Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 17, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Entity Current Reporting Status | Yes | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | GrafTech International LTD. | |
Entity Central Index Key | 931148 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 137,179,692 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $10,961 | $17,550 |
Accounts and notes receivable, net of allowance for doubtful accounts of $7,471 as of December 31, 2014 and $6,582 as of March 31, 2015 | 155,108 | 162,919 |
Inventories | 364,152 | 382,903 |
Prepaid expenses and other current assets | 70,475 | 81,623 |
Total current assets | 600,696 | 644,995 |
Property, plant and equipment | 1,453,080 | 1,500,821 |
Less: accumulated depreciation | 819,741 | 846,781 |
Net property, plant and equipment | 633,339 | 654,040 |
Deferred income taxes | 14,819 | 16,819 |
Goodwill | 384,436 | 420,129 |
Other assets | 92,373 | 97,822 |
Total assets | 1,725,663 | 1,833,805 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 79,756 | 86,409 |
Short-term debt | 191,446 | 188,104 |
Accrued income and other taxes | 17,321 | 24,506 |
Rationalizations | 8,632 | 9,563 |
Other accrued liabilities | 41,946 | 43,319 |
Total current liabilities | 339,101 | 351,901 |
Long-term debt | 336,321 | 341,615 |
Other long-term obligations | 100,983 | 107,566 |
Deferred income taxes | 26,507 | 28,197 |
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, 152,821,011 shares issued as of December 31, 2014 and 153,050,285 shares issued as of March 31, 2015 | 1,535 | 1,528 |
Additional paid-in capital | 1,827,672 | 1,825,880 |
Accumulated other comprehensive loss | -365,290 | -336,524 |
Accumulated deficit | -301,359 | -245,751 |
Less: cost of common stock held in treasury, 15,922,729 shares as of December 31, 2014 and 15,877,371 shares as of March 31, 2015 | -239,107 | -239,811 |
Less: common stock held in employee benefit and compensation trusts, 80,967 shares as of December 31, 2014 and 72,679 shares as of March 31, 2015 | -700 | -796 |
Total stockholders' equity | 922,751 | 1,004,526 |
Total liabilities and stockholders' equity | $1,725,663 | $1,833,805 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts and notes receivable, net of allowance for doubtful accounts | $6,582 | $7,471 |
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 | 153,050,285 | 152,821,011 |
Cost of common stock held in treasury, shares | 15,877,371 | 15,922,729 |
Common stock held in employee benefit and compensation trusts, shares | 72,679 | 80,967 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations And Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net sales | $207,211 | $280,791 |
Cost of sales | 186,448 | 255,097 |
Gross profit | 20,763 | 25,694 |
Research and development | 2,431 | 2,770 |
Selling and administrative expenses | 26,290 | 29,907 |
Rationalizations | 2,494 | 86 |
Impairments | 35,381 | 0 |
Operating loss | -45,833 | -7,069 |
Other expense (income), net | 393 | 794 |
Interest expense | 8,921 | 8,999 |
Interest income | -73 | -58 |
Loss before provision for income taxes | -55,074 | -16,804 |
(Benefit) provision for income taxes | 534 | -5,287 |
Net loss | -55,608 | -11,517 |
Basic loss per common share: | ||
Net loss per share | ($0.41) | ($0.08) |
Weighted average common shares outstanding | 136,981,193 | 135,729,809 |
Diluted loss income per common share: | ||
Net loss per share | ($0.41) | ($0.08) |
Weighted average common shares outstanding | 136,981,193 | 135,729,809 |
Other comprehensive income: | ||
Foreign currency translation adjustments | -29,611 | 2,387 |
Commodities and foreign currency derivatives and other, net of tax of $116 and ($154), respectively | 845 | -315 |
Other comprehensive income (loss), net of tax: | -28,766 | 2,072 |
Comprehensive loss | ($84,374) | ($9,445) |
Statements_Of_Comprehensive_In
Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Commodities and foreign currency derivatives, net of tax of | ($154) | $116 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flow from operating activities: | ||
Net loss | ($55,608) | ($11,517) |
Adjustments to reconcile net income to cash provided by operations: | ||
Depreciation and amortization | 20,570 | 39,661 |
Impairments | 35,381 | 0 |
Deferred income tax provision | 2,973 | -1,222 |
Post-retirement and pension plan changes | 1,262 | 1,012 |
Stock-based compensation | 1,572 | 522 |
Interest expense | 3,764 | 3,645 |
Other charges, net | -2,757 | -1,593 |
(Increase) decrease in working capital | 21,991 | -6,665 |
Increase in long-term assets and liabilities | -6,430 | -1,753 |
Net cash used in operating activities | 22,718 | 22,090 |
Cash flow from investing activities: | ||
Capital expenditures | -13,601 | -21,728 |
Proceeds from the sale of assets | 521 | 1,895 |
Payments for derivative instruments | -7,603 | -367 |
Insurance recoveries | 0 | 3,057 |
Net cash used in investing activities | -20,683 | -17,143 |
Cash flow from financing activities: | ||
Short-term debt borrowings (reductions), net | 1 | -994 |
Revolving Facility borrowings | 27,000 | 75,000 |
Revolving Facility reductions | -32,000 | -65,000 |
Principal payments on long-term debt | -33 | -92 |
Supply chain financing | 0 | -9,455 |
Proceeds from exercise of stock options | 0 | 82 |
Purchase of treasury shares | -41 | -141 |
Revolving Facility refinancing fees | -2,247 | 0 |
Other | -54 | 918 |
Net cash provided by financing activities | -7,374 | 318 |
Net (decrease) increase in cash and cash equivalents | -5,339 | 5,265 |
Effect of exchange rate changes on cash and cash equivalents | -1,250 | 171 |
Cash and cash equivalents at beginning of period | 17,550 | 11,888 |
Cash and cash equivalents at end of period | 10,961 | 17,324 |
Change in current assets: | ||
Accounts and notes receivable, net | 1,040 | -5,684 |
Inventories | 11,978 | 955 |
Prepaid expenses and other current assets | 7,525 | -4,670 |
Increase (decrease) in accounts payable and accruals | -2,483 | 6,506 |
Rationalizations | -846 | -8,580 |
Increase in interest payable | 4,777 | 4,808 |
(Increase) decrease in working capital | $21,991 | ($6,665) |
Organization_And_Summary_Of_Si
Organization And Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
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, 2014 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, 2014 (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 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 supposed to be effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. On April 1, 2015, the FASB proposed a one year deferral of the effective date to fiscal years beginning after December 15, 2017. This proposal is not a final decision and subject to the FASB's approval process, which includes a public comment period. 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. | |
On April 7, 2015, FASB issued ASU 2015-3, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015. The Company had $9.7 million and $11.9 million of capitalized bank fees included within "Other Assets" on our consolidated balance sheets as of December 31, 2014 and March 31, 2015, respectively. |
Rationalizations_and_Impairmen
Rationalizations and Impairments | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Rationalizations and Impairments | Rationalizations and Impairments | |||||||||||||||
Throughout 2013, 2014 and 2015 the Company undertook rationalization plans in order to streamline our organization and lower our production costs. The total rationalization and related charges incurred during the three months ended March 31, 2014 and 2015 are as follows: | ||||||||||||||||
All Plans | For the Three Months Ended March 31, 2014 | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corporate, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Accelerated depreciation | $ | 17,020 | $ | 413 | $ | — | $ | 17,433 | ||||||||
(recorded in Cost of sales) | ||||||||||||||||
Inventory loss (recorded in Cost | 815 | (10 | ) | — | 805 | |||||||||||
of sales) | ||||||||||||||||
Fixed asset write-offs and other(recorded in Cost of sales) | (494 | ) | — | (494 | ) | |||||||||||
Other (recorded in Selling | 25 | — | — | 25 | ||||||||||||
and administrative) | ||||||||||||||||
Severance and related costs | 114 | (28 | ) | — | 86 | |||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Total | $ | 17,480 | $ | 375 | $ | — | $ | 17,855 | ||||||||
All Plans | For the Three Months Ended March 31, 2015 | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corporate, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Accelerated depreciation | $ | 433 | $ | — | $ | — | $ | 433 | ||||||||
(recorded in Cost of sales) | ||||||||||||||||
Inventory loss (recorded in Cost | (61 | ) | 803 | — | 742 | |||||||||||
of sales) | ||||||||||||||||
Fixed asset write-offs and other(recorded in Cost of sales) | 1,243 | (99 | ) | — | 1,144 | |||||||||||
Accelerated depreciation | — | — | 621 | 621 | ||||||||||||
(recorded in Research | ||||||||||||||||
and development) | ||||||||||||||||
Other (recorded in Selling | — | 3 | 1,066 | 1,069 | ||||||||||||
and administrative) | ||||||||||||||||
Severance and related costs | 53 | 2,366 | — | 2,419 | ||||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Contract terminations | 25 | 50 | — | 75 | ||||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Total | $ | 1,693 | $ | 3,123 | $ | 1,687 | $ | 6,503 | ||||||||
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. 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. These actions were substantially completed during the first half of 2014. | ||||||||||||||||
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 reduced global headcount by approximately 40 people and were substantially completed during 2014. | ||||||||||||||||
Total 2013 Rationalization Initiatives Impact to Financial Results | ||||||||||||||||
Charges incurred related to the 2013 rationalization initiatives for the three months ended March 31, 2014 and March 31, 2015 are as follows: | ||||||||||||||||
2013 Plan | For the Three Months Ended March 31, 2014 | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corporate, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Accelerated depreciation | $ | 17,020 | $ | 413 | $ | — | $ | 17,433 | ||||||||
(recorded in Cost of sales) | ||||||||||||||||
Inventory loss (recorded in Cost | 815 | (10 | ) | — | 805 | |||||||||||
of sales) | ||||||||||||||||
Fixed asset write-offs and other(recorded in Cost of sales) | (494 | ) | — | — | (494 | ) | ||||||||||
Other (recorded in Selling | 25 | — | — | 25 | ||||||||||||
and administrative) | ||||||||||||||||
Severance and related costs | 114 | (28 | ) | — | 86 | |||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Total | $ | 17,480 | $ | 375 | $ | — | $ | 17,855 | ||||||||
2013 Plan | For the Three Months Ended March 31, 2015 | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corporate, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Accelerated depreciation | $ | 433 | $ | — | $ | — | $ | 433 | ||||||||
(recorded in Cost of sales) | ||||||||||||||||
Inventory loss (recorded in Cost | (61 | ) | — | — | (61 | ) | ||||||||||
of sales) | ||||||||||||||||
Fixed asset write-offs and other(recorded in Cost of sales) | 1,243 | 9 | — | 1,252 | ||||||||||||
Severance and related costs | 87 | — | — | 87 | ||||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Contract terminations | 25 | — | — | 25 | ||||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Total | $ | 1,727 | $ | 9 | $ | — | $ | 1,736 | ||||||||
The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the the rationalization initiatives described above. This liability is recorded as a current liability on the 2013 Consolidated Balance Sheet. | ||||||||||||||||
2013 Plan | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance as of December 31, 2013 | $ | 18,421 | ||||||||||||||
Charges incurred | 613 | |||||||||||||||
Change in estimates | 153 | |||||||||||||||
Payments and settlements | (16,494 | ) | ||||||||||||||
Effect of change in currency exchange rates | (1,658 | ) | ||||||||||||||
Balance as of December 31, 2014 | 1,035 | |||||||||||||||
Charges incurred | — | |||||||||||||||
Change in estimates | 112 | |||||||||||||||
Payments and settlements | (549 | ) | ||||||||||||||
Effect of change in currency exchange rates | (108 | ) | ||||||||||||||
Balance as of March 31, 2015 | $ | 490 | ||||||||||||||
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. | ||||||||||||||||
Charges incurred related to the 2014 Engineered Solutions rationalization initiatives in 2015 are as follows: | ||||||||||||||||
2014 Engineered Solutions Plan | For the Three Months Ended March 31, 2015 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Inventory loss (recorded in Cost | 434 | |||||||||||||||
of sales) | ||||||||||||||||
Fixed asset write-offs and other(recorded in Cost of sales) | (3 | ) | ||||||||||||||
Severance and related costs | (16 | ) | ||||||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Contract terminations | 50 | |||||||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Total | $ | 465 | ||||||||||||||
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. | ||||||||||||||||
2014 Engineered Solutions Plan | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance as of December 31, 2013 | $ | — | ||||||||||||||
Charges incurred | 2,611 | |||||||||||||||
Change in estimates | (40 | ) | ||||||||||||||
Payments and settlements | (916 | ) | ||||||||||||||
Balance as of December 31, 2014 | 1,655 | |||||||||||||||
Charges incurred | 50 | |||||||||||||||
Change in estimates | (16 | ) | ||||||||||||||
Payments and settlements | (434 | ) | ||||||||||||||
Balance as of March 31, 2015 | $ | 1,255 | ||||||||||||||
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 are designed to reduce costs by a combination of reduced contractor costs, attrition, early retirements and layoffs. Additionally, the Company downsized its corporate functions by approximately 25 percent, relocated to a smaller, more cost effective corporate headquarters and established a new Technology and Innovation Center. 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. | ||||||||||||||||
Charges incurred related to the 2014 Corporate and Research & Development rationalization initiatives for 2015 are as follows: | ||||||||||||||||
2014 Corporate and R&D Plan | For the Three Months Ended March 31, 2015 | |||||||||||||||
Industrial Materials Segment | Corporate, R&D and Other | |||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Accelerated depreciation | $ | — | $ | 621 | ||||||||||||
(recorded in Research | ||||||||||||||||
and development) | ||||||||||||||||
Other (recorded in Selling | — | 1,066 | ||||||||||||||
and administrative) | ||||||||||||||||
Severance and related costs | (34 | ) | — | |||||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Total | $ | (34 | ) | $ | 1,687 | |||||||||||
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. | ||||||||||||||||
2014 Corporate and R&D Plan | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance as of December 31, 2013 | $ | — | ||||||||||||||
Charges incurred | 8,159 | |||||||||||||||
Change in estimates | 21 | |||||||||||||||
Payments and settlements | (1,155 | ) | ||||||||||||||
Effect of change in currency exchange rates | (152 | ) | ||||||||||||||
Balance as of December 31, 2014 | 6,873 | |||||||||||||||
Charges incurred | (2 | ) | ||||||||||||||
Change in estimates | (34 | ) | ||||||||||||||
Payments and settlements | (2,231 | ) | ||||||||||||||
Effect of change in currency exchange rates | (48 | ) | ||||||||||||||
Balance as of March 31, 2015 | $ | 4,558 | ||||||||||||||
2015 Advanced Graphite Materials Rationalization | ||||||||||||||||
On March 2, 2015, GrafTech announced plans to further optimize the production platform for its advanced graphite materials business. These actions included the closure of our Notre Dame, France facility and further reductions in force in our Columbia, Tennessee facility and other locations totaling approximately 85 people. The 2015 Advanced Graphite Materials rationalization plan will result in approximately $10 million of charges consisting of severance, inventory losses and other related costs. Approximately $8 million of these costs will be cash outlays, the majority of which are expected to be disbursed in 2015. | ||||||||||||||||
Charges incurred related to the 2015 Advanced Graphite Materials rationalization initiative for the three months ended March 31, 2015 are as follows: | ||||||||||||||||
