Calgon Carbon 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 24, 2017
Document and Entity Information
Entity Registrant Name	CALGON CARBON Corp
Entity Central Index Key	812,701
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		50,753,320
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net sales	$ 142,703	$ 120,199
Cost of products sold (excluding depreciation and amortization)	98,815	78,459
Depreciation and amortization	11,788	8,775
Selling, general and administrative expenses	24,817	22,982
Research and development expenses	1,385	1,520
Total costs and expenses	136,805	111,736
Income from operations	5,898	8,463
Interest income	6	6
Interest expense	(1,514)	(333)
Other income — net	500	223
Income before income tax provision	4,890	8,359
Income tax provision (Note 14)	4,115	2,901
Net income	775	5,458
Other comprehensive income (loss), net of tax (Note 12)
Foreign currency translation	2,509	3,097
Defined benefit pension plans	417	524
Derivatives	(512)	(790)
Total other comprehensive loss	2,414	2,831
Total comprehensive income	$ 3,189	$ 8,289
Net income per common share
Basic (in dollars per share)	$ 0.02	$ 0.11
Diluted (in dollars per share)	0.02	0.11
Dividends per common share (in dollars per share)	$ 0.05	$ 0.05
Weighted average shares outstanding
Basic (in shares)	50,411	50,308
Diluted (in shares)	50,486	51,041

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 37,887	$ 37,984
Receivables (net of allowance of $1,427 and $1,416)	108,136	108,056
Revenue recognized in excess of billings on uncompleted contracts	6,950	6,998
Inventories	134,838	125,115
Other current assets	8,990	13,437
Total current assets	296,801	291,590
Property, plant and equipment, net	373,458	366,442
Intangibles, net	40,554	40,543
Goodwill	69,606	66,316
Deferred income taxes	9,320	7,957
Other assets	2,240	2,370
Total assets	791,979	775,218
Current liabilities:
Accounts payable and accrued liabilities	81,625	74,493
Billings in excess of revenue recognized on uncompleted contracts	4,201	4,063
Payroll and benefits payable	11,769	15,458
Accrued income taxes	1,787	1,641
Current portion of long-term debt	5,000	5,000
Total current liabilities	104,382	100,655
Long-term debt	230,945	220,000
Deferred income taxes	22,540	25,624
Accrued pension and other liabilities	51,217	47,796
Total liabilities	409,084	394,075
Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock, $.01 par value, 100,000,000 shares authorized, 61,666,651 and 61,531,025 shares issued	617	615
Additional paid-in capital	187,175	185,791
Retained earnings	400,516	402,286
Treasury stock, at cost, 10,798,360 and 10,781,001 shares	(154,228)	(153,950)
Accumulated other comprehensive loss	(51,185)	(53,599)
Total stockholders' equity	382,895	381,143
Total liabilities and stockholders' equity	$ 791,979	$ 775,218

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
CONSOLIDATED BALANCE SHEETS
Receivables allowance (in dollars)	$ 1,427	$ 1,416
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	61,666,651	61,531,025
Treasury stock, shares	10,798,360	10,781,001

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net income	$ 775	$ 5,458
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,788	8,775
Employee benefit plan provisions	788	774
Stock-based compensation	1,239	1,203
Deferred income tax (benefit) expense	(3,202)	(1,324)
Changes in assets and liabilities — net of effects from foreign exchange:
Receivables	731	5,506
Inventories	(9,859)	(8,594)
Revenue in excess of billings on uncompleted contracts and other current assets	4,328	3,730
Accounts payable and other accrued liabilities	(895)	(2,085)
Pension contributions	(298)	(353)
Other items - net	(973)	(967)
Net cash provided by operating activities	4,422	12,123
Cash flows from investing activities
Capital expenditures	(11,912)	(7,367)
Proceeds from sale of assets		1,234
Net cash used in investing activities	(11,912)	(6,133)
Cash flows from financing activities
Credit agreement borrowings — long-term	29,426	27,668
Credit agreement repayments — long-term	(18,547)	(22,622)
Repayment of Japanese term loan - long-term		(4,001)
Treasury stock purchased	(278)	(8,547)
Common stock dividends paid	(2,545)	(2,533)
Proceeds from the exercise of stock options	147	162
Other financing	(1,530)
Net cash provided by (used in) financing activities	6,673	(9,873)
Effect of exchange rate changes on cash and cash equivalents	720	1,160
Net decrease in cash and cash equivalents	(97)	(2,723)
Cash and cash equivalents, beginning of period	37,984	53,629
Cash and cash equivalents, end of period	$ 37,887	$ 50,906

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	3 Months Ended
	Mar. 31, 2017
Basis of Presentation and Accounting Policies
Basis of Presentation and Accounting Policies	1. Basis of Presentation and Accounting Policies The condensed consolidated financial statements included herein are unaudited and have been prepared by Calgon Carbon Corporation and subsidiaries (the Company) pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). All intercompany transactions and accounts have been eliminated in consolidation. Certain information and footnote disclosures normally included in audited annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S.) have been condensed or omitted pursuant to such rules and regulations. Management of the Company believes that the disclosures included herein are adequate to make the information presented not misleading when read in conjunction with the Company’s audited consolidated financial statements and the notes included therein for the year ended December 31, 2016, as filed with the SEC by the Company on Annual Report on Form 10-K. On November 2, 2016, the Company completed the acquisition of the wood-based activated carbon, reactivation, and mineral-based filtration media business of CECA, a subsidiary of Arkema Group (New Business). With the complementary New Business located in Europe, the Company becomes an even more global and diverse industry leader in activated carbon, reactivation, and filtration media in the form of diatomaceous earth and perlites. Refer to Notes 13 and 15 for additional information regarding the acquisition. In management’s opinion, the condensed consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, and which are necessary for a fair presentation, in all material respects, of financial results for the interim periods presented. Operating results for the first three months of 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. There have been no developments to recently issued accounting standards from those disclosed in the Company’s Annual Report on Form 10-K as filed with the SEC for the year ended December 31, 2016, except for the following. In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-11, “Simplifying the Measurement of Inventory” which requires entities to measure most inventory at the lower of cost and net realizable value. This simplifies the current guidance under which an entity measures inventory at the lower of cost or market. Market in this context is defined as one of three different measures, one of which is net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company adopted this ASU on a prospective basis as of January 1, 2017, and it did not have an impact on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The Company adopted the provisions of this ASU effective January 1, 2017 and it did not have a material impact on the Company’s condensed consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue (Topic 606): Revenue from Contracts with Customers” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of ASU 2014-09 is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying five steps listed in the guidance. ASU 2014-09 also requires disclosure of both quantitative and qualitative information that enables users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from customers. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 by one year. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” which amends the principal-versus agent implementation guidance and illustrations in FASB’s new revenue standard ASU 2014-09. The new guidance includes indicators to assist an entity in determining whether it controls a specified good or service before it is transferred to the customers. In April 2016, the FASB issued ASU 2016-10, “Identifying Performance Obligations and Licensing” which amends certain aspects of the guidance in ASU 2014-09. For identifying performance obligations, the amendments include: immaterial promised goods and services, shipping and handling activities, and identifying when promises represent performance obligations. In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” This clarifies the collectability assessment, sales tax presentation and the treatment of contract modifications and completed contracts at transition. In May 2016, the FASB issued ASU 2016-11, “Rescission of SEC Guidance Because of Accounting Standards Update 2014-09” which rescinds certain SEC guidance upon adoption including those related to freight services in process and shipping and handling fees. All of the new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently determining the potential impacts of the new standard on its contract portfolio. The approach includes performing a detailed review of key contracts representative of its different businesses and comparing historical accounting policies and practices to the new standard. The Company will continue to evaluate the provisions of this ASU to assess the impact it may have on its consolidated financial statements and related disclosures. The Company is planning to adopt the provisions of the ASU and its subsequent amendments using the modified retrospective transition method for existing transactions that may result in a cumulative effect adjustment as of January 1, 2018. In March 2017, the FASB issued ASU 2017-07, “Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which requires that employers disclose components of their pension service cost in the same line item as other compensation costs related to relevant employees. The ASU also requires that other components of net benefit costs be presented separately from the service cost component within the income statement, and outside of income from operations. The provisions of this ASU are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual reporting periods. The Company is evaluating the provisions of this ASU, which will result in a reclassification of components of net periodic pension cost other than service cost outside of income from operations on the Company’s consolidated financial statements.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2017
Inventories
Inventories	2. Inventories March 31, 2017 December 31, 2016 Raw materials $ 31,181 $ 24,831 Finished goods 103,657 100,284 Total $ 134,838 $ 125,115 Inventories are recorded net of reserves of $2.9 million and $2.6 million for obsolete and slow-moving items as of March 31, 2017 and December 31, 2016, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Measurements
Fair Value Measurements	3. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: · Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities; · Level 2 — Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and · Level 3 — Unobservable inputs that reflect the reporting entity’s own assumptions. The Company’s financial instruments, excluding derivative instruments, consist primarily of cash and cash equivalents, short and long-term debt as well as accounts receivable and accounts payable. The following financial instrument assets (liabilities) are presented below at carrying amount, fair value, and classification within the fair value hierarchy (refer to Notes 4 and 5 for details relating to derivative instruments and borrowing arrangements). The only financial instruments measured at fair value on a recurring basis are derivative instruments and the acquisition earn-out liability: Fair Value March 31, 2017 December 31, 2016 Hierarchy Carrying Fair Carrying Fair Level Amount Value Amount Value Cash and cash equivalents 1 $ 37,887 $ 37,887 $ 37,984 $ 37,984 Derivative assets 2 755 755 1,168 1,168 Derivative liabilities 2 (1,721) (1,721) (1,452) (1,452) Acquisition earn-out liability 2 (150) (150) (125) (125) Long-term debt, including current portion 2 (235,945) (235,945) (225,000) (225,000) Accounts receivable and accounts payable included in the condensed consolidated balance sheets approximate fair value and are excluded from the table above. The fair value of cash and cash equivalents are based on quoted prices. The fair value of derivative assets and liabilities are measured based on inputs from market sources that aggregate data based upon market transactions. Fair value for the acquisition earn-out liability is based upon Level 2 inputs which are periodically re-evaluated for changes in future projections and the discount rate. This liability is recorded in accrued pension and other liabilities within the Company’s condensed consolidated balance sheets. The Company’s debt bears interest based on market rates and, accordingly, the carrying value of this obligation approximates fair value.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2017
Derivative Instruments
Derivative Instruments	4. Derivative Instruments The Company uses foreign currency forward exchange contracts and foreign exchange option contracts to limit the exposure of exchange rate fluctuations on certain foreign currency receivables, payables, and other known and forecasted transactional exposures for periods consistent with the expected cash flow of the underlying transactions. Management’s policy for managing foreign currency risk is to use derivatives to hedge up to 75% of the value of the forecasted exposure. The foreign currency forward exchange and foreign exchange option contracts generally mature within eighteen months and are designed to limit exposure to exchange rate fluctuations. The Company also uses natural gas forward contracts to limit the exposure to changes in natural gas prices. Management’s policy for managing natural gas exposure is to use derivatives to hedge up to 75% of the forecasted natural gas requirements that are not fixed. The natural gas forward contracts generally mature within twenty-four months. The Company accounts for its derivative instruments under Accounting Standards Codification (ASC) 815 “Derivatives and Hedging.” Hedge effectiveness is measured on a quarterly basis and any portion of ineffectiveness as well as hedge components excluded from the assessment of effectiveness, are recorded directly to current earnings, in other income - net. The fair value of outstanding derivative contracts in the condensed consolidated balance sheets was as follows: Asset Derivatives Balance Sheet Locations March 31, 2017 December 31, 2016 Derivatives designated as hedging instruments: Foreign exchange contracts Other current assets $ 443 $ 670 Natural gas contracts Other current assets 172 255 Foreign exchange contracts Other assets 7 179 Natural gas contracts Other assets 3 43 Derivatives not designated as hedging instruments: Foreign exchange contracts Other current assets 130 21 Total asset derivatives $ 755 $ 1,168 Liability Derivatives Balance Sheet Locations March 31, 2017 December 31, 2016 Derivatives designated as hedging instruments: Foreign exchange contracts Accounts payable and accrued liabilities $ 91 $ 30 Natural gas contracts Accounts payable and accrued liabilities 22 — Foreign exchange contracts Accrued pension and other liabilities 50 1 Natural gas contracts Accrued pension and other liabilities 110 — Derivatives not designated as hedging instruments: Foreign exchange contracts Accounts payable and accrued liabilities 1,448 1,421 Total liability derivatives $ 1,721 $ 1,452 The Company had the following outstanding derivative contracts that were entered into to hedge forecasted transactions: (in thousands except for millions of British Thermal Units (mmbtu)) March 31, 2017 December 31, 2016 Natural gas contracts (mmbtu) 1,470,000 540,000 Foreign exchange contracts $ 217,856 $ 199,420 The use of derivatives exposes the Company to the risk that a counterparty may default on a derivative contract. The Company enters into derivative financial instruments with high credit quality counterparties and diversifies its positions among such counterparties. The aggregate fair value of the Company’s derivative instruments in asset positions represents the maximum loss that the Company would recognize at that date if all counterparties failed to perform as contracted. The Company has entered into various master netting arrangements with counterparties to facilitate settlement of gains and losses on these contracts. These arrangements may allow for netting of exposures in the event of default or termination of the counterparty agreement due to breach of contract. The Company does not net its derivative positions by counterparty for purposes of balance sheet presentation and disclosure. March 31, 2017 December 31, 2016 Fair Value Fair Value Fair Value Fair Value of Assets of Liabilities of Assets of Liabilities Gross derivative amounts recognized in the balance sheet $ 755 $ 1,721 $ 1,168 $ 1,452 Gross derivative amounts not offset in the balance sheet (324) (324) (52) (52) Net amount $ 431 $ 1,397 $ 1,116 $ 1,400 Derivatives in Cash Flow Hedging Relationships For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (loss) (OCI) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The location of the gain or (loss) reclassified into earnings (effective portion) for derivatives in cash flow hedging relationships is cost of products sold (excluding depreciation and amortization). Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) Three Months Ended March 31, 2017 2016 Foreign exchange contracts $ (485) $ (1,039) Natural gas contracts (229) (191) Total $ (714) $ (1,230) Amount of Gain or (Loss) Recognized from Accumulated OCI into Earnings (Effective Portion) (1) Three Months Ended March 31, 2017 2016 Foreign exchange contracts $ 77 $ 281 Natural gas contracts 12 (275) Total $ 89 $ 6 (1) Assuming market rates remain constant with the rates as of March 31, 2017, a gain of $0.5 million is expected to be recognized in earnings over the next 12 months. During the three months ended March 31, 2017 and 2016, there was no gain or (loss) recognized in earnings on derivatives related to the ineffective portion and the amount excluded from effectiveness testing, which would have been recorded in other income – net. Derivatives Not Designated as Hedging Instruments The Company has also entered into certain derivatives to minimize its exposure of exchange rate fluctuations on certain foreign currency receivables, payables, and other known and forecasted transactional exposures. The Company has not qualified these contracts for hedge accounting treatment and therefore, the fair value gains and losses on these contracts are recorded in earnings, in other income - net as follows: Amount of Gain or (Loss) Recognized in Earnings on Derivatives Three Months Ended March 31, 2017 2016 Foreign exchange contracts $ (1,636) $ 1,552 Total $ (1,636) $ 1,552 Non-designated contracts pertaining to an intercompany loan related to the acquisition of the New Business included a net $1.6 million loss for the three months ended March 31, 2017, of which $1.5 million was realized. The net loss was offset by a foreign exchange unrealized transaction gain. The amounts are recorded in earnings, within other income – net.

