Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 15, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'GrafTech International LTD. | ' |
Entity Central Index Key | '0000931148 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 135,189,364 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Cash and cash equivalents | $11,470,000 | $17,317,000 |
Accounts and notes receivable, net of allowance for doubtful accounts of $7,573 as of December 31, 2012 and $7,203 as of September 30, 2013 | 205,427,000 | 236,429,000 |
Inventories | 519,011,000 | 513,065,000 |
Prepaid expenses and other current assets | 69,436,000 | 56,190,000 |
Total current assets | 805,344,000 | 823,001,000 |
Property, plant and equipment | 1,583,444,000 | 1,532,359,000 |
Less: accumulated depreciation | 737,243,000 | 698,452,000 |
Net property, plant and equipment | 846,201,000 | 833,907,000 |
Deferred income taxes | 7,463,000 | 6,157,000 |
Goodwill | 497,073,000 | 498,261,000 |
Other assets | 119,540,000 | 136,589,000 |
Total assets | 2,275,621,000 | 2,297,915,000 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 103,519,000 | 128,120,000 |
Short-term debt | 4,344,000 | 8,426,000 |
Accrued income and other taxes | 27,814,000 | 30,923,000 |
Restructuring and Related Liability | 14,129,000 | 0 |
Supply chain financing liability | 12,540,000 | 26,962,000 |
Other accrued liabilities | 52,953,000 | 50,953,000 |
Total current liabilities | 215,299,000 | 245,384,000 |
Long-term debt | 559,643,000 | 535,709,000 |
Other long-term obligations | 117,847,000 | 125,005,000 |
Deferred income taxes | 34,090,000 | 41,966,000 |
Stockholders' equity: | ' | ' |
Preferred stock, par value $.01, 10,000,000 shares authorized, none issued | 0 | 0 |
Common stock, par value $.01, 225,000,000 shares authorized, 150,869,227 shares issued as of December 31, 2012 and 151,763,001 shares issued as of September 30, 2013 | 1,518,000 | 1,509,000 |
Additional paid-in capital | 1,822,603,000 | 1,812,592,000 |
Accumulated other comprehensive loss | -291,897,000 | -280,678,000 |
Accumulated deficit | 67,846,000 | 66,884,000 |
Less: cost of common stock held in treasury, 16,418,710 shares as of December 31, 2012 and 16,525,938 shares as of September 30, 2013 | -250,331,000 | -249,487,000 |
Less: common stock held in employee benefit and compensation trusts, 76,095 shares as of December 31, 2012 and 83,816 shares as of September 30, 2013 | -997,000 | -969,000 |
Total stockholders' equity | 1,348,742,000 | 1,349,851,000 |
Total liabilities and stockholders' equity | $2,275,621,000 | $2,297,915,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts and notes receivable, net of allowance for doubtful accounts | $7,203 | $7,571 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 151,763,001 | 150,869,239 |
Cost of common stock held in treasury, shares | 16,525,938 | 16,418,710 |
Common stock held in employee benefit and compensation trusts, shares | 83,816 | 76,095 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income And Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Net sales | $303,084,000 | $320,716,000 | $858,172,000 | $877,265,000 |
Cost of sales | 266,440,000 | 240,730,000 | 724,057,000 | 645,971,000 |
Gross profit | 36,644,000 | 79,986,000 | 134,115,000 | 231,294,000 |
Research and development | 2,994,000 | 2,778,000 | 8,874,000 | 9,919,000 |
Selling and administrative expenses | 27,626,000 | 33,645,000 | 87,500,000 | 107,228,000 |
Restructuring and Related Cost, Incurred Cost | 14,593,000 | 0 | 14,593,000 | 0 |
Operating income | -8,569,000 | 43,563,000 | 23,148,000 | 114,147,000 |
Other expense (income), net | -772,000 | 1,653,000 | 753,000 | -1,376,000 |
Interest expense | 9,098,000 | 5,839,000 | 27,053,000 | 15,733,000 |
Interest income | -49,000 | -33,000 | -162,000 | -178,000 |
Income before provision for income taxes | -16,846,000 | 36,104,000 | -4,496,000 | 99,968,000 |
Provision for (benefit from) income taxes | -9,216,000 | 6,478,000 | -5,458,000 | 10,966,000 |
Net income | -7,630,000 | 29,626,000 | 962,000 | 89,002,000 |
Basic income per common share: | ' | ' | ' | ' |
Net income per share | ($0.06) | $0.22 | $0.01 | $0.64 |
Weighted average common shares outstanding | 135,134,144 | 134,347,199 | 134,948,507 | 139,938,771 |
Diluted income per common share: | ' | ' | ' | ' |
Net income per share | ($0.06) | $0.22 | $0.01 | $0.63 |
Weighted average common shares outstanding | 135,331,058 | 135,000,665 | 135,121,614 | 140,564,678 |
Other comprehensive income: | ' | ' | ' | ' |
Foreign currency translation adjustments | 5,230,000 | 712,000 | -11,902,000 | -11,963,000 |
Commodities and foreign currency derivatives, net of tax of $249, ($170), ($144) and ($265) respectively | 476,000 | -3,952,000 | 683,000 | -8,758,000 |
Other comprehensive income (loss), net of tax: | 5,706,000 | -3,240,000 | -11,219,000 | -20,721,000 |
Comprehensive income | ($1,924,000) | $26,386,000 | ($10,257,000) | $68,281,000 |
Statements_Of_Comprehensive_In
Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Commodities and foreign currency derivatives, net of tax of | ($170) | $249 | ($265) | ($144) |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flow from operating activities: | ' | ' |
Net income | $962 | $89,002 |
Adjustments to reconcile net income to cash provided by operations: | ' | ' |
Depreciation and amortization | 71,770 | 58,232 |
Deferred income tax provision | -2,563 | 1,906 |
Post-retirement and pension plan changes | 3,468 | 3,637 |
Currency gains | -81 | -3,351 |
Stock-based compensation | 5,938 | 8,096 |
Interest expense | 10,459 | 9,221 |
Insurance recoveries | 0 | 4,007 |
Other charges, net | 3,097 | -13,393 |
Increase in working capital | -20,403 | -128,361 |
Increase in long-term assets and liabilities | -7,469 | -15,390 |
Net cash used in operating activities | 65,178 | 13,606 |
Cash flow from investing activities: | ' | ' |
Capital expenditures | -62,698 | -92,827 |
Proceeds from derivative instruments | 852 | 6,807 |
Other | 2,333 | 121 |
Net cash used in investing activities | -59,513 | -85,899 |
Cash flow from financing activities: | ' | ' |
Short-term debt borrowings (reductions), net | -4,082 | -13,989 |
Revolving Facility borrowings | 134,000 | 343,000 |
Revolving Facility reductions | -118,500 | -145,000 |
Principal payments on long-term debt | -189 | -182 |
Supply chain financing | -14,422 | -3,719 |
Proceeds from exercise of stock options | 175 | 92 |
Purchase of treasury shares | -844 | -103,056 |
Proceeds from (Payments for) Other Financing Activities | -7,206 | -542 |
Net cash provided by financing activities | -11,068 | 76,604 |
Net (decrease) increase in cash and cash equivalents | -5,403 | 4,311 |
Effect of exchange rate changes on cash and cash equivalents | -444 | -547 |
Cash and cash equivalents at beginning of period | 17,317 | 12,429 |
Cash and cash equivalents at end of period | 11,470 | 16,193 |
Change in current assets: | ' | ' |
Accounts and notes receivable, net | 30,971 | 25,614 |
Inventories | -11,981 | -96,309 |
Prepaid expenses and other current assets | -11,049 | -3,215 |
Decrease in accounts payables and accruals | -47,541 | -54,373 |
Change in Rationalization Liability | 14,129 | 0 |
Decrease in interest payable | 5,068 | -78 |
Increase in working capital | ($20,403) | ($128,361) |
Organization_And_Summary_Of_Si
Organization And Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Organization And Summary Of Significant Accounting Policies | ' |
Organization and Summary of Significant Accounting Policies | |
A. Organization | |
GrafTech International Ltd. is one of the world’s largest manufacturers and providers of high quality synthetic and natural graphite and carbon based products. References herein to “GTI,” “we,” “our,” or “us” refer collectively to GrafTech International Ltd. and its subsidiaries. We have seven major product categories: graphite electrodes, refractory products, needle coke products, advanced electronics technologies, advanced graphite materials, advanced composite materials and advanced materials, which are reported in the following segments: | |
Industrial Materials includes graphite electrodes, refractory products, and needle coke products, and primarily serves the steel industry. | |
Engineered Solutions includes advanced electronics technologies, advanced graphite materials, advanced composite materials and advanced materials, and provides primary and specialty products to the advanced electronics, industrial, energy, transportation and defense industries. | |
B. Basis of Presentation | |
The interim Consolidated Financial Statements are unaudited; however, in the opinion of management, they have been prepared in accordance with Rule 10-01 of Regulation S-X and in accordance with accounting principles generally accepted in the United States of America (“GAAP”). December 31, 2012 financial position data included herein was derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2012 (the “Annual Report”) but does not include all disclosures required by GAAP. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, including the accompanying Notes, contained in the Annual Report. | |
The unaudited consolidated financial statements reflect all adjustments (all of which are of a normal, recurring nature) which management considers necessary for a fair statement of financial position, results of operations, comprehensive income and cash flows for the interim period presented. The results for the interim periods are not necessarily indicative of results which may be expected for any other interim period or for the full year. Certain amounts previously reported have been reclassified to conform to the current year presentation. | |
During the three months ended June 30, 2013, the Company recorded additional depreciation expense of $2.9 million ($1.9 million net of tax), to correct certain errors related to prior periods. The impact to the nine months ended September 30, 2013 was a net $2.7 million of additional expense ($1.8 million, net of tax). These charges were recorded primarily to release to cost of sales depreciation expenses that were previously incorrectly deferred to inventory. These adjustments were not material to any previously issued or the expected full year 2013 financial statements. | |
C. New Accounting Standards | |
In February 2013, the FASB issued guidance on reporting of amounts reclassified out of accumulated other comprehensive income (“AOCI”). The guidance requires an entity to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. We disclose our reclassifications within Note 15 "Derivative Instruments", as these are the only material reclassifications out of AOCI. This guidance was adopted by the Company retrospectively as of January 1, 2013. As the accounting standard only impacts disclosures, the new standard does not have an impact on the Company's financial position, results of operations, or cash flows. |
Rationalizations_Notes
Rationalizations (Notes) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Restructuring and Related Activities [Abstract] | ' | |||
Restructuring and Related Activities Disclosure [Text Block] | ' | |||
-2 | Rationalizations | |||
We have announced a global initiative to reduce our Industrial Materials segment's cost base and improve our competitive position. This initiative will close, subject to applicable union and workforce negotiations, our two highest cost graphite electrode plants and machine shops, located in Brazil and South Africa, as well as a machine shop in Russia. Upon these closures, our graphite electrode capacity will be reduced by approximately 60,000 metric tons. We have also adopted measures for additional overhead reductions in our Industrial Materials segment and in our corporate operations. These actions, along with the planned closures, are expected to reduce global headcount by approximately 600 people or approximately 20 percent of our global workforce. | ||||
The rationalization plan is targeted to be substantially complete by the end of the second quarter of 2014. | ||||
The accrual for severance liability related to these rationalizations is included as a current liability on the Consolidated Balance Sheet. The following table summarizes activity related to the accrual: | ||||
(in thousands) | ||||
Balance as of December 31, 2012 | $ | — | ||
Rationalization charges | 14,593 | |||
Change in estimates | — | |||
Payments and settlements | (464 | ) | ||
Effect of change in currency exchange rates | — | |||
Balance as of September 30, 2013 | $ | 14,129 | ||
Charges incurred related to these actions for the three and nine months ended September 30, 2013 are as follows: | ||||
For the Three and Nine Months Ended September 30, 2013 | ||||
(dollars in thousands) | ||||
Severance and related costs | $ | 14,593 | ||
Accelerated depreciation | 1,323 | |||
Inventory loss | 1,631 | |||
Total rationalization and related charges | $ | 17,547 | ||
These actions resulted in a $14.6 million charge for severance and related costs recognized as rationalization expense in the three and nine months ended September 30, 2013, substantially all of which relate to future cash outflows. We expect the majority of these cash outflows to occur by the end of the second quarter of 2014. The total expected cost of these actions is approximately $105 million, approximately $30 million of which will be cash outlays, the majority of which will be incurred in 2014, and funded through working capital improvements. The remaining $75 million are non-cash costs, which primarily reflect the write-off of assets, and will be expensed throughout the wind-down period. We incurred approximately $17.5 million of expense related to this initiative in the third quarter and we expect approximately $51 million of additional expense to be recognized in the fourth quarter. | ||||
We recorded accelerated depreciation charges of $1.3 million related to fixed assets in South Africa that are expected to be taken out of service during the fourth quarter of 2013. These accelerated depreciation charges were recorded as part of cost of sales. Additionally, certain raw material inventory in South Africa will not be used and cannot be transferred to other locations due to significant inventory shrinkage expected during transport. As such, we recorded a $1.6 million reserve for inventory losses, which was also recorded as part of cost of sales in three months ended September 30, 2013. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Stock-Based Compensation | ' | ||||||
Stock-Based Compensation | |||||||
For the three months ended September 30, 2012 and 2013, we recognized stock-based compensation expense of $1.7 million and $2.2 million, respectively. A majority of the expense, $1.6 million and $2.0 million, respectively, was recorded as selling and administrative expenses in the Consolidated Statements of Income, with the remaining expenses recorded as cost of sales and research and development. | |||||||
For the nine months ended September 30, 2012 and 2013, we recognized stock-based compensation expense of $8.1 million and $5.9 million, respectively. A majority of the expense, $7.3 million and $5.4 million, respectively, was recorded as selling and administrative expenses in the Consolidated Statements of Income, with the remaining expenses recorded as cost of sales and research and development. | |||||||
As of September 30, 2013, the total compensation cost related to non-vested restricted stock, performance shares and stock options not yet recognized was $11.9 million, which will be recognized over the weighted average life of 1.3 years. | |||||||
Restricted Stock and Performance Shares | |||||||
Restricted stock and performance share awards activity under the plans for the nine months ended September 30, 2013 was: | |||||||
Number of | Weighted- | ||||||
Shares | Average | ||||||
Grant Date | |||||||
Fair Value | |||||||
Outstanding unvested as of January 1, 2013 | 1,851,919 | $ | 13.3 | ||||
Granted | 96,942 | 8.8 | |||||
Vested | (363,325 | ) | 15.82 | ||||
Forfeited/canceled/expired | (232,374 | ) | 16.88 | ||||
Outstanding unvested as of September 30, 2013 | 1,353,162 | 11.69 | |||||
Stock Options | |||||||
Stock option activity under the plans for the nine months ended September 30, 2013 was: | |||||||
Number of | Weighted- | ||||||
Shares | Average | ||||||
Exercise | |||||||
Price | |||||||
Outstanding as of January 1, 2013 | 1,730,149 | $ | 12.35 | ||||
Granted | 5,200 | 9.74 | |||||
Forfeited/canceled/expired | (65,401 | ) | 14.51 | ||||
Exercised | (40,735 | ) | 4.29 | ||||
Outstanding as of September 30, 2013 | 1,629,213 | 12.46 | |||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings per Share | ||||||||||||
The following table shows the information used in the calculation of our share counts for basic and diluted earnings per share: | ||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||
Weighted average common shares outstanding | 134,347,199 | 135,134,144 | 139,938,771 | 134,948,507 | ||||||||
for basic calculation | ||||||||||||
Add: Effect of stock options and restricted stock | 653,466 | 196,914 | 625,907 | 173,107 | ||||||||
Weighted average common shares outstanding | 135,000,665 | 135,331,058 | 140,564,678 | 135,121,614 | ||||||||
for diluted calculation | ||||||||||||
Basic earnings per common share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share are calculated by dividing net income by the sum of the weighted average number of common shares outstanding plus the additional common shares that would have been outstanding if potentially dilutive securities had been issued. | ||||||||||||
The weighted average common shares outstanding for the diluted earnings per share calculation excludes consideration of stock options covering 862,977 shares in both the three and nine months ended September 30, 2012, and 1,529,213 shares in both the three and nine months ended September 30, 2013, as the exercise prices were greater than the weighted average market price of our common stock for the applicable period. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
Segment Reporting | ||||||||||||||||
We operate in two reportable segments: Industrial Materials and Engineered Solutions. | ||||||||||||||||
