☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Western Australia, Australia | 98-1026700 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) | |
263 Tresser Boulevard, Suite 1100 Stamford, Connecticut 06901 | Lot 22, Mason Road, Kwinana Beach, WA, 6167 Australia |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | ☐ | |
Emerging growth company | ☐ |
Page | |
PART I – FINANCIAL INFORMATION | |
3 | |
PART II – OTHER INFORMATION | |
Page No. | |
4 | |
5 | |
6 | |
7 | |
8 | |
9 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Net sales | $ | 533 | $ | 575 | $ | 1,545 | $ | 1,577 | $ | 622 | $ | 538 | $ | 1,191 | $ | 1,014 | ||||||||||||||||
Cost of goods sold | 453 | 536 | 1,388 | 1,479 | 498 | 479 | 977 | 934 | ||||||||||||||||||||||||
Gross profit | 80 | 39 | 157 | 98 | 124 | 59 | 214 | 80 | ||||||||||||||||||||||||
Selling, general and administrative expenses | (54 | ) | (55 | ) | (151 | ) | (171 | ) | (69 | ) | (51 | ) | (143 | ) | (101 | ) | ||||||||||||||||
Restructuring expense | (1 | ) | (5 | ) | (2 | ) | (7 | ) | ||||||||||||||||||||||||
Restructuring income (expense) | — | 1 | — | (1 | ) | |||||||||||||||||||||||||||
Income (loss) from operations | 25 | (21 | ) | 4 | (80 | ) | 55 | 9 | 71 | (22 | ) | |||||||||||||||||||||
Interest and debt expense, net | (46 | ) | (45 | ) | (138 | ) | (131 | ) | (46 | ) | (46 | ) | (92 | ) | (92 | ) | ||||||||||||||||
Gain on extinguishment of debt | — | — | 4 | — | — | — | — | 4 | ||||||||||||||||||||||||
Other income (expense), net | (14 | ) | 23 | (23 | ) | 22 | ||||||||||||||||||||||||||
Other expense, net | (1 | ) | (3 | ) | (7 | ) | (12 | ) | ||||||||||||||||||||||||
Loss before income taxes | (35 | ) | (43 | ) | (153 | ) | (189 | ) | ||||||||||||||||||||||||
Income (loss) before income taxes | 8 | (40 | ) | (28 | ) | (122 | ) | |||||||||||||||||||||||||
Income tax provision | (7 | ) | (11 | ) | (29 | ) | (29 | ) | (3 | ) | (10 | ) | (5 | ) | (22 | ) | ||||||||||||||||
Net loss | (42 | ) | (54 | ) | (182 | ) | (218 | ) | ||||||||||||||||||||||||
Net income (loss) | 5 | (50 | ) | (33 | ) | (144 | ) | |||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | (2 | ) | 6 | (1 | ) | 10 | 2 | 2 | 5 | 1 | ||||||||||||||||||||||
Net loss attributable to Tronox Limited | $ | (40 | ) | $ | (60 | ) | $ | (181 | ) | $ | (228 | ) | ||||||||||||||||||||
Net income (loss) attributable to Tronox Limited | $ | 3 | $ | (52 | ) | $ | (38 | ) | $ | (145 | ) | |||||||||||||||||||||
Loss per share, basic and diluted | $ | (0.35 | ) | $ | (0.52 | ) | $ | (1.56 | ) | $ | (1.97 | ) | ||||||||||||||||||||
Net income (loss) per share, basic and diluted | $ | 0.02 | $ | (0.44 | ) | $ | (0.32 | ) | $ | (1.24 | ) | |||||||||||||||||||||
Weighted average shares outstanding, basic and diluted (in thousands) | 116,219 | 115,642 | 116,108 | 115,529 | ||||||||||||||||||||||||||||
Weighted average shares outstanding, basic (in thousands) | 119,188 | 116,184 | 118,804 | 116,052 | ||||||||||||||||||||||||||||
Weighted average shares outstanding, diluted (in thousands) | 124,301 | 116,184 | 118,804 | 116,052 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net loss | $ | (42 | ) | $ | (54 | ) | $ | (182 | ) | $ | (218 | ) | ||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustments | 69 | (135 | ) | 122 | (187 | ) | ||||||||||
Pension and postretirement plans: | ||||||||||||||||
Actuarial losses, (no tax impact; See Note 3) | (21 | ) | — | (21 | ) | — | ||||||||||
Amortization of unrealized losses, net of taxes of less than $1 million in each of the three and nine months ended September 30, 2016 and 2015 | (1 | ) | 1 | — | 3 | |||||||||||
Unrealized gains (losses) on derivative financial instruments, (no tax impact; See Note 3) | (1 | ) | — | 1 | — | |||||||||||
Other comprehensive income (loss) | 46 | (134 | ) | 102 | (184 | ) | ||||||||||
Total comprehensive income (loss) | 4 | (188 | ) | (80 | ) | (402 | ) | |||||||||
Comprehensive income (loss) attributable to noncontrolling interest: | ||||||||||||||||
Net income (loss) | (2 | ) | 6 | (1 | ) | 10 | ||||||||||
