective for interim and annual periods beginning after December 15, 2016; early adoption is permitted if all provisions are adopted in the same period. We are evaluating the impact of the amended guidance on our Consolidated and Combined Financial Statements and related disclosures. In February 2016, the FASB issued a new standard on accounting for leases which requires lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. The new standard also requires disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases and will be effective for interim and annual periods beginning after December 15, 2018 (early adoption is permitted). The new standard should be applied under a modified retrospective approach. We are evaluating the impact of the new standard on our Consolidated and Combined Financial Statements and related disclosures. In November 2015, the FASB issued guidance to simplify the presentation of deferred income taxes by permitting classification of all deferred tax assets and liabilities as noncurrent on the Consolidated and Combined Balance Sheets. The new guidance is effective for public business entities in fiscal years beginning after December 15, 2016, including interim periods within those years (i.e., in the first quarter of 2017 for calendar year-end companies). Early adoption is permitted for all entities as of the beginning of an interim or annual reporting period. The Business elected to early adopt the guidance on a prospective basis effective with the Consolidated and Combined Balance Sheets as of December 31, 2015. This is a change from the Business’s historical presentation whereby certain deferred tax assets and liabilities were classified as current and the remainder were classified as non-current. Adoption of the guidance resulted in a reclassification of $8,470 from current assets to noncurrent assets within the Consolidated and Combined Balance Sheets as of December 31, 2015. In May 2014 and in subsequent related updates and amendments, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The effective date was deferred for one year to the interim and annual periods beginning on or after December 15, 2017. Early adoption is permitted as of the original effective date – interim and annual periods beginning on or after December 15, 2016. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not made a decision on the method of adoption. The analysis identifying areas that will be impacted by the new guidance and their potential impacts to the consolidated financial statements and related disclosures is currently underway. While data is still being accumulated, our initial indication is that revenue from Nylon 6 and our other products sold as part of the Nylon 6 manufacturing process are expected to remain substantially unchanged from our current revenue recognition model. A final determination cannot be made until we complete our analysis. |
Organization, Operations and 26
Organization, Operations and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Intermediate Material Sales Percentages [Table Text Block] | Each of these product lines represented the following approximate percentage of our sales: Years Ended December 31, 2016 2015 2014 Nylon 28% 27% 25% Caprolactam 17% 18% 21% Ammonium Sulfate Fertilizers 24% 25% 20% Chemical Intermediates 31% 30% 34% |
Related Party Transactions wi27
Related Party Transactions with Honeywell (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | The components of the net transfers to and from Honeywell as of December 31, 2016, 2015 and 2014 are as follows: Years Ended December 31, 2016 2015 2014 Cash pooling and general financing activities $ (73,534 ) $ (84,312 ) $ (187,975 ) Distribution to Honeywell in connection with the Spin-Off (269,347 ) – – Net contribution of assets and liabilities upon Spin-Off (22,938 ) – – Sales to Honeywell (5,955 ) (9,071 ) (8,585 ) Purchases from Honeywell 3,299 4,694 5,140 Corporate allocations 31,877 49,292 57,171 Income tax expense 36,712 36,461 48,189 Net decrease in invested equity $ (299,886 ) $ (2,936 ) $ (86,060 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2016 2015 2014 Income (loss) before taxes U.S $ 55,189 $ 103,115 $ 132,852 Non-U.S (1,414 ) (2,878 ) (805 ) $ 53,775 $ 100,237 $ 132,047 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense (benefit) consists of: Years Ended December 31, 2016 2015 2014 Current Provision: Federal $ 6,875 $ 23,023 $ 26,502 State 1,290 4,241 4,875 Non-U.S (71 ) (716 ) (146 ) $ 8,094 $ 26,548 $ 31,231 Deferred Provision: Federal $ 10,908 $ 8,372 $ 14,333 State 638 1,527 2,614 Non-U.S (12 ) 14 11 11,534 9,913 16,958 $ 19,628 $ 36,461 $ 48,189 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The U.S. federal statutory income tax rate is reconciled to the effective income tax rate as follows: Years Ended December 31, 2016 2015 2014 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % U.S. state income taxes 2.3 % 3.7 % 3.7 % Manufacturing incentives (1.8 )% (2.6 )% (2.3 )% Tax rate differential on non-U.S. earnings 0.8 % 0.3 % 0.1 % Other, net 0.2 % – – 36.5 % 36.4 % 36.5 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences which give rise to future income tax benefits and expenses are as follows: December 31, 2016 2015 Deferred tax assets: Net Operating Loss $ 12,560 $ – Accruals and Reserves 6,772 5,673 Inventory 215 4,520 Pension Obligation 13,086 – Other 141 184 Total gross deferred tax assets 32,774 10,377 Less: Valuation Allowance – – Total deferred tax assets $ 32,774 $ 10,377 Deferred tax liabilities: Property, plant & equipment $ (145,712 ) $ (123,574 ) Intangibles (1,262 ) (1,713 ) Total deferred tax liabilities (146,974 ) (125,287 ) Net deferred taxes $ (114,200 ) $ (114,910 ) |
Accounts and Other Receivable29
Accounts and Other Receivables - Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2016 2015 Accounts receivables $ 119,475 $ 129,402 Other 15,407 1,018 134,882 130,420 Less – allowance for doubtful accounts (3,211 ) (2,875 ) Total accounts and other receivables – net $ 131,671 $ 127,545 |