Borrowing Arrangements

Borrowing Arrangements	3 Months Ended
	Mar. 31, 2017
Borrowing Arrangements
Borrowing Arrangements	5. Borrowing Arrangements March 31, 2017 December 31, 2016 U.S. credit agreement borrowings $ 233,250 $ 225,000 Japanese credit agreement borrowings 2,695 — Total long-term debt 235,945 225,000 Less current portion of long-term debt (5,000) (5,000) Net long-term debt $ 230,945 $ 220,000 U.S. Credit Agreement On October 4, 2016, the Company entered into the First Amended and Restated Credit Agreement (Credit Agreement) which provides for total borrowing capacity of $400 million, comprised of a $300 million revolving credit facility (Revolver) that expires on October 4, 2021 and a $100 million term loan facility (Term Loan) that expires on October 4, 2023. The Revolver contains a $75 million sublimit for the issuance of letters of credit, and a $15 million sublimit for swing loans. The Company has the option to increase the Revolver by a maximum of $100 million with the consent of the Lenders. Availability under the Credit Agreement was conditioned upon various customary conditions. Upon entering into the credit agreement, the Company incurred issuance costs of $0.8 million, of which approximately $0.1 million was expensed. The remainder of the issuance costs were deferred, and along with other previously deferred costs, are being amortized over the terms of the Revolver and Term Loan facilities. A quarterly nonrefundable commitment fee is payable by the Company based on the unused availability under the Revolver and was equal to 0.23% as of March 31, 2017. The Company borrowed the full $100 million under the Term Loan on October 4, 2016. During the fourth quarter of 2016, the Company borrowed $160 million under the Revolver to finance the acquisition of the New Business. Required quarterly repayments under the Term Loan began January 1, 2017, and are equal to 1.25% of the outstanding balance until January 1, 2019, at which time the quarterly repayments will increase to 2.0% until the remaining balance is due on the October 4, 2023 maturity date. As a result, $5.0 million is shown as the current portion of long-term debt within the condensed consolidated balance sheets as of both March 31, 2017 and December 31, 2016. The interest rate on amounts owed under the Credit Agreement will be, at the Company’s option, either (i) a fluctuating Base Rate or (ii) an adjusted LIBOR rate, plus, in each case, an applicable margin based on the Company’s leverage ratio as set forth in the Credit Agreement. The interest rate charged on amounts owed under swing loans will be either (i) a fluctuating Base Rate or (ii) such other interest rates as the lender and the Company may agree to from time to time. The interest rate per annum on outstanding borrowings ranged from 2.64% to 2.79% as of March 31, 2017, and 1.44% to 1.59% as of March 31, 2016. Total outstanding borrowings under the Revolver were $134.5 million and $125.0 million as of March 31, 2017 and December 31, 2016, respectively. Total availability under the Revolver as of March 31, 2017 and December 31, 2016 was $163.0 million and $172.5 million, respectively, after considering borrowings and the outstanding letters of credit of $2.5 million as of both March 31, 2017 and December 31, 2016. Total outstanding borrowings under the Term Loan were $98.8 million and $100.0 million as of March 31, 2017 and December 31, 2016, respectively. There is no remaining availability under the Term Loan. Borrowings and repayments are presented on a gross basis within the Company’s condensed consolidated statements of cash flows. Certain domestic subsidiaries of the Company unconditionally guarantee all indebtedness and obligations related to borrowings under the Credit Agreement. The Company’s obligations under the Credit Agreement are unsecured. The Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type. As a result of an amendment signed in February 2017, the Company is permitted to pay annual dividends of up to $14 million, so long as the sum of availability under the Credit Agreement and the amount of U.S. cash on hand is at least $50 million. In addition, the Credit Agreement includes limitations on the Company and its subsidiaries with respect to indebtedness, additional liens, disposition of assets or subsidiaries, and transactions with affiliates. The Company must comply with certain financial covenants including a minimum interest coverage ratio and a maximum leverage ratio as defined within the Credit Agreement. The Company was in compliance with all such covenants as of March 31, 2017. The Credit Agreement also provides for customary events of default, including failure to pay principal or interest when due, breach of representations and warranties, certain insolvency or receivership events affecting the Company and its subsidiaries and a change in control of the Company. If an event of default occurs, the lenders would be under no further obligation to make loans or issue letters of credit. Upon the occurrence of certain events of default, all outstanding obligations of the Company automatically would become immediately due and payable, and other events of default would allow the agent to declare all or any portion of the outstanding obligations of the Company to be immediately due and payable. Japanese Credit Agreement On March 24, 2016, Calgon Carbon Japan (CCJ) entered into a 2.0 billion Japanese Yen unsecured revolving loan facility agreement (Japanese Credit Agreement) which expires on March 24, 2019. As of March 31, 2017, CCJ had 300 million Japanese Yen, or $2.7 million outstanding, while no amounts were outstanding as of December 31, 2016. Borrowings and repayments are presented on a gross basis within the Company’s condensed consolidated statements of cash flows. A quarterly nonrefundable commitment fee is payable by CCJ based on the unused availability under the Japanese Credit Agreement and is equal to 0.23%. Total availability under the Japanese Credit Agreement was 1.7 billion Japanese Yen or $15.3 million as of March 31, 2017, while the availability was 2.0 billion Japanese Yen, or $17.1 million as of December 31, 2016. The Japanese Credit Agreement bears interest based on the Tokyo Interbank Offered Rate of interest, plus an applicable margin based on the Company’s leverage ratio as defined in the U.S. Credit Agreement, which averaged 1.81% per annum as of March 31, 2017. The Company is jointly and severally liable as the guarantor of CCJ’s obligations under the Japanese Credit Agreement. CCJ may make voluntary prepayments of principal and interest after providing prior written notice and before the full amount then outstanding is due and payable on the March 24, 2019 expiration date. Other Credit Facilities The Company also maintains smaller credit facilities denominated in the local currencies of the various countries in which it operates. These facilities totaled approximately $6 million as of March 31, 2017 and December 31, 2016. There are no financial covenants related to these facilities and the Company had no outstanding borrowings under them as of either March 31, 2017 or December 31, 2016. Bank guarantees totaling $3.6 million and $3.5 million were issued as of March 31, 2017 and December 31, 2016, respectively. In addition, the Company had surety bonds outstanding of $1.0 million and $1.1 million as of March 31, 2017 and December 31, 2016, respectively.