Foreign currency translation adjustments | 18 | (35 | ) | 31 | (49 | ) | ||||||||||
Comprehensive income (loss) attributable to noncontrolling interest | 16 | (29 | ) | 30 | (39 | ) | ||||||||||
Comprehensive loss attributable to Tronox Limited | $ | (12 | ) | $ | (159 | ) | $ | (110 | ) | $ | (363 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income (loss) | $ | 5 | $ | (50 | ) | $ | (33 | ) | $ | (144 | ) | |||||
Other comprehensive income: | ||||||||||||||||
Foreign currency translation adjustments | 34 | — | 58 | 53 | ||||||||||||
Pension and postretirement plans: amortization of unrecognized actuarial losses, net of taxes of less than $1 million in each of the three and six months ended June 30, 2017 and 2016 | — | — | 1 | 1 | ||||||||||||
Unrealized gains (losses) on derivative financial instruments (no tax impact; see Note 13) | (1 | ) | 2 | (3 | ) | 2 | ||||||||||
Other comprehensive income | 33 | 2 | 56 | 56 | ||||||||||||
Total comprehensive income (loss) | 38 | (48 | ) | 23 | (88 | ) | ||||||||||
Comprehensive income (loss) attributable to noncontrolling interest: | ||||||||||||||||
Net income (loss) | 2 | 2 | 5 | 1 | ||||||||||||
Foreign currency translation adjustments | 7 | — | 13 | 13 | ||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest | 9 | 2 | 18 | 14 | ||||||||||||
Comprehensive income (loss) attributable to Tronox Limited | $ | 29 | $ | (50 | ) | $ | 5 | $ | (102 | ) |
September 30, 2016 | December 31, 2015 | June 30, 2017 | December 31, 2016 | |||||||||||||
ASSETS | ||||||||||||||||
Current Assets | ||||||||||||||||
Cash and cash equivalents | $ | 202 | $ | 229 | $ | 303 | $ | 248 | ||||||||
Restricted cash | 3 | 5 | 2 | 3 | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 394 | 391 | 457 | 424 | ||||||||||||
Inventories, net | 558 | 630 | 506 | 532 | ||||||||||||
Prepaid and other assets | 45 | 46 | 54 | 49 | ||||||||||||
Total current assets | 1,202 | 1,301 | 1,322 | 1,256 | ||||||||||||
Noncurrent Assets | ||||||||||||||||
Property, plant and equipment, net | 1,850 | 1,843 | 1,816 | 1,831 | ||||||||||||
Mineral leaseholds, net | 1,617 | 1,604 | 1,608 | 1,607 | ||||||||||||
Intangible assets, net | 226 | 244 | 210 | 223 | ||||||||||||
Inventories, net | 6 | 12 | 15 | 14 | ||||||||||||
Other long-term assets | 24 | 23 | 23 | 22 | ||||||||||||
Total assets | $ | 4,925 | $ | 5,027 | $ | 4,994 | $ | 4,953 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Current Liabilities | ||||||||||||||||
Accounts payable | $ | 162 | $ | 159 | $ | 201 | $ | 180 | ||||||||
Accrued liabilities | 148 | 180 | 181 | 186 | ||||||||||||
Short-term debt | 150 | 150 | 150 | 150 | ||||||||||||
Long-term debt due within one year | 16 | 16 | 16 | 16 | ||||||||||||
Income taxes payable | 57 | 43 | 2 | 1 | ||||||||||||
Total current liabilities | 533 | 548 | 550 | 533 | ||||||||||||
Noncurrent Liabilities | ||||||||||||||||
Long-term debt | 2,889 | 2,910 | ||||||||||||||
Long-term debt, net | 2,886 | 2,888 | ||||||||||||||
Pension and postretirement healthcare benefits | 151 | 141 | 116 | 122 | ||||||||||||
Asset retirement obligations | 78 | 77 | 76 | 73 | ||||||||||||
Long-term deferred tax liabilities | 156 | 143 | 161 | 152 | ||||||||||||
Other long-term liabilities | 111 | 98 | 30 | 32 | ||||||||||||
Total liabilities | 3,918 | 3,917 | 3,819 | 3,800 | ||||||||||||
Contingencies and Commitments | ||||||||||||||||
Commitments and Contingencies | ||||||||||||||||
Shareholders’ Equity | ||||||||||||||||
Tronox Limited Class A ordinary shares, par value $0.01 — 65,982,604 shares issued and 65,149,970 shares outstanding at September 30, 2016 and 65,443,363 shares issued and 64,521,851 shares outstanding at December 31, 2015 | 1 | 1 | ||||||||||||||
Tronox Limited Class B ordinary shares, par value $0.01 — 51,154,280 shares issued and outstanding at September 30, 2016 and December 31, 2015 | — | — | ||||||||||||||
Tronox Limited Class A ordinary shares, par value $0.01 — 67,903,699 shares issued and 67,727,227 share outstanding at June 30, 2017 and 65,998,306 shares issued and 65,165,672 shares outstanding at December 31, 2016 | 1 | 1 | ||||||||||||||