Industrial Materials. Our industrial materials segment manufactures and delivers high quality graphite electrodes, refractory products and needle coke products. Electrodes are key components of the conductive power systems used to produce steel and other non-ferrous metals. Refractory products are used in blast furnaces and submerged arc furnaces due to their high thermal conductivity and the ease with which they can be machined to large or complex shapes. Needle coke, a crystalline form of carbon derived from decant oil, is the key ingredient in, and is used primarily in, the production of graphite electrodes. | ||||||||||||||||
Engineered Solutions. The Engineered Solutions segment includes advanced electronics technologies, advanced graphite materials, advanced composite materials and advanced materials. Advanced electronics technologies products consist of electronic thermal management solutions, fuel cell components, and sealing materials. Advanced graphite materials are highly engineered synthetic graphite products used in many areas due to their unique properties and the ability to tailor them to specific solutions. These products are used in transportation, alternative energy, metallurgical, chemical, oil and gas exploration and various other industries. Advanced composite materials are highly engineered carbon products that are woven into various shapes primarily to support the aerospace and defense industries. Advanced materials use carbon and graphite powders as components or additives in a variety of industries, including metallurgical processing, battery and fuel cell components, and polymer additives. | ||||||||||||||||
We continue to evaluate the performance of our segments based on segment operating income. Intersegment sales and transfers are not material and the accounting policies of the reportable segments are the same as those for our Consolidated Financial Statements as a whole. Corporate expenses are allocated to segments based on each segment’s percentage of consolidated sales. | ||||||||||||||||
The following tables summarize financial information concerning our reportable segments: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Net sales to external customers: | ||||||||||||||||
Industrial Materials | $ | 260,180 | $ | 233,277 | $ | 715,461 | $ | 673,394 | ||||||||
Engineered Solutions | 60,536 | 69,807 | 161,804 | 184,778 | ||||||||||||
Total net sales | $ | 320,716 | $ | 303,084 | $ | 877,265 | $ | 858,172 | ||||||||
Segment operating income: | ||||||||||||||||
Industrial Materials | $ | 37,301 | $ | (12,945 | ) | $ | 104,103 | $ | 10,663 | |||||||
Engineered Solutions | 6,262 | 4,376 | 10,044 | 12,485 | ||||||||||||
Total segment operating income | $ | 43,563 | $ | (8,569 | ) | $ | 114,147 | $ | 23,148 | |||||||
Reconciliation of segment operating income to | ||||||||||||||||
income before provision for income taxes | ||||||||||||||||
Other expense (income), net | 1,653 | (772 | ) | (1,376 | ) | 753 | ||||||||||
Interest expense | 5,839 | 9,098 | 15,733 | 27,053 | ||||||||||||
Interest income | (33 | ) | (49 | ) | (178 | ) | (162 | ) | ||||||||
Income (loss) before provision for income taxes | $ | 36,104 | $ | (16,846 | ) | $ | 99,968 | $ | (4,496 | ) | ||||||
Other_Expense_Income_Net
Other Expense (Income), Net | 9 Months Ended |
Sep. 30, 2013 | |
Other Nonoperating Income (Expense) [Abstract] | ' |
Other Expense (Income), Net | ' |
Other Expense (Income), Net | |
Other income for the nine months ended September 30, 2012 includes $4.0 million of insurance reimbursements for claims made related to flood damages incurred at our Clarksburg, West Virginia facility during 2011. Other income for the three months ended September 30, 2013 includes a $2.0 million gain due to the favorable resolution of a previously recorded loss contingency. |
Benefit_Plans
Benefit Plans | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Benefit Plans | ' | |||||||||||||||
Benefit Plans | ||||||||||||||||
The components of our consolidated net pension costs are set forth in the following table: | ||||||||||||||||
For the Three | For the Nine Months Ended | |||||||||||||||
Months Ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Service cost | $ | 426 | $ | 489 | $ | 1,278 | $ | 1,467 | ||||||||
Interest cost | 2,150 | 1,985 | 6,450 | 5,955 | ||||||||||||
Expected return on plan assets | (2,195 | ) | (1,706 | ) | (6,585 | ) | (5,118 | ) | ||||||||
Amortization of prior service cost | 6 | 6 | 18 | 18 | ||||||||||||
Net cost | $ | 387 | $ | 774 | $ | 1,161 | $ | 2,322 | ||||||||
The components of our consolidated net postretirement costs are set forth in the following table: | ||||||||||||||||
For the Three | For the Nine Months Ended | |||||||||||||||
Months Ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Service cost | $ | 46 | $ | 28 | $ | 138 | $ | 84 | ||||||||
Interest cost | 381 | 331 | 1,143 | 993 | ||||||||||||
Amortization of prior service benefit | (49 | ) | (50 | ) | (147 | ) | (150 | ) | ||||||||
Plan amendment | — | — | 1,147 | — | ||||||||||||
Net cost | $ | 378 | $ | 309 | $ | 2,281 | $ | 927 | ||||||||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Deferred Tax Liabilities, Goodwill and Intangible Assets [Abstract] | ' | |||||||||||||||||||||||
Goodwill And Other Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
We are required to review goodwill and indefinite-lived acquired intangible assets annually for impairment. Goodwill impairment is tested at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. | ||||||||||||||||||||||||
Our annual impairment test of goodwill was performed as of December 31, 2012. The estimated fair values of our reporting units were based on discounted cash flow models derived from internal earnings forecasts and assumptions. The assumptions and estimates used in these valuations incorporated the current and expected economic environment. Our model was based on our internally developed forecast and based on these valuations, the fair value substantially exceeded our net asset value. In addition to the quantitative analysis, we qualitatively assessed our reporting units and we believe that the quantitative analysis supporting the fair value in excess of the carrying value is appropriate. | ||||||||||||||||||||||||
As a result of the rationalization activities in Note 2, we performed an interim impairment analysis as of September 30, 2013. Similar to the testing done as of December 31, 2012, our discounted cash flow model was based on our internally developed forecasts, and based on these valuations, the fair value substantially exceeded the carrying value of the reporting unit our net asset value as of September 30, 2013. In addition to the quantitative analysis, we qualitatively assessed our reporting units and we believe that the quantitative analysis supporting the fair value in excess of the carrying value continues to be appropriate. However, a further significant deterioration in the global economic environment or in any of the input assumptions in our calculation could adversely affect the fair value of our reporting units and result in an impairment of some or all of the goodwill on the balance sheet. | ||||||||||||||||||||||||
The changes in the carrying value of goodwill during the nine months ended September 30, 2013 are as follows: | ||||||||||||||||||||||||
Total | ||||||||||||||||||||||||
(Dollars in | ||||||||||||||||||||||||
Thousands) | ||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 498,261 | ||||||||||||||||||||||
Currency translation effect | (1,188 | ) | ||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 497,073 | ||||||||||||||||||||||
The following table summarizes acquired intangible assets with determinable useful lives by major category as of December 31, 2012 and September 30, 2013: | ||||||||||||||||||||||||
As of December 31, 2012 | As of September 30, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||
Trade name | 7,900 | (2,870 | ) | 5,030 | 7,900 | (3,676 | ) | 4,224 | ||||||||||||||||
Technological know-how | 43,349 | (12,554 | ) | 30,795 | 43,349 | (17,075 | ) | 26,274 | ||||||||||||||||
Customer –related | 110,798 | (31,233 | ) | 79,565 | 110,798 | (41,324 | ) | 69,474 | ||||||||||||||||
intangible | ||||||||||||||||||||||||
Total finite-lived | $ | 162,047 | $ | (46,657 | ) | $ | 115,390 | $ | 162,047 | $ | (62,075 | ) | $ | 99,972 | ||||||||||
intangible assets | ||||||||||||||||||||||||
Amortization expense of acquired intangible assets was $5.6 million and $5.0 million in the three months ended September 30, 2012 and September 30, 2013, respectively, and $16.7 million and $15.4 million in the nine months ended September 30, 2012 and September 30, 2013, respectively. Estimated amortization expense will approximate $5.1 million in the fourth quarter of 2013, $19.0 million in 2014, $17.3 million in 2015, $13.2 million in 2016 and $14.4 million in 2017. |
LongTerm_Debt_And_Liquidity
Long-Term Debt And Liquidity | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Long-term Debt and Capital Lease Obligations [Abstract] | ' | |||||||
Long-Term Debt And Liquidity | ' | |||||||
Long-Term Debt and Liquidity | ||||||||
The following table presents our long-term debt: | ||||||||
As of December 31, 2012 | As of September 30, 2013 | |||||||
(Dollars in thousands) | ||||||||
Revolving Facility | $ | 69,500 | $ | 85,000 | ||||
Senior Notes | 300,000 | 300,000 | ||||||
Senior Subordinated Notes | 164,183 | 172,729 | ||||||
Other debt | 2,026 | 1,914 | ||||||
Total | $ | 535,709 | $ | 559,643 | ||||
The fair value of long-term debt, which was determined using Level 2 inputs, was $546.3 million, versus a book value of $535.7 million as of December 31, 2012. As of September 30, 2013 the fair value of our long-term debt approximated book value. | ||||||||
Revolving Facility | ||||||||
On October 7, 2011, we successfully completed the refinancing of our principal revolving credit facility (“Revolving Facility”). Borrowers under the Revolving Facility were GrafTech Finance Inc. (“GrafTech Finance”) and GrafTech Switzerland S.A. (“Swissco”), both wholly-owned subsidiaries. On April 20, 2012, as permitted by Section 9.19 of the Revolving Facility, we entered into an Amended and Restated Credit Agreement pursuant to which, on August 28, 2012, GrafTech Luxembourg II S.à.r.l. (“Luxembourg Holdco”) replaced Swissco as a Borrower. Swissco is no longer entitled to borrow under the Revolving Facility although it is entitled to request letters of credit thereunder only for its own use. | ||||||||
The interest rate applicable to the Revolving Facility is, at GrafTech’s option, either LIBOR plus a margin ranging from 1.5% to 2.25% (depending on our total net leverage ratio) or, in the case of dollar denominated loans, the alternate base rate plus a margin ranging from 0.50% to 1.25% (depending upon such ratio). The alternate base rate is the highest of (i) the prime rate announced by JPMorgan Chase Bank, N.A., (ii) the federal fund effective rate plus one-half of 1.0% and (iii) the London interbank offering rate (as adjusted) for a one-month period plus 1.0%. The borrowers pay a per annum fee ranging from 0.25% to 0.40% (depending on such ratio) on the undrawn portion of the commitments under the Revolving Facility. | ||||||||
The financial covenants require us to maintain a minimum cash interest coverage ratio of 3.00 to 1.00 and a maximum senior secured leverage ratio of 2.25 to 1.00, subject to adjustment for certain events. As of September 30, 2013, we were in compliance with all financial and other covenants contained in the Revolving Facility, as applicable. | ||||||||
Senior Notes | ||||||||
On November 20, 2012, GrafTech International Ltd. issued $300 million principal amount of 6.375% Senior Notes due 2020. These Senior Notes are the Company's senior unsecured obligations and rank pari passu with all of the Company's existing and future senior unsecured indebtedness. The Senior Notes are guaranteed on a senior unsecured basis by each of the Company's existing and future subsidiaries that guarantee certain other indebtedness of the Company or another guarantor. | ||||||||
The Senior Notes bear interest at a rate of 6.375% per year, payable semi-annually in arrears on May 15 and November 15 of each year, commencing on May 15, 2013. The Senior Notes mature on November 15, 2020. | ||||||||
The Company is entitled to redeem some or all of the Senior Notes at any time on or after November 15, 2016, at the redemption prices set forth in the Indenture. In addition, prior to November 15, 2016, the Company may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, plus a “make whole” premium determined as set forth in the Indenture. The Company is also entitled to redeem up to 35% of the aggregate principal amount of the Senior Notes before November 15, 2015 with the net proceeds from certain equity offerings at a redemption price of 106.375% of the principal amount plus accrued and unpaid interest, if any. | ||||||||
If, prior to maturity, a change in control (as defined in the Indenture) of the Company occurs and thereafter certain downgrades of the ratings of the Senior Notes as specified in the Indenture occur, the Company will be required to offer to repurchase any or all of the Senior Notes at a repurchase price equal to 101% of the aggregate principal amount of the Senior Notes, plus any accrued and unpaid interest. | ||||||||
The Senior Notes also contain covenants that, among other things, limit the ability of the Company and certain of its subsidiaries to: (i) create liens or use assets as security in other transactions; (ii) engage in certain sale/leaseback transactions; and (iii) merge, consolidate or sell, transfer, lease or dispose of substantially all of their assets. | ||||||||
The Senior Notes also contain customary events of default, including (i) failure to pay principal or interest on the Senior Notes when due and payable, (ii) failure to comply with covenants or agreements in the Indenture or the Senior Notes which failures are not cured or waived as provided in the Indenture, (iii) failure to pay indebtedness of the Company, any Subsidiary Guarantor or Significant Subsidiary (as defined in the Indenture) within any applicable grace period after maturity or acceleration and the total amount of such indebtedness unpaid or accelerated exceeds $50.0 million, (iv) certain events of bankruptcy, insolvency, or reorganization, (v) failure to pay any judgment or decree for an amount in excess of $50.0 million against the Company, any Subsidiary Guarantor or any Significant Subsidiary that is not discharged, waived or stayed as provided in the Indenture, (vi) cessation of any subsidiary guarantee to be in full force and effect or denial or disaffirmance by any Subsidiary Guarantor of its obligations under its subsidiary guarantee, and (vii) a default under the Company's Senior Subordinated Notes. In the case of an event of default, the principal amount of the Senior Notes plus accrued and unpaid interest may be accelerated. | ||||||||
The original offering of the Senior Notes was not registered under the Securities Act of 1933, as amended (the "Securities Act"). At the time of the original offering, however, the Company agreed to file a registration statement under the Securities Act to permit the exchange of the original Senior Notes for registered Senior Notes having terms substantially identical to the original Senior Notes. The Company filed the required exchange offer registration statement during the second quarter 2013 and the exchange offer was consummated during the third quarter, fulfilling the Company's obligation with respect thereto. | ||||||||
Senior Subordinated Notes | ||||||||
On November 30, 2010, in connection with our acquisitions of Seadrift Coke L.P. and C/G Electrodes LLC, we issued Senior Subordinated Notes for an aggregate face amount of $200 million. These Senior Subordinated Notes are non-interest bearing and mature in 2015. Because these notes are non-interest bearing, we were required to record them at their present value (determined using an interest rate of 7%). The difference between the face amount of the notes and their present value is recorded as debt discount. The debt discount is amortized to income using the interest method, over the life of the notes. The loan balance, net of unamortized discount, was $164.2 million as of December 31, 2012 and $172.7 million as of September 30, 2013. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories are comprised of the following: | ||||||||
As of December 31, 2012 | As of | |||||||
September 30, | ||||||||
2013 | ||||||||
(Dollars in thousands) | ||||||||
Inventories: | ||||||||
Raw materials and supplies | $ | 230,057 | $ | 202,161 | ||||
Work in process | 213,948 | 241,096 | ||||||
Finished goods | 73,293 | 87,381 | ||||||
517,298 | 530,638 | |||||||
Reserves | (4,233 | ) | (11,627 | ) | ||||
Total | $ | 513,065 | $ | 519,011 | ||||
As noted in Note 2, due to the actions announced, we recorded an additional inventory reserve related to raw materials at our South Africa facility in the three months ended September 30, 2013. The remaining increase in inventory reserves resulted from decreased pricing for certain products in certain markets. |
Interest_Expense
Interest Expense | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Interest and Debt Expense [Abstract] | ' | |||||||||||||||
Interest Expense | ' | |||||||||||||||
Interest Expense | ||||||||||||||||
The following table presents an analysis of interest expense: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Interest incurred on debt | $ | 2,577 | $ | 5,372 | $ | 6,100 | $ | 16,255 | ||||||||
Amortization of discount on Senior Subordinated Notes | 2,707 | 2,897 | 7,987 | 8,546 | ||||||||||||
Amortization of debt issuance costs | 427 | 729 | 1,197 | 1,872 | ||||||||||||
Supply Chain Financing mark-up | 128 | 100 | 449 | 380 | ||||||||||||
Total interest expense | $ | 5,839 | $ | 9,098 | $ | 15,733 | $ | 27,053 | ||||||||
Interest Rates | ||||||||||||||||
The Revolving Facility had an effective interest rate of 2.21% and 2.18% as of December 31, 2012 and September 30, 2013, respectively. The Senior Subordinated Notes have an implied interest rate of 7.00%. The Senior Notes have a fixed interest rate of 6.375%. |