Pensions

Pensions	3 Months Ended
	Mar. 31, 2017
Employee Benefit Plans
Pensions	6. Pensions The following table provides the components of net periodic pension cost of the plans: U.S. Plans European Plans Three Months Ended March 31, Three Months Ended March 31, 2017 2016 2017 2016 Net periodic pension cost Service cost $ 262 $ 258 $ 122 $ 92 Interest cost 1,110 1,170 230 297 Expected return on assets (1,473) (1,510) (314) (375) Amortization of prior service credit — — (2) — Net actuarial loss amortization 746 784 107 58 Net periodic pension cost $ 645 $ 702 $ 143 $ 72 Multi-Employer Plan The Company also participates in a multi-employer plan in Europe which almost entirely relates to former employees of operations it has divested. Benefits are distributed by the multi-employer plan. The multi-employer plan reduced benefits to entitled parties, and the local Labor Court concluded that an employer was required to compensate its pensioners for the shortfall if benefits had been reduced. As a result, the Company has a liability for the past shortfall to its former employees, including a cost of living adjustment on the amounts paid by the multi-employer plan. As of March 31, 2017 and December 31, 2016, the Company had a $1.0 million and a $0.9 million liability recorded as a component of payroll and benefits payable within its condensed consolidated balance sheets for the past shortfall adjustments to its former employees, respectively. The Company cannot predict if future benefit payments to entitled parties to be made by the multi-employer plan will continue to be reduced.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity
Stockholders' Equity	7. Stockholders’ Equity In December 2013, the Company’s Board of Directors approved a share repurchase program with a total of $150 million of purchases authorized. In April 2016, the Company suspended the activities of the share repurchase program. During the three months ended March 31, 2016, the Company repurchased 518,576 shares, at an average price of $15.81 per share. The repurchases were funded from operating cash flows, cash on hand, and borrowings and the shares are held as treasury stock. The Company’s remaining authorization to repurchase its common stock is approximately $64.1 million.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)	8. Accumulated Other Comprehensive Income (Loss) The changes in the components of accumulated other comprehensive income (loss), net of tax, are as follows: Total Foreign Defined Accumulated Currency Benefit Other Translation Pension Plan Comprehensive Adjustments Adjustments Derivatives Income (Loss) Balance as of December 31, 2016, net of tax $ (22,026) $ (32,373) $ 800 $ (53,599) Other comprehensive income (loss) before reclassifications 2,509 (125) (454) 1,930 Amounts reclassified from other comprehensive income (loss) — 542 (58) 484 Net current period other comprehensive income (loss) 2,509 417 (512) 2,414 Balance as of March 31, 2017, net of tax $ (19,517) $ (31,956) $ 288 $ (51,185) Total Foreign Defined Accumulated Currency Benefit Other Translation Pension Plan Comprehensive Adjustments Adjustments Derivatives Income (Loss) Balance as of December 31, 2015, net of tax $ (11,070) $ (30,474) $ (86) $ (41,630) Other comprehensive income (loss) before reclassifications 3,097 (17) (786) 2,294 Amounts reclassified from other comprehensive income (loss) — 541 (4) 537 Net current period other comprehensive income (loss) 3,097 524 (790) 2,831 Balance as of March 31, 2016, net of tax $ (7,973) $ (29,950) $ (876) $ (38,799) Amount Reclassified from Details about Accumulated Accumulated Other Comprehensive Income (Loss) (1) Affected Line Item in the Other Comprehensive Three Months Ended March 31, Statement where Income (Loss) Components 2017 2016 Net Income is Presented Defined Benefit Pension Plan Adjustments: Prior service credit $ 2 $ — (2) Actuarial losses (853) (842) (2) (851) (842) Total before tax 309 301 Tax benefit (542) (541) Net of tax Derivatives: Foreign exchange contracts 77 281 Cost of products sold (excluding and amortization) Natural gas contracts 12 (275) Cost of products sold (excluding and amortization) 89 6 Total before tax (31) (2) Tax benefit (expense) 58 4 Net of tax Total reclassifications for the period $ (484) $ (537) Net of tax (1) Amounts in parentheses indicate debits to income/loss. (2) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost. Foreign currency translation adjustments exclude income tax for the earnings of the Company’s non-U.S. subsidiaries as management believes these earnings will be reinvested for an indefinite period of time. Determination of the amount of unrecognized deferred U.S. income tax liability on these unremitted earnings is not practicable. The income tax benefit associated with ASC 715 “Compensation – Retirement Benefits” included in accumulated other comprehensive loss was $17.4 million and $17.7 million as of March 31, 2017 and December 31, 2016, respectively. The income tax expense associated with the Company’s derivatives included in accumulated other comprehensive income (loss) was $0.1 million and $0.4 million as of March 31, 2017 and December 31, 2016, respectively. The following table contains the components of income tax expense (benefit) included in other comprehensive income (loss): Three Months Ended March 31, 2017 2016 Defined benefit pension plan $ 314 $ 301 Derivatives (271) (425)