Tronox Limited Class B ordinary shares, par value $0.01 — 51,154,280 shares issued and outstanding at June 30, 2017 and December 31, 2016 | — | — | ||||||||||||||
Capital in excess of par value | 1,518 | 1,500 | 1,535 | 1,524 | ||||||||||||
(Accumulated deficit) / Retained earnings | (129 | ) | 93 | |||||||||||||
Accumulated deficit | (69 | ) | (19 | ) | ||||||||||||
Accumulated other comprehensive loss | (525 | ) | (596 | ) | (454 | ) | (497 | ) | ||||||||
Total Tronox Limited shareholders’ equity | 865 | 998 | 1,013 | 1,009 | ||||||||||||
Noncontrolling interest | 142 | 112 | 162 | 144 | ||||||||||||
Total equity | 1,007 | 1,110 | 1,175 | 1,153 | ||||||||||||
Total liabilities and equity | $ | 4,925 | $ | 5,027 | $ | 4,994 | $ | 4,953 |
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2015 | 2017 | 2016 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net loss | $ | (182 | ) | $ | (218 | ) | $ | (33 | ) | $ | (144 | ) | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||
Depreciation, depletion and amortization | 175 | 222 | 123 | 115 | ||||||||||||
Deferred income taxes | (4 | ) | (4 | ) | 2 | (3 | ) | |||||||||
Share-based compensation expense | 19 | 17 | 22 | 10 | ||||||||||||
Amortization of deferred debt issuance costs and discount on debt | 8 | 8 | 6 | 5 | ||||||||||||
Pension and postretirement healthcare benefit expense | 4 | 4 | 4 | 3 | ||||||||||||
Gain on extinguishment of debt | (4 | ) | — | — | (4 | ) | ||||||||||
Other noncash items affecting net loss | 10 | (4 | ) | |||||||||||||
Other, net | 9 | 20 | ||||||||||||||
Contributions to employee pension and postretirement plans | (20 | ) | (16 | ) | (11 | ) | (9 | ) | ||||||||
Changes in assets and liabilities: | ||||||||||||||||
(Increase) decrease in accounts receivable | 1 | (36 | ) | |||||||||||||
(Increase) decrease in inventories | 98 | 90 | ||||||||||||||
(Increase) decrease in accounts receivable, net | (28 | ) | (13 | ) | ||||||||||||
(Increase) decrease in inventories, net | 36 | 87 | ||||||||||||||
(Increase) decrease in prepaid and other assets | (5 | ) | 4 | (6 | ) | (2 | ) | |||||||||
Increase (decrease) in accounts payable and accrued liabilities | (28 | ) | (35 | ) | 12 | (16 | ) | |||||||||
Increase (decrease) in taxes payable | 28 | 12 | 1 | 20 | ||||||||||||
Other, net | 23 | 1 | ||||||||||||||
Cash provided by operating activities | 123 | 45 | 137 | 69 | ||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||
Capital expenditures | (87 | ) | (141 | ) | (56 | ) | (55 | ) | ||||||||
Proceeds from sale of assets | 1 | — | ||||||||||||||
Acquisition of business | — | (1,653 | ) | |||||||||||||
Proceeds on sale of assets | — | 1 | ||||||||||||||
Cash used in investing activities | (86 | ) | (1,794 | ) | (56 | ) | (54 | ) | ||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Repayments of debt | (27 | ) | (13 | ) | (8 | ) | (23 | ) | ||||||||
Proceeds from debt | — | 750 | ||||||||||||||
Debt issuance costs | — | (15 | ) | |||||||||||||
Dividends paid | (40 | ) | (88 | ) | (12 | ) | (35 | ) | ||||||||
Proceeds from the exercise of warrants and options | — | 3 | ||||||||||||||
Cash provided by (used in) financing activities | (67 | ) | 637 | |||||||||||||
Restricted stock and performance-based shares settled in cash for taxes | (11 | ) | — | |||||||||||||
Cash used in financing activities | (31 | ) | (58 | ) | ||||||||||||
Effects of exchange rate changes on cash and cash equivalents | 3 | (19 | ) | 5 | 2 | |||||||||||
Net decrease in cash and cash equivalents | (27 | ) | (1,131 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 55 | (41 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 229 | 1,276 | 248 | 229 | ||||||||||||
Cash and cash equivalents at end of period | $ | 202 | $ | 145 | $ | 303 | $ | 188 |
