Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 15, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | GrafTech International LTD. | |
Entity Central Index Key | 931,148 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 100 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 13,409,000 | $ 6,927,000 |
Inventories | 187,240,000 | 218,130,000 |
Current assets of discontinued operations | 92,873,000 | 98,281,000 |
Total current assets | 397,615,000 | 426,885,000 |
Net property, plant and equipment | 537,298,000 | 551,163,000 |
Deferred income taxes | 18,476,000 | 15,326,000 |
Goodwill | 171,117,000 | 172,059,000 |
Other assets | 147,767,000 | 152,613,000 |
Long-term assets of discontinued operations | 103,975,000 | |
Total assets | 1,272,273,000 | 1,422,021,000 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 45,233,000 | 40,147,000 |
Short-term debt | 16,482,000 | 4,772,000 |
Accrued income and other taxes | 5,562,000 | 5,933,000 |
Rationalizations | 401,000 | 1,195,000 |
Other accrued liabilities | 25,063,000 | 20,994,000 |
Short-term liabilities of discontinued operations | 19,315,000 | 23,082,000 |
Total current liabilities | 112,056,000 | 96,123,000 |
Long-term debt | 363,975,000 | 362,455,000 |
Other long-term obligations | 91,177,000 | 94,318,000 |
Deferred income taxes | 47,609,000 | 57,430,000 |
Stockholders’ equity: | ||
Total stockholders’ equity | 657,456,000 | 810,528,000 |
Total liabilities and stockholders’ equity | 1,272,273,000 | 1,422,021,000 |
Successor | ||
ASSETS | ||
Cash and cash equivalents | 13,409,000 | 6,927,000 |
Accounts and notes receivable, net of allowance for doubtful accounts of $300 as of December 31, 2015 and $412 as of June 30, 2016 | 80,459,000 | 82,390,000 |
Inventories | 187,240,000 | 218,130,000 |
Prepaid expenses and other current assets | 23,634,000 | 21,157,000 |
Current assets of discontinued operations | 92,873,000 | 98,281,000 |
Total current assets | 397,615,000 | 426,885,000 |
Property, plant and equipment | 585,504,000 | 571,329,000 |
Less: accumulated depreciation | 48,206,000 | 20,166,000 |
Net property, plant and equipment | 537,298,000 | 551,163,000 |
Deferred income taxes | 18,476,000 | 15,326,000 |
Goodwill | 171,117,000 | 172,059,000 |
Other assets | 147,767,000 | 152,613,000 |
Long-term assets of discontinued operations | 0 | 103,975,000 |
Total assets | 1,272,273,000 | 1,422,021,000 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 45,233,000 | 40,147,000 |
Short-term debt | 16,482,000 | 4,772,000 |
Accrued income and other taxes | 5,562,000 | 5,933,000 |
Rationalizations | 401,000 | 1,195,000 |
Other accrued liabilities | 25,063,000 | 20,994,000 |
Short-term liabilities of discontinued operations | 19,315,000 | 23,082,000 |
Total current liabilities | 112,056,000 | 96,123,000 |
Long-term debt | 363,975,000 | 362,455,000 |
Other long-term obligations | 91,177,000 | 94,318,000 |
Deferred income taxes | 47,609,000 | 57,430,000 |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 1,167,000 |
Contingencies – Note 10 | 0 | |
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, 100 shares issued as of December 31, 2015 and June 30, 2016 | 0 | 0 |
Additional paid-in capital | 854,337,000 | 854,337,000 |
Accumulated other comprehensive (loss) income | 1,446,000 | (10,255,000) |
Accumulated deficit | (198,327,000) | (33,554,000) |
Total stockholders’ equity | 657,456,000 | 810,528,000 |
Total liabilities and stockholders’ equity | $ 1,272,273,000 | $ 1,422,021,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Predecessor | ||
Accounts and notes receivable, net of allowance for doubtful accounts | $ 300 | |
Preferred stock, par value | $ 0.01 | |
Preferred stock, shares authorized | 100,000,000 | |
Preferred stock, shares issued | 0 | |
Common stock, par value | $ 0.01 | |
Common stock, shares authorized | 225,000,000 | |
Common stock, shares issued | 100 | |
Successor | ||
Accounts and notes receivable, net of allowance for doubtful accounts | $ 412 | |
Preferred stock, par value | $ 0.01 | |
Preferred stock, shares authorized | 100,000,000 | |
Preferred stock, shares issued | 0 | |
Common stock, par value | $ 0.01 | |
Common stock, shares authorized | 225,000,000 | |
Common stock, shares issued | 100 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Loss from continuing operations before provision for income taxes | $ (65,420) | ||||
Predecessor | |||||
Net sales | $ 125,809 | 288,303 | |||
Cost of sales | 111,591 | 257,593 | |||
Lower of cost or market inventory adjustment | 0 | 0 | |||
Gross profit | 14,218 | 30,710 | |||
Research and development | 1,150 | 2,667 | |||
Selling and administrative expenses | 19,709 | 39,798 | |||
Rationalizations | 26 | (53) | |||
Impairments | 0 | 35,381 | |||
Operating loss | (6,615) | (47,189) | |||
Other expense (income), net | 733 | 1,151 | |||
Interest expense | 8,796 | 17,421 | |||
Interest income | (268) | (341) | |||
Loss from continuing operations before provision for income taxes | (15,876) | (65,420) | |||
Provision for income taxes | 1,239 | 1,219 | |||
Net loss from continuing operations | (17,115) | (66,639) | |||
Loss from discontinued operations, net of tax | [1] | (5,702) | (11,786) | ||
Net loss | (22,817) | (78,425) | |||
Other comprehensive income: | |||||
Net loss | (22,817) | (78,425) | |||
Foreign currency translation adjustments | 7,515 | (22,096) | |||
Commodities and foreign currency derivatives and other, net of tax of ($154) and $0, respectively | 42 | 887 | |||
Other comprehensive (loss) income, net of tax | 7,557 | (21,209) | |||
Comprehensive (loss) income | (15,260) | (99,634) | |||
Successor | |||||
Net sales | $ 115,365 | $ 210,941 | |||
Cost of sales | 120,266 | 217,696 | |||
Lower of cost or market inventory adjustment | 3,504 | 14,625 | |||
Gross profit | (8,405) | (21,380) | |||
Research and development | 786 | 1,438 | |||
Selling and administrative expenses | 13,487 | 27,157 | |||
Rationalizations | 64 | (58) | |||
Impairments | 0 | 0 | |||
Operating loss | (22,614) | (50,033) | |||
Other expense (income), net | (1,198) | (960) | |||
Interest expense | 6,436 | 12,896 | |||
Interest income | 0 | (12) | |||
Loss from continuing operations before provision for income taxes | (27,852) | (61,957) | |||
Provision for income taxes | (5,591) | (5,886) | |||
Net loss from continuing operations | (22,261) | (56,071) | |||
Loss from discontinued operations, net of tax | [1] | (106,138) | (108,702) | ||
Net loss | (128,399) | (164,773) | |||
Other comprehensive income: | |||||
Net loss | (128,399) | (164,773) | |||
Foreign currency translation adjustments | (830) | 11,674 | |||
Commodities and foreign currency derivatives and other, net of tax of ($154) and $0, respectively | (106) | 27 | |||
Other comprehensive (loss) income, net of tax | (936) | 11,701 | |||
Comprehensive (loss) income | (129,335) | (153,072) | |||
Engineered Solutions [Member] | Discontinued Operations, Held-for-sale [Member] | |||||
Other comprehensive income: | |||||
Impairment | $ 105,600 | $ 0 | $ 105,600 | $ 0 | |
[1] | Loss on discontinued operations includes a pretax impairment charge of $105,600 in the three and six months ended June 30, 2016. See Note 3 "Discontinued Operations and Related Assets Held for Sale" |
Consolidated Statements Of Ope5
Consolidated Statements Of Operations And Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Predecessor | ||
Commodities and foreign currency derivatives, net of tax of | $ (154) | |
Successor | ||
Commodities and foreign currency derivatives, net of tax of | $ 0 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flow from financing activities: | ||
Cash and cash equivalents at beginning of period | $ 6,927 | |
Cash and cash equivalents at end of period | 13,409 | |
Predecessor | ||
Cash flow from operating activities: | ||
Net loss | $ (78,425) | |
Adjustments to reconcile net loss to cash provided by operations: | ||
Depreciation and amortization | 39,384 | |
Impairments | 35,381 | |
Lower of cost or market inventory adjustment, net of depreciation | 0 | |
Deferred income tax provision | (4,947) | |
Post-retirement and pension plan changes | 2,252 | |
Stock-based compensation | 2,628 | |
Interest expense | 7,699 | |
Other charges, net | (1,321) | |
Net change in working capital | 30,395 | |
Increase in long-term assets and liabilities | (8,826) | |
Net cash provided by operating activities | 24,220 | |
Cash flow from investing activities: | ||
Capital expenditures | (25,620) | |
Proceeds from the sale of assets | 638 | |
Derivative instrument settlements, net | (7,804) | |
Net cash used in investing activities | (32,786) | |
Cash flow from financing activities: | ||
Short-term debt, net | 4,506 | |
Revolving Facility borrowings | 74,000 | |
Revolving Facility reductions | (66,000) | |
Principal payments on long-term debt | (67) | |
Revolving Facility refinancing fees | (2,722) | |
Other | (2,850) | |
Net cash provided by financing activities | 6,804 | |
Net change in cash and cash equivalents | (1,762) | |
Effect of exchange rate changes on cash and cash equivalents | (1,283) | |
Cash and cash equivalents at beginning of period | 17,550 | |
Cash and cash equivalents at end of period | 14,505 | |
Change in current assets: | ||
Accounts and notes receivable, net | 34,858 | |
Inventories | 3,274 | |
Prepaid expenses and other current assets | 6,238 | |
Change in accounts payable and accruals | (11,806) | |
Rationalizations | (2,183) | |
Increase in interest payable | 14 | |
Net change in working capital | $ 30,395 | |
Successor | ||
Cash flow from operating activities: | ||
Net loss | (164,773) | |
Adjustments to reconcile net loss to cash provided by operations: | ||
Depreciation and amortization | 43,228 | |
Impairments | 105,600 | |
Lower of cost or market inventory adjustment, net of depreciation | 12,758 | |
Deferred income tax provision | (9,091) | |
Post-retirement and pension plan changes | 2,102 | |
Stock-based compensation | 0 | |
Interest expense | 3,203 | |
Other charges, net | (2,646) | |
Net change in working capital | 24,506 | |
Increase in long-term assets and liabilities | (3,702) | |
Net cash provided by operating activities | 11,185 | |
Cash flow from investing activities: | ||
Capital expenditures | (15,140) | |
Proceeds from the sale of assets | 557 | |
Derivative instrument settlements, net | (721) | |
Net cash used in investing activities | (15,304) | |
Cash flow from financing activities: | ||
Short-term debt, net | 11,004 | |
Revolving Facility borrowings | 32,000 | |
Revolving Facility reductions | (32,000) | |
Principal payments on long-term debt | (69) | |
Revolving Facility refinancing fees | (922) | |
Other | 0 | |
Net cash provided by financing activities | 10,013 | |
Net change in cash and cash equivalents | 5,894 | |
Effect of exchange rate changes on cash and cash equivalents | 588 | |
Cash and cash equivalents at beginning of period | 6,927 | |
Cash and cash equivalents at end of period | 13,409 | |
Change in current assets: | ||
Accounts and notes receivable, net | 5,211 | |
Inventories | 17,122 | |
Prepaid expenses and other current assets | (2,580) | |
Change in accounts payable and accruals | 6,840 | |
Rationalizations | (2,137) | |
Increase in interest payable | 50 | |
Net change in working capital | $ 24,506 |
Organization And Summary Of Sig
Organization And Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
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. On February 26, 2016, the Company announced it plans to realign its two business segments. Industrial Materials will now be comprised of graphite electrodes and needle coke products. Engineered Solutions will now be comprised of advanced graphite materials, advanced composite materials, advanced electronic technologies, and refractory products. Refractory products was previously included in the Industrial Materials business segment. Advanced materials products will now be a part of the business segment where these products are produced. This realignment of the business segments will allow the Company to better direct its resources and simplify its operations. The Industrial Materials business segment will continue to focus on being the lowest cost producer providing the best quality of graphite electrodes in a very challenging market. The Engineered Solutions business segment will continue to leverage the intellectual property of carbon and graphite material science to innovate and commercialize advanced technologies and new products in high growth markets. The Company also announced that it plans to review strategic alternatives for its Engineered Solutions business segment. This process is currently under way. See Note 3 "Discontinued Operations and Assets Held for Sale" for further information. 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, 2015 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, 2015 (the “Annual Report”) but does not include all disclosures required by GAAP in audited financial statements. 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 periods 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. Predecessor and Successor Reporting On August 17, 2015, the Company was acquired by affiliates of Brookfield Asset Management Inc. (see Note 2 " Preferred Share Issuance and Merger "). We elected to account for the acquisition under the acquisition method of accounting. Under the acquisition method of accounting, the assets and liabilities of GTI were adjusted to their fair market value as of August 15, 2015, the day that Brookfield effectively took control of the Company. Our consolidated statements of operations subsequent to the acquisition include amortization expense relating to the fair value adjustments and depreciation expense based on the fair value of the Company's property, plant and equipment that had previously been carried at historical cost less accumulated depreciation. Therefore, the Company's financial information prior to the acquisition is not comparable to the financial information subsequent to the Merger. As a result, the financial statements and certain note presentations are separated into two distinct periods, the period before the consummation of the acquisition (labeled "Predecessor") and the period after the date of acquisition (labeled "Successor"), to indicate the application of the different basis of accounting between the periods presented. D. New Accounting Standards In May 2014, the 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 was expected to be effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. On July 9, 2015, the FASB deferred the effective date to fiscal years beginning after December 15, 2017. 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. In April 2015, the 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 with early adoption permitted. We had no capitalized debt issuance costs as of December 31, 2015. We adopted this ASU as of January 1, 2016, and adoption resulted in no significant impact on the Company's financial position, results of operations or cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Under this new guidance, a company will now recognize most leases on its balance sheet as lease liabilities with corresponding right-of-use assets. This ASU is effective for us beginning after January 1, 2019. The Company is currently evaluating the impact of the adoption of this standard on its financial position, results of operations or cash flows. |