Schedule of Allowance for Doubtful Accounts [Table Text Block] | The roll-forward of allowance for doubtful accounts are summarized in the table below: Balance at Charged to Charged to Deductions Balance at Year ended December 31, 2016 $ 2,875 $ 334 $ 74 $ (72 ) $ 3,211 Year ended December 31, 2015 484 2,477 – (86 ) 2,875 Year ended December 31, 2014 978 3 (79 ) (418 ) 484 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2016 2015 Raw materials $ 68,900 $ 75,666 Work in progress 47,759 56,025 Finished goods 19,069 35,508 Spares and other 23,129 21,528 158,857 188,727 Reduction to LIFO cost basis (29,879 ) (38,496 ) Total inventories $ 128,978 $ 150,231 |
Property, Plant, Equipment-Net
Property, Plant, Equipment-Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, 2016 2015 Land and improvements $ 6,396 $ 6,599 Machinery and equipment 1,116,758 1,102,087 Buildings and improvements 155,749 152,765 Construction in progress 67,829 74,544 1,346,732 1,335,995 Less – accumulated depreciation (771,357 ) (808,453 ) Total property, plant, equipment – net $ 575,375 $ 527,542 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases, Operating [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments under operating leases having an initial or remaining non-cancellable lease terms in excess of one year are as follows: December 31, 2017 $ 43,748 2018 31,171 2019 19,734 2020 11,148 2021 10,532 Thereafter 44,644 Total $ 160,977 |
Long-term Debt and Credit Arr33
Long-term Debt and Credit Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The Company’s debt at December 31, 2016 consisted of the following: Total term loan outstanding $ 264,838 Amounts outstanding under the Revolving Credit Facility – Total outstanding indebtedness 264,838 Less: amounts due within one year – Total long term debt due after one year $ 264,838 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Scheduled principal repayments under the Term Loan subsequent to December 31, 2016 are as follows: 2017 $ – 2018 16,875 2019 27,000 2020 27,000 Thereafter 195,750 Total $ 266,625 |
Postretirement Benefit Obliga34
Postretirement Benefit Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following tables summarize the balance sheet impact, including the benefit obligations, assets and funded status associated with the AdvanSix Retirement Earnings Plan. Change in benefit obligation: Benefit obligation at October 1, 2016 (Spin-Off) $ 34,935 Service Cost 1,796 Interest Cost 315 Actuarial (gains) losses (3,159 ) Benefit obligation at December 31, 2016 $ 33,887 Change in plan assets: Fair value of plan assets at October 1, 2016 (Spin-Off) $ – Company contributions – Fair value of plan assets at end of year – Funded status of plans $ (33,887 ) Amounts recognized in Balance Sheet consists of: Accrued pension liabilities-current (1) $ (343 ) Accrued pension liabilities-noncurrent (2) (33,544 ) Net amount recognized $ (33,887 ) (1) Included in accrued liabilities on Balance Sheet (2) Included in postretirement benefit obligations on Balance Sheet |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in accumulated other comprehensive income (loss) associated with our pension plan at December 31, 2016 are as follows: Transition obligation $ – Prior service (credit) cost – Net actuarial gain (3,159 ) Net amount recognized $ (3,159 ) |
Schedule of Net Benefit Costs [Table Text Block] | The components of net periodic benefit cost and other amounts recognized in other comprehensive income for our pension plan include the following components: Years ended December 31, 2016 2015 2014 Service cost $ 1,796 $ – $ – Interest cost 315 – – Expected return on plan assets – – – Recognition of actuarial losses – – – Net periodic benefit cost $ 2,111 $ – $ – Other Changes in Benefits Obligations Recognized in Other Comprehensive Income (loss) Actuarial gains (3,159 ) – – Total recognized in other comprehensive income $ (3,159 ) $ – $ – Total recognized in net periodic benefit cost and other comprehensive income $ (1,048 ) $ – $ – |
Schedule of Assumptions Used [Table Text Block] | Significant actuarial assumptions used in determining the benefit obligations and net periodic benefit cost for our pension plan were as follows: 2016 Actuarial assumptions used to determine benefit obligations as of December 31,: Discount rate 4.48% Expected annual rate of compensation increase 2.75% Actuarial assumptions used to determine the net periodic benefit cost for the year ended December 31,: Discount rate 3.93% Expected annual rate of compensation increase 3.75% |
Schedule of Expected Benefit Payments [Table Text Block] | Benefit payments, including amounts to be paid from Company assets, and reflecting expected future service, as appropriate, are expected to be paid during the following years: 2017 $ 343 2018 879 2019 1,481 2020 2,106 2021 2,778 2022–2026 24,379 |
Financial Instruments and Fai35
Financial Instruments and Fair Value Measures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2016 and 2015: Years Ended December 31, 2016 2015 Liabilities: Forward commodity contracts $ – $ 3,628 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Recorded Unconditional Purchase Obligations [Table Text Block] | Future minimum payments for these unconditional purchase obligations as of December 31, 2016 are as follows (dollars in thousands): Year Amount 2017 $ 67,154 2018 26,854 2019 26,957 2020 27,006 2021 26,920 Thereafter 12,649 $ 187,540 |
Changes in Accumulated Other 37
Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive income (loss) are as follows: Currency Postretirement Changes in Accumulated Balance at December 31, 2013 $ (3,479 ) $ – $ (119 ) $ (3,598 ) Other comprehensive income (loss) (283 ) – (1,333 ) (1,616 ) Amounts reclassified from accumulated other – – – – Income tax expense – – – – Current period change (283 ) – (1,333 ) (1,616 ) Balance at December 31, 2014 (3,762 ) – (1,452 ) (5,214 ) Other comprehensive income (loss) (1,390 ) – 2,865 1,475 Amounts reclassified from accumulated other – – – – Income tax expense – – – – Current period change (1,390 ) – 2,865 1,475 Balance at December 31, 2015 (5,152 ) – 1,413 (3,739 ) Other comprehensive income (loss) 154 1,963 (1,413 ) 704 Amounts reclassified from accumulated other – – – – Income tax expense – – – – Current period change 154 1,963 (1,413 ) 704 Balance at December 31, 2016 $ (4,998 ) $ 1,963 $ – $ (3,035 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | The details of the earnings per share calculations for the years ended December 31, 2016, 2015 and 2014 are as follows: Years Ended December 31, 2016 2015 2014 Basic Net Income $ 34,147 $ 63,776 $ 83,858 Weighted average common shares outstanding 30,482,966 30,482,966 30,482,966 EPS – Basic $ 1.12 $ 2.09 $ 2.75 |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | The details of the earnings per share calculations for the years ended December 31, 2016, 2015 and 2014 are as follows: Years Ended December 31, 2016 2015 2014 Diluted Net Income $ 34,147 $ 63,776 $ 83,858 Weighted average common shares outstanding – Basic 30,482,966 30,482,966 30,482,966 Dilutive effect of unvested RSUs 20,621 – – Weighted average common shares outstanding – Diluted 30,503,587 30,482,966 30,482,966 EPS – Diluted $ 1.12 $ 2.09 $ 2.75 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The following table summarizes information about RSU activity related to our Equity Plan: Number of Restricted Weighted Average Grant Date Fair Value Per Share Non-vested at October 1, 2016 – $ – Granted 908,540 16.41 Vested – – Forfeited – – Non-vested at December 31, 2016 908,540 $ 16.41 |
Schedule Of Share Based Compensation Income Statement Impact From RSUs [Table Text Block] | The following table summarizes information about income statement impact from RSUs for the year ended December 31, 2016: Compensation expense $ 1,327 Future income tax benefit recognized 513 |
Geographic Areas and Major Cu40
Geographic Areas and Major Customers - Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Geographic Areas Financial Data Disclosure [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Net Sales Long-lived Assets (1) Years Ended December 31, 2016 2015 2014 2016 2015 2014 United States $ 975 $ 936 $ 1,249 $ 575 $ 527 $ 468 International 217 372 511 – 1 1 Total $ 1,192 $ 1,308 $ 1,760 $ 575 $ 528 $ 469 (1) Long-lived assets are comprised of property, plant and equipment – net. |
Unaudited Quarterly Financial41
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | 2016 March 31 June 30 September 30 December 31 Year Ended December 31, Net Sales $ 299,830 $ 308,418 $ 323,953 $ 259,323 $ 1,191,524 Gross Profit 54,271 34,598 38,862 (20,101 ) 107,630 Net Income (Loss) 27,393 15,008 16,460 (24,714 ) 34,147 Earnings (loss) per share – basic (a) 0.90 0.49 0.54 (0.81 ) 1.12 Earnings (loss) per share – diluted (a) 0.90 0.49 0.54 (0.81 ) 1.12 2015 March 31 June 30 September 30 December 31 Year Ended December 31, Net Sales $ 310,229 $ 367,441 $ 335,874 $ 315,865 $ 1,329,409 Gross Profit 15,546 51,914 45,889 36,409 149,758 Net Income 3,062 24,965 20,411 15,338 63,776 Earnings per share – basic (a) 0.10 0.82 0.67 0.50 2.09 Earnings per share – diluted (a) 0.10 0.82 0.67 0.50 2.09 (a) On October 1, 2016, the date of consummation of the Spin-Off, 30,482,966 shares of the Company’s Common Stock were distributed to Honeywell stockholders of record as of September 16, 2016. Basic and Diluted EPS for all periods prior to the Spin-off reflect the number of distributed shares, or 30,482,966 shares. |
Organization, Operations and 42
Organization, Operations and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 01, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||||
Sales Revenue, Goods, Net | $ 1,191.5 | $ 1,329.4 | $ 1,790.4 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 34.1 | 63.8 | 83.9 | |
Sales Revenue, Goods (Gross) to Customers Outside U.S. | $ 216.4 | $ 355.8 | $ 502.3 | |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.01 | $ 0.01 | ||
Conversion of Stock, New Issuance | Each Honeywell stockholder who heldtheir shares through the Distribution Date received one share of AdvanSix common stock for every 25 shares of Honeywellcommon stock held at the close of business on the record date of September 16, 2016. |
Organization, Operations and 43
Organization, Operations and Basis of Presentation (Details) - Schedule of Intermediate Material Sales Percentages | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Nylon Resins [Member] | |||
Organization, Operations and Basis of Presentation (Details) - Schedule of Intermediate Material Sales Percentages [Line Items] | |||
Chemical Intermediates | 28.00% | 27.00% | 25.00% |
Caprolactam [Member] | |||
Organization, Operations and Basis of Presentation (Details) - Schedule of Intermediate Material Sales Percentages [Line Items] | |||
Chemical Intermediates | 17.00% | 18.00% | 21.00% |
Ammonium Sulfate Fertilizers [Member] | |||
Organization, Operations and Basis of Presentation (Details) - Schedule of Intermediate Material Sales Percentages [Line Items] | |||
Chemical Intermediates | 24.00% | 25.00% | 20.00% |
Chemical Intermediates [Member] | |||
Organization, Operations and Basis of Presentation (Details) - Schedule of Intermediate Material Sales Percentages [Line Items] | |||
Chemical Intermediates | 31.00% | 30.00% | 34.00% |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Outstanding Checks | $ 12,500 | |||
Date of Annual Goodwill Impairment Test | Mar. 31, 2016 | |||
Goodwill | $ 15,005 | $ 15,005 | ||
Research and Development Expense | 13,762 | 12,807 | $ 13,003 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | 0 | ||
Unrecognized Tax Benefits | $ 0 | 0 | $ 0 | |
Common Stock, Shares, Issued (in Shares) | 30,482,966 | 30,482,966 | ||
Prior Period Reclassification Adjustment | $ 8,470 | |||
Minimum [Member] | Building and Building Improvements [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 30 years | |||