Tronox Limited Class A Ordinary Shares | Tronox Limited Class B Ordinary Shares | Capital in Excess of par Value | Accumulated Deficit/ Retained Earnings | Accumulated Other Comprehensive Loss | Total Tronox Limited Shareholders’ Equity | Non- controlling Interest | Total Equity | Tronox Limited Class A Ordinary Shares | Tronox Limited Class B Ordinary Shares | Capital in Excess of par Value | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Tronox Limited Shareholders’ Equity | Non- controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2016 | $ | 1 | $ | — | $ | 1,500 | $ | 93 | $ | (596 | ) | $ | 998 | $ | 112 | $ | 1,110 | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (181 | ) | — | (181 | ) | (1 | ) | (182 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2017 | $ | 1 | $ | — | $ | 1,524 | $ | (19 | ) | $ | (497 | ) | $ | 1,009 | $ | 144 | $ | 1,153 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | (38 | ) | — | (38 | ) | 5 | (33 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 71 | 71 | 31 | 102 | — | — | — | — | 43 | 43 | 13 | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 19 | — | — | 19 | — | 19 | — | — | 22 | — | — | 22 | — | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares cancelled | — | — | (11 | ) | — | — | (11 | ) | — | (11 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A and Class B share dividends | — | — | — | (41 | ) | — | (41 | ) | — | (41 | ) | — | — | — | (12 | ) | — | (12 | ) | — | (12 | ) | ||||||||||||||||||||||||||||||||||||||||||
Shares cancelled | — | — | (1 | ) | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2016 | $ | 1 | $ | — | $ | 1,518 | $ | (129 | ) | $ | (525 | ) | $ | 865 | $ | 142 | $ | 1,007 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2017 | $ | 1 | $ | — | $ | 1,535 | $ | (69 | ) | $ | (454 | ) | $ | 1,013 | $ | 162 | $ | 1,175 |
1. | The Company |
Three Months Ended June 30, 2016 | Six Months Ended June 30, 2016 | |||||||||||||||||||||||
As Reported | Adjustment | Revised | As Reported | Adjustment | Revised | |||||||||||||||||||
Net sales | $ | 537 | $ | 1 | $ | 538 | $ | 1,012 | $ | 2 | $ | 1,014 | ||||||||||||
Cost of goods sold | 480 | (1 | ) | 479 | 935 | (1 | ) | 934 | ||||||||||||||||
Gross profit | 57 | 2 | 59 | 77 | 3 | 80 | ||||||||||||||||||
Selling, general and administrative expenses | (50 | ) | (1 | ) | (51 | ) | (97 | ) | (4 | ) | (101 | ) | ||||||||||||
Income (loss) from operations | 8 | 1 | 9 | (21 | ) | (1 | ) | (22 | ) | |||||||||||||||
Other expense, net | — | (3 | ) | (3 | ) | (9 | ) | (3 | ) | (12 | ) | |||||||||||||
Loss before income taxes | (38 | ) | (2 | ) | (40 | ) | (118 | ) | (4 | ) | (122 | ) | ||||||||||||
Net loss | (48 | ) | (2 | ) | (50 | ) | (140 | ) | (4 | ) | (144 | ) | ||||||||||||
Net loss attributable to Tronox Limited | (50 | ) | (2 | ) | (52 | ) | (141 | ) | (4 | ) | (145 | ) | ||||||||||||
Loss per share, basic and diluted | (0.42 | ) | (0.02 | ) | (0.44 | ) | (1.21 | ) | (0.03 | ) | (1.24 | ) | ||||||||||||
Weighted average shares outstanding, basic and diluted (in thousands) | 116,184 | 116,184 | 116,184 | 116,052 | 116,052 | 116,052 |
Three Months Ended June 30, 2016 | Six Months Ended June 30, 2016 | |||||||||||||||||||||||
As Reported | Adjustment | Revised | As Reported | Adjustment | Revised | |||||||||||||||||||
Net loss | $ | (48 | ) | $ | (2 | ) | $ | (50 | ) | $ | (140 | ) | $ | (4 | ) | $ | (144 | ) | ||||||
Total comprehensive loss | (46 | ) | (2 | ) | (48 | ) | (84 | ) | (4 | ) | (88 | ) | ||||||||||||
Comprehensive loss attributable to Tronox Limited | (48 | ) | (2 | ) | (50 | ) | (98 | ) | (4 | ) | (102 | ) |
December 31, 2016 | ||||||||||||
As Reported | Adjustment | Revised | ||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 421 | $ | 3 | $ | 424 | ||||||
Total current assets | 1,253 | 3 | 1,256 | |||||||||
Total assets | 4,950 | 3 | 4,953 | |||||||||
Accrued liabilities | 174 | 11 | 185 | |||||||||
Total current liabilities | 522 | 11 | 533 | |||||||||
Total liabilities | 3,789 | 11 | 3,800 | |||||||||
Accumulated deficit | (13 | ) | (6 | ) | (19 | ) | ||||||
Accumulated other comprehensive loss | (495 | ) | (2 | ) | (497 | ) | ||||||