Preferred Share Issuance and Me
Preferred Share Issuance and Merger (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | (2) Preferred Share Issuance and Merger Preferred Stock On August 11, 2015, the Company issued and sold to BCP IV GrafTech Holdings LP ("BCP"), an affiliate of Brookfield Asset Management Inc. (“Brookfield”) (i) 136,616 shares of a new Series A Convertible Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), convertible into 19.9% of the shares of common stock of the Company outstanding immediately prior to such issuance and (ii) 13,384 shares of a new Series B Convertible Preferred Stock, par value $0.01 per share (the “Series B Preferred Stock,” and, together with the Series A Preferred Stock, the “Preferred Stock”), for an aggregate purchase price of $150,000,000 in cash (the “Purchase Price”), under the Investment Agreement dated May 4, 2015 (the “Investment Agreement”) between the Company and Brookfield. The closing of such issuance and sale occurred after the satisfaction of the closing conditions set forth in the Investment Agreement. Pursuant to the Investment Agreement, the Company reimbursed Brookfield for $500,000 of out-of-pocket fees and expenses (including fees and expenses of legal counsel) incurred by Brookfield in connection with the transaction. The proceeds from the issuance and sale were used by the Company, along with funds available under the Company’s $40 million delayed draw term loan facility, senior revolving credit facility and cash on hand, to prepay the Company’s $200 million Senior Subordinated Notes due November 30, 2015. Merger Agreement On May 18, 2015, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), dated May 17, 2015, with BCP and Athena Acquisition Subsidiary Inc. a wholly owned subsidiary of BCP (“Acquisition Sub”). Pursuant to the Merger Agreement, on May 26, 2015, BCP commenced a cash tender offer to purchase any and all of the outstanding shares of common stock, par value $0.01 per share (the “Shares”), of the Company, at a purchase price of $5.05 per Share in cash (the “Offer Price”), on the terms and subject to the conditions set forth in the Offer to Purchase, dated May 26, 2015 (together with any amendments and supplements thereto, the “Offer to Purchase”) and in the related Letter of Transmittal (the “Letter of Transmittal” and, together with the Offer to Purchase, the “Offer”). On August 14, 2015, Acquisition Sub accepted for payment all Shares validly tendered in the Offer and not withdrawn prior to the expiration of the Offer, and payment of the Offer Price for such Shares was made promptly. On August 17, 2015, Acquisition Sub merged with and into the Company, with the Company surviving as a wholly-owned subsidiary of BCP (the "Merger"). Pursuant to the Merger Agreement, upon consummation of the Merger, each Share that was not tendered and accepted pursuant to the Offer (other than canceled shares, dissenting shares and shares held by the Company’s subsidiaries or BCP’s subsidiaries (other than Acquisition Sub)) was canceled and converted into cash consideration in an amount equal to the Offer Price. Business Combination The computation of the fair value of the total consideration at the date of acquisition follows: Purchase Consideration (In thousands except share price) # Shares Unit Price Amount Convertible Preferred Equity Series A and B 150 $ 1,000.00 $ 150,000 Common Equity Common Shares 139,397 $ 5.05 $ 703,955 Net value of options $ 382 Total $ 854,337 Recording of assets acquired and liabilities assumed: The acquisition was accounted for using the acquisition method of accounting. Under the acquisition method, the identifiable assets acquired and the liabilities assumed are assigned a new basis of accounting reflecting their estimated fair values. The information included herein has been prepared based on the allocation of purchase price using estimates of the fair values and useful lives of assets acquired and liabilities assumed based on the best available information determined with the assistance of independent valuations, quoted market prices and management estimates. The following table summarizes the fair values of the identifiable assets acquired and liabilities assumed at the acquisition date: Net identifiable assets acquired Cash $ 25,032 Accounts receivable 94,298 Inventories 344,765 Property, plant and equipment 650,405 Intangible assets 155,700 Deferred tax assets 41,606 Prepaid and other current assets 49,716 Other non-current assets 8,428 Accounts payable (68,005 ) Short-term debt (18,779 ) Other accrued liabilities (53,252 ) Long-term debt (367,811 ) Other long-term liabilities (101,648 ) Deferred tax liabilities (79,235 ) Net identifiable assets acquired $ 681,220 Goodwill $ 173,117 Net assets acquired $ 854,337 Goodwill: Goodwill of approximately $173.1 million was recognized for the acquisition and is calculated as the excess of the consideration transferred over the net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill was increased by $1.1 million in March 2016, as a result of a decreased inventory valuation of $2.0 million offset by an increase to deferred tax assets of $0.9 million. |
Discontinued Operations and Rel
Discontinued Operations and Related Assets Held for Sale | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations and Related Assets Held for Sale On February 26, 2016, the Company announced that it had initiated a strategic review of its Engineered Solutions business segment to better direct its resources and simplify its operations. Any potential sale of assets was prohibited by the Revolving Facility without approval of the requisite lenders thereunder. On April 27, 2016, GrafTech and certain of its subsidiaries entered into an amendment to the Revolving Facility (see Note 8 "Debt and Liquidity") which, among other things, permits the sale of assets with the restriction that the proceeds be utilized to pay down revolver borrowings. As of June 30, 2016, the Engineered Solutions segment qualified for reporting as discontinued operations. We anticipate this intiative to be completed within the next 12 months, and as such, the assets and liabilities have all been classified as current. We evaluated the fair value of the Engineered Solutions business segment utilizing the market approach (Level 3 measure). As a result, we incurred an impairment charge to our Engineered Solutions business segment of $105.6 million to align the carrying value with estimated fair value as of June 30, 2016. The impairment charge is based upon Management’s best estimate of fair value less cost of disposal for the ES business. The estimate reflects Management’s view of the manner in which the Engineered Solutions business will be divested, including assumptions as to if and how it will be split, given the lines of business and asset groups that constitute the Engineered Solutions segment. Amongst other things, the split into groups influences the computation of the impairment charge. The impairment charge and resulting loss in the three months ended June 30, 2016 is not offset by expected gains on certain group(s), and as a result may or may not later be partially offset through gains depending on the outcome of the divestiture. These assumptions and estimates are subject to change until divestiture is completed and may be adjusted in the quarter that the information becomes available. The following tables summarize the results of the Engineered Solutions business segment, reclassified as discontinued operations for the three and six months ended June 30, 2015 and 2016 . For the Three Months Ended June 30, 2015 For the Three Months Ended (dollars in thousands) Net sales $ 39,313 $ 29,930 Cost of sales 37,591 24,569 Gross profit 1,722 5,361 Research and development 764 813 Selling and administrative expenses 5,544 5,314 Rationalizations 1,794 (255 ) Impairment — 105,600 Operating loss (6,380 ) (106,111 ) Other expense (income) (37 ) (81 ) Interest expense 399 951 Loss from discontinued operations before income taxes (6,742 ) (106,981 ) Benefit from income taxes on discontinued operations 1,040 843 Loss from discontinued operations $ (5,702 ) $ (106,138 ) For the Six For the Six Months Ended (dollars in thousands) Net sales $ 84,030 $ 59,019 Cost of sales 78,037 50,554 Gross profit 5,993 8,465 Research and development 1,679 1,691 Selling and administrative expenses 11,745 9,760 Rationalizations 4,210 (246 ) Impairment — 105,600 Operating loss (11,641 ) (108,340 ) Other expense (income) (64 ) (72 ) Interest expense 695 1,670 Loss from discontinued operations before income taxes (12,272 ) (109,938 ) Benefit from income taxes on discontinued operations 486 1,236 Loss from discontinued operations $ (11,786 ) $ (108,702 ) The significant components of our Statements of Cash Flows for the Engineered Solutions business segment held for sale are as follows: For the Six For the Six Months Ended (dollars in thousands) Depreciation and amortization $ 7,330 $ 3,052 Impairment — 105,600 Deferred income taxes (486 ) (1,236 ) Capital expenditures 9,413 2,513 The following table summarizes the carrying value of the assets and liabilities of discontinued operations as of December 31, 2015 and June 30, 2016 . As of December 31, 2015 As of June 30, 2016 (dollars in thousands) Current assets of discontinued operations: Accounts receivable $ 20,425 $ 19,030 Inventories 77,332 77,656 Prepaid expenses and other current assets 524 924 Total current assets of discontinued operations 98,281 97,610 Net property plant and equipment 86,369 86,595 Other assets 17,606 14,268 Total long-term assets of discontinued operations 103,975 100,863 Impairment upon reclassification to held for sale — (105,600 ) Total assets of discontinued operations $ 202,256 $ 92,873 Liabilities of discontinued operations: Accounts payable $ 9,331 $ 6,499 Accrued income and other taxes 3,113 2,500 Other accrued liabilities 10,638 9,336 Total current liabilities of discontinued operations 23,082 18,335 Other long-term obligations 1,167 980 Total liabilities of discontinued operations $ 24,249 $ 19,315 |
Rationalizations
Rationalizations | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Rationalizations | Rationalizations Throughout 2013, 2014 and 2015 the Company undertook rationalization plans in order to streamline its organization and lower its production costs. The majority of these initiatives were substantially complete as of June 30, 2016. The rationalization liability as of June 30, 2016 was $1.0 million consisting of the plan described below and severance payouts related to prior rationalization plans. In June of 2016, we further impaired assets related to our South African facility by $0.6 million to reflect a decline in market value. 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 were disbursed in 2015. We incurred charges of $3.2 million and $5.8 million in the three months and six months ended June 30, 2015 . We incurred insignificant charges for this plan during the three and six months ended June 30, 2016 . The remaining liability associated with this plan is $0.6 million as of June 30, 2016 . |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Reporting | Segment Reporting We operate two reportable business segments: Industrial Materials and Engineered Solutions. On February 26, 2016, the Company announced plans to realign its business segments (see Note 1A "Organization and Summary of Significant Accounting Policies"). As a result of this realignment, our refractory product line was moved from the Industrial Materials business segment to the Engineered Solutions business segment. Additionally, advanced materials products will now be a part of the business segment where these products are produced. All prior period amounts have been recast to reflect this change. Our business segments now consist of the following: Industrial Materials. Our Industrial Materials segment manufactures and delivers high quality graphite electrodes and needle coke products. Electrodes are key components of the conductive power systems used to produce steel and other non-ferrous metals. 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 refractory products. 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. 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. During the second quarter of 2016, our Engineered Solutions segment qualified as held for sale status and as such our Engineered Solution's results have been excluded from continuing operations. See Note 3 "Discontinued Operations and Assets Held for Sale" for significant components of the results of our Engineered Solutions segment. The following tables summarize financial information concerning our reportable segments and all prior periods have been recast to reflect our new segmentation: Predecessor Successor Predecessor Successor For the Three Months Ended June 30, For the Six Months 2015 2016 2015 2016 (Dollars in thousands) (Dollars in thousands) Net sales to external customers: Industrial Materials $ 125,809 $ 115,365 $ 288,303 $ 210,941 Operating (loss) income: Industrial Materials $ 4,632 $ (16,291 ) $ (22,312 ) $ (36,538 ) Corporate, R&D and Other expenses (11,247 ) (6,323 ) (24,877 ) (13,495 ) Total operating loss $ (6,615 ) $ (22,614 ) $ (47,189 ) $ (50,033 ) Reconciliation of segment operating loss to loss before provision for income taxes Other expense (income), net $ 733 $ (1,198 ) $ 1,151 $ (960 ) Interest expense 8,796 6,436 17,421 12,896 Interest income (268 ) — (341 ) (12 ) Loss from continuing operations before provision for income taxes $ (15,876 ) $ (27,852 ) $ (65,420 ) $ (61,957 ) |
Benefit Plans
Benefit Plans | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Benefit Plans | Benefit Plans The components of our consolidated net pension costs are set forth in the following table: Predecessor Successor Predecessor Successor For the Three Months Ended June 30, For the Six 2015 2016 2015 2016 (Dollars in thousands) (Dollars in thousands) Service cost $ 506 $ 508 $ 1,333 $ 1,016 Interest cost 1,526 1,498 3,052 2,996 Expected return on plan assets (1,354 ) (1,310 ) (2,708 ) (2,620 ) Amortization of prior service cost 1 — 2 — Net cost $ 679 $ 696 $ 1,679 $ 1,392 The components of our consolidated net postretirement costs are set forth in the following table: Predecessor Successor Predecessor Successor For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 (Dollars in thousands) (Dollars in thousands) Service cost $ 4 $ 1 $ 8 $ 2 Interest cost 315 272 630 543 Amortization of prior service cost (43 ) — (86 ) — Net cost $ 276 $ 273 $ 552 $ 545 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
