Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 14, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
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 ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 11,930 | $ 11,610 |
Accounts and notes receivable, net of allowance for doubtful accounts of $326 as of December 31, 2016 and $367 as of June 30, 2017 | 81,997 | 80,568 |
Inventories | 164,424 | 156,111 |
Prepaid expenses and other current assets | 24,345 | 21,665 |
Current assets of discontinued operations | 42,616 | 60,979 |
Total current assets | 325,312 | 330,933 |
Property, plant and equipment | 610,939 | 585,704 |
Less: accumulated depreciation | 104,191 | 76,849 |
Net property, plant and equipment | 506,748 | 508,855 |
Deferred income taxes | 19,340 | 19,803 |
Goodwill | 171,117 | 171,117 |
Other assets | 126,756 | 141,568 |
Total assets | 1,149,273 | 1,172,276 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 47,253 | 47,663 |
Short-term debt | 8,007 | 8,852 |
Accrued income and other taxes | 7,539 | 5,256 |
Other accrued liabilities | 27,279 | 30,594 |
Short-term liabilities of discontinued operations | 16,168 | 20,042 |
Total current liabilities | 106,246 | 112,407 |
Long-term debt | 367,956 | 356,580 |
Other long-term obligations | 81,140 | 82,148 |
Deferred income taxes | 45,707 | 42,906 |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 971 | 850 |
Contingencies – Note 10 | 0 | 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, 2016 and June 30, 2017 | 0 | 0 |
Additional paid-in capital | 854,337 | 854,337 |
Accumulated other comprehensive (loss) income | 6,037 | (7,558) |
Accumulated deficit | (313,121) | (269,394) |
Total stockholders’ equity | 547,253 | 577,385 |
Total liabilities and stockholders’ equity | $ 1,149,273 | $ 1,172,276 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts and notes receivable, net of allowance for doubtful accounts | $ 367 | $ 326 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 100 | 100 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net sales | $ 116,314 | $ 115,365 | $ 221,053 | $ 210,941 |
Cost of sales | 106,423 | 120,266 | 208,780 | 217,696 |
Lower of cost or market inventory adjustment | 212 | 3,504 | 1,509 | 14,625 |
Gross profit | 9,679 | (8,405) | 10,764 | (21,380) |
Research and development | 943 | 786 | 1,772 | 1,438 |
Selling and administrative expenses | 12,195 | 13,423 | 23,878 | 27,215 |
Operating loss | (3,459) | (22,614) | (14,886) | (50,033) |
Other expense (income), net | 1,186 | (1,198) | 4,253 | (960) |
Interest expense | 7,902 | 6,436 | 15,448 | 12,896 |
Interest income | (139) | 0 | (262) | (12) |
Loss from continuing operations before provision for income taxes | (12,408) | (27,852) | (34,325) | (61,957) |
Provision for (benefit from) income taxes | 925 | (5,591) | 1,286 | (5,886) |
Net loss from continuing operations | (13,333) | (22,261) | (35,611) | (56,071) |
(Loss) income from discontinued operations, net of tax | (4,050) | (106,138) | (8,116) | (108,702) |
Net loss | (17,383) | (128,399) | (43,727) | (164,773) |
Other comprehensive income: | ||||
Net loss | (17,383) | (128,399) | (43,727) | (164,773) |
Foreign currency translation adjustments | 8,755 | (830) | 13,595 | 11,674 |
Commodities and foreign currency derivatives and other, net of tax of $10, $13 and $(12), respectively | 0 | (106) | 0 | 27 |
Other comprehensive (loss) income, net of tax | 8,755 | (936) | 13,595 | 11,701 |
Comprehensive loss | $ (8,628) | $ (129,335) | $ (30,132) | $ (153,072) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flow from operating activities: | ||
Net loss | $ (43,727) | $ (164,773) |
Adjustments to reconcile net loss to cash provided by operations: | ||
Depreciation and amortization | 33,294 | 43,228 |
Impairments | 5,300 | 105,600 |
Change in inventory lower-of-cost-or-market reserve net of depreciation | (1,762) | 12,758 |
Deferred income tax provision | (993) | (9,091) |
Post-retirement and pension plan changes | 1,478 | 2,102 |
Interest expense | 3,382 | 3,203 |
Other charges, net | 5,130 | (2,646) |
Net change in working capital | 157 | 24,506 |
Change in long-term assets and liabilities | 1,214 | (3,702) |
Net cash provided by operating activities | 3,473 | 11,185 |
Cash flow from investing activities: | ||
Capital expenditures | (13,445) | (15,140) |
Proceeds from the sale of assets | 3,156 | 557 |
Other | 0 | (721) |
Net cash used in investing activities | (10,289) | (15,304) |
Cash flow from financing activities: | ||
Short-term debt, net | (4,856) | 11,004 |
Revolving Facility borrowings | 30,000 | 32,000 |
Revolving Facility reductions | (18,000) | (32,000) |
Revolving Facility refinancing fees | 0 | 922 |
Principal payments on long-term debt | (71) | (69) |
Net cash provided by financing activities | 7,073 | 10,013 |
Net change in cash and cash equivalents | 257 | 5,894 |
Effect of exchange rate changes on cash and cash equivalents | 63 | 588 |
Cash and cash equivalents at beginning of period | 11,610 | 6,927 |
Cash and cash equivalents at end of period | 11,930 | |
Increase (Decrease) in Operating Assets | ||
Accounts and notes receivable, net | 1,136 | 5,211 |
Inventories | 5,999 | 17,122 |
Prepaid expenses and other current assets | (1,509) | (2,580) |
Change in accounts payable and accruals | (5,499) | 4,703 |
Increase in interest payable | 30 | 50 |
Net change in working capital | $ 157 | $ 24,506 |
Organization And Summary Of Sig
Organization And Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
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 graphite electrodes and needle coke. References herein to “GTI,” “we,” “our,” or “us” refer collectively to GrafTech International Ltd. and its subsidiaries. On August 15, 2015, GrafTech became an indirect wholly owned subsidiary of Brookfield Asset Management Inc. through a tender offer to our former shareholders and subsequent merger transaction. The Company's only reportable segment, Industrial Materials, is comprised of our two major product categories: graphite electrodes and needle coke products. Needle coke is the key raw material to producing graphite electrodes. The Industrial Materials business segment focuses on providing the highest quality graphite electrodes and providing the best customer service all while striving to be the lowest cost producer. We previously operated an Engineered Solutions business segment which is currently held for sale. See Note 2 "Discontinued Operations and Assets Held for Sale" for further information. All results from the Engineered Solutions business have been excluded from continuing operations, unless otherwise indicated. 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, 2016 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, 2016 (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. 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. During the fourth quarter of 2016, we completed the initial evaluation of the new standard and the related assessment and review of a representative sample of existing revenue contracts with our customers. We determined, on a preliminary basis, that although the timing and pattern of revenue recognition may change, the amount of revenue recognized during the year should remain substantially the same. 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 fiscal years beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of this standard on its financial position, results of operations or cash flows. In January 2017, the FASB issued ASU No. 2017-04 Intangibles-Goodwill and Other (Topic 350). This guidance was issued to simplify the accounting for goodwill impairment. The guidance removes the second step of the goodwill impairment test, which requires that a hypothetical purchase price allocation be performed to determine the amount of impairment, if any. Under this new guidance, a goodwill impairment charge will be based on the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance will become effective on a prospective basis for the Company on January 1, 2020 with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of the adoption of this standard on its results of operations. In March 2017, the FASB issued ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715). This standard requires an entity to report the service cost component in the same line item as other compensation costs. The other components of net (benefit) cost will be required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This standard is effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of the adoption of this standard on its results of operations. The components of the net (benefit) cost are shown in Note 4, "Benefit Plans." |
Discontinued Operations and Rel
Discontinued Operations and Related Assets Held for Sale | 6 Months Ended |
Jun. 30, 2017 | |
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 6 "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 as its divestiture represents a strategic shift for the Company. During the second quarter of 2016, 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. The analysis was updated as of December 31, 2016, resulting in an additional impairment charge of $14.3 million . We continue to update this estimate and during the six months ended June 30, 2017, we further reduced the estimated fair value by $5.3 million based upon current information. The current 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. These assumptions and estimates are subject to change until divestiture is completed and may be adjusted in the quarter that the information becomes available. On November 30, 2016, we completed the sale of our Fiber Materials Inc. business, which was a business line within our former Engineered Solutions business. The sale resulted in cash proceeds of $15.9 million and a loss of $0.2 million . We have the ability to realize up to $8.5 million of additional proceeds based on the earnings of the Fiber Materials business over the 24 months following the transaction. We have elected to record this contingent consideration as it is realized and as such it is not recognized thus far on the transaction. On July 3, 2017, we completed the sale of our Advanced Energy Technologies business. This sale resulted in an additional impairment of $2.8 million to the carrying value of our Engineered Solutions business as of June 30, 2017. See Note 13 "Subsequent Events" for more information. 