Total Tronox Limited shareholders’ equity | 1,017 | (8 | ) | 1,009 | ||||||||
Total equity | 1,161 | (8 | ) | 1,153 | ||||||||
Total liabilities and equity | 4,950 | 3 | 4,953 |
2. | Restructuring |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Wyoming Restructure | $ | — | $ | — | $ | (1 | ) | $ | — | |||||||
Restructuring Settlement | — | — | 1 | — | ||||||||||||
2015 Restructuring Initiatives | — | 1 | — | (1 | ) | |||||||||||
$ | — | $ | 1 | $ | — | $ | (1 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Alkali segment | $ | — | $ | — | $ | (1 | ) | $ | — | |||||||
TiO2 segment | — | 1 | — | (1 | ) | |||||||||||
Corporate | — | — | 1 | — | ||||||||||||
$ | — | $ | 1 | $ | — | $ | (1 | ) |
2016 | 2015 | 2017 | 2016 | |||||||||||||
Balance, January 1 | $ | 15 | $ | 4 | $ | — | $ | 15 | ||||||||
Additional provision, net | 2 | 7 | — | 1 | ||||||||||||
Cash payments | (16 | ) | (4 | ) | ||||||||||||
Cash (payments) receipts | 1 | (13 | ) | |||||||||||||
Balance, September 30 | $ | 1 | $ | 7 | ||||||||||||
Balance, June 30 | $ | 1 | $ | 3 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
TiO2 segment | $ | 1 | $ | 5 | $ | 2 | $ | 7 |
3. | Income Taxes |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Income tax provision | $ | (7 | ) | $ | (11 | ) | $ | (29 | ) | $ | (29 | ) | $ | (3 | ) | $ | (10 | ) | $ | (5 | ) | $ | (22 | ) | ||||||||
Loss before income taxes | $ | (35 | ) | $ | (43 | ) | $ | (153 | ) | $ | (189 | ) | ||||||||||||||||||||
Income (loss) before income taxes | $ | 8 | $ | (40 | ) | $ | (28 | ) | $ | (122 | ) | |||||||||||||||||||||
Effective tax rate | (20 | )% | (26 | )% | (19 | )% | (15 | )% | 38 | % | (25 | )% | (18 | )% | (18 | )% |
4. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Numerator – Basic and Diluted: | ||||||||||||||||
Net loss | $ | (42 | ) | $ | (54 | ) | $ | (182 | ) | $ | (218 | ) | ||||
Less: Net income (loss) attributable to noncontrolling interest | (2 | ) | 6 | (1 | ) | 10 | ||||||||||
Undistributed net loss | (40 | ) | (60 | ) | (181 | ) | (228 | ) | ||||||||
Percentage allocated to ordinary shares (1) | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
Loss available to ordinary shares | $ | (40 | ) | $ | (60 | ) | $ | (181 | ) | $ | (228 | ) | ||||
Denominator – Basic and Diluted: | ||||||||||||||||
Weighted-average ordinary shares (in thousands) | 116,219 | 115,642 | 116,108 | 115,529 | ||||||||||||
Loss per Ordinary Share (2): | ||||||||||||||||
Basic and diluted loss per ordinary share | $ | (0.35 | ) | $ | (0.52 | ) | $ | (1.56 | ) | $ | (1.97 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Numerator – Basic and Diluted: | ||||||||||||||||
Net income (loss) | $ | 5 | $ | (50 | ) | $ | (33 | ) | $ | (144 | ) | |||||
Less: Net income attributable to noncontrolling interest | 2 | 2 | 5 | 1 | ||||||||||||
Undistributed net income (loss) attributable to Tronox Limited | 3 | (52 | ) | (38 | ) | (145 | ) | |||||||||
Percentage allocated to ordinary shares (1) | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
Net income (loss) available to ordinary shares | $ | 3 | $ | (52 | ) | $ | (38 | ) | $ | (145 | ) | |||||
Denominator – Basic and Diluted: | ||||||||||||||||
Weighted-average ordinary shares, basic (in thousands) | 119,188 | 116,184 | 118,804 | 116,052 | ||||||||||||
Weighted-average ordinary shares, diluted (in thousands) | 124,301 | 116,184 | 118,804 | 116,052 | ||||||||||||
Net income (loss) per Ordinary Share (2): | ||||||||||||||||
Basic and diluted net income (loss) per ordinary share | $ | 0.02 | $ | (0.44 | ) | $ | (0.32 | ) | $ | (1.24 | ) |
(1) | Our earnings per share for the three months ended June 30, 2017 was calculated under the two-class method using the weighted average shares and participating securities since we had net income for this period. Our participating securities do not have a contractual obligation to share in losses; therefore, when we have a net loss, none of the loss is allocated to participating securities. Consequently, for the six months ended June 30, 2017 and the three and |
(2) |