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 (for example, graphite electrodes, needle coke, etc.) 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. 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 further compressed our margins for needle coke products versus our annual plan. We determined that this change, which was driven by overcapacity in the market, indicated that the needle coke industry is facing a deeper and longer trough than previously expected. We considered the additional price change as a triggering event and tested our needle coke goodwill for impairment as of March 31, 2015. This test resulted in an impairment charge for the remaining needle coke goodwill of $35.4 million . As a result of our acquisition by Brookfield, our goodwill and intangibles were revalued as of August 15, 2015. See Note 2 "Preferred Share Issuance and Merger" for description of the Merger and the results of purchase price accounting. The following tables represents the changes in the carrying value of goodwill and intangibles during the predecessor entity period of January 1, 2015 through August 14, 2015 and the successor entity period of August 15, 2015 through June 30, 2016: Goodwill Predecessor (Dollars in Thousands) Balance as of December 31, 2014 $ 420,129 Impairment (35,381 ) Currency translation effect (616 ) Balance as of August 14, 2015 $ 384,132 Successor Balance as of August 15, 2015 $ 170,418 Adjustments 1,641 Balance as of December 31, 2015 $ 172,059 Adjustments (See Note 2) 1,058 Goodwill transferred to discontinued operations (2,000 ) Balance as of June 30, 2016 $ 171,117 Intangible Assets As of December 31, 2015 As of June 30, 2016 Gross Carrying Amount Accumulated Net Carrying Amount Gross Carrying Amount Accumulated Amortization & Impairment Net Carrying Amount (Dollars in Thousands) Trade name $ 22,000 $ (896 ) $ 21,104 $ 22,500 $ (2,075 ) $ 20,425 Technological know-how 54,100 (2,934 ) 51,166 55,300 (6,767 ) 48,533 Customer –related intangible 64,500 (1,602 ) 62,898 64,500 (3,937 ) 60,563 Total finite-lived intangible assets $ 140,600 $ (5,432 ) $ 135,168 $ 142,300 $ (12,779 ) $ 129,521 Amortization expense of acquired intangible assets was $4.4 million in the three months ended June 30, 2015 and $3.6 million in the three months ended June 30, 2016 and $8.7 million and $7.2 million in the six months ended June 30, 2015 and June 30, 2016 , respectively. Estimated amortization expense will approximate $13.6 million in the remainder of 2016, $12.9 million in 2017, $12.2 million in 2018, $11.4 million in 2019 and $10.7 million in 2020. |
Debt And Liquidity
Debt And Liquidity | 6 Months Ended |
Jun. 30, 2016 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Debt And Liquidity | Debt and Liquidity The following table presents our long-term debt: As of December 31, 2015 As of (Dollars in thousands) Credit Facility (Revolving Facility and Term Loan Facility) $ 98,000 $ 109,000 Senior Notes 267,827 270,961 Other Debt 1,400 496 Total Debt 367,227 380,457 Less: Short-term Debt (4,772 ) (16,482 ) Long-term Debt $ 362,455 $ 363,975 The fair value of debt, which was determined using Level 2 inputs, was $335.4 million versus a book value of $380.5 million as of June 30, 2016 . As a result of our acquisition by Brookfield and the resulting purchase price accounting adjustments (see Note 2 "Preferred Share Issuance and Merger"), our Senior Notes were adjusted to their fair market value as of August 15, 2015. The discount to fair value will be accreted over the remaining term of the Notes. Credit Facility On April 23, 2014, the Company and certain of its subsidiaries entered into an Amended and Restated Credit Agreement with a borrowing capacity of $400 million and a maturity date of April 2019 (the "Revolving Facility"). On February 27, 2015, GrafTech and certain of its subsidiaries entered into a further Amended and Restated Credit Agreement that provides for, among other things, greater financial flexibility and a $40 million senior secured delayed draw term loan facility (the "Term Loan Facility"). On July 28, 2015, GrafTech and certain of its subsidiaries entered into an amendment to the Amended and Restated Credit Agreement to change the terms regarding the occurrence of a default upon a change in control (which is defined thereunder to include the acquisition by any person of more than 25 percent of GrafTech’s outstanding shares) to exclude the acquisition of shares by Brookfield (see Note 2). In addition, effective upon such acquisition, the financial covenants were eased, resulting in increased availability under the Revolving Facility. The size of the Revolving Facility was also reduced from $400 million to $375 million . The size of the Term Loan Facility remained at $40 million . On April 27, 2016 , GrafTech and certain of its subsidiaries entered into an amendment to the Revolving Facility. The size of the Revolving Facility was permanently reduced from $375 million to $225 million . New covenants were also added to the Revolving Facility, including a requirement to make mandatory repayments of outstanding amounts under the Revolving Facility and the Term Loan Facility with the proceeds of any sale of all or any substantial part of the assets included in the Engineered Solutions segment and a requirement to maintain minimum liquidity (consisting of cash, cash equivalents and availability under the Revolving Facility) in excess of $25 million . The covenants were also modified to provide for: the elimination of certain exceptions to the Company’s negative covenants limiting the Company’s ability to make certain investments, sell assets, make restricted payments, incur liens and incur debt; a restriction on the amount of cash and cash equivalents permitted to be held on the balance sheet at any one time without paying down the Revolving Facility and the Term Loan Facility; and changes to the Company’s financial covenants so that until the earlier of March 31, 2019 or the Company has $75 million in trailing twelve month EBITDA (as defined in the Revolving Facility), the Company is required to maintain trailing twelve month EBITDA above certain minimums ranging from ( $40 million ) to $35 million after which the Company’s existing financial covenants under the Revolving Facility will apply. With this amendment, the Company has full access to the $225 million Revolving Facility. As of June 30, 2016 , the Company had $72.0 million of borrowings on the Revolving Facility and $13.5 million of letters of credit drawn against the Revolving Facility. The $40 million Term Loan Facility was fully drawn on August 11, 2015, in connection with the repayment of the Senior Subordinated Notes. The balance of the Term Loan Facility of $37.0 million as of June 30, 2016 . The interest rate applicable to the Revolving Facility and Term Loan Facility is LIBOR plus a margin ranging from 2.25% to 4.75% (depending on our total senior secured leverage ratio). The borrowers pay a per annum fee ranging from 0.35% to 0.70% (depending on our senior secured leverage ratio) on the undrawn portion of the commitments under the Revolving Facility. 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. The indenture for the Senior Notes states that 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. On August 17, 2015 a change in control occurred due to the Merger (see Note 2 to the Financial Statements). However, the downgrade of the ratings of the Senior Notes, as specified in the indenture, did not occur. Therefore, the Company was not and will not be required to offer to repurchase the Senior Notes as a result of the Merger. 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 contains 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. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are comprised of the following: As of December 31, 2015 As of June 30, 2016 (Dollars in thousands) Inventories: Raw materials and supplies $ 66,201 $ 60,080 Work in process 89,198 65,055 Finished goods 62,731 62,105 Total $ 218,130 $ 187,240 Due to decreased pricing in our graphite electrode product line, we recorded a lower of cost or market inventory adjustment of $3.5 million and $14.6 million in the three and six months ended June 30, 2016 , respectively. |
Interest Expense
Interest Expense | 6 Months Ended |
Jun. 30, 2016 | |
Interest and Debt Expense [Abstract] | |
Interest Expense | Interest Expense The following tables present the components of interest expense: Predecessor Successor Predecessor Successor For the Three Months Ended June 30, 2015 For the Three Months Ended June 30, 2016 For the Six Months Ended June 30, 2015 For the Six Months Ended June 30, 2016 (Dollars in thousands) (Dollars in thousands) Interest incurred on debt $ 4,883 $ 4,819 $ 9,757 $ 9,716 Amortization of discount on Senior Subordinated Notes 3,261 — 6,468 — Accretion of fair value adjustment on Senior Notes — 1,571 — 3,134 Amortization of debt issuance costs 652 46 1,196 46 Total interest expense $ 8,796 $ 6,436 $ 17,421 $ 12,896 Interest Rates The Revolving Facility had an effective interest rate of 2.68% and 4.22% as of December 31, 2015 and June 30, 2016 , respectively. The Term Loan Facility had an interest rate of 2.49% as of December 31, 2015 and 4.22% as of June 30, 2016. The Senior Notes have a fixed interest rate of 6.375% . |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
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 six months ended June 30, 2016 , are presented below: (Dollars in thousands) Balance as of December 31, 2015 $ 388 Product warranty adjustments 879 Payments and settlements (475 ) Balance as of June 30, 2016 $ 792 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
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 tables summarize the provision for income taxes for the three and six months ended June 30, 2015 and June 30, 2016 : Predecessor Successor Predecessor Successor For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 (Dollars in thousands) (Dollars in thousands) Tax (benefit) expense $ 1,239 $ (5,591 ) $ 1,219 $ (5,886 ) Pretax loss $ (15,876 ) $ (27,852 ) $ (65,420 ) $ (61,957 ) Effective tax rates (7.8 )% 20.1 % (1.9 )% 9.5 % For the three and six months ended June 30, 2016 , the effective tax rate differs from the U.S. statutory rate of 35% primarily due to recent losses in foreign jurisdictions where a tax benefit will be recognized, offset by recent losses in the U.S. and Switzerland where we receive no tax benefit due to a full valuation allowance and worldwide earnings from various countries taxed at different rates. 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 effective tax rate for the three and six months ended June 30, 2015 differs from the U.S. statutory rate of 35% primarily due to recent losses in the U.S. and Switzerland where we receive no tax benefit due to a full valuation allowance and worldwide earnings from various countries taxed at different rates. As of June 30, 2016 , we had unrecognized tax benefits of $3.9 million , $3.1 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 2009. We continue to assess the realization of our 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 established and maintained valuation allowances on those net deferred tax assets. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2016 | |
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. Our derivative risk management strategy has not resulted in a material impact to our financial results in 2015 or 2016. Our derivative assets and liabilities are included within "Prepaid expenses and other current assets" and "Other current liabilities" on the Condensed Consolidated Balance Sheets and effects of these derivatives are recorded in revenue, cost of goods sold and other expense (income) on the Condensed Consolidated Statements of Operations. 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 six months ended June 30, 2015 and 2016 , respectively. In 2015 and 2016 , 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, euro and Japanese yen. As of June 30, 2016 , we had outstanding Mexican peso, euro, and Japanese yen currency contracts with an aggregate notional amount of $33.2 million . The foreign currency derivatives outstanding as of June 30, 2016 have maturities that range from July, 2016 to September, 2016 . 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. As of June 30, 2016 , we had no outstanding derivative swap contracts for refined oil products or natural gas. 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 $11.8 million and $12.5 million as of December 31, 2015 and June 30, 2016 , respectively. Within the currency translation adjustment portion of other comprehensive income, we recorded a gain of $0.1 million for the three months ended June 30, 2015 , and we incurred no gain or loss in three months ended June 30, 2016 , resulting from these net investment hedges. We recorded a gain of $0.8 million in the six months ended June 30, 2015 and a loss of $0.6 million in the six months ended June 30, 2016 within other comprehensive income related to theses hedges. |
Guarantor Information