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, 2016 and 2017 . For the Three Months Ended June 30, For the Six Months 2016 2017 2016 2017 (Dollars in thousands) Net sales $ 29,930 $ 32,428 $ 59,019 $ 64,193 Cost of sales 24,569 28,610 50,554 57,022 Gross profit 5,361 3,818 8,465 7,171 Research and development 813 711 1,691 1,281 Selling and administrative expenses 5,059 4,106 9,514 7,800 Impairment 105,600 2,800 105,600 5,300 Operating loss (106,111 ) (3,799 ) (108,340 ) (7,210 ) Other income (81 ) (47 ) (72 ) (18 ) Interest expense 951 524 1,670 1,133 Loss from discontinued operations before income taxes (106,981 ) (4,276 ) (109,938 ) (8,325 ) (Benefit from) income taxes on discontinued operations (843 ) (226 ) (1,236 ) (209 ) Loss from discontinued operations $ (106,138 ) $ (4,050 ) $ (108,702 ) $ (8,116 ) The significant components of our Statements of Cash Flows for the Engineered Solutions business segment held for sale are as follows: For the Six Months 2016 2017 (Dollars in thousands) Depreciation and amortization $ 3,052 $ 2,311 Impairment 105,600 5,300 Deferred income taxes (1,236 ) (209 ) Capital expenditures 2,513 432 The following table summarizes the carrying value of the assets and liabilities of discontinued operations as of December 31, 2016 and June 30, 2017 . As of December 31, 2016 As of (Dollars in thousands) Assets of discontinued operations: Accounts receivable $ 17,094 $ 18,325 Inventories 71,816 58,050 Prepaid expenses and other current assets 320 952 Net property plant and equipment 79,048 78,827 Other assets 12,608 11,669 Total assets of discontinued operations prior to impairment 180,886 167,823 Impairment (119,907 ) (125,207 ) Total assets of discontinued operations $ 60,979 $ 42,616 Liabilities of discontinued operations: Accounts payable $ 7,253 $ 6,389 Accrued income and other taxes 2,326 994 Other accrued liabilities 10,463 8,785 Total current liabilities of discontinued operations 20,042 16,168 Other long-term obligations 850 971 Total liabilities of discontinued operations $ 20,892 $ 17,139 |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Reporting | Segment Reporting We previously operated two reportable business segments, Industrial Materials and Engineered Solutions. During 2016 the Company decided to sell the businesses that comprised our Engineered Solutions segment to focus our Industrial Materials segment. During the second quarter of 2016 the Engineered Solutions segment qualified as held for sale status and as such the related results have been excluded from continuing operations. See Note 2 "Discontinued Operations and Assets Held for Sale" for significant components of the results of our Engineered Solutions segment. 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. Information concerning our reportable segment is as follows: For the Three Months Ended June 30, For the Six Months 2016 2017 2016 2017 (Dollars in thousands) Net sales to external customers: Industrial Materials $ 115,365 $ 116,314 $ 210,941 $ 221,053 Operating (loss) income: Industrial Materials (16,291 ) 2,308 (36,538 ) (4,090 ) Corporate, R&D and Other expenses (6,323 ) (5,767 ) (13,495 ) (10,796 ) Total operating loss $ (22,614 ) $ (3,459 ) $ (50,033 ) $ (14,886 ) Reconciliation of segment operating loss to loss before provision for income taxes Other expense (income), net $ (1,198 ) $ 1,186 $ (960 ) $ 4,253 Interest expense 6,436 7,902 12,896 15,448 Interest income — (139 ) (12 ) (262 ) Loss from continuing operations before provision for income taxes $ (27,852 ) $ (12,408 ) $ (61,957 ) $ (34,325 ) |
Benefit Plans
Benefit Plans | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans The components of our consolidated net pension costs are set forth in the following table: For the Three Months Ended June 30, For the Six Months 2016 2017 2016 2017 (Dollars in thousands) Service cost $ 508 $ 496 $ 1,016 $ 992 Interest cost 1,498 1,385 2,996 2,769 Expected return on plan assets (1,310 ) (1,389 ) (2,620 ) (2,777 ) Net cost $ 696 $ 492 $ 1,392 $ 984 The components of our consolidated net postretirement costs are set forth in the following table: For the Three Months Ended June 30, For the Six Months 2016 2017 2016 2017 (Dollars in thousands) Service cost $ 1 $ 1 $ 2 $ 1 Interest cost 272 241 543 483 Net cost $ 273 $ 242 $ 545 $ 484 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
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 graphite electrodes reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The following tables represents the changes in the carrying value of goodwill and intangibles during three months ended June 30, 2017 : Goodwill Balance as of December 31, 2016 $ 171,117 Adjustments — Balance as of June 30, 2017 $ 171,117 Intangible Assets As of December 31, 2016 As of June 30, 2017 Gross Carrying Amount Accumulated Net Carrying Amount Gross Carrying Amount Accumulated Amortization & Impairment Net Carrying Amount (Dollars in Thousands) Trade name $ 22,500 $ (3,235 ) $ 19,265 $ 22,500 $ (4,386 ) $ 18,114 Technological know-how 55,300 (10,397 ) 44,903 55,300 (13,949 ) 41,351 Customer –related intangible 64,500 (6,177 ) 58,323 64,500 (8,412 ) 56,088 Total finite-lived intangible assets $ 142,300 $ (19,809 ) $ 122,491 $ 142,300 $ (26,747 ) $ 115,553 Amortization expense of acquired intangible assets was $3.6 million and $7.2 million in the three and six months ended June 30, 2016 and $3.5 million and $6.9 million in the three and six months ended June 30, 2017 . Estimated amortization expense will approximate $6.7 million in the remainder of 2017 , $12.9 million in 2018, $12.2 million in 2019, $11.4 million in 2020 and $10.7 million in 2021. |
Debt And Liquidity
Debt And Liquidity | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016 As of (Dollars in thousands) Credit Facility (Revolving Facility and Term Loan Facility) $ 90,731 $ 98,031 Senior Notes 274,132 277,341 Other Debt 569 591 Total Debt 365,432 375,963 Less: Short-term Debt (8,852 ) (8,007 ) Long-term Debt $ 356,580 $ 367,956 The fair value of debt, which was determined using Level 2 inputs, was $363.9 million versus a book value of $376.0 million as of June 30, 2017 . As a result of our acquisition by Brookfield and the resulting purchase price accounting adjustments, 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. 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 domestic 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, incur debt and prepay or redeem other indebtedness; 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, subject to the $25 million minimum liquidity requirement. As of June 30, 2017 , the Company had $68.5 million of borrowings on the Revolving Facility and $14.1 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 was $29.5 million as of June 30, 2017 . 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 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. However, the downgrade of the ratings of the Senior Notes, as specified in the indenture, did not occur. Therefore, the Company was not 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, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are comprised of the following: As of December 31, 2016 As of (Dollars in thousands) Inventories: Raw materials and supplies $ 54,469 $ 50,472 Work in process 52,379 69,237 Finished goods 49,263 44,715 Total $ 156,111 $ 164,424 Due to decreased pricing in our graphite electrode product line, we recorded a lower of cost or market inventory adjustment of $14.6 million and $1.5 million in the six months ended June 30, 2016 and June 30, 2017 , respectively. The decrease is attributable to the reduction in product costs and associated improvement on product margins. |
Interest Expense
Interest Expense | 6 Months Ended |
Jun. 30, 2017 | |
Interest and Debt Expense [Abstract] | |
Interest Expense | Interest Expense The following tables present the components of interest expense: For the Three Months Ended June 30, For the Six Months 2016 2017 2016 2017 (Dollars in thousands) Interest incurred on debt $ 4,819 $ 6,217 $ 9,716 $ 12,086 Accretion of fair value adjustment on Senior Notes 1,571 1,609 3,134 3,208 Amortization of debt issuance costs 46 76 46 154 Total interest expense $ 6,436 $ 7,902 $ 12,896 $ 15,448 Interest Rates The Revolving Facility and Term Loan Facility had an effective interest rate of 5.52% and 5.98% as of December 31, 2016 and June 30, 2017 , respectively. The Senior Notes have a fixed interest rate of 6.375% . |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
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. Litigation has been pending in Brazil brought by employees seeking to recover additional amounts under certain wage increase provisions applicable in 1989 and 1990 under collective bargaining agreements to which employers in the Bahia region of Brazil were a party (including our subsidiary in Brazil), plus interest thereon. Prior to October 1, 2015, we were not party to such litigation. Companies in Brazil have recently settled claims arising out of these provisions and, in May 2015, the litigation was remanded, in favor of the employees, by the Brazil Supreme Court to the lower courts for further proceedings which included procedural aspects of the case, such as admissibility of instruments filed by the parties. We cannot predict the outcome of such litigation. On October 1, 2015, an action was filed by current and former employees against our subsidiary in Brazil to recover amounts under such provisions, plus interest thereon, which amounts together with interest could be material to us. In the 1 st quarter 2017, this case was ruled in favor of the employees at the state court level. The Company has appealed and intends to vigorously defend. The claims specify neither the employees covered nor the amount of damages sought, therefore a range of potential losses cannot be estimated. 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, 2017 , are presented below: (Dollars in thousands) Balance as of December 31, 2016 $ 969 Product warranty adjustments (230 ) Accruals and Payments (68 ) Balance as of June 30, 2017 $ 671 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016 and June 30, 2017 : For the Three Months Ended June 30, For the Six Months 2016 2017 2016 2017 (Dollars in thousands) Tax (benefit) expense $ (5,591 ) $ 925 $ (5,886 ) $ 1,286 Pretax loss (27,852 ) (12,408 ) (61,957 ) (34,325 ) Effective tax rates 20.1 % (7.5 )% 9.5 % (3.7 )% For the three and six months ended June 30, 2016 and 2017 the effective tax rate 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 tax 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. As of June 30, 2017 , we had unrecognized tax benefits of $3.4 million , $3.0 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 2013 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 2010. 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, 2017 | |
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 2016 or 2017. 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, 2016 and 2017 , respectively. In 2016 and 2017 , 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, 2017 , we had outstanding Mexican peso, euro, and Japanese yen currency contracts with an aggregate notional amount of $21.4 million . The foreign currency derivatives outstanding as of June 30, 2017 , have maturities through September 29, 2017 . 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, 2017 , 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 $13.3 million and $14.0 million as of December 31, 2016 and June 30, 2017 , respectively. Within the currency translation adjustment portion of other comprehensive income, we recorded no gain or loss in the three months ended June 30, 2016 and a loss of $0.6 million for the six months ended June 30, 2016 , resulting from these net investment hedges. We incurred a gain of $0.1 million and a loss of $0.7 million in the three and six months ended June 30, 2017 , respectively, resulting from these net investment hedges. |
Guarantor Information
Guarantor Information | 6 Months Ended |
Jun. 30, 2017 | |