Minimum [Member] | Machinery and Equipment [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Minimum [Member] | Assets Used in Short Production Cycles or Subject to High Corrosion [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Minimum [Member] | Standard Plant Assets [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 15 years | |||
Minimum [Member] | Major Process Equipment [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 30 years | |||
Maximum [Member] | Building and Building Improvements [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 50 years | |||
Maximum [Member] | Machinery and Equipment [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 40 years | |||
Maximum [Member] | Assets Used in Short Production Cycles or Subject to High Corrosion [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 15 years | |||
Maximum [Member] | Standard Plant Assets [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 30 years | |||
Maximum [Member] | Major Process Equipment [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 40 years |
Related Party Transactions wi45
Related Party Transactions with Honeywell (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions with Honeywell (Details) [Line Items] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 31,877 | $ 49,292 | $ 57,171 |
Honeywell [Member] | |||
Related Party Transactions with Honeywell (Details) [Line Items] | |||
Revenue from Related Parties | 5,955 | 9,071 | 8,585 |
Related Party Costs | 5,842 | 288 | 378 |
Related Party Transaction, Purchases from Related Party | 3,299 | 4,694 | 5,140 |
Sold at Zero Margin [Member] | Honeywell [Member] | |||
Related Party Transactions with Honeywell (Details) [Line Items] | |||
Revenue from Related Parties | $ 5,682 | $ 7,736 | $ 8,362 |
Related Party Transactions wi46
Related Party Transactions with Honeywell (Details) - Schedule of Components of Net Transfers to and from Honeywell - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Related Party Transaction | $ (299,886) | $ (2,936) | $ (86,060) |
Cash pooling and general financing activities [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction | (73,534) | (84,312) | (187,975) |
Distribution to Honeywell in connection with the Spin-Off [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction | (269,347) | ||
Net contribution of assets and liabilities upon Spin-Off [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction | (22,938) | ||
Sales to Honeywell [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction | (5,955) | (9,071) | (8,585) |
Purchases from Honeywell [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction | 3,299 | 4,694 | 5,140 |
Corporate allocations [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction | 31,877 | 49,292 | 57,171 |
Income tax expense [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction | $ 36,712 | $ 36,461 | $ 48,189 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes (Details) [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Unrecognized Tax Benefits | $ 0 | $ 0 | $ 0 |
Tax Credit Carryforward, Amount | $ 0 | ||
Undistributed Earnings of Foreign Subsidiaries | 0 | ||
Federal Carryforward [Member] | |||
Income Taxes (Details) [Line Items] | |||
Operating Loss Carryforwards | 32,392 | ||
Foreign Carryforward [Member] | |||
Income Taxes (Details) [Line Items] | |||
Operating Loss Carryforwards | 213 | ||
State Carryforward [Member] | |||
Income Taxes (Details) [Line Items] | |||
Operating Loss Carryforwards | $ 14,248 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Income Before Taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Income Before Taxes [Abstract] | |||
U.S | $ 55,189 | $ 103,115 | $ 132,852 |
Non-U.S | (1,414) | (2,878) | (805) |
$ 53,775 | $ 100,237 | $ 132,047 |
Income Taxes (Details) - Sche49
Income Taxes (Details) - Schedule of Income Taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Income Taxes [Abstract] | |||
Federal | $ 6,875 | $ 23,023 | $ 26,502 |
State | 1,290 | 4,241 | 4,875 |
Non-U.S | (71) | (716) | (146) |
8,094 | 26,548 | 31,231 | |
Federal | 10,908 | 8,372 | 14,333 |
State | 638 | 1,527 | 2,614 |
Non-U.S | (12) | 14 | 11 |
11,534 | 9,913 | 16,958 | |
$ 19,628 | $ 36,461 | $ 48,189 |
Income Taxes (Details) - Sche50
Income Taxes (Details) - Schedule of Income Tax Rate Reconciliation | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Income Tax Rate Reconciliation [Abstract] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
U.S. state income taxes | 2.30% | 3.70% | 3.70% |
Manufacturing incentives | (1.80%) | (2.60%) | (2.30%) |
Tax rate differential on non-U.S. earnings | 0.80% | 0.30% | 0.10% |
Other, net | 0.20% | ||
36.50% | 36.40% | 36.50% |
Income Taxes (Details) - Sche51
Income Taxes (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Net Operating Loss | $ 12,560 | |
Accruals and Reserves | 6,772 | $ 5,673 |
Inventory | 215 | 4,520 |
Pension Obligation | 13,086 | |
Other | 141 | 184 |
Total gross deferred tax assets | 32,774 | 10,377 |
Total deferred tax assets | 32,774 | 10,377 |
Deferred tax liabilities: | ||
Property, plant & equipment | (145,712) | (123,574) |
Intangibles | (1,262) | (1,713) |
Total deferred tax liabilities | (146,974) | (125,287) |
Net deferred taxes | $ (114,200) | $ (114,910) |
Accounts and Other Receivable52
Accounts and Other Receivables - Net (Details) - Schedule of Accounts and Other Receivables - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Accounts and Other Receivables [Abstract] | ||
Accounts receivables | $ 119,475 | $ 129,402 |
Other | 15,407 | 1,018 |
134,882 | 130,420 | |
Less – allowance for doubtful accounts | (3,211) | (2,875) |
Total accounts and other receivables – net | $ 131,671 | $ 127,545 |
Accounts and Other Receivable53
Accounts and Other Receivables - Net (Details) - Schedule of Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Allowance for Doubtful Accounts [Abstract] | |||
Balance at Beginning of Year | $ 2,875 | $ 484 | $ 978 |
Charged to Costs and Expenses | 334 | 2,477 | 3 |