2015 Advanced Graphite Materials Rationalization | For the Three | |||||||||||||||
Months Ended | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Inventory loss (recorded in Cost of sales) | $ | 369 | ||||||||||||||
Fixed asset write-offs and other(recorded in Cost of sales) | (105 | ) | ||||||||||||||
Other (recorded in Selling and administrative) | 3 | |||||||||||||||
Severance and related costs (recorded in Rationalizations) | 2,382 | |||||||||||||||
Total | $ | 2,649 | ||||||||||||||
The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the 2015 Advanced Graphite Materials rationalization initiative described above. This liability is recorded as a current liability on the Consolidated Balance Sheet. | ||||||||||||||||
2015 Advanced Graphite Materials Rationalization | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance as of December 31, 2014 | $ | — | ||||||||||||||
Charges incurred | 2,382 | |||||||||||||||
Payments and settlements | (36 | ) | ||||||||||||||
Effect of change in currency exchange rates | (17 | ) | ||||||||||||||
Balance as of March 31, 2015 | $ | 2,329 | ||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||
For the three months ended March 31, 2014 and 2015, we recognized stock-based compensation expense of $0.5 million and $1.6 million, respectively. Substantially all of the expense, $0.5 million and $1.5 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 March 31, 2015, the total compensation cost related to non-vested restricted stock, performance shares based on current forecasts, and stock options not yet recognized was $10.6 million, which will be recognized over the remaining weighted average life of 1.75 years. | |||||||
Restricted Stock and Performance Shares | |||||||
Restricted stock and performance share awards activity under the plans for the three months ended March 31, 2015 was: | |||||||
Number of | Weighted- | ||||||
Shares | Average | ||||||
Grant Date | |||||||
Fair Value | |||||||
Outstanding unvested as of January 1, 2015 | 1,814,130 | $ | 6.31 | ||||
Granted | 3,000 | 4.02 | |||||
Vested | (44,922 | ) | 9.9 | ||||
Forfeited/canceled/expired | (41,836 | ) | 6.68 | ||||
Outstanding unvested as of March 31, 2015 | 1,730,372 | 6.2 | |||||
Stock Options | |||||||
Stock option activity under the plans for the three months ended March 31, 2015 was: | |||||||
Number of | Weighted- | ||||||
Shares | Average | ||||||
Exercise | |||||||
Price | |||||||
Outstanding as of January 1, 2015 | 2,042,074 | $ | 10.93 | ||||
Forfeited/canceled/expired | (61,468 | ) | 16.14 | ||||
Outstanding as of March 31, 2015 | 1,980,606 | 10.77 | |||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
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 | ||||||
March 31, | ||||||
2014 | 2015 | |||||
Weighted average common shares outstanding | 135,729,809 | 136,981,193 | ||||
for basic calculation | ||||||
Add: Effect of stock options and restricted stock | — | — | ||||
Weighted average common shares outstanding | 135,729,809 | 136,981,193 | ||||
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 1,131,088 and 1,980,607 shares in the three months ended March 31, 2014 and 2015 respectively, as these shares are anti-dilutive. |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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. Prior to 2014, certain global expenses such as research and development, shared IT and accounting services as well as corporate headquarter’s finance, HR, legal and executive management were allocated to the segments mostly based on each segment’s contribution to consolidated sales. During 2014, as part of our initiative to decentralize the organization and reduce the costs of the global headquarter functions, the performance measure of our existing segments was changed to reflect our new management and operating structure. We currently exclude such expenses from the segment operating income measure and report them under “Corporate, R&D and Other Expenses” in order to reconcile to the consolidated operating income of the Company. | |||||||||
The following tables summarize financial information concerning our reportable segments and all prior periods have been recast to reflect our new methodology: | |||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2015 | ||||||||
(Dollars in thousands) | |||||||||
Net sales to external customers: | |||||||||
Industrial Materials | $ | 218,776 | $ | 165,037 | |||||
Engineered Solutions | 62,015 | 42,174 | |||||||
Total net sales | $ | 280,791 | $ | 207,211 | |||||
Operating (loss) income: | |||||||||
Industrial Materials | $ | 1,600 | $ | (25,898 | ) | ||||
Engineered Solutions | 5,406 | (4,393 | ) | ||||||
Corporate, R&D and Other expenses | (14,075 | ) | (15,542 | ) | |||||
Total operating loss | $ | (7,069 | ) | $ | (45,833 | ) | |||
Reconciliation of segment operating loss to | |||||||||
loss before provision for income taxes | |||||||||
Other expense (income), net | $ | 794 | $ | 393 | |||||
Interest expense | 8,999 | 8,921 | |||||||
Interest income | (58 | ) | (73 | ) | |||||
Loss before provision for income taxes | $ | (16,804 | ) | $ | (55,074 | ) |
Benefit_Plans
Benefit Plans | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 | |||||||||
Months Ended | |||||||||
March 31, | |||||||||
2014 | 2015 | ||||||||
(Dollars in thousands) | |||||||||
Service cost | $ | 473 | $ | 827 | |||||
Interest cost | 2,169 | 1,526 | |||||||
Expected return on plan assets | (1,938 | ) | (1,354 | ) | |||||
Amortization of prior service cost | 1 | 1 | |||||||
Net cost | $ | 705 | $ | 1,000 | |||||
The components of our consolidated net postretirement costs are set forth in the following table: | |||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2015 | ||||||||
(Dollars in thousands) | |||||||||
Service cost | $ | 19 | $ | 4 | |||||
Interest cost | 352 | 315 | |||||||
Amortization of prior service benefit | (47 | ) | (43 | ) | |||||
Net cost | $ | 324 | $ | 276 | |||||
On March 27, 2015, we settled $59.0 million of projected benefit obligations through the purchase of a group annuity contract. The purchase was fully funded with pension assets. The obligation associated with this transaction will require no additional cash contributions by the company. The results of this settlement were not material to our operations. |
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [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, 2014 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 value for the needle coke reporting unit was below the carrying value resulting in a step two analysis and consequently a goodwill impairment charge of $75.7 million for the year ended December 31, 2014. | ||||||||||||||||||||||||
We received notice in March, 2015, that the market prices for needle coke were decreasing by an additional 18%, effective for the second quarter of 2015. This decline is further compressing our margins for needle coke products versus our annual plan. We determined that this change, which is driven by over capacity in the market indicated that the needle coke industry is facing a deeper and longer trough than previously expected. As such we considered the additional price change as a triggering event and tested our needle coke goodwill for impairment as of March 31, 2015. | ||||||||||||||||||||||||
In the first step of the analysis, we compared the estimated fair value of the reporting unit to its carrying value, including goodwill. The fair value of the reporting units was determined based on an income approach, using discounted cash flow ("DCF") models from a market participant’s perspective. The DCF model included seventeen years of forecasted cash flows, plus an estimated terminal value. For the first several years in the models, the cash flows were based upon the current operating and capital plans as prepared by management and approved by executive management, adjusted to reflect the perspective of potential market participants.. Beyond the first several years, the DCF model reflects known trends of cycles in the industry and incorporates them in the terminal value. Actual results may differ from those assumed in the Company’s forecast. A discount rate of 10.5% was applied to the forecasted cash-flows and is based on a 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. | ||||||||||||||||||||||||
As a result of the step one analysis described earlier, the fair value of the Needle Coke reporting unit was less than its carrying value. Consequently, we performed the second step of the impairment analysis in order to determine the implied fair value of the goodwill associated with the reporting unit. The implied fair value of goodwill represents the excess of the fair value of the reporting unit over the sum of the fair value amounts assigned to all of the assets and liabilities of the reporting unit as if it were to be acquired in a business combination and the current fair value of the reporting unit (as calculated in the first step) was the purchase consideration. The implied fair value of goodwill was then compared to the carrying value of the goodwill to determine the impairment charge. The Needle coke goodwill was fully impaired, resulting in a charge of $35.4 million. The full impairment of the Needle Coke reporting unit‘s goodwill was a result of our reassessment of the estimated future cash-flows, triggered by the pricing decline in the needle coke market effective April 1, 2015. Due to these factors, we decreased the short and mid-term estimates of the cash-flows of the Needle Coke reporting unit that are utilized in assessing goodwill for impairment. | ||||||||||||||||||||||||
The changes in the carrying value of goodwill during the three months ended March 31, 2015 is as follows: | ||||||||||||||||||||||||
Total | ||||||||||||||||||||||||
(Dollars in | ||||||||||||||||||||||||
Thousands) | ||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 420,129 | ||||||||||||||||||||||
Impairment | (35,381 | ) | ||||||||||||||||||||||
Currency translation effect | (312 | ) | ||||||||||||||||||||||
Balance as of March 31, 2015 | $ | 384,436 | ||||||||||||||||||||||
The following table summarizes acquired intangible assets with determinable useful lives by major category as of December 31, 2014 and March 31, 2015: | ||||||||||||||||||||||||
As of December 31, 2014 | As of March 31, 2015 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization & Impairment | Carrying | Carrying | Amortization & Impairment | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||
Trade name | $ | 7,900 | $ | (4,817 | ) | $ | 3,083 | $ | 7,900 | $ | (4,986 | ) | $ | 2,914 | ||||||||||
Technological know-how | 43,349 | (24,940 | ) | 18,409 | 43,349 | (26,433 | ) | 16,916 | ||||||||||||||||
Customer –related | 110,798 | (57,192 | ) | 53,606 | 110,798 | (59,874 | ) | 50,924 | ||||||||||||||||
intangible | ||||||||||||||||||||||||
Total finite-lived | $ | 162,047 | $ | (86,949 | ) | $ | 75,098 | $ | 162,047 | $ | (91,293 | ) | $ | 70,754 | ||||||||||
intangible assets | ||||||||||||||||||||||||
Amortization expense of acquired intangible assets was $4.8 million and $4.3 million in the three months ended March 31, 2014 and March 31, 2015, respectively. Estimated amortization expense will approximate $12.8 million in the remainder of 2015, $13.1 million in 2016, $11.8 million in 2017, $10.7 million in 2018 and $9.2 million in 2019. |
Debt_And_Liquidity
Debt And Liquidity | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Long-term Debt and Capital Lease Obligations [Abstract] | ||||||||
Debt And Liquidity | Debt and Liquidity | |||||||
The following table presents our long-term debt: | ||||||||
As of | As of | |||||||
31-Dec-14 | 31-Mar-15 | |||||||
(Dollars in thousands) | ||||||||
Revolving Facility | $ | 40,000 | $ | 35,000 | ||||
Senior Notes | 300,000 | 300,000 | ||||||
Other Debt | 1,615 | 1,321 | ||||||
Total | $ | 341,615 | $ | 336,321 | ||||
The following table presents our short-term debt: | ||||||||
As of | As of | |||||||
31-Dec-14 | 31-Mar-15 | |||||||
(Dollars in thousands) | ||||||||
Senior Subordinated Notes | 187,973 | 191,314 | ||||||
Other debt | 131 | 132 | ||||||
Total Short-Term Debt | $ | 188,104 | $ | 191,446 | ||||
The fair value of debt, which was determined using Level 2 inputs, was $473.3 million, versus a book value of $529.7 million as of December 31, 2014. As of March 31, 2015, the fair value of our long-term debt was $459.8 million versus a book value of 527.8 million. As of March 31, 2015, we were in compliance with all of our debt covenants. | ||||||||
Revolving Facility | ||||||||
On April 23, 2014, the Company and certain of its subsidiaries entered into an Amended and Restated Credit Agreement (the "Revolving Facility"). On February 27, 2015, GrafTech and certain of its subsidiaries entered into an Amended and Restated Credit Agreement that provides for, among other things, greater financial flexibility and a new $40 million senior secured delayed draw term loan facility.The Revolving Facility has a borrowing capacity of $400 million and matures in April 2019. | ||||||||
As of March 31, 2015, we had $329 million of unused borrowing capacity under the revolving credit facility (after considering financial covenants restrictions and the outstanding letters of credit of approximately $5.4 million). | ||||||||
The additional $40 million delayed draw term loan facility is to be used connection with the repayment of the Senior Subordinated Notes. | ||||||||
The interest rate applicable to the Amended and Restated Credit Facility is LIBOR plus a margin ranging from 2.25% to 3.75% (depending on our total senior secured leverage ratio). The borrowers pay a per annum fee ranging from 0.35% to 0.50% (depending on our senior secured leverage ratio) on the undrawn portion of the commitments under the Revolving Facility. The new financial covenants require us to maintain a minimum cash interest coverage ratio of 2.50 to 1.00 and a maximum senior secured leverage ratio ranging from 3.75 to 1.00 to 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 the acquisitions of Seadrift Coke LP and C/G Electrodes, LLC, we issued Senior Subordinated Notes for an aggregate total face amount of $200 million. These Senior Subordinated Notes are non-interest bearing and mature in 2015. Because the promissory 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 promissory notes and their present value is recorded as debt discount. The debt discount will be amortized to income using the interest method, over the life of the promissory notes. The loan balance, net of unamortized discount, was $191.3 million as of March 31, 2015. This balance was reclassified in November 2014 to short-term debt on our balance sheet as the maturity date is within one year. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
Inventories are comprised of the following: | ||||||||
As of December 31, 2014 | As of March 31, 2015 | |||||||
(Dollars in thousands) | ||||||||
Inventories: | ||||||||
Raw materials and supplies | $ | 122,218 | $ | 112,416 | ||||
Work in process | 176,141 | 172,737 | ||||||
Finished goods | 84,544 | 78,999 | ||||||
Total | $ | 382,903 | $ | 364,152 | ||||
Interest_Expense
Interest Expense | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Interest and Debt Expense [Abstract] | ||||||||
Interest Expense | Interest Expense | |||||||
The following table presents an analysis of interest expense: | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2015 | |||||||
(Dollars in thousands) | ||||||||
Interest incurred on debt | $ | 5,322 | $ | 5,171 | ||||
Amortization of discount on Senior Subordinated Notes | 2,997 | 3,207 | ||||||
Amortization of debt issuance costs | 633 | 543 | ||||||
Supply Chain Financing mark-up | 47 | — | ||||||
Total interest expense | $ | 8,999 | $ | 8,921 | ||||
Interest Rates | ||||||||
The Revolving Facility had an effective interest rate of 2.17% and 2.44% as of December 31, 2014 and March 31, 2015, respectively. The Senior Subordinated Notes have an implied interest rate of 7.00%. The Senior Notes have a fixed interest rate of 6.375%. |
Contingencies
Contingencies | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Loss Contingency [Abstract] | ||||
Contingencies | Contingencies | |||
Legal Proceedings | ||||