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 are 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 LP, 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, 2016 and June 30, 2017 , condensed consolidating statements of operations and comprehensive income for the three and six months ended June 30, 2016 and 2017 and the condensed consolidating statements of cashflows for the six months ended June 30, 2016 and 2017 . CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2016 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 636 $ 10,974 $ — $ 11,610 Accounts receivable - affiliates 51,592 3,624 19,643 (74,859 ) — Accounts receivable - trade — 7,518 73,050 — 80,568 Inventories — 44,563 111,548 — 156,111 Prepaid and other current assets 1,350 4,853 15,462 — 21,665 Current assets of discontinued operations — 51,160 14,296 (4,477 ) 60,979 Total current assets 52,942 112,354 244,973 (79,336 ) 330,933 Investment in affiliates 844,379 601,597 — (1,445,976 ) — Property, plant and equipment — 191,503 317,352 — 508,855 Deferred income taxes — — 19,803 — 19,803 Goodwill — 70,399 100,718 — 171,117 Notes receivable - affiliate — 49,003 — (49,003 ) — Other assets — 70,767 70,801 — 141,568 Total Assets $ 897,321 $ 1,095,623 $ 753,647 $ (1,574,315 ) $ 1,172,276 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable - affiliate $ 806 $ 71,243 $ 2,810 $ (74,859 ) $ — Accounts payable - trade 964 8,033 38,666 — 47,663 Short-term debt — 3,062 5,790 — 8,852 Accrued income and other taxes — 2,095 3,161 — 5,256 Other accrued liabilities 2,444 12,205 15,945 — 30,594 Short-term liabilities of discontinued operations — 20,381 4,138 (4,477 ) 20,042 Total current liabilities 4,214 117,019 70,510 (79,336 ) 112,407 Long-term debt - affiliate 41,590 — 7,413 (49,003 ) — Long-term debt - third party 274,132 81,695 753 — 356,580 Other long-term obligations — 50,943 31,205 — 82,148 Deferred income taxes — 909 41,997 — 42,906 Long-term liabilities of discontinued operations — 678 172 — 850 Stockholders' equity 577,385 844,379 601,597 (1,445,976 ) 577,385 Total Liabilities and Stockholders' Equity $ 897,321 $ 1,095,623 $ 753,647 $ (1,574,315 ) $ 1,172,276 CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2017 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 811 $ 11,119 $ — $ 11,930 Accounts receivable - affiliates 51,592 14,331 9,484 (75,407 ) — Accounts receivable - trade — 9,705 72,292 — 81,997 Inventories — 45,037 119,387 164,424 Prepaid and other current assets 554 5,786 18,005 — 24,345 Current assets of discontinued operations — 32,839 11,840 (2,063 ) 42,616 Total current assets 52,146 108,509 242,127 (77,470 ) 325,312 Investment in affiliates 828,394 581,431 — (1,409,825 ) — Property, plant and equipment — 183,901 322,847 — 506,748 Deferred income taxes — — 19,340 — 19,340 Goodwill — 70,399 100,718 — 171,117 Notes receivable - affiliate 60,101 — (60,101 ) — Other assets — 64,577 62,179 — 126,756 Total Assets $ 880,540 $ 1,068,918 $ 747,211 $ (1,547,396 ) $ 1,149,273 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable - affiliate $ 814 $ 61,074 $ 13,519 $ (75,407 ) $ — Accounts payable - trade — 7,701 39,552 — 47,253 Short-term debt — 7,863 144 — 8,007 Accrued income and other taxes — 1,405 6,134 — 7,539 Other accrued liabilities 2,444 7,986 16,849 — 27,279 Liabilities of discontinued operations — 14,622 3,609 (2,063 ) 16,168 Total current liabilities 3,258 100,651 79,807 (77,470 ) 106,246 Long-term debt - affiliate 52,688 — 7,413 (60,101 ) — Long-term debt - third party 277,341 89,778 837 — 367,956 Other long-term obligations — 48,151 32,989 — 81,140 Deferred income taxes — 1,158 44,549 — 45,707 Long-term liabilities of discontinued operations — 786 185 — — — 971 Stockholders' equity 547,253 828,394 581,431 (1,409,825 ) 547,253 Total Liabilities and Stockholders' Equity $ 880,540 $ 1,068,918 $ 747,211 $ (1,547,396 ) $ 1,149,273 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Three months ended June 30, 2016 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 38,238 $ 16,081 $ (54,319 ) $ — Sales - third party — 21,824 93,541 — 115,365 Net sales — 60,062 109,622 (54,319 ) 115,365 Cost of sales — 43,760 130,825 (54,319 ) 120,266 Additions to lower cost or market inventory reserve — 1,761 1,743 — 3,504 Gross profit (loss) — 14,541 (22,946 ) — (8,405 ) Research and development — 786 — — 786 Selling and administrative expenses — 3,716 9,707 — 13,423 Operating income (loss) — 10,039 (32,653 ) — (22,614 ) Other expense (income), net — 472 (1,670 ) — (1,198 ) Interest expense - affiliate 236 — — (236 ) — Interest expense - third party 6,353 13 70 — 6,436 Interest income - affiliate — (236 ) — 236 — Income (Loss) from continuing operations before provision for income taxes (6,589 ) 9,790 (31,053 ) — ` (27,852 ) Provision for income taxes — 238 (5,829 ) — (5,591 ) Equity in loss from (15,672 ) (25,224 ) — 40,896 — Net loss from (22,261 ) (15,672 ) (25,224 ) 40,896 (22,261 ) Loss from discontinued operations, net of tax — (103,752 ) (2,386 ) — (106,138 ) Equity in loss from discontinued operations of subsidiary (106,138 ) (2,386 ) — 108,524 — Net loss from (106,138 ) (106,138 ) (2,386 ) 108,524 (106,138 ) Net loss $ (128,399 ) $ (121,810 ) $ (27,610 ) $ 149,420 $ (128,399 ) Statements of Comprehensive Income (Loss) Net loss $ (128,399 ) $ (121,810 ) $ (27,610 ) $ 149,420 $ (128,399 ) Other comprehensive income (936 ) (936 ) (936 ) 1,872 (936 ) Comprehensive loss $ (129,335 ) $ (122,746 ) $ (28,546 ) $ 151,292 $ (129,335 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Three months ended June 30, 2017 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 21,453 $ 12,623 $ (34,076 ) $ — Sales - third party — 22,482 93,832 — 116,314 Net sales — 43,935 106,455 (34,076 ) 116,314 Cost of sales — 45,314 95,185 (34,076 ) 106,423 Additions to lower of cost or — 209 3 — 212 Gross (loss) profit — (1,588 ) 11,267 — 9,679 Research and development — 943 — — 943 Selling and administrative expenses — 3,970 8,225 — 12,195 Operating (loss) income — (6,501 ) 3,042 — (3,459 ) Other expense (income), net (1 ) 221 966 — 1,186 Interest expense - affiliate 788 — — (788 ) — Interest expense - third party 6,391 1,423 88 — 7,902 Interest income - affiliate — (788 ) — 788 — Interest income - third party — — (139 ) — (139 ) (Loss) income from continuing operations before provision for income taxes (7,178 ) (7,357 ) 2,127 — ` (12,408 ) Provision for income taxes — 123 802 — 925 Equity in loss from continuing operations of subsidiary (6,155 ) 1,325 — 4,830 — Net (loss) income from (13,333 ) (6,155 ) 1,325 4,830 (13,333 ) Income (loss) income from discontinued operations, net of tax 77 (3,638 ) (489 ) — (4,050 ) Equity in loss from discontinued operations of subsidiary (4,127 ) (489 ) — 4,616 — Net loss from discontinued operations (4,050 ) (4,127 ) (489 ) 4,616 (4,050 ) Net (loss) income $ (17,383 ) $ (10,282 ) $ 836 $ 9,446 $ (17,383 ) Statements of Comprehensive Income (Loss) Net (loss) income $ (17,383 ) $ (10,282 ) $ 836 $ 9,446 $ (17,383 ) Other comprehensive income 8,755 8,755 8,755 (17,510 ) 8,755 Comprehensive (loss) income $ (8,628 ) $ (1,527 ) $ 9,591 $ (8,064 ) $ (8,628 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Six Months Ended June 30, 2016 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 79,137 $ 35,724 $ (114,861 ) $ — Sales - third party — 42,644 168,297 — 210,941 Net sales — 121,781 204,021 (114,861 ) 210,941 Cost of sales — 105,414 227,143 (114,861 ) 217,696 Additions to lower cost or market inventory reserve — 3,782 10,843 — 14,625 Gross profit (loss) — 12,585 (33,965 ) — (21,380 ) Research and development — 1,438 — — 1,438 Selling and administrative expenses — 9,789 17,426 — 27,215 Operating (loss) income — 1,358 (51,391 ) — (50,033 ) Other expense (income), net 6 742 (1,708 ) — (960 ) Interest expense - affiliate 434 — — (434 ) — Interest expense - third party 12,697 54 145 — 12,896 Interest income - affiliate — (434 ) — 434 — Interest income - third party — — (12 ) — (12 ) Income (Loss) from continuing operations before provision for income taxes (13,137 ) 996 (49,816 ) — ` (61,957 ) Provision for income taxes — 255 (6,141 ) — (5,886 ) Equity in loss from (42,934 ) (43,675 ) — 86,609 — Net loss from (56,071 ) (42,934 ) (43,675 ) 86,609 (56,071 ) Loss from discontinued operations, net of tax — (105,330 ) (3,372 ) — (108,702 ) Equity in loss from discontinued operations of subsidiary (108,702 ) (3,372 ) — 112,074 — Net loss from (108,702 ) (108,702 ) (3,372 ) 112,074 (108,702 ) Net loss $ (164,773 ) $ (151,636 ) $ (47,047 ) $ 198,683 $ (164,773 ) Statements of Comprehensive Income (Loss) Net loss $ (164,773 ) $ (151,636 ) $ (47,047 ) $ 198,683 $ (164,773 ) Other comprehensive income 11,701 11,701 11,701 (23,402 ) 11,701 Comprehensive loss $ (153,072 ) $ (139,935 ) $ (35,346 ) $ 175,281 $ (153,072 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Six Months Ended June 30, 2017 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 46,797 $ 24,708 $ (71,505 ) $ — Sales - third party — 44,363 176,690 — 221,053 Net sales — 91,160 201,398 (71,505 ) 221,053 Cost of sales — 91,784 188,501 (71,505 ) 208,780 Additions to lower of cost or — 934 575 — 1,509 Gross (loss) profit — (1,558 ) 12,322 — 10,764 Research and development — 1,772 — — 1,772 Selling and administrative expenses — 7,269 16,609 — 23,878 Operating loss — (10,599 ) (4,287 ) — (14,886 ) Other expense (income), net 6 436 3,811 — 4,253 Interest expense - affiliate 1,447 — — (1,447 ) — Interest expense - third party 12,771 2,475 202 — 15,448 Interest income - affiliate — (1,447 ) — 1,447 — Interest income - third party — — (262 ) — (262 ) Loss from continuing operations (14,224 ) (12,063 ) (8,038 ) — ` (34,325 ) Provision for income taxes — 254 1,032 — 1,286 Equity in loss from continuing operations of subsidiary (21,387 ) (9,070 ) — 30,457 — Net loss from (35,611 ) (21,387 ) (9,070 ) 30,457 (35,611 ) Income (loss) from discontinued operations, net of tax 77 (7,780 ) (413 ) — (8,116 ) Equity in loss from discontinued operations of subsidiary (8,193 ) (413 ) — 8,606 — Net loss from discontinued operations (8,116 ) (8,193 ) (413 ) 8,606 (8,116 ) Net loss $ (43,727 ) $ (29,580 ) $ (9,483 ) $ 39,063 $ (43,727 ) Statements of Comprehensive Income (Loss) Net loss $ (43,727 ) $ (29,580 ) $ (9,483 ) $ 39,063 $ (43,727 ) Other comprehensive income 13,595 13,595 13,595 (27,190 ) 13,595 Comprehensive (loss) income $ (30,132 ) $ (15,985 ) $ 4,112 $ 11,873 $ (30,132 ) CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2016 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities: $ (9,568 ) $ 14,014 $ 6,739 $ — $ 11,185 Cash flow from investing activities: (Loans to) repayments from affiliates — (9,568 ) — 9,568 — Capital expenditures — (4,825 ) (10,315 ) — (15,140 ) Other — — (721 ) — (721 ) Proceeds from sale of fixed assets — 458 99 — 557 Net cash (used in) provided by investing activities — (13,935 ) (10,937 ) 9,568 (15,304 ) Cash flow from financing activities: Loans from (Repayments to) affiliates 9,568 — — (9,568 ) — Short-term debt, net — 6,002 5,002 — 11,004 Revolving Facility borrowings — 27,000 5,000 — 32,000 Revolving Facility reductions — (32,000 ) — — (32,000 ) Principal payments on long term debt — (69 ) — — (69 ) Revolver facility refinancing — (922 ) — — (922 ) Net cash provided by (used in) financing activities 9,568 11 10,002 (9,568 ) 10,013 Net change in cash and cash equivalents — 90 5,804 — 5,894 Effect of exchange rate changes on cash and cash equivalents — — 588 — 588 Cash and cash equivalents at beginning of period — 646 6,281 — 6,927 Cash and cash equivalents at end of period $ — $ 736 $ 12,673 $ — $ 13,409 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2017 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities: $ (9,659 ) $ (1,514 ) $ 39,265 $ (24,619 ) $ 3,473 Cash flow from investing activities: Loans to affiliates — (9,659 ) — 9,659 — Capital expenditures — (1,497 ) (11,948 ) — (13,445 ) Proceeds from sale of assets — 114 3,042 — 3,156 Net cash (used in) provided by investing activities — (11,042 ) (8,906 ) 9,659 (10,289 ) Cash flow from financing activities: Loans from affiliates 9,659 — — (9,659 ) — Dividends to affiliates — — (24,619 ) 24,619 — Short-term debt, net — 802 (5,658 ) — (4,856 ) Revolving Facility borrowings — 30,000 — — 30,000 Revolving Facility reductions — (18,000 ) — — (18,000 ) Principal payments on long term debt — (71 ) — — (71 ) Net cash provided by (used in) financing activities 9,659 12,731 (30,277 ) 14,960 7,073 Net change in cash and cash equivalents — 175 82 — 257 Effect of exchange rate changes on cash and cash equivalents — — 63 — 63 Cash and cash equivalents at beginning of period — 636 10,974 — 11,610 Cash and cash equivalents at end of period $ — $ 811 $ 11,119 $ — $ 11,930 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | (13) Subsequent Events On July 3, 2017 we completed the sale of our Advanced Energy Technologies (AET) business. AET was a product line within our Engineered Solutions business which has been classified as held for sale since the second quarter of 2016. The sale resulted in cash proceeds of $28.5 million and an additional impairment loss of $2.8 million . The loss represented a condition that existed as of our balance sheet date and as such was recorded in our results for the three and six months ended June 30, 2017 as an impairment of long-lived assets within discontinued operations. See Note 2 "Discontinued Operations and Related Assets Held for Sale" for the results of our Engineered Solutions business and further background. In accordance with our Credit Facility, all proceeds from this sale were used to pay down our Revolving Facility and Term Loan. |
Organization And Summary Of S19
Organization And Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016 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, 2016 (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. |
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. During the fourth quarter of 2016, we completed the initial evaluation of the new standard and the related assessment and review of a representative sample of existing revenue contracts with our customers. We determined, on a preliminary basis, that although the timing and pattern of revenue recognition may change, the amount of revenue recognized during the year should remain substantially the same. 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 fiscal years beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of this standard on its financial position, results of operations or cash flows. In January 2017, the FASB issued ASU No. 2017-04 Intangibles-Goodwill and Other (Topic 350). This guidance was issued to simplify the accounting for goodwill impairment. The guidance removes the second step of the goodwill impairment test, which requires that a hypothetical purchase price allocation be performed to determine the amount of impairment, if any. Under this new guidance, a goodwill impairment charge will be based on the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance will become effective on a prospective basis for the Company on January 1, 2020 with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of the adoption of this standard on its results of operations. In March 2017, the FASB issued ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715). This standard requires an entity to report the service cost component in the same line item as other compensation costs. The other components of net (benefit) cost will be required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This standard is effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of the adoption of this standard on its results of operations. The components of the net (benefit) cost are shown in Note 4, "Benefit Plans." |
Discontinued Operations and R20
Discontinued Operations and Related Assets Held for Sale (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016 and 2017 . For the Three Months Ended June 30, For the Six Months 2016 2017 2016 2017 (Dollars in thousands) Net sales $ 29,930 $ 32,428 $ 59,019 $ 64,193 Cost of sales 24,569 28,610 50,554 57,022 Gross profit 5,361 3,818 8,465 7,171 Research and development 813 711 1,691 1,281 Selling and administrative expenses 5,059 4,106 9,514 7,800 Impairment 105,600 2,800 105,600 5,300 Operating loss (106,111 ) (3,799 ) (108,340 ) (7,210 ) Other income (81 ) (47 ) (72 ) (18 ) Interest expense 951 524 1,670 1,133 Loss from discontinued operations before income taxes (106,981 ) (4,276 ) (109,938 ) (8,325 ) (Benefit from) income taxes on discontinued operations (843 ) (226 ) (1,236 ) (209 ) Loss from discontinued operations $ (106,138 ) $ (4,050 ) $ (108,702 ) $ (8,116 ) The significant components of our Statements of Cash Flows for the Engineered Solutions business segment held for sale are as follows: For the Six Months 2016 2017 (Dollars in thousands) Depreciation and amortization $ 3,052 $ 2,311 Impairment 105,600 5,300 Deferred income taxes (1,236 ) (209 ) Capital expenditures 2,513 432 The following table summarizes the carrying value of the assets and liabilities of discontinued operations as of December 31, 2016 and June 30, 2017 . As of December 31, 2016 As of (Dollars in thousands) Assets of discontinued operations: Accounts receivable $ 17,094 $ 18,325 Inventories 71,816 58,050 Prepaid expenses and other current assets 320 952 Net property plant and equipment 79,048 78,827 Other assets 12,608 11,669 Total assets of discontinued operations prior to impairment 180,886 167,823 Impairment (119,907 ) (125,207 ) Total assets of discontinued operations $ 60,979 $ 42,616 Liabilities of discontinued operations: Accounts payable $ 7,253 $ 6,389 Accrued income and other taxes 2,326 994 Other accrued liabilities 10,463 8,785 Total current liabilities of discontinued operations 20,042 16,168 Other long-term obligations 850 971 Total liabilities of discontinued operations $ 20,892 $ 17,139 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Schedule Of Financial Information Concerning Reportable Segments | Information concerning our reportable segment is as follows: For the Three Months Ended June 30, For the Six Months 2016 2017 2016 2017 (Dollars in thousands) Net sales to external customers: Industrial Materials $ 115,365 $ 116,314 $ 210,941 $ 221,053 Operating (loss) income: Industrial Materials (16,291 ) 2,308 (36,538 ) (4,090 ) Corporate, R&D and Other expenses (6,323 ) (5,767 ) (13,495 ) (10,796 ) Total operating loss $ (22,614 ) $ (3,459 ) $ (50,033 ) $ (14,886 ) Reconciliation of segment operating loss to loss before provision for income taxes Other expense (income), net $ (1,198 ) $ 1,186 $ (960 ) $ 4,253 Interest expense 6,436 7,902 12,896 15,448 Interest income — (139 ) (12 ) (262 ) Loss from continuing operations before provision for income taxes $ (27,852 ) $ (12,408 ) $ (61,957 ) $ (34,325 ) |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Pension Costs | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Benefit Plans | The components of our consolidated net pension costs are set forth in the following table: For the Three Months Ended June 30, For the Six Months 2016 2017 2016 2017 (Dollars in thousands) Service cost $ 508 $ 496 $ 1,016 $ 992 Interest cost 1,498 1,385 2,996 2,769 Expected return on plan assets (1,310 ) (1,389 ) (2,620 ) (2,777 ) Net cost $ 696 $ 492 $ 1,392 $ 984 |
Postretirement Costs | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Benefit Plans | he components of our consolidated net postretirement costs are set forth in the following table: For the Three Months Ended June 30, For the Six Months 2016 2017 2016 2017 (Dollars in thousands) Service cost $ 1 $ 1 $ 2 $ 1 Interest cost 272 241 543 483 Net cost $ 273 $ 242 $ 545 $ 484 |
Goodwill And Other Intangible23
Goodwill And Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Changes In The Carrying Value Of Goodwill | The following tables represents the changes in the carrying value of goodwill and intangibles during three months ended June 30, 2017 : Goodwill Balance as of December 31, 2016 $ 171,117 Adjustments — Balance as of June 30, 2017 $ 171,117 |
Schedule Of Intangible Assets With Determinable Useful Lives By Major Category | Intangible Assets As of December 31, 2016 As of June 30, 2017 Gross Carrying Amount Accumulated Net Carrying Amount Gross Carrying Amount Accumulated Amortization & Impairment Net Carrying Amount (Dollars in Thousands) Trade name $ 22,500 $ (3,235 ) $ 19,265 $ 22,500 $ (4,386 ) $ 18,114 Technological know-how 55,300 (10,397 ) 44,903 55,300 (13,949 ) 41,351 Customer –related intangible 64,500 (6,177 ) 58,323 64,500 (8,412 ) 56,088 Total finite-lived intangible assets $ 142,300 $ (19,809 ) $ 122,491 $ 142,300 $ (26,747 ) $ 115,553 |
Debt And Liquidity (Tables)
Debt And Liquidity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Schedule Of Long-Term Debt | The following table presents our long-term debt: As of December 31, 2016 As of (Dollars in thousands) Credit Facility (Revolving Facility and Term Loan Facility) $ 90,731 $ 98,031 Senior Notes 274,132 277,341 Other Debt 569 591 Total Debt 365,432 375,963 Less: Short-term Debt (8,852 ) (8,007 ) Long-term Debt $ 356,580 $ 367,956 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | nventories are comprised of the following: As of December 31, 2016 As of (Dollars in thousands) Inventories: Raw materials and supplies $ 54,469 $ 50,472 Work in process 52,379 69,237 Finished goods 49,263 44,715 Total $ 156,111 $ 164,424 |
Interest Expense (Tables)
Interest Expense (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Interest and Debt Expense [Abstract] | |
Schedule Of Interest Expense | The following tables present the components of interest expense: For the Three Months Ended June 30, For the Six Months 2016 2017 2016 2017 (Dollars in thousands) Interest incurred on debt $ 4,819 $ 6,217 $ 9,716 $ 12,086 Accretion of fair value adjustment on Senior Notes 1,571 1,609 3,134 3,208 Amortization of debt issuance costs 46 76 46 154 Total interest expense $ 6,436 $ 7,902 $ 12,896 $ 15,448 |
Contingencies (Tables)
Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 , are presented below: (Dollars in thousands) Balance as of December 31, 2016 $ 969 Product warranty adjustments (230 ) Accruals and Payments (68 ) Balance as of June 30, 2017 $ 671 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016 and June 30, 2017 : For the Three Months Ended June 30, For the Six Months 2016 2017 2016 2017 (Dollars in thousands) Tax (benefit) expense $ (5,591 ) $ 925 $ (5,886 ) $ 1,286 Pretax loss (27,852 ) (12,408 ) (61,957 ) (34,325 ) Effective tax rates 20.1 % (7.5 )% 9.5 % (3.7 )% For the three and six months ended June 30, 2016 and 2017 the effective tax rate 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 tax 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. As of June 30, 2017 , we had unrecognized tax benefits of $3.4 million , $3.0 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 2013 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 2010. 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, 2017 | |
Consolidating Financials [Abstract] | |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2016 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 636 $ 10,974 $ — $ 11,610 Accounts receivable - affiliates 51,592 3,624 19,643 (74,859 ) — Accounts receivable - trade — 7,518 73,050 — 80,568 Inventories — 44,563 111,548 — 156,111 Prepaid and other current assets 1,350 4,853 15,462 — 21,665 Current assets of discontinued operations — 51,160 14,296 (4,477 ) 60,979 Total current assets 52,942 112,354 244,973 (79,336 ) 330,933 Investment in affiliates 844,379 601,597 — (1,445,976 ) — Property, plant and equipment — 191,503 317,352 — 508,855 Deferred income taxes — — 19,803 — 19,803 Goodwill — 70,399 100,718 — 171,117 Notes receivable - affiliate — 49,003 — (49,003 ) — Other assets — 70,767 70,801 — 141,568 Total Assets $ 897,321 $ 1,095,623 $ 753,647 $ (1,574,315 ) $ 1,172,276 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable - affiliate $ 806 $ 71,243 $ 2,810 $ (74,859 ) $ — Accounts payable - trade 964 8,033 38,666 — 47,663 Short-term debt — 3,062 5,790 — 8,852 Accrued income and other taxes — 2,095 3,161 — 5,256 Other accrued liabilities 2,444 12,205 15,945 — 30,594 Short-term liabilities of discontinued operations — 20,381 4,138 (4,477 ) 20,042 Total current liabilities 4,214 117,019 70,510 (79,336 ) 112,407 Long-term debt - affiliate 41,590 — 7,413 (49,003 ) — Long-term debt - third party 274,132 81,695 753 — 356,580 Other long-term obligations — 50,943 31,205 — 82,148 Deferred income taxes — 909 41,997 — 42,906 Long-term liabilities of discontinued operations — 678 172 — 850 Stockholders' equity 577,385 844,379 601,597 (1,445,976 ) 577,385 Total Liabilities and Stockholders' Equity $ 897,321 $ 1,095,623 $ 753,647 $ (1,574,315 ) $ 1,172,276 CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2017 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 811 $ 11,119 $ — $ 11,930 Accounts receivable - affiliates 51,592 14,331 9,484 (75,407 ) — Accounts receivable - trade — 9,705 72,292 — 81,997 Inventories — 45,037 119,387 164,424 Prepaid and other current assets 554 5,786 18,005 — 24,345 Current assets of discontinued operations — 32,839 11,840 (2,063 ) 42,616 Total current assets 52,146 108,509 242,127 (77,470 ) 325,312 Investment in affiliates 828,394 581,431 — (1,409,825 ) — Property, plant and equipment — 183,901 322,847 — 506,748 Deferred income taxes — — 19,340 — 19,340 Goodwill — 70,399 100,718 — 171,117 Notes receivable - affiliate 60,101 — (60,101 ) — Other assets — 64,577 62,179 — 126,756 Total Assets $ 880,540 $ 1,068,918 $ 747,211 $ (1,547,396 ) $ 1,149,273 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable - affiliate $ 814 $ 61,074 $ 13,519 $ (75,407 ) $ — Accounts payable - trade — 7,701 39,552 — 47,253 Short-term debt — 7,863 144 — 8,007 Accrued income and other taxes — 1,405 6,134 — 7,539 Other accrued liabilities 2,444 7,986 16,849 — 27,279 Liabilities of discontinued operations — 14,622 3,609 (2,063 ) 16,168 Total current liabilities 3,258 100,651 79,807 (77,470 ) 106,246 Long-term debt - affiliate 52,688 — 7,413 (60,101 ) — Long-term debt - third party 277,341 89,778 837 — 367,956 Other long-term obligations — 48,151 32,989 — 81,140 Deferred income taxes — 1,158 44,549 — 45,707 Long-term liabilities of discontinued operations — 786 185 — — — 971 Stockholders' equity 547,253 828,394 581,431 (1,409,825 ) 547,253 Total Liabilities and Stockholders' Equity $ 880,540 $ 1,068,918 $ 747,211 $ (1,547,396 ) $ 1,149,273 |
Condensed Income Statement | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Three months ended June 30, 2016 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 38,238 $ 16,081 $ (54,319 ) $ — Sales - third party — 21,824 93,541 — 115,365 Net sales — 60,062 109,622 (54,319 ) 115,365 Cost of sales — 43,760 130,825 (54,319 ) 120,266 Additions to lower cost or market inventory reserve — 1,761 1,743 — 3,504 Gross profit (loss) — 14,541 (22,946 ) — (8,405 ) Research and development — 786 — — 786 Selling and administrative expenses — 3,716 9,707 — 13,423 Operating income (loss) — 10,039 (32,653 ) — (22,614 ) Other expense (income), net — 472 (1,670 ) — (1,198 ) Interest expense - affiliate 236 — — (236 ) — Interest expense - third party 6,353 13 70 — 6,436 Interest income - affiliate — (236 ) — 236 — Income (Loss) from continuing operations before provision for income taxes (6,589 ) 9,790 (31,053 ) — ` (27,852 ) Provision for income taxes — 238 (5,829 ) — (5,591 ) Equity in loss from (15,672 ) (25,224 ) — 40,896 — Net loss from (22,261 ) (15,672 ) (25,224 ) 40,896 (22,261 ) Loss from discontinued operations, net of tax — (103,752 ) (2,386 ) — (106,138 ) Equity in loss from discontinued operations of subsidiary (106,138 ) (2,386 ) — 108,524 — Net loss from (106,138 ) (106,138 ) (2,386 ) 108,524 (106,138 ) Net loss $ (128,399 ) $ (121,810 ) $ (27,610 ) $ 149,420 $ (128,399 ) Statements of Comprehensive Income (Loss) Net loss $ (128,399 ) $ (121,810 ) $ (27,610 ) $ 149,420 $ (128,399 ) Other comprehensive income (936 ) (936 ) (936 ) 1,872 (936 ) Comprehensive loss $ (129,335 ) $ (122,746 ) $ (28,546 ) $ 151,292 $ (129,335 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Three months ended June 30, 2017 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 21,453 $ 12,623 $ (34,076 ) $ — Sales - third party — 22,482 93,832 — 116,314 Net sales — 43,935 106,455 (34,076 ) 116,314 Cost of sales — 45,314 95,185 (34,076 ) 106,423 Additions to lower of cost or — 209 3 — 212 Gross (loss) profit — (1,588 ) 11,267 — 9,679 Research and development — 943 — — 943 Selling and administrative expenses — 3,970 8,225 — 12,195 Operating (loss) income — (6,501 ) 3,042 — (3,459 ) Other expense (income), net (1 ) 221 966 — 1,186 Interest expense - affiliate 788 — — (788 ) — Interest expense - third party 6,391 1,423 88 — 7,902 Interest income - affiliate — (788 ) — 788 — Interest income - third party — — (139 ) — (139 ) (Loss) income from continuing operations before provision for income taxes (7,178 ) (7,357 ) 2,127 — ` (12,408 ) Provision for income taxes — 123 802 — 925 Equity in loss from continuing operations of subsidiary (6,155 ) 1,325 — 4,830 — Net (loss) income from (13,333 ) (6,155 ) 1,325 4,830 (13,333 ) Income (loss) income from discontinued operations, net of tax 77 (3,638 ) (489 ) — (4,050 ) Equity in loss from discontinued operations of subsidiary (4,127 ) (489 ) — 4,616 — Net loss from discontinued operations (4,050 ) (4,127 ) (489 ) 4,616 (4,050 ) Net (loss) income $ (17,383 ) $ (10,282 ) $ 836 $ 9,446 $ (17,383 ) Statements of Comprehensive Income (Loss) Net (loss) income $ (17,383 ) $ (10,282 ) $ 836 $ 9,446 $ (17,383 ) Other comprehensive income 8,755 8,755 8,755 (17,510 ) 8,755 Comprehensive (loss) income $ (8,628 ) $ (1,527 ) $ 9,591 $ (8,064 ) $ (8,628 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Six Months Ended June 30, 2016 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 79,137 $ 35,724 $ (114,861 ) $ — Sales - third party — 42,644 168,297 — 210,941 Net sales — 121,781 204,021 (114,861 ) 210,941 Cost of sales — 105,414 227,143 (114,861 ) 217,696 Additions to lower cost or market inventory reserve — 3,782 10,843 — 14,625 Gross profit (loss) — 12,585 (33,965 ) — (21,380 ) Research and development — 1,438 — — 1,438 Selling and administrative expenses — 9,789 17,426 — 27,215 Operating (loss) income — 1,358 (51,391 ) — (50,033 ) Other expense (income), net 6 742 (1,708 ) — (960 ) Interest expense - affiliate 434 — — (434 ) — Interest expense - third party 12,697 54 145 — 12,896 Interest income - affiliate — (434 ) — 434 — Interest income - third party — — (12 ) — (12 ) Income (Loss) from continuing operations before provision for income taxes (13,137 ) 996 (49,816 ) — ` (61,957 ) Provision for income taxes — 255 (6,141 ) — (5,886 ) Equity in loss from (42,934 ) (43,675 ) — 86,609 — Net loss from (56,071 ) (42,934 ) (43,675 ) 86,609 (56,071 ) Loss from discontinued operations, net of tax — (105,330 ) (3,372 ) — (108,702 ) Equity in loss from discontinued operations of subsidiary (108,702 ) (3,372 ) — 112,074 — Net loss from (108,702 ) (108,702 ) (3,372 ) 112,074 (108,702 ) Net loss $ (164,773 ) $ (151,636 ) $ (47,047 ) $ 198,683 $ (164,773 ) Statements of Comprehensive Income (Loss) Net loss $ (164,773 ) $ (151,636 ) $ (47,047 ) $ 198,683 $ (164,773 ) Other comprehensive income 11,701 11,701 11,701 (23,402 ) 11,701 Comprehensive loss $ (153,072 ) $ (139,935 ) $ (35,346 ) $ 175,281 $ (153,072 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Six Months Ended June 30, 2017 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 46,797 $ 24,708 $ (71,505 ) $ — Sales - third party — 44,363 176,690 — 221,053 Net sales — 91,160 201,398 (71,505 ) 221,053 Cost of sales — 91,784 188,501 (71,505 ) 208,780 Additions to lower of cost or — 934 575 — 1,509 Gross (loss) profit — (1,558 ) 12,322 — 10,764 Research and development — 1,772 — — 1,772 Selling and administrative expenses — 7,269 16,609 — 23,878 Operating loss — (10,599 ) (4,287 ) — (14,886 ) Other expense (income), net 6 436 3,811 — 4,253 Interest expense - affiliate 1,447 — — (1,447 ) — Interest expense - third party 12,771 2,475 202 — 15,448 Interest income - affiliate — (1,447 ) — 1,447 — Interest income - third party — — (262 ) — (262 ) Loss from continuing operations (14,224 ) (12,063 ) (8,038 ) — ` (34,325 ) Provision for income taxes — 254 1,032 — 1,286 Equity in loss from continuing operations of subsidiary (21,387 ) (9,070 ) — 30,457 — Net loss from (35,611 ) (21,387 ) (9,070 ) 30,457 (35,611 ) Income (loss) from discontinued operations, net of tax 77 (7,780 ) (413 ) — (8,116 ) Equity in loss from discontinued operations of subsidiary (8,193 ) (413 ) — 8,606 — Net loss from discontinued operations (8,116 ) (8,193 ) (413 ) 8,606 (8,116 ) Net loss $ (43,727 ) $ (29,580 ) $ (9,483 ) $ 39,063 $ (43,727 ) Statements of Comprehensive Income (Loss) Net loss $ (43,727 ) $ (29,580 ) $ (9,483 ) $ 39,063 $ (43,727 ) Other comprehensive income 13,595 13,595 13,595 (27,190 ) 13,595 Comprehensive (loss) income $ (30,132 ) $ (15,985 ) $ 4,112 $ 11,873 $ (30,132 ) |