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Share	3 Months Ended
	Mar. 31, 2017
Basic and Diluted Net Income Per Common Share
Basic and Diluted Net Income Per Common Share	9. Basic and Diluted Net Income Per Common Share Computation of basic and diluted net income per common share is performed as follows: Three Months Ended March 31, (Dollars in thousands, except per share amounts) 2017 2016 Net income available to common stockholders $ 775 $ 5,458 Weighted average shares outstanding Basic 50,411 50,308 Effect of dilutive securities 75 733 Diluted 50,486 51,041 Basic net income per common share $ 0.02 $ 0.11 Diluted net income per common share $ 0.02 $ 0.11 For the three months ended March 31, 2017 and 2016, there were 2.3 million shares and 1.3 million shares of stock based compensation awards, respectively, that were excluded from the dilutive calculations as the effect would have been anti-dilutive.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Taxes
Income Taxes	10. Income Taxes The effective tax rate for the three months ended March 31, 2017 was 84.1% compared to 34.7% for the same period in 2016. The tax rate for the three months ended March 31, 2017 was higher than the U.S. federal statutory rate of 35% primarily due to the U.S. income tax impacts of the incorporation of its former U.S. Belgium branch to a Belgium controlled foreign corporation effective March 31, 2017. The incorporation of the Company’s U.S. Belgium branch is a part of an overall single integrated plan of reorganization that included the Company’s acquisition of the New Business in November 2016. The impact of the U.S. Belgium branch incorporation was a discrete event for the quarter and increased the effective tax rate for the quarter ended March 31, 2017 by approximately 45.1%. In addition, deferred tax adjustments and an increase in permanent items increased the effective tax rate for the current quarter by 4.0% relative to the same period in 2016. The tax rate for the three months ended March 31, 2016 was lower than the U.S. federal statutory rate of 35% primarily due to the mix of earnings in taxing jurisdictions where the tax rate is lower than the U.S. rate.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies Waterlink In conjunction with the February 2004 purchase of substantially all of Waterlink Inc.’s (Waterlink) operating assets and the stock of Waterlink’s United Kingdom subsidiary, environmental studies were performed on Waterlink’s Columbus, Ohio property by environmental consulting firms that provided an identification and characterization of certain areas of contamination. In addition, these firms identified alternative methods of remediating the property and prepared cost evaluations of the various alternatives. The Company concluded from the information in the studies that a loss at this property was probable and recorded the liability. As of both March 31, 2017 and December 31, 2016, the balance recorded was $0.3 million as a component of accrued pension and other liabilities. The Company determined that additional site characterization work is needed to establish the next steps. No estimates regarding the timing or potential cost of remediation activities can be made until the additional site characterization work is finished. Planning for the additional characterization work has begun. Implementation timing will depend on acceptance by the Ohio Voluntary Action Program administrators. Liability estimates are based on an evaluation of, among other factors, currently available facts, existing technology, presently enacted laws and regulations, and the experience of experts in groundwater remediation. It is possible that a further change in the estimate of this obligation will occur as remediation progresses. Carbon Imports General Anti-Dumping Background: In March 2006, the Company and another U.S. producer of activated carbon requested that the U.S. Department of Commerce (Commerce Department) investigate unfair pricing of certain thermally activated carbon imported from the People’s Republic of China (China). In 2007, the Commerce Department found that imports of the subject merchandise from China were being unfairly priced (or “dumped”). Following a finding by the U.S. International Trade Commission (ITC) that the domestic industry was injured by unfairly traded imports of activated carbon from China, the Commerce Department issued an anti-dumping order imposing tariffs on Chinese imports to offset the amount of the unfair pricing. The Commerce Department published the antidumping order in the Federal Register in April 2007, and all imports from China remain subject to it. Importers of subject activated carbon from China are required to make cash deposits of estimated anti-dumping duties at the time the goods are entered into the U.S. customs territory. Final assessment of duties and duty deposits are subject to revision based on annual retrospective reviews conducted by the Commerce Department. The Company is a domestic producer, exporter from China (through its wholly-owned subsidiary Calgon Carbon (Tianjin) Co., Ltd. (Calgon Carbon Tianjin)), and a U.S. importer of the activated carbon that is subject to the anti-dumping order. As such, the Company’s involvement in the Commerce Department’s proceedings is both as a domestic producer (a “petitioner”) and as a foreign exporter (a “respondent”). The Company’s role as an importer, which has in the past (and may in the future) required it to pay anti-dumping duties, results in a contingent liability related to the final amount of tariffs that are ultimately assessed on the imported product following the Commerce Department’s annual review of relevant shipments and calculation of the anti-dumping duties due. As a result of proceedings before the Commerce Department that concluded in September 2016, the Company is currently required to post a duty of $0.616 per pound when importing activated carbon from Calgon Carbon Tianjin into the U.S. The impact of the tariffs to the Company’s financial results was not material for the three months ended March 31, 2017, and 2016, respectively. However, the Company’s ultimate assessment rate and future cash deposit rate on such imports could change in the future, as a result of on-going proceedings before the Commerce Department. In February 2013, the ITC determined that the anti-dumping order on certain thermally activated carbon from China should remain in effect for an additional five years. As a result, the Commerce Department has conducted annual reviews of sales made to the first unaffiliated U.S. customer, typically over the prior 12-month period. These annual reviews will continue through at least February 2018. In addition, the Commerce Department will continue to perform reviews from February 2018 to February 2019, dependent upon an affirmative outcome of the Second Sunset Review, which will be initiated in February 2018. These reviews can result in changes to the anti-dumping tariff rate (either increasing or reducing the rate) applicable to any foreign exporter. Revision of tariff rates has two effects. First, it will alter the actual amount of tariffs that U.S. Customs and Border Protection (Customs) will collect for the period reviewed, by either collecting additional duties, plus interest above those deposited with Customs by the U.S. importer at the time of entry or refunding a portion of the duties, plus interest deposited at the time of importation to reflect a decline in the margin of dumping. Second, the revised rate becomes the cash deposit rate applied to future entries, and can either increase or decrease the amount of duty deposits an importer will be required to post at the time of importation. Periods of Review (POR) I, II, IV and V are final and not subject to further review or appeal. A summary of the proceedings in the remaining PORs follows below. Period of Review III: In October, 2011, the Commerce Department published the final results of its third annual administrative review (POR III), which covers imports that entered the U.S. between April 1, 2009 and March 31, 2010. The Company’s ongoing duty deposit rate was adjusted to zero, and the Company recorded a receivable of $1.1 million reflecting expected refunds for duty deposits made during POR III. The Commerce Department continued to assign cooperative respondents involved in POR III a deposit rate of $0.127 per pound. The Commerce Department’s final results of POR III were appealed. In January, 2014, the Commerce Department filed its remand redetermination with the Court of International Trade (Court), continuing to calculate a zero duty for the Company during POR III. In addition, the Commerce Department revised its earlier determination and assigned a zero margin as a separate rate to several Chinese producers/exporters of steam activated carbon to the U.S. that were not subjected to an individual investigation. The Company contested this aspect of the Commerce Department’s redetermination. In November, 2014, the Court affirmed the Commerce Department’s remand determination. Various parties appealed the decision to the U.S. Court of Appeals for the Federal Circuit (Court of Appeals), which later affirmed the Court’s decision with respect to several Chinese parties, finding that they should be assigned a zero margin. The Court of Appeals remanded the action to the Court, and in April 2017 the Court issued a judgment affirming the Court of Appeals decision. The Company expects that the Court’s April 2017 judgment will conclude litigation on this matter. Period of Review VI: In November, 2014, the Commerce Department announced the final margins for its sixth administrative review (POR VI), which covers imports that entered the U.S. between April 1, 2012 and March 31, 2013. In December 2014, an appeal was commenced with the Court. The Commerce Department filed its second redetermination with the Court in January 2017, calculating margins for mandatory respondents ranging from $0.082 per pound to $0.127 per pound and $0.100 per pound for separate rate respondents, including Calgon Carbon Tianjin. In late January 2017, the Court affirmed the second redetermination. The time for any party to appeal the Court’s decision has now expired, bringing to a close the litigation over POR VI. Period of Review VII: The Commerce Department announced the final results for its seventh administrative review (POR VII) in October 2015, covering imports that entered the U.S. between April 1, 2013 and March 31, 2014. The Commerce Department calculated anti-dumping margins for the mandatory respondents it examined ranging from $0.00 per pound to $0.476 per pound, and it calculated an anti-dumping margin of $0.476 per pound for the separate rate respondents, including Calgon Carbon Tianjin. In October 2015, appeals were commenced challenging the final results. A decision from the Court is possible in the second quarter of 2017. Period of Review VIII: In September 2016, the Commerce Department announced the final margins for its eighth administrative review (POR VIII), which covers imports that entered the U.S. between April 1, 2014 and March 31, 2015. The final anti-dumping margins for the mandatory respondents ranged from $0.009 per pound to $0.797 per pound, while the separate rate respondents, including Calgon Carbon Tianjin, were assigned $0.616 per pound. In October 2016, appeals were commenced challenging the final results. A decision by the Court is possible in late 2017 or early 2018. Period of Review IX: In April 2016, the Commerce Department published a notice allowing parties to request a ninth administrative review (POR IX) of the anti-dumping duty order covering the period April 1, 2015 through March 31, 2016. The Commerce Department has selected mandatory respondents for review and a decision is likely in the fourth quarter of 2017. Big Sandy Plant In 2007, the Company received from the Environmental Protection Agency (EPA) Region 4 a report of a hazardous waste facility inspection performed by the EPA and the Kentucky Department of Environmental Protection (KYDEP) of the Company’s Big Sandy plant in Kentucky. Accompanying the report was a Notice of Violation alleging multiple violations of the Federal Resource Conservation and Recovery Act (RCRA) and corresponding EPA and KYDEP hazardous waste regulations as well as the Clean Water Act. The Company was required to conduct testing of the portion of stockpiled material dredged from onsite wastewater treatment lagoons that had not previously been tested in accordance with a pre-approved work plan and installed two ground water monitoring wells at the Company’s permitted solid waste landfill where some lagoon solids had previously been disposed. The landfill is considered a non-hazardous facility and regulated by the KYDEP. The testing of the stockpile material was completed and the results have been reviewed by the EPA. The Company received comments from the EPA including a request for a health and safety risk assessment similar to that which the Company performed on other materials from the lagoons. The Company has prepared this assessment and received a letter from the EPA in March 2017 indicating the EPA’s agreement with the Company’s conclusions. The stockpiled material was removed in 2015 and the Company will not be required to close or retrofit any of the wastewater treatment lagoons as RCRA hazardous waste management units and may continue to use them in their current manner. The Company is subject to daily stipulated penalties for any failure to sample the landfill wells in accordance with the EPA-approved protocols and schedules. The Company will be applying for closure of this consent decree. As of March 31, 2017 and December 31, 2016, there is no liability recorded related to this issue. Other On February 21, 2017, the Japan Fair Trade Commission (the JFTC) informed the Company’s subsidiary, CCJ that it is investigating CCJ along with several other manufacturers and distributors that participate in the activated carbon market in Japan over concerns of anti-competitive conduct. The JFTC is investigating whether manufacturers and sellers of activated carbon used in water purification plants, garbage incineration plants and other similar facilities in Japan have acted in concert with each other in violation of the Japan Anti-Monopoly Act. JFTC agents searched the offices of CCJ, reviewing and collecting contracts and other business records and interviewed certain CCJ employees. At this stage of the investigation, it is difficult to predict the outcome of this matter or what remedies, if any, may be imposed by the JFTC. CCJ is cooperating with the JFTC as it conducts its investigation. In addition to the matters described above, the Company is involved in various other legal proceedings, lawsuits and claims, including employment, product warranty and environmental matters of a nature considered normal to its business. It is the Company’s policy to accrue for amounts related to these legal matters when it is probable that a liability has been incurred and the loss amount is reasonably estimable. Management is currently unable to estimate the amount or range of reasonably possible losses, if any, resulting from such lawsuits and claims.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Information
Supplemental Cash Flow Information	12. Supplemental Cash Flow Information The Company has reflected $4.1 million and $(0.2) million of its capital expenditures as a non-cash increase (decrease) in accounts payable and accrued liabilities for changes in unpaid capital expenditures for the three months ended March 31, 2017 and 2016, respectively.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Information
Segment Information	13. Segment Information In conjunction with the acquisition of the New Business, management had been undertaking a planning process which included reviewing how the Company compiles and reports financial information for review by the Company’s chief operating decision maker (CODM) to assess performance and allocate resources. As of December 31, 2016, the results of operations of the New Business from the November 2, 2016 acquisition date through December 31, 2016 had been reported as Other. Beginning January 1, 2017, the Company realigned its internal management reporting structure to incorporate the New Business into the existing business, and reorganized its current reportable segments. The realigned internal management reporting structure resulted in three new reportable segments for review by the CODM. Beginning January 1, 2017, the Company’s CODM, its chief executive officer, receives and reviews financial information in this format. The Company is reporting its results using the new reportable segment structure and has restated prior periods to conform with the change in reportable segments. Those segments are Activated Carbon, Advanced Water Purification, and Alternative Materials. The manufacturing and marketing of granular and powdered wood-based activated carbon and coal-based activated carbon reactivation portions of the New Business were combined with the existing Activated Carbon and Service segment and renamed the Activated Carbon segment. In addition, sales of carbon adsorption equipment and associated costs previously reported in the Equipment segment were combined into the new Activated Carbon segment, as this activity is now aligned with the associated leasing of this same equipment. Diatomaceous earth and perlite filtration media sales and associated costs of the New Business are being reported in the newly created Alternative Materials segment, which also includes the carbon cloth sales and associated costs that were previously reported in the Consumer segment. The previously reported Equipment segment has been renamed the Advanced Water Purification segment, and now excludes any carbon related equipment sales. In addition, some product sales and services related to the ultraviolet light and advanced ion exchange separation technologies that were previously included in the Activated Carbon and Services segment are all now reported in the Advanced Water Purification segment. The Activated Carbon segment manufactures and markets granular and powdered activated carbon for use in applications to remove organic compounds from liquids, gases, water, and air. This segment also consists of activities related to activated carbon including reactivation of spent carbon and the sale or leasing of related equipment, and maintenance at customer sites. The Alternative Materials segment supplies diatomaceous earth and perlite filtration media for use in applications for decolorization, purification, decontamination, and filtration of liquids in various applications including food and beverage, industrial and pharmaceuticals, as well as carbon cloth for use in military, industrial, and medical applications. The Advanced Water Purification segment provides solutions to customers’ water process problems through the design, fabrication, and operation of systems, as well as the sale of materials and services that utilize the Company’s enabling technologies: ultraviolet light and advanced ion exchange separation. Intersegment net sales are not material. The following segment information represents the results of operations: Three Months Ended March 31, 2017 2016 Net sales Activated Carbon $ 126,231 $ 109,983 Alternative Materials 12,848 2,485 Advanced Water Purification 3,624 7,731 Consolidated net sales $ 142,703 $ 120,199 Income (loss) from operations Activated Carbon $ 8,521 $ 8,694 Alternative Materials (804) 427 Advanced Water Purification (1,819) (658) 5,898 8,463 Reconciling items: Interest income 6 6 Interest expense (1,514) (333) Other income — net 500 223 Income before income tax provision $ 4,890 $ 8,359 Depreciation and amortization Activated Carbon $ 10,180 $ 8,295 Alternative Materials 1,269 140 Advanced Water Purification 339 340 $ 11,788 $ 8,775 As a result of the change in the segments, a portion of goodwill previously included in the Activated Carbon segment related to the ion exchange business was reassigned to the Advanced Water Purification segment. As of March 31, 2017, goodwill balances were $40.5 million in the Activated Carbon segment, $17.1 million in the Alternative Materials segment, and $12.0 million in the Advanced Water Purification segment. Segment assets, which are reviewed by management, consist of the total of the Property, plant and equipment, net, Intangibles, net, and Goodwill balances on the Company’s condensed consolidated balance sheets: March 31, 2017 December 31, 2016 Activated Carbon $ 395,724 $ 387,117 Alternative Materials 69,116 67,394 Advanced Water Purification 18,778 18,790 Segment assets 483,618 473,301 Unallocated assets 308,361 301,917 Total assets $ 791,979 $ 775,218

Government Grants

Government Grants	3 Months Ended
	Mar. 31, 2017
Government Grants
Government Grants	14. Government Grants In 2014, the Company received an incentive of 3.86 million RMB or approximately $0.6 million from the Suzhou Wuzhong Economic Development Zone, where the Company’s Suzhou, China facility is located. This incentive was provided based on the Company’s commitment to the construction of carbon reactivation lines in two phases. In 2016, the Company received an incentive of 3.86 million RMB or approximately $0.6 million from the JiangSu Provincial Bureau based on the same Company commitment. For the three month periods ended March 31, 2017 and 2016, the Company did not recognize income for these incentives as all required documentation has not yet been completed. As of both March 31, 2017 and December 31, 2016, the Company has a $0.8 million liability recorded as a component of accrued pension and other liabilities within its condensed consolidated balance sheets for the unearned portion of the incentives. In September 2016, the Company entered into a technology investment agreement with a U.S. government agency to improve the production, infrastructure and manufacturing efficiencies related to an activated carbon capacity expansion project. As part of this agreement, the Company will be reimbursed for approved capital improvements made in conjunction with the federal award for up to $15.4 million. As of March 31, 2017, there had been minimal activity associated with the award, and the Company has not yet received any funds.

