Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 14, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Entity Current Reporting Status | 'Yes | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
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 | ' | 136,420,023 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $10,878 | $11,888 |
Accounts and notes receivable, net of allowance for doubtful accounts of $6,718 as of December 31, 2013 and $8,592 as of September 30, 2014 | 163,971 | 199,566 |
Inventories | 418,477 | 490,414 |
Prepaid expenses and other current assets | 87,988 | 73,790 |
Total current assets | 681,314 | 775,658 |
Property, plant and equipment | 1,573,995 | 1,588,880 |
Less: accumulated depreciation | 908,440 | 767,895 |
Net property, plant and equipment | 665,555 | 820,985 |
Deferred income taxes | 13,614 | 10,334 |
Goodwill | 495,944 | 496,810 |
Other assets | 105,018 | 114,061 |
Total assets | 1,961,445 | 2,217,848 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 98,722 | 115,212 |
Short-term debt | 1,144 | 1,161 |
Accrued income and other taxes | 26,073 | 30,687 |
Restructuring and Related Liability | 12,747 | 18,421 |
Supply chain financing liability | 0 | 9,455 |
Other accrued liabilities | 44,211 | 40,939 |
Total current liabilities | 182,897 | 215,875 |
Long-term debt | 539,509 | 541,593 |
Other long-term obligations | 89,984 | 97,947 |
Deferred income taxes | 40,676 | 41,684 |
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, 151,929,565 shares issued as of December 31, 2013 and 152,604,441 shares issued as of September 30, 2014 | 1,525 | 1,519 |
Additional paid-in capital | 1,826,935 | 1,820,451 |
Accumulated other comprehensive loss | -313,560 | -292,624 |
Accumulated deficit | -162,268 | 39,625 |
Less: cost of common stock held in treasury, 16,341,311 shares as of December 31, 2013 and 16,092,662 shares as of September 30, 2014 | -243,098 | -247,190 |
Less: common stock held in employee benefit and compensation trusts, 87,206 shares as of December 31, 2013 and 107,406 shares as of September 30, 2014 | -1,155 | -1,032 |
Total stockholders' equity | 1,108,379 | 1,320,749 |
Total liabilities and stockholders' equity | $1,961,445 | $2,217,848 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts and notes receivable, net of allowance for doubtful accounts | $0 | $7,573 |
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 | 0 | 150,869,239 |
Cost of common stock held in treasury, shares | 0 | 16,418,710 |
Common stock held in employee benefit and compensation trusts, shares | 0 | 76,095 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income And Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net sales | $260,458 | $303,084 | $825,433 | $858,172 |
Cost of sales | 242,814 | 266,440 | 764,142 | 724,057 |
Gross profit | 17,644 | 36,644 | 61,291 | 134,115 |
Research and development | 2,871 | 2,994 | 8,544 | 8,874 |
Selling and administrative expenses | 26,980 | 27,626 | 89,024 | 87,500 |
Restructuring Charges | 10,844 | 14,593 | 11,761 | 14,593 |
Impairment charge | 0 | 0 | 121,570 | 0 |
Operating income | -23,051 | -8,569 | -169,608 | 23,148 |
Other expense (income), net | 1,149 | -772 | 1,902 | 753 |
Interest expense | 9,069 | 9,098 | 27,223 | 27,053 |
Interest income | -144 | -49 | -257 | -162 |
Income before provision for income taxes | -33,125 | -16,846 | -198,476 | -4,496 |
Provision for (benefit from) income taxes | 1,818 | -9,216 | 3,417 | -5,458 |
Net income | -34,943 | -7,630 | -201,893 | 962 |
Basic income per common share: | ' | ' | ' | ' |
Net income per share | ($0.26) | ($0.06) | ($1.48) | $0.01 |
Weighted average common shares outstanding | 136,374,914 | 135,134,144 | 136,006,573 | 134,948,507 |
Diluted income per common share: | ' | ' | ' | ' |
Net income per share | ($0.26) | ($0.06) | ($1.48) | $0.01 |
Weighted average common shares outstanding | 136,374,914 | 135,134,144 | 136,006,573 | 135,121,614 |
Other comprehensive income: | ' | ' | ' | ' |
Foreign currency translation adjustments | -22,579 | 5,230 | -20,432 | -11,902 |
Commodities and foreign currency derivatives and other, net of tax of ($170), ($39), ($265) and ($92), respectively | -668 | 476 | -504 | 683 |
Other comprehensive income (loss), net of tax: | -23,247 | 5,706 | -20,936 | -11,219 |
Comprehensive income | ($58,190) | ($1,924) | ($222,829) | ($10,257) |
Statements_Of_Comprehensive_In
Statements Of Comprehensive Income (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Commodities and foreign currency derivatives, net of tax of | $0 | $0 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flow from operating activities: | ' | ' |
Net income | ($201,893) | $962 |
Adjustments to reconcile net income to cash provided by operations: | ' | ' |
Depreciation and amortization | 93,123 | 71,770 |
Impairment charge | 121,570 | 0 |
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 18,800 | 1,600 |
Deferred income tax provision | -4,943 | -2,563 |
Post-retirement and pension plan changes | 4,097 | 3,468 |
Stock-based compensation | 4,009 | 5,938 |
Interest expense | 11,105 | 10,459 |
Other charges, net | 4,047 | 3,016 |
Increase in long-term assets and liabilities | -15,603 | -7,469 |
Net cash used in operating activities | 82,889 | 65,178 |
Cash flow from investing activities: | ' | ' |
Capital expenditures | -69,314 | -62,698 |
Proceeds from sale of assets | 4,079 | 0 |
Proceeds from derivative instruments | -573 | 852 |
Other | 2,834 | 2,333 |
Net cash used in investing activities | -62,974 | -59,513 |
Cash flow from financing activities: | ' | ' |
Short-term debt borrowings (reductions), net | -17 | -4,082 |
Revolving Facility borrowings | 229,000 | 134,000 |
Revolving Facility reductions | -240,000 | -118,500 |
Principal payments on long-term debt | -158 | -189 |
Supply chain financing | -9,455 | -14,422 |
Proceeds from exercise of stock options | 2,813 | 175 |
Purchase of treasury shares | -620 | -844 |
Revolver Refinancing Costs | -2,741 | 0 |
Proceeds from (Payments for) Other Financing Activities | 1,011 | -7,206 |
Net cash provided by financing activities | -20,167 | -11,068 |
Net (decrease) increase in cash and cash equivalents | -252 | -5,403 |
Effect of exchange rate changes on cash and cash equivalents | -758 | -444 |
Cash and cash equivalents at beginning of period | 11,888 | 17,317 |
Cash and cash equivalents at end of period | 10,878 | ' |
Change in current assets: | ' | ' |
Accounts and notes receivable, net | 29,693 | 30,971 |
Inventories | 46,424 | -13,581 |
Prepaid expenses and other current assets | -15,560 | -11,049 |
Decrease in accounts payables and accruals | -11,072 | -47,541 |
Change in Rationalization Liability | -5,671 | 14,129 |
Decrease in interest payable | 4,763 | 5,068 |
Increase in working capital | $48,577 | ($22,003) |
Organization_And_Summary_Of_Si
Organization And Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization And Summary Of Significant Accounting Policies | ' |
Organization and Summary of Significant Accounting Policies | |
A. Organization | |
GrafTech International Ltd. (the "Company") 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”). The December 31, 2013 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, 2013 (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. | |
C. New Accounting Standards | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued guidance on Income Taxes titled “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This guidance requires that financial statements reflect a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward as reduced by any unrecognized tax benefit or a portion of an unrecognized tax benefit. The updated guidance became effective for the Company's interim and annual periods beginning after December 15, 2013. We adopted the guidance effective January 1, 2014 and its implementation did not have a material impact to our financial statements. | |
In May 2014, FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This ASU supersedes the revenue recognition requirements in Accounting Standards Codification 605—Revenue Recognition and most industry-specific guidance throughout the Codification. This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU is effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. We are in the process of assessing the impact of the adoption of ASU 2014-09 on the Company's financial position, results of operations and cash flows. |
Rationalizations_Notes
Rationalizations (Notes) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
Rationalizations and Impairments | ' | |||||||||||||||||||||||
Rationalizations and Impairments | ||||||||||||||||||||||||
2013 Industrial Materials Rationalization | ||||||||||||||||||||||||
On October 31, 2013, we announced a global initiative to reduce our Industrial Materials segment's cost base and improve our competitive position. As part of this initiative, we ceased production at our two highest cost graphite electrode plants, located in Brazil and South Africa, as well as a machine shop in Russia. These actions were substantially completed during the first half of 2014. Our graphite electrode capacity was reduced by approximately 60,000 metric tons as a result of these actions. In parallel, we adopted measures for reductions in overhead and related corporate operations. These actions and measures reduced global headcount by approximately 600 people, or approximately 20 percent of our global workforce. | ||||||||||||||||||||||||
2013 Engineered Solutions Rationalization | ||||||||||||||||||||||||
In order to optimize our Engineered Solutions platform and improve our cost structure, we also initiated actions to centralize certain operations and reduce overhead in our Engineered Solutions segment. These actions are expected to reduce global headcount by approximately 40 people and be substantially completed during 2014. | ||||||||||||||||||||||||
Total 2013 Rationalization Initiatives Impact to 2014 Financial Results | ||||||||||||||||||||||||
In the three and nine months ended September 30, 2014, as a result of the 2013 rationalization initiatives we incurred rationalization charges of $0.1 million and $0.9 million, respectfully, primarily related to contract termination costs. We also incurred non-cash accelerated depreciation charges of $0.8 million and $22.5 million in the three and nine months ended September 30, 2014, respectively. Other rationalization-related charges recorded in cost of sales in the three and nine months ended September 30, 2014 were $1.6 million and $6.8 million, respectively, and included cleaning and dismantling costs and loss reserves for inventory. | ||||||||||||||||||||||||
Charges incurred related to the 2013 rationalization initiatives for the three and nine months ended September 30, 2014 are as follows: | ||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||
30-Sep-14 | 30-Sep-14 | |||||||||||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Total | Industrial Materials Segment | Engineered Solutions Segment | Total | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Accelerated depreciation | $ | 838 | $ | — | $ | 838 | $ | 21,690 | $ | 826 | $ | 22,516 | ||||||||||||
(recorded in Cost of sales) | ||||||||||||||||||||||||
Other (recorded in Cost | 1,618 | 6 | 1,624 | 6,194 | 622 | 6,816 | ||||||||||||||||||
of sales) | ||||||||||||||||||||||||
Other (recorded in Selling | 21 | — | 21 | 99 | — | 99 | ||||||||||||||||||
and administrative) | ||||||||||||||||||||||||
Severance and related costs | (52 | ) | — | (52 | ) | 366 | (28 | ) | 338 | |||||||||||||||
(recorded in Rationalizations) | ||||||||||||||||||||||||
Contract terminations | 81 | — | 81 | 609 | — | 609 | ||||||||||||||||||
(recorded in Rationalizations) | ||||||||||||||||||||||||
Total 2013 rationalization plan | $ | 2,506 | $ | 6 | $ | 2,512 | $ | 28,958 | $ | 1,420 | $ | 30,378 | ||||||||||||
and related charges | ||||||||||||||||||||||||
The 2013 rationalization initiatives will result in approximately $100 million of pre-tax charges, of which approximately $30 million will be cash outlays (net of cash inflows). Through September 30, 2014, we incurred $96.1 million of expense related to these initiatives. | ||||||||||||||||||||||||
The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the 2013 rationalization initiatives described above. This liability is recorded as a current liability on the Consolidated Balance Sheet. | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 18,421 | ||||||||||||||||||||||
Charges incurred | 693 | |||||||||||||||||||||||
Change in estimates | 254 | |||||||||||||||||||||||
Payments and settlements | (16,053 | ) | ||||||||||||||||||||||
Effect of change in currency exchange rates | (997 | ) | ||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 2,318 | ||||||||||||||||||||||
2014 Engineered Solutions Rationalization | ||||||||||||||||||||||||
On July 29, 2014, we announced additional rationalization initiatives to increase profitability, reduce cost and improve global competitiveness in our Engineered Solutions segment. During the second quarter of 2014, worldwide pricing of our isomolded graphite products ("isomolded") within our Advanced Graphite Material ("AGM") product group, as well as our expectation of future pricing, significantly eroded, driven by significant over-capacity and recent competitor responses. In addition, solar product demand continued to erode, with polysilicon, silicon and silicon wafer production migrating to China. New competitors servicing this industry commenced production in China at pricing levels making the market now unprofitable. As a result of these conditions, the Company decided to cease isomolded production and pursue alternative supply chain relationships in our isomolded product line. | ||||||||||||||||||||||||
As a result of the above, we tested our long-lived assets used to produce advanced graphite materials for recovery, based on undiscounted cash flows from the use and eventual disposition of these assets. The carrying value of the assets exceeded these undiscounted cash flow and, accordingly, we estimated the fair-value of these long-lived assets based on a market participant view. This resulted in an impairment charge totaling $121.6 million in the nine months months ended September 30, 2014, and included the impairment of certain acquired customer relationship and technology intangible assets. Goodwill associated with this line of business of $0.4 million was fully impaired, and included in the $121.6 million charge. Other impairment related charges, primarily inventory write-downs, were $13.4 million in the nine months ended September 30, 2014. If business conditions and plans do not achieve our expected returns in the Engineered Solutions segment, we may undertake additional restructurings, rationalizations or similar actions which could result in additional charges, write-offs and impairments. | ||||||||||||||||||||||||
Charges incurred related to the 2014 Engineered Solutions rationalization initiatives for the three and nine months ended September 30, 2014 are as follows: | ||||||||||||||||||||||||
For the Three | For the Nine | |||||||||||||||||||||||
Months Ended | Months Ended | |||||||||||||||||||||||
30-Sep-14 | 30-Sep-14 | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Accelerated depreciation (recorded in Cost of sales) | $ | 2,802 | $ | 2,802 | ||||||||||||||||||||
Other (recorded in Cost of sales) | 2,780 | 13,341 | ||||||||||||||||||||||
Severance and related charges (recorded in Rationalizations) | 2,537 | 2,537 | ||||||||||||||||||||||
Contract terminations (recorded in Rationalizations) | 74 | 74 | ||||||||||||||||||||||
Impairments (recorded in Impairments) | — | 121,570 | ||||||||||||||||||||||
Total 2014 Engineered Solutions rationalization | $ | 8,193 | $ | 140,324 | ||||||||||||||||||||
and related charges | ||||||||||||||||||||||||
The 2014 Engineered Solution rationalization will result in approximately $25 million of pre-tax charges (excluding impairments of $121.6 million), of which, approximately $5 million will be cash outlays (net of cash inflows), the majority of which will be incurred in 2014. Through September 30, 2014 we have incurred $18.8 million related to this program. | ||||||||||||||||||||||||
The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the 2014 Engineered Solutions rationalization initiatives described above. This liability is recorded as a current liability on the Consolidated Balance Sheet. | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | — | ||||||||||||||||||||||
Charges incurred | 2,611 | |||||||||||||||||||||||
Change in estimates | — | |||||||||||||||||||||||
Payments and settlements | (386 | ) | ||||||||||||||||||||||
Effect of change in currency exchange rates | — | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 2,225 | ||||||||||||||||||||||