Charged to Other Accounts | 74 | (79) | |
Deductions | (72) | (86) | (418) |
Balance at End of Year | $ 3,211 | $ 2,875 | $ 484 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventory - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Inventory [Abstract] | ||
Raw materials | $ 68,900 | $ 75,666 |
Work in progress | 47,759 | 56,025 |
Finished goods | 19,069 | 35,508 |
Spares and other | 23,129 | 21,528 |
158,857 | 188,727 | |
Reduction to LIFO cost basis | (29,879) | (38,496) |
Total inventories | $ 128,978 | $ 150,231 |
Property, Plant, Equipment-Ne55
Property, Plant, Equipment-Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Interest Paid, Capitalized | $ 2,725 | $ 2,870 | $ 2,846 |
Property, Plant, and Equipment, Owned, Accumulated Depreciation | $ 39,304 | $ 35,703 | $ 33,065 |
Property, Plant, Equipment-Ne56
Property, Plant, Equipment-Net (Details) - Schedule of Property, Plant, and Equipment - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant, and Equipment, Gross | $ 1,346,732 | $ 1,335,995 |
Less – accumulated depreciation | (771,357) | (808,453) |
Total property, plant, equipment – net | 575,375 | 527,542 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant, and Equipment, Gross | 6,396 | 6,599 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant, and Equipment, Gross | 1,116,758 | 1,102,087 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant, and Equipment, Gross | 155,749 | 152,765 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant, and Equipment, Gross | $ 67,829 | $ 74,544 |
Lease Commitments (Details)
Lease Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases, Operating [Abstract] | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 20 years | ||
Operating Leases, Rent Expense, Net | $ 19,357 | $ 15,984 | $ 14,625 |
Lease Commitments (Details) - S
Lease Commitments (Details) - Schedule of Future Minimum Lease Payments $ in Thousands | Dec. 31, 2016USD ($) |
Schedule of Future Minimum Lease Payments [Abstract] | |
2,017 | $ 43,748 |
2,018 | 31,171 |
2,019 | 19,734 |
2,020 | 11,148 |
2,021 | 10,532 |
Thereafter | 44,644 |
Total | $ 160,977 |
Long-term Debt and Credit Arr59
Long-term Debt and Credit Arrangements (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Long-term Debt and Credit Arrangements (Details) [Line Items] | |
Line of Credit, Current | $ 2,100 |
Debt Instrument, Interest Rate Terms | The interest rates on borrowings underthe facilities are based on, at the option of the Company, either: (a) the London Interbank Offered Rate(“LIBOR”), plus a margin of 2.25% to 3.00% depending on the Company’s consolidated leverage ratio, or (b)the higher of (i) the Federal Funds Rate plus 0.5%, (ii) Bank of America’s “prime rate”, and (iii) LIBORplus 1.0%, plus a margin of 1.25% to 2.00% depending on the Company’s consolidated leverage ratio. |
Accretion Expense | $ 148 |
Consolidated Interest Coverage Ratio | The Credit Agreement also contains financial covenants that require theCompany to maintain a Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) of not less than 3:00 to 1:00 andto maintain a Consolidated Leverage Ratio of (i) 3:00 to 1:00 or less for the fiscal quarter ending September 30, 2016, throughand including the fiscal quarter ending March 31, 2018, (ii) 2:75 to 1:00 or less for the fiscal quarter ending June 30, 2018,through and including the fiscal quarter ending March 31, 2019, and (iii) 2:50 to 1:00 or less for the fiscal quarter ending June30, 2019, and each fiscal quarter thereafter (subject to the Company’s option to elect a consolidated leverage ratio increasein connection with certain acquisitions). |
Term Loan [Member] | |
Long-term Debt and Credit Arrangements (Details) [Line Items] | |
Debt Instrument, Maturity Date | Sep. 30, 2021 |
Term Loan [Member] | |
Long-term Debt and Credit Arrangements (Details) [Line Items] | |
Debt Issuance Costs, Gross, Current | $ 1,881 |
Unamortized Debt Issuance Expense | 1,787 |
Debt Instrument, Face Amount | 270,000 |
Debt Issuance Costs, Gross | 1,900 |
Revolving Credit Facility [Member] | |
Long-term Debt and Credit Arrangements (Details) [Line Items] | |
Debt Instrument, Face Amount | 155,000 |
Debt Issuance Costs, Gross | $ 1,000 |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Option B [Member] | |
Long-term Debt and Credit Arrangements (Details) [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% |
Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | Option B [Member] | |
Long-term Debt and Credit Arrangements (Details) [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 0.50% |
Revolving Credit Facility [Member] | Minimum [Member] | |
Long-term Debt and Credit Arrangements (Details) [Line Items] | |
Line of Credit Facility, Commitment Fee Percentage | 0.25% |
Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Option A [Member] | |
Long-term Debt and Credit Arrangements (Details) [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 2.25% |
Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Option B [Member] | |
Long-term Debt and Credit Arrangements (Details) [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 1.25% |
Revolving Credit Facility [Member] | Maximum [Member] | |
Long-term Debt and Credit Arrangements (Details) [Line Items] | |
Line of Credit Facility, Commitment Fee Percentage | 0.40% |
Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Option A [Member] | |
Long-term Debt and Credit Arrangements (Details) [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% |
Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Option B [Member] | |
Long-term Debt and Credit Arrangements (Details) [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 2.00% |
Letter of Credit [Member] | Revolving Credit Facility [Member] | |
Long-term Debt and Credit Arrangements (Details) [Line Items] | |
Debt Instrument, Face Amount | $ 25,000 |
Swing Line Loan [Member] | Revolving Credit Facility [Member] | |
Long-term Debt and Credit Arrangements (Details) [Line Items] | |
Debt Instrument, Face Amount | $ 20,000 |