Acquisition of the New Business

Acquisition of the New Business	3 Months Ended
	Mar. 31, 2017
Acquisition of the New Business
Acquisition of the New Business	15. Acquisition of the New Business In April 2016, the Company entered into an agreement where it made an irrevocable offer to purchase the New Business, which primarily serves food and beverage, industrial and pharmaceutical customers in Europe and Asia, and has approximately 300 employees. The Company completed this acquisition for $157.4 million on November 2, 2016 (acquisition date) and financed the transaction through borrowings under the Revolver. The Company’s condensed consolidated financial statements for the three months ended March 31, 2017 include the New Business’ results of operations. Net sales and income from operations for the three months ended March 31, 2017 were $24.2 million and $0.7 million, respectively. The transaction was accounted for under the acquisition method of accounting in accordance with ASC 805 “Business Combinations.” Under the acquisition method of accounting, the tangible and identifiable intangible assets acquired and liabilities assumed are recorded based on their fair value at the acquisition date, with excess consideration paid over the net assets acquired recorded as goodwill. The Company has completed the preliminary detailed valuation analyses necessary to assess the fair values of the tangible and intangible assets acquired and liabilities assumed and the amount of goodwill to be recognized as of the acquisition date. The amounts shown below for certain assets and liabilities are preliminary in nature and are subject to adjustment as additional information is obtained about the facts and circumstances that existed as of the acquisition date. The final determination of the fair values will be completed within the measurement period of up to one year from the acquisition date as permitted, and any adjustments to provisional amounts that are identified during the measurement period will be recorded in the reporting period in which the adjustment is determined. Fair value estimates are based on a series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. The judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed can materially impact the results of operations. In addition, the preliminary purchase price is subject to customary post closing adjustments. Post closing adjustments made within the measurement period were not material and are reflected in the following table. The following table summarizes the allocation of the preliminary purchase price as of the November 2, 2016 acquisition date: Assets Cash and cash equivalents $ 3,826 Receivables 10,077 Inventories 20,137 Other current assets 1,171 Property, plant, and equipment 67,697 Intangibles 37,248 Goodwill 45,567 Other assets 179 Total assets $ 185,902 Liabilities Accounts payable and accrued liabilities $ 6,151 Payroll and benefits payable 4,360 Accrued income taxes 581 Deferred income taxes - long term 6,066 Accrued pension and other liabilities 11,319 Total liabilities $ 28,477 Net assets $ 157,425 Cash paid for acquisition 157,425 Cash acquired (3,826) Net cash paid for acquisition $ 153,599 The estimated fair values of certain assets and liabilities, including but not limited to, property, plant and equipment, intangibles, goodwill, deferred income taxes, and accrued pension and other liabilities are provisional amounts based, in part, on third party valuations. These third party valuations are still under review and as such, the estimated fair values continue to be subject to final adjustments. The Company determined the fair value of the majority of the current assets and current liabilities approximated their carrying value given the highly liquid and short-term nature of these assets and liabilities. The fair value of finished goods inventory was determined based on the estimated selling price of the inventory less the costs of disposal and a reasonable profit allowance for the selling effort. The estimated step-up in fair value of inventory of $2.1 million increased cost of products sold by $0.6 million during the three months ended March 31, 2017. The preliminary fair value of property, plant and equipment was determined by using certain estimates and assumptions that are not observable in the market and thus represent a Level 3 fair value measurement. As part of the preliminary purchase price allocation, the Company determined that the separately identifiable intangible assets consisted of trade names and trademarks, unpatented technology and know-how, and customer relationships, in the amounts of $7.3 million, $14.2 million, and $15.7 million, respectively. Unpatented technology and know-how, as well as customer relationships are being amortized over a weighted-average estimated useful life of 20 years. Trade names and trademarks are considered to have an indefinite life and will be tested for impairment annually or when events or changes in the business environment indicate that the carrying value of the intangible assets may exceed their fair value. The Company used the income approach valuation technique to measure the preliminary fair value of the intangible assets, based on the present value of their future economic benefits reflecting current market expectations. Specifically, the relief from royalty method was used to value the trade names and trademarks as well as the unpatented technology and know-how. The customer relationships were valued using a multi-period excess earnings method. The assumptions used in these fair value measurements are not observable in active markets and thus represent Level 3 fair value measurements. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents growth opportunities and expected cost synergies of the combined company. The combined company is expected to be an industry leader in the activated carbon and filtration media markets, with enhanced diversification, a strong presence in Europe, and an expanded reach into emerging markets. Goodwill recognized as a result of the acquisition is not deductible for tax purposes. As of December 31, 2016, the goodwill associated with the acquisition of the New Business was reported in Other for segment reporting purposes. With the incorporation of the New Business into the existing business and the resulting change in reportable segments, $28.0 million of goodwill has been reported in the Activated Carbon segment and $17.6 million in the Alternative Materials segment. Contingent liabilities assumed include $1.9 million related to AROs for legal obligations associated with the normal operation of the acquired silica mining facilities up to the end of the quarries’ exploration. The Company evaluated the ARO to determine the cost associated with mine reclamation and landfill closures and applied an appropriate discount rate to determine the fair value. The assumptions used in these fair value measurements are not observable in active markets and thus represent Level 3 fair value measurements. During the three months ended March 31, 2017 and 2016, the Company incurred approximately $2.1 million and $1.6 million of acquisition-related integration and transaction costs, respectively. These costs include advisory, legal, accounting transition services and information technology integration efforts, and are included in the selling, general and administrative expenses line item in the condensed consolidated statements of comprehensive income. Pro Forma Information (Unaudited) The Company’s condensed consolidated financial statements for the three months ended March 31, 2017 include the New Business’ results of operations. The following unaudited pro forma results of operations assume the New Business had been acquired on January 1, 2016. These unaudited pro forma results reflect adjustments that are directly attributable to the business combination, and are factually supportable. The unaudited pro forma results do not include any synergies or other effects of the planned integration that would have occurred had the New Business been acquired on January 1, 2016. The unaudited pro forma results are not necessarily indicative of the actual results of operations that would have been realized nor are they necessarily indicative of future results of the combined operations. Three Months Ended March 31, 2017 2016 Net sales $ 142,703 $ 146,242 Net income 2,462 3,529 Net income per common share Basic $ $ Diluted $ $ These unaudited pro forma amounts have been calculated after adjusting for the incremental depreciation and amortization expenses of $1.0 million associated with the step-up fair value adjustments to property, plant and equipment and intangible assets for the three months ended March 31, 2016. The Company financed the acquisition of the New Business by borrowing $160 million under the Revolver. The unaudited pro forma amounts have been calculated after adjusting for the incremental interest expense of $1.0 million for the three months ended March 31, 2016. The unaudited pro forma results for the three months ended March 31, 2017 were adjusted to eliminate the $0.6 million incremental cost of products sold recognized as a result of the step-up of inventory. The unaudited pro forma results for the three months ended March 31, 2016 were adjusted to include $2.1 million of incremental cost of products sold to reflect the total step up of inventory. The unaudited pro forma net income for the three months ended March 31, 2017 excludes non-recurring acquisition-related integration and transaction expenses of $2.1 million that were incurred by the Company in 2017, while the results for the three months ended March 31, 2016 were adjusted to include these expenses. The unaudited pro forma results for the three months ended March 31, 2016 were also adjusted to exclude the $1.6 million of transaction costs that were incurred by the Company in 2016.

Basis of Presentation and Acc21

Basis of Presentation and Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Basis of Presentation and Accounting Policies
Basis of Presentation	The condensed consolidated financial statements included herein are unaudited and have been prepared by Calgon Carbon Corporation and subsidiaries (the Company) pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). All intercompany transactions and accounts have been eliminated in consolidation. Certain information and footnote disclosures normally included in audited annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S.) have been condensed or omitted pursuant to such rules and regulations. Management of the Company believes that the disclosures included herein are adequate to make the information presented not misleading when read in conjunction with the Company’s audited consolidated financial statements and the notes included therein for the year ended December 31, 2016, as filed with the SEC by the Company on Annual Report on Form 10-K. On November 2, 2016, the Company completed the acquisition of the wood-based activated carbon, reactivation, and mineral-based filtration media business of CECA, a subsidiary of Arkema Group (New Business). With the complementary New Business located in Europe, the Company becomes an even more global and diverse industry leader in activated carbon, reactivation, and filtration media in the form of diatomaceous earth and perlites. Refer to Notes 13 and 15 for additional information regarding the acquisition. In management’s opinion, the condensed consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, and which are necessary for a fair presentation, in all material respects, of financial results for the interim periods presented. Operating results for the first three months of 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017.
New Accounting Pronouncements	There have been no developments to recently issued accounting standards from those disclosed in the Company’s Annual Report on Form 10-K as filed with the SEC for the year ended December 31, 2016, except for the following. In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-11, “Simplifying the Measurement of Inventory” which requires entities to measure most inventory at the lower of cost and net realizable value. This simplifies the current guidance under which an entity measures inventory at the lower of cost or market. Market in this context is defined as one of three different measures, one of which is net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company adopted this ASU on a prospective basis as of January 1, 2017, and it did not have an impact on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The Company adopted the provisions of this ASU effective January 1, 2017 and it did not have a material impact on the Company’s condensed consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue (Topic 606): Revenue from Contracts with Customers” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of ASU 2014-09 is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying five steps listed in the guidance. ASU 2014-09 also requires disclosure of both quantitative and qualitative information that enables users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from customers. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 by one year. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” which amends the principal-versus agent implementation guidance and illustrations in FASB’s new revenue standard ASU 2014-09. The new guidance includes indicators to assist an entity in determining whether it controls a specified good or service before it is transferred to the customers. In April 2016, the FASB issued ASU 2016-10, “Identifying Performance Obligations and Licensing” which amends certain aspects of the guidance in ASU 2014-09. For identifying performance obligations, the amendments include: immaterial promised goods and services, shipping and handling activities, and identifying when promises represent performance obligations. In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” This clarifies the collectability assessment, sales tax presentation and the treatment of contract modifications and completed contracts at transition. In May 2016, the FASB issued ASU 2016-11, “Rescission of SEC Guidance Because of Accounting Standards Update 2014-09” which rescinds certain SEC guidance upon adoption including those related to freight services in process and shipping and handling fees. All of the new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently determining the potential impacts of the new standard on its contract portfolio. The approach includes performing a detailed review of key contracts representative of its different businesses and comparing historical accounting policies and practices to the new standard. The Company will continue to evaluate the provisions of this ASU to assess the impact it may have on its consolidated financial statements and related disclosures. The Company is planning to adopt the provisions of the ASU and its subsequent amendments using the modified retrospective transition method for existing transactions that may result in a cumulative effect adjustment as of January 1, 2018. In March 2017, the FASB issued ASU 2017-07, “Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which requires that employers disclose components of their pension service cost in the same line item as other compensation costs related to relevant employees. The ASU also requires that other components of net benefit costs be presented separately from the service cost component within the income statement, and outside of income from operations. The provisions of this ASU are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual reporting periods. The Company is evaluating the provisions of this ASU, which will result in a reclassification of components of net periodic pension cost other than service cost outside of income from operations on the Company’s consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Inventories
Schedule of inventories	March 31, 2017 December 31, 2016 Raw materials $ 31,181 $ 24,831 Finished goods 103,657 100,284 Total $ 134,838 $ 125,115