2014 Corporate and Research & Development Rationalization | ||||||||||||||||||||||||
During the third quarter of 2014, we announced the conclusion of another phase of our on-going company-wide cost savings assessment. This resulted in changes to the Company’s operating and management structure in order to streamline, simplify and decentralize the organization. These actions will reduce costs by a combination of reduced contractor costs, attrition, early retirements and layoffs. Additionally, the Company will downsize its corporate functions by approximately 25 percent, relocate to a smaller, more cost effective corporate headquarters and establish a new Technology and Innovation Center. | ||||||||||||||||||||||||
Charges incurred related to the 2014 Corporate and Research & Development rationalization initiatives for the three and nine months ended September 30, 2014 are as follows: | ||||||||||||||||||||||||
For the Three and Nine | ||||||||||||||||||||||||
Months Ended | ||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Accelerated depreciation (recorded in Cost of sales) | $ | 5 | ||||||||||||||||||||||
Accelerated depreciation (recorded in Overhead) | 89 | |||||||||||||||||||||||
Severance and related costs (recorded in Rationalizations) | 8,130 | |||||||||||||||||||||||
Contract terminations (recorded in Rationalizations) | 74 | |||||||||||||||||||||||
Total 2014 corporate rationalization | $ | 8,298 | ||||||||||||||||||||||
and related charges | ||||||||||||||||||||||||
The 2014 Corporate and Research and Development rationalization plan will result in approximately $20 million of charges consisting of severance, accelerated depreciation and other related costs . Approximately $12 million of these costs will be cash outlays, the majority of which are expected to be disbursed in 2015. | ||||||||||||||||||||||||
The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the 2014 Corporate and Research & Development rationalization initiatives described above. This liability is recorded as a current liability on the Consolidated Balance Sheet. | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | — | ||||||||||||||||||||||
Charges incurred | 8,204 | |||||||||||||||||||||||
Change in estimates | — | |||||||||||||||||||||||
Payments and settlements | — | |||||||||||||||||||||||
Effect of change in currency exchange rates | — | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 8,204 | ||||||||||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Stock-Based Compensation | ' | ||||||
Stock-Based Compensation | |||||||
For the three months ended September 30, 2013 and 2014, we recognized stock-based compensation expense totaling $2.2 million and $1.3 million, respectively. A majority of the expense, $2.0 million and $1.2 million, respectively, was recorded as selling and administrative expenses in the Consolidated Statements of Operations, with the remaining expenses recorded as cost of sales and research and development. | |||||||
For the nine months ended September 30, 2013 and 2014, we recognized stock-based compensation expense of $5.9 million and $4.0 million, respectively. A majority of the expense, $5.4 million and $3.3 million, respectively, was recorded as selling and administrative expenses in the Consolidated Statements of Operations, with the remaining expenses recorded as cost of sales and research and development. | |||||||
As of September 30, 2014, the total compensation cost related to non-vested restricted stock, performance shares and stock options not yet recognized was $7.2 million, which will be recognized over the remaining weighted average life of 1.23 years. | |||||||
Restricted Stock and Performance Shares | |||||||
Restricted stock and performance share awards activity under the plans for the nine months ended September 30, 2014 was: | |||||||
Number of | Weighted- | ||||||
Shares | Average | ||||||
Grant Date | |||||||
Fair Value | |||||||
Outstanding unvested as of January 1, 2014 | 1,633,491 | $ | 10.98 | ||||
Granted | 215,100 | 10.53 | |||||
Vested | (188,732 | ) | 13.9 | ||||
Forfeited/canceled/expired | (807,296 | ) | 10.2 | ||||
Outstanding unvested as of September 30, 2014 | 852,563 | 10.98 | |||||
Stock Options | |||||||
Stock option activity under the plans for the nine months ended September 30, 2014 was: | |||||||
Number of | Weighted- | ||||||
Shares | Average | ||||||
Exercise | |||||||
Price | |||||||
Outstanding as of January 1, 2014 | 1,916,718 | $ | 12.47 | ||||
Granted | 145,034 | 11.56 | |||||
Forfeited/canceled/expired | (174,093 | ) | 11.64 | ||||
Exercised | (316,733 | ) | 8.88 | ||||
Outstanding as of September 30, 2014 | 1,570,926 | 13.2 | |||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
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, | |||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||
Weighted average common shares outstanding | 135,134,144 | 136,374,914 | 134,948,507 | 136,006,573 | ||||||||
for basic calculation | ||||||||||||
Add: Effect of stock options and restricted stock | — | — | 173,107 | — | ||||||||
Weighted average common shares outstanding | 135,134,144 | 136,374,914 | 135,121,614 | 136,006,573 | ||||||||
for diluted calculation | ||||||||||||
Basic earnings per common share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted earnings per share are calculated by dividing net income (loss) 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 1,529,213 and 1,541,048 shares in the three months ended September 30, 2013 and 2014, respectively, and 1,529,213 and 1,193,851 shares in the nine months ended September 30, 2013 and 2014 respectively, as these shares are anti-dilutive. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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 net 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, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Net sales to external customers: | ||||||||||||||||
Industrial Materials | $ | 233,277 | $ | 208,573 | $ | 673,394 | $ | 634,004 | ||||||||
Engineered Solutions | 69,807 | 51,885 | 184,778 | 191,429 | ||||||||||||
Total net sales | $ | 303,084 | $ | 260,458 | $ | 858,172 | $ | 825,433 | ||||||||
Segment operating (loss) income: | ||||||||||||||||
Industrial Materials | $ | (12,945 | ) | $ | (7,219 | ) | $ | 10,663 | $ | (28,009 | ) | |||||
Engineered Solutions | 4,376 | (15,832 | ) | 12,485 | (141,599 | ) | ||||||||||
Total segment operating (loss) income | $ | (8,569 | ) | $ | (23,051 | ) | $ | 23,148 | $ | (169,608 | ) | |||||
Reconciliation of segment operating (loss) income to | ||||||||||||||||
loss before provision for income taxes | ||||||||||||||||
Other expense (income), net | $ | (772 | ) | $ | 1,149 | $ | 753 | $ | 1,902 | |||||||
Interest expense | 9,098 | 9,069 | 27,053 | 27,223 | ||||||||||||
Interest income | (49 | ) | (144 | ) | (162 | ) | (257 | ) | ||||||||
Loss before provision for income taxes | $ | (16,846 | ) | $ | (33,125 | ) | $ | (4,496 | ) | $ | (198,476 | ) | ||||
Assets are managed based on geographic location because our reportable segments share certain facilities. Assets by reportable segment are estimated based on the value of property, plant and equipment at each location and the activities performed at the location. As a result of the rationalization initiatives and related impairments discussed in Note 2, the carrying value of our property, plant and equipment has changed significantly since December 31, 2013. The following is a summary of property, plant and equipment by reportable segment. | ||||||||||||||||
As of | As of | |||||||||||||||
31-Dec-13 | September 30, | |||||||||||||||
2014 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Property, plant & equipment: | ||||||||||||||||
Industrial Materials | $ | 601,322 | $ | 568,213 | ||||||||||||
Engineered Solutions | 219,663 | 97,342 | ||||||||||||||
Total property, plant & equipment | $ | 820,985 | $ | 665,555 | ||||||||||||
Benefit_Plans
Benefit Plans | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Service cost | $ | 489 | $ | 473 | $ | 1,467 | $ | 1,419 | ||||||||
Interest cost | 1,985 | 2,169 | 5,955 | 6,507 | ||||||||||||
Expected return on plan assets | (1,706 | ) | (1,938 | ) | (5,118 | ) | (5,814 | ) | ||||||||
Amortization of prior service cost | 6 | 1 | 18 | 3 | ||||||||||||
Net cost | $ | 774 | $ | 705 | $ | 2,322 | $ | 2,115 | ||||||||
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, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Service cost | $ | 28 | $ | 19 | $ | 84 | $ | 57 | ||||||||
Interest cost | 331 | 352 | 993 | 1,056 | ||||||||||||
Curtailment loss | — | — | — | 1,048 | ||||||||||||
Amortization of prior service benefit | (50 | ) | (47 | ) | (150 | ) | (141 | ) | ||||||||
Net cost | $ | 309 | $ | 324 | $ | 927 | $ | 2,020 | ||||||||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
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 intangible assets annually for impairment. Goodwill impairment is tested at the reporting unit level (graphite electrodes, needle coke and advanced graphite materials) 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, 2013 for all reporting units. The estimated fair values of our reporting units were based on discounted cash flow ("DCF") models derived from internal earnings forecasts and assumptions. The assumptions and estimates used in these valuations incorporated the then current and expected economic environment. Based on these valuations, the fair values substantially exceeded our carrying values. In addition to the quantitative analysis, we qualitatively assessed our reporting units and believe that the quantitative analysis supporting the fair values in excess of the carrying values was appropriate. | ||||||||||||||||||||||||
As a result of the deteriorating market conditions impacting our AGM product group, as discussed in Note 2, goodwill assigned to our AGM reporting unit of $0.4 million was written off in the second quarter of 2014. | ||||||||||||||||||||||||
We evaluated potential triggering events as of September 30, 2014 and noted that the aggregate carrying value of our consolidated net assets significantly exceeded our market capitalization. As a result, we determined that the recent decline in our market capitalization was a triggering event and tested our goodwill for impairment. The estimated fair values of our reporting units were based on long term discounted cash flow models derived from internal earnings forecasts and assumptions. These DCF models included twelve years of forecasted cash flows, plus an estimated terminal value. For the first several years in the models, the cash flows were based on the current operating and capital plans as prepared by management and approved by executive management. These plans were based on existing operating performance, as adjusted for current trends regarding pricing and currency rates, as well as known or expected near-term changes in product mix, operating costs, operating configuration and system-wide capacity. These plans also incorporated required or anticipated near-term capital projects and working capital changes. In a DCF model, the earlier years have a more pronounced impact on the calculated value as compared to later periods. As such, if economic conditions were to deteriorate or events were to occur resulting in the ultimate operating results for these initial years being significantly lower than what is reflected in the DCF, that would have an unfavorable effect on estimated fair values. | ||||||||||||||||||||||||
Discount rates are based on appropriately weighted average cost of capital ("WACC"), Company specific beta and mix of debt to equity are inputs into the determination of the discount rate, which is then qualitatively assessed from the standpoint of potential market participants. WACC has a significant impact on estimated fair values since this rate is used to discount the projected cash flows. As WACC increases, estimated fair values based on DCF decrease and vice versa. | ||||||||||||||||||||||||
Based on these valuations, the implied fair value of the reporting units substantially exceeded their carrying values. The results of the discounted cash flows for all reporting units, after deducting corporate debt, were compared to the market capitalization to determine an implied control premium. We evaluated the appropriateness of the implied control premium using equity valuations based on a share price average range, spot share prices as well as third party estimates of earnings and share price. | ||||||||||||||||||||||||
In addition to the quantitative analysis, we qualitatively assessed our reporting units and we believe that the quantitative analysis supporting the fair values in excess of the carrying values is appropriate. However, a further deterioration in the global economic environment or in any of the input assumptions in our calculation could adversely affect the fair values 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, 2014 is as follows: | ||||||||||||||||||||||||
Total | ||||||||||||||||||||||||
(Dollars in | ||||||||||||||||||||||||
Thousands) | ||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 496,810 | ||||||||||||||||||||||
Impairment | (413 | ) | ||||||||||||||||||||||
Currency translation effect | (453 | ) | ||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 495,944 | ||||||||||||||||||||||
The following table summarizes acquired intangible assets with determinable useful lives by major category as of December 31, 2013 and September 30, 2014: | ||||||||||||||||||||||||
As of December 31, 2013 | As of September 30, 2014 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization & Impairment | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||
Trade name | $ | 7,900 | $ | (3,944 | ) | $ | 3,956 | $ | 7,900 | $ | (4,495 | ) | $ | 3,405 | ||||||||||
Technological know-how | 43,349 | (18,582 | ) | 24,767 | 43,349 | (23,446 | ) | 19,903 | ||||||||||||||||
Customer –related | 110,798 | (44,664 | ) | 66,134 | 110,798 | (54,209 | ) | 56,589 | ||||||||||||||||
intangible | ||||||||||||||||||||||||
Total finite-lived | $ | 162,047 | $ | (67,190 | ) | $ | 94,857 | $ | 162,047 | $ | (82,150 | ) | $ | 79,897 | ||||||||||
intangible assets | ||||||||||||||||||||||||
Accumulated amortization as of September 30, 2014 included impairment charges related to our rationalization initiatives discussed in Note 2. The impairments represented charges of $0.4 million to customer-related intangible assets and $0.3 million to technological know-how. | ||||||||||||||||||||||||
Amortization expense of acquired intangible assets was $5.0 million and $4.7 million in the three months ended September 30, 2013 and September 30, 2014, respectively. Estimated amortization expense will approximate $4.7 million in the remainder of 2014, $17.1 million in 2015, $13.1 million in 2016, $11.8 million in 2017 and $10.7 million in 2018. |
LongTerm_Debt_And_Liquidity
Long-Term Debt And Liquidity | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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, 2013 | As of September 30, 2014 | |||||||
(Dollars in thousands) | ||||||||
Revolving Facility | $ | 64,000 | $ | 53,000 | ||||
Senior Notes | 300,000 | 300,000 | ||||||
Senior Subordinated Notes | 175,675 | 184,820 | ||||||
Other Debt | 1,918 | 1,689 | ||||||
Total | $ | 541,593 | $ | 539,509 | ||||
The fair value of long-term debt, which was determined using Level 2 inputs, was $549.8 million, versus a book value of $541.6 million as of December 31, 2013. As of September 30, 2014, the fair value of our long-term debt was $527.5 million versus a book value of $539.5 million. | ||||||||
Revolving Facility | ||||||||
On April 23, 2014, the Company and certain of its subsidiaries entered into an Amended and Restated Credit Agreement (the "Revolving Facility") that provides for, among other things, a five-year tenor, reduced borrowing spreads and greater financial flexibility. The Revolving Facility has a borrowing capacity of $470 million and matures in April 2019. | ||||||||
The interest rate applicable to the Revolving Credit Facility is, at GrafTech’s option, either LIBOR plus a margin ranging from 1.25% to 2.00% (depending on our total net leverage ratio) or, in the case of dollar denominated loans, the alternate base rate plus a margin ranging from 0.25% to 1.00% (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 0.20% to 0.35% (depending on our total leverage ratio) on the undrawn portion of the commitments under the Revolving Facility. | ||||||||
The financial covenants under the Revolving Facility require us to maintain a minimum cash interest coverage ratio of 2.50 to 1.00 and a maximum senior secured leverage ratio of 3.00 to 1.00, subject to adjustment for certain events. | ||||||||