Supply_Chain_Financing
Supply Chain Financing | 9 Months Ended |
Sep. 30, 2013 | |
Supply Chain Financing [Abstract] | ' |
Supply Chain Financing | ' |
Supply Chain Financing | |
We have a supply chain financing arrangement with a financing party. Under this arrangement, we essentially assign our rights to purchase needle coke from a supplier to the financing party. The financing party purchases the product from a supplier under the standard payment terms and then immediately resells it to us under longer payment terms. The financing party pays the supplier the purchase price for the product and then we pay the financing party. Our payment to the financing party for this needle coke includes a mark-up (the “Mark-Up”). The Mark-Up is a premium expressed as a percentage of the purchase price. The Mark-Up is subject to quarterly reviews. This arrangement helps us to maintain a balanced cash conversion cycle between inventory payments and the collection of receivables. Based on the terms of the arrangement, the total amount that we owe to the financing party may not exceed $49.3 million at any point in time. | |
We record the inventory once title and risk of loss transfers from the supplier to the financing party. We record our liability to the financing party as an accrued liability. Our liability under this arrangement was $27.0 million and $12.5 million as of December 31, 2012 and September 30, 2013, respectively. We recognized Mark-Up of $0.4 million as interest expense in both the nine months ended September 30, 2012 and the nine months ended September 30, 2013. |
Contingencies
Contingencies | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Loss Contingency [Abstract] | ' | |||
Contingencies | ' | |||
Contingencies | ||||
Legal Proceedings | ||||
We are involved in various investigations, lawsuits, claims, demands, environmental compliance programs and other legal proceedings arising out of or incidental to the conduct of our business. While it is not possible to determine the ultimate disposition of each of these matters, we do not believe that their ultimate disposition will have a material adverse effect on our financial position, results of operations or cash flows. | ||||
Product Warranties | ||||
We generally sell products with a limited warranty. We accrue for known warranty claims if a loss is probable and can be reasonably estimated. We also accrue for estimated warranty claims incurred based on a historical claims charge analysis. Claims accrued but not yet paid and the related activity within the accrual for the nine months ended September 30, 2013, are presented below (dollars in thousands): | ||||
Balance as of December 31, 2012 | $ | 1,485 | ||
Product warranty adjustments | 804 | |||
Payments and settlements | (827 | ) | ||
Balance as of September 30, 2013 | $ | 1,462 | ||
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
We compute an estimated annual effective tax rate on a quarterly basis, considering ordinary income and related income tax expense. Ordinary income refers to income (loss) before income tax expense excluding significant, unusual, or infrequently occurring items. The tax effect of an unusual or infrequently occurring item is recorded in the interim period in which it occurs. These items may include the cumulative effect of changes in tax laws or rates, impairment charges, adjustments to prior period uncertain tax positions, or adjustments to our valuation allowance due to changes in judgment of the realizability of deferred tax assets. | ||||||||||||||||
The following table summarizes the provision for income taxes for the three and nine months ended September 30, 2012 and September 30, 2013: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Tax expense (benefit) | $ | 6,478 | $ | (9,216 | ) | $ | 10,966 | $ | (5,458 | ) | ||||||
Pretax income (loss) | $ | 36,104 | $ | (16,846 | ) | $ | 99,968 | $ | (4,496 | ) | ||||||
Effective tax rates | 17.9 | % | 54.7 | % | 11 | % | 121.4 | % | ||||||||
During the three months ended September 30, 2013, we announced a global initiative to reduce our Industrial Materials’ cost base and improve our competitive position. These actions resulted in $14.6 million of rationalization charges for the three months ended September 30, 2013. As a result, the effective tax rate for the three months ended September 30, 2013 differs from the U.S statutory rate of 35% primarily due to the jurisdictional mix of income driven by the rationalization charges. In addition, our tax rate for the three months ended September 30, 2013 was favorably impacted by the effective resolution of uncertain tax positions from prior years and by tax credits that were recognized in support of the research and development efforts of our Engineered Solutions products. For the three months ended September 30, 2012, the effective tax rates differs from the U.S statutory tax rate of 35% due to jurisdictional mix of income and by tax credits that were recognized in support of our research and development efforts of our Engineered Solutions products, which positively impacted the tax rate for the quarter. | ||||||||||||||||
The effective tax rate for the nine months ended September 30, 2013 differs from the U.S. statutory rate of 35% primarily due to the jurisdictional mix of income, which was driven by the rationalization charges associated with the global initiative to reduce our Industrial Materials’ cost base and improve our competitive position. In addition, our tax rate for the nine months ended September 30, 2013 was favorably impacted by the effective resolution of uncertain tax positions from prior years and by tax credits that were recognized in support of the research and development efforts of our Engineered Solutions products. During the nine months ended September 30, 2012 our unrecognized tax benefits decreased by $10.5 million due to the effective resolutions of uncertain tax positions from prior years, which had a favorable impact on our effective tax rate. In addition, the effective tax rate for the nine months ended September 30, 2012 differs from the U.S statutory tax rate of 35% due to jurisdictional mix of income and by tax credits that were recognized in support of our research and development efforts of our Engineered Solutions products, which positively impacted our tax rate. | ||||||||||||||||
During the three months ended September 30, 2013, our unrecognized tax benefits decreased by approximately $1.8 million due to the effective resolution of uncertain tax positions from prior years. As of September 30, 2013, we had unrecognized tax benefits of $7.1 million, $4.6 million of which, if recognized, would have a favorable impact on our effective tax rate. It is reasonably possible that a reduction of unrecognized tax benefits of $2.7 million may occur within 12 months due to settlements with taxing authorities and/or expirations of statutes of limitations, $0.6 million of which, if recognized, would have a favorable impact on our effective tax rate. | ||||||||||||||||
We file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. We are currently under federal audit in the U.S. for tax year 2010. All U.S. tax years prior to 2010 are generally closed by statute or have been audited and settled with the applicable domestic tax authorities. We have one issue outstanding from the 2008 U.S. federal audit, which is under appeal. All other non-U.S. jurisdictions are still open to examination beginning after 2007. | ||||||||||||||||
We continue to assess the need for valuation allowances against deferred tax assets based on determinations of whether it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. Appropriate consideration is given to all available evidence, both positive and negative, in assessing the need for a valuation allowance. Examples of positive evidence would include a strong earnings history, an event or events that would increase our taxable income through a continued reduction of expenses, and tax planning strategies that would indicate an ability to realize deferred tax assets. In circumstances where significant positive evidence does not yet outweigh negative evidence, we have maintained valuation allowances on those deferred tax assets. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||
Derivative Instruments | ' | |||||||||||
Derivative Instruments | ||||||||||||
We use derivative instruments as part of our overall foreign currency and commodity risk management strategies to manage the risk of exchange rate movements that would reduce the value of our foreign cash flows and to minimize commodity price volatility. Foreign currency exchange rate movements create a degree of risk by affecting the value of sales made and costs incurred in currencies other than the US dollar. | ||||||||||||
Certain of our derivative contracts contain provisions that require us to provide collateral. Since the counterparties to these financial instruments are large commercial banks and similar financial institutions, we do not believe that we are exposed to material counterparty credit risk. We do not anticipate nonperformance by any of the counter-parties to our instruments. | ||||||||||||
Foreign currency derivatives | ||||||||||||
We enter into foreign currency derivatives from time to time to attempt to manage exposure to changes in currency exchange rates. These foreign currency instruments, which include, but are not limited to, forward exchange contracts and purchased currency options, attempt to hedge global currency exposures such as foreign currency denominated debt, sales, receivables, payables, and purchases. Forward exchange contracts are agreements to exchange different currencies at a specified future date and at a specified rate. There was no ineffectiveness on these contracts designated as hedging instruments during the nine months ended September 30, 2012 and 2013. | ||||||||||||
In 2012 and 2013, we entered into foreign forward currency derivatives denominated in the Mexican peso, South African rand, Brazilian real, euro and Japanese yen. These derivatives were entered into to protect the risk that the eventual cash flows resulting from such transactions may be adversely affected by changes in exchange rates between the US dollar and the Mexican peso, South African rand, Brazilian real, euro and Japanese yen. As of September 30, 2013, we had outstanding Mexican peso, South African rand, Brazilian real, euro, and Japanese yen currency contracts with aggregate notional amounts of $237.1 million. The foreign currency derivatives outstanding as of September 30, 2013 have several maturity dates ranging from October 2013 to June 2014. | ||||||||||||
Commodity derivative contracts | ||||||||||||
We periodically enter into derivative contracts for certain refined oil products and natural gas. These contracts are entered into to protect against the risk that eventual cash flows related to these products may be adversely affected by future changes in prices. There was no ineffectiveness on these contracts during the three or nine months ended September 30, 2013. As of September 30, 2013, we had outstanding derivative swap contracts for refined oil products with aggregate notional amounts of $29.8 million. These contracts have maturity dates ranging from October 2013 to March 2014. | ||||||||||||
The fair value of all derivatives is recorded as assets or liabilities on a gross basis in our Consolidated Balance Sheets. The following tables present the fair values of our derivatives and their respective balance sheet locations as of December 31, 2012 and September 30, 2013: | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Location | Fair Value | Location | Fair Value | |||||||||
As of December 31, 2012 | (Dollars in Thousands) | |||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives | Other receivables | $ | 1,062 | Other payables | $ | 2,374 | ||||||
Commodity derivative contracts | Other current assets | — | Other current liabilities | 31 | ||||||||
Total fair value | $ | 1,062 | $ | 2,405 | ||||||||
As of September 30, 2013 | ||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives | Other receivables | $ | 683 | Other payables | $ | 2,246 | ||||||
Commodity derivative contracts | Other current assets | 319 | Other current liabilities | 26 | ||||||||
Total fair value | $ | 1,002 | $ | 2,272 | ||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Location | Fair Value | Location | Fair Value | |||||||||
As of December 31, 2012 | (Dollars in Thousands) | |||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Other receivables | $ | 242 | Other payables | $ | — | ||||||
Total fair value | $ | 242 | $ | — | ||||||||
As of September 30, 2013 | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Other receivables | $ | 346 | Other payables | $ | 285 | ||||||
Total fair value | $ | 346 | $ | 285 | ||||||||
The location and amount of realized (gains) losses on derivatives are recognized in the Statements of Income when the hedged item impacts earnings and are as follows for three and nine months ended September 30, 2012 and 2013: | ||||||||||||
Amount of (Gain)/Loss | ||||||||||||
Recognized (Effective | ||||||||||||
Portion) | ||||||||||||
Three Months Ended September 30, | Location of (Gain)/Loss Reclassified from Other Comprehensive Income (Effective Portion) | 2012 | 2013 | |||||||||
(Dollars in Thousands) | ||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives, excluding tax | Cost of goods sold/Other expense / (income) / Revenue | $ | (2,347 | ) | $ | 228 | ||||||
of $235 and ($23), respectively | ||||||||||||
Commodity forward derivatives, excluding | Cost of goods sold / Revenue | (3,531 | ) | 454 | ||||||||
tax of $1,278 and ($164), respectively | ||||||||||||
Amount of (Gain)/Loss | ||||||||||||
Recognized | ||||||||||||
Three Months Ended September 30, | Location of (Gain)/Loss Recognized in the Consolidated Statement of Income | 2012 | 2013 | |||||||||
(Dollars in thousands) | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Cost of goods sold/Other expense (income) | $ | 1,097 | $ | 509 | |||||||
Amount of (Gain)/Loss | ||||||||||||
Recognized (Effective | ||||||||||||
Portion) | ||||||||||||
Nine Months Ended September 30, | Location of (Gain)/Loss Reclassified from Other Comprehensive Income (Effective Portion) | 2012 | 2013 | |||||||||
(Dollars in Thousands) | ||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives, excluding tax | Cost of goods sold/Other expense / (income) / Revenue | $ | (4,706 | ) | $ | 38 | ||||||
of $471 and ($4), respectively | ||||||||||||
Commodity forward derivatives, excluding | Cost of goods sold / Revenue | $ | (8,518 | ) | $ | 591 | ||||||
tax of $3,084 and ($214), respectively | ||||||||||||
Amount of (Gain)/Loss | ||||||||||||
Recognized | ||||||||||||
Nine Months Ended September 30, | Location of (Gain)/Loss Recognized in the Consolidated Statement of Income | 2012 | 2013 | |||||||||
(Dollars in thousands) | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Cost of goods sold/Other expense (income) | $ | 297 | $ | (912 | ) | ||||||
Our foreign currency and commodity derivatives are treated as hedges and are required to be measured at fair value on a recurring basis. With respect to the inputs used to determine the fair value, we use observable, quoted rates that are determined by active markets and, therefore, classify the contracts as “Level 2”. |
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Consolidating Financials [Abstract] | ' | ||||||||||||||||||||
Supplemental Guarantor Information | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 4,425 | $ | 12,892 | $ | — | $ | 17,317 | |||||||||||
Accounts receivable - affiliates | 26,399 | 38,116 | 29,177 | (93,692 | ) | — | |||||||||||||||
Accounts receivable - trade | — | 78,053 | 158,376 | — | 236,429 | ||||||||||||||||
Inventories | — | 159,217 | 353,848 | — | 513,065 | ||||||||||||||||
Prepaid and other current assets | — | 13,681 | 42,509 | — | 56,190 | ||||||||||||||||
Total current assets | 26,399 | 293,492 | 596,802 | (93,692 | ) | 823,001 | |||||||||||||||
Investment in affiliates | 1,728,316 | 868,063 | — | (2,596,379 | ) | — | |||||||||||||||
Property, plant and equipment | — | 523,818 | 310,089 | — | 833,907 | ||||||||||||||||
Deferred income taxes | — | — | 6,157 | — | 6,157 | ||||||||||||||||
Goodwill | — | 293,162 | 205,099 | — | 498,261 | ||||||||||||||||
Notes receivable - affiliate | 66,869 | 22,413 | — | (89,282 | ) | — | |||||||||||||||
Other assets | 5,218 | 65,269 | 66,102 | — | 136,589 | ||||||||||||||||
Total Assets | $ | 1,826,802 | $ | 2,066,217 | $ | 1,184,249 | $ | (2,779,353 | ) | $ | 2,297,915 | ||||||||||
LIABILITIES AND | |||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable - affiliate | $ | — | $ | 55,349 | $ | 38,343 | $ | (93,692 | ) | $ | — | ||||||||||
Accounts payable - trade | 273 | 33,126 | 94,721 | — | 128,120 | ||||||||||||||||
Short-term debt | — | 171 | 8,255 | — | 8,426 | ||||||||||||||||
Accrued income and other taxes | 597 | 3,948 | 26,378 | — | 30,923 | ||||||||||||||||
Supply chain financing liability | — | — | 26,962 | — | 26,962 | ||||||||||||||||
Other accrued liabilities | 2,178 | 15,597 | 33,178 | — | 50,953 | ||||||||||||||||
Total current liabilities | 3,048 | 108,191 | 227,837 | (93,692 | ) | 245,384 | |||||||||||||||
Long-term debt - affiliate | — | 66,869 | 22,413 | (89,282 | ) | — | |||||||||||||||
Long-term debt - third party | 464,183 | 70,190 | 1,336 | — | 535,709 | ||||||||||||||||
Other long-term obligations | — | 86,026 | 38,979 | — | 125,005 | ||||||||||||||||
Deferred income taxes | 9,720 | 6,625 | 25,621 | — | 41,966 | ||||||||||||||||
Stockholders' equity | 1,349,851 | 1,728,316 | 868,063 | (2,596,379 | ) | 1,349,851 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,826,802 | $ | 2,066,217 | $ | 1,184,249 | $ | (2,779,353 | ) | $ | 2,297,915 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
As of September 30,2013 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 4,184 | $ | 7,286 | $ | — | $ | 11,470 | |||||||||||
Accounts receivable - affiliates | 43,145 | 33,813 | 22,225 | (99,183 | ) | — | |||||||||||||||