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Measurements
Schedule of carrying amount, fair value, and classification within fair value hierarchy of financial instrument assets (liabilities)	Fair Value March 31, 2017 December 31, 2016 Hierarchy Carrying Fair Carrying Fair Level Amount Value Amount Value Cash and cash equivalents 1 $ 37,887 $ 37,887 $ 37,984 $ 37,984 Derivative assets 2 755 755 1,168 1,168 Derivative liabilities 2 (1,721) (1,721) (1,452) (1,452) Acquisition earn-out liability 2 (150) (150) (125) (125) Long-term debt, including current portion 2 (235,945) (235,945) (225,000) (225,000)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments
Schedule of fair value of outstanding derivative contracts	Asset Derivatives Balance Sheet Locations March 31, 2017 December 31, 2016 Derivatives designated as hedging instruments: Foreign exchange contracts Other current assets $ 443 $ 670 Natural gas contracts Other current assets 172 255 Foreign exchange contracts Other assets 7 179 Natural gas contracts Other assets 3 43 Derivatives not designated as hedging instruments: Foreign exchange contracts Other current assets 130 21 Total asset derivatives $ 755 $ 1,168 Liability Derivatives Balance Sheet Locations March 31, 2017 December 31, 2016 Derivatives designated as hedging instruments: Foreign exchange contracts Accounts payable and accrued liabilities $ 91 $ 30 Natural gas contracts Accounts payable and accrued liabilities 22 — Foreign exchange contracts Accrued pension and other liabilities 50 1 Natural gas contracts Accrued pension and other liabilities 110 — Derivatives not designated as hedging instruments: Foreign exchange contracts Accounts payable and accrued liabilities 1,448 1,421 Total liability derivatives $ 1,721 $ 1,452
Schedule of outstanding derivative contracts	(in thousands except for millions of British Thermal Units (mmbtu)) March 31, 2017 December 31, 2016 Natural gas contracts (mmbtu) 1,470,000 540,000 Foreign exchange contracts $ 217,856 $ 199,420
Schedule of gross and net amounts of derivative assets and liabilities	March 31, 2017 December 31, 2016 Fair Value Fair Value Fair Value Fair Value of Assets of Liabilities of Assets of Liabilities Gross derivative amounts recognized in the balance sheet $ 755 $ 1,721 $ 1,168 $ 1,452 Gross derivative amounts not offset in the balance sheet (324) (324) (52) (52) Net amount $ 431 $ 1,397 $ 1,116 $ 1,400
Schedule of amount of gain or (loss) on derivatives recognized in OCI and reclassified from accumulated OCI into earnings (effective portion)	Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) Three Months Ended March 31, 2017 2016 Foreign exchange contracts $ (485) $ (1,039) Natural gas contracts (229) (191) Total $ (714) $ (1,230) Amount of Gain or (Loss) Recognized from Accumulated OCI into Earnings (Effective Portion) (1) Three Months Ended March 31, 2017 2016 Foreign exchange contracts $ 77 $ 281 Natural gas contracts 12 (275) Total $ 89 $ 6 (1) Assuming market rates remain constant with the rates as of March 31, 2017, a gain of $0.5 million is expected to be recognized in earnings over the next 12 months.
Schedule of fair value gains and losses on derivative contracts not qualified for hedge accounting treatment	Amount of Gain or (Loss) Recognized in Earnings on Derivatives Three Months Ended March 31, 2017 2016 Foreign exchange contracts $ (1,636) $ 1,552 Total $ (1,636) $ 1,552

Borrowing Arrangements (Tables)

Borrowing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2017
Borrowing Arrangements
Schedule of long-term debt	March 31, 2017 December 31, 2016 U.S. credit agreement borrowings $ 233,250 $ 225,000 Japanese credit agreement borrowings 2,695 — Total long-term debt 235,945 225,000 Less current portion of long-term debt (5,000) (5,000) Net long-term debt $ 230,945 $ 220,000

Pensions (Tables)

Pensions (Tables)	3 Months Ended
	Mar. 31, 2017
Employee Benefit Plans
Schedule of components of net periodic pension costs	U.S. Plans European Plans Three Months Ended March 31, Three Months Ended March 31, 2017 2016 2017 2016 Net periodic pension cost Service cost $ 262 $ 258 $ 122 $ 92 Interest cost 1,110 1,170 230 297 Expected return on assets (1,473) (1,510) (314) (375) Amortization of prior service credit — — (2) — Net actuarial loss amortization 746 784 107 58 Net periodic pension cost $ 645 $ 702 $ 143 $ 72

Accumulated Other Comprehensi27

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss)
Schedule of changes in components of accumulated other comprehensive income (loss), net of tax	Total Foreign Defined Accumulated Currency Benefit Other Translation Pension Plan Comprehensive Adjustments Adjustments Derivatives Income (Loss) Balance as of December 31, 2016, net of tax $ (22,026) $ (32,373) $ 800 $ (53,599) Other comprehensive income (loss) before reclassifications 2,509 (125) (454) 1,930 Amounts reclassified from other comprehensive income (loss) — 542 (58) 484 Net current period other comprehensive income (loss) 2,509 417 (512) 2,414 Balance as of March 31, 2017, net of tax $ (19,517) $ (31,956) $ 288 $ (51,185) Total Foreign Defined Accumulated Currency Benefit Other Translation Pension Plan Comprehensive Adjustments Adjustments Derivatives Income (Loss) Balance as of December 31, 2015, net of tax $ (11,070) $ (30,474) $ (86) $ (41,630) Other comprehensive income (loss) before reclassifications 3,097 (17) (786) 2,294 Amounts reclassified from other comprehensive income (loss) — 541 (4) 537 Net current period other comprehensive income (loss) 3,097 524 (790) 2,831 Balance as of March 31, 2016, net of tax $ (7,973) $ (29,950) $ (876) $ (38,799)
Schedule of details about components and amount reclassified from accumulated other comprehensive income (loss)	Amount Reclassified from Details about Accumulated Accumulated Other Comprehensive Income (Loss) (1) Affected Line Item in the Other Comprehensive Three Months Ended March 31, Statement where Income (Loss) Components 2017 2016 Net Income is Presented Defined Benefit Pension Plan Adjustments: Prior service credit $ 2 $ — (2) Actuarial losses (853) (842) (2) (851) (842) Total before tax 309 301 Tax benefit (542) (541) Net of tax Derivatives: Foreign exchange contracts 77 281 Cost of products sold (excluding and amortization) Natural gas contracts 12 (275) Cost of products sold (excluding and amortization) 89 6 Total before tax (31) (2) Tax benefit (expense) 58 4 Net of tax Total reclassifications for the period $ (484) $ (537) Net of tax (1) Amounts in parentheses indicate debits to income/loss. (2) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost.
Schedule of components of income tax expense (benefit) included in other comprehensive income (loss)	Three Months Ended March 31, 2017 2016 Defined benefit pension plan $ 314 $ 301 Derivatives (271) (425)

Basic and Diluted Net Income 28

Basic and Diluted Net Income Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
Basic and Diluted Net Income Per Common Share
Schedule of computation of basic and diluted net income per common share	Three Months Ended March 31, (Dollars in thousands, except per share amounts) 2017 2016 Net income available to common stockholders $ 775 $ 5,458 Weighted average shares outstanding Basic 50,411 50,308 Effect of dilutive securities 75 733 Diluted 50,486 51,041 Basic net income per common share $ 0.02 $ 0.11 Diluted net income per common share $ 0.02 $ 0.11

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Information
Schedule of results of operations by segment	Three Months Ended March 31, 2017 2016 Net sales Activated Carbon $ 126,231 $ 109,983 Alternative Materials 12,848 2,485 Advanced Water Purification 3,624 7,731 Consolidated net sales $ 142,703 $ 120,199 Income (loss) from operations Activated Carbon $ 8,521 $ 8,694 Alternative Materials (804) 427 Advanced Water Purification (1,819) (658) 5,898 8,463 Reconciling items: Interest income 6 6 Interest expense (1,514) (333) Other income — net 500 223 Income before income tax provision $ 4,890 $ 8,359 Depreciation and amortization Activated Carbon $ 10,180 $ 8,295 Alternative Materials 1,269 140 Advanced Water Purification 339 340 $ 11,788 $ 8,775
Schedule of total assets by segment	March 31, 2017 December 31, 2016 Activated Carbon $ 395,724 $ 387,117 Alternative Materials 69,116 67,394 Advanced Water Purification 18,778 18,790 Segment assets 483,618 473,301 Unallocated assets 308,361 301,917 Total assets $ 791,979 $ 775,218

Acquisition of the New Busine30

Acquisition of the New Business (Tables)	3 Months Ended
	Mar. 31, 2017
Acquisition of the New Business
Schedule of preliminary purchase price allocation	Assets Cash and cash equivalents $ 3,826 Receivables 10,077 Inventories 20,137 Other current assets 1,171 Property, plant, and equipment 67,697 Intangibles 37,248 Goodwill 45,567 Other assets 179 Total assets $ 185,902 Liabilities Accounts payable and accrued liabilities $ 6,151 Payroll and benefits payable 4,360 Accrued income taxes 581 Deferred income taxes - long term 6,066 Accrued pension and other liabilities 11,319 Total liabilities $ 28,477 Net assets $ 157,425 Cash paid for acquisition 157,425 Cash acquired (3,826) Net cash paid for acquisition $ 153,599
Schedule of unaudited pro forma results of operations including acquisition	Three Months Ended March 31, 2017 2016 Net sales $ 142,703 $ 146,242 Net income 2,462 3,529 Net income per common share Basic $ $ Diluted $ $

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventories
Raw materials	$ 31,181	$ 24,831
Finished goods	103,657	100,284
Total	134,838	125,115
Reserves for obsolete and slow-moving items	$ 2,900	$ 2,600

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value Measurements
Derivative assets	$ 755	$ 1,168
Derivative liabilities	(1,721)	(1,452)
Carrying Amount
Fair Value Measurements
Cash and cash equivalents	37,887	37,984
Derivative assets	755	1,168
Derivative liabilities	(1,721)	(1,452)
Acquisition earn-out liability	(150)	(125)
Long-term debt, including current portion	(235,945)	(225,000)
Fair Value | Level 1
Fair Value Measurements
Cash and cash equivalents	37,887	37,984
Fair Value | Level 2
Fair Value Measurements
Long-term debt, including current portion	(235,945)	(225,000)
Recurring | Fair Value | Level 2
Fair Value Measurements
Derivative assets	755	1,168
Derivative liabilities	(1,721)	(1,452)
Acquisition earn-out liability	$ (150)	$ (125)

Derivative Instruments - Genera

Derivative Instruments - General Information (Details) - Maximum	3 Months Ended
	Mar. 31, 2017
Managing foreign currency and natural gas exposure
Percentage of the value of the forecasted exposure to be hedged by using foreign currency risk derivatives	75.00%
Percentage of the forecasted natural gas requirements to be hedged by using derivatives	75.00%
Foreign currency forward exchange contracts
Managing foreign currency and natural gas exposure
Maturity period of derivatives	18 months
Foreign exchange option contracts
Managing foreign currency and natural gas exposure
Maturity period of derivatives	18 months
Natural gas contracts | Forward contracts
Managing foreign currency and natural gas exposure
Maturity period of derivatives	24 months

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Outstanding Derivative Contracts (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivative Instruments
Asset Derivatives	$ 755	$ 1,168
Liability Derivatives	1,721	1,452
Derivatives designated as hedging instruments | Foreign exchange contracts | Other current assets
Derivative Instruments
Asset Derivatives	443	670
Derivatives designated as hedging instruments | Foreign exchange contracts | Other assets
Derivative Instruments
Asset Derivatives	7	179
Derivatives designated as hedging instruments | Foreign exchange contracts | Accounts payable and accrued liabilities
Derivative Instruments
Liability Derivatives	91	30
Derivatives designated as hedging instruments | Foreign exchange contracts | Accrued pension and other liabilities
Derivative Instruments
Liability Derivatives	50	1
Derivatives designated as hedging instruments | Natural gas contracts | Other current assets
Derivative Instruments
Asset Derivatives	172	255
Derivatives designated as hedging instruments | Natural gas contracts | Other assets
Derivative Instruments
Asset Derivatives	3	43
Derivatives designated as hedging instruments | Natural gas contracts | Accounts payable and accrued liabilities
Derivative Instruments
Liability Derivatives	22
Derivatives designated as hedging instruments | Natural gas contracts | Accrued pension and other liabilities
Derivative Instruments
Liability Derivatives	110
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other current assets
Derivative Instruments
Asset Derivatives	130	21
Derivatives not designated as hedging instruments | Foreign exchange contracts | Accounts payable and accrued liabilities
Derivative Instruments
Liability Derivatives	$ 1,448	$ 1,421