Senior Notes | ||||||||
On November 20, 2012, the Company issued $300 million principal amount of 6.375% Senior Notes due 2020 (the "Senior Notes"). The 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. 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 indenture for the Senior Notes also contains 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 indenture for 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 (each, 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 (as defined in the indenture) 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. | ||||||||
Senior Subordinated Notes | ||||||||
On November 30, 2010, in connection with our acquisitions of Seadrift Coke L.P. and C/G Electrodes LLC, the Company issued Senior Subordinated Notes for an aggregate face amount of $200 million (the "Senior Subordinated Notes"). The Senior Subordinated Notes are non-interest bearing and mature in 2015. Because the Senior Subordinated 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 Senior Subordinated 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 $175.7 million as of December 31, 2013 and $184.8 million as of September 30, 2014. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories are comprised of the following: | ||||||||
As of December 31, 2013 | As of September 30, 2014 | |||||||
(Dollars in thousands) | ||||||||
Inventories: | ||||||||
Raw materials and supplies | $ | 184,420 | $ | 150,340 | ||||
Work in process | 245,160 | 191,340 | ||||||
Finished goods | 78,446 | 97,063 | ||||||
508,026 | 438,743 | |||||||
Reserves | (17,612 | ) | (20,266 | ) | ||||
Total | $ | 490,414 | $ | 418,477 | ||||
Interest_Expense
Interest Expense | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Interest incurred on debt | $ | 5,372 | $ | 5,448 | $ | 16,255 | $ | 16,115 | ||||||||
Amortization of discount on Senior Subordinated Notes | 2,897 | 3,100 | 8,546 | 9,145 | ||||||||||||
Amortization of debt issuance costs | 729 | 521 | 1,872 | 1,916 | ||||||||||||
Supply Chain Financing mark-up | 100 | — | 380 | 47 | ||||||||||||
Total interest expense | $ | 9,098 | $ | 9,069 | $ | 27,053 | $ | 27,223 | ||||||||
Interest Rates | ||||||||||||||||
The Revolving Facility had an effective interest rate of 2.42% and 2.16% as of December 31, 2013 and September 30, 2014, 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, 2014 | |
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 supplier's 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 purchased inventory and the collection of receivables. Based on the terms of the arrangement, the total amount that we owe to the financing party cannot 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 $9.5 million as of December 31, 2013 and nil as of September 30, 2014. We recognized Mark-Up of $0.4 million as interest expense in the nine months ended September 30, 2013 and nil through September 30, 2014. |
Contingencies
Contingencies | 9 Months Ended | |||
Sep. 30, 2014 | ||||
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. | ||||
GrafTech and Brazil Legacy Antitrust Investigation - On October 8, 2014, the General Superintendent of the Administrative Council of Economic Defense ("CADE") in Brazil announced that the agency would be continuing an investigation of anticompetitive activity allegedly affecting the Brazilian market from 1992 to 1998. The investigation was originally commenced in 2002 and has essentially been dormant for many years. There have been no penalties assessed or asserted against GrafTech. | ||||
The investigation purportedly relates to violations of antitrust laws that were previously investigated in 1997 - 2002 by the U.S. Department of Justice, the European Commission, and other countries in connection with the sale of graphite electrodes. Those antitrust investigations and related lawsuits and claims have long been resolved. Several of the investigations and related lawsuits and claims resulted in fines and settlements, all of which were timely paid many years ago. | ||||
GrafTech has cooperated in all of these legacy investigations, including having timely responded to requests for information from the Brazilian agency several years ago. GrafTech plans to respond as appropriate to the resurrection of the Brazilian matter. GrafTech believes that it has procedural and substantive defenses to the allegations in the Brazilian matter and that no further investigatory activities are warranted. | ||||
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, 2014, are presented below: | ||||
(Dollars in thousands) | ||||
Balance as of December 31, 2013 | $ | 1,050 | ||
Product warranty adjustments | (117 | ) | ||
Payments and settlements | (202 | ) | ||
Balance as of September 30, 2014 | $ | 731 | ||
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
We compute and apply to ordinary income an estimated annual effective tax rate on a quarterly basis based on current and forecasted business levels and activities, including the mix of domestic and foreign results and enacted tax laws. The estimated annual effective tax rate is updated quarterly based on actual results and updated operating forecasts. 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 as a discrete item of tax. | ||||||||||||||||
The following table summarizes the provision for income taxes for the three and nine months ended September 30, 2013 and September 30, 2014: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Tax (benefit) expense | $ | (9,216 | ) | $ | 1,818 | $ | (5,458 | ) | $ | 3,417 | ||||||
Pretax income (loss) | $ | (16,846 | ) | $ | (33,125 | ) | $ | (4,496 | ) | $ | (198,476 | ) | ||||
Effective tax rates | 54.7 | % | (5.5 | )% | 121.4 | % | (1.7 | )% | ||||||||
During the second quarter of 2014, we impaired certain long-lived assets and announced the exit of certain product lines within our Advanced Graphite Material ("AGM") product group, which is described in more detail in Note 2. The impairment charges and other impairment related charges were incurred primarily in the U.S. jurisdiction. As a result, we determined that it is no longer “more likely than not” that we will generate sufficient future U.S. taxable income to realize our deferred tax assets related to U.S. foreign tax credits and state net operating loss carryforwards, as well as our net U.S. deferred tax assets. | ||||||||||||||||
For the three and nine months ended September 30, 2014, the effective tax rate differs from the U.S. statutory rate of 35% primarily due to the recording of a valuation allowance against U.S. net deferred tax assets. As a result of the significant negative evidence of recent losses, the Company recognized a $57.0 million non-cash charge in the second quarter of 2014 to increase the valuation allowance against these deferred income tax assets. During the third quarter of 2014, the Company again incurred a loss in the U.S. jurisdiction. As a result, a valuation allowance against the related deferred tax asset has been reflected in the quarterly effective tax rate. The recognition of the valuation allowance does not result in or limit the Company's ability to utilize these tax assets in the future. | ||||||||||||||||
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 the significant positive evidence does not outweigh the negative evidence in regards to whether or not a valuation allowance is required, we have maintained valuation allowances on those net deferred tax assets. We established a valuation allowance against our U.S. net deferred tax assets in the second quarter of 2014, as described in more detail above. | ||||||||||||||||
As of September 30, 2014, we had unrecognized tax benefits of $4.7 million, 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 $2.6 million may occur within 12 months due to the expiration of statutes of limitation. | ||||||||||||||||
During the nine months ended September 30, 2014, we settled our audits with the U.S. federal tax authorities for the tax years ended 2008 and 2010-2011, reducing our unrecognized tax benefits by $2.7 million, of which $0.3 million had 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. All U.S. federal tax years prior to 2012 are generally closed by statute or have been audited and settled with the applicable domestic tax authorities. All other jurisdictions are still open to examination beginning after 2008. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
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 U.S. 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, 2013 and 2014, respectively. | ||||||||||||
In 2013 and 2014, 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 commercial and business transactions may be adversely affected by changes in exchange rates between the U.S. dollar and the Mexican peso, South African rand, Brazilian real, euro and Japanese yen. As of September 30, 2014, we had outstanding Mexican peso, South Afican rand, euro, and Japanese yen currency contracts with an aggregate notional amount of $124.2 million. The foreign currency derivatives outstanding as of September 30, 2014 have several maturity dates ranging from October 2014 to September 2015. | ||||||||||||
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 nine months ended September 30, 2014. As of September 30, 2014, we had outstanding derivative swap contracts for refined oil products with an aggregate notional amount of $11.6 million. These contracts have maturity dates ranging from October 2014 to December 2014. | ||||||||||||
Net Investment Hedges | ||||||||||||
We use certain intercompany debt to hedge a portion of our net investment in our foreign operations against currency exposure (net investment hedge). Intercompany debt designated in foreign currency and designated as a non-derivative net investment hedging instrument was $25.2 million and $11.5 million as of December 31, 2013 and September 30, 2014, respectively. Within our currency translation adjustment portion of other comprehensive income, we recorded gains of $0.2 million and $0.7 million in three months ended September 30, 2013 and September 30, 2014, respectively, resulting from these net investment hedges. | ||||||||||||
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, 2013 and September 30, 2014: | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Location | Fair Value | Location | Fair Value | |||||||||
As of December 31, 2013 | (Dollars in Thousands) | |||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives | Other receivables | $ | 772 | Other payables | $ | 1,185 | ||||||
Commodity derivative contracts | Other current assets | 834 | Other current liabilities | — | ||||||||
Total fair value | $ | 1,606 | $ | 1,185 | ||||||||
As of September 30, 2014 | ||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives | Other receivables | $ | 1,130 | Other payables | $ | 274 | ||||||
Commodity derivative contracts | Other current assets | — | Other current liabilities | 532 | ||||||||
Total fair value | $ | 1,130 | $ | 806 | ||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Location | Fair Value | Location | Fair Value | |||||||||
As of December 31, 2013 | (Dollars in Thousands) | |||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Other receivables | $ | 328 | Other payables | $ | 24 | ||||||
Total fair value | $ | 328 | $ | 24 | ||||||||
As of September 30, 2014 | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Other receivables | $ | 240 | Other payables | $ | 336 | ||||||
Total fair value | $ | 240 | $ | 336 | ||||||||
The location and amount of realized (gains) losses on derivatives are recognized in the Statements of Operations when the hedged item impacts earnings and are as follows for the three and nine months ended September 30, 2013 and 2014: | ||||||||||||
Amount of (Gain)/Loss | ||||||||||||
Recognized (Effective | ||||||||||||
Portion) | ||||||||||||
Three Months Ended September 30, | Location of (Gain)/Loss Reclassified from Other Comprehensive Income (Effective Portion) | 2013 | 2014 | |||||||||
(Dollars in Thousands) | ||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives, excluding tax | Cost of goods sold/Other expense / (income) / Revenue | $ | 228 | $ | (191 | ) | ||||||
of ($23) and $19, respectively | ||||||||||||
Commodity forward derivatives, excluding | Cost of goods sold / Revenue | $ | 454 | $ | 98 | |||||||
tax of ($164) and ($35), respectively | ||||||||||||
Amount of (Gain)/Loss | ||||||||||||
Recognized | ||||||||||||
Three Months Ended September 30, | Location of (Gain)/Loss Recognized in the Consolidated Statement of Operations | 2013 | 2014 | |||||||||
(Dollars in thousands) | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Cost of goods sold/Other expense (income) | $ | 509 | $ | 444 | |||||||
Amount of (Gain)/Loss | ||||||||||||
Recognized (Effective | ||||||||||||
Portion) | ||||||||||||
Nine Months Ended September 30, | Location of (Gain)/Loss Reclassified from Other Comprehensive Income (Effective Portion) | 2013 | 2014 | |||||||||
(Dollars in Thousands) | ||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives, excluding tax | Cost of goods sold/Other expense / (income) / Revenue | $ | 38 | $ | 137 | |||||||
of ($4) and ($14), respectively | ||||||||||||
Commodity forward derivatives, excluding | Cost of goods sold / Revenue | $ | 591 | $ | 124 | |||||||
tax of ($214) and ($45), respectively | ||||||||||||
Amount of (Gain)/Loss | ||||||||||||
Recognized | ||||||||||||
Nine Months Ended September 30, | Location of (Gain)/Loss Recognized in the Consolidated Statement of Operations | 2013 | 2014 | |||||||||
(Dollars in thousands) | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Cost of goods sold/Other expense (income) | $ | (912 | ) | $ | 383 | ||||||
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, 2014 | |||||||||||||||||||||
Consolidating Financials [Abstract] | ' | ||||||||||||||||||||
Supplemental Guarantor Information | ' | ||||||||||||||||||||
-15 | Guarantor Information | ||||||||||||||||||||
On November 20, 2012, GrafTech International Ltd. (the “Parent”) issued $300 million aggregate principal amount of Senior Notes. The Senior Notes mature on November 15, 2020 and bear interest at a rate of 6.375% per year, payable semi-annually in arrears on May 15 and November 15 of each year. The Senior Notes have been guaranteed on a senior basis by the following wholly-owned direct and indirect subsidiaries of the Parent: GrafTech Finance Inc., GrafTech Holdings Inc., GrafTech USA LLC, Seadrift Coke LLP, Fiber Materials, Inc., Intermat, GrafTech Global Enterprises Inc., GrafTech International Holdings Inc., GrafTech DE LLC, GrafTech Seadrift Holding Corp, GrafTech International Trading Inc., GrafTech Technology LLC, GrafTech NY Inc., and Graphite Electrode Network LLC. | |||||||||||||||||||||
The guarantors of the Senior Notes, solely in their respective capacities as such, are collectively called the “Guarantors.” Our other subsidiaries, which are not guarantors of the Senior Notes, are called the “Non-Guarantors.” | |||||||||||||||||||||
All of the guarantees are unsecured. All of the guarantees are full, unconditional (subject to limited exceptions described below) and joint and several. Each of the Guarantors are 100% owned, directly or indirectly, by the Parent. All of the guarantees of the Senior Notes continue until the Senior Notes have been paid in full, and payment under such guarantees could be required immediately upon the occurrence of an event of default under the Senior Notes. If a Guarantor makes a payment under its guarantee of the Senior Notes, it would have the right under certain circumstances to seek contribution from the other Guarantors. | |||||||||||||||||||||
The Guarantors will be released from the guarantees upon the occurrence of certain events, including the following: the unconditional release or discharge of any guarantee or indebtedness that resulted in the creation of the guarantee of the Senior Notes by such Guarantor; the sale or other disposition, including by way of merger or consolidation or the sale of its capital stock, following which such Guarantor is no longer a subsidiary of the Parent; or the Parent's exercise of its legal defeasance option or its covenant defeasance option as described in the indenture applicable to the Senior Notes. If any Guarantor is released, no holder of the Senior Notes will have a claim as a creditor against such Guarantor. The indebtedness and other liabilities, including trade payables and preferred stock, if any, of each Guarantor are effectively senior to the claim of any holders of the Senior Notes. | |||||||||||||||||||||
Investments in subsidiaries are recorded on the equity basis. | |||||||||||||||||||||