Accounts receivable - trade | — | 63,726 | 141,701 | — | 205,427 | ||||||||||||||||
Inventories | — | 164,058 | 354,953 | — | 519,011 | ||||||||||||||||
Prepaid and other current assets | — | 29,226 | 40,210 | — | 69,436 | ||||||||||||||||
Total current assets | 43,145 | 295,007 | 566,375 | (99,183 | ) | 805,344 | |||||||||||||||
Investment in affiliates | 1,734,786 | 864,370 | — | (2,599,156 | ) | — | |||||||||||||||
Property, plant and equipment | — | 533,083 | 313,118 | — | 846,201 | ||||||||||||||||
Deferred income taxes | — | — | 7,463 | — | 7,463 | ||||||||||||||||
Goodwill | — | 293,163 | 203,910 | — | 497,073 | ||||||||||||||||
Notes receivable - affiliate | 59,853 | 22,413 | — | (82,266 | ) | — | |||||||||||||||
Other assets | 4,921 | 56,162 | 58,457 | — | 119,540 | ||||||||||||||||
Total Assets | $ | 1,842,705 | $ | 2,064,198 | $ | 1,149,323 | $ | (2,780,605 | ) | $ | 2,275,621 | ||||||||||
LIABILITIES AND | |||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable - affiliate | $ | 19 | $ | 65,349 | $ | 33,815 | $ | (99,183 | ) | $ | — | ||||||||||
Accounts payable - trade | 35 | 40,321 | 63,163 | — | 103,519 | ||||||||||||||||
Short-term debt | — | 174 | 4,170 | — | 4,344 | ||||||||||||||||
Accrued income and other taxes | 4,235 | 2,781 | 20,798 | — | 27,814 | ||||||||||||||||
Rationalizations | — | 1,951 | 12,178 | — | 14,129 | ||||||||||||||||
Supply chain financing liability | — | — | 12,540 | — | 12,540 | ||||||||||||||||
Other accrued liabilities | 7,225 | 14,432 | 31,296 | — | 52,953 | ||||||||||||||||
Total current liabilities | 11,514 | 125,008 | 177,960 | (99,183 | ) | 215,299 | |||||||||||||||
Long-term debt - affiliate | — | 59,853 | 22,413 | (82,266 | ) | — | |||||||||||||||
Long-term debt - third party | 472,729 | 63,558 | 23,356 | — | 559,643 | ||||||||||||||||
Other long-term obligations | — | 80,316 | 37,531 | — | 117,847 | ||||||||||||||||
Deferred income taxes | 9,720 | 677 | 23,693 | — | 34,090 | ||||||||||||||||
Stockholders' equity | 1,348,742 | 1,734,786 | 864,370 | (2,599,156 | ) | 1,348,742 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,842,705 | $ | 2,064,198 | $ | 1,149,323 | $ | (2,780,605 | ) | $ | 2,275,621 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Sales - affiliates | $ | — | $ | 41,160 | $ | 53,579 | $ | (94,739 | ) | $ | — | ||||||||||
Sales - third party | — | 140,927 | 179,789 | — | 320,716 | ||||||||||||||||
Net sales | — | 182,087 | 233,368 | (94,739 | ) | 320,716 | |||||||||||||||
Cost of sales | — | 151,181 | 184,288 | (94,739 | ) | 240,730 | |||||||||||||||
Gross profit | — | 30,906 | 49,080 | — | 79,986 | ||||||||||||||||
Research and development | — | 2,778 | — | — | 2,778 | ||||||||||||||||
Selling and administrative expenses | — | 13,994 | 19,651 | — | 33,645 | ||||||||||||||||
Operating income | — | 14,134 | 29,429 | — | 43,563 | ||||||||||||||||
Other expense (income), net | — | 480 | 1,173 | — | 1,653 | ||||||||||||||||
Interest expense - affiliate | 1,330 | — | 192 | (1,522 | ) | — | |||||||||||||||
Interest expense - third party | 2,707 | 2,468 | 664 | — | 5,839 | ||||||||||||||||
Interest income - affiliate | — | (1,522 | ) | — | 1,522 | — | |||||||||||||||
Interest income - third party | — | — | (33 | ) | — | (33 | ) | ||||||||||||||
(Loss) income before income taxes | (4,037 | ) | 12,708 | 27,433 | — | ` | 36,104 | ||||||||||||||
(Benefit) provision for income taxes | (1,464 | ) | 3,011 | 4,931 | — | 6,478 | |||||||||||||||
Equity in earnings of subsidiary | 32,199 | 22,502 | — | (54,701 | ) | — | |||||||||||||||
Net income | $ | 29,626 | $ | 32,199 | $ | 22,502 | $ | (54,701 | ) | $ | 29,626 | ||||||||||
Statements of | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Net income | $ | 29,626 | $ | 32,199 | $ | 22,502 | $ | (54,701 | ) | $ | 29,626 | ||||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation | 712 | — | 712 | (712 | ) | 712 | |||||||||||||||
Commodities and foreign | (3,952 | ) | (1,064 | ) | (2,888 | ) | 3,952 | (3,952 | ) | ||||||||||||
currency derivatives | |||||||||||||||||||||
Other comprehensive (loss) income | (3,240 | ) | (1,064 | ) | (2,176 | ) | 3,240 | (3,240 | ) | ||||||||||||
Comprehensive income (loss) | $ | 26,386 | $ | 31,135 | $ | 20,326 | $ | (51,461 | ) | $ | 26,386 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Sales - affiliates | $ | — | $ | 57,727 | $ | 39,196 | $ | (96,923 | ) | $ | — | ||||||||||
Sales - third party | — | 122,360 | 180,724 | — | 303,084 | ||||||||||||||||
Net sales | — | 180,087 | 219,920 | (96,923 | ) | 303,084 | |||||||||||||||
Cost of sales | — | 155,803 | 207,560 | (96,923 | ) | 266,440 | |||||||||||||||
Gross profit | — | 24,284 | 12,360 | — | 36,644 | ||||||||||||||||
Research and development | — | 2,994 | — | — | 2,994 | ||||||||||||||||
Selling and administrative expenses | — | 9,751 | 17,875 | — | 27,626 | ||||||||||||||||
Rationalizations | — | 2,424 | 12,169 | — | 14,593 | ||||||||||||||||
Operating income | — | 9,115 | (17,684 | ) | — | (8,569 | ) | ||||||||||||||
Other expense, net | — | (1,476 | ) | 704 | — | (772 | ) | ||||||||||||||
Interest expense - affiliate | — | 279 | 190 | (469 | ) | — | |||||||||||||||
Interest expense - third party | 7,849 | 779 | 470 | — | 9,098 | ||||||||||||||||
Interest income - affiliate | (272 | ) | (189 | ) | (8 | ) | 469 | — | |||||||||||||
Interest income - third party | — | — | (49 | ) | — | (49 | ) | ||||||||||||||
(Loss) income before income taxes | (7,577 | ) | 9,722 | (18,991 | ) | — | ` | (16,846 | ) | ||||||||||||
Provision (benefit) for income taxes | (2,743 | ) | 1,904 | (8,377 | ) | — | (9,216 | ) | |||||||||||||
Equity in earnings of subsidiary | (2,796 | ) | (10,614 | ) | — | 13,410 | — | ||||||||||||||
Net income (loss) | $ | (7,630 | ) | $ | (2,796 | ) | $ | (10,614 | ) | $ | 13,410 | $ | (7,630 | ) | |||||||
Statements of | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Net income (loss) | $ | (7,630 | ) | $ | (2,796 | ) | $ | (10,614 | ) | $ | 13,410 | $ | (7,630 | ) | |||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation | 5,230 | — | 5,230 | (5,230 | ) | 5,230 | |||||||||||||||
Commodities and foreign | 476 | 1,814 | (1,338 | ) | (476 | ) | 476 | ||||||||||||||
currency derivatives | |||||||||||||||||||||
Other comprehensive income (loss) | 5,706 | 1,814 | 3,892 | (5,706 | ) | 5,706 | |||||||||||||||
Comprehensive income (loss) | $ | (1,924 | ) | $ | (982 | ) | $ | (6,722 | ) | $ | 7,704 | $ | (1,924 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Sales - affiliates | $ | — | $ | 140,247 | $ | 158,843 | $ | (299,090 | ) | $ | — | ||||||||||
Sales - third party | — | 407,108 | 470,157 | — | 877,265 | ||||||||||||||||
Net sales | — | 547,355 | 629,000 | (299,090 | ) | 877,265 | |||||||||||||||
Cost of sales | — | 459,963 | 485,098 | (299,090 | ) | 645,971 | |||||||||||||||
Gross profit | — | 87,392 | 143,902 | — | 231,294 | ||||||||||||||||
Research and development | — | 9,919 | — | — | 9,919 | ||||||||||||||||
Selling and administrative expenses | — | 46,992 | 60,236 | — | 107,228 | ||||||||||||||||
Operating income | — | 30,481 | 83,666 | — | 114,147 | ||||||||||||||||
Other (income) expense, net | — | (2,002 | ) | 626 | — | (1,376 | ) | ||||||||||||||
Interest expense - affiliate | 3,094 | — | 394 | (3,488 | ) | — | |||||||||||||||
Interest expense - third party | 7,987 | 6,154 | 1,592 | — | 15,733 | ||||||||||||||||
Interest income - affiliate | — | (3,488 | ) | — | 3,488 | — | |||||||||||||||
Interest income - third party | — | — | (178 | ) | — | (178 | ) | ||||||||||||||
(Loss) income before income taxes | (11,081 | ) | 29,817 | 81,232 | — | ` | 99,968 | ||||||||||||||
(Benefit) provision for income taxes | (4,022 | ) | 1,492 | 13,496 | — | 10,966 | |||||||||||||||
Equity in earnings of subsidiary | 96,062 | 67,736 | — | (163,798 | ) | — | |||||||||||||||
Net income | $ | 89,003 | $ | 96,061 | $ | 67,736 | $ | (163,798 | ) | $ | 89,002 | ||||||||||
Statements of | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Net income | $ | 89,003 | $ | 96,061 | $ | 67,736 | $ | (163,798 | ) | $ | 89,002 | ||||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation | (11,963 | ) | — | (11,963 | ) | 11,963 | (11,963 | ) | |||||||||||||
Commodities and foreign | (8,758 | ) | (5,878 | ) | (2,880 | ) | 8,758 | (8,758 | ) | ||||||||||||
currency derivatives | |||||||||||||||||||||
Other comprehensive (loss) income | (20,721 | ) | (5,878 | ) | (14,843 | ) | 20,721 | (20,721 | ) | ||||||||||||
Comprehensive income (loss) | $ | 68,282 | $ | 90,183 | $ | 52,893 | $ | (143,077 | ) | $ | 68,281 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Sales - affiliates | $ | — | $ | 155,673 | $ | 111,835 | $ | (267,508 | ) | $ | — | ||||||||||
Sales - third party | — | 348,148 | 510,024 | — | 858,172 | ||||||||||||||||
Net sales | — | 503,821 | 621,859 | (267,508 | ) | 858,172 | |||||||||||||||
Cost of sales | — | 431,146 | 560,419 | (267,508 | ) | 724,057 | |||||||||||||||
Gross profit | — | 72,675 | 61,440 | — | 134,115 | ||||||||||||||||
Research and development | — | 8,874 | — | — | 8,874 | ||||||||||||||||
Selling and administrative expenses | — | 32,833 | 54,667 | — | 87,500 | ||||||||||||||||
Rationalizations | — | 2,424 | 12,169 | — | 14,593 | ||||||||||||||||
Operating income | — | 28,544 | (5,396 | ) | — | 23,148 | |||||||||||||||
Other (income) expense, net | — | (762 | ) | 1,515 | — | 753 | |||||||||||||||
Interest expense - affiliate | — | 1,112 | 566 | (1,678 | ) | — | |||||||||||||||
Interest expense - third party | 23,393 | 2,374 | 1,286 | — | 27,053 | ||||||||||||||||
Interest income - affiliate | (982 | ) | (565 | ) | (131 | ) | 1,678 | — | |||||||||||||
Interest income - third party | — | — | (162 | ) | — | (162 | ) | ||||||||||||||
(Loss) income before income taxes | (22,411 | ) | 26,385 | (8,470 | ) | — | ` | (4,496 | ) | ||||||||||||
(Benefit) provision for income taxes | (8,113 | ) | 6,922 | (4,267 | ) | — | (5,458 | ) | |||||||||||||
Equity in earnings of subsidiary | 15,260 | (4,203 | ) | — | (11,057 | ) | — | ||||||||||||||
Net income | $ | 962 | $ | 15,260 | $ | (4,203 | ) | $ | (11,057 | ) | $ | 962 | |||||||||
Statements of | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Net income | $ | 962 | $ | 15,260 | $ | (4,203 | ) | $ | (11,057 | ) | $ | 962 | |||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation | (11,902 | ) | — | (11,902 | ) | 11,902 | (11,902 | ) | |||||||||||||
Commodities and foreign | 683 | 997 | (314 | ) | (683 | ) | 683 | ||||||||||||||
currency derivatives | |||||||||||||||||||||
Other comprehensive (loss) income | (11,219 | ) | 997 | (12,216 | ) | 11,219 | (11,219 | ) | |||||||||||||
Comprehensive (loss) income | $ | (10,257 | ) | $ | 16,257 | $ | (16,419 | ) | $ | 162 | $ | (10,257 | ) | ||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net cash provided by (used in) | $ | 19,596 | $ | 5,567 | $ | (11,557 | ) | $ | — | $ | 13,606 | ||||||||||
operating activities: | |||||||||||||||||||||
Cash flow from investing activities: | |||||||||||||||||||||
(Loans to) repayments from affiliates | — | (93,142 | ) | — | 93,142 | — | |||||||||||||||
Capital expenditures | — | (66,195 | ) | (26,632 | ) | — | (92,827 | ) | |||||||||||||
Proceeds from derivative instruments | — | 3,344 | 3,463 | — | 6,807 | ||||||||||||||||
Other | — | 8 | 113 | — | 121 | ||||||||||||||||
Net cash (used in) provided by | — | (155,985 | ) | (23,056 | ) | 93,142 | (85,899 | ) | |||||||||||||
investing activities | |||||||||||||||||||||
Cash flow from financing activities: | |||||||||||||||||||||
Loans from (repayments to) affiliates | 82,471 | — | 10,671 | (93,142 | ) | — | |||||||||||||||
Short-term debt borrowings | — | (7,494 | ) | (6,495 | ) | — | (13,989 | ) | |||||||||||||
Revolving Facility borrowings | — | 220,000 | 123,000 | — | 343,000 | ||||||||||||||||
Revolving Facility reductions | — | (60,000 | ) | (85,000 | ) | — | (145,000 | ) | |||||||||||||
Principal payments on long term debt | — | (128 | ) | (54 | ) | — | (182 | ) | |||||||||||||
Supply chain financing | — | — | (3,719 | ) | — | (3,719 | ) | ||||||||||||||
Proceeds from exercise of stock options | 92 | — | — | — | 92 | ||||||||||||||||
Purchase of treasury shares | (103,056 | ) | — | — | — | (103,056 | ) | ||||||||||||||
Other | 531 | (430 | ) | (643 | ) | — | (542 | ) | |||||||||||||
Net cash (used in) provided by | (19,962 | ) | 151,948 | 37,760 | (93,142 | ) | 76,604 | ||||||||||||||
financing activities | |||||||||||||||||||||
Net (decrease) increase in cash | (366 | ) | 1,530 | 3,147 | — | 4,311 | |||||||||||||||
and cash equivalents | |||||||||||||||||||||
Effect of exchange rate changes | — | — | (547 | ) | — | (547 | ) | ||||||||||||||
on cash and cash equivalents | |||||||||||||||||||||
Cash and cash equivalents at | 366 | 3,503 | 8,560 | — | 12,429 | ||||||||||||||||
beginning of period | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 5,033 | $ | 11,160 | $ | — | $ | 16,193 | |||||||||||
at end of period | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net cash provided by (used in) | $ | (5,857 | ) | $ | 50,244 | $ | 20,791 | $ | — | $ | 65,178 | ||||||||||
operating activities: | |||||||||||||||||||||
Cash flow from investing activities: | |||||||||||||||||||||
Loan repayments from affiliates | 7,015 | — | — | (7,015 | ) | — | |||||||||||||||
Capital expenditures | — | (37,081 | ) | (25,617 | ) | — | (62,698 | ) | |||||||||||||
(Payments on) proceeds from derivatives | — | (22 | ) | 874 | — | 852 | |||||||||||||||
Other | — | 280 | 2,053 | — | 2,333 | ||||||||||||||||
Net cash provided by (used in) | 7,015 | (36,823 | ) | (22,690 | ) | (7,015 | ) | (59,513 | ) | ||||||||||||
investing activities | |||||||||||||||||||||
Cash flow from financing activities: | |||||||||||||||||||||
Loans repayments to affiliates | — | (7,015 | ) | — | 7,015 | — | |||||||||||||||
Short-term debt borrowings | — | — | (4,082 | ) | — | (4,082 | ) | ||||||||||||||
Revolving Facility borrowings | — | 67,000 | 67,000 | — | 134,000 | ||||||||||||||||
Revolving Facility reductions | — | (73,500 | ) | (45,000 | ) | — | (118,500 | ) | |||||||||||||
Principal payments on long term debt | — | (131 | ) | (58 | ) | — | (189 | ) | |||||||||||||
Supply chain financing | — | — | (14,422 | ) | — | (14,422 | ) | ||||||||||||||
Proceeds from exercise of stock options | 175 | — | — | — | 175 | ||||||||||||||||
Purchase of treasury shares | (844 | ) | — | — | — | (844 | ) | ||||||||||||||
Other | (489 | ) | (16 | ) | (6,701 | ) | — | (7,206 | ) | ||||||||||||
Net cash (used in) provided by | (1,158 | ) | (13,662 | ) | (3,263 | ) | 7,015 | (11,068 | ) | ||||||||||||
financing activities | |||||||||||||||||||||
Net (decrease) increase in cash | — | (241 | ) | (5,162 | ) | — | (5,403 | ) | |||||||||||||
and cash equivalents | |||||||||||||||||||||
Effect of exchange rate changes | — | — | (444 | ) | — | (444 | ) | ||||||||||||||
on cash and cash equivalents | |||||||||||||||||||||
Cash and cash equivalents at | — | 4,425 | 12,892 | — | 17,317 | ||||||||||||||||
beginning of period | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 4,184 | $ | 7,286 | $ | — | $ | 11,470 | |||||||||||
at end of period | |||||||||||||||||||||
Organization_And_Summary_Of_Si1
Organization And Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis Of Presentation | ' |
A. Organization | |
GrafTech International Ltd. is one of the world’s largest manufacturers and providers of high quality synthetic and natural graphite and carbon based products. References herein to “GTI,” “we,” “our,” or “us” refer collectively to GrafTech International Ltd. and its subsidiaries. We have seven major product categories: graphite electrodes, refractory products, needle coke products, advanced electronics technologies, advanced graphite materials, advanced composite materials and advanced materials, which are reported in the following segments: | |
Industrial Materials includes graphite electrodes, refractory products, and needle coke products, and primarily serves the steel industry. | |
Engineered Solutions includes advanced electronics technologies, advanced graphite materials, advanced composite materials and advanced materials, and provides primary and specialty products to the advanced electronics, industrial, energy, transportation and defense industries. | |
B. Basis of Presentation | |
The interim Consolidated Financial Statements are unaudited; however, in the opinion of management, they have been prepared in accordance with Rule 10-01 of Regulation S-X and in accordance with accounting principles generally accepted in the United States of America (“GAAP”). December 31, 2012 financial position data included herein was derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2012 (the “Annual Report”) but does not include all disclosures required by GAAP. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, including the accompanying Notes, contained in the Annual Report. | |
The unaudited consolidated financial statements reflect all adjustments (all of which are of a normal, recurring nature) which management considers necessary for a fair statement of financial position, results of operations, comprehensive income and cash flows for the interim period presented. The results for the interim periods are not necessarily indicative of results which may be expected for any other interim period or for the full year. Certain amounts previously reported have been reclassified to conform to the current year presentation. | |
During the three months ended June 30, 2013, the Company recorded additional depreciation expense of $2.9 million ($1.9 million net of tax), to correct certain errors related to prior periods. The impact to the nine months ended September 30, 2013 was a net $2.7 million of additional expense ($1.8 million, net of tax). These charges were recorded primarily to release to cost of sales depreciation expenses that were previously incorrectly deferred to inventory. These adjustments were not material to any previously issued or the expected full year 2013 financial statements. | |
C. New Accounting Standards | |