We are involved in various investigations, lawsuits, claims, demands, environmental compliance programs and other legal proceedings arising out of or incidental to the conduct of our business. While it is not possible to determine the ultimate disposition of each of these matters, we do not believe that their ultimate disposition will have a material adverse effect on our financial position, results of operations or cash flows. | ||||
Product Warranties | ||||
We generally sell products with a limited warranty. We accrue for known warranty claims if a loss is probable and can be reasonably estimated. We also accrue for estimated warranty claims incurred based on a historical claims charge analysis. Claims accrued but not yet paid and the related activity within the accrual for the three months ended March 31, 2015, are presented below: | ||||
(Dollars in thousands) | ||||
Balance as of December 31, 2014 | $ | 923 | ||
Product warranty adjustments | 335 | |||
Payments and settlements | (315 | ) | ||
Balance as of March 31, 2015 | $ | 943 | ||
Income_Taxes
Income Taxes | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 months ended March 31, 2014 and March 31, 2015: | |||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2015 | ||||||||
(Dollars in thousands) | |||||||||
Tax (benefit) expense | $ | (5,287 | ) | $ | 534 | ||||
Pretax loss | $ | (16,804 | ) | $ | (55,074 | ) | |||
Effective tax rates | 31.5 | % | (1.0 | )% | |||||
For the three months ended March 31, 2015, the effective tax rate differs from the U.S. statutory rate of 35% primarily due to recent losses in the U.S. where we receive no tax benefit due to a full valuation allowance and worldwide earnings from various countries. The recognition of the valuation allowance does not result in or limit the Company's ability to utilize these tax assets in the future. The provision for income taxes for the three months ended March 31, 2014 reflects a discrete period effective tax rate applied to ordinary income of 31.5%. A discrete period calculation was used to report the tax provision for the first three months of 2014 rather than an estimated annual effective tax rate because the estimated range of forecasted annual profit before tax produces significant variability and makes it difficult to reasonably estimate the annual effective tax rate. Discrete items of tax included in the three month periods ended March 31, 2014 and 2015 were not material. | |||||||||
As of March 31, 2015, we had unrecognized tax benefits of $3.7 million, $2.7 million of which, if recognized, would have a favorable impact on our effective tax rate. | |||||||||
We file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. 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. | |||||||||
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. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 three months ended March 31, 2014 and 2015, respectively. | ||||||||||||
In 2014 and 2015, we entered into foreign 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 March 31, 2015, we had outstanding Mexican peso, South Afican rand, euro, and Japanese yen currency contracts with an aggregate notional amount of $108.7 million. The foreign currency derivatives outstanding as of March 31, 2015 have several maturity dates ranging from April 2015 to December 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 three months ended March 31, 2015. As of March 31, 2015, we had outstanding derivative swap contracts for refined oil products with an aggregate notional amount of $4.4 million. These contracts mature in April 2015. | ||||||||||||
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 denominated in foreign currency and designated as a non-derivative net investment hedging instrument was $15.8 million and $15.1 million as of December 31, 2014 and March 31, 2015, respectively. Within the currency translation adjustment portion of other comprehensive income, we recorded gains of $0.1 million and $0.7 million in three months ended March 31, 2014 and March 31, 2015, 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, 2014 and March 31, 2015: | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Location | Fair Value | Location | Fair Value | |||||||||
As of December 31, 2014 | (Dollars in Thousands) | |||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives | Prepaid and other current assets | $ | 722 | Other current liabilities | $ | 1,234 | ||||||
Commodity derivative contracts | Prepaid and other current assets | — | Other current liabilities | 7,067 | ||||||||
Total fair value | $ | 722 | $ | 8,301 | ||||||||
As of March 31, 2015 | ||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives | Prepaid and other current assets | $ | 2,211 | Other current liabilities | $ | 1,108 | ||||||
Commodity derivative contracts | Prepaid and other current assets | 44 | Other current liabilities | 1 | ||||||||
Total fair value | $ | 2,255 | $ | 1,109 | ||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Location | Fair Value | Location | Fair Value | |||||||||
As of December 31, 2014 | (Dollars in Thousands) | |||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Prepaid and other current assets | $ | 80 | Other current liabilities | $ | 428 | ||||||
Total fair value | $ | 80 | $ | 428 | ||||||||
As of March 31, 2015 | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Prepaid and other current assets | $ | 17 | Other current liabilities | $ | 325 | ||||||
Total fair value | $ | 17 | $ | 325 | ||||||||
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 three months ended March 31, 2014 and 2015: | ||||||||||||
Amount of (Gain)/Loss | ||||||||||||
Recognized (Effective | ||||||||||||
Portion) | ||||||||||||
Three Months Ended March 31, | Location of (Gain)/Loss Reclassified from Other Comprehensive Income (Effective Portion) | 2014 | 2015 | |||||||||
(Dollars in Thousands) | ||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives, excluding tax | Cost of goods sold/Other expense / (income) / Revenue | $ | 301 | $ | (712 | ) | ||||||
of ($4) and $71, respectively | ||||||||||||
Commodity forward derivatives, excluding | Cost of goods sold / Revenue | $ | 529 | $ | 265 | |||||||
tax of ($190) and ($97), respectively | ||||||||||||
Amount of (Gain)/Loss | ||||||||||||
Recognized | ||||||||||||
Three Months Ended March 31, | Location of (Gain)/Loss Recognized in the Consolidated Statement of Operations | 2014 | 2015 | |||||||||
(Dollars in thousands) | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Cost of goods sold/Other expense (income) | $ | (191 | ) | $ | 889 | ||||||
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”. |
Guarantor_Information
Guarantor Information | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Consolidating Financials [Abstract] | |||||||||||||||||||||
Supplemental Guarantor Information | 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, 2014 and March 31, 2015 and condensed consolidating statements of operations and comprehensive income for the three months ended March 31, 2014 and 2015 and condensed consolidating statements of cash flows for the three months ended March 31, 2014 and 2015 of the Parent Guarantors and the Non-Guarantors. | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 5,503 | $ | 12,047 | $ | — | $ | 17,550 | |||||||||||
Accounts receivable - affiliates | 40,474 | 35,618 | 40,185 | (116,277 | ) | — | |||||||||||||||
Accounts receivable - trade | — | 45,861 | 117,058 | — | 162,919 | ||||||||||||||||
Inventories | — | 148,080 | 234,823 | — | 382,903 | ||||||||||||||||
Prepaid and other current assets | — | 17,336 | 64,287 | — | 81,623 | ||||||||||||||||
Total current assets | 40,474 | 252,398 | 468,400 | (116,277 | ) | 644,995 | |||||||||||||||
Investment in affiliates | 1,414,278 | 762,251 | — | (2,176,529 | ) | — | |||||||||||||||
Property, plant and equipment | — | 431,602 | 222,438 | — | 654,040 | ||||||||||||||||
Deferred income taxes | — | — | 16,819 | — | 16,819 | ||||||||||||||||
Goodwill | — | 217,099 | 203,030 | — | 420,129 | ||||||||||||||||
Notes receivable - affiliate | 35,722 | 7,413 | — | (43,135 | ) | — | |||||||||||||||
Other assets | 4,110 | 45,617 | 48,095 | — | 97,822 | ||||||||||||||||
Total Assets | $ | 1,494,584 | $ | 1,716,380 | $ | 958,782 | $ | (2,335,941 | ) | $ | 1,833,805 | ||||||||||
LIABILITIES AND | |||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable - affiliate | $ | — | $ | 80,659 | $ | 35,618 | $ | (116,277 | ) | $ | — | ||||||||||
Accounts payable - trade | 47 | 35,435 | 50,927 | — | 86,409 | ||||||||||||||||
Short-term debt | 187,973 | 131 | — | — | 188,104 | ||||||||||||||||
Accrued income and other taxes | 344 | 3,380 | 20,782 | — | 24,506 | ||||||||||||||||
Rationalizations | — | 7,538 | 2,025 | — | 9,563 | ||||||||||||||||
Supply chain financing liability | — | — | — | — | — | ||||||||||||||||
Other accrued liabilities | 2,444 | 15,252 | 25,623 | — | 43,319 | ||||||||||||||||
Total current liabilities | 190,808 | 142,395 | 134,975 | (116,277 | ) | 351,901 | |||||||||||||||
Long-term debt - affiliate | — | 35,722 | 7,413 | (43,135 | ) | — | |||||||||||||||
Long-term debt - third party | 300,000 | 40,393 | 1,222 | — | 341,615 | ||||||||||||||||
Other long-term obligations | — | 77,724 | 29,842 | — | 107,566 | ||||||||||||||||
Deferred income taxes | — | 5,118 | 23,079 | — | 28,197 | ||||||||||||||||
Stockholders' equity | 1,003,776 | 1,415,028 | 762,251 | (2,176,529 | ) | 1,004,526 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,494,584 | $ | 1,716,380 | $ | 958,782 | $ | (2,335,941 | ) | $ | 1,833,805 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,837 | $ | 9,124 | $ | — | $ | 10,961 | |||||||||||
Accounts receivable - affiliates | 41,988 | 18,786 | 30,911 | (91,685 | ) | — | |||||||||||||||
Accounts receivable - trade | — | 36,890 | 118,218 | — | 155,108 | ||||||||||||||||
Inventories | — | 145,506 | 218,646 | — | 364,152 | ||||||||||||||||
Prepaid and other current assets | — | 13,091 | 57,384 | — | 70,475 | ||||||||||||||||
Total current assets | 41,988 | 216,110 | 434,283 | (91,685 | ) | 600,696 | |||||||||||||||
Investment in affiliates | 1,338,408 | 735,037 | — | (2,073,445 | ) | — | |||||||||||||||
Property, plant and equipment | — | 427,681 | 205,658 | — | 633,339 | ||||||||||||||||
Deferred income taxes | — | — | 14,819 | — | 14,819 | ||||||||||||||||
Goodwill | — | 181,718 | 202,718 | — | 384,436 | ||||||||||||||||
Notes receivable - affiliate | 36,817 | 7,413 | — | (44,230 | ) | — | |||||||||||||||
Other assets | 3,985 | 44,190 | 44,198 | — | 92,373 | ||||||||||||||||
Total Assets | $ | 1,421,198 | $ | 1,612,149 | $ | 901,676 | $ | (2,209,360 | ) | $ | 1,725,663 | ||||||||||
LIABILITIES AND | |||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable - affiliate | $ | — | $ | 72,904 | $ | 18,781 | $ | (91,685 | ) | $ | — | ||||||||||
Accounts payable - trade | 43 | 33,527 | 46,186 | — | 79,756 | ||||||||||||||||
Short-term debt | 191,179 | 132 | 135 | — | 191,446 | ||||||||||||||||
Accrued income and other taxes | — | 2,070 | 15,251 | — | 17,321 | ||||||||||||||||
Rationalizations | — | 5,820 | 2,812 | — | 8,632 | ||||||||||||||||
Supply chain financing liability | — | — | — | — | — | ||||||||||||||||
Other accrued liabilities | 7,225 | 10,930 | 23,791 | — | 41,946 | ||||||||||||||||
Total current liabilities | 198,447 | 125,383 | 106,956 | (91,685 | ) | 339,101 | |||||||||||||||
Long-term debt - affiliate | — | 36,817 | 7,413 | (44,230 | ) | — | |||||||||||||||
Long-term debt - third party | 300,000 | 35,360 | 961 | — | 336,321 | ||||||||||||||||
Other long-term obligations | — | 71,051 | 29,932 | — | 100,983 | ||||||||||||||||
Deferred income taxes | — | 5,130 | 21,377 | — | 26,507 | ||||||||||||||||
Stockholders' equity | 922,751 | 1,338,408 | 735,037 | (2,073,445 | ) | 922,751 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,421,198 | $ | 1,612,149 | $ | 901,676 | $ | (2,209,360 | ) | $ | 1,725,663 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Sales - affiliates | $ | — | $ | 70,357 | $ | 35,207 | $ | (105,564 | ) | $ | — | ||||||||||
Sales - third party | — | 111,124 | 169,667 | — | 280,791 | ||||||||||||||||
Net sales | — | 181,481 | 204,874 | (105,564 | ) | 280,791 | |||||||||||||||
Cost of sales | — | 157,029 | 203,632 | (105,564 | ) | 255,097 | |||||||||||||||
Gross profit | — | 24,452 | 1,242 | — | 25,694 | ||||||||||||||||
Research and development | — | 2,770 | — | — | 2,770 | ||||||||||||||||
Selling and administrative expenses | — | 9,867 | 20,040 | — | 29,907 | ||||||||||||||||
Rationalizations | — | 36 | 50 | — | 86 | ||||||||||||||||
Operating income (loss) | — | 11,779 | (18,848 | ) | — | (7,069 | ) | ||||||||||||||
Other (income) expense, net | — | 824 | (30 | ) | — | 794 | |||||||||||||||
Interest expense - affiliate | — | 226 | — | (226 | ) | — | |||||||||||||||
Interest expense - third party | 7,952 | 740 | 307 | — | 8,999 | ||||||||||||||||
Interest income - affiliate | (226 | ) | — | — | 226 | — | |||||||||||||||
Interest income - third party | — | — | (58 | ) | — | (58 | ) | ||||||||||||||
Income (loss) before income taxes | (7,726 | ) | 9,989 | (19,067 | ) | — | ` | (16,804 | ) | ||||||||||||
Provision for income taxes | (2,781 | ) | 4,552 | (7,058 | ) | — | (5,287 | ) | |||||||||||||
Equity in earnings of subsidiary | (6,572 | ) | (12,009 | ) | — | 18,581 | — | ||||||||||||||
Net (loss) income | $ | (11,517 | ) | $ | (6,572 | ) | $ | (12,009 | ) | $ | 18,581 | $ | (11,517 | ) | |||||||
Statements of | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Net (loss) income | $ | (11,517 | ) | $ | (6,572 | ) | $ | (12,009 | ) | $ | 18,581 | $ | (11,517 | ) | |||||||
Other comprehensive income (loss) | 2,072 | 2,072 | 2,477 | (4,549 | ) | 2,072 | |||||||||||||||
Comprehensive (loss) income | $ | (9,445 | ) | $ | (4,500 | ) | $ | (9,532 | ) | $ | 14,032 | $ | (9,445 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Sales - affiliates | $ | — | $ | 51,184 | $ | 26,775 | $ | (77,959 | ) | $ | — | ||||||||||
Sales - third party | — | 72,021 | 135,190 | — | 207,211 | ||||||||||||||||
Net sales | — | 123,205 | 161,965 | (77,959 | ) | 207,211 | |||||||||||||||
Cost of sales | — | 116,589 | 147,818 | (77,959 | ) | 186,448 | |||||||||||||||
Gross profit | — | 6,616 | 14,147 | — | 20,763 | ||||||||||||||||
Research and development | — | 2,431 | — | — | 2,431 | ||||||||||||||||
Selling and administrative expenses | — | 14,441 | 11,849 | — | 26,290 | ||||||||||||||||
Impairments | — | 35,381 | — | — | 35,381 | ||||||||||||||||
Rationalizations | — | 326 | 2,168 | — | 2,494 | ||||||||||||||||
Operating loss | — | (45,963 | ) | 130 | — | (45,833 | ) | ||||||||||||||
Other expense (income), net | — | 309 | 84 | — | 393 | ||||||||||||||||
Interest expense - affiliate | — | 160 | — | (160 | ) | — | |||||||||||||||
Interest expense - third party | 8,162 | 665 | 94 | — | 8,921 | ||||||||||||||||
Interest income - affiliate | (160 | ) | — | — | 160 | — | |||||||||||||||
Interest income - third party | — | — | (73 | ) | — | (73 | ) | ||||||||||||||
Loss before income taxes | (8,002 | ) | (47,097 | ) | 25 | — | ` | (55,074 | ) | ||||||||||||
(Benefit from) provision for income taxes | — | 351 | 183 | — | 534 | ||||||||||||||||
Equity in losses of subsidiary | (47,606 | ) | (158 | ) | — | 47,764 | — | ||||||||||||||
Net (loss) income | $ | (55,608 | ) | $ | (47,606 | ) | $ | (158 | ) | $ | 47,764 | $ | (55,608 | ) | |||||||
Statements of | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Net (loss) income | $ | (55,608 | ) | $ | (47,606 | ) | $ | (158 | ) | $ | 47,764 | $ | (55,608 | ) | |||||||
Other comprehensive income (loss) | (28,766 | ) | (28,766 | ) | (28,830 | ) | 57,596 | (28,766 | ) | ||||||||||||
Comprehensive (loss) income | $ | (84,374 | ) | $ | (76,372 | ) | $ | (28,988 | ) | $ | 105,360 | $ | (84,374 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net cash provided by | $ | 496 | $ | 31,748 | $ | (10,154 | ) | $ | — | $ | 22,090 | ||||||||||
(used in) operating activities: | |||||||||||||||||||||
Cash flow from investing activities: | |||||||||||||||||||||
(Loans to) repayments from affiliates | (1,355 | ) | — | — | 1,355 | — | |||||||||||||||
Capital expenditures | — | (16,486 | ) | (5,242 | ) | — | (21,728 | ) | |||||||||||||
Proceeds from derivative instruments | — | (258 | ) | (109 | ) | — | (367 | ) | |||||||||||||
Proceeds from sale of fixed assets | 714 | 1,181 | 1,895 | ||||||||||||||||||
Insurance recoveries | — | — | 3,057 | — | 3,057 | ||||||||||||||||
Net cash (used in) provided by | (1,355 | ) | (16,030 | ) | (1,113 | ) | 1,355 | (17,143 | ) | ||||||||||||
investing activities | |||||||||||||||||||||
Cash flow from financing activities: | |||||||||||||||||||||