Guarantor Information | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015 and June 30, 2016 and condensed consolidating statements of operations and comprehensive income and statements of cash flows for the three months ended March 31, 2015 (Predecessor) and 2016 (Successor) of the Parent Guarantors and the Non-Guarantors. CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2015 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 646 $ 6,281 $ — $ 6,927 Accounts receivable - affiliates 51,592 9,803 19,505 (80,900 ) — Accounts receivable - trade — 7,599 74,791 — 82,390 Inventories — 54,613 163,517 — 218,130 Prepaid and other current assets — 7,913 13,244 — 21,157 Current assets of discontinued operations — 81,638 17,520 (877 ) 98,281 Total current assets 51,592 162,212 294,858 (81,777 ) 426,885 Investment in affiliates 1,068,027 668,113 — (1,736,140 ) — Property, plant and equipment — 209,633 341,530 — 551,163 Deferred income taxes — — 15,326 — 15,326 Goodwill — 72,399 99,660 — 172,059 Notes receivable - affiliate — 46,074 — (46,074 ) — Other assets — 79,367 73,246 — 152,613 Long-term assets of discontinued operations — 99,457 4,518 — 103,975 Total Assets $ 1,119,619 $ 1,337,255 $ 829,138 $ (1,863,991 ) $ 1,422,021 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable - affiliate $ 159 $ 71,099 $ 9,642 $ (80,900 ) $ — Accounts payable - trade — 11,191 28,956 — 40,147 Short-term debt — 4,636 136 — 4,772 Accrued income and other taxes — 2,824 3,109 — 5,933 Rationalizations — 995 200 — 1,195 Other accrued liabilities 2,444 4,847 13,703 — 20,994 Short-term liabilities of discontinued operations — 18,384 5,575 (877 ) 23,082 Total current liabilities 2,603 113,976 61,321 (81,777 ) 96,123 Long-term debt - affiliate 38,661 — 7,413 (46,074 ) — Long-term debt - third party 267,827 93,758 870 — 362,455 Other long-term obligations — 60,508 33,810 — 94,318 Deferred income taxes — 248 57,182 — 57,430 Long-term liabilities of discontinued operations — 738 429 — 1,167 Stockholders' equity 810,528 1,068,027 668,113 (1,736,140 ) 810,528 Total Liabilities and Stockholders' Equity $ 1,119,619 $ 1,337,255 $ 829,138 $ (1,863,991 ) $ 1,422,021 CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2016 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 737 $ 12,672 $ — $ 13,409 Accounts receivable - affiliates 51,592 3,657 12,696 (67,945 ) — Accounts receivable - trade — 8,642 71,817 — 80,459 Inventories — 44,003 143,237 — 187,240 Prepaid and other current assets — 8,146 15,488 — 23,634 Current assets of discontinued operations — 79,908 18,008 (5,043 ) 92,873 Total current assets 51,592 145,093 273,918 (72,988 ) 397,615 Investment in affiliates 928,091 632,784 — (1,560,875 ) — Property, plant and equipment — 201,677 335,621 — 537,298 Deferred income taxes — — 18,476 — 18,476 Goodwill — 70,399 100,718 — 171,117 Notes receivable - affiliate — 55,999 — (55,999 ) — Other assets — 75,300 72,467 — 147,767 Total Assets $ 979,683 $ 1,181,252 $ 801,200 $ (1,689,862 ) $ 1,272,273 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable - affiliate $ 236 $ 64,294 $ 3,415 $ (67,945 ) $ — Accounts payable - trade — 8,178 37,055 — 45,233 Short-term debt — 11,341 5,141 — 16,482 Accrued income and other taxes — 1,109 4,453 — 5,562 Rationalizations — 384 17 — 401 Other accrued liabilities 2,444 6,190 16,429 — 25,063 Liabilities of discontinued operations — 17,006 7,352 (5,043 ) 19,315 Total current liabilities 2,680 108,502 73,862 (72,988 ) 112,056 Long-term debt - affiliate 48,586 — 7,413 (55,999 ) — Long-term debt - third party 270,961 87,105 5,909 — 363,975 Other long-term obligations — 57,305 33,872 — 91,177 Deferred income taxes — 249 47,360 — 47,609 Stockholders' equity 657,456 928,091 632,784 (1,560,875 ) 657,456 Total Liabilities and Stockholders' Equity $ 979,683 $ 1,181,252 $ 801,200 $ (1,689,862 ) $ 1,272,273 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months ended June 30, 2015 (Predecessor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 97,324 $ 42,278 $ (139,602 ) $ — Sales - third party — 64,538 223,765 — 288,303 Net sales — 161,862 266,043 (139,602 ) 288,303 Cost of sales — 148,325 248,870 (139,602 ) 257,593 Gross profit — 13,537 17,173 — 30,710 Research and development — 2,667 — — 2,667 Selling and administrative expenses — 18,094 21,704 — 39,798 Impairments — 35,381 — — 35,381 Rationalizations — (29 ) 82 — 53 Operating income (loss) — (42,576 ) (4,613 ) — (47,189 ) Other expense (income), net — 791 360 — 1,151 Interest expense - affiliate — 305 — (305 ) — Interest expense - third party 16,382 828 211 — 17,421 Interest income - affiliate (305 ) — — 305 — Interest income - third party — — (341 ) — (341 ) Loss from continuing operations (16,077 ) (44,500 ) (4,843 ) — ` (65,420 ) Provision for income taxes — (3,692 ) 4,911 — 1,219 Equity in loss from (50,562 ) (9,754 ) — 60,316 — Net (loss) income from (66,639 ) (50,562 ) (9,754 ) 60,316 (66,639 ) Loss from discontinued operations, net of tax — (5,644 ) (6,142 ) — (11,786 ) Equity in loss from discontinued operations of subsidiary (11,786 ) (6,142 ) 17,928 — Net (loss) income from (11,786 ) (11,786 ) (6,142 ) 17,928 (11,786 ) Net loss $ (78,425 ) $ (62,348 ) $ (15,896 ) $ 78,244 $ (78,425 ) Statements of Comprehensive Income Net (loss) income $ (78,425 ) $ (62,348 ) $ (15,896 ) $ 78,244 $ (78,425 ) Other comprehensive (loss) income (21,209 ) (21,209 ) (22,207 ) 43,416 (21,209 ) Comprehensive (loss) income $ (99,634 ) $ (83,557 ) $ (38,103 ) $ 121,660 $ (99,634 ) CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2015 (Predecessor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Net cash provided by (used in) operating activities: $ (7,355 ) $ 22,992 $ 36,293 $ (27,710 ) $ 24,220 Cash flow from investing activities: Repayments from (loans to) affiliates 7,418 — — (7,418 ) — Capital expenditures — (16,994 ) (8,626 ) — (25,620 ) Payments for derivative instruments — (7,595 ) (209 ) — (7,804 ) Proceeds from sale of fixed assets — 397 241 638 Net cash provided by (used in) investing activities 7,418 (24,192 ) (8,594 ) (7,418 ) (32,786 ) Cash flow from financing activities: (Repayments to) loans from affiliates — (7,418 ) — 7,418 — Dividends to affiliates — — (27,710 ) 27,710 — Short-term debt borrowings — 2,001 2,505 — 4,506 Revolving Facility borrowings — 62,000 12,000 — 74,000 Revolving Facility reductions — (54,000 ) (12,000 ) — (66,000 ) Principal payments on long term debt — (67 ) — — (67 ) Purchase of treasury shares (63 ) — — — (63 ) Revolver facility refinancing — (2,691 ) (31 ) — (2,722 ) Other — (2,850 ) — — (2,850 ) Net cash provided by (used in) financing activities (63 ) (3,025 ) (25,236 ) 35,128 6,804 Net change in cash and cash equivalents — (4,225 ) 2,463 — (1,762 ) Effect of exchange rate changes on cash and cash equivalents — — (1,283 ) — (1,283 ) Cash and cash equivalents at beginning of period — 5,503 12,047 — 17,550 Cash and cash equivalents at end of period $ — $ 1,278 $ 13,227 $ — $ 14,505 |
Organization And Summary Of S21
Organization And Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015 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, 2015 (the “Annual Report”) but does not include all disclosures required by GAAP in audited financial statements. 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 periods 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. |
Predecessor and Successor Reporting | Predecessor and Successor Reporting On August 17, 2015, the Company was acquired by affiliates of Brookfield Asset Management Inc. (see Note 2 " Preferred Share Issuance and Merger "). We elected to account for the acquisition under the acquisition method of accounting. Under the acquisition method of accounting, the assets and liabilities of GTI were adjusted to their fair market value as of August 15, 2015, the day that Brookfield effectively took control of the Company. Our consolidated statements of operations subsequent to the acquisition include amortization expense relating to the fair value adjustments and depreciation expense based on the fair value of the Company's property, plant and equipment that had previously been carried at historical cost less accumulated depreciation. Therefore, the Company's financial information prior to the acquisition is not comparable to the financial information subsequent to the Merger. As a result, the financial statements and certain note presentations are separated into two distinct periods, the period before the consummation of the acquisition (labeled "Predecessor") and the period after the date of acquisition (labeled "Successor"), to indicate the application of the different basis of accounting between the periods presented. |
New Accounting Standards | New Accounting Standards In May 2014, the 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 was expected to be effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. On July 9, 2015, the FASB deferred the effective date to fiscal years beginning after December 15, 2017. 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. In April 2015, the 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 with early adoption permitted. We had no capitalized debt issuance costs as of December 31, 2015. We adopted this ASU as of January 1, 2016, and adoption resulted in no significant impact on the Company's financial position, results of operations or cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Under this new guidance, a company will now recognize most leases on its balance sheet as lease liabilities with corresponding right-of-use assets. This ASU is effective for us beginning after January 1, 2019. The Company is currently evaluating the impact of the adoption of this standard on its financial position, results of operations or cash flows. |
Preferred Share Issuance and 22
Preferred Share Issuance and Merger Preferred Shares and Tender Offer (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Computation of Fair Value of Total Consideration | The computation of the fair value of the total consideration at the date of acquisition follows: Purchase Consideration (In thousands except share price) # Shares Unit Price Amount Convertible Preferred Equity Series A and B 150 $ 1,000.00 $ 150,000 Common Equity Common Shares 139,397 $ 5.05 $ 703,955 Net value of options $ 382 Total $ 854,337 |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the fair values of the identifiable assets acquired and liabilities assumed at the acquisition date: Net identifiable assets acquired Cash $ 25,032 Accounts receivable 94,298 Inventories 344,765 Property, plant and equipment 650,405 Intangible assets 155,700 Deferred tax assets 41,606 Prepaid and other current assets 49,716 Other non-current assets 8,428 Accounts payable (68,005 ) Short-term debt (18,779 ) Other accrued liabilities (53,252 ) Long-term debt (367,811 ) Other long-term liabilities (101,648 ) Deferred tax liabilities (79,235 ) Net identifiable assets acquired $ 681,220 Goodwill $ 173,117 Net assets acquired $ 854,337 |
Discontinued Operations and R23
Discontinued Operations and Related Assets Held for Sale (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Related Assets Held for Sale | The following tables summarize the results of the Engineered Solutions business segment, reclassified as discontinued operations for the three and six months ended June 30, 2015 and 2016 . For the Three Months Ended June 30, 2015 For the Three Months Ended (dollars in thousands) Net sales $ 39,313 $ 29,930 Cost of sales 37,591 24,569 Gross profit 1,722 5,361 Research and development 764 813 Selling and administrative expenses 5,544 5,314 Rationalizations 1,794 (255 ) Impairment — 105,600 Operating loss (6,380 ) (106,111 ) Other expense (income) (37 ) (81 ) Interest expense 399 951 Loss from discontinued operations before income taxes (6,742 ) (106,981 ) Benefit from income taxes on discontinued operations 1,040 843 Loss from discontinued operations $ (5,702 ) $ (106,138 ) For the Six For the Six Months Ended (dollars in thousands) Net sales $ 84,030 $ 59,019 Cost of sales 78,037 50,554 Gross profit 5,993 8,465 Research and development 1,679 1,691 Selling and administrative expenses 11,745 9,760 Rationalizations 4,210 (246 ) Impairment — 105,600 Operating loss (11,641 ) (108,340 ) Other expense (income) (64 ) (72 ) Interest expense 695 1,670 Loss from discontinued operations before income taxes (12,272 ) (109,938 ) Benefit from income taxes on discontinued operations 486 1,236 Loss from discontinued operations $ (11,786 ) $ (108,702 ) The significant components of our Statements of Cash Flows for the Engineered Solutions business segment held for sale are as follows: For the Six For the Six Months Ended (dollars in thousands) Depreciation and amortization $ 7,330 $ 3,052 Impairment — 105,600 Deferred income taxes (486 ) (1,236 ) Capital expenditures 9,413 2,513 The following table summarizes the carrying value of the assets and liabilities of discontinued operations as of December 31, 2015 and June 30, 2016 . As of December 31, 2015 As of June 30, 2016 (dollars in thousands) Current assets of discontinued operations: Accounts receivable $ 20,425 $ 19,030 Inventories 77,332 77,656 Prepaid expenses and other current assets 524 924 Total current assets of discontinued operations 98,281 97,610 Net property plant and equipment 86,369 86,595 Other assets 17,606 14,268 Total long-term assets of discontinued operations 103,975 100,863 Impairment upon reclassification to held for sale — (105,600 ) Total assets of discontinued operations $ 202,256 $ 92,873 Liabilities of discontinued operations: Accounts payable $ 9,331 $ 6,499 Accrued income and other taxes 3,113 2,500 Other accrued liabilities 10,638 9,336 Total current liabilities of discontinued operations 23,082 18,335 Other long-term obligations 1,167 980 Total liabilities of discontinued operations $ 24,249 $ 19,315 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Schedule Of Financial Information Concerning Reportable Segments | Predecessor Successor Predecessor Successor For the Three Months Ended June 30, For the Six Months 2015 2016 2015 2016 (Dollars in thousands) (Dollars in thousands) Net sales to external customers: Industrial Materials $ 125,809 $ 115,365 $ 288,303 $ 210,941 Operating (loss) income: Industrial Materials $ 4,632 $ (16,291 ) $ (22,312 ) $ (36,538 ) Corporate, R&D and Other expenses (11,247 ) (6,323 ) (24,877 ) (13,495 ) Total operating loss $ (6,615 ) $ (22,614 ) $ (47,189 ) $ (50,033 ) Reconciliation of segment operating loss to loss before provision for income taxes Other expense (income), net $ 733 $ (1,198 ) $ 1,151 $ (960 ) Interest expense 8,796 6,436 17,421 12,896 Interest income (268 ) — (341 ) (12 ) Loss from continuing operations before provision for income taxes $ (15,876 ) $ (27,852 ) $ (65,420 ) $ (61,957 ) |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Pension Costs | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Benefit Plans | Predecessor Successor Predecessor Successor For the Three Months Ended June 30, For the Six 2015 2016 2015 2016 (Dollars in thousands) (Dollars in thousands) Service cost $ 506 $ 508 $ 1,333 $ 1,016 Interest cost 1,526 1,498 3,052 2,996 Expected return on plan assets (1,354 ) (1,310 ) (2,708 ) (2,620 ) Amortization of prior service cost 1 — 2 — Net cost $ 679 $ 696 $ 1,679 $ 1,392 |
Postretirement Costs | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Benefit Plans | Predecessor Successor Predecessor Successor For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 (Dollars in thousands) (Dollars in thousands) Service cost $ 4 $ 1 $ 8 $ 2 Interest cost 315 272 630 543 Amortization of prior service cost (43 ) — (86 ) — Net cost $ 276 $ 273 $ 552 $ 545 |
Goodwill And Other Intangible26
Goodwill And Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Changes In The Carrying Value Of Goodwill | changes in the carrying value of goodwill and intangibles during the predecessor entity period of January 1, 2015 through August 14, 2015 and the successor entity period of August 15, 2015 through June 30, 2016: Goodwill Predecessor (Dollars in Thousands) Balance as of December 31, 2014 $ 420,129 Impairment (35,381 ) Currency translation effect (616 ) Balance as of August 14, 2015 $ 384,132 Successor Balance as of August 15, 2015 $ 170,418 Adjustments 1,641 Balance as of December 31, 2015 $ 172,059 Adjustments (See Note 2) 1,058 Goodwill transferred to discontinued operations (2,000 ) Balance as of June 30, 2016 $ 171,117 |
Schedule Of Intangible Assets With Determinable Useful Lives By Major Category | Intangible Assets As of December 31, 2015 As of June 30, 2016 Gross Carrying Amount Accumulated Net Carrying Amount Gross Carrying Amount Accumulated Amortization & Impairment Net Carrying Amount (Dollars in Thousands) Trade name $ 22,000 $ (896 ) $ 21,104 $ 22,500 $ (2,075 ) $ 20,425 Technological know-how 54,100 (2,934 ) 51,166 55,300 (6,767 ) 48,533 Customer –related intangible 64,500 (1,602 ) 62,898 64,500 (3,937 ) 60,563 Total finite-lived intangible assets $ 140,600 $ (5,432 ) $ 135,168 $ 142,300 $ (12,779 ) $ 129,521 |