The following tables set forth condensed consolidating balance sheets as of December 31, 2013 and September 30, 2014 and condensed consolidating statements of operations and comprehensive income for the three and nine months ended September 30, 2013 and 2014 and condensed consolidating statements of cash flows for the nine months ended September 30, 2013 and 2014 of the Parent Guarantors and the Non-Guarantors. | |||||||||||||||||||||
Amounts presented in comprehensive income for the three and nine months ended September 30, 2013 have been revised. Previously, the Company did not present comprehensive income of subsidiaries in the guarantor column. This amount has been revised to present $2.9 million in comprehensive loss for the guarantors during the three months ended September 30, 2013 and $4.0 million in comprehensive income during the nine months ended September 30, 2013. | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 4,752 | $ | 7,136 | $ | — | $ | 11,888 | |||||||||||
Accounts receivable - affiliates | 42,410 | 28,551 | 15,824 | (86,785 | ) | — | |||||||||||||||
Accounts receivable - trade | — | 48,998 | 150,568 | — | 199,566 | ||||||||||||||||
Inventories | — | 174,935 | 315,479 | — | 490,414 | ||||||||||||||||
Prepaid and other current assets | — | 22,555 | 51,235 | — | 73,790 | ||||||||||||||||
Total current assets | 42,410 | 279,791 | 540,242 | (86,785 | ) | 775,658 | |||||||||||||||
Investment in affiliates | 1,709,914 | 828,012 | — | (2,537,926 | ) | — | |||||||||||||||
Property, plant and equipment | — | 540,273 | 280,712 | — | 820,985 | ||||||||||||||||
Deferred income taxes | — | — | 10,334 | — | 10,334 | ||||||||||||||||
Goodwill | — | 293,162 | 203,648 | — | 496,810 | ||||||||||||||||
Notes receivable - affiliate | 51,090 | 7,413 | — | (58,503 | ) | — | |||||||||||||||
Other assets | 4,752 | 53,447 | 55,862 | — | 114,061 | ||||||||||||||||
Total assets | $ | 1,808,166 | $ | 2,002,098 | $ | 1,090,798 | $ | (2,683,214 | ) | $ | 2,217,848 | ||||||||||
LIABILITIES AND | |||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable - affiliate | $ | — | $ | 58,206 | $ | 28,579 | $ | (86,785 | ) | $ | — | ||||||||||
Accounts payable - trade | — | 41,971 | 73,241 | — | 115,212 | ||||||||||||||||
Short-term debt | — | 165 | 996 | — | 1,161 | ||||||||||||||||
Accrued income and other taxes | 2,678 | 4,736 | 23,273 | — | 30,687 | ||||||||||||||||
Rationalizations | — | 1,890 | 16,531 | — | 18,421 | ||||||||||||||||
Supply chain financing liability | — | — | 9,455 | — | 9,455 | ||||||||||||||||
Other accrued liabilities | 2,444 | 12,404 | 26,091 | — | 40,939 | ||||||||||||||||
Total current liabilities | 5,122 | 119,372 | 178,166 | (86,785 | ) | 215,875 | |||||||||||||||
Long-term debt - affiliate | — | 51,090 | 7,413 | (58,503 | ) | — | |||||||||||||||
Long-term debt - third party | 475,675 | 50,525 | 15,393 | — | 541,593 | ||||||||||||||||
Other long-term obligations | — | 66,590 | 31,357 | — | 97,947 | ||||||||||||||||
Deferred income taxes | 6,620 | 4,607 | 30,457 | — | 41,684 | ||||||||||||||||
Stockholders' equity | 1,320,749 | 1,709,914 | 828,012 | (2,537,926 | ) | 1,320,749 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 1,808,166 | $ | 2,002,098 | $ | 1,090,798 | $ | (2,683,214 | ) | $ | 2,217,848 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,362 | $ | 9,516 | $ | — | $ | 10,878 | |||||||||||
Accounts receivable - affiliates | 39,243 | 41,619 | 35,617 | (116,479 | ) | — | |||||||||||||||
Accounts receivable - trade | — | 39,252 | 124,719 | — | 163,971 | ||||||||||||||||
Inventories | — | 161,791 | 256,686 | — | 418,477 | ||||||||||||||||
Prepaid and other current assets | — | 18,156 | 69,832 | — | 87,988 | ||||||||||||||||
Total current assets | 39,243 | 262,180 | 496,370 | (116,479 | ) | 681,314 | |||||||||||||||
Investment in affiliates | 1,513,267 | 772,957 | — | (2,286,224 | ) | — | |||||||||||||||
Property, plant and equipment | — | 433,350 | 232,205 | — | 665,555 | ||||||||||||||||
Deferred income taxes | — | — | 13,614 | — | 13,614 | ||||||||||||||||
Goodwill | — | 292,749 | 203,195 | — | 495,944 | ||||||||||||||||
Notes receivable - affiliate | 44,020 | 7,413 | — | (51,433 | ) | — | |||||||||||||||
Other assets | 4,237 | 51,473 | 49,308 | — | 105,018 | ||||||||||||||||
Total assets | $ | 1,600,767 | $ | 1,820,122 | $ | 994,692 | $ | (2,454,136 | ) | $ | 1,961,445 | ||||||||||
LIABILITIES AND | |||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable - affiliate | $ | — | $ | 74,859 | $ | 41,620 | $ | (116,479 | ) | $ | — | ||||||||||
Accounts payable - trade | — | 36,316 | 62,406 | — | 98,722 | ||||||||||||||||
Short-term debt | — | 1,130 | 14 | — | 1,144 | ||||||||||||||||
Accrued income and other taxes | 343 | 3,659 | 22,071 | — | 26,073 | ||||||||||||||||
Rationalizations | — | 9,239 | 3,508 | — | 12,747 | ||||||||||||||||
Other accrued liabilities | 7,225 | 11,360 | 25,626 | — | 44,211 | ||||||||||||||||
Total current liabilities | 7,568 | 136,563 | 155,245 | (116,479 | ) | 182,897 | |||||||||||||||
Long-term debt - affiliate | — | 44,020 | 7,413 | (51,433 | ) | — | |||||||||||||||
Long-term debt - third party | 484,820 | 53,427 | 1,262 | — | 539,509 | ||||||||||||||||
Other long-term obligations | — | 59,604 | 30,380 | — | 89,984 | ||||||||||||||||
Deferred income taxes | — | 13,241 | 27,435 | — | 40,676 | ||||||||||||||||
Stockholders' equity | 1,108,379 | 1,513,267 | 772,957 | (2,286,224 | ) | 1,108,379 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 1,600,767 | $ | 1,820,122 | $ | 994,692 | $ | (2,454,136 | ) | $ | 1,961,445 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS 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 | ) | ||||||||||||
(Benefit) provision 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 (loss) income | 5,706 | 5,706 | 3,892 | (9,598 | ) | 5,706 | |||||||||||||||
Comprehensive (loss) income | $ | (1,924 | ) | $ | 2,910 | $ | (6,722 | ) | $ | 3,812 | $ | (1,924 | ) | ||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the three months ended September 30, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Sales - affiliates | $ | — | $ | 68,424 | $ | 38,171 | $ | (106,595 | ) | $ | — | ||||||||||
Sales - third party | — | 93,457 | 167,001 | — | 260,458 | ||||||||||||||||
Net sales | — | 161,881 | 205,172 | (106,595 | ) | 260,458 | |||||||||||||||
Cost of sales | — | 157,726 | 191,683 | (106,595 | ) | 242,814 | |||||||||||||||
Gross profit | — | 4,155 | 13,489 | — | 17,644 | ||||||||||||||||
Research and development | — | 2,871 | — | — | 2,871 | ||||||||||||||||
Selling and administrative expenses | — | 11,347 | 15,633 | — | 26,980 | ||||||||||||||||
Impairments | — | — | — | — | — | ||||||||||||||||
Rationalizations | — | (1,592 | ) | 12,436 | — | 10,844 | |||||||||||||||
Operating loss | — | (8,471 | ) | (14,580 | ) | — | (23,051 | ) | |||||||||||||
Other (income) expense, net | — | 461 | 688 | — | 1,149 | ||||||||||||||||
Interest expense - affiliate | — | 193 | — | (193 | ) | — | |||||||||||||||
Interest expense - third party | 8,055 | 883 | 131 | — | 9,069 | ||||||||||||||||
Interest income - affiliate | (193 | ) | — | — | 193 | — | |||||||||||||||
Interest income - third party | — | — | (144 | ) | — | (144 | ) | ||||||||||||||
Loss before income taxes | (7,862 | ) | (10,008 | ) | (15,255 | ) | — | ` | (33,125 | ) | |||||||||||
Provision for (benefit from) income taxes | (2,830 | ) | 3,313 | 1,335 | — | 1,818 | |||||||||||||||
Equity in losses of subsidiary | (29,911 | ) | (16,590 | ) | — | 46,501 | — | ||||||||||||||
Net (loss) income | $ | (34,943 | ) | $ | (29,911 | ) | $ | (16,590 | ) | $ | 46,501 | $ | (34,943 | ) | |||||||
Statements of | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Net (loss) income | $ | (34,943 | ) | $ | (29,911 | ) | $ | (16,590 | ) | $ | 46,501 | $ | (34,943 | ) | |||||||
Other comprehensive income (loss) | (23,247 | ) | (23,247 | ) | (21,996 | ) | 45,243 | (23,247 | ) | ||||||||||||
Comprehensive (loss) income | $ | (58,190 | ) | $ | (53,158 | ) | $ | (38,586 | ) | $ | 91,744 | $ | (58,190 | ) | |||||||
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 | ) | ||||||||||||||
Income before income taxes | (22,411 | ) | 26,385 | (8,470 | ) | — | ` | (4,496 | ) | ||||||||||||
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 (loss) income | (11,219 | ) | (11,219 | ) | (12,216 | ) | 23,435 | (11,219 | ) | ||||||||||||
Comprehensive (loss) income | $ | (10,257 | ) | $ | 4,041 | $ | (16,419 | ) | $ | 12,378 | $ | (10,257 | ) | ||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the nine months ended September 30, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Sales - affiliates | $ | — | $ | 192,740 | $ | 106,742 | $ | (299,482 | ) | $ | — | ||||||||||
Sales - third party | — | 315,387 | 510,046 | — | 825,433 | ||||||||||||||||
Net sales | — | 508,127 | 616,788 | (299,482 | ) | 825,433 | |||||||||||||||
Cost of sales | — | 472,202 | 591,422 | (299,482 | ) | 764,142 | |||||||||||||||
Gross profit | — | 35,925 | 25,366 | — | 61,291 | ||||||||||||||||
Research and development | — | 8,544 | — | — | 8,544 | ||||||||||||||||
Selling and administrative expenses | — | 35,479 | 53,545 | — | 89,024 | ||||||||||||||||
Impairments | — | 121,570 | — | — | 121,570 | ||||||||||||||||
Rationalizations | — | (1,540 | ) | 13,301 | — | 11,761 | |||||||||||||||
Operating loss | — | (128,128 | ) | (41,480 | ) | — | (169,608 | ) | |||||||||||||
Other expense (income), net | — | 1,281 | 621 | — | 1,902 | ||||||||||||||||
Interest expense - affiliate | — | 629 | — | (629 | ) | — | |||||||||||||||
Interest expense - third party | 24,010 | 2,529 | 684 | — | 27,223 | ||||||||||||||||
Interest income - affiliate | (629 | ) | — | — | 629 | — | |||||||||||||||
Interest income - third party | — | — | (257 | ) | — | (257 | ) | ||||||||||||||
Loss before income taxes | (23,381 | ) | (132,567 | ) | (42,528 | ) | — | ` | (198,476 | ) | |||||||||||
(Benefit from) provision for income taxes | (8,417 | ) | 17,712 | (5,878 | ) | — | 3,417 | ||||||||||||||
Equity in losses of subsidiary | (186,929 | ) | (36,650 | ) | — | 223,579 | — | ||||||||||||||
Net (loss) income | $ | (201,893 | ) | $ | (186,929 | ) | $ | (36,650 | ) | $ | 223,579 | $ | (201,893 | ) | |||||||
Statements of | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Net (loss) income | $ | (201,893 | ) | $ | (186,929 | ) | $ | (36,650 | ) | $ | 223,579 | $ | (201,893 | ) | |||||||
Other comprehensive income (loss) | (20,936 | ) | (20,936 | ) | (19,474 | ) | 40,410 | (20,936 | ) | ||||||||||||
Comprehensive (loss) income | $ | (222,829 | ) | $ | (207,865 | ) | $ | (56,124 | ) | $ | 263,989 | $ | (222,829 | ) | |||||||
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 | $ | (5,857 | ) | $ | 50,244 | $ | 20,791 | $ | — | $ | 65,178 | ||||||||||
operating activities: | |||||||||||||||||||||
Cash flow from investing activities: | |||||||||||||||||||||
(Loans to) repayments from affiliates | 7,015 | — | — | (7,015 | ) | — | |||||||||||||||
Capital expenditures | — | (37,081 | ) | (25,617 | ) | — | (62,698 | ) | |||||||||||||
Proceeds from derivative instruments | — | (22 | ) | 874 | — | 852 | |||||||||||||||
Insurance recoveries | — | 280 | 2,053 | — | 2,333 | ||||||||||||||||
Net cash (used in) provided by | 7,015 | (36,823 | ) | (22,690 | ) | (7,015 | ) | (59,513 | ) | ||||||||||||
investing activities | |||||||||||||||||||||
Cash flow from financing activities: | |||||||||||||||||||||
Loans from (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 | (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 | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For the nine months ended September 30, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net cash (used in) provided by operating activities: | $ | (10,274 | ) | $ | 50,298 | $ | 42,865 | $ | — | $ | 82,889 | ||||||||||
Cash flow from investing activities: | |||||||||||||||||||||
Repayments from affiliates | 7,070 | — | — | (7,070 | ) | — | |||||||||||||||
Capital expenditures | — | (49,756 | ) | (19,558 | ) | — | (69,314 | ) | |||||||||||||
Payments for (proceeds from) derivatives | — | (51 | ) | (522 | ) | — | (573 | ) | |||||||||||||
Proceeds from sale of assets | — | 1,706 | 2,373 | — | 4,079 | ||||||||||||||||
Insurance recoveries | — | — | 2,834 | — | 2,834 | ||||||||||||||||
Net cash provided by (used in) | 7,070 | (48,101 | ) | (14,873 | ) | (7,070 | ) | (62,974 | ) | ||||||||||||
investing activities | |||||||||||||||||||||
Cash flow from financing activities: | |||||||||||||||||||||
Repayments to affiliates | — | (7,070 | ) | — | 7,070 | — | |||||||||||||||
Short-term debt borrowings | — | 965 | (982 | ) | — | (17 | ) | ||||||||||||||
Revolving Facility borrowings | — | 151,000 | 78,000 | — | 229,000 | ||||||||||||||||
Revolving Facility reductions | — | (148,000 | ) | (92,000 | ) | — | (240,000 | ) | |||||||||||||
Principal payments on long term debt | — | (98 | ) | (60 | ) | — | (158 | ) | |||||||||||||
Supply chain financing | — | — | (9,455 | ) | — | (9,455 | ) | ||||||||||||||
Proceeds from exercise of stock options | 2,813 | — | — | — | 2,813 | ||||||||||||||||
Purchase of treasury shares | (620 | ) | — | — | — | (620 | ) | ||||||||||||||
Revolver facility refinancing | — | (2,384 | ) | (357 | ) | — | (2,741 | ) | |||||||||||||
Other | 1,011 | — | — | — | 1,011 | ||||||||||||||||
Net cash provided by (used in) | 3,204 | (5,587 | ) | (24,854 | ) | 7,070 | (20,167 | ) | |||||||||||||
financing activities | |||||||||||||||||||||
Net increase in cash | — | (3,390 | ) | 3,138 | — | (252 | ) | ||||||||||||||
and cash equivalents | |||||||||||||||||||||
Effect of exchange rate changes | — | — | (758 | ) | — | (758 | ) | ||||||||||||||
on cash and cash equivalents | |||||||||||||||||||||
Cash and cash equivalents at | — | 4,752 | 7,136 | — | 11,888 | ||||||||||||||||
beginning of period | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,362 | $ | 9,516 | $ | — | $ | 10,878 | |||||||||||
at end of period | |||||||||||||||||||||
Organization_And_Summary_Of_Si1
Organization And Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis Of Presentation | ' |
A. Organization | |
GrafTech International Ltd. (the "Company") 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”). The December 31, 2013 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, 2013 (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. | |
C. New Accounting Standards | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued guidance on Income Taxes titled “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This guidance requires that financial statements reflect a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward as reduced by any unrecognized tax benefit or a portion of an unrecognized tax benefit. The updated guidance became effective for the Company's interim and annual periods beginning after December 15, 2013. We adopted the guidance effective January 1, 2014 and its implementation did not have a material impact to our financial statements. | |
In May 2014, FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This ASU supersedes the revenue recognition requirements in Accounting Standards Codification 605—Revenue Recognition and most industry-specific guidance throughout the Codification. This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU is effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. We are in the process of assessing the impact of the adoption of ASU 2014-09 on the Company's financial position, results of operations and cash flows. |
Rationalizations_Tables
Rationalizations (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
Rationalization Charges | ' | |||||||||||||||||||||||
Charges incurred related to the 2013 rationalization initiatives for the three and nine months ended September 30, 2014 are as follows: | ||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||
30-Sep-14 | 30-Sep-14 | |||||||||||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Total | Industrial Materials Segment | Engineered Solutions Segment | Total | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Accelerated depreciation | $ | 838 | $ | — | $ | 838 | $ | 21,690 | $ | 826 | $ | 22,516 | ||||||||||||
(recorded in Cost of sales) | ||||||||||||||||||||||||
Other (recorded in Cost | 1,618 | 6 | 1,624 | 6,194 | 622 | 6,816 | ||||||||||||||||||
of sales) | ||||||||||||||||||||||||
Other (recorded in Selling | 21 | — | 21 | 99 | — | 99 | ||||||||||||||||||
and administrative) | ||||||||||||||||||||||||
Severance and related costs | (52 | ) | — | (52 | ) | 366 | (28 | ) | 338 | |||||||||||||||
(recorded in Rationalizations) | ||||||||||||||||||||||||
Contract terminations | 81 | — | 81 | 609 | — | 609 | ||||||||||||||||||
(recorded in Rationalizations) | ||||||||||||||||||||||||
Total 2013 rationalization plan | $ | 2,506 | $ | 6 | $ | 2,512 | $ | 28,958 | $ | 1,420 | $ | 30,378 | ||||||||||||