Loans from (repayments to) affiliates | — | 1,355 | — | (1,355 | ) | — | |||||||||||||||
Short-term debt borrowings | — | (11 | ) | (983 | ) | — | (994 | ) | |||||||||||||
Revolving Facility borrowings | — | 30,000 | 45,000 | — | 75,000 | ||||||||||||||||
Revolving Facility reductions | — | (46,000 | ) | (19,000 | ) | — | (65,000 | ) | |||||||||||||
Principal payments on long term debt | — | (32 | ) | (60 | ) | — | (92 | ) | |||||||||||||
Supply chain financing | — | — | (9,455 | ) | — | (9,455 | ) | ||||||||||||||
Proceeds from exercise of stock options | 82 | — | — | — | 82 | ||||||||||||||||
Purchase of treasury shares | (141 | ) | — | — | — | (141 | ) | ||||||||||||||
Other | 918 | — | — | — | 918 | ||||||||||||||||
Net cash provided by (used in) | 859 | (14,688 | ) | 15,502 | (1,355 | ) | 318 | ||||||||||||||
financing activities | |||||||||||||||||||||
Net increase in cash | — | 1,030 | 4,235 | — | 5,265 | ||||||||||||||||
and cash equivalents | |||||||||||||||||||||
Effect of exchange rate changes | — | — | 171 | — | 171 | ||||||||||||||||
on cash and cash equivalents | |||||||||||||||||||||
Cash and cash equivalents at | — | 4,752 | 7,136 | — | 11,888 | ||||||||||||||||
beginning of period | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 5,782 | $ | 11,542 | $ | — | $ | 17,324 | |||||||||||
at end of period | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net cash (used in) provided by operating activities: | $ | 1,136 | $ | 17,731 | $ | 3,851 | $ | — | $ | 22,718 | |||||||||||
Cash flow from investing activities: | |||||||||||||||||||||
Repayments from affiliates | (1,095 | ) | — | — | 1,095 | — | |||||||||||||||
Capital expenditures | — | (8,777 | ) | (4,824 | ) | — | (13,601 | ) | |||||||||||||
Payments for (proceeds from) derivatives | — | (6,776 | ) | (827 | ) | — | (7,603 | ) | |||||||||||||
Proceeds from sale of assets | — | 394 | 127 | — | 521 | ||||||||||||||||
Insurance recoveries | — | — | — | — | — | ||||||||||||||||
Net cash provided by (used in) | (1,095 | ) | (15,159 | ) | (5,524 | ) | 1,095 | (20,683 | ) | ||||||||||||
investing activities | |||||||||||||||||||||
Cash flow from financing activities: | |||||||||||||||||||||
Repayments to affiliates | — | 1,095 | — | (1,095 | ) | — | |||||||||||||||
Short-term debt borrowings | — | 1 | — | — | 1 | ||||||||||||||||
Revolving Facility borrowings | — | 27,000 | — | — | 27,000 | ||||||||||||||||
Revolving Facility reductions | — | (32,000 | ) | — | — | (32,000 | ) | ||||||||||||||
Principal payments on long term debt | — | (33 | ) | — | — | (33 | ) | ||||||||||||||
Supply chain financing | — | — | — | — | — | ||||||||||||||||
Proceeds from exercise of stock options | — | — | — | — | — | ||||||||||||||||
Purchase of treasury shares | (41 | ) | — | — | — | (41 | ) | ||||||||||||||
Revolver facility refinancing | — | (2,247 | ) | — | — | (2,247 | ) | ||||||||||||||
Other | — | (54 | ) | — | — | (54 | ) | ||||||||||||||
Net cash provided by (used in) | (41 | ) | (6,238 | ) | — | (1,095 | ) | (7,374 | ) | ||||||||||||
financing activities | |||||||||||||||||||||
Net increase in cash | — | (3,666 | ) | (1,673 | ) | — | (5,339 | ) | |||||||||||||
and cash equivalents | |||||||||||||||||||||
Effect of exchange rate changes | — | — | (1,250 | ) | — | (1,250 | ) | ||||||||||||||
on cash and cash equivalents | |||||||||||||||||||||
Cash and cash equivalents at | — | 5,503 | 12,047 | — | 17,550 | ||||||||||||||||
beginning of period | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,837 | $ | 9,124 | $ | — | $ | 10,961 | |||||||||||
at end of period | |||||||||||||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On April 29, 2015, the Company signed a letter of intent with an affiliate of Brookfield Asset Management (“Brookfield”) for the potential sale of $150 million of 7% convertible preferred shares in a private offering. The convertible preferred shares would be issued in two series. One series would be immediately convertible into common shares equal to up to 19.9% of the currently outstanding shares of common stock at a conversion price of $5.00 per common share. The second series is proposed on the same economic terms and would become convertible into common shares equal to up to 2.0% of the currently outstanding shares upon approval by the stockholders in accordance with New York Stock Exchange requirements. | |
On April 29, 2015, the Company signed a letter of intent for a potential tender offer by Brookfield to purchase up to all of the outstanding shares of GrafTech common stock at the purchase price of $5.05 per share. |
Organization_And_Summary_Of_Si1
Organization And Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis Of Presentation | 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, 2014 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, 2014 (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. | |
New Accounting Standards | New Accounting Standards |
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 supposed to be effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. On April 1, 2015, the FASB proposed a one year deferral of the effective date to fiscal years beginning after December 15, 2017. This proposal is not a final decision and subject to the FASB's approval process, which includes a public comment period. 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. | |
On April 7, 2015, FASB issued ASU 2015-3, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015. The Company had $9.7 million and $11.9 million of capitalized bank fees included within "Other Assets" on our consolidated balance sheets as of December 31, 2014 and March 31, 2015, respectively. |
Rationalizations_and_Impairmen1
Rationalizations and Impairments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Rationalization Charges | Charges incurred related to the 2014 Corporate and Research & Development rationalization initiatives for 2015 are as follows: | |||||||||||||||
2014 Corporate and R&D Plan | For the Three Months Ended March 31, 2015 | |||||||||||||||
Industrial Materials Segment | Corporate, R&D and Other | |||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Accelerated depreciation | $ | — | $ | 621 | ||||||||||||
(recorded in Research | ||||||||||||||||
and development) | ||||||||||||||||
Other (recorded in Selling | — | 1,066 | ||||||||||||||
and administrative) | ||||||||||||||||
Severance and related costs | (34 | ) | — | |||||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Total | $ | (34 | ) | $ | 1,687 | |||||||||||
Charges incurred related to the 2014 Engineered Solutions rationalization initiatives in 2015 are as follows: | ||||||||||||||||
2014 Engineered Solutions Plan | For the Three Months Ended March 31, 2015 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Inventory loss (recorded in Cost | 434 | |||||||||||||||
of sales) | ||||||||||||||||
Fixed asset write-offs and other(recorded in Cost of sales) | (3 | ) | ||||||||||||||
Severance and related costs | (16 | ) | ||||||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Contract terminations | 50 | |||||||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Total | $ | 465 | ||||||||||||||
Charges incurred related to the 2013 rationalization initiatives for the three months ended March 31, 2014 and March 31, 2015 are as follows: | ||||||||||||||||
2013 Plan | For the Three Months Ended March 31, 2014 | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corporate, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Accelerated depreciation | $ | 17,020 | $ | 413 | $ | — | $ | 17,433 | ||||||||
(recorded in Cost of sales) | ||||||||||||||||
Inventory loss (recorded in Cost | 815 | (10 | ) | — | 805 | |||||||||||
of sales) | ||||||||||||||||
Fixed asset write-offs and other(recorded in Cost of sales) | (494 | ) | — | — | (494 | ) | ||||||||||
Other (recorded in Selling | 25 | — | — | 25 | ||||||||||||
and administrative) | ||||||||||||||||
Severance and related costs | 114 | (28 | ) | — | 86 | |||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Total | $ | 17,480 | $ | 375 | $ | — | $ | 17,855 | ||||||||
2013 Plan | For the Three Months Ended March 31, 2015 | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corporate, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Accelerated depreciation | $ | 433 | $ | — | $ | — | $ | 433 | ||||||||
(recorded in Cost of sales) | ||||||||||||||||
Inventory loss (recorded in Cost | (61 | ) | — | — | (61 | ) | ||||||||||
of sales) | ||||||||||||||||
Fixed asset write-offs and other(recorded in Cost of sales) | 1,243 | 9 | — | 1,252 | ||||||||||||
Severance and related costs | 87 | — | — | 87 | ||||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Contract terminations | 25 | — | — | 25 | ||||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Total | $ | 1,727 | $ | 9 | $ | — | $ | 1,736 | ||||||||
Charges incurred related to the 2015 Advanced Graphite Materials rationalization initiative for the three months ended March 31, 2015 are as follows: | ||||||||||||||||
2015 Advanced Graphite Materials Rationalization | For the Three | |||||||||||||||
Months Ended | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Inventory loss (recorded in Cost of sales) | $ | 369 | ||||||||||||||
Fixed asset write-offs and other(recorded in Cost of sales) | (105 | ) | ||||||||||||||
Other (recorded in Selling and administrative) | 3 | |||||||||||||||
Severance and related costs (recorded in Rationalizations) | 2,382 | |||||||||||||||
Total | $ | 2,649 | ||||||||||||||
The total rationalization and related charges incurred during the three months ended March 31, 2014 and 2015 are as follows: | ||||||||||||||||
All Plans | For the Three Months Ended March 31, 2014 | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corporate, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Accelerated depreciation | $ | 17,020 | $ | 413 | $ | — | $ | 17,433 | ||||||||
(recorded in Cost of sales) | ||||||||||||||||
Inventory loss (recorded in Cost | 815 | (10 | ) | — | 805 | |||||||||||
of sales) | ||||||||||||||||
Fixed asset write-offs and other(recorded in Cost of sales) | (494 | ) | — | (494 | ) | |||||||||||
Other (recorded in Selling | 25 | — | — | 25 | ||||||||||||
and administrative) | ||||||||||||||||
Severance and related costs | 114 | (28 | ) | — | 86 | |||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Total | $ | 17,480 | $ | 375 | $ | — | $ | 17,855 | ||||||||
All Plans | For the Three Months Ended March 31, 2015 | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corporate, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Accelerated depreciation | $ | 433 | $ | — | $ | — | $ | 433 | ||||||||
(recorded in Cost of sales) | ||||||||||||||||
Inventory loss (recorded in Cost | (61 | ) | 803 | — | 742 | |||||||||||
of sales) | ||||||||||||||||
Fixed asset write-offs and other(recorded in Cost of sales) | 1,243 | (99 | ) | — | 1,144 | |||||||||||
Accelerated depreciation | — | — | 621 | 621 | ||||||||||||
(recorded in Research | ||||||||||||||||
and development) | ||||||||||||||||
Other (recorded in Selling | — | 3 | 1,066 | 1,069 | ||||||||||||
and administrative) | ||||||||||||||||
Severance and related costs | 53 | 2,366 | — | 2,419 | ||||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Contract terminations | 25 | 50 | — | 75 | ||||||||||||
(recorded in Rationalizations) | ||||||||||||||||
Total | $ | 1,693 | $ | 3,123 | $ | 1,687 | $ | 6,503 | ||||||||
Schedule of Restructuring Reserve | 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. | |||||||||||||||
2014 Engineered Solutions Plan | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance as of December 31, 2013 | $ | — | ||||||||||||||
Charges incurred | 2,611 | |||||||||||||||
Change in estimates | (40 | ) | ||||||||||||||
Payments and settlements | (916 | ) | ||||||||||||||
Balance as of December 31, 2014 | 1,655 | |||||||||||||||
Charges incurred | 50 | |||||||||||||||
Change in estimates | (16 | ) | ||||||||||||||
Payments and settlements | (434 | ) | ||||||||||||||
Balance as of March 31, 2015 | $ | 1,255 | ||||||||||||||
The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the the rationalization initiatives described above. This liability is recorded as a current liability on the 2013 Consolidated Balance Sheet. | ||||||||||||||||
2013 Plan | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance as of December 31, 2013 | $ | 18,421 | ||||||||||||||
Charges incurred | 613 | |||||||||||||||
Change in estimates | 153 | |||||||||||||||
Payments and settlements | (16,494 | ) | ||||||||||||||
Effect of change in currency exchange rates | (1,658 | ) | ||||||||||||||
Balance as of December 31, 2014 | 1,035 | |||||||||||||||
Charges incurred | — | |||||||||||||||
Change in estimates | 112 | |||||||||||||||
Payments and settlements | (549 | ) | ||||||||||||||
Effect of change in currency exchange rates | (108 | ) | ||||||||||||||
Balance as of March 31, 2015 | $ | 490 | ||||||||||||||
The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the 2015 Advanced Graphite Materials rationalization initiative described above. This liability is recorded as a current liability on the Consolidated Balance Sheet. | ||||||||||||||||
2015 Advanced Graphite Materials Rationalization | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance as of December 31, 2014 | $ | — | ||||||||||||||
Charges incurred | 2,382 | |||||||||||||||
Payments and settlements | (36 | ) | ||||||||||||||
Effect of change in currency exchange rates | (17 | ) | ||||||||||||||
Balance as of March 31, 2015 | $ | 2,329 | ||||||||||||||
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. | ||||||||||||||||
2014 Corporate and R&D Plan | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance as of December 31, 2013 | $ | — | ||||||||||||||
Charges incurred | 8,159 | |||||||||||||||
Change in estimates | 21 | |||||||||||||||
Payments and settlements | (1,155 | ) | ||||||||||||||
Effect of change in currency exchange rates | (152 | ) | ||||||||||||||
Balance as of December 31, 2014 | 6,873 | |||||||||||||||
Charges incurred | (2 | ) | ||||||||||||||
Change in estimates | (34 | ) | ||||||||||||||
Payments and settlements | (2,231 | ) | ||||||||||||||
Effect of change in currency exchange rates | (48 | ) | ||||||||||||||
Balance as of March 31, 2015 | $ | 4,558 | ||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
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 three months ended March 31, 2015 was: | ||||||
Number of | Weighted- | ||||||
Shares | Average | ||||||
Grant Date | |||||||
Fair Value | |||||||
Outstanding unvested as of January 1, 2015 | 1,814,130 | $ | 6.31 | ||||
Granted | 3,000 | 4.02 | |||||
Vested | (44,922 | ) | 9.9 | ||||
Forfeited/canceled/expired | (41,836 | ) | 6.68 | ||||
Outstanding unvested as of March 31, 2015 | 1,730,372 | 6.2 | |||||
Schedule Of Stock Option Activity Under The Plans | Stock option activity under the plans for the three months ended March 31, 2015 was: | ||||||
Number of | Weighted- | ||||||
Shares | Average | ||||||
Exercise | |||||||
Price | |||||||
Outstanding as of January 1, 2015 | 2,042,074 | $ | 10.93 | ||||
Forfeited/canceled/expired | (61,468 | ) | 16.14 | ||||
Outstanding as of March 31, 2015 | 1,980,606 | 10.77 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Earnings Per Share [Abstract] | ||||||
Schedule Of Calculation Of Basic And Diluted Earnings Per Share | ||||||
For the Three Months Ended | ||||||
March 31, | ||||||
2014 | 2015 | |||||
Weighted average common shares outstanding | 135,729,809 | 136,981,193 | ||||
for basic calculation | ||||||
Add: Effect of stock options and restricted stock | — | — | ||||
Weighted average common shares outstanding | 135,729,809 | 136,981,193 | ||||
for diluted calculation | ||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||
Schedule Of Financial Information Concerning Reportable Segments | |||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2015 | ||||||||
(Dollars in thousands) | |||||||||
Net sales to external customers: | |||||||||
Industrial Materials | $ | 218,776 | $ | 165,037 | |||||
Engineered Solutions | 62,015 | 42,174 | |||||||
Total net sales | $ | 280,791 | $ | 207,211 | |||||
Operating (loss) income: | |||||||||
Industrial Materials | $ | 1,600 | $ | (25,898 | ) | ||||
Engineered Solutions | 5,406 | (4,393 | ) | ||||||
Corporate, R&D and Other expenses | (14,075 | ) | (15,542 | ) | |||||
Total operating loss | $ | (7,069 | ) | $ | (45,833 | ) | |||