Debt And Liquidity (Tables)
Debt And Liquidity (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Schedule Of Long-Term Debt | As of December 31, 2015 As of (Dollars in thousands) Credit Facility (Revolving Facility and Term Loan Facility) $ 98,000 $ 109,000 Senior Notes 267,827 270,961 Other Debt 1,400 496 Total Debt 367,227 380,457 Less: Short-term Debt (4,772 ) (16,482 ) Long-term Debt $ 362,455 $ 363,975 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | nventories are comprised of the following: As of December 31, 2015 As of June 30, 2016 (Dollars in thousands) Inventories: Raw materials and supplies $ 66,201 $ 60,080 Work in process 89,198 65,055 Finished goods 62,731 62,105 Total $ 218,130 $ 187,240 |
Interest Expense (Tables)
Interest Expense (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Interest and Debt Expense [Abstract] | |
Schedule Of Interest Expense | The following tables present the components of interest expense: Predecessor Successor Predecessor Successor For the Three Months Ended June 30, 2015 For the Three Months Ended June 30, 2016 For the Six Months Ended June 30, 2015 For the Six Months Ended June 30, 2016 (Dollars in thousands) (Dollars in thousands) Interest incurred on debt $ 4,883 $ 4,819 $ 9,757 $ 9,716 Amortization of discount on Senior Subordinated Notes 3,261 — 6,468 — Accretion of fair value adjustment on Senior Notes — 1,571 — 3,134 Amortization of debt issuance costs 652 46 1,196 46 Total interest expense $ 8,796 $ 6,436 $ 17,421 $ 12,896 |
Contingencies (Tables)
Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Loss Contingency [Abstract] | |
Schedule Of Product Warranties Accrual | Claims accrued but not yet paid and the related activity within the accrual for the six months ended June 30, 2016 , are presented below: (Dollars in thousands) Balance as of December 31, 2015 $ 388 Product warranty adjustments 879 Payments and settlements (475 ) Balance as of June 30, 2016 $ 792 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Summary Of Provision For 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 tables summarize the provision for income taxes for the three and six months ended June 30, 2015 and June 30, 2016 : Predecessor Successor Predecessor Successor For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2016 2015 2016 (Dollars in thousands) (Dollars in thousands) Tax (benefit) expense $ 1,239 $ (5,591 ) $ 1,219 $ (5,886 ) Pretax loss $ (15,876 ) $ (27,852 ) $ (65,420 ) $ (61,957 ) Effective tax rates (7.8 )% 20.1 % (1.9 )% 9.5 % For the three and six months ended June 30, 2016 , the effective tax rate differs from the U.S. statutory rate of 35% primarily due to recent losses in foreign jurisdictions where a tax benefit will be recognized, offset by recent losses in the U.S. and Switzerland where we receive no tax benefit due to a full valuation allowance and worldwide earnings from various countries taxed at different rates. 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 effective tax rate for the three and six months ended June 30, 2015 differs from the U.S. statutory rate of 35% primarily due to recent losses in the U.S. and Switzerland where we receive no tax benefit due to a full valuation allowance and worldwide earnings from various countries taxed at different rates. As of June 30, 2016 , we had unrecognized tax benefits of $3.9 million , $3.1 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 2009. We continue to assess the realization of our 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 established and maintained valuation allowances on those net deferred tax assets. |
Guarantor Information (Tables)
Guarantor Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Consolidating Financials [Abstract] | |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2015 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 646 $ 6,281 $ — $ 6,927 Accounts receivable - affiliates 51,592 9,803 19,505 (80,900 ) — Accounts receivable - trade — 7,599 74,791 — 82,390 Inventories — 54,613 163,517 — 218,130 Prepaid and other current assets — 7,913 13,244 — 21,157 Current assets of discontinued operations — 81,638 17,520 (877 ) 98,281 Total current assets 51,592 162,212 294,858 (81,777 ) 426,885 Investment in affiliates 1,068,027 668,113 — (1,736,140 ) — Property, plant and equipment — 209,633 341,530 — 551,163 Deferred income taxes — — 15,326 — 15,326 Goodwill — 72,399 99,660 — 172,059 Notes receivable - affiliate — 46,074 — (46,074 ) — Other assets — 79,367 73,246 — 152,613 Long-term assets of discontinued operations — 99,457 4,518 — 103,975 Total Assets $ 1,119,619 $ 1,337,255 $ 829,138 $ (1,863,991 ) $ 1,422,021 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable - affiliate $ 159 $ 71,099 $ 9,642 $ (80,900 ) $ — Accounts payable - trade — 11,191 28,956 — 40,147 Short-term debt — 4,636 136 — 4,772 Accrued income and other taxes — 2,824 3,109 — 5,933 Rationalizations — 995 200 — 1,195 Other accrued liabilities 2,444 4,847 13,703 — 20,994 Short-term liabilities of discontinued operations — 18,384 5,575 (877 ) 23,082 Total current liabilities 2,603 113,976 61,321 (81,777 ) 96,123 Long-term debt - affiliate 38,661 — 7,413 (46,074 ) — Long-term debt - third party 267,827 93,758 870 — 362,455 Other long-term obligations — 60,508 33,810 — 94,318 Deferred income taxes — 248 57,182 — 57,430 Long-term liabilities of discontinued operations — 738 429 — 1,167 Stockholders' equity 810,528 1,068,027 668,113 (1,736,140 ) 810,528 Total Liabilities and Stockholders' Equity $ 1,119,619 $ 1,337,255 $ 829,138 $ (1,863,991 ) $ 1,422,021 CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2016 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 737 $ 12,672 $ — $ 13,409 Accounts receivable - affiliates 51,592 3,657 12,696 (67,945 ) — Accounts receivable - trade — 8,642 71,817 — 80,459 Inventories — 44,003 143,237 — 187,240 Prepaid and other current assets — 8,146 15,488 — 23,634 Current assets of discontinued operations — 79,908 18,008 (5,043 ) 92,873 Total current assets 51,592 145,093 273,918 (72,988 ) 397,615 Investment in affiliates 928,091 632,784 — (1,560,875 ) — Property, plant and equipment — 201,677 335,621 — 537,298 Deferred income taxes — — 18,476 — 18,476 Goodwill — 70,399 100,718 — 171,117 Notes receivable - affiliate — 55,999 — (55,999 ) — Other assets — 75,300 72,467 — 147,767 Total Assets $ 979,683 $ 1,181,252 $ 801,200 $ (1,689,862 ) $ 1,272,273 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable - affiliate $ 236 $ 64,294 $ 3,415 $ (67,945 ) $ — Accounts payable - trade — 8,178 37,055 — 45,233 Short-term debt — 11,341 5,141 — 16,482 Accrued income and other taxes — 1,109 4,453 — 5,562 Rationalizations — 384 17 — 401 Other accrued liabilities 2,444 6,190 16,429 — 25,063 Liabilities of discontinued operations — 17,006 7,352 (5,043 ) 19,315 Total current liabilities 2,680 108,502 73,862 (72,988 ) 112,056 Long-term debt - affiliate 48,586 — 7,413 (55,999 ) — Long-term debt - third party 270,961 87,105 5,909 — 363,975 Other long-term obligations — 57,305 33,872 — 91,177 Deferred income taxes — 249 47,360 — 47,609 Stockholders' equity 657,456 928,091 632,784 (1,560,875 ) 657,456 Total Liabilities and Stockholders' Equity $ 979,683 $ 1,181,252 $ 801,200 $ (1,689,862 ) $ 1,272,273 |
Condensed Consolidating Statements of Income and Comprehensive Income | CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months ended June 30, 2015 (Predecessor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 97,324 $ 42,278 $ (139,602 ) $ — Sales - third party — 64,538 223,765 — 288,303 Net sales — 161,862 266,043 (139,602 ) 288,303 Cost of sales — 148,325 248,870 (139,602 ) 257,593 Gross profit — 13,537 17,173 — 30,710 Research and development — 2,667 — — 2,667 Selling and administrative expenses — 18,094 21,704 — 39,798 Impairments — 35,381 — — 35,381 Rationalizations — (29 ) 82 — 53 Operating income (loss) — (42,576 ) (4,613 ) — (47,189 ) Other expense (income), net — 791 360 — 1,151 Interest expense - affiliate — 305 — (305 ) — Interest expense - third party 16,382 828 211 — 17,421 Interest income - affiliate (305 ) — — 305 — Interest income - third party — — (341 ) — (341 ) Loss from continuing operations (16,077 ) (44,500 ) (4,843 ) — ` (65,420 ) Provision for income taxes — (3,692 ) 4,911 — 1,219 Equity in loss from (50,562 ) (9,754 ) — 60,316 — Net (loss) income from (66,639 ) (50,562 ) (9,754 ) 60,316 (66,639 ) Loss from discontinued operations, net of tax — (5,644 ) (6,142 ) — (11,786 ) Equity in loss from discontinued operations of subsidiary (11,786 ) (6,142 ) 17,928 — Net (loss) income from (11,786 ) (11,786 ) (6,142 ) 17,928 (11,786 ) Net loss $ (78,425 ) $ (62,348 ) $ (15,896 ) $ 78,244 $ (78,425 ) Statements of Comprehensive Income Net (loss) income $ (78,425 ) $ (62,348 ) $ (15,896 ) $ 78,244 $ (78,425 ) Other comprehensive (loss) income (21,209 ) (21,209 ) (22,207 ) 43,416 (21,209 ) Comprehensive (loss) income $ (99,634 ) $ (83,557 ) $ (38,103 ) $ 121,660 $ (99,634 ) |
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2015 (Predecessor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Net cash provided by (used in) operating activities: $ (7,355 ) $ 22,992 $ 36,293 $ (27,710 ) $ 24,220 Cash flow from investing activities: Repayments from (loans to) affiliates 7,418 — — (7,418 ) — Capital expenditures — (16,994 ) (8,626 ) — (25,620 ) Payments for derivative instruments — (7,595 ) (209 ) — (7,804 ) Proceeds from sale of fixed assets — 397 241 638 Net cash provided by (used in) investing activities 7,418 (24,192 ) (8,594 ) (7,418 ) (32,786 ) Cash flow from financing activities: (Repayments to) loans from affiliates — (7,418 ) — 7,418 — Dividends to affiliates — — (27,710 ) 27,710 — Short-term debt borrowings — 2,001 2,505 — 4,506 Revolving Facility borrowings — 62,000 12,000 — 74,000 Revolving Facility reductions — (54,000 ) (12,000 ) — (66,000 ) Principal payments on long term debt — (67 ) — — (67 ) Purchase of treasury shares (63 ) — — — (63 ) Revolver facility refinancing — (2,691 ) (31 ) — (2,722 ) Other — (2,850 ) — — (2,850 ) Net cash provided by (used in) financing activities (63 ) (3,025 ) (25,236 ) 35,128 6,804 Net change in cash and cash equivalents — (4,225 ) 2,463 — (1,762 ) Effect of exchange rate changes on cash and cash equivalents — — (1,283 ) — (1,283 ) Cash and cash equivalents at beginning of period — 5,503 12,047 — 17,550 Cash and cash equivalents at end of period $ — $ 1,278 $ 13,227 $ — $ 14,505 |
Organization And Summary Of S33
Organization And Summary Of Significant Accounting Policies (Details) | Feb. 26, 2016segment | Jun. 30, 2016major_product_categories |
Accounting Policies [Abstract] | ||
Number of major product categories | major_product_categories | 7 | |
Number of Operating Segments | segment | 2 |
Preferred Share Issuance and 34
Preferred Share Issuance and Merger (Details) - USD ($) | Aug. 11, 2015 | May 18, 2015 | Sep. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Aug. 15, 2015 | May 17, 2015 |
Goodwill | $ 171,117,000 | $ 172,059,000 | |||||
Max Reimbursement to Acquiror | $ 500,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||||||
Goodwill, Purchase Accounting Adjustments | 1,100,000 | ||||||
purchase price adjustment, deferred taxes | $ 2,000,000 | ||||||
Preferred Stock [Member] | |||||||
Convertible Preferred Stock, Conversion Price | $ 5.05 | ||||||
BCP IV GrafTech Holdings LP [Member] | |||||||
Goodwill | $ 173,117,000 | ||||||
Amount | $ 854,337,000 | ||||||
Convertible Preferred Stock [Member] | BCP IV GrafTech Holdings LP [Member] | |||||||
Shares | 150,000 | ||||||
Amount | $ 150,000,000 | $ 150,000,000 | |||||
Series A Preferred Stock [Member] | Convertible Preferred Stock [Member] | BCP IV GrafTech Holdings LP [Member] | |||||||
Shares | 136,616 | ||||||
Preferred stock, par value | $ 0.01 | ||||||
Business Combination, Equity Interest Transferred, Percentage of Common Stock Outstanding Before Transaction | 19.90% | ||||||
Series B Preferred Stock [Member] | Convertible Preferred Stock [Member] | BCP IV GrafTech Holdings LP [Member] | |||||||
Shares | 13,384 | ||||||
Preferred stock, par value | $ 0.01 | ||||||
Delayed draw term loan facility | Term Loan Facility | |||||||
Unused borrowing capacity | $ 40,000,000 | ||||||
Senior Notes | Senior Subordinated Notes Due Nov 2015 [Member] | |||||||
Early Repayment of Subordinated Debt | $ 200,000,000 |
Preferred Share Issuance and 35
Preferred Share Issuance and Merger - Purchase Consideration (Details) - BCP IV GrafTech Holdings LP [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Aug. 11, 2015 | May 18, 2015 |
Business Acquisition [Line Items] | ||
Amount | $ 854,337 | |
Convertible preferred equity - Series A and B | ||
Business Acquisition [Line Items] | ||
Shares | 150 | |
Unit Price | $ 1,000,000 | |
Amount | $ 150,000 | $ 150,000 |
Merger common equity - common shares | ||
Business Acquisition [Line Items] | ||
Shares | 139,397 | |
Unit Price | $ 5,050 | |
Amount | $ 703,955 | |
Net value of options | ||
Business Acquisition [Line Items] | ||
Amount | $ 382 |
Preferred Share Issuance and 36
Preferred Share Issuance and Merger - Net Identifiable Assets Acquired (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Aug. 15, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 171,117 | $ 172,059 | |
BCP IV GrafTech Holdings LP [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 25,032 | ||
Accounts receivable | 94,298 | ||
Inventories | 344,765 | ||
Property, plant and equipment | 650,405 | ||
Intangible assets | 155,700 | ||
Deferred tax assets | 41,606 | ||
Prepaid and other current assets | 49,716 | ||
Other non-current assets | 8,428 | ||
Accounts payable | (68,005) | ||
Short-term debt | (18,779) | ||
Other accrued liabilities | (53,252) | ||
Long-term debt | (367,811) | ||
Other long-term liabilities | (101,648) | ||
Deferred tax liabilities | (79,235) | ||
Net identifiable assets acquired | 681,220 | ||
Goodwill | 173,117 | ||
Net assets acquired | $ 854,337 |
Rationalizations (Narrative) (D
Rationalizations (Narrative) (Details) $ in Millions | Mar. 02, 2015USD ($)employee | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 1 | ||
2015 Advanced Graphite Materials Rationalization | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 0.6 | ||
Expected number of positions eliminated (employees) | employee | 85 | ||
Expected cost | $ 10 | ||
2015 Advanced Graphite Materials Rationalization | Scenario, Forecast | |||
Restructuring Cost and Reserve [Line Items] | |||
Expected cash outlay | 8 | ||
2015 Advanced Graphite Materials Rationalization | Successor | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Costs | $ 3.2 | $ 5.8 |
Discontinued Operations and R38
Discontinued Operations and Related Assets Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Current Assets: | ||||||