and related charges | ||||||||||||||||||||||||
Charges incurred related to the 2014 Corporate and Research & Development rationalization initiatives for the three and nine months ended September 30, 2014 are as follows: | ||||||||||||||||||||||||
For the Three and Nine | ||||||||||||||||||||||||
Months Ended | ||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Accelerated depreciation (recorded in Cost of sales) | $ | 5 | ||||||||||||||||||||||
Accelerated depreciation (recorded in Overhead) | 89 | |||||||||||||||||||||||
Severance and related costs (recorded in Rationalizations) | 8,130 | |||||||||||||||||||||||
Contract terminations (recorded in Rationalizations) | 74 | |||||||||||||||||||||||
Total 2014 corporate rationalization | $ | 8,298 | ||||||||||||||||||||||
and related charges | ||||||||||||||||||||||||
Charges incurred related to the 2014 Engineered Solutions rationalization initiatives for the three and nine months ended September 30, 2014 are as follows: | ||||||||||||||||||||||||
For the Three | For the Nine | |||||||||||||||||||||||
Months Ended | Months Ended | |||||||||||||||||||||||
30-Sep-14 | 30-Sep-14 | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Accelerated depreciation (recorded in Cost of sales) | $ | 2,802 | $ | 2,802 | ||||||||||||||||||||
Other (recorded in Cost of sales) | 2,780 | 13,341 | ||||||||||||||||||||||
Severance and related charges (recorded in Rationalizations) | 2,537 | 2,537 | ||||||||||||||||||||||
Contract terminations (recorded in Rationalizations) | 74 | 74 | ||||||||||||||||||||||
Impairments (recorded in Impairments) | — | 121,570 | ||||||||||||||||||||||
Total 2014 Engineered Solutions rationalization | $ | 8,193 | $ | 140,324 | ||||||||||||||||||||
and related charges | ||||||||||||||||||||||||
Schedule of Restructuring Reserve | ' | |||||||||||||||||||||||
This liability is recorded as a current liability on the Consolidated Balance Sheet. | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 18,421 | ||||||||||||||||||||||
Charges incurred | 693 | |||||||||||||||||||||||
Change in estimates | 254 | |||||||||||||||||||||||
Payments and settlements | (16,053 | ) | ||||||||||||||||||||||
Effect of change in currency exchange rates | (997 | ) | ||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 2,318 | ||||||||||||||||||||||
The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the 2014 Engineered Solutions rationalization initiatives described above. This liability is recorded as a current liability on the Consolidated Balance Sheet. | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | — | ||||||||||||||||||||||
Charges incurred | 2,611 | |||||||||||||||||||||||
Change in estimates | — | |||||||||||||||||||||||
Payments and settlements | (386 | ) | ||||||||||||||||||||||
Effect of change in currency exchange rates | — | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 2,225 | ||||||||||||||||||||||
This liability is recorded as a current liability on the Consolidated Balance Sheet. | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | — | ||||||||||||||||||||||
Charges incurred | 8,204 | |||||||||||||||||||||||
Change in estimates | — | |||||||||||||||||||||||
Payments and settlements | — | |||||||||||||||||||||||
Effect of change in currency exchange rates | — | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 8,204 | ||||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
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, 2014 was: | |||||||
Number of | Weighted- | ||||||
Shares | Average | ||||||
Grant Date | |||||||
Fair Value | |||||||
Outstanding unvested as of January 1, 2014 | 1,633,491 | $ | 10.98 | ||||
Granted | 215,100 | 10.53 | |||||
Vested | (188,732 | ) | 13.9 | ||||
Forfeited/canceled/expired | (807,296 | ) | 10.2 | ||||
Outstanding unvested as of September 30, 2014 | 852,563 | 10.98 | |||||
Schedule Of Stock Option Activity Under The Plans | ' | ||||||
Number of | Weighted- | ||||||
Shares | Average | ||||||
Exercise | |||||||
Price | |||||||
Outstanding as of January 1, 2014 | 1,916,718 | $ | 12.47 | ||||
Granted | 145,034 | 11.56 | |||||
Forfeited/canceled/expired | (174,093 | ) | 11.64 | ||||
Exercised | (316,733 | ) | 8.88 | ||||
Outstanding as of September 30, 2014 | 1,570,926 | 13.2 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
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, | |||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||
Weighted average common shares outstanding | 135,134,144 | 136,374,914 | 134,948,507 | 136,006,573 | ||||||||
for basic calculation | ||||||||||||
Add: Effect of stock options and restricted stock | — | — | 173,107 | — | ||||||||
Weighted average common shares outstanding | 135,134,144 | 136,374,914 | 135,121,614 | 136,006,573 | ||||||||
for diluted calculation | ||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Net sales to external customers: | ||||||||||||||||
Industrial Materials | $ | 233,277 | $ | 208,573 | $ | 673,394 | $ | 634,004 | ||||||||
Engineered Solutions | 69,807 | 51,885 | 184,778 | 191,429 | ||||||||||||
Total net sales | $ | 303,084 | $ | 260,458 | $ | 858,172 | $ | 825,433 | ||||||||
Segment operating (loss) income: | ||||||||||||||||
Industrial Materials | $ | (12,945 | ) | $ | (7,219 | ) | $ | 10,663 | $ | (28,009 | ) | |||||
Engineered Solutions | 4,376 | (15,832 | ) | 12,485 | (141,599 | ) | ||||||||||
Total segment operating (loss) income | $ | (8,569 | ) | $ | (23,051 | ) | $ | 23,148 | $ | (169,608 | ) | |||||
Reconciliation of segment operating (loss) income to | ||||||||||||||||
loss before provision for income taxes | ||||||||||||||||
Other expense (income), net | $ | (772 | ) | $ | 1,149 | $ | 753 | $ | 1,902 | |||||||
Interest expense | 9,098 | 9,069 | 27,053 | 27,223 | ||||||||||||
Interest income | (49 | ) | (144 | ) | (162 | ) | (257 | ) | ||||||||
Loss before provision for income taxes | $ | (16,846 | ) | $ | (33,125 | ) | $ | (4,496 | ) | $ | (198,476 | ) |
Benefit_Plans_Tables
Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Service cost | $ | 489 | $ | 473 | $ | 1,467 | $ | 1,419 | ||||||||
Interest cost | 1,985 | 2,169 | 5,955 | 6,507 | ||||||||||||
Expected return on plan assets | (1,706 | ) | (1,938 | ) | (5,118 | ) | (5,814 | ) | ||||||||
Amortization of prior service cost | 6 | 1 | 18 | 3 | ||||||||||||
Net cost | $ | 774 | $ | 705 | $ | 2,322 | $ | 2,115 | ||||||||
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, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Service cost | $ | 28 | $ | 19 | $ | 84 | $ | 57 | ||||||||
Interest cost | 331 | 352 | 993 | 1,056 | ||||||||||||
Curtailment loss | — | — | — | 1,048 | ||||||||||||
Amortization of prior service benefit | (50 | ) | (47 | ) | (150 | ) | (141 | ) | ||||||||
Net cost | $ | 309 | $ | 324 | $ | 927 | $ | 2,020 | ||||||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
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, 2013 | $ | 496,810 | ||||||||||||||||||||||
Impairment | (413 | ) | ||||||||||||||||||||||
Currency translation effect | (453 | ) | ||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 495,944 | ||||||||||||||||||||||
Schedule Of Intangible Assets With Determinable Useful Lives By Major Category | ' | |||||||||||||||||||||||
As of December 31, 2013 | As of September 30, 2014 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization & Impairment | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||
Trade name | $ | 7,900 | $ | (3,944 | ) | $ | 3,956 | $ | 7,900 | $ | (4,495 | ) | $ | 3,405 | ||||||||||
Technological know-how | 43,349 | (18,582 | ) | 24,767 | 43,349 | (23,446 | ) | 19,903 | ||||||||||||||||
Customer –related | 110,798 | (44,664 | ) | 66,134 | 110,798 | (54,209 | ) | 56,589 | ||||||||||||||||
intangible | ||||||||||||||||||||||||
Total finite-lived | $ | 162,047 | $ | (67,190 | ) | $ | 94,857 | $ | 162,047 | $ | (82,150 | ) | $ | 79,897 | ||||||||||
intangible assets | ||||||||||||||||||||||||
LongTerm_Debt_And_Liquidity_Ta
Long-Term Debt And Liquidity (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Long-term Debt and Capital Lease Obligations [Abstract] | ' | |||||||
Schedule Of Long-Term Debt | ' | |||||||
As of December 31, 2013 | As of September 30, 2014 | |||||||
(Dollars in thousands) | ||||||||
Revolving Facility | $ | 64,000 | $ | 53,000 | ||||
Senior Notes | 300,000 | 300,000 | ||||||
Senior Subordinated Notes | 175,675 | 184,820 | ||||||
Other Debt | 1,918 | 1,689 | ||||||
Total | $ | 541,593 | $ | 539,509 | ||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule Of Inventories | ' | |||||||
As of December 31, 2013 | As of September 30, 2014 | |||||||
(Dollars in thousands) | ||||||||
Inventories: | ||||||||
Raw materials and supplies | $ | 184,420 | $ | 150,340 | ||||
Work in process | 245,160 | 191,340 | ||||||
Finished goods | 78,446 | 97,063 | ||||||
508,026 | 438,743 | |||||||
Reserves | (17,612 | ) | (20,266 | ) | ||||
Total | $ | 490,414 | $ | 418,477 | ||||
Interest_Expense_Tables
Interest Expense (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Interest and Debt Expense [Abstract] | ' | |||||||||||||||
Schedule Of Interest Expense | ' | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Interest incurred on debt | $ | 5,372 | $ | 5,448 | $ | 16,255 | $ | 16,115 | ||||||||
Amortization of discount on Senior Subordinated Notes | 2,897 | 3,100 | 8,546 | 9,145 | ||||||||||||
Amortization of debt issuance costs | 729 | 521 | 1,872 | 1,916 | ||||||||||||
Supply Chain Financing mark-up | 100 | — | 380 | 47 | ||||||||||||
Total interest expense | $ | 9,098 | $ | 9,069 | $ | 27,053 | $ | 27,223 | ||||||||
Contingencies_Tables
Contingencies (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Loss Contingency [Abstract] | ' | |||
Schedule Of Product Warranties Accrual | ' | |||
(Dollars in thousands) | ||||
Balance as of December 31, 2013 | $ | 1,050 | ||
Product warranty adjustments | (117 | ) | ||
Payments and settlements | (202 | ) | ||
Balance as of September 30, 2014 | $ | 731 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Summary Of Provision For Income Taxes | ' | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Tax (benefit) expense | $ | (9,216 | ) | $ | 1,818 | $ | (5,458 | ) | $ | 3,417 | ||||||
Pretax income (loss) | $ | (16,846 | ) | $ | (33,125 | ) | $ | (4,496 | ) | $ | (198,476 | ) | ||||
Effective tax rates | 54.7 | % | (5.5 | )% | 121.4 | % | (1.7 | )% |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
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, 2013 | (Dollars in Thousands) | |||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives | Other receivables | $ | 772 | Other payables | $ | 1,185 | ||||||
Commodity derivative contracts | Other current assets | 834 | Other current liabilities | — | ||||||||
Total fair value | $ | 1,606 | $ | 1,185 | ||||||||
As of September 30, 2014 | ||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives | Other receivables | $ | 1,130 | Other payables | $ | 274 | ||||||
Commodity derivative contracts | Other current assets | — | Other current liabilities | 532 | ||||||||
Total fair value | $ | 1,130 | $ | 806 | ||||||||
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, 2013 | (Dollars in Thousands) | |||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Other receivables | $ | 328 | Other payables | $ | 24 | ||||||
Total fair value | $ | 328 | $ | 24 | ||||||||
As of September 30, 2014 | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Other receivables | $ | 240 | Other payables | $ | 336 | ||||||
Total fair value | $ | 240 | $ | 336 | ||||||||
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) | 2013 | 2014 | |||||||||
(Dollars in Thousands) | ||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives, excluding tax | Cost of goods sold/Other expense / (income) / Revenue | $ | 38 | $ | 137 | |||||||
of ($4) and ($14), respectively | ||||||||||||
Commodity forward derivatives, excluding | Cost of goods sold / Revenue | $ | 591 | $ | 124 | |||||||
tax of ($214) and ($45), respectively | ||||||||||||
Amount of (Gain)/Loss | ||||||||||||
Recognized | ||||||||||||
Nine Months Ended September 30, | Location of (Gain)/Loss Recognized in the Consolidated Statement of Operations | 2013 | 2014 | |||||||||
(Dollars in thousands) | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Cost of goods sold/Other expense (income) | $ | (912 | ) | $ | 383 | ||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Consolidating Financials [Abstract] | ' | ||||||||||||||||||||
Schedule of Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 4,752 | $ | 7,136 | $ | — | $ | 11,888 | |||||||||||
Accounts receivable - affiliates | 42,410 | 28,551 | 15,824 | (86,785 | ) | — | |||||||||||||||
Accounts receivable - trade | — | 48,998 | 150,568 | — | 199,566 | ||||||||||||||||
Inventories | — | 174,935 | 315,479 | — | 490,414 | ||||||||||||||||
Prepaid and other current assets | — | 22,555 | 51,235 | — | 73,790 | ||||||||||||||||
Total current assets | 42,410 | 279,791 | 540,242 | (86,785 | ) | 775,658 | |||||||||||||||
Investment in affiliates | 1,709,914 | 828,012 | — | (2,537,926 | ) | — | |||||||||||||||
Property, plant and equipment | — | 540,273 | 280,712 | — | 820,985 | ||||||||||||||||
Deferred income taxes | — | — | 10,334 | — | 10,334 | ||||||||||||||||
Goodwill | — | 293,162 | 203,648 | — | 496,810 | ||||||||||||||||
Notes receivable - affiliate | 51,090 | 7,413 | — | (58,503 | ) | — | |||||||||||||||
Other assets | 4,752 | 53,447 | 55,862 | — | 114,061 | ||||||||||||||||
Total assets | $ | 1,808,166 | $ | 2,002,098 | $ | 1,090,798 | $ | (2,683,214 | ) | $ | 2,217,848 | ||||||||||
LIABILITIES AND | |||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable - affiliate | $ | — | $ | 58,206 | $ | 28,579 | $ | (86,785 | ) | $ | — | ||||||||||
Accounts payable - trade | — | 41,971 | 73,241 | — | 115,212 | ||||||||||||||||
Short-term debt | — | 165 | 996 | — | 1,161 | ||||||||||||||||
Accrued income and other taxes | 2,678 | 4,736 | 23,273 | — | 30,687 | ||||||||||||||||
Rationalizations | — | 1,890 | 16,531 | — | 18,421 | ||||||||||||||||
Supply chain financing liability | — | — | 9,455 | — | 9,455 | ||||||||||||||||
Other accrued liabilities | 2,444 | 12,404 | 26,091 | — | 40,939 | ||||||||||||||||
Total current liabilities | 5,122 | 119,372 | 178,166 | (86,785 | ) | 215,875 | |||||||||||||||
Long-term debt - affiliate | — | 51,090 | 7,413 | (58,503 | ) | — | |||||||||||||||
Long-term debt - third party | 475,675 | 50,525 | 15,393 | — | 541,593 | ||||||||||||||||
Other long-term obligations | — | 66,590 | 31,357 | — | 97,947 | ||||||||||||||||
Deferred income taxes | 6,620 | 4,607 | 30,457 | — | 41,684 | ||||||||||||||||
Stockholders' equity | 1,320,749 | 1,709,914 | 828,012 | (2,537,926 | ) | 1,320,749 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 1,808,166 | $ | 2,002,098 | $ | 1,090,798 | $ | (2,683,214 | ) | $ | 2,217,848 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,362 | $ | 9,516 | $ | — | $ | 10,878 | |||||||||||
Accounts receivable - affiliates | 39,243 | 41,619 | 35,617 | (116,479 | ) | — | |||||||||||||||
Accounts receivable - trade | — | 39,252 | 124,719 | — | 163,971 | ||||||||||||||||
Inventories | — | 161,791 | 256,686 | — | 418,477 | ||||||||||||||||
Prepaid and other current assets | — | 18,156 | 69,832 | — | 87,988 | ||||||||||||||||
Total current assets | 39,243 | 262,180 | 496,370 | (116,479 | ) | 681,314 | |||||||||||||||
Investment in affiliates | 1,513,267 | 772,957 | — | (2,286,224 | ) | — | |||||||||||||||
Property, plant and equipment | — | 433,350 | 232,205 | — | 665,555 | ||||||||||||||||
Deferred income taxes | — | — | 13,614 | — | 13,614 | ||||||||||||||||
Goodwill | — | 292,749 | 203,195 | — | 495,944 | ||||||||||||||||
Notes receivable - affiliate | 44,020 | 7,413 | — | (51,433 | ) | — | |||||||||||||||
Other assets | 4,237 | 51,473 | 49,308 | — | 105,018 | ||||||||||||||||
Total assets | $ | 1,600,767 | $ | 1,820,122 | $ | 994,692 | $ | (2,454,136 | ) | $ | 1,961,445 | ||||||||||
LIABILITIES AND | |||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable - affiliate | $ | — | $ | 74,859 | $ | 41,620 | $ | (116,479 | ) | $ | — | ||||||||||
Accounts payable - trade | — | 36,316 | 62,406 | — | 98,722 | ||||||||||||||||
Short-term debt | — | 1,130 | 14 | — | 1,144 | ||||||||||||||||
Accrued income and other taxes | 343 | 3,659 | 22,071 | — | 26,073 | ||||||||||||||||
Rationalizations | — | 9,239 | 3,508 | — | 12,747 | ||||||||||||||||
Other accrued liabilities | 7,225 | 11,360 | 25,626 | — | 44,211 | ||||||||||||||||
Total current liabilities | 7,568 | 136,563 | 155,245 | (116,479 | ) | 182,897 | |||||||||||||||
Long-term debt - affiliate | — | 44,020 | 7,413 | (51,433 | ) | — | |||||||||||||||
Long-term debt - third party | 484,820 | 53,427 | 1,262 | — | 539,509 | ||||||||||||||||