Reconciliation of segment operating loss to | |||||||||
loss before provision for income taxes | |||||||||
Other expense (income), net | $ | 794 | $ | 393 | |||||
Interest expense | 8,999 | 8,921 | |||||||
Interest income | (58 | ) | (73 | ) | |||||
Loss before provision for income taxes | $ | (16,804 | ) | $ | (55,074 | ) |
Benefit_Plans_Tables
Benefit Plans (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Pension Costs [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Schedule Of Benefit Plans | |||||||||
For the Three | |||||||||
Months Ended | |||||||||
March 31, | |||||||||
2014 | 2015 | ||||||||
(Dollars in thousands) | |||||||||
Service cost | $ | 473 | $ | 827 | |||||
Interest cost | 2,169 | 1,526 | |||||||
Expected return on plan assets | (1,938 | ) | (1,354 | ) | |||||
Amortization of prior service cost | 1 | 1 | |||||||
Net cost | $ | 705 | $ | 1,000 | |||||
Postretirement Costs [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Schedule Of Benefit Plans | |||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2015 | ||||||||
(Dollars in thousands) | |||||||||
Service cost | $ | 19 | $ | 4 | |||||
Interest cost | 352 | 315 | |||||||
Amortization of prior service benefit | (47 | ) | (43 | ) | |||||
Net cost | $ | 324 | $ | 276 | |||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule Of Changes In The Carrying Value Of Goodwill | The changes in the carrying value of goodwill during the three months ended March 31, 2015 is as follows: | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||
(Dollars in | ||||||||||||||||||||||||
Thousands) | ||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 420,129 | ||||||||||||||||||||||
Impairment | (35,381 | ) | ||||||||||||||||||||||
Currency translation effect | (312 | ) | ||||||||||||||||||||||
Balance as of March 31, 2015 | $ | 384,436 | ||||||||||||||||||||||
Schedule Of Intangible Assets With Determinable Useful Lives By Major Category | The following table summarizes acquired intangible assets with determinable useful lives by major category as of December 31, 2014 and March 31, 2015: | |||||||||||||||||||||||
As of December 31, 2014 | As of March 31, 2015 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization & Impairment | Carrying | Carrying | Amortization & Impairment | Carrying | |||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||
Trade name | $ | 7,900 | $ | (4,817 | ) | $ | 3,083 | $ | 7,900 | $ | (4,986 | ) | $ | 2,914 | ||||||||||
Technological know-how | 43,349 | (24,940 | ) | 18,409 | 43,349 | (26,433 | ) | 16,916 | ||||||||||||||||
Customer –related | 110,798 | (57,192 | ) | 53,606 | 110,798 | (59,874 | ) | 50,924 | ||||||||||||||||
intangible | ||||||||||||||||||||||||
Total finite-lived | $ | 162,047 | $ | (86,949 | ) | $ | 75,098 | $ | 162,047 | $ | (91,293 | ) | $ | 70,754 | ||||||||||
intangible assets | ||||||||||||||||||||||||
Debt_And_Liquidity_Tables
Debt And Liquidity (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Long-term Debt and Capital Lease Obligations [Abstract] | ||||||||
Schedule Of Long-Term Debt | ||||||||
As of | As of | |||||||
31-Dec-14 | 31-Mar-15 | |||||||
(Dollars in thousands) | ||||||||
Revolving Facility | $ | 40,000 | $ | 35,000 | ||||
Senior Notes | 300,000 | 300,000 | ||||||
Other Debt | 1,615 | 1,321 | ||||||
Total | $ | 341,615 | $ | 336,321 | ||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule Of Inventories | nventories are comprised of the following: | |||||||
As of December 31, 2014 | As of March 31, 2015 | |||||||
(Dollars in thousands) | ||||||||
Inventories: | ||||||||
Raw materials and supplies | $ | 122,218 | $ | 112,416 | ||||
Work in process | 176,141 | 172,737 | ||||||
Finished goods | 84,544 | 78,999 | ||||||
Total | $ | 382,903 | $ | 364,152 | ||||
Interest_Expense_Tables
Interest Expense (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Interest and Debt Expense [Abstract] | ||||||||
Schedule Of Interest Expense | The following table presents an analysis of interest expense: | |||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2015 | |||||||
(Dollars in thousands) | ||||||||
Interest incurred on debt | $ | 5,322 | $ | 5,171 | ||||
Amortization of discount on Senior Subordinated Notes | 2,997 | 3,207 | ||||||
Amortization of debt issuance costs | 633 | 543 | ||||||
Supply Chain Financing mark-up | 47 | — | ||||||
Total interest expense | $ | 8,999 | $ | 8,921 | ||||
Contingencies_Tables
Contingencies (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Loss Contingency [Abstract] | ||||
Schedule Of Product Warranties Accrual | Claims accrued but not yet paid and the related activity within the accrual for the three months ended March 31, 2015, are presented below: | |||
(Dollars in thousands) | ||||
Balance as of December 31, 2014 | $ | 923 | ||
Product warranty adjustments | 335 | |||
Payments and settlements | (315 | ) | ||
Balance as of March 31, 2015 | $ | 943 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Summary Of Provision For Income Taxes | The following table summarizes the provision for income taxes for the three months ended March 31, 2014 and March 31, 2015: | ||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2015 | ||||||||
(Dollars in thousands) | |||||||||
Tax (benefit) expense | $ | (5,287 | ) | $ | 534 | ||||
Pretax loss | $ | (16,804 | ) | $ | (55,074 | ) | |||
Effective tax rates | 31.5 | % | (1.0 | )% |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||
Cash Flow Hedging Instruments Fair Value and Balance Sheet Location | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Location | Fair Value | Location | Fair Value | |||||||||
As of December 31, 2014 | (Dollars in Thousands) | |||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives | Prepaid and other current assets | $ | 722 | Other current liabilities | $ | 1,234 | ||||||
Commodity derivative contracts | Prepaid and other current assets | — | Other current liabilities | 7,067 | ||||||||
Total fair value | $ | 722 | $ | 8,301 | ||||||||
As of March 31, 2015 | ||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives | Prepaid and other current assets | $ | 2,211 | Other current liabilities | $ | 1,108 | ||||||
Commodity derivative contracts | Prepaid and other current assets | 44 | Other current liabilities | 1 | ||||||||
Total fair value | $ | 2,255 | $ | 1,109 | ||||||||
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, 2014 | (Dollars in Thousands) | |||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Prepaid and other current assets | $ | 80 | Other current liabilities | $ | 428 | ||||||
Total fair value | $ | 80 | $ | 428 | ||||||||
As of March 31, 2015 | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Prepaid and other current assets | $ | 17 | Other current liabilities | $ | 325 | ||||||
Total fair value | $ | 17 | $ | 325 | ||||||||
Schedule Of Realized (Gains) Losses On Derivatives Recognized In Statement Of Income | 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 three months ended March 31, 2014 and 2015: | |||||||||||
Amount of (Gain)/Loss | ||||||||||||
Recognized (Effective | ||||||||||||
Portion) | ||||||||||||
Three Months Ended March 31, | Location of (Gain)/Loss Reclassified from Other Comprehensive Income (Effective Portion) | 2014 | 2015 | |||||||||
(Dollars in Thousands) | ||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Foreign currency derivatives, excluding tax | Cost of goods sold/Other expense / (income) / Revenue | $ | 301 | $ | (712 | ) | ||||||
of ($4) and $71, respectively | ||||||||||||
Commodity forward derivatives, excluding | Cost of goods sold / Revenue | $ | 529 | $ | 265 | |||||||
tax of ($190) and ($97), respectively | ||||||||||||
Amount of (Gain)/Loss | ||||||||||||
Recognized | ||||||||||||
Three Months Ended March 31, | Location of (Gain)/Loss Recognized in the Consolidated Statement of Operations | 2014 | 2015 | |||||||||
(Dollars in thousands) | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||
Foreign currency derivatives | Cost of goods sold/Other expense (income) | $ | (191 | ) | $ | 889 | ||||||
Guarantor_Information_Tables
Guarantor Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Consolidating Financials [Abstract] | |||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 5,503 | $ | 12,047 | $ | — | $ | 17,550 | |||||||||||
Accounts receivable - affiliates | 40,474 | 35,618 | 40,185 | (116,277 | ) | — | |||||||||||||||
Accounts receivable - trade | — | 45,861 | 117,058 | — | 162,919 | ||||||||||||||||
Inventories | — | 148,080 | 234,823 | — | 382,903 | ||||||||||||||||
Prepaid and other current assets | — | 17,336 | 64,287 | — | 81,623 | ||||||||||||||||
Total current assets | 40,474 | 252,398 | 468,400 | (116,277 | ) | 644,995 | |||||||||||||||
Investment in affiliates | 1,414,278 | 762,251 | — | (2,176,529 | ) | — | |||||||||||||||
Property, plant and equipment | — | 431,602 | 222,438 | — | 654,040 | ||||||||||||||||
Deferred income taxes | — | — | 16,819 | — | 16,819 | ||||||||||||||||
Goodwill | — | 217,099 | 203,030 | — | 420,129 | ||||||||||||||||
Notes receivable - affiliate | 35,722 | 7,413 | — | (43,135 | ) | — | |||||||||||||||
Other assets | 4,110 | 45,617 | 48,095 | — | 97,822 | ||||||||||||||||
Total Assets | $ | 1,494,584 | $ | 1,716,380 | $ | 958,782 | $ | (2,335,941 | ) | $ | 1,833,805 | ||||||||||
LIABILITIES AND | |||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable - affiliate | $ | — | $ | 80,659 | $ | 35,618 | $ | (116,277 | ) | $ | — | ||||||||||
Accounts payable - trade | 47 | 35,435 | 50,927 | — | 86,409 | ||||||||||||||||
Short-term debt | 187,973 | 131 | — | — | 188,104 | ||||||||||||||||
Accrued income and other taxes | 344 | 3,380 | 20,782 | — | 24,506 | ||||||||||||||||
Rationalizations | — | 7,538 | 2,025 | — | 9,563 | ||||||||||||||||
Supply chain financing liability | — | — | — | — | — | ||||||||||||||||
Other accrued liabilities | 2,444 | 15,252 | 25,623 | — | 43,319 | ||||||||||||||||
Total current liabilities | 190,808 | 142,395 | 134,975 | (116,277 | ) | 351,901 | |||||||||||||||
Long-term debt - affiliate | — | 35,722 | 7,413 | (43,135 | ) | — | |||||||||||||||
Long-term debt - third party | 300,000 | 40,393 | 1,222 | — | 341,615 | ||||||||||||||||
Other long-term obligations | — | 77,724 | 29,842 | — | 107,566 | ||||||||||||||||
Deferred income taxes | — | 5,118 | 23,079 | — | 28,197 | ||||||||||||||||
Stockholders' equity | 1,003,776 | 1,415,028 | 762,251 | (2,176,529 | ) | 1,004,526 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,494,584 | $ | 1,716,380 | $ | 958,782 | $ | (2,335,941 | ) | $ | 1,833,805 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,837 | $ | 9,124 | $ | — | $ | 10,961 | |||||||||||
Accounts receivable - affiliates | 41,988 | 18,786 | 30,911 | (91,685 | ) | — | |||||||||||||||
Accounts receivable - trade | — | 36,890 | 118,218 | — | 155,108 | ||||||||||||||||
Inventories | — | 145,506 | 218,646 | — | 364,152 | ||||||||||||||||
Prepaid and other current assets | — | 13,091 | 57,384 | — | 70,475 | ||||||||||||||||
Total current assets | 41,988 | 216,110 | 434,283 | (91,685 | ) | 600,696 | |||||||||||||||
Investment in affiliates | 1,338,408 | 735,037 | — | (2,073,445 | ) | — | |||||||||||||||
Property, plant and equipment | — | 427,681 | 205,658 | — | 633,339 | ||||||||||||||||
Deferred income taxes | — | — | 14,819 | — | 14,819 | ||||||||||||||||
Goodwill | — | 181,718 | 202,718 | — | 384,436 | ||||||||||||||||
Notes receivable - affiliate | 36,817 | 7,413 | — | (44,230 | ) | — | |||||||||||||||
Other assets | 3,985 | 44,190 | 44,198 | — | 92,373 | ||||||||||||||||
Total Assets | $ | 1,421,198 | $ | 1,612,149 | $ | 901,676 | $ | (2,209,360 | ) | $ | 1,725,663 | ||||||||||
LIABILITIES AND | |||||||||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Accounts payable - affiliate | $ | — | $ | 72,904 | $ | 18,781 | $ | (91,685 | ) | $ | — | ||||||||||
Accounts payable - trade | 43 | 33,527 | 46,186 | — | 79,756 | ||||||||||||||||
Short-term debt | 191,179 | 132 | 135 | — | 191,446 | ||||||||||||||||
Accrued income and other taxes | — | 2,070 | 15,251 | — | 17,321 | ||||||||||||||||
Rationalizations | — | 5,820 | 2,812 | — | 8,632 | ||||||||||||||||
Supply chain financing liability | — | — | — | — | — | ||||||||||||||||
Other accrued liabilities | 7,225 | 10,930 | 23,791 | — | 41,946 | ||||||||||||||||
Total current liabilities | 198,447 | 125,383 | 106,956 | (91,685 | ) | 339,101 | |||||||||||||||
Long-term debt - affiliate | — | 36,817 | 7,413 | (44,230 | ) | — | |||||||||||||||
Long-term debt - third party | 300,000 | 35,360 | 961 | — | 336,321 | ||||||||||||||||
Other long-term obligations | — | 71,051 | 29,932 | — | 100,983 | ||||||||||||||||
Deferred income taxes | — | 5,130 | 21,377 | — | 26,507 | ||||||||||||||||
Stockholders' equity | 922,751 | 1,338,408 | 735,037 | (2,073,445 | ) | 922,751 | |||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,421,198 | $ | 1,612,149 | $ | 901,676 | $ | (2,209,360 | ) | $ | 1,725,663 | ||||||||||
Condensed Consolidating Statements of Income and Comprehensive Income | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Sales - affiliates | $ | — | $ | 70,357 | $ | 35,207 | $ | (105,564 | ) | $ | — | ||||||||||
Sales - third party | — | 111,124 | 169,667 | — | 280,791 | ||||||||||||||||
Net sales | — | 181,481 | 204,874 | (105,564 | ) | 280,791 | |||||||||||||||
Cost of sales | — | 157,029 | 203,632 | (105,564 | ) | 255,097 | |||||||||||||||
Gross profit | — | 24,452 | 1,242 | — | 25,694 | ||||||||||||||||
Research and development | — | 2,770 | — | — | 2,770 | ||||||||||||||||
Selling and administrative expenses | — | 9,867 | 20,040 | — | 29,907 | ||||||||||||||||
Rationalizations | — | 36 | 50 | — | 86 | ||||||||||||||||
Operating income (loss) | — | 11,779 | (18,848 | ) | — | (7,069 | ) | ||||||||||||||
Other (income) expense, net | — | 824 | (30 | ) | — | 794 | |||||||||||||||
Interest expense - affiliate | — | 226 | — | (226 | ) | — | |||||||||||||||
Interest expense - third party | 7,952 | 740 | 307 | — | 8,999 | ||||||||||||||||
Interest income - affiliate | (226 | ) | — | — | 226 | — | |||||||||||||||
Interest income - third party | — | — | (58 | ) | — | (58 | ) | ||||||||||||||
Income (loss) before income taxes | (7,726 | ) | 9,989 | (19,067 | ) | — | ` | (16,804 | ) | ||||||||||||
Provision for income taxes | (2,781 | ) | 4,552 | (7,058 | ) | — | (5,287 | ) | |||||||||||||
Equity in earnings of subsidiary | (6,572 | ) | (12,009 | ) | — | 18,581 | — | ||||||||||||||
Net (loss) income | $ | (11,517 | ) | $ | (6,572 | ) | $ | (12,009 | ) | $ | 18,581 | $ | (11,517 | ) | |||||||
Statements of | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Net (loss) income | $ | (11,517 | ) | $ | (6,572 | ) | $ | (12,009 | ) | $ | 18,581 | $ | (11,517 | ) | |||||||
Other comprehensive income (loss) | 2,072 | 2,072 | 2,477 | (4,549 | ) | 2,072 | |||||||||||||||
Comprehensive (loss) income | $ | (9,445 | ) | $ | (4,500 | ) | $ | (9,532 | ) | $ | 14,032 | $ | (9,445 | ) | |||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Sales - affiliates | $ | — | $ | 51,184 | $ | 26,775 | $ | (77,959 | ) | $ | — | ||||||||||
Sales - third party | — | 72,021 | 135,190 | — | 207,211 | ||||||||||||||||
Net sales | — | 123,205 | 161,965 | (77,959 | ) | 207,211 | |||||||||||||||
Cost of sales | — | 116,589 | 147,818 | (77,959 | ) | 186,448 | |||||||||||||||
Gross profit | — | 6,616 | 14,147 | — | 20,763 | ||||||||||||||||
Research and development | — | 2,431 | — | — | 2,431 | ||||||||||||||||
Selling and administrative expenses | — | 14,441 | 11,849 | — | 26,290 | ||||||||||||||||
Impairments | — | 35,381 | — | — | 35,381 | ||||||||||||||||
Rationalizations | — | 326 | 2,168 | — | 2,494 | ||||||||||||||||
Operating loss | — | (45,963 | ) | 130 | — | (45,833 | ) | ||||||||||||||
Other expense (income), net | — | 309 | 84 | — | 393 | ||||||||||||||||
Interest expense - affiliate | — | 160 | — | (160 | ) | — | |||||||||||||||
Interest expense - third party | 8,162 | 665 | 94 | — | 8,921 | ||||||||||||||||
Interest income - affiliate | (160 | ) | — | — | 160 | — | |||||||||||||||
Interest income - third party | — | — | (73 | ) | — | (73 | ) | ||||||||||||||
Loss before income taxes | (8,002 | ) | (47,097 | ) | 25 | — | ` | (55,074 | ) | ||||||||||||
(Benefit from) provision for income taxes | — | 351 | 183 | — | 534 | ||||||||||||||||
Equity in losses of subsidiary | (47,606 | ) | (158 | ) | — | 47,764 | — | ||||||||||||||
Net (loss) income | $ | (55,608 | ) | $ | (47,606 | ) | $ | (158 | ) | $ | 47,764 | $ | (55,608 | ) | |||||||