Total current assets of discontinued operations | $ 92,873 | $ 92,873 | $ 92,873 | $ 98,281 | ||
Long-term Assets: | ||||||
Total long-term assets of discontinued operations | 103,975 | |||||
Current Liabilities: | ||||||
Total current liabilities of discontinued operations | 19,315 | 19,315 | 19,315 | 23,082 | ||
Long-term Liabilities: | ||||||
Long-term liabilities of discontinued operations | 1,167 | |||||
Engineered Solutions [Member] | Discontinued Operations, Held-for-sale [Member] | ||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Net sales | 29,930 | $ 39,313 | 59,019 | $ 84,030 | ||
Cost of sales | 24,569 | 37,591 | 50,554 | 78,037 | ||
Gross profit | 5,361 | 1,722 | 8,465 | 5,993 | ||
Research and development | 813 | 764 | 1,691 | 1,679 | ||
Selling and administrative expenses | 5,314 | 5,544 | 9,760 | 11,745 | ||
Rationalizations | (255) | 1,794 | (246) | 4,210 | ||
Impairment | 105,600 | 0 | 105,600 | 105,600 | 0 | |
Operating loss | (106,111) | (6,380) | (108,340) | (11,641) | ||
Other expense (income) | (81) | (37) | (72) | (64) | ||
Interest expense | 951 | 399 | 1,670 | 695 | ||
Loss from discontinued operations before income taxes | (106,981) | (6,742) | (109,938) | (12,272) | ||
Benefit from income taxes on discontinued operations | 843 | 1,040 | 1,236 | 486 | ||
Net (loss) income from discontinued operations | (106,138) | $ (5,702) | (108,702) | (11,786) | ||
Discontinued Operation, Alternative Cash Flow Information [Abstract] | ||||||
Depreciation and amortization | 3,052 | 7,330 | ||||
Deferred income taxes | (1,236) | (486) | ||||
Capital expenditures | 2,513 | $ 9,413 | ||||
Current Assets: | ||||||
Accounts receivable | 19,030 | 19,030 | 19,030 | 20,425 | ||
Inventories | 77,656 | 77,656 | 77,656 | 77,332 | ||
Prepaid expenses and other current assets | 924 | 924 | 924 | 524 | ||
Total current assets of discontinued operations | 97,610 | 97,610 | 97,610 | 98,281 | ||
Long-term Assets: | ||||||
Net property plant and equipment | 86,595 | 86,595 | 86,595 | 86,369 | ||
Other assets | 14,268 | 14,268 | 14,268 | 17,606 | ||
Total long-term assets of discontinued operations | 100,863 | 100,863 | 100,863 | 103,975 | ||
Impairment upon reclassification to discontinued operations | (105,600) | (105,600) | (105,600) | 0 | ||
Total assets of discontinued operations | 92,873 | 92,873 | 92,873 | 202,256 | ||
Current Liabilities: | ||||||
Accounts payable | 6,499 | 6,499 | 6,499 | 9,331 | ||
Accrued income and other taxes | 2,500 | 2,500 | 2,500 | 3,113 | ||
Other accrued liabilities | 9,336 | 9,336 | 9,336 | 10,638 | ||
Total current liabilities of discontinued operations | 18,335 | 18,335 | 18,335 | 23,082 | ||
Long-term Liabilities: | ||||||
Long-term liabilities of discontinued operations | 980 | 980 | 980 | 1,167 | ||
Total liabilities of discontinued operations | $ 19,315 | $ 19,315 | $ 19,315 | $ 24,249 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Financial Information Concerning Reportable Segments) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)segment | Jun. 30, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Loss from continuing operations before provision for income taxes | $ (65,420) | |||
Predecessor | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | $ 125,809 | 288,303 | ||
Total operating loss | (6,615) | (47,189) | ||
Other expense (income), net | 733 | 1,151 | ||
Interest expense | 8,796 | 17,421 | ||
Interest income | (268) | (341) | ||
Loss from continuing operations before provision for income taxes | (15,876) | (65,420) | ||
Predecessor | Industrial Materials | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 125,809 | 288,303 | ||
Total operating loss | 4,632 | (22,312) | ||
Predecessor | Corporate, R&D and Other | ||||
Segment Reporting Information [Line Items] | ||||
Total operating loss | $ (11,247) | $ (24,877) | ||
Successor | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | $ 115,365 | $ 210,941 | ||
Total operating loss | (22,614) | (50,033) | ||
Other expense (income), net | (1,198) | (960) | ||
Interest expense | 6,436 | 12,896 | ||
Interest income | 0 | (12) | ||
Loss from continuing operations before provision for income taxes | (27,852) | (61,957) | ||
Successor | Industrial Materials | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 115,365 | 210,941 | ||
Total operating loss | (16,291) | (36,538) | ||
Successor | Corporate, R&D and Other | ||||
Segment Reporting Information [Line Items] | ||||
Total operating loss | $ (6,323) | $ (13,495) |
Benefit Plans (Schedule Of Bene
Benefit Plans (Schedule Of Benefit Plans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Pension Costs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 508 | $ 506 | $ 1,016 | $ 1,333 |
Interest cost | 1,498 | 1,526 | 2,996 | 3,052 |
Expected return on plan assets | (1,310) | (1,354) | (2,620) | (2,708) |
Amortization of prior service cost/benefit | 0 | 1 | 0 | 2 |
Net cost | 696 | 679 | 1,392 | 1,679 |
Postretirement Costs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 4 | 2 | 8 |
Interest cost | 272 | 315 | 543 | 630 |
Amortization of prior service cost/benefit | 0 | (43) | 0 | (86) |
Net cost | $ 273 | $ 276 | $ 545 | $ 552 |
Goodwill And Other Intangible41
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 7 Months Ended | |||
Jun. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Aug. 14, 2015 | |
Goodwill [Line Items] | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 13,600 | $ 13,600 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 12,900 | 12,900 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 12,200 | 12,200 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 11,400 | 11,400 | ||||
Amortization expense of intangible assets | 3,600 | $ 4,400 | 7,200 | $ 8,700 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 10,700 | $ 10,700 | ||||
Needle Coke | ||||||
Goodwill [Line Items] | ||||||
Decrease in market prices | 18.00% | |||||
Goodwill, impairment loss | $ 35,400 | $ 35,381 |
Goodwill And Other Intangible42
Goodwill And Other Intangible Assets (Schedule Of Changes In The Carrying Value Of Goodwill) (Details) - USD ($) $ in Thousands | 5 Months Ended | 6 Months Ended | 7 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Aug. 14, 2015 | |
Goodwill [Roll Forward] | ||||
Beginning Balance | $ 172,059 | |||
Ending Balance | $ 172,059 | 171,117 | ||
Predecessor | ||||
Goodwill [Roll Forward] | ||||
Beginning Balance | 384,132 | $ 420,129 | $ 420,129 | |
Adjustments | (616) | |||
Ending Balance | 384,132 | |||
Successor | ||||
Goodwill [Roll Forward] | ||||
Beginning Balance | 172,059 | |||
Adjustments | 1,641 | 1,058 | ||
Goodwill transferred to discontinued operations | (2,000) | |||
Ending Balance | $ 172,059 | $ 171,117 | ||
Needle Coke [Member] | ||||
Goodwill [Roll Forward] | ||||
Impairment | $ (35,400) | $ (35,381) |
Goodwill And Other Intangible43
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets With Determinable Useful Lives By Major Category) (Details) - Predecessor - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Goodwill [Line Items] | ||
Gross Carrying Amount | $ 142,300 | $ 140,600 |
Accumulated Amortization & Impairment | (12,779) | (5,432) |
Net Carrying Amount | 129,521 | 135,168 |
Trade Name | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 22,500 | 22,000 |
Accumulated Amortization & Impairment | (2,075) | (896) |
Net Carrying Amount | 20,425 | 21,104 |
Technological Know-How | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 55,300 | 54,100 |
Accumulated Amortization & Impairment | (6,767) | (2,934) |
Net Carrying Amount | 48,533 | 51,166 |
Customer-Related Intangible | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 64,500 | 64,500 |
Accumulated Amortization & Impairment | (3,937) | (1,602) |
Net Carrying Amount | $ 60,563 | $ 62,898 |
Debt And Liquidity (Narrative)
Debt And Liquidity (Narrative) (Details) - USD ($) | Feb. 27, 2015 | Jun. 30, 2016 | Apr. 27, 2016 | Dec. 31, 2015 | Jul. 28, 2015 | Apr. 23, 2014 | Nov. 20, 2012 |
Debt Instrument [Line Items] | |||||||
Fair value of debt | $ 335,400,000 | ||||||
Long-term Debt | 380,457,000 | $ 367,227,000 | |||||
Minimum Liquidity | $ 25,000,000 | ||||||
Outstanding letters of credit | 13,500,000 | ||||||
Term Loan Balance | 37,000,000 | ||||||
Revolving Credit Facility Balance | 72,000,000 | ||||||
Stated interest rate | 6.375% | ||||||
Loan balance, net of unamortized discount | 16,482,000 | $ 4,772,000 | |||||
12 Month Trailing EBITDA | 75,000,000 | ||||||
12 Month Trailing EBITDA Minimum (Low End) | 40,000,000 | ||||||
12 Month Trailing EBITDA Minimum (High End) | 35,000,000 | ||||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | 270,961,000 | $ 267,827,000 | |||||
Principal amount issued | $ 300,000,000 | ||||||
Stated interest rate | 6.375% | ||||||
Redemption price, percentage of principal, prior to November 15, 2016 | 100.00% | ||||||
Redemption price, percentage of principal, prior to November 15, 2015 | 106.375% | ||||||
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% | ||||||
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 | 0.70% | ||||||
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 | 4.75% | ||||||
Term Loan Facility | Amended and Restated Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing capacity | $ 40,000,000 | ||||||
Term Loan Facility | Amended and Restated Credit Agreement July 2015 [Member] | |||||||
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 | ||||||
Revolving Credit Facility | Amended and Restated Credit Agreement July 2015 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing capacity | $ 225,000,000 | $ 375,000,000 |
Debt And Liquidity (Schedule Of
Debt And Liquidity (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total Debt | $ 380,457 | $ 367,227 |
Less: Short-term Debt | (16,482) | (4,772) |
Long-term debt | 363,975 | 362,455 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Total Debt | 270,961 | 267,827 |
Other Debt | ||
Debt Instrument [Line Items] | ||
Total Debt | 496 | 1,400 |
Credit Facility (Revolving Facility and Term Loan Facility) | ||
Debt Instrument [Line Items] | ||
Credit Facility (Revolving Facility and Term Loan Facility) | $ 109,000 | $ 98,000 |
Debt And Liquidity (Schedule 46
Debt And Liquidity (Schedule of Short-Term Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Total Short-Term Debt | $ 16,482 | $ 4,772 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Inventory [Line Items] | |||||
Raw materials and supplies | $ 60,080 | $ 60,080 | $ 66,201 | ||
Work in process | 65,055 | 65,055 | 89,198 | ||
Finished goods | 62,105 | 62,105 | 62,731 | ||
Inventories, net | 187,240 | 187,240 | 218,130 | ||
Predecessor | |||||
Inventory [Line Items] | |||||
Inventory write-downs | $ 0 | $ 0 | |||
Successor | |||||
Inventory [Line Items] | |||||
Inventories, net | 187,240 | 187,240 | $ 218,130 | ||
Inventory write-downs | $ 3,504 | $ 14,625 |
Interest Expense (Details)
Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||
Effective interest rate, revolving credit facility | 4.22% | 2.68% | |||
Debt effective interest rate | 4.22% | 4.22% | 2.49% | ||
Stated interest rate | 6.375% | ||||
Predecessor | |||||
Debt Instrument [Line Items] | |||||
Interest incurred on debt | $ 4,883 | $ 9,757 | |||
Amortization of discount on Senior Subordinated Notes | 3,261 | 6,468 | |||
Accretion of fair value adjustment on Senior Notes | 0 | 0 | |||
Amortization of debt issuance costs | 652 | 1,196 | |||
Total interest expense | $ 8,796 | $ 17,421 | |||
Successor | |||||
Debt Instrument [Line Items] | |||||
Interest incurred on debt | $ 4,819 | $ 9,716 | |||
Amortization of discount on Senior Subordinated Notes | 0 | 0 | |||
Accretion of fair value adjustment on Senior Notes | 1,571 | 3,134 | |||
Amortization of debt issuance costs | 46 | 46 | |||
Total interest expense | $ 6,436 | $ 12,896 |
Contingencies (Details)
Contingencies (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Loss Contingency [Abstract] | |
Balance as of December 31, 2015 | $ 388 |
Product warranty adjustments | 879 |
Payments and settlements | (475) |
Balance as of June 30, 2016 | $ 792 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
U.S. statutory rate | 35.00% | |
Effective tax rate | 9.50% | (1.90%) |
Unrecognized tax benefits | $ 3.9 | |
Unrecognized tax benefits that would have a favorable impact on effective tax rate | $ 3.1 |
Income Taxes (Summary Of Provis
Income Taxes (Summary Of Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Contingency [Line Items] | ||||
Pretax loss | $ (65,420) | |||
Effective tax rates | 9.50% | (1.90%) | ||
Predecessor | ||||
Income Tax Contingency [Line Items] | ||||
Tax (benefit) expense | $ 1,239 | $ 1,219 | ||
Pretax loss | $ (15,876) | $ (65,420) | ||
Effective tax rates | (7.80%) | |||
Successor | ||||
Income Tax Contingency [Line Items] | ||||
Tax (benefit) expense | $ (5,591) | $ (5,886) | ||
Pretax loss | $ (27,852) | $ (61,957) | ||
Effective tax rates | 20.10% |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||||
Intercompany debt designated as a non-derivative net investment hedging instrument | $ 12,500,000 | $ 12,500,000 | $ 11,800,000 | |
Gain (loss) currency translation adjustment | $ 0 | $ 100,000 | ||
Foreign Currency Derivatives | ||||
Derivative [Line Items] | ||||
Notional amounts of foreign currency derivatives | $ 33,200,000 | |||
Maximum | Foreign Currency Derivatives | ||||
Derivative [Line Items] | ||||
Derivative maturities | September, 2016 |
Guarantor Information (Textual)
Guarantor Information (Textual) (Details) - USD ($) | Dec. 31, 2015 | Nov. 20, 2012 |
Debt Instrument [Line Items] | ||
Stated interest rate | 6.375% | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal amount issued | $ 300,000,000 | |
Stated interest rate | 6.375% |
Guarantor Infromation (Balance
Guarantor Infromation (Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 13,409 | $ 6,927 |
Accounts receivable - affiliates | 0 | 0 |
Accounts receivable - trade | 80,459 | 82,390 |
Inventories | 187,240 | 218,130 |
Prepaid expenses and other current assets | 23,634 | 21,157 |
Current assets of discontinued operations | 92,873 | 98,281 |
Total current assets | 397,615 | 426,885 |
Investment in affiliates | 0 | 0 |
Net property, plant and equipment | 537,298 | 551,163 |
Deferred income taxes | 18,476 | 15,326 |
Goodwill | 171,117 | 172,059 |
Notes receivable - affiliate | 0 | 0 |
Other assets | 147,767 | 152,613 |
Long-term assets of discontinued operations | 103,975 | |
Total assets | 1,272,273 | 1,422,021 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable - affiliate | 0 | 0 |
Accounts payable - trade | 45,233 | 40,147 |
Short-term debt | 16,482 | 4,772 |
Accrued income and other taxes | 5,562 | 5,933 |
Rationalizations | 401 | 1,195 |
Other accrued liabilities | 25,063 | 20,994 |
Short-term liabilities of discontinued operations | 19,315 | 23,082 |
Total current liabilities | 112,056 | 96,123 |
Long-term debt - affiliate | 0 | 0 |
Long-term debt - third party | 363,975 | 362,455 |