Other long-term obligations | — | 59,604 | 30,380 | — | 89,984 | ||||||||||||||||
Deferred income taxes | — | 13,241 | 27,435 | — | 40,676 | ||||||||||||||||
Stockholders' equity | 1,108,379 | 1,513,267 | 772,957 | (2,286,224 | ) | 1,108,379 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 1,600,767 | $ | 1,820,122 | $ | 994,692 | $ | (2,454,136 | ) | $ | 1,961,445 | ||||||||||
Schedule of Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS 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 | ) | ||||||||||||
(Benefit) provision 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 (loss) income | 5,706 | 5,706 | 3,892 | (9,598 | ) | 5,706 | |||||||||||||||
Comprehensive (loss) income | $ | (1,924 | ) | $ | 2,910 | $ | (6,722 | ) | $ | 3,812 | $ | (1,924 | ) | ||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the three months ended September 30, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Sales - affiliates | $ | — | $ | 68,424 | $ | 38,171 | $ | (106,595 | ) | $ | — | ||||||||||
Sales - third party | — | 93,457 | 167,001 | — | 260,458 | ||||||||||||||||
Net sales | — | 161,881 | 205,172 | (106,595 | ) | 260,458 | |||||||||||||||
Cost of sales | — | 157,726 | 191,683 | (106,595 | ) | 242,814 | |||||||||||||||
Gross profit | — | 4,155 | 13,489 | — | 17,644 | ||||||||||||||||
Research and development | — | 2,871 | — | — | 2,871 | ||||||||||||||||
Selling and administrative expenses | — | 11,347 | 15,633 | — | 26,980 | ||||||||||||||||
Impairments | — | — | — | — | — | ||||||||||||||||
Rationalizations | — | (1,592 | ) | 12,436 | — | 10,844 | |||||||||||||||
Operating loss | — | (8,471 | ) | (14,580 | ) | — | (23,051 | ) | |||||||||||||
Other (income) expense, net | — | 461 | 688 | — | 1,149 | ||||||||||||||||
Interest expense - affiliate | — | 193 | — | (193 | ) | — | |||||||||||||||
Interest expense - third party | 8,055 | 883 | 131 | — | 9,069 | ||||||||||||||||
Interest income - affiliate | (193 | ) | — | — | 193 | — | |||||||||||||||
Interest income - third party | — | — | (144 | ) | — | (144 | ) | ||||||||||||||
Loss before income taxes | (7,862 | ) | (10,008 | ) | (15,255 | ) | — | ` | (33,125 | ) | |||||||||||
Provision for (benefit from) income taxes | (2,830 | ) | 3,313 | 1,335 | — | 1,818 | |||||||||||||||
Equity in losses of subsidiary | (29,911 | ) | (16,590 | ) | — | 46,501 | — | ||||||||||||||
Net (loss) income | $ | (34,943 | ) | $ | (29,911 | ) | $ | (16,590 | ) | $ | 46,501 | $ | (34,943 | ) | |||||||
Statements of | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Net (loss) income | $ | (34,943 | ) | $ | (29,911 | ) | $ | (16,590 | ) | $ | 46,501 | $ | (34,943 | ) | |||||||
Other comprehensive income (loss) | (23,247 | ) | (23,247 | ) | (21,996 | ) | 45,243 | (23,247 | ) | ||||||||||||
Comprehensive (loss) income | $ | (58,190 | ) | $ | (53,158 | ) | $ | (38,586 | ) | $ | 91,744 | $ | (58,190 | ) | |||||||
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 | ) | ||||||||||||||
Income before income taxes | (22,411 | ) | 26,385 | (8,470 | ) | — | ` | (4,496 | ) | ||||||||||||
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 (loss) income | (11,219 | ) | (11,219 | ) | (12,216 | ) | 23,435 | (11,219 | ) | ||||||||||||
Comprehensive (loss) income | $ | (10,257 | ) | $ | 4,041 | $ | (16,419 | ) | $ | 12,378 | $ | (10,257 | ) | ||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the nine months ended September 30, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Sales - affiliates | $ | — | $ | 192,740 | $ | 106,742 | $ | (299,482 | ) | $ | — | ||||||||||
Sales - third party | — | 315,387 | 510,046 | — | 825,433 | ||||||||||||||||
Net sales | — | 508,127 | 616,788 | (299,482 | ) | 825,433 | |||||||||||||||
Cost of sales | — | 472,202 | 591,422 | (299,482 | ) | 764,142 | |||||||||||||||
Gross profit | — | 35,925 | 25,366 | — | 61,291 | ||||||||||||||||
Research and development | — | 8,544 | — | — | 8,544 | ||||||||||||||||
Selling and administrative expenses | — | 35,479 | 53,545 | — | 89,024 | ||||||||||||||||
Impairments | — | 121,570 | — | — | 121,570 | ||||||||||||||||
Rationalizations | — | (1,540 | ) | 13,301 | — | 11,761 | |||||||||||||||
Operating loss | — | (128,128 | ) | (41,480 | ) | — | (169,608 | ) | |||||||||||||
Other expense (income), net | — | 1,281 | 621 | — | 1,902 | ||||||||||||||||
Interest expense - affiliate | — | 629 | — | (629 | ) | — | |||||||||||||||
Interest expense - third party | 24,010 | 2,529 | 684 | — | 27,223 | ||||||||||||||||
Interest income - affiliate | (629 | ) | — | — | 629 | — | |||||||||||||||
Interest income - third party | — | — | (257 | ) | — | (257 | ) | ||||||||||||||
Loss before income taxes | (23,381 | ) | (132,567 | ) | (42,528 | ) | — | ` | (198,476 | ) | |||||||||||
(Benefit from) provision for income taxes | (8,417 | ) | 17,712 | (5,878 | ) | — | 3,417 | ||||||||||||||
Equity in losses of subsidiary | (186,929 | ) | (36,650 | ) | — | 223,579 | — | ||||||||||||||
Net (loss) income | $ | (201,893 | ) | $ | (186,929 | ) | $ | (36,650 | ) | $ | 223,579 | $ | (201,893 | ) | |||||||
Statements of | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Net (loss) income | $ | (201,893 | ) | $ | (186,929 | ) | $ | (36,650 | ) | $ | 223,579 | $ | (201,893 | ) | |||||||
Other comprehensive income (loss) | (20,936 | ) | (20,936 | ) | (19,474 | ) | 40,410 | (20,936 | ) | ||||||||||||
Comprehensive (loss) income | $ | (222,829 | ) | $ | (207,865 | ) | $ | (56,124 | ) | $ | 263,989 | $ | (222,829 | ) | |||||||
Schedule of Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||||||
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 | $ | (5,857 | ) | $ | 50,244 | $ | 20,791 | $ | — | $ | 65,178 | ||||||||||
operating activities: | |||||||||||||||||||||
Cash flow from investing activities: | |||||||||||||||||||||
(Loans to) repayments from affiliates | 7,015 | — | — | (7,015 | ) | — | |||||||||||||||
Capital expenditures | — | (37,081 | ) | (25,617 | ) | — | (62,698 | ) | |||||||||||||
Proceeds from derivative instruments | — | (22 | ) | 874 | — | 852 | |||||||||||||||
Insurance recoveries | — | 280 | 2,053 | — | 2,333 | ||||||||||||||||
Net cash (used in) provided by | 7,015 | (36,823 | ) | (22,690 | ) | (7,015 | ) | (59,513 | ) | ||||||||||||
investing activities | |||||||||||||||||||||
Cash flow from financing activities: | |||||||||||||||||||||
Loans from (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 | (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 | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For the nine months ended September 30, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net cash (used in) provided by operating activities: | $ | (10,274 | ) | $ | 50,298 | $ | 42,865 | $ | — | $ | 82,889 | ||||||||||
Cash flow from investing activities: | |||||||||||||||||||||
Repayments from affiliates | 7,070 | — | — | (7,070 | ) | — | |||||||||||||||
Capital expenditures | — | (49,756 | ) | (19,558 | ) | — | (69,314 | ) | |||||||||||||
Payments for (proceeds from) derivatives | — | (51 | ) | (522 | ) | — | (573 | ) | |||||||||||||
Proceeds from sale of assets | — | 1,706 | 2,373 | — | 4,079 | ||||||||||||||||
Insurance recoveries | — | — | 2,834 | — | 2,834 | ||||||||||||||||
Net cash provided by (used in) | 7,070 | (48,101 | ) | (14,873 | ) | (7,070 | ) | (62,974 | ) | ||||||||||||
investing activities | |||||||||||||||||||||
Cash flow from financing activities: | |||||||||||||||||||||
Repayments to affiliates | — | (7,070 | ) | — | 7,070 | — | |||||||||||||||
Short-term debt borrowings | — | 965 | (982 | ) | — | (17 | ) | ||||||||||||||
Revolving Facility borrowings | — | 151,000 | 78,000 | — | 229,000 | ||||||||||||||||
Revolving Facility reductions | — | (148,000 | ) | (92,000 | ) | — | (240,000 | ) | |||||||||||||
Principal payments on long term debt | — | (98 | ) | (60 | ) | — | (158 | ) | |||||||||||||
Supply chain financing | — | — | (9,455 | ) | — | (9,455 | ) | ||||||||||||||
Proceeds from exercise of stock options | 2,813 | — | — | — | 2,813 | ||||||||||||||||
Purchase of treasury shares | (620 | ) | — | — | — | (620 | ) | ||||||||||||||
Revolver facility refinancing | — | (2,384 | ) | (357 | ) | — | (2,741 | ) | |||||||||||||
Other | 1,011 | — | — | — | 1,011 | ||||||||||||||||
Net cash provided by (used in) | 3,204 | (5,587 | ) | (24,854 | ) | 7,070 | (20,167 | ) | |||||||||||||
financing activities | |||||||||||||||||||||
Net increase in cash | — | (3,390 | ) | 3,138 | — | (252 | ) | ||||||||||||||
and cash equivalents | |||||||||||||||||||||
Effect of exchange rate changes | — | — | (758 | ) | — | (758 | ) | ||||||||||||||
on cash and cash equivalents | |||||||||||||||||||||
Cash and cash equivalents at | — | 4,752 | 7,136 | — | 11,888 | ||||||||||||||||
beginning of period | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,362 | $ | 9,516 | $ | — | $ | 10,878 | |||||||||||
at end of period | |||||||||||||||||||||
Rationalizations_Rationalizati
Rationalizations Rationalization Text (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Incurred restructuring Charges | $10,844,000 | $14,593,000 | $11,761,000 | $14,593,000 |
Impairment charge | 0 | 0 | 121,570,000 | 0 |
2013 Rationalization Initiatives | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Incurred restructuring Charges | 100,000 | ' | 900,000 | ' |
Accelerated depreciation | 800,000 | ' | ' | ' |
Other (recorded in Cost of sales) | 1,600,000 | ' | 6,800,000 | ' |
Expected cost | ' | ' | 100,000,000 | ' |
Restructuring and related - expected cash outlays | ' | ' | 30,000,000 | ' |
Cost incurred to date | ' | ' | 96,100,000 | ' |
Industrial Materials Segment | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Estimated reduction in capacity (metric tons) | ' | ' | 60,000 | ' |
Expected number of positions eliminated (employees) | ' | ' | 600 | ' |
Number of positions eliminated (percent) | ' | ' | ' | 20.00% |
Engineered Solutions Segment | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Expected number of positions eliminated (employees) | ' | ' | 40 | ' |
2014 Engineered Solutions Rationalization | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Expected cost | ' | ' | 25,000,000 | ' |
Impairments (recorded in Impairments) | 121,600,000 | ' | ' | ' |
Restructuring and related - expected cash outlays | ' | ' | 5,000,000 | ' |
Cost incurred to date | ' | ' | 18,800,000 | ' |
Goodwill, impairment loss | ' | ' | ' | -413,000 |
Inventory write-down | ' | ' | 13,400,000 | ' |
2014 Corporate and Research & Development Rationalization | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Number of positions eliminated (percent) | ' | ' | ' | 25.00% |
Expected cost | ' | ' | 20,000,000 | ' |
Restructuring and related - expected cash outlays | ' | ' | $12,000,000 | ' |
Rationalizations_Rationalizati1
Rationalizations Rationalization Costs Incurred (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
2013 Rationalization Initiatives | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accelerated depreciation | $800 | ' |
Total rationalization plan and related charges | 2,512 | 30,378 |
Industrial Materials Segment | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total rationalization plan and related charges | 2,506 | 28,958 |
Engineered Solutions Segment | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total rationalization plan and related charges | 6 | 1,420 |
2014 Engineered Solutions Rationalization | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Impairments (recorded in Impairments) | 121,600 | ' |
Total rationalization plan and related charges | 8,193 | 140,324 |
2014 Corporate and Research & Development Rationalization | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total rationalization plan and related charges | 8,298 | 8,298 |
Cost of Sales | 2013 Rationalization Initiatives | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accelerated depreciation | 838 | 22,516 |
Other Restructuring Costs | 1,624 | 6,816 |
Cost of Sales | Industrial Materials Segment | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accelerated depreciation | 838 | 21,690 |
Other Restructuring Costs | 1,618 | 6,194 |
Cost of Sales | Engineered Solutions Segment | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accelerated depreciation | 0 | 826 |
Other Restructuring Costs | 6 | 622 |
Cost of Sales | 2014 Engineered Solutions Rationalization | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accelerated depreciation | 2,802 | 2,802 |
Other Restructuring Costs | 2,780 | 13,341 |
Cost of Sales | 2014 Corporate and Research & Development Rationalization | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accelerated depreciation | 5 | 5 |
Selling and Administrative | 2013 Rationalization Initiatives | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Other Restructuring Costs | 21 | 99 |
Selling and Administrative | Industrial Materials Segment | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Other Restructuring Costs | 21 | 99 |
Selling and Administrative | Engineered Solutions Segment | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Other Restructuring Costs | 0 | 0 |
Rationalizations | 2013 Rationalization Initiatives | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Severance and related costs (recorded in Rationalizations) | -52 | 338 |
Contract terminations (recorded in Rationalizations) | 81 | 609 |
Rationalizations | Industrial Materials Segment | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Severance and related costs (recorded in Rationalizations) | -52 | 366 |
Contract terminations (recorded in Rationalizations) | 81 | 609 |
Rationalizations | Engineered Solutions Segment | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Severance and related costs (recorded in Rationalizations) | 0 | -28 |
Contract terminations (recorded in Rationalizations) | 0 | 0 |
Rationalizations | 2014 Engineered Solutions Rationalization | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Severance and related costs (recorded in Rationalizations) | 2,537 | 2,537 |
Contract terminations (recorded in Rationalizations) | 74 | 74 |
Rationalizations | 2014 Corporate and Research & Development Rationalization | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Severance and related costs (recorded in Rationalizations) | 8,130 | 8,130 |
Contract terminations (recorded in Rationalizations) | 74 | 74 |
Impairments | 2014 Engineered Solutions Rationalization | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Impairments (recorded in Impairments) | 0 | 121,570 |
Overhead | 2014 Corporate and Research & Development Rationalization | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accelerated depreciation | $89 | $89 |
Rationalizations_Rationalizati2
Rationalizations Rationalization-Roll-forward (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
2014 Corporate and Research & Development Rationalization | ' |
Restructuring Reserve [Roll Forward] | ' |
Balance as of December 31, 2013 | $0 |
Charges incurred | 8,204 |
Change in estimates | 0 |
Payments and settlements | 0 |
Effect of change in currency exchange rates | 0 |
Balance as of September 30, 2014 | 8,204 |
2013 Rationalization Initiatives | ' |
Restructuring Reserve [Roll Forward] | ' |
Balance as of December 31, 2013 | 18,421 |
Charges incurred | 693 |
Change in estimates | 254 |
Payments and settlements | -16,053 |
Effect of change in currency exchange rates | -997 |
Balance as of September 30, 2014 | 2,318 |
2014 Engineered Solutions Rationalization | ' |
Restructuring Reserve [Roll Forward] | ' |
Balance as of December 31, 2013 | 0 |
Charges incurred | 2,611 |
Change in estimates | 0 |
Payments and settlements | -386 |
Effect of change in currency exchange rates | 0 |
Balance as of September 30, 2014 | $2,225 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation | $1,300,000 | $2,200,000 | $4,009,000 | $5,938,000 |
Compensation cost related to non-vested restricted stock, performance shares and stock options not yet recognized | ' | 7,200,000 | ' | 7,200,000 |
Compensation cost related to non-vested restricted stock, performance shares and stock options not yet recognized, weighted average life, in years | ' | ' | '1 year 2 months 23 days | ' |
Selling And Administrative Expenses [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation | $1,200,000 | $2,000,000 | $3,300,000 | $5,400,000 |
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, 2014 | |
Restricted Stock And Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding unvested as of January 1, 2014 | 1,633,491 |
Number of Shares, Granted | 215,100 |
Number of Shares, Vested | -188,732 |
Number of Shares, Forfeited/canceled/expired | -807,296 |
Outstanding unvested as of September 30, 2014 | 852,563 |
Outstanding unvested as of January 1, 2014 | $10.98 |
Weighted-Average Grant Date Fair Value, Granted | $10.53 |
Weighted-Average Grant Date Fair Value, Vested | $13.90 |