Statements of | |||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Net (loss) income | $ | (55,608 | ) | $ | (47,606 | ) | $ | (158 | ) | $ | 47,764 | $ | (55,608 | ) | |||||||
Other comprehensive income (loss) | (28,766 | ) | (28,766 | ) | (28,830 | ) | 57,596 | (28,766 | ) | ||||||||||||
Comprehensive (loss) income | $ | (84,374 | ) | $ | (76,372 | ) | $ | (28,988 | ) | $ | 105,360 | $ | (84,374 | ) | |||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net cash provided by | $ | 496 | $ | 31,748 | $ | (10,154 | ) | $ | — | $ | 22,090 | ||||||||||
(used in) operating activities: | |||||||||||||||||||||
Cash flow from investing activities: | |||||||||||||||||||||
(Loans to) repayments from affiliates | (1,355 | ) | — | — | 1,355 | — | |||||||||||||||
Capital expenditures | — | (16,486 | ) | (5,242 | ) | — | (21,728 | ) | |||||||||||||
Proceeds from derivative instruments | — | (258 | ) | (109 | ) | — | (367 | ) | |||||||||||||
Proceeds from sale of fixed assets | 714 | 1,181 | 1,895 | ||||||||||||||||||
Insurance recoveries | — | — | 3,057 | — | 3,057 | ||||||||||||||||
Net cash (used in) provided by | (1,355 | ) | (16,030 | ) | (1,113 | ) | 1,355 | (17,143 | ) | ||||||||||||
investing activities | |||||||||||||||||||||
Cash flow from financing activities: | |||||||||||||||||||||
Loans from (repayments to) affiliates | — | 1,355 | — | (1,355 | ) | — | |||||||||||||||
Short-term debt borrowings | — | (11 | ) | (983 | ) | — | (994 | ) | |||||||||||||
Revolving Facility borrowings | — | 30,000 | 45,000 | — | 75,000 | ||||||||||||||||
Revolving Facility reductions | — | (46,000 | ) | (19,000 | ) | — | (65,000 | ) | |||||||||||||
Principal payments on long term debt | — | (32 | ) | (60 | ) | — | (92 | ) | |||||||||||||
Supply chain financing | — | — | (9,455 | ) | — | (9,455 | ) | ||||||||||||||
Proceeds from exercise of stock options | 82 | — | — | — | 82 | ||||||||||||||||
Purchase of treasury shares | (141 | ) | — | — | — | (141 | ) | ||||||||||||||
Other | 918 | — | — | — | 918 | ||||||||||||||||
Net cash provided by (used in) | 859 | (14,688 | ) | 15,502 | (1,355 | ) | 318 | ||||||||||||||
financing activities | |||||||||||||||||||||
Net increase in cash | — | 1,030 | 4,235 | — | 5,265 | ||||||||||||||||
and cash equivalents | |||||||||||||||||||||
Effect of exchange rate changes | — | — | 171 | — | 171 | ||||||||||||||||
on cash and cash equivalents | |||||||||||||||||||||
Cash and cash equivalents at | — | 4,752 | 7,136 | — | 11,888 | ||||||||||||||||
beginning of period | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 5,782 | $ | 11,542 | $ | — | $ | 17,324 | |||||||||||
at end of period | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Consolidating | |||||||||||||||||||||
Non- | Entries and | ||||||||||||||||||||
Parent | Guarantors | Guarantors | Eliminations | Consolidated | |||||||||||||||||
Net cash (used in) provided by operating activities: | $ | 1,136 | $ | 17,731 | $ | 3,851 | $ | — | $ | 22,718 | |||||||||||
Cash flow from investing activities: | |||||||||||||||||||||
Repayments from affiliates | (1,095 | ) | — | — | 1,095 | — | |||||||||||||||
Capital expenditures | — | (8,777 | ) | (4,824 | ) | — | (13,601 | ) | |||||||||||||
Payments for (proceeds from) derivatives | — | (6,776 | ) | (827 | ) | — | (7,603 | ) | |||||||||||||
Proceeds from sale of assets | — | 394 | 127 | — | 521 | ||||||||||||||||
Insurance recoveries | — | — | — | — | — | ||||||||||||||||
Net cash provided by (used in) | (1,095 | ) | (15,159 | ) | (5,524 | ) | 1,095 | (20,683 | ) | ||||||||||||
investing activities | |||||||||||||||||||||
Cash flow from financing activities: | |||||||||||||||||||||
Repayments to affiliates | — | 1,095 | — | (1,095 | ) | — | |||||||||||||||
Short-term debt borrowings | — | 1 | — | — | 1 | ||||||||||||||||
Revolving Facility borrowings | — | 27,000 | — | — | 27,000 | ||||||||||||||||
Revolving Facility reductions | — | (32,000 | ) | — | — | (32,000 | ) | ||||||||||||||
Principal payments on long term debt | — | (33 | ) | — | — | (33 | ) | ||||||||||||||
Supply chain financing | — | — | — | — | — | ||||||||||||||||
Proceeds from exercise of stock options | — | — | — | — | — | ||||||||||||||||
Purchase of treasury shares | (41 | ) | — | — | — | (41 | ) | ||||||||||||||
Revolver facility refinancing | — | (2,247 | ) | — | — | (2,247 | ) | ||||||||||||||
Other | — | (54 | ) | — | — | (54 | ) | ||||||||||||||
Net cash provided by (used in) | (41 | ) | (6,238 | ) | — | (1,095 | ) | (7,374 | ) | ||||||||||||
financing activities | |||||||||||||||||||||
Net increase in cash | — | (3,666 | ) | (1,673 | ) | — | (5,339 | ) | |||||||||||||
and cash equivalents | |||||||||||||||||||||
Effect of exchange rate changes | — | — | (1,250 | ) | — | (1,250 | ) | ||||||||||||||
on cash and cash equivalents | |||||||||||||||||||||
Cash and cash equivalents at | — | 5,503 | 12,047 | — | 17,550 | ||||||||||||||||
beginning of period | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,837 | $ | 9,124 | $ | — | $ | 10,961 | |||||||||||
at end of period | |||||||||||||||||||||
Organization_And_Summary_Of_Si2
Organization And Summary Of Significant Accounting Policies (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Number of major product categories | 7 | |
Other Assets [Member] | ||
Debt Instrument [Line Items] | ||
Capitalized bank fees | $11.90 | $9.70 |
Rationalizations_and_Impairmen2
Rationalizations and Impairments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Mar. 02, 2015 | |
employee | ||||||
2013 Rationalization Initiatives | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected cash outlay | $549,000 | $16,494,000 | ||||
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 cash outlay | 434,000 | 916,000 | ||||
2014 Corporate and Research & Development Rationalization | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of positions eliminated (percent) | 25.00% | |||||
Expected cost | 20,000,000 | |||||
Expected cash outlay | 2,231,000 | 1,155,000 | ||||
2014 Corporate and Research & Development Rationalization | Scenario, Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected cash outlay | 12,000,000 | |||||
2015 Advanced Graphite Materials Rationalization | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected number of positions eliminated (employees) | 85 | |||||
Expected cost | 10,000,000 | |||||
Expected cash outlay | 17,000 | |||||
2015 Advanced Graphite Materials Rationalization | Scenario, Plan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expected cash outlay | $8,000,000 |
Rationalizations_and_Impairmen3
Rationalizations and Impairments (Rationalization Costs Incurred) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Rationalization Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Total rationalization plan and related charges | $6,503 | $17,855 |
Rationalization Plan | Cost of Sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated depreciation | 433 | 17,433 |
Inventory loss | 742 | 805 |
Fixed asset write-offs and other | 1,144 | -494 |
Rationalization Plan | Research and Development | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated depreciation | 621 | |
Rationalization Plan | Selling and Administrative | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | 1,069 | 25 |
Rationalization Plan | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Contract terminations | 75 | |
Rationalization Plan | Industrial Materials | ||
Restructuring Cost and Reserve [Line Items] | ||
Total rationalization plan and related charges | 1,693 | 17,480 |
Rationalization Plan | Industrial Materials | Cost of Sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated depreciation | 433 | 17,020 |
Inventory loss | -61 | 815 |
Fixed asset write-offs and other | 1,243 | -494 |
Rationalization Plan | Industrial Materials | Research and Development | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated depreciation | 0 | |
Rationalization Plan | Industrial Materials | Selling and Administrative | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | 0 | 25 |
Rationalization Plan | Industrial Materials | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Contract terminations | 25 | |
Rationalization Plan | Engineered Solutions | ||
Restructuring Cost and Reserve [Line Items] | ||
Total rationalization plan and related charges | 3,123 | 375 |
Rationalization Plan | Engineered Solutions | Cost of Sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated depreciation | 0 | 413 |
Inventory loss | 803 | -10 |
Fixed asset write-offs and other | -99 | |
Rationalization Plan | Engineered Solutions | Research and Development | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated depreciation | 0 | |
Rationalization Plan | Engineered Solutions | Selling and Administrative | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | 3 | 0 |
Rationalization Plan | Engineered Solutions | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Contract terminations | 50 | |
Rationalization Plan | Corporate, R&D and Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Total rationalization plan and related charges | 1,687 | 0 |
Rationalization Plan | Corporate, R&D and Other | Cost of Sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated depreciation | 0 | 0 |
Inventory loss | 0 | 0 |
Fixed asset write-offs and other | 0 | 0 |
Rationalization Plan | Corporate, R&D and Other | Research and Development | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated depreciation | 621 | |
Rationalization Plan | Corporate, R&D and Other | Selling and Administrative | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | 1,066 | 0 |
Rationalization Plan | Corporate, R&D and Other | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Contract terminations | 0 | |
Rationalization Plan | Employee Severance | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and related costs | 2,419 | 86 |
Rationalization Plan | Employee Severance | Industrial Materials | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and related costs | 53 | 114 |
Rationalization Plan | Employee Severance | Engineered Solutions | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and related costs | 2,366 | -28 |
Rationalization Plan | Employee Severance | Corporate, R&D and Other | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and related costs | 0 | 0 |
2013 Rationalization Initiatives | ||
Restructuring Cost and Reserve [Line Items] | ||
Total rationalization plan and related charges | 1,736 | 17,855 |
2013 Rationalization Initiatives | Cost of Sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated depreciation | 433 | 17,433 |
Inventory loss | -61 | 805 |
Fixed asset write-offs and other | 1,252 | -494 |
2013 Rationalization Initiatives | Selling and Administrative | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | 25 | |
2013 Rationalization Initiatives | Industrial Materials | ||
Restructuring Cost and Reserve [Line Items] | ||
Total rationalization plan and related charges | 1,727 | 17,480 |
2013 Rationalization Initiatives | Industrial Materials | Cost of Sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated depreciation | 433 | 17,020 |
Inventory loss | -61 | 815 |
Fixed asset write-offs and other | 1,243 | -494 |
2013 Rationalization Initiatives | Industrial Materials | Selling and Administrative | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | 25 | |
2013 Rationalization Initiatives | Engineered Solutions | ||
Restructuring Cost and Reserve [Line Items] | ||
Total rationalization plan and related charges | 9 | 375 |
2013 Rationalization Initiatives | Engineered Solutions | Cost of Sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated depreciation | 0 | 413 |
Inventory loss | 0 | -10 |
Fixed asset write-offs and other | 9 | 0 |
2013 Rationalization Initiatives | Engineered Solutions | Selling and Administrative | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | 0 | |
2013 Rationalization Initiatives | Corporate, R&D and Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Total rationalization plan and related charges | 0 | 0 |
2013 Rationalization Initiatives | Corporate, R&D and Other | Cost of Sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated depreciation | 0 | 0 |
Inventory loss | 0 | 0 |
Fixed asset write-offs and other | 0 | 0 |
2013 Rationalization Initiatives | Corporate, R&D and Other | Selling and Administrative | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | 0 | |
2013 Rationalization Initiatives | Employee Severance | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and related costs | 87 | 86 |
2013 Rationalization Initiatives | Employee Severance | Industrial Materials | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and related costs | 87 | 114 |
2013 Rationalization Initiatives | Employee Severance | Engineered Solutions | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and related costs | 0 | -28 |
2013 Rationalization Initiatives | Employee Severance | Corporate, R&D and Other | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and related costs | 0 | 0 |
2013 Rationalization Initiatives | Contract Terminations | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Contract terminations | 25 | |
2013 Rationalization Initiatives | Contract Terminations | Industrial Materials | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Contract terminations | 25 | |
2013 Rationalization Initiatives | Contract Terminations | Engineered Solutions | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Contract terminations | 0 | |
2013 Rationalization Initiatives | Contract Terminations | Corporate, R&D and Other | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Contract terminations | 0 | |
2014 Engineered Solutions Rationalization | ||
Restructuring Cost and Reserve [Line Items] | ||
Total rationalization plan and related charges | 465 | |
2014 Engineered Solutions Rationalization | Cost of Sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Inventory loss | 434 | |
Fixed asset write-offs and other | -3 | |
2014 Engineered Solutions Rationalization | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and related costs | -16 | |
Contract terminations | 50 | |
2014 Corporate and Research & Development Rationalization | Industrial Materials | ||
Restructuring Cost and Reserve [Line Items] | ||
Total rationalization plan and related charges | -34 | |
2014 Corporate and Research & Development Rationalization | Industrial Materials | Research and Development | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated depreciation | 0 | |
2014 Corporate and Research & Development Rationalization | Industrial Materials | Selling and Administrative | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | 0 | |
2014 Corporate and Research & Development Rationalization | Corporate, R&D and Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Total rationalization plan and related charges | 1,687 | |
2014 Corporate and Research & Development Rationalization | Corporate, R&D and Other | Research and Development | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated depreciation | 621 | |
2014 Corporate and Research & Development Rationalization | Corporate, R&D and Other | Selling and Administrative | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | 1,066 | |
2014 Corporate and Research & Development Rationalization | Employee Severance | Industrial Materials | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and related costs | -34 | |
2014 Corporate and Research & Development Rationalization | Employee Severance | Corporate, R&D and Other | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and related costs | 0 | |
2015 Advanced Graphite Materials Rationalization | ||
Restructuring Cost and Reserve [Line Items] | ||
Total rationalization plan and related charges | 2,649 | |
2015 Advanced Graphite Materials Rationalization | Cost of Sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Inventory loss | 369 | |
Fixed asset write-offs and other | -105 | |
2015 Advanced Graphite Materials Rationalization | Selling and Administrative | ||
Restructuring Cost and Reserve [Line Items] | ||
Other | 3 | |
2015 Advanced Graphite Materials Rationalization | Employee Severance | Rationalizations | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance and related costs | $2,382 |
Rationalizations_and_Impairmen4
Rationalizations and Impairments (Rationalization-Roll-forward) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
2013 Rationalization Initiatives | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $1,035 | $18,421 |