Other long-term obligations | 91,177 | 94,318 |
Deferred income taxes | 47,609 | 57,430 |
Long-term liabilities of discontinued operations | 1,167 | |
Total stockholders' equity | 657,456 | 810,528 |
Total liabilities and stockholders’ equity | 1,272,273 | 1,422,021 |
Parent | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Accounts receivable - affiliates | 51,592 | 51,592 |
Accounts receivable - trade | 0 | 0 |
Inventories | 0 | 0 |
Prepaid expenses and other current assets | 0 | 0 |
Current assets of discontinued operations | 0 | 0 |
Total current assets | 51,592 | 51,592 |
Investment in affiliates | 928,091 | 1,068,027 |
Net property, plant and equipment | 0 | 0 |
Deferred income taxes | 0 | 0 |
Goodwill | 0 | 0 |
Notes receivable - affiliate | 0 | 0 |
Other assets | 0 | 0 |
Long-term assets of discontinued operations | 0 | |
Total assets | 979,683 | 1,119,619 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable - affiliate | 236 | 159 |
Accounts payable - trade | 0 | 0 |
Short-term debt | 0 | 0 |
Accrued income and other taxes | 0 | 0 |
Rationalizations | 0 | 0 |
Other accrued liabilities | 2,444 | 2,444 |
Short-term liabilities of discontinued operations | 0 | 0 |
Total current liabilities | 2,680 | 2,603 |
Long-term debt - affiliate | 48,586 | 38,661 |
Long-term debt - third party | 270,961 | 267,827 |
Other long-term obligations | 0 | 0 |
Deferred income taxes | 0 | 0 |
Long-term liabilities of discontinued operations | 0 | |
Total stockholders' equity | 657,456 | 810,528 |
Total liabilities and stockholders’ equity | 979,683 | 1,119,619 |
Guarantors | ||
ASSETS | ||
Cash and cash equivalents | 737 | 646 |
Accounts receivable - affiliates | 3,657 | 9,803 |
Accounts receivable - trade | 8,642 | 7,599 |
Inventories | 44,003 | 54,613 |
Prepaid expenses and other current assets | 8,146 | 7,913 |
Current assets of discontinued operations | 79,908 | 81,638 |
Total current assets | 145,093 | 162,212 |
Investment in affiliates | 632,784 | 668,113 |
Net property, plant and equipment | 201,677 | 209,633 |
Deferred income taxes | 0 | 0 |
Goodwill | 70,399 | 72,399 |
Notes receivable - affiliate | 55,999 | 46,074 |
Other assets | 75,300 | 79,367 |
Long-term assets of discontinued operations | 99,457 | |
Total assets | 1,181,252 | 1,337,255 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable - affiliate | 64,294 | 71,099 |
Accounts payable - trade | 8,178 | 11,191 |
Short-term debt | 11,341 | 4,636 |
Accrued income and other taxes | 1,109 | 2,824 |
Rationalizations | 384 | 995 |
Other accrued liabilities | 6,190 | 4,847 |
Short-term liabilities of discontinued operations | 17,006 | 18,384 |
Total current liabilities | 108,502 | 113,976 |
Long-term debt - affiliate | 0 | 0 |
Long-term debt - third party | 87,105 | 93,758 |
Other long-term obligations | 57,305 | 60,508 |
Deferred income taxes | 249 | 248 |
Long-term liabilities of discontinued operations | 738 | |
Total stockholders' equity | 928,091 | 1,068,027 |
Total liabilities and stockholders’ equity | 1,181,252 | 1,337,255 |
Non-Guarantors | ||
ASSETS | ||
Cash and cash equivalents | 12,672 | 6,281 |
Accounts receivable - affiliates | 12,696 | 19,505 |
Accounts receivable - trade | 71,817 | 74,791 |
Inventories | 143,237 | 163,517 |
Prepaid expenses and other current assets | 15,488 | 13,244 |
Current assets of discontinued operations | 18,008 | 17,520 |
Total current assets | 273,918 | 294,858 |
Investment in affiliates | 0 | 0 |
Net property, plant and equipment | 335,621 | 341,530 |
Deferred income taxes | 18,476 | 15,326 |
Goodwill | 100,718 | 99,660 |
Notes receivable - affiliate | 0 | 0 |
Other assets | 72,467 | 73,246 |
Long-term assets of discontinued operations | 4,518 | |
Total assets | 801,200 | 829,138 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable - affiliate | 3,415 | 9,642 |
Accounts payable - trade | 37,055 | 28,956 |
Short-term debt | 5,141 | 136 |
Accrued income and other taxes | 4,453 | 3,109 |
Rationalizations | 17 | 200 |
Other accrued liabilities | 16,429 | 13,703 |
Short-term liabilities of discontinued operations | 7,352 | 5,575 |
Total current liabilities | 73,862 | 61,321 |
Long-term debt - affiliate | 7,413 | 7,413 |
Long-term debt - third party | 5,909 | 870 |
Other long-term obligations | 33,872 | 33,810 |
Deferred income taxes | 47,360 | 57,182 |
Long-term liabilities of discontinued operations | 429 | |
Total stockholders' equity | 632,784 | 668,113 |
Total liabilities and stockholders’ equity | 801,200 | 829,138 |
Consolidating Entries and Eliminations | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Accounts receivable - affiliates | (67,945) | (80,900) |
Accounts receivable - trade | 0 | 0 |
Inventories | 0 | 0 |
Prepaid expenses and other current assets | 0 | 0 |
Current assets of discontinued operations | (5,043) | (877) |
Total current assets | (72,988) | (81,777) |
Investment in affiliates | (1,560,875) | (1,736,140) |
Net property, plant and equipment | 0 | 0 |
Deferred income taxes | 0 | 0 |
Goodwill | 0 | 0 |
Notes receivable - affiliate | (55,999) | (46,074) |
Other assets | 0 | 0 |
Long-term assets of discontinued operations | 0 | |
Total assets | (1,689,862) | (1,863,991) |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable - affiliate | (67,945) | (80,900) |
Accounts payable - trade | 0 | 0 |
Short-term debt | 0 | 0 |
Accrued income and other taxes | 0 | 0 |
Rationalizations | 0 | 0 |
Other accrued liabilities | 0 | 0 |
Short-term liabilities of discontinued operations | (5,043) | (877) |
Total current liabilities | (72,988) | (81,777) |
Long-term debt - affiliate | (55,999) | (46,074) |
Long-term debt - third party | 0 | 0 |
Other long-term obligations | 0 | 0 |
Deferred income taxes | 0 | 0 |
Long-term liabilities of discontinued operations | 0 | |
Total stockholders' equity | (1,560,875) | (1,736,140) |
Total liabilities and stockholders’ equity | $ (1,689,862) | $ (1,863,991) |
Guarantor Information (Income a
Guarantor Information (Income and Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Successor | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Sales - affiliates | $ 0 | $ 0 | ||
Sales - third party | 115,365 | 210,941 | ||
Net sales | 115,365 | 210,941 | ||
Cost of sales | 120,266 | 217,696 | ||
Lower of cost or market inventory adjustment | 3,504 | 14,625 | ||
Gross profit | (8,405) | (21,380) | ||
Research and development | 786 | 1,438 | ||
Selling and administrative expenses | 13,487 | 27,157 | ||
Impairments | 0 | 0 | ||
Rationalizations | (64) | 58 | ||
Operating loss | (22,614) | (50,033) | ||
Other (income) expense, net | (1,198) | (960) | ||
Interest expense - affiliate | 0 | 0 | ||
Interest expense - third party | 6,436 | 12,896 | ||
Interest income - affiliate | 0 | 0 | ||
Interest income | 0 | (12) | ||
Income (Loss) from continuing operations before provision for income taxes | (27,852) | (61,957) | ||
(Benefit) provision for income taxes | (5,591) | (5,886) | ||
Equity in loss from continuing operations of subsidiary | 0 | 0 | ||
Net (loss) income from continuing operations | (22,261) | (56,071) | ||
Loss from discontinued operations, net of tax | (106,138) | (108,702) | ||
Equity in loss from discontinued operations of subsidiary | 0 | 0 | ||
Net (loss) income from discontinued operations | (106,138) | (108,702) | ||
Net loss | (128,399) | (164,773) | ||
Statements of Comprehensive Income | ||||
Net income | (128,399) | (164,773) | ||
Other comprehensive income (loss), net of tax | (936) | 11,701 | ||
Comprehensive (loss) income | (129,335) | (153,072) | ||
Successor | Parent | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Sales - affiliates | 0 | 0 | ||
Sales - third party | 0 | 0 | ||
Net sales | 0 | 0 | ||
Cost of sales | 0 | 0 | ||
Lower of cost or market inventory adjustment | 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 | 6 | ||
Interest expense - affiliate | 236 | 434 | ||
Interest expense - third party | 6,353 | 12,697 | ||
Interest income - affiliate | 0 | 0 | ||
Interest income | 0 | 0 | ||
Income (Loss) from continuing operations before provision for income taxes | (6,589) | (13,137) | ||
(Benefit) provision for income taxes | 0 | 0 | ||
Equity in loss from continuing operations of subsidiary | (15,672) | (42,934) | ||
Net (loss) income from continuing operations | (22,261) | (56,071) | ||
Loss from discontinued operations, net of tax | 0 | 0 | ||
Equity in loss from discontinued operations of subsidiary | (106,138) | (108,702) | ||
Net (loss) income from discontinued operations | (106,138) | (108,702) | ||
Net loss | (128,399) | (164,773) | ||
Statements of Comprehensive Income | ||||
Net income | (128,399) | (164,773) | ||
Other comprehensive income (loss), net of tax | (936) | 11,701 | ||
Comprehensive (loss) income | (129,335) | (153,072) | ||
Successor | Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Sales - affiliates | 38,238 | 79,137 | ||
Sales - third party | 21,824 | 42,644 | ||
Net sales | 60,062 | 121,781 | ||
Cost of sales | 43,760 | 105,414 | ||
Lower of cost or market inventory adjustment | 1,761 | 3,782 | ||
Gross profit | 14,541 | 12,585 | ||
Research and development | 786 | 1,438 | ||
Selling and administrative expenses | 3,688 | 9,674 | ||
Impairments | 0 | |||
Rationalizations | 28 | 115 | ||
Operating loss | 10,039 | 1,358 | ||
Other (income) expense, net | 472 | 742 | ||
Interest expense - affiliate | 0 | 0 | ||
Interest expense - third party | 13 | 54 | ||
Interest income - affiliate | (236) | (434) | ||
Interest income | 0 | 0 | ||
Income (Loss) from continuing operations before provision for income taxes | 9,790 | 996 | ||
(Benefit) provision for income taxes | 238 | 255 | ||
Equity in loss from continuing operations of subsidiary | (25,224) | (43,675) | ||
Net (loss) income from continuing operations | (15,672) | (42,934) | ||
Loss from discontinued operations, net of tax | (103,752) | (105,330) | ||
Equity in loss from discontinued operations of subsidiary | (2,386) | (3,372) | ||
Net (loss) income from discontinued operations | (106,138) | (108,702) | ||
Net loss | (121,810) | (151,636) | ||
Statements of Comprehensive Income | ||||
Net income | (121,810) | (151,636) | ||
Other comprehensive income (loss), net of tax | (936) | 11,701 | ||
Comprehensive (loss) income | (122,746) | (139,935) | ||
Successor | Non-Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Sales - affiliates | 16,081 | 35,724 | ||
Sales - third party | 93,541 | 168,297 | ||
Net sales | 109,622 | 204,021 | ||
Cost of sales | 130,825 | 227,143 | ||
Lower of cost or market inventory adjustment | 1,743 | 10,843 | ||
Gross profit | (22,946) | (33,965) | ||
Research and development | 0 | 0 | ||
Selling and administrative expenses | 9,799 | 17,483 | ||
Impairments | 0 | |||
Rationalizations | (92) | (57) | ||
Operating loss | (32,653) | (51,391) | ||
Other (income) expense, net | (1,670) | (1,708) | ||
Interest expense - affiliate | 0 | 0 | ||
Interest expense - third party | 70 | 145 | ||
Interest income - affiliate | 0 | 0 | ||
Interest income | 0 | (12) | ||
Income (Loss) from continuing operations before provision for income taxes | (31,053) | (49,816) | ||
(Benefit) provision for income taxes | (5,829) | (6,141) | ||
Equity in loss from continuing operations of subsidiary | 0 | 0 | ||
Net (loss) income from continuing operations | (25,224) | (43,675) | ||
Loss from discontinued operations, net of tax | (2,386) | (3,372) | ||
Net (loss) income from discontinued operations | (2,386) | (3,372) | ||
Net loss | (27,610) | (47,047) | ||
Statements of Comprehensive Income | ||||
Net income | (27,610) | (47,047) | ||
Other comprehensive income (loss), net of tax | (936) | 11,701 | ||
Comprehensive (loss) income | (28,546) | (35,346) | ||
Predecessor | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Sales - affiliates | $ 0 | $ 0 | ||
Sales - third party | 125,809 | 288,303 | ||
Net sales | 125,809 | 288,303 | ||
Cost of sales | 111,591 | 257,593 | ||
Lower of cost or market inventory adjustment | 0 | 0 | ||
Gross profit | 14,218 | 30,710 | ||
Research and development | 1,150 | 2,667 | ||
Selling and administrative expenses | 19,709 | 39,798 | ||
Impairments | 0 | 35,381 | ||
Rationalizations | (26) | 53 | ||
Operating loss | (6,615) | (47,189) | ||
Other (income) expense, net | 733 | 1,151 | ||
Interest expense - affiliate | 0 | 0 | ||
Interest expense - third party | 8,796 | 17,421 | ||
Interest income - affiliate | 0 | 0 | ||
Interest income | (268) | (341) | ||
Income (Loss) from continuing operations before provision for income taxes | (15,876) | (65,420) | ||
(Benefit) provision for income taxes | 1,239 | 1,219 | ||
Equity in loss from continuing operations of subsidiary | 0 | 0 | ||
Net (loss) income from continuing operations | (17,115) | (66,639) | ||
Loss from discontinued operations, net of tax | (5,702) | (11,786) | ||
Equity in loss from discontinued operations of subsidiary | 0 | 0 | ||
Net (loss) income from discontinued operations | (5,702) | (11,786) | ||
Net loss | (22,817) | (78,425) | ||
Statements of Comprehensive Income | ||||
Net income | (22,817) | (78,425) | ||
Other comprehensive income (loss), net of tax | 7,557 | (21,209) | ||
Comprehensive (loss) income | (15,260) | (99,634) | ||
Predecessor | Parent | ||||
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 | 8,220 | 16,382 | ||
Interest income - affiliate | (145) | (305) | ||
Interest income | 0 | 0 | ||
Income (Loss) from continuing operations before provision for income taxes | (8,075) | (16,077) | ||
(Benefit) provision for income taxes | 0 | 0 | ||
Equity in loss from continuing operations of subsidiary | (9,040) | (50,562) | ||
Net (loss) income from continuing operations | (17,115) | (66,639) | ||
Loss from discontinued operations, net of tax | 0 | 0 | ||
Equity in loss from discontinued operations of subsidiary | (5,702) | (11,786) | ||
Net (loss) income from discontinued operations | (5,702) | (11,786) | ||
Net loss | (22,817) | (78,425) | ||
Statements of Comprehensive Income | ||||
Net income | (22,817) | (78,425) | ||
Other comprehensive income (loss), net of tax | 7,557 | (21,209) | ||
Comprehensive (loss) income | (15,260) | (99,634) | ||
Predecessor | Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Sales - affiliates | 51,654 | 97,324 | ||
Sales - third party | 30,045 | 64,538 | ||
Net sales | 81,699 | 161,862 | ||
Cost of sales | 69,923 | 148,325 | ||
Gross profit | 11,776 | 13,537 | ||
Research and development | 1,150 | 2,667 | ||
Selling and administrative expenses | 8,301 | 18,094 | ||
Impairments | 35,381 | |||
Rationalizations | (29) | (29) | ||
Operating loss | 2,354 | (42,576) | ||
Other (income) expense, net | 457 | 791 | ||
Interest expense - affiliate | 145 | 305 | ||
Interest expense - third party | 459 | 828 | ||
Interest income - affiliate | 0 | 0 | ||
Interest income | 0 | 0 | ||
Income (Loss) from continuing operations before provision for income taxes | 1,293 | (44,500) | ||
(Benefit) provision for income taxes | (4,043) | (3,692) | ||
Equity in loss from continuing operations of subsidiary | (14,376) | (9,754) | ||