Weighted-Average Grant Date Fair Value, Forfeited/canceled/expired | $10.20 |
Outstanding unvested as of September 30, 2014 | $10.98 |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule Of Stock Option Activity Under The Plans) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding unvested as of September 30, 2014 | 1,570,926 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding unvested as of January 1, 2014 | 1,916,718 |
Number of Shares, Granted | 145,034 |
Number of Shares, Forfeited/canceled/expired | -174,093 |
Number of Shares, Exercised | -316,733 |
Outstanding as of January 1, 2014 | $12.47 |
Weighted-Average Exercise Price, Granted | $11.56 |
Weighted-Average Exercise Price, Forfeited/canceled/expired | $8.88 |
Weighted-Average Exercise Price, Exercised | $11.64 |
Outstanding as of September 30, 2014 | $13.20 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average common shares outstanding for basic calculation | 136,374,914 | 135,134,144 | 136,006,573 | 134,948,507 |
Add: Effect of stock options and restricted stock | 0 | 0 | 0 | 173,107 |
Weighted average common shares outstanding for diluted calculation | 136,374,914 | 135,134,144 | 136,006,573 | 135,121,614 |
Shares which exclude consideration of stock options in calculation of diluted shares outstanding | 1,541,048 | 1,529,213 | 1,193,851 | 1,529,213 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | $260,458 | $303,084 | $825,433 | $858,172 |
Total segment operating income (loss) | -23,051 | -8,569 | -169,608 | 23,148 |
Other expense (income), net | 1,149 | -772 | 1,902 | 753 |
Interest expense | 9,069 | 9,098 | 27,223 | 27,053 |
Interest income | -144 | -49 | -257 | -162 |
Income before provision for income taxes | -33,125 | -16,846 | -198,476 | -4,496 |
Industrial Materials [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | 208,573 | 233,277 | 634,004 | 673,394 |
Total segment operating income (loss) | -7,219 | -12,945 | -28,009 | 10,663 |
Engineered Solutions [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total net sales | 51,885 | 69,807 | 191,429 | 184,778 |
Total segment operating income (loss) | ($15,832) | $4,376 | ($141,599) | $12,485 |
Segment_Reporting_Net_Property
Segment Reporting Net Property Plant and Equipment by Segment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Net property, plant and equipment | $665,555 | $820,985 |
Industrial Materials [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Net property, plant and equipment | 568,213 | 601,322 |
Engineered Solutions [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Net property, plant and equipment | $97,342 | $219,663 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Costs [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $473 | $489 | $1,419 | $1,467 |
Interest cost | 2,169 | 1,985 | 6,507 | 5,955 |
Expected return on plan assets | -1,938 | -1,706 | -5,814 | -5,118 |
Amortization of prior service cost/benefit | 1 | 6 | 3 | 18 |
Net cost | 705 | 774 | 2,115 | 2,322 |
Postretirement Costs [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 19 | 28 | 57 | 84 |
Interest cost | 352 | 331 | 1,056 | 993 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 1,048 | 0 |
Amortization of prior service cost/benefit | -47 | -50 | -141 | -150 |
Net cost | $324 | $309 | $2,020 | $927 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 |
Deferred Tax Liabilities, Goodwill and Intangible Assets [Abstract] | ' | ' | ' |
Customer-related intangible - write off | ' | ' | $0.40 |
technological know-how intangible - write off | ' | ' | 0.3 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 10.7 | ' | 10.7 |
Amortization expense of intangible assets | 4.7 | 5 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 4.7 | ' | 4.7 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 17.1 | ' | 17.1 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 13.1 | ' | 13.1 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | $11.80 | ' | $11.80 |
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, 2014 | Sep. 30, 2013 |
Deferred Tax Liabilities, Goodwill and Intangible Assets [Abstract] | ' | ' |
Balance as of December 31, 2013 | $496,810 | $495,944 |
Currency translation effect | -453 | ' |
Balance as of September 30, 2014 | $495,944 | $495,944 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Trade Name [Member] | Trade Name [Member] | Technological Know-How [Member] | Technological Know-How [Member] | Customer-Related Intangible [Member] | Customer-Related Intangible [Member] | ||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | $162,047 | $162,047 | $7,900 | $7,900 | $43,349 | $43,349 | $110,798 | $110,798 |
Accumulated Amortization | -67,190 | -82,150 | -4,495 | -3,944 | -23,446 | -18,582 | -54,209 | -44,664 |
Net Carrying Amount | $94,857 | $79,897 | $3,405 | $3,956 | $19,903 | $24,767 | $56,589 | $66,134 |
LongTerm_Debt_And_Liquidity_Na
Long-Term Debt And Liquidity (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||
Apr. 23, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Apr. 23, 2014 | Apr. 23, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Nov. 20, 2012 | Sep. 30, 2014 | Nov. 20, 2012 | Nov. 30, 2010 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
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] | Senior Subordinated Notes [Member] | |||||
Minimum [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | ' | $527,500,000 | $549,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | 539,509,000 | 541,593,000 | ' | ' | ' | 300,000,000 | 300,000,000 | ' | ' | ' | ' | 184,820,000 | 175,675,000 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 470,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | 1.25% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Alternate base rate plus margin percentage | ' | ' | ' | ' | 0.25% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | 0.20% | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial covenants, minimum interest coverage ratio | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial covenants, maximum net senior secured leverage ratio | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,700,000 | ' | 184,800,000 |
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, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Revolving Facility | $53,000 | $64,000 |
Total | 539,509 | 541,593 |
Senior Subordinated Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | 184,820 | 175,675 |
Other Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | $1,689 | $1,918 |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and supplies | $150,340 | $184,420 |
Work in process | 191,340 | 245,160 |
Finished goods | 97,063 | 78,446 |
Inventories, gross | 438,743 | 508,026 |
Reserves | -20,266 | -17,612 |
Inventories, net | $418,477 | $490,414 |
Interest_Expense_Details
Interest Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest and Debt Expense [Abstract] | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 6.38% | ' | 6.38% |
Interest incurred on debt | $5,448 | $5,372 | $16,115 | $16,255 |
Amortization of discount on Senior Subordinated Notes | 3,100 | 2,897 | 9,145 | 8,546 |
Amortization of debt issuance costs | 521 | 729 | 1,916 | 1,872 |
Supply Chain Financing mark-up | 0 | 100 | 47 | 380 |
Total interest expense | $9,069 | $9,098 | $27,223 | $27,053 |
Effective interest rate, revolving credit facility | ' | ' | 2.16% | 2.42% |
Senior Subordinated Notes implied rate | ' | ' | 7.00% | ' |
Supply_Chain_Financing_Details
Supply Chain Financing (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Supply Chain Financing [Abstract] | ' | ' | ' | ' | ' |
Supply chain financing liability | $0 | ' | $0 | ' | $9,455,000 |
Supply Chain Financing Mark Up | 0 | 100,000 | 47,000 | 380,000 | ' |
Maximum amount owing to financing party | ' | ' | $49,300,000 | ' | ' |
Contingencies_Details
Contingencies (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Loss Contingency [Abstract] | ' | ' |
Balance as of December 31, 2013 | $1,050 | $731 |
Product warranty adjustments | -117 | ' |
Payments and settlements | -202 | ' |
Balance as of September 30, 2014 | ' | $731 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | -5.50% | 54.70% | -1.70% | 121.40% |
Unrecognized tax benefits that would have a favorable impact on effective tax rate | ' | $4.70 | ' | $4.70 |
Anticipated Amount Of Unrecognized Tax Benefits | ' | ' | 0.3 | ' |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | ' | ' | 2.6 | ' |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | ' | ' | $2.70 | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Tax (benefit) | $1,818 | ($9,216) | $3,417 | ($5,458) |
Income before provision for income taxes | ($33,125) | ($16,846) | ($198,476) | ($4,496) |
Effective tax rates | -5.50% | 54.70% | -1.70% | 121.40% |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Foreign Currency Derivatives [Member] | Refined Oil Products [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||
Commodity Derivative Contracts [Member] | Foreign Currency Derivatives [Member] | Commodity Derivative Contracts [Member] | Foreign Currency Derivatives [Member] | Commodity Derivative Contracts [Member] | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding derivative swap contracts | ' | ' | ' | ' | $11.60 | ' | ' | ' | ' |
Notional amounts of foreign currency derivatives | ' | ' | ' | 124.2 | ' | ' | ' | ' | ' |
Derivative maturities | ' | ' | ' | ' | ' | 'October 2014 | 'October 2014 | 'September 2015 | 'December 2014 |
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value, Net | 11.5 | ' | 25.2 | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax | $0.70 | $0.20 | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Schedul
Derivative Instruments (Schedule Of Fair Value Of Derivatives Designated As Cash Flow Hedges) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($191) | $228 | $137 | $38 | $98 | $454 | $124 | $591 |
Derivatives designated as cash flow hedges, Asset Derivatives, Fair Value | 1,606 | 1,130 | 1,130 | 772 | ' | ' | 0 | 834 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives designated as cash flow hedges, Liability Derivatives, Fair Value | $1,185 | $806 | ' | ' | $274 | $1,185 | ' | ' | $532 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Schedul1
Derivative Instruments (Schedule Of Fair Value Of Derivatives Designated As Fair Value Hedges) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $444 | $509 | $383 | ($912) |
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 1,606 | 1,130 | ' | ' | ' | ' | ' | ' | ' | ' | 1,130 | 772 | ' | ' | 0 | 834 | ' | ' | ' | ' | ' | ' |
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 1,185 | 806 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 274 | 1,185 | ' | ' | 532 | 0 | ' | ' | ' | ' |
Fair Value, Asset Derivatives | ' | ' | 328 | 240 | ' | ' | 240 | 328 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Liability Derivatives | ' | ' | ' | ' | $24 | $336 | ' | ' | $336 | $24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
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) | ($191) | $228 | $137 | $38 |
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) | 98 | 454 | 124 | 591 |
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) | $444 | $509 | $383 | ($912) |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Commodity Contract [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $19 | ($23) | ($14) | ($4) |
Commodity [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | ($135) | ($164) | ($45) | ($214) |
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 | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Sales - affiliates | $0 | $0 | $0 | $0 |
Sales - third party | 260,458 | 303,084 | 825,433 | 858,172 |
Net sales | 260,458 | 303,084 | 825,433 | 858,172 |
Cost of sales | 242,814 | 266,440 | 764,142 | 724,057 |
Gross profit | 17,644 | 36,644 | 61,291 | 134,115 |
Research and development | 2,871 | 2,994 | 8,544 | 8,874 |
Selling and administrative expenses | 26,980 | 27,626 | 89,024 | 87,500 |
Impaired Long-Lived Assets Held and Used, Facts and Circumstances Leading to Impairment | '0 | ' | '121570 | ' |
Restructuring Charges | 10,844 | 14,593 | 11,761 | 14,593 |
Operating income | -23,051 | -8,569 | -169,608 | 23,148 |
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | 0 | 0 | 0 | 0 |
Other (income) expense, net | 1,149 | -772 | 1,902 | 753 |
Interest expense - affiliate | 0 | 0 | 0 | 0 |
Interest expense - third party | 9,069 | 9,098 | 27,223 | 27,053 |
Interest income - affiliate | 0 | 0 | 0 | 0 |
Interest income | -144 | -49 | -257 | -162 |
Income before provision for income taxes | -33,125 | -16,846 | -198,476 | -4,496 |
(Benefit) provision for income taxes | 1,818 | -9,216 | 3,417 | -5,458 |
Net income | -34,943 | -7,630 | -201,893 | 962 |
Statements of Comprehensive Income | ' | ' | ' | ' |
Net income | -34,943 | -7,630 | -201,893 | 962 |
Foreign currency translation | -22,579 | 5,230 | -20,432 | -11,902 |
Commodities and foreign currency derivatives | -668 | 476 | -504 | 683 |
Other comprehensive income (loss), net of tax: | -23,247 | 5,706 | -20,936 | -11,219 |
Comprehensive income | -58,190 | -1,924 | -222,829 | -10,257 |
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 | 0 |
Selling and administrative expenses | 0 | 0 | 0 | 0 |
Impaired Long-Lived Assets Held and Used, Facts and Circumstances Leading to Impairment | '0 | ' | '0 | ' |
Restructuring Charges | 0 | ' | 0 | ' |
Operating income | 0 | 0 | 0 | 0 |
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | 29,911 | 2,796 | 186,929 | -15,260 |
Other (income) expense, net | 0 | 0 | 0 | 0 |
Interest expense - affiliate | 0 | 0 | 0 | 0 |
Interest expense - third party | 8,055 | 7,849 | 24,010 | 23,393 |
Interest income - affiliate | -193 | -272 | -629 | -982 |
Interest income | 0 | 0 | 0 | 0 |
Income before provision for income taxes | -7,862 | -7,577 | -23,381 | -22,411 |
(Benefit) provision for income taxes | -2,830 | -2,743 | -8,417 | -8,113 |
Net income | -34,943 | -7,630 | -201,893 | 962 |
Statements of Comprehensive Income | ' | ' | ' | ' |
Net income | -34,943 | -7,630 | -201,893 | 962 |
Other comprehensive income (loss), net of tax: | -23,247 | 5,706 | -20,936 | -11,219 |
Comprehensive income | -58,190 | -1,924 | -222,829 | -10,257 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Sales - affiliates | 68,424 | 57,727 | 192,740 | 155,673 |
Sales - third party | 93,457 | 122,360 | 315,387 | 348,148 |
Net sales | 161,881 | 180,087 | 508,127 | 503,821 |
Cost of sales | 157,726 | 155,803 | 472,202 | 431,146 |
Gross profit | 4,155 | 24,284 | 35,925 | 72,675 |
Research and development | 2,871 | 2,994 | 8,544 | 8,874 |
Selling and administrative expenses | 11,347 | 9,751 | 35,479 | 32,833 |
Impaired Long-Lived Assets Held and Used, Facts and Circumstances Leading to Impairment | '0 | ' | '121570 | ' |
Restructuring Charges | -1,592 | ' | -1,540 | ' |
Operating income | -8,471 | 9,115 | -128,128 | 28,544 |
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | 16,590 | 10,614 | 36,650 | 4,203 |
Other (income) expense, net | 461 | -1,476 | 1,281 | -762 |
Interest expense - affiliate | 193 | 279 | 629 | 1,112 |
Interest expense - third party | 883 | 779 | 2,529 | 2,374 |
Interest income - affiliate | 0 | -189 | 0 | -565 |
Interest income | 0 | 0 | 0 | 0 |
Income before provision for income taxes | -10,008 | 9,722 | -132,567 | 26,385 |
(Benefit) provision for income taxes | 3,313 | 1,904 | 17,712 | 6,922 |
Net income | -29,911 | -2,796 | -186,929 | 15,260 |
Statements of Comprehensive Income | ' | ' | ' | ' |
Net income | -29,911 | -2,796 | -186,929 | 15,260 |
Other comprehensive income (loss), net of tax: | -23,247 | 5,706 | -20,936 | -11,219 |
Comprehensive income | -53,158 | 2,910 | -207,865 | 4,041 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Sales - affiliates | 38,171 | 39,196 | 106,742 | 111,835 |
Sales - third party | 167,001 | 180,724 | 510,046 | 510,024 |
Net sales | 205,172 | 219,920 | 616,788 | 621,859 |
Cost of sales | 191,683 | 207,560 | 591,422 | 560,419 |
Gross profit | 13,489 | 12,360 | 25,366 | 61,440 |
Research and development | 0 | 0 | 0 | 0 |
Selling and administrative expenses | 15,633 | 17,875 | 53,545 | 54,667 |
Impaired Long-Lived Assets Held and Used, Facts and Circumstances Leading to Impairment | '0 | ' | '0 | ' |
Restructuring Charges | 12,436 | ' | 13,301 | ' |
Operating income | -14,580 | -17,684 | -41,480 | -5,396 |
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | 0 | 0 | 0 | 0 |
Other (income) expense, net | 688 | 704 | 621 | 1,515 |
Interest expense - affiliate | 0 | 190 | 0 | 566 |
Interest expense - third party | 131 | 470 | 684 | 1,286 |
Interest income - affiliate | 0 | -8 | 0 | -131 |
Interest income | -144 | -49 | -257 | -162 |