Charges incurred | 0 | 613 |
Change in estimates | -112 | -153 |
Payments and settlements | -549 | -16,494 |
Effect of change in currency exchange rates | -108 | -1,658 |
Ending balance | 490 | 1,035 |
2014 Engineered Solutions Rationalization | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 1,655 | 0 |
Charges incurred | 50 | 2,611 |
Change in estimates | -16 | -40 |
Payments and settlements | -434 | -916 |
Ending balance | 1,255 | 1,655 |
2014 Corporate and Research & Development Rationalization | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 6,873 | 0 |
Charges incurred | -2 | 8,159 |
Change in estimates | 34 | -21 |
Payments and settlements | -2,231 | -1,155 |
Effect of change in currency exchange rates | -48 | -152 |
Ending balance | 4,558 | 6,873 |
2015 Advanced Graphite Materials Rationalization | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 0 | |
Charges incurred | 2,382 | |
Payments and settlements | -17 | |
Ending balance | $2,329 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $1.60 | $0.50 | |
Compensation cost related to non-vested restricted stock, performance shares and stock options not yet recognized | 10.6 | ||
Compensation cost related to non-vested restricted stock, performance shares and stock options not yet recognized, weighted average life, in years | 1 year 9 months | ||
Selling And Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $1.50 | $0.50 |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule Of Restricted Stock And Performance Share Awards Activity) (Details) (Restricted Stock And Performance Shares [Member], USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Restricted Stock And Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding unvested as of January 1, 2015 | 1,814,130 |
Number of Shares, Granted | 3,000 |
Number of Shares, Vested | -44,922 |
Number of Shares, Forfeited/canceled/expired | -41,836 |
Outstanding unvested as of March 31, 2015 | 1,730,372 |
Outstanding unvested as of January 1, 2015 | $6.31 |
Weighted-Average Grant Date Fair Value, Granted | $4.02 |
Weighted-Average Grant Date Fair Value, Vested | $9.90 |
Weighted-Average Grant Date Fair Value, Forfeited/canceled/expired | $6.68 |
Outstanding unvested as of March 31, 2015 | $6.20 |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule Of Stock Option Activity Under The Plans) (Details) (Stock Options [Member], USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding unvested as of January 1, 2015 | 2,042,074 |
Number of Shares, Forfeited/canceled/expired | -61,468 |
Outstanding unvested as of March 31, 2015 | 1,980,606 |
Outstanding as of January 1, 2015 | $10.93 |
Weighted-Average Exercise Price, Forfeited/canceled/expired | $16.14 |
Outstanding as of March 31, 2015 | $10.77 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares outstanding for basic calculation | 136,981,193 | 135,729,809 |
Add: Effect of stock options and restricted stock | 0 | 0 |
Weighted average common shares outstanding for diluted calculation | 136,981,193 | 135,729,809 |
Shares which exclude consideration of stock options in calculation of diluted shares outstanding | 1,980,607 | 1,131,088 |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Financial Information Concerning Reportable Segments) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
segment | ||
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 2 | |
Total net sales | $207,211 | $280,791 |
Total operating loss | -45,833 | -7,069 |
Other expense (income), net | 393 | 794 |
Interest expense | 8,921 | 8,999 |
Interest income | -73 | -58 |
Loss before provision for income taxes | -55,074 | -16,804 |
Industrial Materials | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 165,037 | 218,776 |
Total operating loss | -25,898 | 1,600 |
Engineered Solutions | ||
Segment Reporting Information [Line Items] | ||
Total net sales | 42,174 | 62,015 |
Total operating loss | ($4,393) | $5,406 |
Benefit_Plans_Schedule_Of_Bene
Benefit Plans (Schedule Of Benefit Plans) (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
Mar. 27, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement of projected benefit obligations | $59,000,000 | ||
Pension Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 827,000 | 473,000 | |
Interest cost | 1,526,000 | 2,169,000 | |
Expected return on plan assets | -1,354,000 | -1,938,000 | |
Amortization of prior service cost/benefit | 1,000 | 1,000 | |
Net cost | 1,000,000 | 705,000 | |
Postretirement Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 4,000 | 19,000 | |
Interest cost | 315,000 | 352,000 | |
Amortization of prior service cost/benefit | -43,000 | -47,000 | |
Net cost | $276,000 | $324,000 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2015 | |
Goodwill [Line Items] | ||||
Goodwill, impairment loss | $35,381,000 | |||
Amortization expense of intangible assets | 4,300,000 | 4,800,000 | ||
Estimated amortization expense, remainder of 2015 | 12,800,000 | |||
Estimated amortization expense, 2016 | 13,100,000 | |||
Estimated amortization expense, 2017 | 11,800,000 | |||
Estimated amortization expense, 2018 | 10,700,000 | |||
Estimated amortization expense, 2019 | 9,200,000 | |||
Needle Coke | ||||
Goodwill [Line Items] | ||||
Goodwill, impairment loss | $35,400,000 | $75,700,000 | ||
Discounted cash flow model, period of forecasted cash flows | 17 years | |||
Discounted cash flow model, discount rate | 10.50% | |||
Needle Coke | Scenario, Forecast | ||||
Goodwill [Line Items] | ||||
Decrease in market prices | 18.00% |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Schedule Of Changes In The Carrying Value Of Goodwill) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Balance as of December 31, 2014 | $420,129 |
Impairment | -35,381 |
Currency translation effect | -312 |
Balance as of March 31, 2015 | $384,436 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets With Determinable Useful Lives By Major Category) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | $162,047 | $162,047 |
Accumulated Amortization & Impairment | -86,949 | -91,293 |
Net Carrying Amount | 75,098 | 70,754 |
Trade Name | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 7,900 | 7,900 |
Accumulated Amortization & Impairment | -4,986 | -4,817 |
Net Carrying Amount | 2,914 | 3,083 |
Technological Know-How | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 43,349 | 43,349 |
Accumulated Amortization & Impairment | -26,433 | -24,940 |
Net Carrying Amount | 16,916 | 18,409 |
Customer-Related Intangible | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 110,798 | 110,798 |
Accumulated Amortization & Impairment | -59,874 | -57,192 |
Net Carrying Amount | $50,924 | $53,606 |
Debt_And_Liquidity_Narrative_D
Debt And Liquidity (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||
Mar. 31, 2015 | Nov. 30, 2010 | Feb. 27, 2015 | Dec. 31, 2014 | Nov. 20, 2012 | |
Debt Instrument [Line Items] | |||||
Fair value of debt | $459,800,000 | $473,300,000 | |||
Book value of debt | 527,800,000 | 529,700,000 | |||
Stated interest rate | 6.38% | ||||
Interest rate used to record at present value | 7.00% | ||||
Loan balance, net of unamortized discount | 191,446,000 | 188,104,000 | |||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount issued | 300,000,000 | ||||
Stated interest rate | 6.38% | ||||
Redemption price, percentage of principal, prior to November 15, 2016 | 100.00% | ||||
Redemption price, percentage of principal, prior to November 15, 2015 | 106.38% | ||||
Repurchase price, percentage of principal, due to change in control | 101.00% | ||||
Senior Notes | Minimum | |||||
Debt Instrument [Line Items] | |||||
Unpaid indebtedness or accelerated proceeds exceeds | 50,000,000 | ||||
Unpaid judgment or decree in excess of | 50,000,000 | ||||
Senior Notes | Maximum | |||||
Debt Instrument [Line Items] | |||||
Percentage of principal allowed to redeem | 35.00% | ||||
Senior Subordinated Notes | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt issued in connection with acquisition | 200,000,000 | ||||
Interest rate used to record at present value | 7.00% | ||||
Amended and Restated Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | 329,000,000 | ||||
Outstanding letters of credit | 5,400,000 | ||||
Minimum cash interest coverage ratio | 2.5 | ||||
Range of maximum senior secured leverage ratio, minimum | 3.75 | ||||
Range of maximum senior secured leverage ratio, maximum | 3 | ||||
Amended and Restated Credit Agreement | Minimum | |||||
Debt Instrument [Line Items] | |||||
Undrawn commitment fee | 0.35% | ||||
Amended and Restated Credit Agreement | Maximum | |||||
Debt Instrument [Line Items] | |||||
Undrawn commitment fee | 0.50% | ||||
Amended and Restated Credit Agreement | LIBOR | Minimum | |||||
Debt Instrument [Line Items] | |||||
Margin spread on variable interest rate | 2.25% | ||||
Amended and Restated Credit Agreement | LIBOR | Maximum | |||||
Debt Instrument [Line Items] | |||||
Margin spread on variable interest rate | 3.75% | ||||
Term Loan Facility | Amended and Restated Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Borrowing capacity | 40,000,000 | ||||
Revolving Credit Facility | Amended and Restated Credit Agreement | |||||
Debt Instrument [Line Items] | |||||
Borrowing capacity | 400,000,000 |
Debt_And_Liquidity_Schedule_Of
Debt And Liquidity (Schedule Of Long-Term Debt) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $336,321 | $341,615 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 300,000 | 300,000 |
Other Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 1,321 | 1,615 |
Revolving Facility | ||
Debt Instrument [Line Items] | ||
Revolving Facility | $35,000 | $40,000 |
Recovered_Sheet1
Debt And Liquidity (Schedule of Short-Term Debt) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Short-term Debt [Line Items] | ||
Total Short-Term Debt | $191,446 | $188,104 |
Senior Subordinated Notes | ||
Short-term Debt [Line Items] | ||
Total Short-Term Debt | 191,314 | 187,973 |
Other debt | ||
Short-term Debt [Line Items] | ||
Total Short-Term Debt | $132 | $131 |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $112,416 | $122,218 |
Work in process | 172,737 | 176,141 |
Finished goods | 78,999 | 84,544 |
Inventories, net | $364,152 | $382,903 |
Interest_Expense_Details
Interest Expense (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Interest and Debt Expense [Abstract] | |||
Interest incurred on debt | $5,171 | $5,322 | |
Amortization of discount on Senior Subordinated Notes | 3,207 | 2,997 | |
Amortization of debt issuance costs | 543 | 633 | |
Supply Chain Financing mark-up | 0 | 47 | |
Total interest expense | $8,921 | $8,999 | |
Effective interest rate, revolving credit facility | 2.44% | 2.17% | |
Senior Subordinated Notes implied rate | 7.00% | ||
Stated interest rate | 6.38% |
Contingencies_Details
Contingencies (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Loss Contingency [Abstract] | |
Balance as of December 31, 2014 | $923 |
Product warranty adjustments | 335 |
Payments and settlements | -315 |
Balance as of March 31, 2015 | $943 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
U.S. statutory rate | 35.00% | |
Effective tax rate | -1.00% | 31.50% |
Unrecognized tax benefits | $3.70 | |
Unrecognized tax benefits that would have a favorable impact on effective tax rate | $2.70 |
Income_Taxes_Summary_Of_Provis
Income Taxes (Summary Of Provision For Income Taxes) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Tax (benefit) expense | $534 | ($5,287) |
Pretax loss | ($55,074) | ($16,804) |
Effective tax rates | -1.00% | 31.50% |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Derivative [Line Items] | |||
Intercompany debt designated as a non-derivative net investment hedging instrument | $15.10 | $15.80 | |
Gain (loss) currency translation adjustment | 0.7 | 0.1 | |
Foreign Currency Derivatives | |||
Derivative [Line Items] | |||
Notional amounts of foreign currency derivatives | 108.7 | ||
Refined Oil Products | Commodity Derivative Contracts | |||
Derivative [Line Items] | |||
Outstanding derivative swap contracts | $4.40 | ||
Minimum | Foreign Currency Derivatives | |||
Derivative [Line Items] | |||
Derivative maturities | Apr-15 | ||
Maximum | Foreign Currency Derivatives | |||
Derivative [Line Items] | |||
Derivative maturities | Dec-15 | ||
Maximum | Commodity Derivative Contracts | |||
Derivative [Line Items] | |||
Derivative maturities | Apr-15 |
Derivative_Instruments_Schedul
Derivative Instruments (Schedule Of Fair Value Of Derivatives Designated As Cash Flow Hedges) (Details) (Designated as Hedging Instrument, Cash Flow Hedging, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ||
Asset Derivatives, Fair Value | $722 | $2,255 |
Liability Derivatives, Fair Value | 8,301 | 1,109 |
Foreign Currency Derivatives | Prepaid and other current assets | ||
Derivative [Line Items] | ||
Asset Derivatives, Fair Value | 2,211 | 722 |
Foreign Currency Derivatives | Other current liabilities | ||
Derivative [Line Items] | ||
Liability Derivatives, Fair Value | 1,108 | 1,234 |
Commodity Derivative Contracts | Prepaid and other current assets | ||
Derivative [Line Items] | ||
Asset Derivatives, Fair Value | 44 | 0 |
Commodity Derivative Contracts | Other current liabilities | ||
Derivative [Line Items] | ||
Liability Derivatives, Fair Value | $1 | $7,067 |
Derivative_Instruments_Schedul1
Derivative Instruments (Schedule Of Fair Value Of Derivatives Designated As Fair Value Hedges) (Details) (Not Designated As Hedging Instrument, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ||
Fair Value, Asset Derivatives | $80 | $17 |
Fair Value, Liability Derivatives | 428 | 325 |
Foreign Currency Derivatives | Prepaid and other current assets | ||
Derivative [Line Items] | ||
Fair Value, Asset Derivatives | 17 | 80 |
Foreign Currency Derivatives | Other current liabilities | ||
Derivative [Line Items] | ||
Fair Value, Liability Derivatives | $325 | $428 |
Derivative_Instruments_Schedul2
Derivative Instruments (Schedule Of Realized (Gains) Losses On Derivatives Recognized In Statement Of Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign Currency Derivatives | Cost of goods sold/Other expense / (income) / Revenue | ||
Derivative [Line Items] | ||
Amount of (Gain)/Loss Recognized (Effective Portion) | ($712) | $301 |
Amount of (Gain)/Loss Recognized - Tax | -223 | -3 |
Designated as Hedging Instrument | Cash Flow Hedging | Commodity Forward Derivatives | Cost of goods sold / Revenue | ||
Derivative [Line Items] | ||
Amount of (Gain)/Loss Recognized (Effective Portion) | 265 | 529 |
Amount of (Gain)/Loss Recognized - Tax | -16 | -193 |
Not Designated As Hedging Instrument | Fair Value Hedging | Foreign Currency Derivatives | Cost of goods sold/Other expense (income) | ||
Derivative [Line Items] | ||
Amount of (Gain)/Loss Recognized (Effective Portion) | $889 | ($191) |
Guarantor_Information_Textual_
Guarantor Information (Textual) (Details) (USD $) | Dec. 31, 2014 | Nov. 20, 2012 |
Debt Instrument [Line Items] | ||
Stated interest rate | 6.38% | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal amount issued | $300,000,000 | |
Stated interest rate | 6.38% |
Guarantor_Infromation_Balance_
Guarantor Infromation (Balance Sheet) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
ASSETS | ||||||
Cash and cash equivalents | $10,961 | $17,550 | $17,324 | $11,888 | $17,324 | $11,888 |
Accounts receivable - affiliates | 0 | 0 | ||||
Accounts receivable - trade | 155,108 | 162,919 | ||||
Inventories | 364,152 | 382,903 | ||||
Prepaid expenses and other current assets | 70,475 | 81,623 | ||||
Total current assets | 600,696 | 644,995 | ||||
Investment in affiliates | 0 | 0 | ||||
Net property, plant and equipment | 633,339 | 654,040 | ||||
Deferred income taxes | 14,819 | 16,819 | ||||
Goodwill | 384,436 | 420,129 | ||||
Notes receivable - affiliate | 0 | 0 | ||||
Other assets | 92,373 | 97,822 | ||||
Total assets | 1,725,663 | 1,833,805 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Accounts payable - affiliate | 0 | 0 | ||||
Accounts payable - trade | 79,756 | 86,409 | ||||
Short-term debt | 191,446 | 188,104 | ||||
Accrued income and other taxes | 17,321 | 24,506 | ||||
Rationalizations | 8,632 | 9,563 | ||||
Supply chain financing liability | 0 | 0 | ||||
Other accrued liabilities | 41,946 | 43,319 | ||||
Total current liabilities | 339,101 | 351,901 | ||||
Long-term debt - affiliate | 0 | 0 | ||||
Long-term debt - third party | 336,321 | 341,615 | ||||