Condensed Cash Flow Statement | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2016 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities: $ (9,568 ) $ 14,014 $ 6,739 $ — $ 11,185 Cash flow from investing activities: (Loans to) repayments from affiliates — (9,568 ) — 9,568 — Capital expenditures — (4,825 ) (10,315 ) — (15,140 ) Other — — (721 ) — (721 ) Proceeds from sale of fixed assets — 458 99 — 557 Net cash (used in) provided by investing activities — (13,935 ) (10,937 ) 9,568 (15,304 ) Cash flow from financing activities: Loans from (Repayments to) affiliates 9,568 — — (9,568 ) — Short-term debt, net — 6,002 5,002 — 11,004 Revolving Facility borrowings — 27,000 5,000 — 32,000 Revolving Facility reductions — (32,000 ) — — (32,000 ) Principal payments on long term debt — (69 ) — — (69 ) Revolver facility refinancing — (922 ) — — (922 ) Net cash provided by (used in) financing activities 9,568 11 10,002 (9,568 ) 10,013 Net change in cash and cash equivalents — 90 5,804 — 5,894 Effect of exchange rate changes on cash and cash equivalents — — 588 — 588 Cash and cash equivalents at beginning of period — 646 6,281 — 6,927 Cash and cash equivalents at end of period $ — $ 736 $ 12,673 $ — $ 13,409 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2017 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities: $ (9,659 ) $ (1,514 ) $ 39,265 $ (24,619 ) $ 3,473 Cash flow from investing activities: Loans to affiliates — (9,659 ) — 9,659 — Capital expenditures — (1,497 ) (11,948 ) — (13,445 ) Proceeds from sale of assets — 114 3,042 — 3,156 Net cash (used in) provided by investing activities — (11,042 ) (8,906 ) 9,659 (10,289 ) Cash flow from financing activities: Loans from affiliates 9,659 — — (9,659 ) — Dividends to affiliates — — (24,619 ) 24,619 — Short-term debt, net — 802 (5,658 ) — (4,856 ) Revolving Facility borrowings — 30,000 — — 30,000 Revolving Facility reductions — (18,000 ) — — (18,000 ) Principal payments on long term debt — (71 ) — — (71 ) Net cash provided by (used in) financing activities 9,659 12,731 (30,277 ) 14,960 7,073 Net change in cash and cash equivalents — 175 82 — 257 Effect of exchange rate changes on cash and cash equivalents — — 63 — 63 Cash and cash equivalents at beginning of period — 636 10,974 — 11,610 Cash and cash equivalents at end of period $ — $ 811 $ 11,119 $ — $ 11,930 |
Organization And Summary Of S30
Organization And Summary Of Significant Accounting Policies (Details) | Jun. 30, 2017major_product_categories |
Accounting Policies [Abstract] | |
Number of major product categories | 2 |
Discontinued Operations and R31
Discontinued Operations and Related Assets Held for Sale (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Nov. 30, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from Divestiture of Businesses | $ 28,500 | $ 15,900 | |||||
Gain (Loss) on Disposition of Business | $ (200) | ||||||
Fiber Materials Inc. [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Potential Earnings in Disposed Entity | $ 8,500 | ||||||
Discontinued Operations, Held-for-sale [Member] | Engineered Solutions [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment | $ 14,300 | $ 105,600 | $ 5,300 | $ 105,600 | |||
Gain (Loss) on Disposition of Business | $ 2,800 |
Discontinued Operations and R32
Discontinued Operations and Related Assets Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Gain (Loss) on Disposition of Business | $ (200) | |||||
Net (loss) income from discontinued operations | $ (4,050) | $ (106,138) | $ (8,116) | $ (108,702) | ||
Current Liabilities: | ||||||
Total current liabilities of discontinued operations | 16,168 | $ 20,042 | 16,168 | 20,042 | ||
Long-term Liabilities: | ||||||
Other long-term obligations | 971 | 850 | 971 | 850 | ||
Engineered Solutions [Member] | Discontinued Operations, Held-for-sale [Member] | ||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Net sales | 32,428 | 29,930 | 64,193 | 59,019 | ||
Cost of sales | 28,610 | 24,569 | 57,022 | 50,554 | ||
Gross profit | 3,818 | 5,361 | 7,171 | 8,465 | ||
Research and development | 711 | 813 | 1,281 | 1,691 | ||
Selling and administrative expenses | 4,106 | 5,059 | 7,800 | 9,514 | ||
Impairment | 14,300 | 105,600 | 5,300 | 105,600 | ||
Gain (Loss) on Disposition of Business | 2,800 | |||||
Operating loss | (3,799) | (106,111) | (7,210) | (108,340) | ||
Other income | (47) | (81) | (18) | (72) | ||
Interest expense | 524 | 951 | 1,133 | 1,670 | ||
Loss from discontinued operations before income taxes | (4,276) | (106,981) | (8,325) | (109,938) | ||
(Benefit from) income taxes on discontinued operations | (226) | (843) | (209) | (1,236) | ||
Net (loss) income from discontinued operations | (4,050) | $ (106,138) | (8,116) | (108,702) | ||
Discontinued Operation, Alternative Cash Flow Information [Abstract] | ||||||
Depreciation and amortization | 2,311 | 3,052 | ||||
Deferred income taxes | (209) | (1,236) | ||||
Capital expenditures | 432 | $ 2,513 | ||||
Current Assets: | ||||||
Accounts receivable | 18,325 | 17,094 | 18,325 | 17,094 | ||
Inventories | 58,050 | 71,816 | 58,050 | 71,816 | ||
Prepaid expenses and other current assets | 952 | 320 | 952 | 320 | ||
Long-term Assets: | ||||||
Net property plant and equipment | 78,827 | 79,048 | 78,827 | 79,048 | ||
Other assets | 11,669 | 12,608 | 11,669 | 12,608 | ||
Total long-term assets of discontinued operations | 167,823 | 180,886 | 167,823 | 180,886 | ||
Impairment upon reclassification to discontinued operations | (125,207) | (119,907) | (125,207) | (119,907) | ||
Total assets of discontinued operations | 42,616 | 60,979 | 42,616 | 60,979 | ||
Current Liabilities: | ||||||
Accounts payable | 6,389 | 7,253 | 6,389 | 7,253 | ||
Accrued income and other taxes | 994 | 2,326 | 994 | 2,326 | ||
Other accrued liabilities | 8,785 | 10,463 | 8,785 | 10,463 | ||
Total current liabilities of discontinued operations | 16,168 | 20,042 | 16,168 | 20,042 | ||
Long-term Liabilities: | ||||||
Other long-term obligations | 971 | 850 | 971 | 850 | ||
Total liabilities of discontinued operations | $ 17,139 | $ 20,892 | $ 17,139 | $ 20,892 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Financial Information Concerning Reportable Segments) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)segment | Jun. 30, 2016USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Total net sales | $ 116,314 | $ 115,365 | $ 221,053 | $ 210,941 |
Total operating loss | (3,459) | (22,614) | (14,886) | (50,033) |
Other expense (income), net | 1,186 | (1,198) | 4,253 | (960) |
Interest expense | 7,902 | 6,436 | 15,448 | 12,896 |
Interest income | (139) | 0 | (262) | (12) |
Loss from continuing operations before provision for income taxes | (12,408) | (27,852) | (34,325) | (61,957) |
Industrial Materials | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 116,314 | 115,365 | 221,053 | 210,941 |
Total operating loss | 2,308 | (16,291) | (4,090) | (36,538) |
Corporate, R&D and Other | ||||
Segment Reporting Information [Line Items] | ||||
Total operating loss | $ (5,767) | $ (6,323) | $ (10,796) | $ (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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pension Costs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 496 | $ 508 | $ 992 | $ 1,016 |
Interest cost | 1,385 | 1,498 | 2,769 | 2,996 |
Expected return on plan assets | (1,389) | (1,310) | (2,777) | (2,620) |
Net cost | 492 | 696 | 984 | 1,392 |
Postretirement Costs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 1 | 1 | 2 |
Interest cost | 241 | 272 | 483 | 543 |
Net cost | $ 242 | $ 273 | $ 484 | $ 545 |
Goodwill And Other Intangible35
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense of intangible assets | $ 3.5 | $ 3.6 | $ 6.9 | $ 7.2 |
Finite-Lived Intangible Assets, Amortization Expense, Next Rolling Twelve Months | 6.7 | 6.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 12.9 | 12.9 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 12.2 | 12.2 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 11.4 | 11.4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 10.7 | $ 10.7 |
Goodwill And Other Intangible36
Goodwill And Other Intangible Assets (Schedule Of Changes In The Carrying Value Of Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Goodwill [Roll Forward] | |
Beginning Balance | $ 171,117 |
Adjustments | 0 |
Ending Balance | $ 171,117 |
Goodwill And Other Intangible37
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets With Determinable Useful Lives By Major Category) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | ||
Gross Carrying Amount | $ 142,300 | $ 142,300 |
Accumulated Amortization & Impairment | (26,747) | (19,809) |
Net Carrying Amount | 115,553 | 122,491 |
Trade Name | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 22,500 | 22,500 |
Accumulated Amortization & Impairment | (4,386) | (3,235) |
Net Carrying Amount | 18,114 | 19,265 |
Technological Know-How | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 55,300 | 55,300 |
Accumulated Amortization & Impairment | (13,949) | (10,397) |
Net Carrying Amount | 41,351 | 44,903 |
Customer-Related Intangible | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 64,500 | 64,500 |
Accumulated Amortization & Impairment | (8,412) | (6,177) |
Net Carrying Amount | $ 56,088 | $ 58,323 |
Debt And Liquidity (Narrative)
Debt And Liquidity (Narrative) (Details) - USD ($) | Feb. 27, 2015 | Jun. 30, 2017 | Dec. 31, 2016 | Apr. 27, 2016 | Jul. 28, 2015 | Apr. 23, 2014 | Nov. 20, 2012 |
Debt Instrument [Line Items] | |||||||
Fair value of debt | $ 363,900,000 | ||||||
Long-term Debt | 375,963,000 | $ 365,432,000 | |||||
Minimum Liquidity | $ 25,000,000 | ||||||
Outstanding letters of credit | 14,100,000 | ||||||
Term Loan Balance | 29,500,000 | ||||||
Revolving Credit Facility Balance | $ 68,500,000 | ||||||
Stated interest rate | 6.375% | ||||||
Loan balance, net of unamortized discount | $ 8,007,000 | 8,852,000 | |||||
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 | 277,341,000 | $ 274,132,000 | |||||
Principal amount issued | $ 300,000,000 | ||||||
Stated interest rate | 6.375% | ||||||
Redemption price, percentage of principal, prior to November 15, 2016 | 100.00% | ||||||
Repurchase price, percentage of principal, due to change in control | 101.00% | ||||||
Minimum | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Unpaid indebtedness or accelerated proceeds exceeds | 50,000,000 | ||||||
Unpaid judgment or decree in excess of | $ 50,000,000 | ||||||
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% | ||||||
Amended and Restated Credit Agreement | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing capacity | $ 400,000,000 | ||||||
Amended and Restated Credit Agreement | Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing capacity | $ 40,000,000 | ||||||
Amended and Restated Credit Agreement July 2015 [Member] | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing capacity | $ 225,000,000 | $ 375,000,000 | |||||
Amended and Restated Credit Agreement July 2015 [Member] | Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing capacity | $ 40,000,000 |
Debt And Liquidity (Schedule Of
Debt And Liquidity (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total Debt | $ 375,963 | $ 365,432 |
Less: Short-term Debt | (8,007) | (8,852) |
Long-term debt | 367,956 | 356,580 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Total Debt | 277,341 | 274,132 |
Other Debt | ||
Debt Instrument [Line Items] | ||
Total Debt | 591 | 569 |
Credit Facility (Revolving Facility and Term Loan Facility) | ||
Debt Instrument [Line Items] | ||
Credit Facility (Revolving Facility and Term Loan Facility) | $ 98,031 | $ 90,731 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Inventories: | |||||
Raw materials and supplies | $ 50,472 | $ 50,472 | $ 54,469 | ||
Work in process | 69,237 | 69,237 | 52,379 | ||