Income before provision for income taxes | -15,255 | -18,991 | -42,528 | -8,470 |
(Benefit) provision for income taxes | 1,335 | -8,377 | -5,878 | -4,267 |
Net income | -16,590 | -10,614 | -36,650 | -4,203 |
Statements of Comprehensive Income | ' | ' | ' | ' |
Net income | -16,590 | -10,614 | -36,650 | -4,203 |
Other comprehensive income (loss), net of tax: | -21,996 | 3,892 | -19,474 | -12,216 |
Comprehensive income | -38,586 | -6,722 | -56,124 | -16,419 |
Consolidating Entries and Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Sales - affiliates | -106,595 | -96,923 | -299,482 | -267,508 |
Sales - third party | 0 | 0 | 0 | 0 |
Net sales | -106,595 | -96,923 | -299,482 | -267,508 |
Cost of sales | -106,595 | -96,923 | -299,482 | -267,508 |
Gross profit | 0 | 0 | 0 | 0 |
Research and development | 0 | 0 | 0 | 0 |
Selling and administrative expenses | 0 | 0 | 0 | 0 |
Impaired Long-Lived Assets Held and Used, Facts and Circumstances Leading to Impairment | '0 | ' | '0 | ' |
Restructuring Charges | 0 | ' | 0 | ' |
Operating income | 0 | 0 | 0 | 0 |
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | -46,501 | -13,410 | -223,579 | 11,057 |
Other (income) expense, net | 0 | 0 | 0 | 0 |
Interest expense - affiliate | -193 | -469 | -629 | -1,678 |
Interest expense - third party | 0 | 0 | 0 | 0 |
Interest income - affiliate | 193 | 469 | 629 | 1,678 |
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 | 46,501 | 13,410 | 223,579 | -11,057 |
Statements of Comprehensive Income | ' | ' | ' | ' |
Net income | 46,501 | 13,410 | 223,579 | -11,057 |
Other comprehensive income (loss), net of tax: | 45,243 | -9,598 | 40,410 | 23,435 |
Comprehensive income | $91,744 | $3,812 | $263,989 | $12,378 |
Supplemental_Guarantor_Infroma
Supplemental Guarantor Infromation Supplemental Guarantor Information (Balance Sheet) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||||
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | $10,878 | $11,888 | ' | $11,470 | $17,317 |
Accounts receivable - affiliates | 0 | 0 | ' | ' | ' |
Accounts receivable - trade | 163,971 | 199,566 | ' | ' | ' |
Inventories | 418,477 | 490,414 | ' | ' | ' |
Prepaid expenses and other current assets | 87,988 | 73,790 | ' | ' | ' |
Total current assets | 681,314 | 775,658 | ' | ' | ' |
Investment in affiliates | 0 | 0 | ' | ' | ' |
Net property, plant and equipment | 665,555 | 820,985 | ' | ' | ' |
Deferred income taxes | 13,614 | 10,334 | ' | ' | ' |
Goodwill | 495,944 | 496,810 | 495,944 | ' | ' |
Notes receivable - affiliate | 0 | 0 | ' | ' | ' |
Other assets | 105,018 | 114,061 | ' | ' | ' |
Total assets | 1,961,445 | 2,217,848 | ' | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' |
Accounts payable - affiliate | 0 | 0 | ' | ' | ' |
Accounts payable - trade | 98,722 | 115,212 | ' | ' | ' |
Short-term debt | 1,144 | 1,161 | ' | ' | ' |
Accrued income and other taxes | 26,073 | 30,687 | ' | ' | ' |
Restructuring and Related Liability | 12,747 | 18,421 | ' | ' | ' |
Supply chain financing liability | 0 | 9,455 | ' | ' | ' |
Other accrued liabilities | 44,211 | 40,939 | ' | ' | ' |
Total current liabilities | 182,897 | 215,875 | ' | ' | ' |
Long-term debt - affiliate | 0 | 0 | ' | ' | ' |
Long-term debt - third party | 539,509 | 541,593 | ' | ' | ' |
Other long-term obligations | 89,984 | 97,947 | ' | ' | ' |
Deferred income taxes | 40,676 | 41,684 | ' | ' | ' |
Total stockholders' equity | 1,108,379 | 1,320,749 | ' | ' | ' |
Total liabilities and stockholders' equity | 1,961,445 | 2,217,848 | ' | ' | ' |
Parent Company [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | 0 | 0 |
Accounts receivable - affiliates | 39,243 | 42,410 | ' | ' | ' |
Accounts receivable - trade | 0 | 0 | ' | ' | ' |
Inventories | 0 | 0 | ' | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' | ' |
Total current assets | 39,243 | 42,410 | ' | ' | ' |
Investment in affiliates | 1,513,267 | 1,709,914 | ' | ' | ' |
Net property, plant and equipment | 0 | 0 | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' | ' |
Notes receivable - affiliate | 44,020 | 51,090 | ' | ' | ' |
Other assets | 4,237 | 4,752 | ' | ' | ' |
Total assets | 1,600,767 | 1,808,166 | ' | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' |
Accounts payable - affiliate | 0 | 0 | ' | ' | ' |
Accounts payable - trade | 0 | 0 | ' | ' | ' |
Short-term debt | 0 | 0 | ' | ' | ' |
Accrued income and other taxes | 343 | 2,678 | ' | ' | ' |
Restructuring and Related Liability | 0 | 0 | ' | ' | ' |
Supply chain financing liability | ' | 0 | ' | ' | ' |
Other accrued liabilities | 7,225 | 2,444 | ' | ' | ' |
Total current liabilities | 7,568 | 5,122 | ' | ' | ' |
Long-term debt - affiliate | 0 | 0 | ' | ' | ' |
Long-term debt - third party | 484,820 | 475,675 | ' | ' | ' |
Other long-term obligations | 0 | 0 | ' | ' | ' |
Deferred income taxes | 0 | 6,620 | ' | ' | ' |
Total stockholders' equity | 1,108,379 | 1,320,749 | ' | ' | ' |
Total liabilities and stockholders' equity | 1,600,767 | 1,808,166 | ' | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | 1,362 | 4,752 | ' | 4,184 | 4,425 |
Accounts receivable - affiliates | 41,619 | 28,551 | ' | ' | ' |
Accounts receivable - trade | 39,252 | 48,998 | ' | ' | ' |
Inventories | 161,791 | 174,935 | ' | ' | ' |
Prepaid expenses and other current assets | 18,156 | 22,555 | ' | ' | ' |
Total current assets | 262,180 | 279,791 | ' | ' | ' |
Investment in affiliates | 772,957 | 828,012 | ' | ' | ' |
Net property, plant and equipment | 433,350 | 540,273 | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Goodwill | 292,749 | 293,162 | ' | ' | ' |
Notes receivable - affiliate | 7,413 | 7,413 | ' | ' | ' |
Other assets | 51,473 | 53,447 | ' | ' | ' |
Total assets | 1,820,122 | 2,002,098 | ' | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' |
Accounts payable - affiliate | 74,859 | 58,206 | ' | ' | ' |
Accounts payable - trade | 36,316 | 41,971 | ' | ' | ' |
Short-term debt | 1,130 | 165 | ' | ' | ' |
Accrued income and other taxes | 3,659 | 4,736 | ' | ' | ' |
Restructuring and Related Liability | 9,239 | 1,890 | ' | ' | ' |
Supply chain financing liability | ' | 0 | ' | ' | ' |
Other accrued liabilities | 11,360 | 12,404 | ' | ' | ' |
Total current liabilities | 136,563 | 119,372 | ' | ' | ' |
Long-term debt - affiliate | 44,020 | 51,090 | ' | ' | ' |
Long-term debt - third party | 53,427 | 50,525 | ' | ' | ' |
Other long-term obligations | 59,604 | 66,590 | ' | ' | ' |
Deferred income taxes | 13,241 | 4,607 | ' | ' | ' |
Total stockholders' equity | 1,513,267 | 1,709,914 | ' | ' | ' |
Total liabilities and stockholders' equity | 1,820,122 | 2,002,098 | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | 9,516 | 7,136 | ' | 7,286 | 12,892 |
Accounts receivable - affiliates | 35,617 | 15,824 | ' | ' | ' |
Accounts receivable - trade | 124,719 | 150,568 | ' | ' | ' |
Inventories | 256,686 | 315,479 | ' | ' | ' |
Prepaid expenses and other current assets | 69,832 | 51,235 | ' | ' | ' |
Total current assets | 496,370 | 540,242 | ' | ' | ' |
Investment in affiliates | 0 | 0 | ' | ' | ' |
Net property, plant and equipment | 232,205 | 280,712 | ' | ' | ' |
Deferred income taxes | 13,614 | 10,334 | ' | ' | ' |
Goodwill | 203,195 | 203,648 | ' | ' | ' |
Notes receivable - affiliate | 0 | 0 | ' | ' | ' |
Other assets | 49,308 | 55,862 | ' | ' | ' |
Total assets | 994,692 | 1,090,798 | ' | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' |
Accounts payable - affiliate | 41,620 | 28,579 | ' | ' | ' |
Accounts payable - trade | 62,406 | 73,241 | ' | ' | ' |
Short-term debt | 14 | 996 | ' | ' | ' |
Accrued income and other taxes | 22,071 | 23,273 | ' | ' | ' |
Restructuring and Related Liability | 3,508 | 16,531 | ' | ' | ' |
Supply chain financing liability | ' | 9,455 | ' | ' | ' |
Other accrued liabilities | 25,626 | 26,091 | ' | ' | ' |
Total current liabilities | 155,245 | 178,166 | ' | ' | ' |
Long-term debt - affiliate | 7,413 | 7,413 | ' | ' | ' |
Long-term debt - third party | 1,262 | 15,393 | ' | ' | ' |
Other long-term obligations | 30,380 | 31,357 | ' | ' | ' |
Deferred income taxes | 27,435 | 30,457 | ' | ' | ' |
Total stockholders' equity | 772,957 | 828,012 | ' | ' | ' |
Total liabilities and stockholders' equity | 994,692 | 1,090,798 | ' | ' | ' |
Consolidating Entries and Eliminations [Member] | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | 0 | 0 |
Accounts receivable - affiliates | -116,479 | -86,785 | ' | ' | ' |
Accounts receivable - trade | 0 | 0 | ' | ' | ' |
Inventories | 0 | 0 | ' | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' | ' |
Total current assets | -116,479 | -86,785 | ' | ' | ' |
Investment in affiliates | -2,286,224 | -2,537,926 | ' | ' | ' |
Net property, plant and equipment | 0 | 0 | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' | ' |
Notes receivable - affiliate | -51,433 | -58,503 | ' | ' | ' |
Other assets | 0 | 0 | ' | ' | ' |
Total assets | -2,454,136 | -2,683,214 | ' | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' |
Accounts payable - affiliate | -116,479 | -86,785 | ' | ' | ' |
Accounts payable - trade | 0 | 0 | ' | ' | ' |
Short-term debt | 0 | 0 | ' | ' | ' |
Accrued income and other taxes | 0 | 0 | ' | ' | ' |
Restructuring and Related Liability | 0 | 0 | ' | ' | ' |
Supply chain financing liability | ' | 0 | ' | ' | ' |
Other accrued liabilities | 0 | 0 | ' | ' | ' |
Total current liabilities | -116,479 | -86,785 | ' | ' | ' |
Long-term debt - affiliate | -51,433 | -58,503 | ' | ' | ' |
Long-term debt - third party | 0 | 0 | ' | ' | ' |
Other long-term obligations | 0 | 0 | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Total stockholders' equity | -2,286,224 | -2,537,926 | ' | ' | ' |
Total liabilities and stockholders' equity | ($2,454,136) | ($2,683,214) | ' | ' | ' |
Supplemental_Guarantor_Infroma1
Supplemental Guarantor Infromation Supplemental Guarantor Information (Cash Flows) (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash (used in) provided by operating activities | $82,889 | $65,178 | ' |
Cash flow from investing activities: | ' | ' | ' |
(Loans to) repayments from affiliates | 0 | 0 | ' |
Capital expenditures | -69,314 | -62,698 | ' |
Proceeds from derivative instruments | -573 | 852 | ' |
Proceeds from sale of assets | 4,079 | 0 | ' |
Other | 2,834 | 2,333 | ' |
Net cash used in investing activities | -62,974 | -59,513 | ' |
Cash flow from financing activities: | ' | ' | ' |
Repayments to affiliates | 0 | ' | ' |
Loans from (repayments to) affiliates | ' | 0 | ' |
Short-term debt borrowings | -17 | -4,082 | ' |
Revolving Facility borrowings | 229,000 | 134,000 | ' |
Revolving Facility reductions | -240,000 | -118,500 | ' |
Principal payments on long term debt | -158 | -189 | ' |
Supply chain financing | -9,455 | -14,422 | ' |
Proceeds from exercise of stock options | 2,813 | 175 | ' |
Purchase of treasury shares | -620 | -844 | ' |
Revolver Refinancing Costs | -2,741 | 0 | ' |
Proceeds from (Payments for) Other Financing Activities | 1,011 | -7,206 | ' |
Net cash provided by financing activities | -20,167 | -11,068 | ' |
Net (decrease) increase in cash and cash equivalents | -252 | -5,403 | ' |
Effect of exchange rate changes on cash and cash equivalents | -758 | -444 | ' |
Cash and cash equivalents at beginning of period | 11,888 | 17,317 | 11,470 |
Cash and cash equivalents at end of period | 10,878 | ' | 11,470 |
Parent Company [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash (used in) provided by operating activities | -10,274 | -5,857 | ' |
Cash flow from investing activities: | ' | ' | ' |
(Loans to) repayments from affiliates | 7,070 | 7,015 | ' |
Capital expenditures | 0 | 0 | ' |
Proceeds from derivative instruments | 0 | 0 | ' |
Proceeds from sale of assets | 0 | ' | ' |
Other | 0 | 0 | ' |
Net cash used in investing activities | 7,070 | 7,015 | ' |
Cash flow from financing activities: | ' | ' | ' |
Repayments to affiliates | 0 | ' | ' |
Loans from (repayments to) affiliates | ' | 0 | ' |
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 | 2,813 | 175 | ' |
Purchase of treasury shares | -620 | -844 | ' |
Revolver Refinancing Costs | 0 | ' | ' |
Proceeds from (Payments for) Other Financing Activities | 1,011 | -489 | ' |
Net cash provided by financing activities | 3,204 | -1,158 | ' |
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 | 0 |
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 | 50,298 | 50,244 | ' |
Cash flow from investing activities: | ' | ' | ' |
(Loans to) repayments from affiliates | 0 | 0 | ' |
Capital expenditures | -49,756 | -37,081 | ' |
Proceeds from derivative instruments | -51 | -22 | ' |
Proceeds from sale of assets | 1,706 | ' | ' |
Other | 0 | 280 | ' |
Net cash used in investing activities | -48,101 | -36,823 | ' |
Cash flow from financing activities: | ' | ' | ' |
Repayments to affiliates | -7,070 | ' | ' |
Loans from (repayments to) affiliates | ' | -7,015 | ' |
Short-term debt borrowings | 965 | 0 | ' |
Revolving Facility borrowings | 151,000 | 67,000 | ' |
Revolving Facility reductions | -148,000 | -73,500 | ' |
Principal payments on long term debt | -98 | -131 | ' |
Supply chain financing | 0 | 0 | ' |
Proceeds from exercise of stock options | 0 | 0 | ' |
Purchase of treasury shares | 0 | 0 | ' |
Revolver Refinancing Costs | -2,384 | ' | ' |
Proceeds from (Payments for) Other Financing Activities | 0 | -16 | ' |
Net cash provided by financing activities | -5,587 | -13,662 | ' |
Net (decrease) increase in cash and cash equivalents | -3,390 | -241 | ' |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ' |
Cash and cash equivalents at beginning of period | 4,752 | 4,425 | 4,184 |
Cash and cash equivalents at end of period | 1,362 | ' | 4,184 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash (used in) provided by operating activities | 42,865 | 20,791 | ' |
Cash flow from investing activities: | ' | ' | ' |
(Loans to) repayments from affiliates | 0 | 0 | ' |
Capital expenditures | -19,558 | -25,617 | ' |
Proceeds from derivative instruments | -522 | 874 | ' |
Proceeds from sale of assets | 2,373 | ' | ' |
Other | 2,834 | 2,053 | ' |
Net cash used in investing activities | -14,873 | -22,690 | ' |
Cash flow from financing activities: | ' | ' | ' |
Repayments to affiliates | 0 | ' | ' |
Loans from (repayments to) affiliates | ' | 0 | ' |
Short-term debt borrowings | -982 | -4,082 | ' |
Revolving Facility borrowings | 78,000 | 67,000 | ' |
Revolving Facility reductions | -92,000 | -45,000 | ' |
Principal payments on long term debt | -60 | -58 | ' |
Supply chain financing | -9,455 | -14,422 | ' |
Proceeds from exercise of stock options | 0 | 0 | ' |
Purchase of treasury shares | 0 | 0 | ' |
Revolver Refinancing Costs | -357 | ' | ' |
Proceeds from (Payments for) Other Financing Activities | 0 | -6,701 | ' |
Net cash provided by financing activities | -24,854 | -3,263 | ' |
Net (decrease) increase in cash and cash equivalents | 3,138 | -5,162 | ' |
Effect of exchange rate changes on cash and cash equivalents | -758 | -444 | ' |
Cash and cash equivalents at beginning of period | 7,136 | 12,892 | 7,286 |
Cash and cash equivalents at end of period | 9,516 | ' | 7,286 |
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 | -7,070 | -7,015 | ' |
Capital expenditures | 0 | 0 | ' |
Proceeds from derivative instruments | 0 | 0 | ' |
Proceeds from sale of assets | 0 | ' | ' |
Other | 0 | 0 | ' |
Net cash used in investing activities | -7,070 | -7,015 | ' |
Cash flow from financing activities: | ' | ' | ' |
Repayments to affiliates | 7,070 | ' | ' |
Loans from (repayments to) affiliates | ' | 7,015 | ' |
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 | ' |
Revolver Refinancing Costs | 0 | ' | ' |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ' |
Net cash provided by financing activities | 7,070 | 7,015 | ' |
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 | 0 |
Cash and cash equivalents at end of period | $0 | ' | $0 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Apr. 23, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $470,000,000 | ' | ' | ' | ' |
Amortization of Financing Costs and Discounts | ' | $521,000 | $729,000 | $1,916,000 | $1,872,000 |
Percentage Of One Month Interest rate Plus London Interbank Offering Rate | 1.00% | ' | ' | ' | ' |
Debt Instrument Interest Coverage Ratio | 2.5 | ' | ' | ' | ' |
Debt Instrument Leverage Ratio | 3 | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Percentage Of Margin Plus London Interbank Offered Rate | 2.00% | ' | ' | ' | ' |
Percentage Of Margin Plus Alternate Base Rate | 1.00% | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | 0.35% | ' | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Percentage Of Margin Plus London Interbank Offered Rate | 1.25% | ' | ' | ' | ' |
Percentage Of Margin Plus Alternate Base Rate | 0.25% | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ' | ' | ' | ' |