September 30, 2016 | September 30, 2015 | June 30, 2017 | June 30, 2016 | |||||||||||||||||||||||||||||
Shares | Average Exercise Price | Shares | Average Exercise Price | Shares | Average Exercise Price | Shares | Average Exercise Price | |||||||||||||||||||||||||
Options | 1,997,437 | 21.20 | 2,245,145 | $ | 21.13 | 1,930,616 | $ | 21.17 | 2,015,673 | $ | 21.19 | |||||||||||||||||||||
Series A Warrants | 1,440,652 | 8.51 | 1,306,665 | $ | 10.35 | 986,558 | $ | 8.51 | 1,438,283 | $ | 8.54 | |||||||||||||||||||||
Series B Warrants | 1,953,250 | 9.37 | 1,769,035 | $ | 11.42 | 1,940,062 | $ | 9.37 | 1,947,228 | $ | 9.42 | |||||||||||||||||||||
Restricted share units | 5,566,589 | 7.18 | 1,505,081 | $ | 23.04 | 6,021,045 | $ | 11.10 | 5,692,870 | $ | 7.22 |
5. | Accounts Receivable, Net of Allowance for Doubtful Accounts |
September 30, 2016 | December 31, 2015 | June 30, 2017 | December 31, 2016 | |||||||||||||
Trade receivables | $ | 377 | $ | 367 | $ | 436 | $ | 403 | ||||||||
Other | 19 | 25 | 23 | 23 | ||||||||||||
Subtotal | 396 | 392 | 459 | 426 | ||||||||||||
Allowance for doubtful accounts | (2 | ) | (1 | ) | (2 | ) | (2 | ) | ||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 394 | $ | 391 | $ | 457 | $ | 424 |
6. | Inventories, Net |
June 30, 2017 | December 31, 2016 | |||||||
Raw materials | $ | 180 | $ | 194 | ||||
Work-in-process | 37 | 41 | ||||||
Finished goods, net | 190 | 204 | ||||||
Materials and supplies, net (1) | 114 | 107 | ||||||
Total | 521 | 546 | ||||||
Less: Inventories, net – non-current | (15 | ) | (14 | ) | ||||
Inventories, net - current | $ | 506 | $ | 532 |
September 30 2016 | December 31, 2015 | |||||||
Raw materials | $ | 223 | $ | 248 | ||||
Work-in-process | 43 | 43 | ||||||
Finished goods, net | 194 | 245 | ||||||
Materials and supplies, net (1) | 104 | 106 | ||||||
Total | 564 | 642 | ||||||
Less: Inventories, net – non-current | (6 | ) | (12 | ) | ||||
Inventories, net – current | $ | 558 | $ | 630 |
(1) | Consists of processing chemicals, maintenance supplies, and spare parts, which will be consumed directly and indirectly in the production of our products. |
7. | Property, Plant and Equipment, Net |
September 30, 2016 | December 31, 2015 | |||||||
Land and land improvements | $ | 157 | $ | 143 | ||||
Buildings | 304 | 189 | ||||||
Machinery and equipment | 1,885 | 1,765 | ||||||
Construction-in-progress | 153 | 261 | ||||||
Other | 49 | 44 | ||||||
Subtotal | 2,548 | 2,402 | ||||||
Less accumulated depreciation and amortization | (698 | ) | (559 | ) | ||||
Property, plant and equipment, net (1) | $ | 1,850 | $ | 1,843 |
June 30, 2017 | December 31, 2016 | |||||||
Land and land improvements | $ | 163 | $ | 159 | ||||
Buildings | 322 | 309 | ||||||
Machinery and equipment | 1,945 | 1,888 | ||||||
Construction-in-progress | 149 | 146 | ||||||
Other | 57 | 50 | ||||||
Subtotal | 2,636 | 2,552 | ||||||
Less accumulated depreciation and amortization | (820 | ) | (721 | ) | ||||
Property, plant and equipment, net (1) | $ | 1,816 | $ | 1,831 |
(1) | Substantially all of these assets are pledged as collateral for our debt. See Note 11. |
8. | Mineral Leaseholds, Net |
September 30, 2016 | December 31, 2015 | June 30, 2017 | December 31, 2016 | |||||||||||||
Mineral leaseholds | $ | 1,996 | $ | 1,948 | $ | 2,017 | $ | 1,996 | ||||||||
Less accumulated depletion | (379 | ) | (344 | ) | ||||||||||||
Less: accumulated depletion | (409 | ) | (389 | ) | ||||||||||||
Mineral leaseholds, net | $ | 1,617 | $ | 1,604 | $ | 1,608 | $ | 1,607 |
9. | Intangible Assets, Net |
September 30, 2016 | December 31, 2015 | June 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Gross Cost | Accumulated Amortization | Net Carrying Amount | Gross Cost | Accumulated Amortization | Net Carrying Amount | Gross Cost | Accumulated Amortization | Net Carrying Amount | Gross Cost | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||||||||||
Customer relationships | $ | 294 | $ | (113 | ) | $ | 181 | $ | 294 | $ | (98 | ) | $ | 196 | $ | 291 | $ | (125 | ) | $ | 166 | $ | 291 | $ | (115 | ) | $ | 176 | ||||||||||||||||||||