Finished goods | 44,715 | 44,715 | 49,263 | ||
Total | 164,424 | 164,424 | $ 156,111 | ||
Inventory write-downs | $ 212 | $ 3,504 | $ 1,509 | $ 14,625 |
Interest Expense (Details)
Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Interest and Debt Expense [Abstract] | |||||
Interest incurred on debt | $ 6,217 | $ 4,819 | $ 12,086 | $ 9,716 | |
Accretion of fair value adjustment on Senior Notes | 1,609 | 1,571 | 3,208 | 3,134 | |
Amortization of debt issuance costs | 76 | 46 | 154 | 46 | |
Total interest expense | $ 7,902 | $ 6,436 | $ 15,448 | $ 12,896 | |
Effective interest rate, revolving credit facility | 5.98% | 5.52% | |||
Stated interest rate | 6.375% | 6.375% |
Contingencies (Details)
Contingencies (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Loss Contingency [Abstract] | |
Balance as of December 31, 2016 | $ 969 |
Payments and settlements | (68) |
Balance as of June 30, 2017 | $ 671 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
U.S. statutory rate | 35.00% | |||
Effective tax rate | (7.50%) | 20.10% | (3.70%) | 9.50% |
Unrecognized tax benefits | $ 3.4 | $ 3.4 | ||
Unrecognized tax benefits that would have a favorable impact on effective tax rate | $ 3 | $ 3 |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Tax (benefit) expense | $ 925 | $ (5,591) | $ 1,286 | $ (5,886) |
Pretax loss | $ (12,408) | $ (27,852) | $ (34,325) | $ (61,957) |
Effective tax rates (percentage) | (7.50%) | 20.10% | (3.70%) | 9.50% |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||||
Intercompany debt designated as a non-derivative net investment hedging instrument | $ 14,000,000 | $ 14,000,000 | $ 13,300,000 | ||
Gain (loss) currency translation adjustment | 100,000 | $ 0 | 700,000 | $ 600,000 | |
Foreign Currency Derivatives | |||||
Derivative [Line Items] | |||||
Notional amounts of foreign currency derivatives | $ 21,400,000 | $ 21,400,000 |
Guarantor Information (Textual)
Guarantor Information (Textual) (Details) - USD ($) | Jun. 30, 2017 | 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, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||||
Cash and cash equivalents | $ 11,930 | $ 11,610 | $ 13,409 | $ 6,927 |
Accounts receivable - affiliates | 0 | 0 | ||
Accounts receivable - trade | 81,997 | 80,568 | ||
Inventories | 164,424 | 156,111 | ||
Prepaid expenses and other current assets | 24,345 | 21,665 | ||
Current assets of discontinued operations | 42,616 | 60,979 | ||
Total current assets | 325,312 | 330,933 | ||
Investment in affiliates | 0 | 0 | ||
Net property, plant and equipment | 506,748 | 508,855 | ||
Deferred income taxes | 19,340 | 19,803 | ||
Goodwill | 171,117 | 171,117 | ||
Notes receivable - affiliate | 0 | 0 | ||
Other assets | 126,756 | 141,568 | ||
Total assets | 1,149,273 | 1,172,276 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable - affiliate | 0 | 0 | ||
Accounts payable - trade | 47,253 | 47,663 | ||
Short-term debt | 8,007 | 8,852 | ||
Accrued income and other taxes | 7,539 | 5,256 | ||
Other accrued liabilities | 27,279 | 30,594 | ||
Short-term liabilities of discontinued operations | 16,168 | 20,042 | ||
Total current liabilities | 106,246 | 112,407 | ||
Long-term debt - affiliate | 0 | 0 | ||
Long-term debt - third party | 367,956 | 356,580 | ||
Other long-term obligations | 81,140 | 82,148 | ||
Deferred income taxes | 45,707 | 42,906 | ||
Long-term liabilities of discontinued operations | 971 | 850 | ||
Total stockholders' equity | 547,253 | 577,385 | ||
Total liabilities and stockholders’ equity | 1,149,273 | 1,172,276 | ||
Consolidating Entries and Eliminations | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable - affiliates | (75,407) | (74,859) | ||
Accounts receivable - trade | 0 | 0 | ||
Inventories | 0 | |||
Prepaid expenses and other current assets | 0 | 0 | ||
Current assets of discontinued operations | (2,063) | (4,477) | ||
Total current assets | (77,470) | (79,336) | ||
Investment in affiliates | (1,409,825) | (1,445,976) | ||
Net property, plant and equipment | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Notes receivable - affiliate | (60,101) | (49,003) | ||
Other assets | 0 | 0 | ||
Total assets | (1,547,396) | (1,574,315) | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable - affiliate | (75,407) | (74,859) | ||
Accounts payable - trade | 0 | 0 | ||
Short-term debt | 0 | 0 | ||
Accrued income and other taxes | 0 | 0 | ||
Other accrued liabilities | 0 | 0 | ||
Short-term liabilities of discontinued operations | (2,063) | (4,477) | ||
Total current liabilities | (77,470) | (79,336) | ||
Long-term debt - affiliate | (60,101) | (49,003) | ||
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 | 0 | ||
Total stockholders' equity | (1,409,825) | (1,445,976) | ||
Total liabilities and stockholders’ equity | (1,547,396) | (1,574,315) | ||
Parent | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable - affiliates | 51,592 | 51,592 | ||
Accounts receivable - trade | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 554 | 1,350 | ||
Current assets of discontinued operations | 0 | 0 | ||
Total current assets | 52,146 | 52,942 | ||
Investment in affiliates | 828,394 | 844,379 | ||
Net property, plant and equipment | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Notes receivable - affiliate | 0 | |||
Other assets | 0 | 0 | ||
Total assets | 880,540 | 897,321 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable - affiliate | 814 | 806 | ||
Accounts payable - trade | 0 | 964 | ||
Short-term debt | 0 | 0 | ||
Accrued income and other taxes | 0 | 0 | ||
Other accrued liabilities | 2,444 | 2,444 | ||
Short-term liabilities of discontinued operations | 0 | 0 | ||
Total current liabilities | 3,258 | 4,214 | ||
Long-term debt - affiliate | 52,688 | 41,590 | ||
Long-term debt - third party | 277,341 | 274,132 | ||
Other long-term obligations | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Long-term liabilities of discontinued operations | 0 | 0 | ||
Total stockholders' equity | 547,253 | 577,385 | ||
Total liabilities and stockholders’ equity | 880,540 | 897,321 | ||
Guarantors | ||||
ASSETS | ||||
Cash and cash equivalents | 811 | 636 | 736 | 646 |
Accounts receivable - affiliates | 14,331 | 3,624 | ||
Accounts receivable - trade | 9,705 | 7,518 | ||
Inventories | 45,037 | 44,563 | ||
Prepaid expenses and other current assets | 5,786 | 4,853 | ||
Current assets of discontinued operations | 32,839 | 51,160 | ||
Total current assets | 108,509 | 112,354 | ||
Investment in affiliates | 581,431 | 601,597 | ||
Net property, plant and equipment | 183,901 | 191,503 | ||
Deferred income taxes | 0 | 0 | ||
Goodwill | 70,399 | 70,399 | ||
Notes receivable - affiliate | 60,101 | 49,003 | ||
Other assets | 64,577 | 70,767 | ||
Total assets | 1,068,918 | 1,095,623 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable - affiliate | 61,074 | 71,243 | ||
Accounts payable - trade | 7,701 | 8,033 | ||
Short-term debt | 7,863 | 3,062 | ||
Accrued income and other taxes | 1,405 | 2,095 | ||
Other accrued liabilities | 7,986 | 12,205 | ||
Short-term liabilities of discontinued operations | 14,622 | 20,381 | ||
Total current liabilities | 100,651 | 117,019 | ||
Long-term debt - affiliate | 0 | 0 | ||
Long-term debt - third party | 89,778 | 81,695 | ||
Other long-term obligations | 48,151 | 50,943 | ||
Deferred income taxes | 1,158 | 909 | ||
Long-term liabilities of discontinued operations | 786 | 678 | ||
Total stockholders' equity | 828,394 | 844,379 | ||
Total liabilities and stockholders’ equity | 1,068,918 | 1,095,623 | ||
Non-Guarantors | ||||
ASSETS | ||||
Cash and cash equivalents | 11,119 | 10,974 | $ 12,673 | $ 6,281 |
Accounts receivable - affiliates | 9,484 | 19,643 | ||
Accounts receivable - trade | 72,292 | 73,050 | ||
Inventories | 119,387 | 111,548 | ||
Prepaid expenses and other current assets | 18,005 | 15,462 | ||
Current assets of discontinued operations | 11,840 | 14,296 | ||
Total current assets | 242,127 | 244,973 | ||
Investment in affiliates | 0 | 0 | ||
Net property, plant and equipment | 322,847 | 317,352 | ||
Deferred income taxes | 19,340 | 19,803 | ||
Goodwill | 100,718 | 100,718 | ||
Notes receivable - affiliate | 0 | 0 | ||
Other assets | 62,179 | 70,801 | ||
Total assets | 747,211 | 753,647 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable - affiliate | 13,519 | 2,810 | ||
Accounts payable - trade | 39,552 | 38,666 | ||
Short-term debt | 144 | 5,790 | ||
Accrued income and other taxes | 6,134 | 3,161 | ||
Other accrued liabilities | 16,849 | 15,945 | ||
Short-term liabilities of discontinued operations | 3,609 | 4,138 | ||
Total current liabilities | 79,807 | 70,510 | ||
Long-term debt - affiliate | 7,413 | 7,413 | ||
Long-term debt - third party | 837 | 753 | ||
Other long-term obligations | 32,989 | 31,205 | ||
Deferred income taxes | 44,549 | 41,997 | ||
Long-term liabilities of discontinued operations | 185 | 172 | ||
Total stockholders' equity | 581,431 | 601,597 | ||
Total liabilities and stockholders’ equity | $ 747,211 | $ 753,647 |
Guarantor Information (Income a
Guarantor Information (Income and Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Sales - affiliates | $ 0 | $ 0 | $ 0 | $ 0 |
Sales - third party | 116,314 | 115,365 | 221,053 | 210,941 |
Net sales | 116,314 | 115,365 | 221,053 | 210,941 |
Cost of sales | 106,423 | 120,266 | 208,780 | 217,696 |
Lower of cost or market inventory adjustment | 212 | 3,504 | 1,509 | 14,625 |
Gross profit | 9,679 | (8,405) | 10,764 | (21,380) |
Research and development | 943 | 786 | 1,772 | 1,438 |
Selling and administrative expenses | 12,195 | 13,423 | 23,878 | 27,215 |
Operating loss | (3,459) | (22,614) | (14,886) | (50,033) |
Other expense (income), net | 1,186 | (1,198) | 4,253 | (960) |
Interest expense - affiliate | 0 | 0 | 0 | 0 |
Interest expense - third party | 7,902 | 6,436 | 15,448 | 12,896 |
Interest income - affiliate | 0 | 0 | 0 | 0 |
Interest income - third party | 139 | 0 | 262 | 12 |
Income (Loss) from continuing operations before provision for income taxes | (12,408) | (27,852) | (34,325) | (61,957) |
Provision for income taxes | 925 | (5,591) | 1,286 | (5,886) |
Equity in loss from continuing operations of subsidiary | 0 | 0 | 0 | 0 |
Net (loss) income from continuing operations | (13,333) | (22,261) | (35,611) | (56,071) |
Income (loss) from discontinued operations, net of tax | (4,050) | (106,138) | (8,116) | (108,702) |
Equity in loss from discontinued operations of subsidiary | 0 | 0 | 0 | 0 |
Net (loss) income from discontinued operations | (4,050) | (106,138) | (8,116) | (108,702) |
Net loss | (17,383) | (128,399) | (43,727) | (164,773) |
Statements of Comprehensive Income | ||||
Net loss | (17,383) | (128,399) | (43,727) | (164,773) |
Other comprehensive income | 8,755 | (936) | 13,595 | 11,701 |
Comprehensive loss | (8,628) | (129,335) | (30,132) | (153,072) |
Consolidating Entries and Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Sales - affiliates | (34,076) | (54,319) | (71,505) | (114,861) |
Sales - third party | 0 | 0 | 0 | 0 |
Net sales | (34,076) | (54,319) | (71,505) | (114,861) |
Cost of sales | (34,076) | (54,319) | (71,505) | (114,861) |
Lower of cost or market inventory adjustment | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Research and development | 0 | 0 | 0 | 0 |
Selling and administrative expenses | 0 | 0 | 0 | 0 |