Net (loss) income from continuing operations | (9,040) | (50,562) | ||
Loss from discontinued operations, net of tax | (4,340) | (5,644) | ||
Equity in loss from discontinued operations of subsidiary | (1,362) | (6,142) | ||
Net (loss) income from discontinued operations | (5,702) | (11,786) | ||
Net loss | (14,742) | (62,348) | ||
Statements of Comprehensive Income | ||||
Net income | (14,742) | (62,348) | ||
Other comprehensive income (loss), net of tax | 7,557 | (21,209) | ||
Comprehensive (loss) income | (7,185) | (83,557) | ||
Predecessor | Non-Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Sales - affiliates | 15,503 | 42,278 | ||
Sales - third party | 95,764 | 223,765 | ||
Net sales | 111,267 | 266,043 | ||
Cost of sales | 108,825 | 248,870 | ||
Gross profit | 2,442 | 17,173 | ||
Research and development | 0 | 0 | ||
Selling and administrative expenses | 11,408 | 21,704 | ||
Impairments | 0 | |||
Rationalizations | 3 | 82 | ||
Operating loss | (8,969) | (4,613) | ||
Other (income) expense, net | 276 | 360 | ||
Interest expense - affiliate | 0 | 0 | ||
Interest expense - third party | 117 | 211 | ||
Interest income - affiliate | 0 | 0 | ||
Interest income | (268) | (341) | ||
Income (Loss) from continuing operations before provision for income taxes | (9,094) | (4,843) | ||
(Benefit) provision for income taxes | 5,282 | 4,911 | ||
Equity in loss from continuing operations of subsidiary | 0 | 0 | ||
Net (loss) income from continuing operations | (14,376) | (9,754) | ||
Loss from discontinued operations, net of tax | (1,362) | (6,142) | ||
Equity in loss from discontinued operations of subsidiary | 0 | |||
Net (loss) income from discontinued operations | (1,362) | (6,142) | ||
Net loss | (15,738) | (15,896) | ||
Statements of Comprehensive Income | ||||
Net income | (15,738) | (15,896) | ||
Other comprehensive income (loss), net of tax | 6,623 | (22,207) | ||
Comprehensive (loss) income | (9,115) | (38,103) | ||
Consolidating Entries and Eliminations | Successor | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Sales - affiliates | (54,319) | (114,861) | ||
Sales - third party | 0 | 0 | ||
Net sales | (54,319) | (114,861) | ||
Cost of sales | (54,319) | (114,861) | ||
Lower of cost or market inventory adjustment | 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 | (236) | (434) | ||
Interest expense - third party | 0 | 0 | ||
Interest income - affiliate | 236 | 434 | ||
Interest income | 0 | 0 | ||
Income (Loss) from continuing operations before provision for income taxes | 0 | 0 | ||
(Benefit) provision for income taxes | 0 | 0 | ||
Equity in loss from continuing operations of subsidiary | 40,896 | 86,609 | ||
Net (loss) income from continuing operations | 40,896 | 86,609 | ||
Loss from discontinued operations, net of tax | 0 | 0 | ||
Equity in loss from discontinued operations of subsidiary | 108,524 | 112,074 | ||
Net (loss) income from discontinued operations | 108,524 | 112,074 | ||
Net loss | 149,420 | 198,683 | ||
Statements of Comprehensive Income | ||||
Net income | 149,420 | 198,683 | ||
Other comprehensive income (loss), net of tax | 1,872 | (23,402) | ||
Comprehensive (loss) income | $ 151,292 | $ 175,281 | ||
Consolidating Entries and Eliminations | Predecessor | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Sales - affiliates | (67,157) | (139,602) | ||
Sales - third party | 0 | 0 | ||
Net sales | (67,157) | (139,602) | ||
Cost of sales | (67,157) | (139,602) | ||
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 | (145) | (305) | ||
Interest expense - third party | 0 | 0 | ||
Interest income - affiliate | 145 | 305 | ||
Interest income | 0 | 0 | ||
Income (Loss) from continuing operations before provision for income taxes | 0 | 0 | ||
(Benefit) provision for income taxes | 0 | 0 | ||
Equity in loss from continuing operations of subsidiary | 23,416 | 60,316 | ||
Net (loss) income from continuing operations | 23,416 | 60,316 | ||
Loss from discontinued operations, net of tax | 0 | 0 | ||
Equity in loss from discontinued operations of subsidiary | 7,064 | 17,928 | ||
Net (loss) income from discontinued operations | 7,064 | 17,928 | ||
Net loss | 30,480 | 78,244 | ||
Statements of Comprehensive Income | ||||
Net income | 30,480 | 78,244 | ||
Other comprehensive income (loss), net of tax | (14,180) | 43,416 | ||
Comprehensive (loss) income | $ 16,300 | $ 121,660 |
Guarantor Infromation (Cash Flo
Guarantor Infromation (Cash Flows) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flow from financing activities: | ||
Cash and cash equivalents at beginning of period | $ 6,927 | |
Cash and cash equivalents at end of period | 13,409 | |
Parent | ||
Cash flow from financing activities: | ||
Cash and cash equivalents at beginning of period | 0 | |
Cash and cash equivalents at end of period | 0 | |
Guarantors | ||
Cash flow from financing activities: | ||
Cash and cash equivalents at beginning of period | 646 | |
Cash and cash equivalents at end of period | 737 | |
Non-Guarantors | ||
Cash flow from financing activities: | ||
Cash and cash equivalents at beginning of period | 6,281 | |
Cash and cash equivalents at end of period | 12,672 | |
Successor | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 11,185 | |
Cash flow from investing activities: | ||
(Loans to) repayments from affiliates | 0 | |
Capital expenditures | (15,140) | |
Proceeds from derivative instruments | (721) | |
Proceeds from the sale of assets | 557 | |
Net cash used in investing activities | (15,304) | |
Cash flow from financing activities: | ||
Loans from (repayments to) affiliates | 0 | |
Short-term debt borrowings | 11,004 | |
Revolving Facility borrowings | 32,000 | |
Revolving Facility reductions | (32,000) | |
Principal payments on long term debt | (69) | |
Purchase of treasury shares | 0 | |
Revolving Facility refinancing | (922) | |
Other | 0 | |
Net cash provided by financing activities | 10,013 | |
Net change in cash and cash equivalents | 5,894 | |
Effect of exchange rate changes on cash and cash equivalents | 588 | |
Cash and cash equivalents at beginning of period | 6,927 | |
Cash and cash equivalents at end of period | 13,409 | |
Successor | Parent | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | (9,568) | |
Cash flow from investing activities: | ||
(Loans to) repayments from affiliates | 0 | |
Capital expenditures | 0 | |
Proceeds from derivative instruments | 0 | |
Proceeds from the sale of assets | 0 | |
Net cash used in investing activities | 0 | |
Cash flow from financing activities: | ||
Loans from (repayments to) affiliates | 9,568 | |
Short-term debt borrowings | 0 | |
Revolving Facility borrowings | 0 | |
Revolving Facility reductions | 0 | |
Principal payments on long term debt | 0 | |
Revolving Facility refinancing | 0 | |
Net cash provided by financing activities | 9,568 | |
Net change in cash and cash equivalents | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | |
Cash and cash equivalents at beginning of period | 0 | |
Cash and cash equivalents at end of period | 0 | |
Successor | Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 14,014 | |
Cash flow from investing activities: | ||
(Loans to) repayments from affiliates | (9,568) | |
Capital expenditures | (4,825) | |
Proceeds from derivative instruments | ||
Proceeds from the sale of assets | 458 | |
Net cash used in investing activities | (13,935) | |
Cash flow from financing activities: | ||
Loans from (repayments to) affiliates | 0 | |
Short-term debt borrowings | 6,002 | |
Revolving Facility borrowings | 27,000 | |
Revolving Facility reductions | (32,000) | |
Principal payments on long term debt | (69) | |
Revolving Facility refinancing | (922) | |
Net cash provided by financing activities | 11 | |
Net change in cash and cash equivalents | 90 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | |
Cash and cash equivalents at beginning of period | 646 | |
Cash and cash equivalents at end of period | 736 | |
Successor | Non-Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 6,739 | |
Cash flow from investing activities: | ||
(Loans to) repayments from affiliates | 0 | |
Capital expenditures | (10,315) | |
Proceeds from derivative instruments | (721) | |
Proceeds from the sale of assets | 99 | |
Net cash used in investing activities | (10,937) | |
Cash flow from financing activities: | ||
Loans from (repayments to) affiliates | 0 | |
Short-term debt borrowings | 5,002 | |
Revolving Facility borrowings | 5,000 | |
Revolving Facility reductions | 0 | |
Principal payments on long term debt | 0 | |
Revolving Facility refinancing | 0 | |
Net cash provided by financing activities | 10,002 | |
Net change in cash and cash equivalents | 5,804 | |
Effect of exchange rate changes on cash and cash equivalents | 588 | |
Cash and cash equivalents at beginning of period | 6,281 | |
Cash and cash equivalents at end of period | 12,673 | |
Predecessor | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | $ 24,220 | |
Cash flow from investing activities: | ||
(Loans to) repayments from affiliates | 0 | |
Capital expenditures | (25,620) | |
Proceeds from derivative instruments | (7,804) | |
Proceeds from the sale of assets | 638 | |
Net cash used in investing activities | (32,786) | |
Cash flow from financing activities: | ||
Loans from (repayments to) affiliates | 0 | |
Dividends to affiliates | 0 | |
Short-term debt borrowings | 4,506 | |
Revolving Facility borrowings | 74,000 | |
Revolving Facility reductions | (66,000) | |
Principal payments on long term debt | (67) | |
Purchase of treasury shares | (63) | |
Revolving Facility refinancing | (2,722) | |
Other | (2,850) | |
Net cash provided by financing activities | 6,804 | |
Net change in cash and cash equivalents | (1,762) | |
Effect of exchange rate changes on cash and cash equivalents | (1,283) | |
Cash and cash equivalents at beginning of period | 17,550 | |
Cash and cash equivalents at end of period | 14,505 | |
Predecessor | Parent | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | (7,355) | |
Cash flow from investing activities: | ||
(Loans to) repayments from affiliates | 7,418 | |
Capital expenditures | 0 | |
Proceeds from derivative instruments | 0 | |
Proceeds from the sale of assets | 0 | |
Net cash used in investing activities | 7,418 | |
Cash flow from financing activities: | ||
Loans from (repayments to) affiliates | 0 | |
Dividends to affiliates | 0 | |
Short-term debt borrowings | 0 | |
Revolving Facility borrowings | 0 | |
Revolving Facility reductions | 0 | |
Principal payments on long term debt | 0 | |
Purchase of treasury shares | (63) | |
Revolving Facility refinancing | 0 | |
Other | 0 | |
Net cash provided by financing activities | (63) | |
Net change in cash and cash equivalents | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | |
Cash and cash equivalents at beginning of period | 0 | |
Cash and cash equivalents at end of period | 0 | |
Predecessor | Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 22,992 | |
Cash flow from investing activities: | ||
(Loans to) repayments from affiliates | 0 | |
Capital expenditures | (16,994) | |
Proceeds from derivative instruments | (7,595) | |
Proceeds from the sale of assets | 397 | |
Net cash used in investing activities | (24,192) | |
Cash flow from financing activities: | ||
Loans from (repayments to) affiliates | (7,418) | |
Dividends to affiliates | 0 | |
Short-term debt borrowings | 2,001 | |
Revolving Facility borrowings | 62,000 | |
Revolving Facility reductions | (54,000) | |
Principal payments on long term debt | (67) | |
Purchase of treasury shares | 0 | |
Revolving Facility refinancing | (2,691) | |
Other | (2,850) | |
Net cash provided by financing activities | (3,025) | |
Net change in cash and cash equivalents | (4,225) | |
Effect of exchange rate changes on cash and cash equivalents | 0 | |
Cash and cash equivalents at beginning of period | 5,503 | |
Cash and cash equivalents at end of period | 1,278 | |
Predecessor | Non-Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 36,293 | |
Cash flow from investing activities: | ||
(Loans to) repayments from affiliates | 0 | |
Capital expenditures | (8,626) | |
Proceeds from derivative instruments | (209) | |
Proceeds from the sale of assets | 241 | |
Net cash used in investing activities | (8,594) | |
Cash flow from financing activities: | ||
Loans from (repayments to) affiliates | 0 | |
Dividends to affiliates | (27,710) | |
Short-term debt borrowings | 2,505 | |
Revolving Facility borrowings | 12,000 | |
Revolving Facility reductions | (12,000) | |
Principal payments on long term debt | 0 | |
Purchase of treasury shares | 0 | |
Revolving Facility refinancing | (31) | |
Other | 0 | |
Net cash provided by financing activities | (25,236) | |
Net change in cash and cash equivalents | 2,463 | |
Effect of exchange rate changes on cash and cash equivalents | (1,283) | |
Cash and cash equivalents at beginning of period | 12,047 | |
Cash and cash equivalents at end of period | 13,227 | |
Consolidating Entries and Eliminations | ||
Cash flow from financing activities: | ||
Cash and cash equivalents at beginning of period | 0 | |
Cash and cash equivalents at end of period | 0 | |
Consolidating Entries and Eliminations | Successor | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 0 | |
Cash flow from investing activities: | ||
(Loans to) repayments from affiliates | 9,568 | |
Capital expenditures | 0 | |
Proceeds from derivative instruments | 0 | |
Proceeds from the sale of assets | 0 | |
Net cash used in investing activities | 9,568 | |
Cash flow from financing activities: | ||
Loans from (repayments to) affiliates | (9,568) | |
Short-term debt borrowings | 0 | |
Revolving Facility borrowings | 0 | |
Revolving Facility reductions | 0 | |
Principal payments on long term debt | 0 | |
Revolving Facility refinancing | 0 | |
Net cash provided by financing activities | (9,568) | |
Net change in cash and cash equivalents | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | |
Cash and cash equivalents at beginning of period | 0 | |
Cash and cash equivalents at end of period | $ 0 | |
Consolidating Entries and Eliminations | Predecessor | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | (27,710) | |
Cash flow from investing activities: | ||
(Loans to) repayments from affiliates | (7,418) | |
Capital expenditures | 0 | |
Proceeds from derivative instruments | 0 | |
Net cash used in investing activities | (7,418) | |
Cash flow from financing activities: | ||
Loans from (repayments to) affiliates | 7,418 | |
Dividends to affiliates | 27,710 | |
Short-term debt borrowings | 0 | |
Revolving Facility borrowings | 0 | |
Revolving Facility reductions | 0 | |
Principal payments on long term debt | 0 | |
Purchase of treasury shares | 0 | |
Revolving Facility refinancing | 0 | |
Other | 0 | |
Net cash provided by financing activities | 35,128 | |
Net change in cash and cash equivalents | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | |
Cash and cash equivalents at beginning of period | 0 | |
Cash and cash equivalents at end of period | $ 0 |