TiO2 technology | 32 | (9 | ) | 23 | 32 | (8 | ) | 24 | 32 | (10 | ) | 22 | 32 | (9 | ) | 23 | ||||||||||||||||||||||||||||||||
Internal-use software | 38 | (16 | ) | 22 | 37 | (13 | ) | 24 | 45 | (23 | ) | 22 | 45 | (21 | ) | 24 | ||||||||||||||||||||||||||||||||
Other | 9 | (9 | ) | — | 9 | (9 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | $ | 373 | $ | (147 | ) | $ | 226 | $ | 372 | $ | (128 | ) | $ | 244 | $ | 368 | $ | (158 | ) | $ | 210 | $ | 368 | $ | (145 | ) | $ | 223 |
10. | Accrued Liabilities |
September 30, 2016 | December 31, 2015 | June 30, 2017 | December 31, 2016 | |||||||||||||
Employee-related costs and benefits | $ | 80 | $ | 69 | $ | 71 | $ | 83 | ||||||||
Restructuring costs | 1 | 15 | 1 | — | ||||||||||||
Interest | 10 | 35 | 35 | 35 | ||||||||||||
Sales rebates | 24 | 28 | 19 | 21 | ||||||||||||
Taxes other than income taxes | 10 | 11 | 7 | 10 | ||||||||||||
Other | 23 | 22 | ||||||||||||||
Professional fees and other | 48 | 37 | ||||||||||||||
Accrued liabilities | $ | 148 | $ | 180 | $ | 181 | $ | 186 |
11. | Debt |
Original Principal | Annual Interest Rate | Maturity Date | September 30, 2016 | December 31, 2015 | Original Principal | Annual Interest Rate | Maturity Date | June 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||
Term Loan, net of unamortized discount (1) | $ | 1,500 | Variable | 3/19/2020 | $ | 1,444 | $ | 1,454 | $ | 1,500 | Variable | 3/19/2020 | $ | 1,434 | $ | 1,441 | ||||||||||||||||||
Senior Notes due 2020 | $ | 900 | 6.375 | % | 8/15/2020 | 896 | 900 | 900 | 6.375 | % | 8/15/2020 | 896 | 896 | |||||||||||||||||||||
Senior Notes due 2022 | $ | 600 | 7.50 | % | 3/15/2022 | 584 | 600 | 600 | 7.50 | % | 3/15/2022 | 584 | 584 | |||||||||||||||||||||
Co-generation Unit Financing Arrangement | $ | 16 | 6.5 | % | 2/1/2016 | — | 1 | |||||||||||||||||||||||||||
Lease financing | 19 | 16 | 19 | 19 | ||||||||||||||||||||||||||||||
Total borrowings | 2,943 | 2,971 | ||||||||||||||||||||||||||||||||
Long-term debt | 2,933 | 2,940 | ||||||||||||||||||||||||||||||||
Less: Long-term debt due within one year | (16 | ) | (16 | ) | (16 | ) | (16 | ) | ||||||||||||||||||||||||||
Debt issuance costs | (38 | ) | (45 | ) | (31 | ) | (36 | ) | ||||||||||||||||||||||||||
Long-term debt | $ | 2,889 | $ | 2,910 | ||||||||||||||||||||||||||||||
Long-term debt, net | $ | 2,886 | $ | 2,888 |
(1) | Average effective interest rate of 5.1% and 5.0% during the three and six months ended June 30, 2017, respectively, and 4.9% each during the three and |
Total Borrowings | Total Borrowings | |||||||
2016 | $ | 4 | ||||||
2017 | 16 | $ | 8 | |||||
2018 | 16 | 16 | ||||||
2019 | 16 | 16 | ||||||
2020 | 2,298 | 2,298 | ||||||
2021 | 1 | |||||||
Thereafter | 598 | 598 | ||||||
Total | 2,948 | 2,937 | ||||||
Remaining accretion associated with the Term Loan | (5 | ) | (4 | ) | ||||
Total borrowings | $ | 2,943 | $ | 2,933 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Interest on debt | $ | 43 | $ | 43 | $ | 130 | $ | 117 | ||||||||||||||||||||||||
Interest on Term loan | $ | 16 | $ | 17 | $ | 33 | $ | 33 | ||||||||||||||||||||||||
Interest on Senior Notes due 2020 | 15 | 14 | 29 | 29 | ||||||||||||||||||||||||||||
Interest on Senior Notes due 2022 | 11 | 11 | 22 | 22 | ||||||||||||||||||||||||||||
Amortization of deferred debt issuance costs and discounts on debt | 3 | 3 | 8 | 8 | 3 | 2 | 6 | 5 | ||||||||||||||||||||||||
Bridge Facility | — | — | — | 8 | ||||||||||||||||||||||||||||
Other | — | 1 | 2 | 3 | 2 | 3 | 4 | 5 | ||||||||||||||||||||||||
Capitalized interest | — | (2 | ) | (2 | ) | (5 | ) | (1 | ) | (1 | ) | (2 | ) | (2 | ) | |||||||||||||||||
Total interest and debt expense, net | $ | 46 | $ | 45 | $ | 138 | $ | 131 | $ | 46 | $ | 46 | $ | 92 | $ | 92 |
12. | Asset Retirement Obligations |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Balance, January 1, | $ | 78 | $ | 88 | $ | 81 | $ | 90 | ||||||||||||||||||||||||
Beginning balance | $ | 79 | $ | 87 | $ | 76 | $ | 81 | ||||||||||||||||||||||||