Operating loss | 0 | 0 | 0 | 0 |
Other expense (income), net | 0 | 0 | 0 | 0 |
Interest expense - affiliate | (788) | (236) | (1,447) | (434) |
Interest expense - third party | 0 | 0 | 0 | 0 |
Interest income - affiliate | 788 | 236 | 1,447 | 434 |
Interest income - third party | 0 | 0 | 0 | |
Income (Loss) from continuing operations before provision for income taxes | 0 | 0 | 0 | 0 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Equity in loss from continuing operations of subsidiary | 4,830 | 40,896 | 30,457 | 86,609 |
Net (loss) income from continuing operations | 4,830 | 40,896 | 30,457 | 86,609 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Equity in loss from discontinued operations of subsidiary | 4,616 | 108,524 | 8,606 | 112,074 |
Net (loss) income from discontinued operations | 4,616 | 108,524 | 8,606 | 112,074 |
Net loss | 9,446 | 149,420 | 39,063 | 198,683 |
Statements of Comprehensive Income | ||||
Net loss | 9,446 | 149,420 | 39,063 | 198,683 |
Other comprehensive income | (17,510) | 1,872 | (27,190) | (23,402) |
Comprehensive loss | (8,064) | 151,292 | 11,873 | 175,281 |
Parent | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Sales - affiliates | 0 | 0 | 0 | 0 |
Sales - third party | 0 | 0 | 0 | 0 |
Net sales | 0 | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 | 0 |
Lower of cost or market inventory adjustment | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Research and development | 0 | 0 | 0 | 0 |
Selling and administrative expenses | 0 | 0 | 0 | 0 |
Operating loss | 0 | 0 | 0 | 0 |
Other expense (income), net | (1) | 0 | 6 | 6 |
Interest expense - affiliate | 788 | 236 | 1,447 | 434 |
Interest expense - third party | 6,391 | 6,353 | 12,771 | 12,697 |
Interest income - affiliate | 0 | 0 | 0 | 0 |
Interest income - third party | 0 | 0 | 0 | |
Income (Loss) from continuing operations before provision for income taxes | (7,178) | (6,589) | (14,224) | (13,137) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Equity in loss from continuing operations of subsidiary | (6,155) | (15,672) | (21,387) | (42,934) |
Net (loss) income from continuing operations | (13,333) | (22,261) | (35,611) | (56,071) |
Income (loss) from discontinued operations, net of tax | 77 | 0 | 77 | 0 |
Equity in loss from discontinued operations of subsidiary | (4,127) | (106,138) | (8,193) | (108,702) |
Net (loss) income from discontinued operations | (4,050) | (106,138) | (8,116) | (108,702) |
Net loss | (17,383) | (128,399) | (43,727) | (164,773) |
Statements of Comprehensive Income | ||||
Net loss | (17,383) | (128,399) | (43,727) | (164,773) |
Other comprehensive income | 8,755 | (936) | 13,595 | 11,701 |
Comprehensive loss | (8,628) | (129,335) | (30,132) | (153,072) |
Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Sales - affiliates | 21,453 | 38,238 | 46,797 | 79,137 |
Sales - third party | 22,482 | 21,824 | 44,363 | 42,644 |
Net sales | 43,935 | 60,062 | 91,160 | 121,781 |
Cost of sales | 45,314 | 43,760 | 91,784 | 105,414 |
Lower of cost or market inventory adjustment | 209 | 1,761 | 934 | 3,782 |
Gross profit | (1,588) | 14,541 | (1,558) | 12,585 |
Research and development | 943 | 786 | 1,772 | 1,438 |
Selling and administrative expenses | 3,970 | 3,716 | 7,269 | 9,789 |
Operating loss | (6,501) | 10,039 | (10,599) | 1,358 |
Other expense (income), net | 221 | 472 | 436 | 742 |
Interest expense - affiliate | 0 | 0 | 0 | 0 |
Interest expense - third party | 1,423 | 13 | 2,475 | 54 |
Interest income - affiliate | (788) | (236) | (1,447) | (434) |
Interest income - third party | 0 | 0 | 0 | |
Income (Loss) from continuing operations before provision for income taxes | (7,357) | 9,790 | (12,063) | 996 |
Provision for income taxes | 123 | 238 | 254 | 255 |
Equity in loss from continuing operations of subsidiary | 1,325 | (25,224) | (9,070) | (43,675) |
Net (loss) income from continuing operations | (6,155) | (15,672) | (21,387) | (42,934) |
Income (loss) from discontinued operations, net of tax | (3,638) | (103,752) | (7,780) | (105,330) |
Equity in loss from discontinued operations of subsidiary | (489) | (2,386) | (413) | (3,372) |
Net (loss) income from discontinued operations | (4,127) | (106,138) | (8,193) | (108,702) |
Net loss | (10,282) | (121,810) | (29,580) | (151,636) |
Statements of Comprehensive Income | ||||
Net loss | (10,282) | (121,810) | (29,580) | (151,636) |
Other comprehensive income | 8,755 | (936) | 13,595 | 11,701 |
Comprehensive loss | (1,527) | (122,746) | (15,985) | (139,935) |
Non-Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Sales - affiliates | 12,623 | 16,081 | 24,708 | 35,724 |
Sales - third party | 93,832 | 93,541 | 176,690 | 168,297 |
Net sales | 106,455 | 109,622 | 201,398 | 204,021 |
Cost of sales | 95,185 | 130,825 | 188,501 | 227,143 |
Lower of cost or market inventory adjustment | 3 | 1,743 | 575 | 10,843 |
Gross profit | 11,267 | (22,946) | 12,322 | (33,965) |
Research and development | 0 | 0 | 0 | 0 |
Selling and administrative expenses | 8,225 | 9,707 | 16,609 | 17,426 |
Operating loss | 3,042 | (32,653) | (4,287) | (51,391) |
Other expense (income), net | 966 | (1,670) | 3,811 | (1,708) |
Interest expense - affiliate | 0 | 0 | 0 | 0 |
Interest expense - third party | 88 | 70 | 202 | 145 |
Interest income - affiliate | 0 | 0 | 0 | 0 |
Interest income - third party | 139 | 262 | 12 | |
Income (Loss) from continuing operations before provision for income taxes | 2,127 | (31,053) | (8,038) | (49,816) |
Provision for income taxes | 802 | (5,829) | 1,032 | (6,141) |
Equity in loss from continuing operations of subsidiary | 0 | 0 | 0 | 0 |
Net (loss) income from continuing operations | 1,325 | (25,224) | (9,070) | (43,675) |
Income (loss) from discontinued operations, net of tax | (489) | (2,386) | (413) | (3,372) |
Equity in loss from discontinued operations of subsidiary | 0 | 0 | 0 | 0 |
Net (loss) income from discontinued operations | (489) | (2,386) | (413) | (3,372) |
Net loss | 836 | (27,610) | (9,483) | (47,047) |
Statements of Comprehensive Income | ||||
Net loss | 836 | (27,610) | (9,483) | (47,047) |
Other comprehensive income | 8,755 | (936) | 13,595 | 11,701 |
Comprehensive loss | $ 9,591 | $ (28,546) | $ 4,112 | $ (35,346) |
Guarantor Infromation (Cash Flo
Guarantor Infromation (Cash Flows) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | $ 3,473 | $ 11,185 |
Cash flow from investing activities: | ||
(Loans to) repayments from affiliates | 0 | 0 |
Capital expenditures | (13,445) | (15,140) |
Proceeds from derivative instruments | 0 | (721) |
Proceeds from the sale of assets | 3,156 | 557 |
Net cash used in investing activities | (10,289) | (15,304) |
Cash flow from financing activities: | ||
Loans from (repayments to) affiliates | 0 | |
Loans from (repayments to) affiliates | 0 | 0 |
Short-term debt borrowings | (4,856) | 11,004 |
Revolving Facility borrowings | 30,000 | 32,000 |
Revolving Facility reductions | (18,000) | (32,000) |
Principal payments on long term debt | (71) | (69) |
Revolver facility refinancing | 0 | (922) |
Net cash provided by financing activities | 7,073 | 10,013 |
Net change in cash and cash equivalents | 257 | 5,894 |
Effect of exchange rate changes on cash and cash equivalents | 63 | 588 |
Cash and cash equivalents at beginning of period | 11,610 | 6,927 |
Cash and cash equivalents at end of period | 11,930 | |
Consolidating Entries and Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | (24,619) | 0 |
Cash flow from investing activities: | ||
(Loans to) repayments from affiliates | 9,659 | 9,568 |
Capital expenditures | 0 | 0 |
Proceeds from derivative instruments | 0 | |
Proceeds from the sale of assets | 0 | 0 |
Net cash used in investing activities | 9,659 | 9,568 |
Cash flow from financing activities: | ||
Loans from (repayments to) affiliates | (9,659) | |
Loans from (repayments to) affiliates | 24,619 | (9,568) |
Short-term debt borrowings | 0 | 0 |
Revolving Facility borrowings | 0 | 0 |
Revolving Facility reductions | 0 | 0 |
Principal payments on long term debt | 0 | 0 |
Revolver facility refinancing | 0 | |
Net cash provided by financing activities | 14,960 | (9,568) |
Net change in cash and cash equivalents | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | |
Parent | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | (9,659) | (9,568) |
Cash flow from investing activities: | ||
(Loans to) repayments from affiliates | 0 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from derivative instruments | 0 | |
Proceeds from the sale of assets | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flow from financing activities: | ||
Loans from (repayments to) affiliates | 9,659 | |
Loans from (repayments to) affiliates | 0 | 9,568 |
Short-term debt borrowings | 0 | 0 |
Revolving Facility borrowings | 0 | 0 |
Revolving Facility reductions | 0 | 0 |
Principal payments on long term debt | 0 | 0 |
Revolver facility refinancing | 0 | |
Net cash provided by financing activities | 9,659 | 9,568 |
Net change in cash and cash equivalents | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | |
Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | (1,514) | 14,014 |
Cash flow from investing activities: | ||
(Loans to) repayments from affiliates | (9,659) | (9,568) |
Capital expenditures | (1,497) | (4,825) |
Proceeds from derivative instruments | 0 | |
Proceeds from the sale of assets | 114 | 458 |
Net cash used in investing activities | (11,042) | (13,935) |
Cash flow from financing activities: | ||
Loans from (repayments to) affiliates | 0 | |
Loans from (repayments to) affiliates | 0 | 0 |
Short-term debt borrowings | 802 | 6,002 |
Revolving Facility borrowings | 30,000 | 27,000 |
Revolving Facility reductions | (18,000) | (32,000) |
Principal payments on long term debt | (71) | (69) |
Revolver facility refinancing | (922) | |
Net cash provided by financing activities | 12,731 | 11 |
Net change in cash and cash equivalents | 175 | 90 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 636 | 646 |
Cash and cash equivalents at end of period | 811 | |
Non-Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 39,265 | 6,739 |
Cash flow from investing activities: | ||
(Loans to) repayments from affiliates | 0 | 0 |
Capital expenditures | (11,948) | (10,315) |
Proceeds from derivative instruments | (721) | |
Proceeds from the sale of assets | 3,042 | 99 |
Net cash used in investing activities | (8,906) | (10,937) |
Cash flow from financing activities: | ||
Loans from (repayments to) affiliates | 0 | |
Loans from (repayments to) affiliates | (24,619) | 0 |
Short-term debt borrowings | (5,658) | 5,002 |
Revolving Facility borrowings | 0 | 5,000 |
Revolving Facility reductions | 0 | 0 |
Principal payments on long term debt | 0 | 0 |
Revolver facility refinancing | 0 | |
Net cash provided by financing activities | (30,277) | 10,002 |
Net change in cash and cash equivalents | 82 | 5,804 |
Effect of exchange rate changes on cash and cash equivalents | 63 | 588 |
Cash and cash equivalents at beginning of period | 10,974 | $ 6,281 |
Cash and cash equivalents at end of period | $ 11,119 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Subsequent Events [Abstract] | ||
Proceeds from Divestiture of Businesses | $ 28,500 | $ 15,900 |
Gain (Loss) on Disposition of Business | $ (200) |