In February 2013, the FASB issued guidance on reporting of amounts reclassified out of accumulated other comprehensive income (“AOCI”). The guidance requires an entity to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. We disclose our reclassifications within Note 15 "Derivative Instruments", as these are the only material reclassifications out of AOCI. This guidance was adopted by the Company retrospectively as of January 1, 2013. As the accounting standard only impacts disclosures, the new standard does not have an impact on the Company's financial position, results of operations, or cash flows. |
Rationalizations_Tables
Rationalizations (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Restructuring and Related Activities [Abstract] | ' | |||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | |||
The accrual for severance liability related to these rationalizations is included as a current liability on the Consolidated Balance Sheet. The following table summarizes activity related to the accrual: | ||||
(in thousands) | ||||
Balance as of December 31, 2012 | $ | — | ||
Rationalization charges | 14,593 | |||
Change in estimates | — | |||
Payments and settlements | (464 | ) | ||
Effect of change in currency exchange rates | — | |||
Balance as of September 30, 2013 | $ | 14,129 | ||
Charges incurred related to these actions for the three and nine months ended September 30, 2013 are as follows: | ||||
For the Three and Nine Months Ended September 30, 2013 | ||||
(dollars in thousands) | ||||
Severance and related costs | $ | 14,593 | ||
Accelerated depreciation | 1,323 | |||
Inventory loss | 1,631 | |||
Total rationalization and related charges | $ | 17,547 | ||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Schedule Of Restricted Stock And Performance Share Awards Activity | ' | ||||||
Restricted stock and performance share awards activity under the plans for the nine months ended September 30, 2013 was: | |||||||
Number of | Weighted- | ||||||
Shares | Average | ||||||
Grant Date | |||||||
Fair Value | |||||||
Outstanding unvested as of January 1, 2013 | 1,851,919 | $ | 13.3 | ||||
Granted | 96,942 | 8.8 | |||||
Vested | (363,325 | ) | 15.82 | ||||
Forfeited/canceled/expired | (232,374 | ) | 16.88 | ||||
Outstanding unvested as of September 30, 2013 | 1,353,162 | 11.69 | |||||
Schedule Of Stock Option Activity Under The Plans | ' | ||||||
Number of | Weighted- | ||||||
Shares | Average | ||||||
Exercise | |||||||
Price | |||||||
Outstanding as of January 1, 2013 | 1,730,149 | $ | 12.35 | ||||
Granted | 5,200 | 9.74 | |||||
Forfeited/canceled/expired | (65,401 | ) | 14.51 | ||||
Exercised | (40,735 | ) | 4.29 | ||||
Outstanding as of September 30, 2013 | 1,629,213 | 12.46 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule Of Calculation Of Basic And Diluted Earnings Per Share | ' | |||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||
Weighted average common shares outstanding | 134,347,199 | 135,134,144 | 139,938,771 | 134,948,507 | ||||||||
for basic calculation | ||||||||||||
Add: Effect of stock options and restricted stock | 653,466 | 196,914 | 625,907 | 173,107 | ||||||||
Weighted average common shares outstanding | 135,000,665 | 135,331,058 | 140,564,678 | 135,121,614 | ||||||||
for diluted calculation | ||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ' | |||||||||||||||
Schedule Of Financial Information Concerning Reportable Segments | ' | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Net sales to external customers: | ||||||||||||||||
Industrial Materials | $ | 260,180 | $ | 233,277 | $ | 715,461 | $ | 673,394 | ||||||||
Engineered Solutions | 60,536 | 69,807 | 161,804 | 184,778 | ||||||||||||
Total net sales | $ | 320,716 | $ | 303,084 | $ | 877,265 | $ | 858,172 | ||||||||
Segment operating income: | ||||||||||||||||
Industrial Materials | $ | 37,301 | $ | (12,945 | ) | $ | 104,103 | $ | 10,663 | |||||||
Engineered Solutions | 6,262 | 4,376 | 10,044 | 12,485 | ||||||||||||
Total segment operating income | $ | 43,563 | $ | (8,569 | ) | $ | 114,147 | $ | 23,148 | |||||||
Reconciliation of segment operating income to | ||||||||||||||||
income before provision for income taxes | ||||||||||||||||
Other expense (income), net | 1,653 | (772 | ) | (1,376 | ) | 753 | ||||||||||
Interest expense | 5,839 | 9,098 | 15,733 | 27,053 | ||||||||||||
Interest income | (33 | ) | (49 | ) | (178 | ) | (162 | ) | ||||||||
Income (loss) before provision for income taxes | $ | 36,104 | $ | (16,846 | ) | $ | 99,968 | $ | (4,496 | ) | ||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Pension Costs [Member] | ' | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||
Schedule Of Benefit Plans | ' | |||||||||||||||
For the Three | For the Nine Months Ended | |||||||||||||||
Months Ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Service cost | $ | 426 | $ | 489 | $ | 1,278 | $ | 1,467 | ||||||||
Interest cost | 2,150 | 1,985 | 6,450 | 5,955 | ||||||||||||
Expected return on plan assets | (2,195 | ) | (1,706 | ) | (6,585 | ) | (5,118 | ) | ||||||||
Amortization of prior service cost | 6 | 6 | 18 | 18 | ||||||||||||
Net cost | $ | 387 | $ | 774 | $ | 1,161 | $ | 2,322 | ||||||||
Postretirement Costs [Member] | ' | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||
Schedule Of Benefit Plans | ' | |||||||||||||||
For the Three | For the Nine Months Ended | |||||||||||||||
Months Ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Service cost | $ | 46 | $ | 28 | $ | 138 | $ | 84 | ||||||||
Interest cost | 381 | 331 | 1,143 | 993 | ||||||||||||
Amortization of prior service benefit | (49 | ) | (50 | ) | (147 | ) | (150 | ) | ||||||||
Plan amendment | — | — | 1,147 | — | ||||||||||||
Net cost | $ | 378 | $ | 309 | $ | 2,281 | $ | 927 | ||||||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Deferred Tax Liabilities, Goodwill and Intangible Assets [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Changes In The Carrying Value Of Goodwill | ' | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||
(Dollars in | ||||||||||||||||||||||||
Thousands) | ||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 498,261 | ||||||||||||||||||||||
Currency translation effect | (1,188 | ) | ||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 497,073 | ||||||||||||||||||||||
Schedule Of Intangible Assets With Determinable Useful Lives By Major Category | ' | |||||||||||||||||||||||
As of December 31, 2012 | As of September 30, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||
Trade name | 7,900 | (2,870 | ) | 5,030 | 7,900 | (3,676 | ) | 4,224 | ||||||||||||||||
Technological know-how | 43,349 | (12,554 | ) | 30,795 | 43,349 | (17,075 | ) | 26,274 | ||||||||||||||||
Customer –related | 110,798 | (31,233 | ) | 79,565 | 110,798 | (41,324 | ) | 69,474 | ||||||||||||||||
intangible | ||||||||||||||||||||||||
Total finite-lived | $ | 162,047 | $ | (46,657 | ) | $ | 115,390 | $ | 162,047 | $ | (62,075 | ) | $ | 99,972 | ||||||||||
intangible assets | ||||||||||||||||||||||||
LongTerm_Debt_And_Liquidity_Ta
Long-Term Debt And Liquidity (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Long-term Debt and Capital Lease Obligations [Abstract] | ' | |||||||
Schedule Of Long-Term Debt | ' | |||||||
As of December 31, 2012 | As of September 30, 2013 | |||||||
(Dollars in thousands) | ||||||||
Revolving Facility | $ | 69,500 | $ | 85,000 | ||||
Senior Notes | 300,000 | 300,000 | ||||||
Senior Subordinated Notes | 164,183 | 172,729 | ||||||
Other debt | 2,026 | 1,914 | ||||||
Total | $ | 535,709 | $ | 559,643 | ||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule Of Inventories | ' | |||||||
As of December 31, 2012 | As of | |||||||
September 30, | ||||||||
2013 | ||||||||
(Dollars in thousands) | ||||||||
Inventories: | ||||||||
Raw materials and supplies | $ | 230,057 | $ | 202,161 | ||||
Work in process | 213,948 | 241,096 | ||||||
Finished goods | 73,293 | 87,381 | ||||||
517,298 | 530,638 | |||||||
Reserves | (4,233 | ) | (11,627 | ) | ||||
Total | $ | 513,065 | $ | 519,011 | ||||
Interest_Expense_Tables
Interest Expense (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Interest and Debt Expense [Abstract] | ' | |||||||||||||||
Schedule Of Interest Expense | ' | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Interest incurred on debt | $ | 2,577 | $ | 5,372 | $ | 6,100 | $ | 16,255 | ||||||||
Amortization of discount on Senior Subordinated Notes | 2,707 | 2,897 | 7,987 | 8,546 | ||||||||||||
Amortization of debt issuance costs | 427 | 729 | 1,197 | 1,872 | ||||||||||||
Supply Chain Financing mark-up | 128 | 100 | 449 | 380 | ||||||||||||
Total interest expense | $ | 5,839 | $ | 9,098 | $ | 15,733 | $ | 27,053 | ||||||||
Contingencies_Tables
Contingencies (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Loss Contingency [Abstract] | ' | |||
Schedule Of Product Warranties Accrual | ' | |||
Balance as of December 31, 2012 | $ | 1,485 | ||
Product warranty adjustments | 804 | |||
Payments and settlements | (827 | ) | ||
Balance as of September 30, 2013 | $ | 1,462 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Summary Of Provision For Income Taxes | ' | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2013 | 2012 | 2013 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Tax expense (benefit) | $ | 6,478 | $ | (9,216 | ) | $ | 10,966 | $ | (5,458 | ) | ||||||
Pretax income (loss) | $ | 36,104 | $ | (16,846 | ) | $ | 99,968 | $ | (4,496 | ) | ||||||
Effective tax rates | 17.9 | % | 54.7 | % | 11 | % | 121.4 | % |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | |||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Location | Fair Value | Location | Fair Value | |||||||||
As of December 31, 2012 | (Dollars in Thousands) | |||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives | Other receivables | $ | 1,062 | Other payables | $ | 2,374 | ||||||
Commodity derivative contracts | Other current assets | — | Other current liabilities | 31 | ||||||||
Total fair value | $ | 1,062 | $ | 2,405 | ||||||||
As of September 30, 2013 | ||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives | Other receivables | $ | 683 | Other payables | $ | 2,246 | ||||||
Commodity derivative contracts | Other current assets | 319 | Other current liabilities | 26 | ||||||||
Total fair value | $ | 1,002 | $ | 2,272 | ||||||||
Schedule Of Fair Value Of Derivatives Designated As Fair Value Hedges | ' | |||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Location | Fair Value | Location | Fair Value | |||||||||
As of December 31, 2012 | (Dollars in Thousands) | |||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Other receivables | $ | 242 | Other payables | $ | — | ||||||
Total fair value | $ | 242 | $ | — | ||||||||
As of September 30, 2013 | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Other receivables | $ | 346 | Other payables | $ | 285 | ||||||
Total fair value | $ | 346 | $ | 285 | ||||||||
Schedule Of Realized (Gains) Losses On Derivatives Recognized In Statement Of Income | ' | |||||||||||
Amount of (Gain)/Loss | ||||||||||||
Recognized (Effective | ||||||||||||
Portion) | ||||||||||||
Nine Months Ended September 30, | Location of (Gain)/Loss Reclassified from Other Comprehensive Income (Effective Portion) | 2012 | 2013 | |||||||||
(Dollars in Thousands) | ||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives, excluding tax | Cost of goods sold/Other expense / (income) / Revenue | $ | (4,706 | ) | $ | 38 | ||||||
of $471 and ($4), respectively | ||||||||||||
Commodity forward derivatives, excluding | Cost of goods sold / Revenue | $ | (8,518 | ) | $ | 591 | ||||||
tax of $3,084 and ($214), respectively | ||||||||||||
Amount of (Gain)/Loss | ||||||||||||
Recognized | ||||||||||||
Nine Months Ended September 30, | Location of (Gain)/Loss Recognized in the Consolidated Statement of Income | 2012 | 2013 | |||||||||
(Dollars in thousands) | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Cost of goods sold/Other expense (income) | $ | 297 | $ | (912 | ) | ||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Consolidating Financials [Abstract] | ' | ||||||||||||||||||||
Schedule of Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 4,425 | $ | 12,892 | $ | — | $ | 17,317 | |||||||||||
Accounts receivable - affiliates | 26,399 | 38,116 | 29,177 | (93,692 | ) | — | |||||||||||||||
Accounts receivable - trade | — | 78,053 | 158,376 | — | 236,429 | ||||||||||||||||
Inventories | — | 159,217 | 353,848 | — | 513,065 | ||||||||||||||||
Prepaid and other current assets | — | 13,681 | 42,509 | — | 56,190 | ||||||||||||||||
Total current assets | 26,399 | 293,492 | 596,802 | (93,692 | ) | 823,001 | |||||||||||||||
Investment in affiliates | 1,728,316 | 868,063 | — | (2,596,379 | ) | — | |||||||||||||||
Property, plant and equipment | — | 523,818 | 310,089 | — | 833,907 | ||||||||||||||||
Deferred income taxes | — | — | 6,157 | — | 6,157 | ||||||||||||||||
Goodwill | — | 293,162 | 205,099 | — | 498,261 | ||||||||||||||||
Notes receivable - affiliate | 66,869 | 22,413 | — | (89,282 | ) | — | |||||||||||||||
Other assets | 5,218 | 65,269 | 66,102 | — | 136,589 | ||||||||||||||||
Total Assets | $ | 1,826,802 | $ | 2,066,217 | $ | 1,184,249 | $ | (2,779,353 | ) | $ | 2,297,915 | ||||||||||
LIABILITIES AND | |||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable - affiliate | $ | — | $ | 55,349 | $ | 38,343 | $ | (93,692 | ) | $ | — | ||||||||||
Accounts payable - trade | 273 | 33,126 | 94,721 | — | 128,120 | ||||||||||||||||
Short-term debt | — | 171 | 8,255 | — | 8,426 | ||||||||||||||||
Accrued income and other taxes | 597 | 3,948 | 26,378 | — | 30,923 | ||||||||||||||||
Supply chain financing liability | — | — | 26,962 | — | 26,962 | ||||||||||||||||
Other accrued liabilities | 2,178 | 15,597 | 33,178 | — | 50,953 | ||||||||||||||||
Total current liabilities | 3,048 | 108,191 | 227,837 | (93,692 | ) | 245,384 | |||||||||||||||
Long-term debt - affiliate | — | 66,869 | 22,413 | (89,282 | ) | — | |||||||||||||||
Long-term debt - third party | 464,183 | 70,190 | 1,336 | — | 535,709 | ||||||||||||||||
Other long-term obligations | — | 86,026 | 38,979 | — | 125,005 | ||||||||||||||||
Deferred income taxes | 9,720 | 6,625 | 25,621 | — | 41,966 | ||||||||||||||||
Stockholders' equity | 1,349,851 | 1,728,316 | 868,063 | (2,596,379 | ) | 1,349,851 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,826,802 | $ | 2,066,217 | $ | 1,184,249 | $ | (2,779,353 | ) | $ | 2,297,915 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
As of September 30,2013 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 4,184 | $ | 7,286 | $ | — | $ | 11,470 | |||||||||||
Accounts receivable - affiliates | 43,145 | 33,813 | 22,225 | (99,183 | ) | — | |||||||||||||||
Accounts receivable - trade | — | 63,726 | 141,701 | — | 205,427 | ||||||||||||||||
Inventories | — | 164,058 | 354,953 | — | 519,011 | ||||||||||||||||
Prepaid and other current assets | — | 29,226 | 40,210 | — | 69,436 | ||||||||||||||||
Total current assets | 43,145 | 295,007 | 566,375 | (99,183 | ) | 805,344 | |||||||||||||||
Investment in affiliates | 1,734,786 | 864,370 | — | (2,599,156 | ) | — | |||||||||||||||
Property, plant and equipment | — | 533,083 | 313,118 | — | 846,201 | ||||||||||||||||
Deferred income taxes | — | — | 7,463 | — | 7,463 | ||||||||||||||||
Goodwill | — | 293,163 | 203,910 | — | 497,073 | ||||||||||||||||
Notes receivable - affiliate | 59,853 | 22,413 | — | (82,266 | ) | — | |||||||||||||||
Other assets | 4,921 | 56,162 | 58,457 | — | 119,540 | ||||||||||||||||
Total Assets | $ | 1,842,705 | $ | 2,064,198 | $ | 1,149,323 | $ | (2,780,605 | ) | $ | 2,275,621 | ||||||||||
LIABILITIES AND | |||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable - affiliate | $ | 19 | $ | 65,349 | $ | 33,815 | $ | (99,183 | ) | $ | — | ||||||||||
Accounts payable - trade | 35 | 40,321 | 63,163 | — | 103,519 | ||||||||||||||||
Short-term debt | — | 174 | 4,170 | — | 4,344 | ||||||||||||||||
Accrued income and other taxes | 4,235 | 2,781 | 20,798 | — | 27,814 | ||||||||||||||||
Rationalizations | — | 1,951 | 12,178 | — | 14,129 | ||||||||||||||||
Supply chain financing liability | — | — | 12,540 | — | 12,540 | ||||||||||||||||
Other accrued liabilities | 7,225 | 14,432 | 31,296 | — | 52,953 | ||||||||||||||||
Total current liabilities | 11,514 | 125,008 | 177,960 | (99,183 | ) | 215,299 | |||||||||||||||
Long-term debt - affiliate | — | 59,853 | 22,413 | (82,266 | ) | — | |||||||||||||||
Long-term debt - third party | 472,729 | 63,558 | 23,356 | — | 559,643 | ||||||||||||||||
Other long-term obligations | — | 80,316 | 37,531 | — | 117,847 | ||||||||||||||||
Deferred income taxes | 9,720 | 677 | 23,693 | — | 34,090 | ||||||||||||||||
Stockholders' equity | 1,348,742 | 1,734,786 | 864,370 | (2,599,156 | ) | 1,348,742 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,842,705 | $ | 2,064,198 | $ | 1,149,323 | $ | (2,780,605 | ) | $ | 2,275,621 | ||||||||||
Schedule of Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Sales - affiliates | $ | — | $ | 41,160 | $ | 53,579 | $ | (94,739 | ) | $ | — | ||||||||||
Sales - third party | — | 140,927 | 179,789 | — | 320,716 | ||||||||||||||||
Net sales | — | 182,087 | 233,368 | (94,739 | ) | 320,716 | |||||||||||||||
Cost of sales | — | 151,181 | 184,288 | (94,739 | ) | 240,730 | |||||||||||||||
Gross profit | — | 30,906 | 49,080 | — | 79,986 | ||||||||||||||||
Research and development | — | 2,778 | — | — | 2,778 | ||||||||||||||||
Selling and administrative expenses | — | 13,994 | 19,651 | — | 33,645 | ||||||||||||||||
Operating income | — | 14,134 | 29,429 | — | 43,563 | ||||||||||||||||
Other expense (income), net | — | 480 | 1,173 | — | 1,653 | ||||||||||||||||
Interest expense - affiliate | 1,330 | — | 192 | (1,522 | ) | — | |||||||||||||||
Interest expense - third party | 2,707 | 2,468 | 664 | — | 5,839 | ||||||||||||||||
Interest income - affiliate | — | (1,522 | ) | — | 1,522 | — | |||||||||||||||
Interest income - third party | — | — | (33 | ) | — | (33 | ) | ||||||||||||||
(Loss) income before income taxes | (4,037 | ) | 12,708 | 27,433 | — | ` | 36,104 | ||||||||||||||
(Benefit) provision for income taxes | (1,464 | ) | 3,011 | 4,931 | — | 6,478 | |||||||||||||||
Equity in earnings of subsidiary | 32,199 | 22,502 | — | (54,701 | ) | — | |||||||||||||||
Net income | $ | 29,626 | $ | 32,199 | $ | 22,502 | $ | (54,701 | ) | $ | 29,626 | ||||||||||