Other long-term obligations | 100,983 | 107,566 | ||||
Deferred income taxes | 26,507 | 28,197 | ||||
Total stockholders' equity | 922,751 | 1,004,526 | ||||
Total liabilities and stockholders' equity | 1,725,663 | 1,833,805 | ||||
Parent Company [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Accounts receivable - affiliates | 41,988 | 40,474 | ||||
Accounts receivable - trade | 0 | 0 | ||||
Inventories | 0 | 0 | ||||
Prepaid expenses and other current assets | 0 | 0 | ||||
Total current assets | 41,988 | 40,474 | ||||
Investment in affiliates | 1,338,408 | 1,414,278 | ||||
Net property, plant and equipment | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Notes receivable - affiliate | 36,817 | 35,722 | ||||
Other assets | 3,985 | 4,110 | ||||
Total assets | 1,421,198 | 1,494,584 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Accounts payable - affiliate | 0 | 0 | ||||
Accounts payable - trade | 43 | 47 | ||||
Short-term debt | 191,179 | 187,973 | ||||
Accrued income and other taxes | 0 | 344 | ||||
Rationalizations | 0 | 0 | ||||
Supply chain financing liability | 0 | 0 | ||||
Other accrued liabilities | 7,225 | 2,444 | ||||
Total current liabilities | 198,447 | 190,808 | ||||
Long-term debt - affiliate | 0 | 0 | ||||
Long-term debt - third party | 300,000 | 300,000 | ||||
Other long-term obligations | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Total stockholders' equity | 922,751 | 1,003,776 | ||||
Total liabilities and stockholders' equity | 1,421,198 | 1,494,584 | ||||
Guarantor Subsidiaries [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 1,837 | 5,503 | 5,782 | 4,752 | ||
Accounts receivable - affiliates | 18,786 | 35,618 | ||||
Accounts receivable - trade | 36,890 | 45,861 | ||||
Inventories | 145,506 | 148,080 | ||||
Prepaid expenses and other current assets | 13,091 | 17,336 | ||||
Total current assets | 216,110 | 252,398 | ||||
Investment in affiliates | 735,037 | 762,251 | ||||
Net property, plant and equipment | 427,681 | 431,602 | ||||
Deferred income taxes | 0 | 0 | ||||
Goodwill | 181,718 | 217,099 | ||||
Notes receivable - affiliate | 7,413 | 7,413 | ||||
Other assets | 44,190 | 45,617 | ||||
Total assets | 1,612,149 | 1,716,380 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Accounts payable - affiliate | 72,904 | 80,659 | ||||
Accounts payable - trade | 33,527 | 35,435 | ||||
Short-term debt | 132 | 131 | ||||
Accrued income and other taxes | 2,070 | 3,380 | ||||
Rationalizations | 5,820 | 7,538 | ||||
Supply chain financing liability | 0 | 0 | ||||
Other accrued liabilities | 10,930 | 15,252 | ||||
Total current liabilities | 125,383 | 142,395 | ||||
Long-term debt - affiliate | 36,817 | 35,722 | ||||
Long-term debt - third party | 35,360 | 40,393 | ||||
Other long-term obligations | 71,051 | 77,724 | ||||
Deferred income taxes | 5,130 | 5,118 | ||||
Total stockholders' equity | 1,338,408 | 1,415,028 | ||||
Total liabilities and stockholders' equity | 1,612,149 | 1,716,380 | ||||
Non-Guarantor Subsidiaries [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 9,124 | 12,047 | 11,542 | 7,136 | ||
Accounts receivable - affiliates | 30,911 | 40,185 | ||||
Accounts receivable - trade | 118,218 | 117,058 | ||||
Inventories | 218,646 | 234,823 | ||||
Prepaid expenses and other current assets | 57,384 | 64,287 | ||||
Total current assets | 434,283 | 468,400 | ||||
Investment in affiliates | 0 | 0 | ||||
Net property, plant and equipment | 205,658 | 222,438 | ||||
Deferred income taxes | 14,819 | 16,819 | ||||
Goodwill | 202,718 | 203,030 | ||||
Notes receivable - affiliate | 0 | 0 | ||||
Other assets | 44,198 | 48,095 | ||||
Total assets | 901,676 | 958,782 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Accounts payable - affiliate | 18,781 | 35,618 | ||||
Accounts payable - trade | 46,186 | 50,927 | ||||
Short-term debt | 135 | 0 | ||||
Accrued income and other taxes | 15,251 | 20,782 | ||||
Rationalizations | 2,812 | 2,025 | ||||
Supply chain financing liability | 0 | 0 | ||||
Other accrued liabilities | 23,791 | 25,623 | ||||
Total current liabilities | 106,956 | 134,975 | ||||
Long-term debt - affiliate | 7,413 | 7,413 | ||||
Long-term debt - third party | 961 | 1,222 | ||||
Other long-term obligations | 29,932 | 29,842 | ||||
Deferred income taxes | 21,377 | 23,079 | ||||
Total stockholders' equity | 735,037 | 762,251 | ||||
Total liabilities and stockholders' equity | 901,676 | 958,782 | ||||
Consolidating Entries and Eliminations [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Accounts receivable - affiliates | -91,685 | -116,277 | ||||
Accounts receivable - trade | 0 | 0 | ||||
Inventories | 0 | 0 | ||||
Prepaid expenses and other current assets | 0 | 0 | ||||
Total current assets | -91,685 | -116,277 | ||||
Investment in affiliates | -2,073,445 | -2,176,529 | ||||
Net property, plant and equipment | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Notes receivable - affiliate | -44,230 | -43,135 | ||||
Other assets | 0 | 0 | ||||
Total assets | -2,209,360 | -2,335,941 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Accounts payable - affiliate | -91,685 | -116,277 | ||||
Accounts payable - trade | 0 | 0 | ||||
Short-term debt | 0 | 0 | ||||
Accrued income and other taxes | 0 | 0 | ||||
Rationalizations | 0 | 0 | ||||
Supply chain financing liability | 0 | 0 | ||||
Other accrued liabilities | 0 | 0 | ||||
Total current liabilities | -91,685 | -116,277 | ||||
Long-term debt - affiliate | -44,230 | -43,135 | ||||
Long-term debt - third party | 0 | 0 | ||||
Other long-term obligations | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Total stockholders' equity | -2,073,445 | -2,176,529 | ||||
Total liabilities and stockholders' equity | ($2,209,360) | ($2,335,941) |
Guarantor_Information_Income_a
Guarantor Information (Income and Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Sales - affiliates | $0 | $0 |
Sales - third party | 207,211 | 280,791 |
Net sales | 207,211 | 280,791 |
Cost of sales | 186,448 | 255,097 |
Gross profit | 20,763 | 25,694 |
Research and development | 2,431 | 2,770 |
Selling and administrative expenses | 26,290 | 29,907 |
Impairments | 35,381 | 0 |
Rationalizations | 2,494 | 86 |
Operating loss | -45,833 | -7,069 |
Other (income) expense, net | 393 | 794 |
Interest expense - affiliate | 0 | 0 |
Interest expense - third party | 8,921 | 8,999 |
Interest income - affiliate | 0 | 0 |
Interest income | -73 | -58 |
Loss before provision for income taxes | -55,074 | -16,804 |
(Benefit) provision for income taxes | 534 | -5,287 |
Equity in earnings of subsidiary | 0 | 0 |
Net loss | -55,608 | -11,517 |
Statements of Comprehensive Income | ||
Net income | -55,608 | -11,517 |
Other comprehensive income (loss), net of tax: | -28,766 | 2,072 |
Comprehensive loss | -84,374 | -9,445 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Sales - affiliates | 0 | 0 |
Sales - third party | 0 | 0 |
Net sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Research and development | 0 | 0 |
Selling and administrative expenses | 0 | 0 |
Impairments | 0 | |
Rationalizations | 0 | 0 |
Operating loss | 0 | 0 |
Other (income) expense, net | 0 | 0 |
Interest expense - affiliate | 0 | 0 |
Interest expense - third party | 8,162 | 7,952 |
Interest income - affiliate | -160 | -226 |
Interest income | 0 | 0 |
Loss before provision for income taxes | -8,002 | -7,726 |
(Benefit) provision for income taxes | 0 | -2,781 |
Equity in earnings of subsidiary | -47,606 | -6,572 |
Net loss | -55,608 | -11,517 |
Statements of Comprehensive Income | ||
Net income | -55,608 | -11,517 |
Other comprehensive income (loss), net of tax: | -28,766 | 2,072 |
Comprehensive loss | -84,374 | -9,445 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Sales - affiliates | 51,184 | 70,357 |
Sales - third party | 72,021 | 111,124 |
Net sales | 123,205 | 181,481 |
Cost of sales | 116,589 | 157,029 |
Gross profit | 6,616 | 24,452 |
Research and development | 2,431 | 2,770 |
Selling and administrative expenses | 14,441 | 9,867 |
Impairments | 35,381 | |
Rationalizations | 326 | 36 |
Operating loss | -45,963 | 11,779 |
Other (income) expense, net | 309 | 824 |
Interest expense - affiliate | 160 | 226 |
Interest expense - third party | 665 | 740 |
Interest income - affiliate | 0 | 0 |
Interest income | 0 | 0 |
Loss before provision for income taxes | -47,097 | 9,989 |
(Benefit) provision for income taxes | 351 | 4,552 |
Equity in earnings of subsidiary | -158 | -12,009 |
Net loss | -47,606 | -6,572 |
Statements of Comprehensive Income | ||
Net income | -47,606 | -6,572 |
Other comprehensive income (loss), net of tax: | -28,766 | 2,072 |
Comprehensive loss | -76,372 | -4,500 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Sales - affiliates | 26,775 | 35,207 |
Sales - third party | 135,190 | 169,667 |
Net sales | 161,965 | 204,874 |
Cost of sales | 147,818 | 203,632 |
Gross profit | 14,147 | 1,242 |
Research and development | 0 | 0 |
Selling and administrative expenses | 11,849 | 20,040 |
Impairments | 0 | |
Rationalizations | 2,168 | 50 |
Operating loss | 130 | -18,848 |
Other (income) expense, net | 84 | -30 |
Interest expense - affiliate | 0 | 0 |
Interest expense - third party | 94 | 307 |
Interest income - affiliate | 0 | 0 |
Interest income | -73 | -58 |
Loss before provision for income taxes | 25 | -19,067 |
(Benefit) provision for income taxes | 183 | -7,058 |
Equity in earnings of subsidiary | 0 | 0 |
Net loss | -158 | -12,009 |
Statements of Comprehensive Income | ||
Net income | -158 | -12,009 |
Other comprehensive income (loss), net of tax: | -28,830 | 2,477 |
Comprehensive loss | -28,988 | -9,532 |
Consolidating Entries and Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Sales - affiliates | -77,959 | -105,564 |
Sales - third party | 0 | 0 |
Net sales | -77,959 | -105,564 |
Cost of sales | -77,959 | -105,564 |
Gross profit | 0 | 0 |
Research and development | 0 | 0 |
Selling and administrative expenses | 0 | 0 |
Impairments | 0 | |
Rationalizations | 0 | 0 |
Operating loss | 0 | 0 |
Other (income) expense, net | 0 | 0 |
Interest expense - affiliate | -160 | -226 |
Interest expense - third party | 0 | 0 |
Interest income - affiliate | 160 | 226 |
Interest income | 0 | 0 |
Loss before provision for income taxes | 0 | 0 |
(Benefit) provision for income taxes | 0 | 0 |
Equity in earnings of subsidiary | 47,764 | 18,581 |
Net loss | 47,764 | 18,581 |
Statements of Comprehensive Income | ||
Net income | 47,764 | 18,581 |
Other comprehensive income (loss), net of tax: | 57,596 | -4,549 |
Comprehensive loss | $105,360 | $14,032 |
Guarantor_Infromation_Cash_Flo
Guarantor Infromation (Cash Flows) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | $22,718 | $22,090 | ||
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | 0 | 0 | ||
Capital expenditures | -13,601 | -21,728 | ||
Proceeds from derivative instruments | -7,603 | -367 | ||
Proceeds from the sale of assets | 521 | 1,895 | ||
Insurance recoveries | 0 | 3,057 | ||
Net cash used in investing activities | -20,683 | -17,143 | ||
Cash flow from financing activities: | ||||
Repayments to affiliates | 0 | |||
Loans from (repayments to) affiliates | 0 | |||
Short-term debt borrowings | 1 | -994 | ||
Revolving Facility borrowings | 27,000 | 75,000 | ||
Revolving Facility reductions | -32,000 | -65,000 | ||
Principal payments on long term debt | -33 | -92 | ||
Supply chain financing | 0 | -9,455 | ||
Proceeds from exercise of stock options | 0 | 82 | ||
Purchase of treasury shares | -41 | -141 | ||
Revolving Facility refinancing | -2,247 | 0 | ||
Other | -54 | 918 | ||
Net cash provided by financing activities | -7,374 | 318 | ||
Net (decrease) increase in cash and cash equivalents | -5,339 | 5,265 | ||
Effect of exchange rate changes on cash and cash equivalents | -1,250 | 171 | ||
Cash and cash equivalents at beginning of period | 17,550 | 11,888 | 17,324 | 11,888 |
Cash and cash equivalents at end of period | 10,961 | 17,324 | 17,324 | 11,888 |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | 1,136 | 496 | ||
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | -1,095 | -1,355 | ||
Capital expenditures | 0 | 0 | ||
Proceeds from derivative instruments | 0 | 0 | ||
Proceeds from the sale of assets | 0 | |||
Insurance recoveries | 0 | 0 | ||
Net cash used in investing activities | -1,095 | -1,355 | ||
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 | 0 | 82 | ||
Purchase of treasury shares | -41 | -141 | ||
Revolving Facility refinancing | 0 | |||
Other | 0 | 918 | ||
Net cash provided by financing activities | -41 | 859 | ||
Net (decrease) increase in cash and cash equivalents | 0 | 0 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | 0 | 0 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | 17,731 | 31,748 | ||
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | 0 | 0 | ||
Capital expenditures | -8,777 | -16,486 | ||
Proceeds from derivative instruments | -6,776 | -258 | ||
Proceeds from the sale of assets | 394 | 714 | ||
Insurance recoveries | 0 | 0 | ||
Net cash used in investing activities | -15,159 | -16,030 | ||
Cash flow from financing activities: | ||||
Repayments to affiliates | 1,095 | |||
Loans from (repayments to) affiliates | 1,355 | |||
Short-term debt borrowings | 1 | -11 | ||
Revolving Facility borrowings | 27,000 | 30,000 | ||
Revolving Facility reductions | -32,000 | -46,000 | ||
Principal payments on long term debt | -33 | -32 | ||
Supply chain financing | 0 | 0 | ||
Proceeds from exercise of stock options | 0 | 0 | ||
Purchase of treasury shares | 0 | 0 | ||
Revolving Facility refinancing | -2,247 | |||
Other | -54 | 0 | ||
Net cash provided by financing activities | -6,238 | -14,688 | ||
Net (decrease) increase in cash and cash equivalents | -3,666 | 1,030 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 5,503 | 4,752 | ||
Cash and cash equivalents at end of period | 1,837 | 5,782 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | 3,851 | -10,154 | ||
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | 0 | 0 | ||
Capital expenditures | -4,824 | -5,242 | ||
Proceeds from derivative instruments | -827 | -109 | ||
Proceeds from the sale of assets | 127 | 1,181 | ||
Insurance recoveries | 0 | 3,057 | ||
Net cash used in investing activities | -5,524 | -1,113 | ||
Cash flow from financing activities: | ||||
Repayments to affiliates | 0 | |||
Loans from (repayments to) affiliates | 0 | |||
Short-term debt borrowings | 0 | -983 | ||
Revolving Facility borrowings | 0 | 45,000 | ||
Revolving Facility reductions | 0 | -19,000 | ||
Principal payments on long term debt | 0 | -60 | ||
Supply chain financing | 0 | -9,455 | ||
Proceeds from exercise of stock options | 0 | 0 | ||
Purchase of treasury shares | 0 | 0 | ||
Revolving Facility refinancing | 0 | |||
Other | 0 | 0 | ||
Net cash provided by financing activities | 0 | 15,502 | ||
Net (decrease) increase in cash and cash equivalents | -1,673 | 4,235 | ||
Effect of exchange rate changes on cash and cash equivalents | -1,250 | 171 | ||
Cash and cash equivalents at beginning of period | 12,047 | 7,136 | ||
Cash and cash equivalents at end of period | 9,124 | 11,542 | ||
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 | 1,095 | 1,355 | ||
Capital expenditures | 0 | 0 | ||
Proceeds from derivative instruments | 0 | 0 | ||
Proceeds from the sale of assets | 0 | |||
Insurance recoveries | 0 | 0 | ||
Net cash used in investing activities | 1,095 | 1,355 | ||
Cash flow from financing activities: | ||||
Repayments to affiliates | -1,095 | |||
Loans from (repayments to) affiliates | -1,355 | |||
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 | ||
Revolving Facility refinancing | 0 | |||
Other | 0 | 0 | ||
Net cash provided by financing activities | -1,095 | -1,355 | ||
Net (decrease) increase in cash and cash equivalents | 0 | 0 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | ||
Cash and cash equivalents at end of period | $0 | $0 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event, USD $) | 0 Months Ended | |
Apr. 29, 2015 | Apr. 29, 2015 | |
series | ||
Subsequent Event [Line Items] | ||
Share purchase price (usd per share) | $5.05 | $5.05 |
Preferred Stock | ||
Subsequent Event [Line Items] | ||
Value of shares authorized for transaction | $150,000,000 | $150,000,000 |
Preferred stock, dividend rate | 7.00% | |
Number of series stock will be issued in | 2 | 2 |
Series one, maximum conversion percent of outstanding common stock | 19.90% | 19.90% |
Conversion price (usd per share) | $5 | $5 |
Series two, maximum conversion percent of outstanding common stock | 2.00% | 2.00% |