Derivative Instruments - Notion

Derivative Instruments - Notional Amounts of Outstanding Derivative Contracts (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)MMBTU	Dec. 31, 2016USD ($)MMBTU
Natural gas contracts
Derivative Instruments
Outstanding derivative contracts that were entered into to hedge forecasted transactions (in mmbtu) | MMBTU	1,470,000	540,000
Foreign exchange contracts
Derivative Instruments
Outstanding derivative contracts that were entered into to hedge forecasted transactions | $	$ 217,856	$ 199,420

Derivative Instruments - Gross

Derivative Instruments - Gross and Net Amounts of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value of Assets
Gross derivative amounts recognized in the balance sheet	$ 755	$ 1,168
Gross derivative amounts not offset in the balance sheet that are eligible for offsetting	(324)	(52)
Net amount	431	1,116
Fair Value of Liabilities
Gross derivative amounts recognized in the balance sheet	1,721	1,452
Gross derivative amounts not offset in the balance sheet that are eligible for offsetting	(324)	(52)
Net amount	$ 1,397	$ 1,400

Derivative Instruments - Deriva

Derivative Instruments - Derivatives in Cash Flow Hedging Relationships (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments
Gain relating to accumulated OCI expected to be recognized in earnings over the next 12 months	$ 500
Cash flow hedges
Derivative Instruments
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion)	(714)	$ (1,230)
Cash flow hedges | Cost of products sold (excluding depreciation and amortization)
Derivative Instruments
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion)	89	6
Cash flow hedges | Other expense - net
Derivative Instruments
Amount of gain or (loss) recognized in earnings on derivatives related to ineffective portion and amount excluded from effectiveness testing	0	0
Cash flow hedges | Foreign exchange contracts
Derivative Instruments
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion)	(485)	(1,039)
Cash flow hedges | Foreign exchange contracts | Cost of products sold (excluding depreciation and amortization)
Derivative Instruments
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion)	77	281
Cash flow hedges | Natural gas contracts
Derivative Instruments
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion)	(229)	(191)
Cash flow hedges | Natural gas contracts | Cost of products sold (excluding depreciation and amortization)
Derivative Instruments
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion)	$ 12	$ (275)

Derivative Instruments - Deri38

Derivative Instruments - Derivatives Not Designated as Hedging Instruments (Details) - Other expense - net - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments
Amount of Gain or (Loss) Recognized in Earnings on Derivatives Not Designated as Hedging Instruments	$ (1,636)	$ 1,552
Foreign exchange contracts
Derivative Instruments
Amount of Gain or (Loss) Recognized in Earnings on Derivatives Not Designated as Hedging Instruments	$ (1,636)	$ 1,552

Derivative Instruments - Foreig

Derivative Instruments - Foreign Exchange Contracts on Intercompany Loan (Details) - Intercompany loan $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Other expense - net
Foreign exchange contracts
Net loss recognized on foreign exchange contracts	$ 1.6
Foreign exchange transaction gain	1.6
Foreign exchange contracts
Foreign exchange contracts
Realized loss on derivative contract	$ 1.5

Borrowing Arrangements - Long-T

Borrowing Arrangements - Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Long-term Debt
Total long-term debt	$ 235,945	$ 225,000
Less current portion of long-term debt	(5,000)	(5,000)
Long-term debt	230,945	220,000
U.S. credit agreement
Long-term Debt
Total long-term debt	233,250	$ 225,000
Japanese Credit Agreement
Long-term Debt
Total long-term debt	$ 2,695

Borrowing Arrangements - Debt A

Borrowing Arrangements - Debt Agreements (Details)	Nov. 02, 2016USD ($)	Oct. 04, 2016USD ($)	Feb. 28, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2017JPY (¥)	Mar. 31, 2017USD ($)	Dec. 31, 2016JPY (¥)	Dec. 31, 2016USD ($)	Mar. 24, 2016JPY (¥)
Borrowing arrangements
Amount borrowed				$ 29,426,000		$ 27,668,000
Amount shown as current portion of long-term debt								$ 5,000,000		$ 5,000,000
First Amended and Restated Credit Agreement
Borrowing arrangements
Maximum borrowing capacity		$ 400,000,000
Issuance costs incurred		800,000
Debt issuance costs expensed		100,000
Permitted annual dividends			$ 14,000,000
First Amended and Restated Credit Agreement | Minimum
Borrowing arrangements
Rate of interest at balance sheet date (as a percent)						1.44%	2.64%	2.64%
First Amended and Restated Credit Agreement | Maximum
Borrowing arrangements
Rate of interest at balance sheet date (as a percent)						1.59%	2.79%	2.79%
First Amended and Restated Credit Agreement | Permitted dividends | Minimum
Borrowing arrangements
Sum of availability under Credit Agreement and amount of U.S. cash on hand			$ 50,000,000
Japanese Credit Agreement | CCJ
Borrowing arrangements
Maximum borrowing capacity | ¥											¥ 2,000,000,000
Quarterly nonrefundable commitment fee payable (as a percent)				0.23%
Average interest rate (as a percent)							1.81%	1.81%
Amount outstanding							¥ 300,000,000	$ 2,700,000	¥ 0	0
Availability under the credit facility							¥ 1,700,000,000	15,300,000	¥ 2,000,000,000	17,100,000
Revolving credit facility | First Amended and Restated Credit Agreement
Borrowing arrangements
Maximum borrowing capacity		300,000,000
Increase in borrowing capacity that may be requested		100,000,000
Quarterly nonrefundable commitment fee payable (as a percent)				0.23%
Amount borrowed	$ 160,000,000				$ 160,000,000
Amount outstanding								134,500,000		125,000,000
Availability under the credit facility								163,000,000		172,500,000
Letters of credit | First Amended and Restated Credit Agreement
Borrowing arrangements
Maximum borrowing capacity		75,000,000
Amount outstanding								2,500,000		2,500,000
Swing loans | First Amended and Restated Credit Agreement
Borrowing arrangements
Maximum borrowing capacity		15,000,000
Term loan facility | First Amended and Restated Credit Agreement
Borrowing arrangements
Maximum borrowing capacity		100,000,000
Amount borrowed		$ 100,000,000
Amount shown as current portion of long-term debt								5,000,000		5,000,000
Amount outstanding								98,800,000		100,000,000
Term loan facility | First Amended and Restated Credit Agreement | January 1, 2017 until January 1, 2019
Borrowing arrangements
Required quarterly repayments as a percentage of outstanding principal balance				1.25%
Term loan facility | First Amended and Restated Credit Agreement | January 1, 2019 until October 4, 2023 maturity date
Borrowing arrangements
Required quarterly repayments as a percentage of outstanding principal balance				2.00%
Other Credit Facilities
Borrowing arrangements
Maximum borrowing capacity								6,000,000		6,000,000
Amount outstanding								0		0
Other Credit Facilities | Bank guarantees
Borrowing arrangements
Amount outstanding								3,600,000		3,500,000
Other Credit Facilities | Surety bonds
Borrowing arrangements
Amount outstanding								$ 1,000,000		$ 1,100,000

Pensions - Components of Net Pe

Pensions - Components of Net Periodic Pension Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
U.S. Plans
Components of net periodic pension costs of the plans
Service cost	$ 262	$ 258
Interest cost	1,110	1,170
Expected return on plan assets	(1,473)	(1,510)
Net actuarial loss amortization	746	784
Net periodic pension cost (benefit)	645	702
European Plans
Components of net periodic pension costs of the plans
Service cost	122	92
Interest cost	230	297
Expected return on plan assets	(314)	(375)
Amortization of prior service cost	(2)
Net actuarial loss amortization	107	58
Net periodic pension cost (benefit)	$ 143	$ 72

Pensions - Multi-Employer Pensi

Pensions - Multi-Employer Pension Plan (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Multi-employer pension plan | Payroll and benefits payable
Multi-employer pension plan
Accrued plan liability	$ 1	$ 0.9

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Program (Details) - Share repurchase program December 2013 - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2013
Shareholders' Equity
Total purchases authorized under share repurchase program			$ 150
Shares repurchased	518,576
Average purchase price (in dollars per share)	$ 15.81
Amount of remaining authorization to repurchase common stock		$ 64.1

Accumulated Other Comprehensi45

Accumulated Other Comprehensive Income (Loss) - Changes in Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss)
Balance	$ 381,143
Total other comprehensive loss	2,414	$ 2,831
Balance	382,895
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Balance	(53,599)	(41,630)
Other comprehensive income (loss) before reclassifications	1,930	2,294
Amounts reclassified from other comprehensive income (loss)	484	537
Total other comprehensive loss	2,414	2,831
Balance	(51,185)	(38,799)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss)
Balance	(22,026)	(11,070)
Other comprehensive income (loss) before reclassifications	2,509	3,097
Total other comprehensive loss	2,509	3,097
Balance	(19,517)	(7,973)
Defined Benefit Pension Plan Adjustments
Accumulated Other Comprehensive Income (Loss)
Balance	(32,373)	(30,474)
Other comprehensive income (loss) before reclassifications	(125)	(17)
Amounts reclassified from other comprehensive income (loss)	542	541
Total other comprehensive loss	417	524
Balance	(31,956)	(29,950)
Derivatives
Accumulated Other Comprehensive Income (Loss)
Balance	800	(86)
Other comprehensive income (loss) before reclassifications	(454)	(786)
Amounts reclassified from other comprehensive income (loss)	(58)	(4)
Total other comprehensive loss	(512)	(790)
Balance	$ 288	$ (876)

Accumulated Other Comprehensi46

Accumulated Other Comprehensive Income (Loss) - Amount Reclassified by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Cost of products sold (excluding depreciation and amortization)	$ (98,815)	$ (78,459)
Income before income tax provision	4,890	8,359
Tax (expense) or benefit	(4,115)	(2,901)
Net income	775	5,458
Reclassified from Accumulated Other Comprehensive Income (Loss)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Net income	(484)	(537)
Defined Benefit Pension Plan Adjustments
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Amounts reclassified before tax	(851)	(842)
Amounts reclassified, tax (expense) or benefit	309	301
Amounts reclassified net of tax	(542)	(541)
Prior-service credit
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Amounts reclassified before tax	2
Actuarial losses
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Amounts reclassified before tax	(853)	(842)
Derivatives
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Amounts reclassified net of tax	58	4
Derivatives | Reclassified from Accumulated Other Comprehensive Income (Loss)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Income before income tax provision	89	6
Tax (expense) or benefit	(31)	(2)
Net income	58	4
Derivatives | Reclassified from Accumulated Other Comprehensive Income (Loss) | Foreign exchange contracts
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Cost of products sold (excluding depreciation and amortization)	77	281
Derivatives | Reclassified from Accumulated Other Comprehensive Income (Loss) | Natural gas contracts
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Cost of products sold (excluding depreciation and amortization)	$ 12	$ (275)