Statements of | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Net income | $ | 29,626 | $ | 32,199 | $ | 22,502 | $ | (54,701 | ) | $ | 29,626 | ||||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation | 712 | — | 712 | (712 | ) | 712 | |||||||||||||||
Commodities and foreign | (3,952 | ) | (1,064 | ) | (2,888 | ) | 3,952 | (3,952 | ) | ||||||||||||
currency derivatives | |||||||||||||||||||||
Other comprehensive (loss) income | (3,240 | ) | (1,064 | ) | (2,176 | ) | 3,240 | (3,240 | ) | ||||||||||||
Comprehensive income (loss) | $ | 26,386 | $ | 31,135 | $ | 20,326 | $ | (51,461 | ) | $ | 26,386 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Sales - affiliates | $ | — | $ | 57,727 | $ | 39,196 | $ | (96,923 | ) | $ | — | ||||||||||
Sales - third party | — | 122,360 | 180,724 | — | 303,084 | ||||||||||||||||
Net sales | — | 180,087 | 219,920 | (96,923 | ) | 303,084 | |||||||||||||||
Cost of sales | — | 155,803 | 207,560 | (96,923 | ) | 266,440 | |||||||||||||||
Gross profit | — | 24,284 | 12,360 | — | 36,644 | ||||||||||||||||
Research and development | — | 2,994 | — | — | 2,994 | ||||||||||||||||
Selling and administrative expenses | — | 9,751 | 17,875 | — | 27,626 | ||||||||||||||||
Rationalizations | — | 2,424 | 12,169 | — | 14,593 | ||||||||||||||||
Operating income | — | 9,115 | (17,684 | ) | — | (8,569 | ) | ||||||||||||||
Other expense, net | — | (1,476 | ) | 704 | — | (772 | ) | ||||||||||||||
Interest expense - affiliate | — | 279 | 190 | (469 | ) | — | |||||||||||||||
Interest expense - third party | 7,849 | 779 | 470 | — | 9,098 | ||||||||||||||||
Interest income - affiliate | (272 | ) | (189 | ) | (8 | ) | 469 | — | |||||||||||||
Interest income - third party | — | — | (49 | ) | — | (49 | ) | ||||||||||||||
(Loss) income before income taxes | (7,577 | ) | 9,722 | (18,991 | ) | — | ` | (16,846 | ) | ||||||||||||
Provision (benefit) for income taxes | (2,743 | ) | 1,904 | (8,377 | ) | — | (9,216 | ) | |||||||||||||
Equity in earnings of subsidiary | (2,796 | ) | (10,614 | ) | — | 13,410 | — | ||||||||||||||
Net income (loss) | $ | (7,630 | ) | $ | (2,796 | ) | $ | (10,614 | ) | $ | 13,410 | $ | (7,630 | ) | |||||||
Statements of | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Net income (loss) | $ | (7,630 | ) | $ | (2,796 | ) | $ | (10,614 | ) | $ | 13,410 | $ | (7,630 | ) | |||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation | 5,230 | — | 5,230 | (5,230 | ) | 5,230 | |||||||||||||||
Commodities and foreign | 476 | 1,814 | (1,338 | ) | (476 | ) | 476 | ||||||||||||||
currency derivatives | |||||||||||||||||||||
Other comprehensive income (loss) | 5,706 | 1,814 | 3,892 | (5,706 | ) | 5,706 | |||||||||||||||
Comprehensive income (loss) | $ | (1,924 | ) | $ | (982 | ) | $ | (6,722 | ) | $ | 7,704 | $ | (1,924 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Sales - affiliates | $ | — | $ | 140,247 | $ | 158,843 | $ | (299,090 | ) | $ | — | ||||||||||
Sales - third party | — | 407,108 | 470,157 | — | 877,265 | ||||||||||||||||
Net sales | — | 547,355 | 629,000 | (299,090 | ) | 877,265 | |||||||||||||||
Cost of sales | — | 459,963 | 485,098 | (299,090 | ) | 645,971 | |||||||||||||||
Gross profit | — | 87,392 | 143,902 | — | 231,294 | ||||||||||||||||
Research and development | — | 9,919 | — | — | 9,919 | ||||||||||||||||
Selling and administrative expenses | — | 46,992 | 60,236 | — | 107,228 | ||||||||||||||||
Operating income | — | 30,481 | 83,666 | — | 114,147 | ||||||||||||||||
Other (income) expense, net | — | (2,002 | ) | 626 | — | (1,376 | ) | ||||||||||||||
Interest expense - affiliate | 3,094 | — | 394 | (3,488 | ) | — | |||||||||||||||
Interest expense - third party | 7,987 | 6,154 | 1,592 | — | 15,733 | ||||||||||||||||
Interest income - affiliate | — | (3,488 | ) | — | 3,488 | — | |||||||||||||||
Interest income - third party | — | — | (178 | ) | — | (178 | ) | ||||||||||||||
(Loss) income before income taxes | (11,081 | ) | 29,817 | 81,232 | — | ` | 99,968 | ||||||||||||||
(Benefit) provision for income taxes | (4,022 | ) | 1,492 | 13,496 | — | 10,966 | |||||||||||||||
Equity in earnings of subsidiary | 96,062 | 67,736 | — | (163,798 | ) | — | |||||||||||||||
Net income | $ | 89,003 | $ | 96,061 | $ | 67,736 | $ | (163,798 | ) | $ | 89,002 | ||||||||||
Statements of | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Net income | $ | 89,003 | $ | 96,061 | $ | 67,736 | $ | (163,798 | ) | $ | 89,002 | ||||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation | (11,963 | ) | — | (11,963 | ) | 11,963 | (11,963 | ) | |||||||||||||
Commodities and foreign | (8,758 | ) | (5,878 | ) | (2,880 | ) | 8,758 | (8,758 | ) | ||||||||||||
currency derivatives | |||||||||||||||||||||
Other comprehensive (loss) income | (20,721 | ) | (5,878 | ) | (14,843 | ) | 20,721 | (20,721 | ) | ||||||||||||
Comprehensive income (loss) | $ | 68,282 | $ | 90,183 | $ | 52,893 | $ | (143,077 | ) | $ | 68,281 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Sales - affiliates | $ | — | $ | 155,673 | $ | 111,835 | $ | (267,508 | ) | $ | — | ||||||||||
Sales - third party | — | 348,148 | 510,024 | — | 858,172 | ||||||||||||||||
Net sales | — | 503,821 | 621,859 | (267,508 | ) | 858,172 | |||||||||||||||
Cost of sales | — | 431,146 | 560,419 | (267,508 | ) | 724,057 | |||||||||||||||
Gross profit | — | 72,675 | 61,440 | — | 134,115 | ||||||||||||||||
Research and development | — | 8,874 | — | — | 8,874 | ||||||||||||||||
Selling and administrative expenses | — | 32,833 | 54,667 | — | 87,500 | ||||||||||||||||
Rationalizations | — | 2,424 | 12,169 | — | 14,593 | ||||||||||||||||
Operating income | — | 28,544 | (5,396 | ) | — | 23,148 | |||||||||||||||
Other (income) expense, net | — | (762 | ) | 1,515 | — | 753 | |||||||||||||||
Interest expense - affiliate | — | 1,112 | 566 | (1,678 | ) | — | |||||||||||||||
Interest expense - third party | 23,393 | 2,374 | 1,286 | — | 27,053 | ||||||||||||||||
Interest income - affiliate | (982 | ) | (565 | ) | (131 | ) | 1,678 | — | |||||||||||||
Interest income - third party | — | — | (162 | ) | — | (162 | ) | ||||||||||||||
(Loss) income before income taxes | (22,411 | ) | 26,385 | (8,470 | ) | — | ` | (4,496 | ) | ||||||||||||
(Benefit) provision for income taxes | (8,113 | ) | 6,922 | (4,267 | ) | — | (5,458 | ) | |||||||||||||
Equity in earnings of subsidiary | 15,260 | (4,203 | ) | — | (11,057 | ) | — | ||||||||||||||
Net income | $ | 962 | $ | 15,260 | $ | (4,203 | ) | $ | (11,057 | ) | $ | 962 | |||||||||
Statements of | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Net income | $ | 962 | $ | 15,260 | $ | (4,203 | ) | $ | (11,057 | ) | $ | 962 | |||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation | (11,902 | ) | — | (11,902 | ) | 11,902 | (11,902 | ) | |||||||||||||
Commodities and foreign | 683 | 997 | (314 | ) | (683 | ) | 683 | ||||||||||||||
currency derivatives | |||||||||||||||||||||
Other comprehensive (loss) income | (11,219 | ) | 997 | (12,216 | ) | 11,219 | (11,219 | ) | |||||||||||||
Comprehensive (loss) income | $ | (10,257 | ) | $ | 16,257 | $ | (16,419 | ) | $ | 162 | $ | (10,257 | ) | ||||||||
Schedule of Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net cash provided by (used in) | $ | 19,596 | $ | 5,567 | $ | (11,557 | ) | $ | — | $ | 13,606 | ||||||||||
operating activities: | |||||||||||||||||||||
Cash flow from investing activities: | |||||||||||||||||||||
(Loans to) repayments from affiliates | — | (93,142 | ) | — | 93,142 | — | |||||||||||||||
Capital expenditures | — | (66,195 | ) | (26,632 | ) | — | (92,827 | ) | |||||||||||||
Proceeds from derivative instruments | — | 3,344 | 3,463 | — | 6,807 | ||||||||||||||||
Other | — | 8 | 113 | — | 121 | ||||||||||||||||
Net cash (used in) provided by | — | (155,985 | ) | (23,056 | ) | 93,142 | (85,899 | ) | |||||||||||||
investing activities | |||||||||||||||||||||
Cash flow from financing activities: | |||||||||||||||||||||
Loans from (repayments to) affiliates | 82,471 | — | 10,671 | (93,142 | ) | — | |||||||||||||||
Short-term debt borrowings | — | (7,494 | ) | (6,495 | ) | — | (13,989 | ) | |||||||||||||
Revolving Facility borrowings | — | 220,000 | 123,000 | — | 343,000 | ||||||||||||||||
Revolving Facility reductions | — | (60,000 | ) | (85,000 | ) | — | (145,000 | ) | |||||||||||||
Principal payments on long term debt | — | (128 | ) | (54 | ) | — | (182 | ) | |||||||||||||
Supply chain financing | — | — | (3,719 | ) | — | (3,719 | ) | ||||||||||||||
Proceeds from exercise of stock options | 92 | — | — | — | 92 | ||||||||||||||||
Purchase of treasury shares | (103,056 | ) | — | — | — | (103,056 | ) | ||||||||||||||
Other | 531 | (430 | ) | (643 | ) | — | (542 | ) | |||||||||||||
Net cash (used in) provided by | (19,962 | ) | 151,948 | 37,760 | (93,142 | ) | 76,604 | ||||||||||||||
financing activities | |||||||||||||||||||||
Net (decrease) increase in cash | (366 | ) | 1,530 | 3,147 | — | 4,311 | |||||||||||||||
and cash equivalents | |||||||||||||||||||||
Effect of exchange rate changes | — | — | (547 | ) | — | (547 | ) | ||||||||||||||
on cash and cash equivalents | |||||||||||||||||||||
Cash and cash equivalents at | 366 | 3,503 | 8,560 | — | 12,429 | ||||||||||||||||
beginning of period | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 5,033 | $ | 11,160 | $ | — | $ | 16,193 | |||||||||||
at end of period | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net cash provided by (used in) | $ | (5,857 | ) | $ | 50,244 | $ | 20,791 | $ | — | $ | 65,178 | ||||||||||
operating activities: | |||||||||||||||||||||
Cash flow from investing activities: | |||||||||||||||||||||
Loan repayments from affiliates | 7,015 | — | — | (7,015 | ) | — | |||||||||||||||
Capital expenditures | — | (37,081 | ) | (25,617 | ) | — | (62,698 | ) | |||||||||||||
(Payments on) proceeds from derivatives | — | (22 | ) | 874 | — | 852 | |||||||||||||||
Other | — | 280 | 2,053 | — | 2,333 | ||||||||||||||||
Net cash provided by (used in) | 7,015 | (36,823 | ) | (22,690 | ) | (7,015 | ) | (59,513 | ) | ||||||||||||
investing activities | |||||||||||||||||||||
Cash flow from financing activities: | |||||||||||||||||||||
Loans repayments to affiliates | — | (7,015 | ) | — | 7,015 | — | |||||||||||||||
Short-term debt borrowings | — | — | (4,082 | ) | — | (4,082 | ) | ||||||||||||||
Revolving Facility borrowings | — | 67,000 | 67,000 | — | 134,000 | ||||||||||||||||
Revolving Facility reductions | — | (73,500 | ) | (45,000 | ) | — | (118,500 | ) | |||||||||||||
Principal payments on long term debt | — | (131 | ) | (58 | ) | — | (189 | ) | |||||||||||||
Supply chain financing | — | — | (14,422 | ) | — | (14,422 | ) | ||||||||||||||
Proceeds from exercise of stock options | 175 | — | — | — | 175 | ||||||||||||||||
Purchase of treasury shares | (844 | ) | — | — | — | (844 | ) | ||||||||||||||
Other | (489 | ) | (16 | ) | (6,701 | ) | — | (7,206 | ) | ||||||||||||
Net cash (used in) provided by | (1,158 | ) | (13,662 | ) | (3,263 | ) | 7,015 | (11,068 | ) | ||||||||||||
financing activities | |||||||||||||||||||||
Net (decrease) increase in cash | — | (241 | ) | (5,162 | ) | — | (5,403 | ) | |||||||||||||
and cash equivalents | |||||||||||||||||||||
Effect of exchange rate changes | — | — | (444 | ) | — | (444 | ) | ||||||||||||||
on cash and cash equivalents | |||||||||||||||||||||
Cash and cash equivalents at | — | 4,425 | 12,892 | — | 17,317 | ||||||||||||||||
beginning of period | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 4,184 | $ | 7,286 | $ | — | $ | 11,470 | |||||||||||
at end of period | |||||||||||||||||||||
Organization_And_Summary_Of_Si2
Organization And Summary Of Significant Accounting Policies Organization and Basis of Presentation (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 |
Prior year errors identified in the current year [Abstract] | ' | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | $2,900 | $2,700 |
Quantifying Misstatement of Current Year Financial Statements, Amount Net of Tax | $1,900 | $1,800 |
Rationalizations_Details
Rationalizations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Rationalization Liability [Abstract] | ' | ' | ' | ' | ' |
Restructuring and Related Liability | $14,129,000 | ' | $14,129,000 | ' | $0 |
Restructuring Charges | 14,593,000 | 0 | 14,593,000 | 0 | ' |
Restructuring Reserve, Accrual Adjustment | ' | ' | 0 | ' | ' |
Payments for Restructuring | ' | ' | -464,000 | ' | ' |
Restructuring Reserve, Translation Adjustment | ' | ' | $0 | ' | ' |
Rationalizations_Rationalizati
Rationalizations Rationalization Text (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
metric_tons | ||||
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' |
Estimated Reduction in Capacity | ' | ' | 60,000 | ' |
Restructuring and Related Cost, Incurred Cost | $14,593,000 | $0 | $14,593,000 | $0 |
Restructuring and Related Cost, Expected Cost | ' | ' | 105,000,000 | ' |
Restructuring and Related Cost, Expected Number of Positions Eliminated | ' | ' | 600 | ' |
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | 20.00% | ' | ' | ' |
Restructuring and related - expected cash outlays | ' | ' | 30,000,000 | ' |
Expected Rationalization Charges For Following Year | ' | ' | 75,000,000 | ' |
Restructuring Charges | 17,547,000 | ' | ' | ' |
Rationalization Charges Expected in Next Quarter | ' | ' | 51,000,000 | ' |
Restructuring Reserve, Accelerated Depreciation | 1,323,000 | ' | ' | ' |
Restructuring and related charges to inventory | $2,000,000 | ' | ' | ' |
Rationalizations_Rationalizati1
Rationalizations Rationalization Costs Incurred (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | $14,593,000 | $0 | $14,593,000 | $0 |
Restructuring Reserve, Accelerated Depreciation | 1,323,000 | ' | ' | ' |
Restructuring and related charges to inventory | 2,000,000 | ' | ' | ' |
Restructuring Charges | $17,547,000 | ' | ' | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation | $2,200,000 | $1,700,000 | $5,938,000 | $8,096,000 |
Compensation cost related to non-vested restricted stock, performance shares and stock options not yet recognized | 11,900,000 | ' | 11,900,000 | ' |
Compensation cost related to non-vested restricted stock, performance shares and stock options not yet recognized, weighted average life, in years | ' | ' | '1 year 4 months | ' |
Selling And Administrative Expenses [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation | $2,000,000 | $1,600,000 | $5,400,000 | $7,300,000 |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule Of Restricted Stock And Performance Share Awards Activity) (Details) (Restricted Stock And Performance Shares [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock And Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding unvested as of January 1, 2013 | 1,851,919 |
Number of Shares, Granted | 96,942 |
Number of Shares, Vested | -363,325 |
Number of Shares, Forfeited/canceled/expired | -232,374 |
Outstanding unvested as of September 30, 2013 | 1,353,162 |
Outstanding unvested as of January 1, 2013 | $13.30 |
Weighted-Average Grant Date Fair Value, Granted | $8.80 |
Weighted-Average Grant Date Fair Value, Vested | $15.82 |
Weighted-Average Grant Date Fair Value, Forfeited/canceled/expired | $16.88 |
Outstanding unvested as of September 30, 2013 | $11.69 |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule Of Stock Option Activity Under The Plans) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding unvested as of September 30, 2013 | 1,629,213 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding unvested as of January 1, 2013 | 1,730,149 |
Number of Shares, Granted | 5,200 |
Number of Shares, Forfeited/canceled/expired | -65,401 |
Number of Shares, Exercised | -40,735 |
Outstanding as of January 1, 2013 | $12.35 |
Weighted-Average Exercise Price, Granted | $9.74 |
Weighted-Average Exercise Price, Forfeited/canceled/expired | $4.29 |
Weighted-Average Exercise Price, Exercised | $14.51 |
Outstanding as of September 30, 2013 | $12.46 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average common shares outstanding for basic calculation | 135,134,144 | 134,347,199 | 134,948,507 | 139,938,771 |
Add: Effect of stock options and restricted stock | 196,914 | 653,466 | 173,107 | 625,907 |
Weighted average common shares outstanding for diluted calculation | 135,331,058 | 135,000,665 | 135,121,614 | 140,564,678 |
Shares which exclude consideration of stock options in calculation of diluted shares outstanding | 1,529,000 | ' | 862,977 | 863,000 |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Financial Information Concerning Reportable Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | $303,084 | $320,716 | $858,172 | $877,265 |
Total segment operating income (loss) | -8,569 | 43,563 | 23,148 | 114,147 |
Other expense (income), net | -772 | 1,653 | 753 | -1,376 |
Interest expense | 9,098 | 5,839 | 27,053 | 15,733 |
Interest income | -49 | -33 | -162 | -178 |
Income before provision for income taxes | -16,846 | 36,104 | -4,496 | 99,968 |
Industrial Materials [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | 233,277 | 260,180 | 673,394 | 715,461 |
Total segment operating income (loss) | -12,945 | 37,301 | 10,663 | 104,103 |
Engineered Solutions [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | 69,807 | 60,536 | 184,778 | 161,804 |
Total segment operating income (loss) | $4,376 | $6,262 | $12,485 | $10,044 |
Other_Expense_Income_Net_Detai
Other Expense (Income), Net (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
Other Nonoperating Income (Expense) [Abstract] | ' |
Insurance recoveries | $4,007 |
Benefit_Plans_Schedule_Of_Bene
Benefit Plans (Schedule Of Benefit Plans) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Costs [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $489 | $426 | $1,467 | $1,278 |
Interest cost | 1,985 | 2,150 | 5,955 | 6,450 |
Expected return on plan assets | -1,706 | -2,195 | -5,118 | -6,585 |
Amortization of prior service cost/benefit | 6 | 6 | 18 | 18 |
Net cost | 774 | 387 | 2,322 | 1,161 |
Postretirement Costs [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 28 | 46 | 84 | 138 |
Interest cost | 331 | 381 | 993 | 1,143 |
Amortization of prior service cost/benefit | -50 | -49 | -150 | -147 |
Plan amendment | 0 | 0 | 0 | 1,147 |
Net cost | $309 | $378 | $927 | $2,281 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Deferred Tax Liabilities, Goodwill and Intangible Assets [Abstract] | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $14.40 | ' | $14.40 | ' |