Long-term Debt and Credit Arr60
Long-term Debt and Credit Arrangements (Details) - Schedule of Long-Term Debt $ in Thousands | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |
Loan Outstanding | $ 264,838 |
Less: amounts due within one year | |
Total long term debt due after one year | 264,838 |
Long-term Debt [Member] | |
Debt Instrument [Line Items] | |
Loan Outstanding | 264,838 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Loan Outstanding |
Long-term Debt and Credit Arr61
Long-term Debt and Credit Arrangements (Details) - Schedule of Maturities of Long-Term Debt $ in Thousands | Dec. 31, 2016USD ($) |
Schedule of Maturities of Long-Term Debt [Abstract] | |
2,017 | |
2,018 | 16,875 |
2,019 | 27,000 |
2,020 | 27,000 |
Thereafter | 195,750 |
Total | $ 266,625 |
Postretirement Benefit Obliga62
Postretirement Benefit Obligations (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||||
Pension Expense | $ 5,151 | $ 10,215 | $ 9,249 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Methodology and Source Data | To determinediscount rates for our pension plan, we use a modeling process that involves matching the expected cash outflows of our benefitplan to a yield curve constructed from a portfolio of high quality, fixed-income debt instruments. We use the single weighted-averageyield of this hypothetical portfolio as a discount rate benchmark. | ||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 31,200 | ||||
Defined Benefit Plan, Contributions by Employer | $ 20,000 | $ 2,200 |
Postretirement Benefit Obliga63
Postretirement Benefit Obligations (Details) - Defined Benefit Plans Disclosure $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |||
Defined Benefit Plans Disclosure [Abstract] | ||||
Benefit obligation | $ 34,935 | |||
Funded status of plans | (33,887) | $ (33,887) | ||
Accrued pension liabilities-current | (343) | [1] | (343) | [1] |
Accrued pension liabilities-noncurrent | (33,544) | [2] | (33,544) | [2] |
Net amount recognized | (33,887) | (33,887) | ||
Service Cost | 1,796 | 1,796 | ||
Interest Cost | 315 | 315 | ||
Actuarial (gains) losses | (3,159) | |||
Benefit obligation | $ 33,887 | $ 33,887 | ||
[1] | Included in accrued liabilities on Balance Sheet | |||
[2] | Included in postretirement benefit obligations on Balance Sheet |
Postretirement Benefit Obliga64
Postretirement Benefit Obligations (Details) - Other Changes in Plan Assets Recognized in Other Comprehensive Income $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Other Changes in Plan Assets Recognized in Other Comprehensive Income [Abstract] | |
Transition obligation | |
Prior service (credit) cost | |
Net actuarial gain | (3,159) |
Net amount recognized | $ (3,159) |
Postretirement Benefit Obliga65
Postretirement Benefit Obligations (Details) - Net Periodic Benefit Cost - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Dec. 31, 2016 | |
Net Periodic Benefit Cost [Abstract] | ||
Service cost | $ 1,796 | $ 1,796 |
Interest cost | $ 315 | 315 |
Net periodic benefit cost | 2,111 | |
Other Changes in Benefits Obligations Recognized in Other Comprehensive Income (loss) | ||
Actuarial gains | (3,159) | |
Total recognized in other comprehensive income | (3,159) | |
Total recognized in net periodic benefit cost and other comprehensive income | $ (1,048) |
Postretirement Benefit Obliga66
Postretirement Benefit Obligations (Details) - Assumptions Used in Calculations | 12 Months Ended |
Dec. 31, 2016 | |
Assumptions Used in Calculations [Abstract] | |
Discount rate | 4.48% |
Expected annual rate of compensation increase | 2.75% |
Discount rate | 3.93% |
Expected annual rate of compensation increase | 3.75% |
Postretirement Benefit Obliga67
Postretirement Benefit Obligations (Details) - Estimated Future Benefit Payments $ in Thousands | Dec. 31, 2016USD ($) |
Estimated Future Benefit Payments [Abstract] | |
2,017 | $ 343 |
2,018 | 879 |
2,019 | 1,481 |
2,020 | 2,106 |
2,021 | 2,778 |
2022–2026 | $ 24,379 |
Financial Instruments and Fai68
Financial Instruments and Fair Value Measures (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Text Block Supplement [Abstract] | ||
Derivative Asset, Notional Amount | $ 0 | $ 18,726 |
Financial Instruments and Fai69
Financial Instruments and Fair Value Measures (Details) - Schedule of Assets and Liabilities at Fair Value Measured on a Recurring Basis $ in Thousands | Dec. 31, 2015USD ($) |
Forward Contracts [Member] | |
Liabilities: | |
Forward commodity contracts | $ 3,628 |
Commitments and Contingencies70
Commitments and Contingencies (Details) - Schedule of Recorded Unconditional Purchase Obligations $ in Thousands | Dec. 31, 2016USD ($) |
Schedule of Recorded Unconditional Purchase Obligations [Abstract] | |
2,017 | $ 67,154 |
2,018 | 26,854 |
2,019 | 26,957 |
2,020 | 27,006 |
2,021 | 26,920 |
Thereafter | 12,649 |
$ 187,540 |
Changes in Accumulated Other 71
Changes in Accumulated Other Comprehensive Income (Loss) (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in Accumulated Other Comprehensive Income (Loss) (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ (3,035) | $ (3,739) | $ (5,214) | $ (3,598) |
Other comprehensive income (loss) | 704 | 1,475 | (1,616) | |
Current period change | 704 | 1,475 | (1,616) | |
Currency Translation Adjustments [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (4,998) | (5,152) | (3,762) | (3,479) |
Other comprehensive income (loss) | 154 | (1,390) | (283) | |
Current period change | 154 | (1,390) | (283) | |
Postretirement Benefit Obligations Adjustment [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 1,963 | |||
Other comprehensive income (loss) | 1,963 | |||
Current period change | 1,963 | |||
Changes in Fair Value of Effective Cash Flow Hedges [Member] | ||||
Changes in Accumulated Other Comprehensive Income (Loss) (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 1,413 | (1,452) | $ (119) | |
Other comprehensive income (loss) | (1,413) | 2,865 | (1,333) | |