Accumulated Other Comprehensi47

Accumulated Other Comprehensive Income (Loss) - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Defined Benefit Pension Plan Adjustments
Accumulated Other Comprehensive Income (Loss)
Income tax benefit included in accumulated other comprehensive loss	$ 17,400		$ 17,700
Components of income tax expense (benefit) included in other comprehensive income (loss)
Income tax expense (benefit) included in other comprehensive income (loss)	314	$ 301
Derivatives
Accumulated Other Comprehensive Income (Loss)
Income tax expense in accumulated other comprehensive income	100		$ 400
Components of income tax expense (benefit) included in other comprehensive income (loss)
Income tax expense (benefit) included in other comprehensive income (loss)	$ (271)	$ (425)

Basic and Diluted Net Income 48

Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Basic and Diluted Net Income Per Common Share
Net income available to common stockholders	$ 775	$ 5,458
Weighted Average Shares Outstanding
Basic (in shares)	50,411	50,308
Effect of dilutive securities (in shares)	75	733
Diluted (in shares)	50,486	51,041
Basic net income per common share (in dollars per share)	$ 0.02	$ 0.11
Diluted net income per common share (in dollars per share)	$ 0.02	$ 0.11
Stock based compensation awards excluded from the dilutive calculations as the effect would have been antidilutive (in shares)	2,300	1,300

Income Taxes - Effective Rate D

Income Taxes - Effective Rate Differences (Details)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Differences between the U.S. federal statutory tax rate and the effective income tax rate
Effective income tax rate (as a percent)	84.10%	34.70%
U.S. federal statutory rate (as a percent)	35.00%	35.00%
Effect of incorporation of Belgium branch (as a percent)	45.10%
Effect of deferred tax adjustments and increase in permanent items (as a percent)	4.00%

Commitments and Contingencies -

Commitments and Contingencies - Environmental and Anti-Dumping (Details) $ in Millions	1 Months Ended						3 Months Ended
	Jan. 31, 2017$ / lb	Sep. 30, 2016$ / lb	Oct. 31, 2015$ / lb	Nov. 30, 2014$ / lb	Jan. 31, 2014$ / lb	Oct. 31, 2011USD ($)$ / lb	Mar. 31, 2017USD ($)item	Dec. 31, 2016USD ($)
Waterlink's Columbus, Ohio property | Accrued pension and other liabilities
Contingencies
Recorded liability for environmental loss contingencies | $							$ 0.3	$ 0.3
Big Sandy Plant
Contingencies
Number of ground water monitoring wells installed | item							2
Recorded liability for environmental loss contingencies | $							$ 0	$ 0
Period of Review III
Contingencies
Ongoing duty deposit rate (as a percent)					0	0
Receivable recorded for anticipated refunds of anti-dumping duties | $						$ 1.1
Tariff collection rate for cooperative respondents (in dollars per pound)				0	0	0.127
Period of Review VI
Contingencies
Anti-dumping margins for separate rate respondents (in dollars per pound)	0.100
Period of Review VI | Calgon Carbon Tianjin
Contingencies
Anti-dumping margins for separate rate respondents (in dollars per pound)	0.100
Period of Review VI | Minimum
Contingencies
Anti-dumping margins for mandatory respondents (in dollars per pound)	0.082
Period of Review VI | Maximum
Contingencies
Anti-dumping margins for mandatory respondents (in dollars per pound)	0.127
Period of Review VII
Contingencies
Anti-dumping margins for separate rate respondents (in dollars per pound)			0.476
Period of Review VII | Calgon Carbon Tianjin
Contingencies
Anti-dumping margins for separate rate respondents (in dollars per pound)			0.476
Period of Review VII | Minimum
Contingencies
Anti-dumping margins for mandatory respondents (in dollars per pound)			0
Period of Review VII | Maximum
Contingencies
Anti-dumping margins for mandatory respondents (in dollars per pound)			0.476
Period of Review VIII
Contingencies
Anti-dumping margins for separate rate respondents (in dollars per pound)		0.616
Period of Review VIII | Calgon Carbon Tianjin
Contingencies
Anti-dumping margins for separate rate respondents (in dollars per pound)		0.616
Period of Review VIII | Minimum
Contingencies
Anti-dumping margins for mandatory respondents (in dollars per pound)		0.009
Period of Review VIII | Maximum
Contingencies
Anti-dumping margins for mandatory respondents (in dollars per pound)		0.797
Carbon Imports - Anti-dumping duties
Contingencies
Import duty (in dollars per pound)		0.616
Prior period over which Commerce Department reviews anti-dumping tariffs							12 months

Supplemental Cash Flow Inform51

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Supplemental Cash Flow Information
Non-cash increase (decrease) in accounts payable and accrued liabilities for changes in unpaid capital expenditures	$ 4.1	$ (0.2)

Segment Information - Results o

Segment Information - Results of Operations (Details) $ in Thousands	Jan. 01, 2017segment	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)
Segment Information
Number of reportable segments | segment	3	3
Net Sales		$ 142,703	$ 120,199
Income (loss) from operations		5,898	8,463
Interest income		6	6
Interest expense		(1,514)	(333)
Other expense - net		500	223
Income before income tax provision		4,890	8,359
Depreciation and amortization		11,788	8,775
Activated Carbon
Segment Information
Net Sales		126,231	109,983
Income (loss) from operations		8,521	8,694
Depreciation and amortization		10,180	8,295
Alternative Materials
Segment Information
Net Sales		12,848	2,485
Income (loss) from operations		(804)	427
Depreciation and amortization		1,269	140
Advanced Water Purification
Segment Information
Net Sales		3,624	7,731
Income (loss) from operations		(1,819)	(658)
Depreciation and amortization		$ 339	$ 340

Segment Information - Goodwill

Segment Information - Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Segment Information
Goodwill	$ 69,606	$ 66,316
Activated Carbon
Segment Information
Goodwill	40,500
Alternative Materials
Segment Information
Goodwill	17,100
Advanced Water Purification
Segment Information
Goodwill	$ 12,000

Segment Information - Segment A

Segment Information - Segment Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Segment Information
Assets	$ 791,979	$ 775,218
Business operating segments
Segment Information
Assets	483,618	473,301
Business operating segments | Activated Carbon
Segment Information
Assets	395,724	387,117
Business operating segments | Alternative Materials
Segment Information
Assets	69,116	67,394
Business operating segments | Advanced Water Purification
Segment Information
Assets	18,778	18,790
Unallocated
Segment Information
Assets	$ 308,361	$ 301,917

Government Grants (Details)

Government Grants (Details) ¥ in Thousands, $ in Millions	3 Months Ended		7 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016CNY (¥)	Dec. 31, 2016USD ($)	Dec. 31, 2014CNY (¥)item	Dec. 31, 2014USD ($)item
China carbon reactivation lines construction commitment incentive
Government Grants
Incentive received				¥ 3,860	$ 0.6	¥ 3,860	$ 0.6
Number of phases within which the construction of carbon reactivation lines has been committed to be completed | item						2	2
Incentive recognized	$ 0	$ 0
China carbon reactivation lines construction commitment incentive | Accrued pension and other liabilities
Government Grants
Unearned portion of incentives	0.8		$ 0.8		$ 0.8
Technology investment agreement with a U.S. government agency
Government Grants
Funding received			0
Technology investment agreement with a U.S. government agency | Maximum
Government Grants
Total award amount	$ 15.4		$ 15.4

Acquisition of the New Busine56

Acquisition of the New Business - Description (Details) $ in Thousands	Nov. 02, 2016USD ($)	Mar. 31, 2017USD ($)employee	Mar. 31, 2016USD ($)
Operating results
Net sales		$ 142,703	$ 120,199
Income from operations		$ 5,898	$ 8,463
Activated Carbon and Filter Aid Business (New Business)
Purchase of assets and business
Cash paid for acquisition	$ 157,425
Activated Carbon and Filter Aid Business (New Business)
Purchase of assets and business
Number of employees | employee		300
Operating results
Net sales		$ 24,200
Income from operations		$ 700

Acquisition of the New Busine57

Acquisition of the New Business - Preliminary Purchase Price Allocations (Details) - USD ($) $ in Thousands	Nov. 02, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Assets
Goodwill		$ 69,606		$ 66,316
Activated Carbon
Assets
Goodwill		40,500
Alternative Materials
Assets
Goodwill		17,100
Activated Carbon and Filter Aid Business (New Business)
Assets
Cash and cash equivalents	$ 3,826
Receivables	10,077
Inventories	20,137
Other current assets	1,171
Property, plant and equipment	67,697
Intangibles	37,248
Goodwill	45,567
Other assets	179
Total assets	185,902
Liabilities
Accounts payable and accrued liabilities	6,151
Payroll and benefits payable	4,360
Accrued income taxes	581
Deferred income taxes - long term	6,066
Accrued pension and other liabilities	11,319
Total liabilities	28,477
Net assets	157,425
Payments to acquire business
Cash paid for acquisition	157,425
Cash acquired	(3,826)
Net cash paid for acquisition	153,599
Step-up of inventory	2,100
Amortization of inventory step-up		600
Contingent liabilities assumed
Contingent liabilities related to AROs	1,900
Activated Carbon and Filter Aid Business (New Business) | Selling, general and administrative expense
Acquisition costs
Acquisition-related integration and transaction costs incurred		2,100	$ 1,600
Activated Carbon and Filter Aid Business (New Business) | Activated Carbon
Goodwill adjustments
Goodwill		28,000
Activated Carbon and Filter Aid Business (New Business) | Alternative Materials
Goodwill adjustments
Goodwill		$ 17,600
Activated Carbon and Filter Aid Business (New Business) | Unpatented technology and know-how
Separately identifiable intangible assets
Finite-lived intangibles	$ 14,200
Weighted-average estimated useful life	20 years
Activated Carbon and Filter Aid Business (New Business) | Customer relationships
Separately identifiable intangible assets
Finite-lived intangibles	$ 15,700
Weighted-average estimated useful life	20 years
Activated Carbon and Filter Aid Business (New Business) | Trade names and trademarks
Separately identifiable intangible assets
Indefinite-lived intangible assets	$ 7,300

Acquisition of the New Busine58

Acquisition of the New Business - Pro Forma Information (Details) - Activated Carbon and Filter Aid Business (New Business) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Pro forma results of operations
Net sales	$ 142,703	$ 146,242
Net income	$ 2,462	$ 3,529
Net income per common share
Basic (in dollars per share)	$ 0.05	$ 0.07
Diluted (in dollars per share)	$ 0.05	$ 0.07

Acquisition of the New Busine59

Acquisition of the New Business - Pro Forma Adjustments (Details) - USD ($) $ in Thousands	Nov. 02, 2016	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Pro forma results of operations
Amount borrowed		$ 29,426		$ 27,668
First Amended and Restated Credit Agreement | Revolving credit facility
Pro forma results of operations
Amount borrowed	$ 160,000		$ 160,000
Activated Carbon and Filter Aid Business (New Business)
Pro forma results of operations
Net income		2,462		3,529
Activated Carbon and Filter Aid Business (New Business) | Incremental deprecation and amortization associated with fair value adjustments to property, plant and equipment and intangible assets
Pro forma results of operations
Net income				(1,000)
Activated Carbon and Filter Aid Business (New Business) | Incremental interest expense
Pro forma results of operations
Net income				(1,000)
Activated Carbon and Filter Aid Business (New Business) | Step-up of inventory
Pro forma results of operations
Net income		600		(2,100)
Activated Carbon and Filter Aid Business (New Business) | Acquisition related integration and transaction expenses
Pro forma results of operations
Net income		$ 2,100		(2,100)
Activated Carbon and Filter Aid Business (New Business) | Transaction costs
Pro forma results of operations
Net income				$ 1,600