Amortization expense of intangible assets | 5 | 5.6 | 15.4 | 16.7 |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 5.1 | ' | 5.1 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 19 | ' | 19 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 17.3 | ' | 17.3 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | $13.20 | ' | $13.20 | ' |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Schedule Of Changes In The Carrying Value Of Goodwill) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Deferred Tax Liabilities, Goodwill and Intangible Assets [Abstract] | ' |
Balance as of December 31, 2012 | $498,261 |
Currency translation effect | -1,188 |
Balance as of September 30, 2013 | $497,073 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets With Determinable Useful Lives By Major Category) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | $162,047 | $162,047 |
Accumulated Amortization | -62,075 | -46,657 |
Net Carrying Amount | 99,972 | 115,390 |
Trade Name [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 7,900 | 7,900 |
Accumulated Amortization | 3,676 | 2,870 |
Net Carrying Amount | 4,224 | 5,030 |
Technological Know-How [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 43,349 | 43,349 |
Accumulated Amortization | 17,075 | 12,554 |
Net Carrying Amount | 26,274 | 30,795 |
Customer-Related Intangible [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 110,798 | 110,798 |
Accumulated Amortization | 41,324 | 31,233 |
Net Carrying Amount | $69,474 | $79,565 |
LongTerm_Debt_And_Liquidity_Na
Long-Term Debt And Liquidity (Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 20, 2012 | Sep. 30, 2013 | Nov. 20, 2012 | Nov. 30, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | |
Minimum [Member] | Maximum [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | |||
Minimum [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | ' | $546,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 559,643,000 | 535,709,000 | ' | ' | 300,000,000 | 300,000,000 | ' | ' | ' | ' | 172,729,000 | 164,183,000 |
Repurchase Percentage Price Of Aggregate Principal Due To Change In Control | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' |
Interest rate description | 'LIBOR plus a margin ranging from 1.5% to 2.25% (depending on our total net leverage ratio and/or senior unsecured rating) or, in the case of dollar denominated loans, the alternate base rate plus a margin ranging from 0.50% to 1.25% (depending upon such ratio or rating). The alternate base rate is the highest of (i)B the prime rate announced by JPMorgan Chase Bank, N.A., (ii)B the federal fund effective rate plus one-half of 1.0% and (iii)B the London interbank offering rate (as adjusted) for a one-month period plus 1.0%. GrafTech Finance, Luxembourg Holdco and Swissco pay a per annum fee ranging from 0.25% to 0.40% (depending on such ratio or rating) on the undrawn portion of the commitments under the Revolving Facility. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR plus margin percentage | ' | ' | 1.50% | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Alternate base rate plus margin percentage | ' | ' | 0.50% | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Addition to federal effective fund rate to determine base rate | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of one-month interest rate plus London interbank offering rate | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per annum fee by GrafTech Finance and Swissco | ' | ' | 0.25% | 0.40% | ' | ' | ' | ' | ' | ' | ' | ' |
Financial covenants, minimum interest coverage ratio | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial covenants, maximum net senior secured leverage ratio | 2.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt issued in connection with acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' |
Debt instruments maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2015 | ' | ' |
Senior Subordinated Notes interest rate | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' |
Loan balance, net of unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 172,700,000 | 164,200,000 |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.38% | ' | ' | ' | ' | ' | 6.38% | ' | ' | ' | ' | ' |
Redemption Price Percentage Of Principal Prior To November 15, 2016 | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Aggregate Principal Redemption Percentage Price Prior To November 15, 2015 | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' |
Redemption Price Percentage Of Principal Prior To November 15, 2015 | ' | ' | ' | ' | ' | ' | 106.38% | ' | ' | ' | ' | ' |
Unpaid Indebtness After Maturity Or Acceleration | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' |
Unpaid Judgment Or Decree | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' |
LongTerm_Debt_And_Liquidity_Sc
Long-Term Debt And Liquidity (Schedule Of Long-Term Debt) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Revolving Facility | $85,000 | $69,500 |
Total | 559,643 | 535,709 |
Senior Subordinated Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | 172,729 | 164,183 |
Other Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | $1,914 | $2,026 |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and supplies | $202,161 | $230,057 |
Work in process | 241,096 | 213,948 |
Finished goods | 87,381 | 73,293 |
Inventories, gross | 530,638 | 517,298 |
Reserves | -11,627 | -4,233 |
Inventories, net | $519,011 | $513,065 |
Interest_Expense_Details
Interest Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest and Debt Expense [Abstract] | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.38% | ' | 6.38% | ' |
Interest incurred on debt | $5,372 | $2,577 | $16,255 | $6,100 |
Amortization of discount on Senior Subordinated Notes | 2,897 | 2,707 | 8,546 | 7,987 |
Amortization of debt issuance costs | 729 | 427 | 1,872 | 1,197 |
Supply Chain Financing mark-up | 100 | 128 | 380 | 449 |
Total interest expense | $9,098 | $5,839 | $27,053 | $15,733 |
Effective interest rate, revolving credit facility | ' | ' | 2.18% | 2.21% |
Senior Subordinated Notes implied rate | ' | ' | 7.00% | ' |
Supply_Chain_Financing_Details
Supply Chain Financing (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Supply Chain Financing [Abstract] | ' | ' | ' | ' | ' |
Supply chain financing liability | $12,540,000 | ' | $12,540,000 | ' | $26,962,000 |
Supply Chain Financing Mark Up | 100,000 | 128,000 | 380,000 | 449,000 | ' |
Maximum amount owing to financing party | ' | ' | $49,300,000 | ' | ' |
Contingencies_Details
Contingencies (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Loss Contingency [Abstract] | ' |
Balance as of December 31, 2012 | $1,485 |
Product warranty adjustments | 804 |
Payments and settlements | 827 |
Balance as of September 30, 2013 | $1,462 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
M | |
Income Tax Disclosure [Abstract] | ' |
U.S. statutory rate | 35.00% |
Unrecognized tax benefits | $7.10 |
Unrecognized tax benefits that would have a favorable impact on effective tax rate | 4.6 |
Anticipated Amount Of Unrecognized Tax Benefits | $2.70 |
Period within which reduction of unrecognized tax benefit may occur, months | 12 |
Income_Taxes_Summary_Of_Provis
Income Taxes (Summary Of Provision For Income Taxes) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Tax (benefit) | ($9,216) | $6,478 | ($5,458) | $10,966 |
Income before provision for income taxes | ($16,846) | $36,104 | ($4,496) | $99,968 |
Effective tax rates | 54.70% | 17.90% | 121.40% | 11.00% |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Foreign Currency Derivatives [Member] | ' |
Derivative [Line Items] | ' |
Notional amounts of foreign currency derivatives | 237.1 |
Refined Oil Products [Member] | Commodity Derivative Contracts [Member] | ' |
Derivative [Line Items] | ' |
Outstanding derivative swap contracts | 29.8 |
Minimum [Member] | Foreign Currency Derivatives [Member] | ' |
Derivative [Line Items] | ' |
Derivative maturities | 'October 2013 |
Minimum [Member] | Commodity Derivative Contracts [Member] | ' |
Derivative [Line Items] | ' |
Derivative maturities | 'October 2013 |
Maximum [Member] | Foreign Currency Derivatives [Member] | ' |
Derivative [Line Items] | ' |
Derivative maturities | 'June 2014 |
Maximum [Member] | Commodity Derivative Contracts [Member] | ' |
Derivative [Line Items] | ' |
Derivative maturities | 'March 2014 |
Derivative_Instruments_Schedul
Derivative Instruments (Schedule Of Fair Value Of Derivatives Designated As Cash Flow Hedges) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | ||
Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Commodity Derivative Contracts [Member] | Commodity Derivative Contracts [Member] | Commodity Derivative Contracts [Member] | Commodity Derivative Contracts [Member] | Cost Of Good Sold Other Expense Income Revenue [Member] | Cost Of Good Sold Other Expense Income Revenue [Member] | Cost Of Good Sold Other Expense Income Revenue [Member] | Cost Of Good Sold Other Expense Income Revenue [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | |||
Other Receivables [Member] | Other Receivables [Member] | Other Payables [Member] | Other Payables [Member] | Other Current Assets [Member] | Other Current Assets [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | |||
Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Commodity Forward Derivatives [Member] | Commodity Forward Derivatives [Member] | Commodity Forward Derivatives [Member] | Commodity Forward Derivatives [Member] | |||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $228 | ($2,347) | $38 | ($4,706) | $454 | ($3,531) | $591 | ($8,518) |
Derivatives designated as cash flow hedges, Asset Derivatives, Fair Value | 1,002 | 1,062 | 683 | 1,062 | ' | ' | 319 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives designated as cash flow hedges, Liability Derivatives, Fair Value | $2,272 | $2,405 | ' | ' | $2,246 | $2,374 | ' | ' | $26 | $31 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Schedul1
Derivative Instruments (Schedule Of Fair Value Of Derivatives Designated As Fair Value Hedges) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | Not Designated As Hedging Instrument [Member] | Not Designated As Hedging Instrument [Member] | Not Designated As Hedging Instrument [Member] | Not Designated As Hedging Instrument [Member] | Not Designated As Hedging Instrument [Member] | Not Designated As Hedging Instrument [Member] | Not Designated As Hedging Instrument [Member] | Not Designated As Hedging Instrument [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cost Of Good Sold Other Expense Income [Member] | Cost Of Good Sold Other Expense Income [Member] | Cost Of Good Sold Other Expense Income [Member] | Cost Of Good Sold Other Expense Income [Member] | ||
Other Receivables [Member] | Other Receivables [Member] | Other Payables [Member] | Other Payables [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Commodity Derivative Contracts [Member] | Commodity Derivative Contracts [Member] | Commodity Derivative Contracts [Member] | Commodity Derivative Contracts [Member] | Derivatives Designated As Fair Value Hedges [Member] | Derivatives Designated As Fair Value Hedges [Member] | Derivatives Designated As Fair Value Hedges [Member] | Derivatives Designated As Fair Value Hedges [Member] | |||
Other Receivables [Member] | Other Receivables [Member] | Other Payables [Member] | Other Payables [Member] | Other Receivables [Member] | Other Receivables [Member] | Other Payables [Member] | Other Payables [Member] | Other Current Assets [Member] | Other Current Assets [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Not Designated As Hedging Instrument [Member] | Not Designated As Hedging Instrument [Member] | Not Designated As Hedging Instrument [Member] | Not Designated As Hedging Instrument [Member] | |||||||
Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | |||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $509 | $1,097 | ($912) | $297 |
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 1,002 | 1,062 | ' | ' | ' | ' | ' | ' | ' | ' | 683 | 1,062 | ' | ' | 319 | 0 | ' | ' | ' | ' | ' | ' |
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 2,272 | 2,405 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,246 | 2,374 | ' | ' | 26 | 31 | ' | ' | ' | ' |
Fair Value, Asset Derivatives | ' | ' | 346 | 242 | ' | ' | 346 | 242 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Liability Derivatives | ' | ' | ' | ' | $285 | $0 | ' | ' | $285 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Schedul2
Derivative Instruments (Schedule Of Realized (Gains) Losses On Derivatives Recognized In Statement Of Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Designated as Hedging Instrument [Member] | Derivatives Designated As Cash Flow Hedges [Member] | Foreign Currency Derivatives [Member] | Cost Of Goods Sold/Other Expense (Income) / Revenue [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of (Gain)/Loss Recognized (Effective Portion) | $228 | ($2,347) | $38 | ($4,706) |
Designated as Hedging Instrument [Member] | Derivatives Designated As Cash Flow Hedges [Member] | Commodity Forward Derivatives [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of (Gain)/Loss Recognized (Effective Portion) | 454 | -3,531 | 591 | -8,518 |
Not Designated As Hedging Instrument [Member] | Derivatives Designated As Fair Value Hedges [Member] | Foreign Currency Derivatives [Member] | Cost Of Goods Sold/Other Expense (Income) [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of (Gain)/Loss Recognized (Effective Portion) | $509 | $1,097 | ($912) | $297 |
Derivative_Instruments_Derivat
Derivative Instruments Derivative Tax Impact on Realized Gains (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Commodity Contract [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | ($23) | $235 | ($4) | $471 |
Commodity [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | ($164) | $1,278 | ($214) | $3,084 |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Textual) (Details) (USD $) | Sep. 30, 2013 | Nov. 20, 2012 |
In Millions, unless otherwise specified | Senior Notes [Member] | |
Debt Instrument [Line Items] | ' | ' |
Principal amount issued | ' | $300 |
Stated interest rate | 6.38% | 6.38% |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information (Income and Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Sales - affiliates | $0 | $0 | $0 | $0 |
Sales - third party | 303,084,000 | 320,716,000 | 858,172,000 | 877,265,000 |
Net sales | 303,084,000 | 320,716,000 | 858,172,000 | 877,265,000 |
Cost of sales | 266,440,000 | 240,730,000 | 724,057,000 | 645,971,000 |
Gross profit | 36,644,000 | 79,986,000 | 134,115,000 | 231,294,000 |
Research and development | 2,994,000 | 2,778,000 | 8,874,000 | 9,919,000 |
Selling and administrative expenses | 27,626,000 | 33,645,000 | 87,500,000 | 107,228,000 |
Restructuring and Related Cost, Incurred Cost | 14,593,000 | 0 | 14,593,000 | 0 |
Operating income | -8,569,000 | 43,563,000 | 23,148,000 | 114,147,000 |
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | 0 | 0 | 0 | 0 |
Other (income) expense, net | -772,000 | 1,653,000 | 753,000 | -1,376,000 |
Interest expense - affiliate | 0 | 0 | 0 | 0 |
Interest expense - third party | 9,098,000 | 5,839,000 | 27,053,000 | 15,733,000 |
Interest income - affiliate | 0 | 0 | 0 | 0 |
Interest income | -49,000 | -33,000 | -162,000 | -178,000 |
Income before provision for income taxes | -16,846,000 | 36,104,000 | -4,496,000 | 99,968,000 |
(Benefit) provision for income taxes | -9,216,000 | 6,478,000 | -5,458,000 | 10,966,000 |
Net income | -7,630,000 | 29,626,000 | 962,000 | 89,002,000 |
Statements of Comprehensive Income | ' | ' | ' | ' |
Net income | -7,630,000 | 29,626,000 | 962,000 | 89,002,000 |
Foreign currency translation | 5,230,000 | 712,000 | -11,902,000 | -11,963,000 |
Commodities and foreign currency derivatives | 476,000 | -3,952,000 | 683,000 | -8,758,000 |
Other comprehensive income (loss), net of tax: | 5,706,000 | -3,240,000 | -11,219,000 | -20,721,000 |
Comprehensive income | -1,924,000 | 26,386,000 | -10,257,000 | 68,281,000 |
Parent Company [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Sales - affiliates | 0 | 0 | 0 | 0 |
Sales - third party | 0 | 0 | 0 | 0 |
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Research and development | ' | 0 | 0 | 0 |
Selling and administrative expenses | 0 | 0 | 0 | 0 |
Restructuring and Related Cost, Incurred Cost | ' | ' | 0 | ' |
Operating income | 0 | 0 | 0 | 0 |
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | 2,796,000 | -32,199,000 | -15,260,000 | -96,062,000 |
Other (income) expense, net | 0 | 0 | 0 | 0 |
Interest expense - affiliate | 0 | 1,330,000 | 0 | 3,094,000 |
Interest expense - third party | 7,849,000 | 2,707,000 | 23,393,000 | 7,987,000 |
Interest income - affiliate | -272,000 | 0 | -982,000 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Income before provision for income taxes | -7,577,000 | -4,037,000 | -22,411,000 | -11,081,000 |
(Benefit) provision for income taxes | -2,743,000 | -1,464,000 | -8,113,000 | -4,022,000 |
Net income | -7,630,000 | 29,626,000 | 962,000 | 89,003,000 |
Statements of Comprehensive Income | ' | ' | ' | ' |
Net income | -7,630,000 | 29,626,000 | 962,000 | 89,003,000 |
Foreign currency translation | 5,230,000 | 712,000 | -11,902,000 | -11,963,000 |
Commodities and foreign currency derivatives | 476,000 | -3,952,000 | 683,000 | -8,758,000 |
Other comprehensive income (loss), net of tax: | 5,706,000 | -3,240,000 | -11,219,000 | -20,721,000 |
Comprehensive income | -1,924,000 | 26,386,000 | -10,257,000 | 68,282,000 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Sales - affiliates | 57,727,000 | 41,160,000 | 155,673,000 | 140,247,000 |
Sales - third party | 122,360,000 | 140,927,000 | 348,148,000 | 407,108,000 |
Net sales | 180,087,000 | 182,087,000 | 503,821,000 | 547,355,000 |
Cost of sales | 155,803,000 | 151,181,000 | 431,146,000 | 459,963,000 |
Gross profit | 24,284,000 | 30,906,000 | 72,675,000 | 87,392,000 |
Research and development | ' | 2,778,000 | 8,874,000 | 9,919,000 |