Current period change | $ (1,413) | $ 2,865 | $ (1,333) |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | Dec. 31, 2016 | Sep. 30, 2016 |
Earnings Per Share [Abstract] | ||
Common Stock, Shares, Issued | 30,482,966 | 30,482,966 |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of Earnings Per Share - Basic - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Basic | |||||||||||||||||||||
Net Income | $ 34,147 | $ 63,776 | $ 83,858 | ||||||||||||||||||
Weighted average common shares outstanding (in Shares) | 30,482,966 | 30,482,966 | 30,482,966 | ||||||||||||||||||
EPS – Basic | $ (0.81) | $ 0.54 | $ 0.49 | $ 0.90 | $ 0.50 | $ 0.67 | $ 0.82 | $ 0.10 | $ 1.12 | [1] | $ 2.09 | [1] | $ 2.75 | ||||||||
[1] | On October 1, 2016, the date of consummation of the Spin-Off, 30,482,966 shares of the Company's Common Stock were distributed to Honeywell stockholders of record as of September 16, 2016. Basic and Diluted EPS for all periods prior to the Spin-off reflect the number of distributed shares, or 30,482,966 shares. |
Earnings Per Share (Details) 74
Earnings Per Share (Details) - Schedule of Earnings Per Share - Diluted - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Diluted | |||||||||||||||||||||
Net Income (in Dollars) | $ 34,147 | $ 63,776 | $ 83,858 | ||||||||||||||||||
Weighted average common shares outstanding – Basic | 30,482,966 | 30,482,966 | 30,482,966 | ||||||||||||||||||
Dilutive effect of unvested RSUs | 20,621 | ||||||||||||||||||||
Weighted average common shares outstanding – Diluted | 30,503,587 | 30,482,966 | 30,482,966 | ||||||||||||||||||
EPS – Diluted (in Dollars per share) | $ (0.81) | $ 0.54 | $ 0.49 | $ 0.90 | $ 0.50 | $ 0.67 | $ 0.82 | $ 0.10 | $ 1.12 | [1] | $ 2.09 | [1] | $ 2.75 | ||||||||
[1] | On October 1, 2016, the date of consummation of the Spin-Off, 30,482,966 shares of the Company's Common Stock were distributed to Honeywell stockholders of record as of September 16, 2016. Basic and Diluted EPS for all periods prior to the Spin-off reflect the number of distributed shares, or 30,482,966 shares. |
Stock-Based Compensation Plan75
Stock-Based Compensation Plans (Details) - USD ($) $ in Thousands | Sep. 08, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Stock-Based Compensation Plans (Details) [Line Items] | ||||||
Employee Stock Ownership Plan (ESOP), Plan Description | On September 8, 2016, our Board adopted,and Honeywell, as our sole stockholder, approved, the 2016 Stock Incentive Plan of AdvanSix Inc. and its Affiliates (the “EquityPlan”). The Equity Plan provides for the grant of stock options, stock appreciation rights, performance awards, restrictedstock units, restricted stock, other stock-based awards, and non-share-based awards. The maximum aggregate number of shares ofour common stock that may be issued under all stock-based awards granted under the Equity Plan is 3,350,000. Of those shares, only1,750,000 may be subject, on a one-for-one basis, to awards granted under the Equity Plan that are not stock options or stock appreciationrights (“full-value awards”). After the number of shares subject to full-value awards exceed such limit, each sharesubject to future full-value awards would reduce the number of shares available for grant under the Equity Plan by four shares,with the exception of awards to non-employee directors, which shall not count towards such limit and shares related to such awardsshall always be counted on a one-for-one basis. | |||||
Share-based Compensation (in Dollars) | $ 1,327 | $ 1,327 | ||||
Equity Plan [Member] | ||||||
Stock-Based Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,350,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,441,460 | 2,441,460 | ||||
Awards Other Than Full Value [Member] | Equity Plan [Member] | ||||||
Stock-Based Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,750,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 841,460 | 841,460 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Stock-Based Compensation Plans (Details) [Line Items] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 237 days | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $ 13,600 | $ 13,600 | ||||
Restricted Stock Units (RSUs) [Member] | Distribution to Honeywell in connection with the Spin-Off [Member] | ||||||
Stock-Based Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 88,817 | |||||
Officers [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Stock-Based Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 783,159 | |||||
Board of Directors [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Stock-Based Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 36,564 | |||||
Key Employees [Member] | ||||||
Stock-Based Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation (in Dollars) | $ 538 | $ 562 | $ 469 | |||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Stock-Based Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year 6 months | |||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | Distribution to Honeywell in connection with the Spin-Off [Member] | ||||||
Stock-Based Compensation Plans (Details) [Line Items] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 months | |||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Stock-Based Compensation Plans (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Distribution to Honeywell in connection with the Spin-Off [Member] | ||||||
Stock-Based Compensation Plans (Details) [Line Items] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 3 months |
Stock-Based Compensation Plan76
Stock-Based Compensation Plans (Details) - Schedule of RSU Activity Related to Equity Plan | 3 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Schedule of RSU Activity Related to Equity Plan [Abstract] | |
Number of Restricted Stock Units, Non-vested | shares | |
Weighted Average Grant Date Fair Value Per Share, Non-vested | $ / shares | |
Number of Restricted Stock Units, Granted | shares | 908,540 |
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares | $ 16.41 |
Number of Restricted Stock Units, Vested | shares | |