Selling and administrative expenses | 9,751,000 | 13,994,000 | 32,833,000 | 46,992,000 |
Restructuring and Related Cost, Incurred Cost | 2,424,000 | ' | 2,424,000 | ' |
Operating income | 9,115,000 | 14,134,000 | 28,544,000 | 30,481,000 |
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | 10,614,000 | -22,502,000 | 4,203,000 | -67,736,000 |
Other (income) expense, net | -1,476,000 | 480,000 | -762,000 | -2,002,000 |
Interest expense - affiliate | 279,000 | 0 | 1,112,000 | 0 |
Interest expense - third party | 779,000 | 2,468,000 | 2,374,000 | 6,154,000 |
Interest income - affiliate | -189,000 | -1,522,000 | -565,000 | -3,488,000 |
Interest income | 0 | 0 | 0 | 0 |
Income before provision for income taxes | 9,722,000 | 12,708,000 | 26,385,000 | 29,817,000 |
(Benefit) provision for income taxes | 1,904,000 | 3,011,000 | 6,922,000 | 1,492,000 |
Net income | -2,796,000 | 32,199,000 | 15,260,000 | 96,061,000 |
Statements of Comprehensive Income | ' | ' | ' | ' |
Net income | -2,796,000 | 32,199,000 | 15,260,000 | 96,061,000 |
Foreign currency translation | 0 | 0 | 0 | 0 |
Commodities and foreign currency derivatives | 1,814,000 | -1,064,000 | 997,000 | -5,878,000 |
Other comprehensive income (loss), net of tax: | 1,814,000 | -1,064,000 | 997,000 | -5,878,000 |
Comprehensive income | -982,000 | 31,135,000 | 16,257,000 | 90,183,000 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Sales - affiliates | 39,196,000 | 53,579,000 | 111,835,000 | 158,843,000 |
Sales - third party | 180,724,000 | 179,789,000 | 510,024,000 | 470,157,000 |
Net sales | 219,920,000 | 233,368,000 | 621,859,000 | 629,000,000 |
Cost of sales | 207,560,000 | 184,288,000 | 560,419,000 | 485,098,000 |
Gross profit | 12,360,000 | 49,080,000 | 61,440,000 | 143,902,000 |
Research and development | ' | 0 | 0 | 0 |
Selling and administrative expenses | 17,875,000 | 19,651,000 | 54,667,000 | 60,236,000 |
Restructuring and Related Cost, Incurred Cost | 12,169,000 | ' | 12,169,000 | ' |
Operating income | -17,684,000 | 29,429,000 | -5,396,000 | 83,666,000 |
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | 0 | 0 | 0 | 0 |
Other (income) expense, net | 704,000 | 1,173,000 | 1,515,000 | 626,000 |
Interest expense - affiliate | 190,000 | 192,000 | 566,000 | 394,000 |
Interest expense - third party | 470,000 | 664,000 | 1,286,000 | 1,592,000 |
Interest income - affiliate | -8,000 | 0 | -131,000 | 0 |
Interest income | -49,000 | -33,000 | -162,000 | -178,000 |
Income before provision for income taxes | -18,991,000 | 27,433,000 | -8,470,000 | 81,232,000 |
(Benefit) provision for income taxes | -8,377,000 | 4,931,000 | -4,267,000 | 13,496,000 |
Net income | -10,614,000 | 22,502,000 | -4,203,000 | 67,736,000 |
Statements of Comprehensive Income | ' | ' | ' | ' |
Net income | -10,614,000 | 22,502,000 | -4,203,000 | 67,736,000 |
Foreign currency translation | 5,230,000 | 712,000 | -11,902,000 | -11,963,000 |
Commodities and foreign currency derivatives | -1,338,000 | -2,888,000 | -314,000 | -2,880,000 |
Other comprehensive income (loss), net of tax: | 3,892,000 | -2,176,000 | -12,216,000 | -14,843,000 |
Comprehensive income | -6,722,000 | 20,326,000 | -16,419,000 | 52,893,000 |
Consolidating Entries and Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Sales - affiliates | -96,923,000 | -94,739,000 | -267,508,000 | -299,090,000 |
Sales - third party | 0 | 0 | 0 | 0 |
Net sales | -96,923,000 | -94,739,000 | -267,508,000 | -299,090,000 |
Cost of sales | -96,923,000 | -94,739,000 | -267,508,000 | -299,090,000 |
Gross profit | 0 | 0 | 0 | 0 |
Research and development | ' | 0 | 0 | 0 |
Selling and administrative expenses | 0 | 0 | 0 | 0 |
Restructuring and Related Cost, Incurred Cost | 0 | ' | 0 | ' |
Operating income | 0 | 0 | 0 | 0 |
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | -13,410,000 | 54,701,000 | 11,057,000 | 163,798,000 |
Other (income) expense, net | 0 | 0 | 0 | 0 |
Interest expense - affiliate | -469,000 | -1,522,000 | -1,678,000 | -3,488,000 |
Interest expense - third party | 0 | 0 | 0 | 0 |
Interest income - affiliate | 469,000 | 1,522,000 | 1,678,000 | 3,488,000 |
Interest income | 0 | 0 | 0 | 0 |
Income before provision for income taxes | 0 | 0 | 0 | 0 |
(Benefit) provision for income taxes | 0 | 0 | 0 | 0 |
Net income | 13,410,000 | -54,701,000 | -11,057,000 | -163,798,000 |
Statements of Comprehensive Income | ' | ' | ' | ' |
Net income | 13,410,000 | -54,701,000 | -11,057,000 | -163,798,000 |
Foreign currency translation | -5,230,000 | -712,000 | 11,902,000 | 11,963,000 |
Commodities and foreign currency derivatives | -476,000 | 3,952,000 | -683,000 | 8,758,000 |
Other comprehensive income (loss), net of tax: | -5,706,000 | 3,240,000 | 11,219,000 | 20,721,000 |
Comprehensive income | $7,704,000 | ($51,461,000) | $162,000 | ($143,077,000) |
Supplemental_Guarantor_Infroma
Supplemental Guarantor Infromation Supplemental Guarantor Information (Balance Sheet) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $11,470,000 | $17,317,000 | $16,193,000 | $12,429,000 |
Accounts receivable - affiliates | 0 | 0 | ' | ' |
Accounts receivable - trade | 205,427,000 | 236,429,000 | ' | ' |
Inventories | 519,011,000 | 513,065,000 | ' | ' |
Prepaid expenses and other current assets | 69,436,000 | 56,190,000 | ' | ' |
Total current assets | 805,344,000 | 823,001,000 | ' | ' |
Investment in affiliates | 0 | 0 | ' | ' |
Property, plant and equipment | 846,201,000 | 833,907,000 | ' | ' |
Deferred income taxes | 7,463,000 | 6,157,000 | ' | ' |
Goodwill | 497,073,000 | 498,261,000 | ' | ' |
Notes receivable - affiliate | 0 | 0 | ' | ' |
Other assets | 119,540,000 | 136,589,000 | ' | ' |
Total assets | 2,275,621,000 | 2,297,915,000 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable - affiliate | 0 | 0 | ' | ' |
Accounts payable - trade | 103,519,000 | 128,120,000 | ' | ' |
Short-term debt | 4,344,000 | 8,426,000 | ' | ' |
Accrued income and other taxes | 27,814,000 | 30,923,000 | ' | ' |
Restructuring and Related Liability | 14,129,000 | 0 | ' | ' |
Supply chain financing liability | 12,540,000 | 26,962,000 | ' | ' |
Other accrued liabilities | 52,953,000 | 50,953,000 | ' | ' |
Total current liabilities | 215,299,000 | 245,384,000 | ' | ' |
Long-term debt - affiliate | 0 | 0 | ' | ' |
Long-term debt - third party | 559,643,000 | 535,709,000 | ' | ' |
Other long-term obligations | 117,847,000 | 125,005,000 | ' | ' |
Deferred income taxes | 34,090,000 | 41,966,000 | ' | ' |
Total stockholders' equity | 1,348,742,000 | 1,349,851,000 | ' | ' |
Total liabilities and stockholders' equity | 2,275,621,000 | 2,297,915,000 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 366,000 |
Accounts receivable - affiliates | 43,145,000 | 26,399,000 | ' | ' |
Accounts receivable - trade | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' |
Total current assets | 43,145,000 | 26,399,000 | ' | ' |
Investment in affiliates | 1,734,786,000 | 1,728,316,000 | ' | ' |
Property, plant and equipment | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Notes receivable - affiliate | 59,853,000 | 66,869,000 | ' | ' |
Other assets | 4,921,000 | 5,218,000 | ' | ' |
Total assets | 1,842,705,000 | 1,826,802,000 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable - affiliate | 19,000 | 0 | ' | ' |
Accounts payable - trade | 35,000 | 273,000 | ' | ' |
Short-term debt | 0 | 0 | ' | ' |
Accrued income and other taxes | 4,235,000 | 597,000 | ' | ' |
Restructuring and Related Liability | 0 | ' | ' | ' |
Supply chain financing liability | 0 | 0 | ' | ' |
Other accrued liabilities | 7,225,000 | 2,178,000 | ' | ' |
Total current liabilities | 11,514,000 | 3,048,000 | ' | ' |
Long-term debt - affiliate | 0 | 0 | ' | ' |
Long-term debt - third party | 472,729,000 | 464,183,000 | ' | ' |
Other long-term obligations | 0 | 0 | ' | ' |
Deferred income taxes | 9,720,000 | 9,720,000 | ' | ' |
Total stockholders' equity | 1,348,742,000 | 1,349,851,000 | ' | ' |
Total liabilities and stockholders' equity | 1,842,705,000 | 1,826,802,000 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 4,184,000 | 4,425,000 | 5,033,000 | 3,503,000 |
Accounts receivable - affiliates | 33,813,000 | 38,116,000 | ' | ' |
Accounts receivable - trade | 63,726,000 | 78,053,000 | ' | ' |
Inventories | 164,058,000 | 159,217,000 | ' | ' |
Prepaid expenses and other current assets | 29,226,000 | 13,681,000 | ' | ' |
Total current assets | 295,007,000 | 293,492,000 | ' | ' |
Investment in affiliates | 864,370,000 | 868,063,000 | ' | ' |
Property, plant and equipment | 533,083,000 | 523,818,000 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Goodwill | 293,163,000 | 293,162,000 | ' | ' |
Notes receivable - affiliate | 22,413,000 | 22,413,000 | ' | ' |
Other assets | 56,162,000 | 65,269,000 | ' | ' |
Total assets | 2,064,198,000 | 2,066,217,000 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable - affiliate | 65,349,000 | 55,349,000 | ' | ' |
Accounts payable - trade | 40,321,000 | 33,126,000 | ' | ' |
Short-term debt | 174,000 | 171,000 | ' | ' |
Accrued income and other taxes | 2,781,000 | 3,948,000 | ' | ' |
Restructuring and Related Liability | 1,951,000 | ' | ' | ' |
Supply chain financing liability | 0 | 0 | ' | ' |
Other accrued liabilities | 14,432,000 | 15,597,000 | ' | ' |
Total current liabilities | 125,008,000 | 108,191,000 | ' | ' |
Long-term debt - affiliate | 59,853,000 | 66,869,000 | ' | ' |
Long-term debt - third party | 63,558,000 | 70,190,000 | ' | ' |
Other long-term obligations | 80,316,000 | 86,026,000 | ' | ' |
Deferred income taxes | 677,000 | 6,625,000 | ' | ' |
Total stockholders' equity | 1,734,786,000 | 1,728,316,000 | ' | ' |
Total liabilities and stockholders' equity | 2,064,198,000 | 2,066,217,000 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 7,286,000 | 12,892,000 | 11,160,000 | 8,560,000 |
Accounts receivable - affiliates | 22,225,000 | 29,177,000 | ' | ' |
Accounts receivable - trade | 141,701,000 | 158,376,000 | ' | ' |
Inventories | 354,953,000 | 353,848,000 | ' | ' |
Prepaid expenses and other current assets | 40,210,000 | 42,509,000 | ' | ' |
Total current assets | 566,375,000 | 596,802,000 | ' | ' |
Investment in affiliates | 0 | 0 | ' | ' |
Property, plant and equipment | 313,118,000 | 310,089,000 | ' | ' |
Deferred income taxes | 7,463,000 | 6,157,000 | ' | ' |
Goodwill | 203,910,000 | 205,099,000 | ' | ' |
Notes receivable - affiliate | 0 | 0 | ' | ' |
Other assets | 58,457,000 | 66,102,000 | ' | ' |
Total assets | 1,149,323,000 | 1,184,249,000 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable - affiliate | 33,815,000 | 38,343,000 | ' | ' |
Accounts payable - trade | 63,163,000 | 94,721,000 | ' | ' |
Short-term debt | 4,170,000 | 8,255,000 | ' | ' |
Accrued income and other taxes | 20,798,000 | 26,378,000 | ' | ' |
Restructuring and Related Liability | 12,178,000 | ' | ' | ' |
Supply chain financing liability | 12,540,000 | 26,962,000 | ' | ' |
Other accrued liabilities | 31,296,000 | 33,178,000 | ' | ' |
Total current liabilities | 177,960,000 | 227,837,000 | ' | ' |
Long-term debt - affiliate | 22,413,000 | 22,413,000 | ' | ' |
Long-term debt - third party | 23,356,000 | 1,336,000 | ' | ' |
Other long-term obligations | 37,531,000 | 38,979,000 | ' | ' |
Deferred income taxes | 23,693,000 | 25,621,000 | ' | ' |
Total stockholders' equity | 864,370,000 | 868,063,000 | ' | ' |
Total liabilities and stockholders' equity | 1,149,323,000 | 1,184,249,000 | ' | ' |
Consolidating Entries and Eliminations [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable - affiliates | -99,183,000 | -93,692,000 | ' | ' |
Accounts receivable - trade | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' |
Total current assets | -99,183,000 | -93,692,000 | ' | ' |
Investment in affiliates | -2,599,156,000 | -2,596,379,000 | ' | ' |
Property, plant and equipment | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Notes receivable - affiliate | -82,266,000 | -89,282,000 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total assets | -2,780,605,000 | -2,779,353,000 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Accounts payable - affiliate | -99,183,000 | -93,692,000 | ' | ' |
Accounts payable - trade | 0 | 0 | ' | ' |
Short-term debt | 0 | 0 | ' | ' |
Accrued income and other taxes | 0 | 0 | ' | ' |
Restructuring and Related Liability | 0 | ' | ' | ' |
Supply chain financing liability | 0 | 0 | ' | ' |
Other accrued liabilities | 0 | 0 | ' | ' |
Total current liabilities | -99,183,000 | -93,692,000 | ' | ' |
Long-term debt - affiliate | -82,266,000 | -89,282,000 | ' | ' |
Long-term debt - third party | 0 | 0 | ' | ' |
Other long-term obligations | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Total stockholders' equity | -2,599,156,000 | -2,596,379,000 | ' | ' |
Total liabilities and stockholders' equity | ($2,780,605,000) | ($2,779,353,000) | ' | ' |
Supplemental_Guarantor_Infroma1
Supplemental Guarantor Infromation Supplemental Guarantor Information (Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | $65,178 | $13,606 |
Cash flow from investing activities: | ' | ' |
(Loans to) repayments from affiliates | 0 | 0 |
Capital expenditures | -62,698 | -92,827 |
Proceeds from derivative instruments | 852 | 6,807 |
Other | 2,333 | 121 |
Net cash used in investing activities | -59,513 | -85,899 |
Cash flow from financing activities: | ' | ' |
Loans from (repayments to) affiliates | 0 | 0 |
Short-term debt borrowings | -4,082 | -13,989 |
Revolving Facility borrowings | 134,000 | 343,000 |
Revolving Facility reductions | -118,500 | -145,000 |
Principal payments on long term debt | -189 | -182 |
Supply chain financing | -14,422 | -3,719 |
Proceeds from exercise of stock options | 175 | 92 |
Purchase of treasury shares | -844 | -103,056 |
Proceeds from (Payments for) Other Financing Activities | -7,206 | -542 |
Net cash provided by financing activities | -11,068 | 76,604 |
Net (decrease) increase in cash and cash equivalents | -5,403 | 4,311 |
Effect of exchange rate changes on cash and cash equivalents | -444 | -547 |
Cash and cash equivalents at beginning of period | 17,317 | 12,429 |
Cash and cash equivalents at end of period | 11,470 | 16,193 |
Parent Company [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | -5,857 | 19,596 |
Cash flow from investing activities: | ' | ' |
(Loans to) repayments from affiliates | 7,015 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from derivative instruments | 0 | 0 |
Other | 0 | 0 |
Net cash used in investing activities | 7,015 | 0 |
Cash flow from financing activities: | ' | ' |
Loans from (repayments to) affiliates | 0 | 82,471 |
Short-term debt borrowings | 0 | 0 |
Revolving Facility borrowings | 0 | 0 |
Revolving Facility reductions | 0 | 0 |
Principal payments on long term debt | 0 | 0 |
Supply chain financing | 0 | 0 |
Proceeds from exercise of stock options | 175 | 92 |
Purchase of treasury shares | -844 | -103,056 |
Proceeds from (Payments for) Other Financing Activities | -489 | 531 |
Net cash provided by financing activities | -1,158 | -19,962 |
Net (decrease) increase in cash and cash equivalents | 0 | -366 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 366 |
Cash and cash equivalents at end of period | 0 | 0 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | 50,244 | 5,567 |
Cash flow from investing activities: | ' | ' |
(Loans to) repayments from affiliates | 0 | -93,142 |
Capital expenditures | -37,081 | -66,195 |
Proceeds from derivative instruments | -22 | 3,344 |
Other | 280 | 8 |
Net cash used in investing activities | -36,823 | -155,985 |
Cash flow from financing activities: | ' | ' |
Loans from (repayments to) affiliates | -7,015 | 0 |
Short-term debt borrowings | 0 | -7,494 |
Revolving Facility borrowings | 67,000 | 220,000 |
Revolving Facility reductions | -73,500 | -60,000 |
Principal payments on long term debt | -131 | -128 |
Supply chain financing | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Purchase of treasury shares | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | -16 | -430 |
Net cash provided by financing activities | -13,662 | 151,948 |
Net (decrease) increase in cash and cash equivalents | -241 | 1,530 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 4,425 | 3,503 |
Cash and cash equivalents at end of period | 4,184 | 5,033 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | 20,791 | -11,557 |
Cash flow from investing activities: | ' | ' |
(Loans to) repayments from affiliates | 0 | 0 |
Capital expenditures | -25,617 | -26,632 |
Proceeds from derivative instruments | 874 | 3,463 |
Other | 2,053 | 113 |
Net cash used in investing activities | -22,690 | -23,056 |
Cash flow from financing activities: | ' | ' |
Loans from (repayments to) affiliates | 0 | 10,671 |
Short-term debt borrowings | -4,082 | -6,495 |
Revolving Facility borrowings | 67,000 | 123,000 |
Revolving Facility reductions | -45,000 | -85,000 |
Principal payments on long term debt | -58 | -54 |
Supply chain financing | -14,422 | -3,719 |
Proceeds from exercise of stock options | 0 | 0 |
Purchase of treasury shares | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | -6,701 | -643 |
Net cash provided by financing activities | -3,263 | 37,760 |
Net (decrease) increase in cash and cash equivalents | -5,162 | 3,147 |
Effect of exchange rate changes on cash and cash equivalents | -444 | -547 |
Cash and cash equivalents at beginning of period | 12,892 | 8,560 |
Cash and cash equivalents at end of period | 7,286 | 11,160 |
Consolidating Entries and Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | 0 | 0 |
Cash flow from investing activities: | ' | ' |
(Loans to) repayments from affiliates | -7,015 | 93,142 |
Capital expenditures | 0 | 0 |
Proceeds from derivative instruments | 0 | 0 |
Other | 0 | 0 |
Net cash used in investing activities | -7,015 | 93,142 |
Cash flow from financing activities: | ' | ' |
Loans from (repayments to) affiliates | 7,015 | -93,142 |
Short-term debt borrowings | 0 | 0 |
Revolving Facility borrowings | 0 | 0 |
Revolving Facility reductions | 0 | 0 |
Principal payments on long term debt | 0 | 0 |
Supply chain financing | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Purchase of treasury shares | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 |
Net cash provided by financing activities | 7,015 | -93,142 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 |