Weighted Average Grant Date Fair Value Per Share, Vested | $ / shares | |
Number of Restricted Stock Units, Forfeited | shares | |
Weighted Average Grant Date Fair Value Per Share, Forfeited | $ / shares | |
Number of Restricted Stock Units, Non-vested | shares | 908,540 |
Weighted Average Grant Date Fair Value Per Share, Non-vested | $ / shares | $ 16.41 |
Stock-Based Compensation Plan77
Stock-Based Compensation Plans (Details) - Schedule of Income Statement Impact from RSUs $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Schedule of Income Statement Impact from RSUs [Abstract] | |
Compensation expense | $ 1,327 |
Future income tax benefit recognized | $ 513 |
Geographic Areas and Major Cu78
Geographic Areas and Major Customers - Financial Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Geographic Areas and Major Customers - Financial Data (Details) [Line Items] | |||||||||||
Revenue, Net | $ 259,323 | $ 323,953 | $ 308,418 | $ 299,830 | $ 315,865 | $ 335,874 | $ 367,441 | $ 310,229 | $ 1,191,524 | $ 1,329,409 | $ 1,790,372 |
Exports [Member] | |||||||||||
Geographic Areas and Major Customers - Financial Data (Details) [Line Items] | |||||||||||
Revenue, Net | $ 216,400 | $ 350,300 | |||||||||
Shaw Industries Group Inc [Member] | |||||||||||
Geographic Areas and Major Customers - Financial Data (Details) [Line Items] | |||||||||||
Percentage Of Total Sales | 17.00% | 16.00% | 19.00% | ||||||||
Revenue, Net | $ 480,400 |
Geographic Areas and Major Cu79
Geographic Areas and Major Customers - Financial Data (Details) - Schedule of Financial Data by Geographical Areas - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net Sales | $ 259,323 | $ 323,953 | $ 308,418 | $ 299,830 | $ 315,865 | $ 335,874 | $ 367,441 | $ 310,229 | $ 1,191,524 | $ 1,329,409 | $ 1,790,372 | |
Major Customers [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net Sales | 1,192 | 1,308 | 1,760 | |||||||||
Long-lived Assets | [1] | 575 | 528 | 575 | 528 | 469 | ||||||
Major Customers [Member] | UNITED STATES | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net Sales | 975 | 936 | 1,249 | |||||||||
Long-lived Assets | [1] | 575 | 527 | 575 | 527 | 468 | ||||||
Major Customers [Member] | International [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net Sales | 217 | 372 | 511 | |||||||||
Long-lived Assets | [1] | $ 1 | $ 1 | $ 1 | ||||||||
[1] | Long-lived assets are comprised of property, plant and equipment - net. |
Unaudited Quarterly Financial80
Unaudited Quarterly Financial Information (Details) - shares | Dec. 31, 2016 | Sep. 30, 2016 |
Quarterly Financial Information Disclosure [Abstract] | ||
Common Stock, Shares, Issued | 30,482,966 | 30,482,966 |
Unaudited Quarterly Financial81
Unaudited Quarterly Financial Information (Details) - Schedule of Unaudited Quarterly Financial Information - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||||
Schedule of Unaudited Quarterly Financial Information [Abstract] | ||||||||||||||||||||||
Net Sales | $ 259,323 | $ 323,953 | $ 308,418 | $ 299,830 | $ 315,865 | $ 335,874 | $ 367,441 | $ 310,229 | $ 1,191,524 | $ 1,329,409 | $ 1,790,372 | |||||||||||
Gross Profit | (20,101) | 38,862 | 34,598 | 54,271 | 36,409 | 45,889 | 51,914 | 15,546 | 107,630 | 149,758 | ||||||||||||
Net Income (Loss) | $ (24,714) | $ 16,460 | $ 15,008 | $ 27,393 | $ 15,338 | $ 20,411 | $ 24,965 | $ 3,062 | $ 58,861 | $ 34,147 | $ 63,776 | $ 83,858 | ||||||||||
Earnings (loss) per share – basic (in Dollars per share) | $ (0.81) | [1] | $ 0.54 | [1] | $ 0.49 | [1] | $ 0.90 | [1] | $ 0.50 | [1] | $ 0.67 | [1] | $ 0.82 | [1] | $ 0.10 | [1] | $ 1.12 | [1] | $ 2.09 | [1] | $ 2.75 | |
Earnings (loss) per share – diluted (in Dollars per share) | $ (0.81) | [1] | $ 0.54 | [1] | $ 0.49 | [1] | $ 0.90 | [1] | $ 0.50 | [1] | $ 0.67 | [1] | $ 0.82 | [1] | $ 0.10 | [1] | $ 1.12 | [1] | $ 2.09 | [1] | $ 2.75 | |
[1] | On October 1, 2016, the date of consummation of the Spin-Off, 30,482,966 shares of the Company's Common Stock were distributed to Honeywell stockholders of record as of September 16, 2016. Basic and Diluted EPS for all periods prior to the Spin-off reflect the number of distributed shares, or 30,482,966 shares. |
Uncategorized Items - asix-2016
Label | Element | Value |
Change in invested equity | us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax | $ (299,886,000) |
Foreign exchange translation adjustments | us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax | 154,000 |
Pension obligation adjustments | us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax | 1,963,000 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax | (1,413,000) |
Invested Equity [Member] | ||
Change in invested equity | us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax | (299,886,000) |
Net income | us-gaap_NetIncomeLoss | 58,861,000 |
Issuance of common stock and reclassification of invested equity | us-gaap_StockIssuedDuringPeriodValueNewIssues | (241,784,000) |
Additional Paid-in Capital [Member] | ||
Issuance of common stock and reclassification of invested equity | us-gaap_StockIssuedDuringPeriodValueNewIssues | 241,479,000 |
Stock based compensation | us-gaap_ShareBasedCompensation | 1,327,000 |
Retained Earnings [Member] | ||
Net income | us-gaap_NetIncomeLoss | (24,714,000) |
Common Stock [Member] | ||
Issuance of common stock and reclassification of invested equity | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 305,000 |
Issuance of common stock and reclassification of invested equity (in Shares) | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 30,482,966 |
AOCI Attributable to Parent [Member] | ||
Foreign exchange translation adjustments | us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax | $ 154,000 |
Pension obligation adjustments | us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax | 1,963,000 |
Total comprehensive income (loss), net of tax | us-gaap_ComprehensiveIncomeNetOfTax | 704,000 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax | $ (1,413,000) |