Additions | — | 1 | 1 | 2 | — | 1 | — | 1 | ||||||||||||||||||||||||
Accretion expense | 1 | 1 | 4 | 4 | 1 | 2 | 2 | 3 | ||||||||||||||||||||||||
Remeasurement/translation | 3 | (7 | ) | 5 | (12 | ) | 1 | (2 | ) | 4 | 2 | |||||||||||||||||||||
Changes in estimates, including cost and timing of cash flows | — | (1 | ) | (9 | ) | — | — | (10 | ) | — | (9 | ) | ||||||||||||||||||||
Settlements/payments | — | — | — | (2 | ) | (1 | ) | — | (2 | ) | — | |||||||||||||||||||||
Balance, September 30, | $ | 82 | $ | 82 | $ | 82 | $ | 82 | ||||||||||||||||||||||||
Balance, June 30, | $ | 80 | $ | 78 | $ | 80 | $ | 78 |
September 30, 2016 | September 30, 2015 | |||||||
Current portion included in “Accrued liabilities” | $ | 4 | $ | 6 | ||||
Noncurrent portion included in “Asset retirement obligations” | 78 | 76 | ||||||
Asset retirement obligations | $ | 82 | $ | 82 |
13. | Derivative Instruments |
14. | Commitments and Contingencies |
15. | Shareholders’ Equity |
Class A Shares: | ||||
Balance at January 1, | ||||
Shares issued for share-based compensation | ||||
Shares issued upon warrants exercised | ||||
Shares issued cancelled for share-based compensation | (618,117 | ) | ||
Balance at | ||||
67,727,227 | ||||
Class B Shares: | ||||
Balance, at | 51,154,280 | |||
Three Months Ended March 31, 2017 | Three Months Ended June 30, 2017 | |||||||
Dividend per share | $ | 0.045 | $ | 0.045 | ||||
Total dividend | $ | 6 | $ | 6 | ||||
Record date (close of business) | March 6 | May 15 |
Three Months Ended March 31, 2016 | Three Months Ended June 30, 2016 | Three Months Ended September 30, 2016 | Three Months Ended March 31, 2016 | Three Months Ended June 30, 2016 | ||||||||||||||||
Dividend per share | $ | 0.25 | $ | 0.045 | $ | 0.045 | $ | 0.25 | $ | 0.045 | ||||||||||
Total dividend | $ | 30 | $ | 5 | $ | 5 | $ | 30 | $ | 5 | ||||||||||
Record date (close of business) | March 4 | May 16 | August 17 | March 4 | May 16 |
Cumulative Translation Adjustment | Pension Liability Adjustment | Unrealized Gains (Losses) on Derivatives | Total | |||||||||||||
Beginning balance | $ | (390 | ) | $ | (91 | ) | $ | 1 | $ | (480 | ) | |||||
Other comprehensive income (loss) | 27 | — | (1 | ) | 26 | |||||||||||
Balance, June 30, 2017 | $ | (363 | ) | (91 | ) | — | (454 | ) |
Cumulative Translation Adjustment | Pension Liability Adjustment | Unrealized Gains (Losses) on Derivatives | Total | |||||||||||||
Beginning balance | $ | (456 | ) | $ | (101 | ) | $ | — | $ | (557 | ) | |||||
Other comprehensive income (loss) | — | — | 2 | 2 | ||||||||||||
Balance, June 30, 2016 | $ | (456 | ) | $ | (101 | ) | $ | 2 | $ | (555 | ) |
Cumulative Translation Adjustment | Pension Liability Adjustment | Unrealized Gains on Derivatives | Total | |||||||||||||
Balance, January 1, 2016 | $ | (494 | ) | $ | (102 | ) | $ | — | $ | (596 | ) | |||||
Other comprehensive income (loss) | 91 | (21 | ) | 1 | 71 | |||||||||||
Balance, September 30, 2016 | $ | (403 | ) | $ | (123 | ) | $ | 1 | $ | (525 | ) |
Cumulative Translation Adjustment | Pension Liability Adjustment | Unrealized Gains (Losses) on Derivatives | Total | |||||||||||||
Beginning balance | $ | (408 | ) | $ | (92 | ) | $ | 3 | $ | (497 | ) | |||||
Other comprehensive income (loss) | 45 | — | (3 | ) | 42 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1 | — | 1 | ||||||||||||
Balance, June 30, 2017 | $ | (363 | ) | (91 | ) | — | (454 | ) |
Cumulative Translation Adjustment | Pension Liability Adjustment | Unrealized Gains on Derivatives | Total | |||||||||||||
Balance, January 1, 2015 | $ | (279 | ) | $ | (117 | ) | $ | — | $ | (396 | ) | |||||
Other comprehensive income (loss) | (138 | ) | 3 | — | (135 | ) | ||||||||||
Balance, September 30, 2015 | $ | (417 | ) | $ | (114 | ) | $ | — | $ | (531 | ) |
Cumulative Translation Adjustment | Pension Liability Adjustment | Unrealized Gains (Losses) on Derivatives | Total | |||||||||||||
Beginning balance | $ | (496 | ) | $ | (102 | ) | $ | — | $ | (598 | ) | |||||
Other comprehensive income (loss) | 40 | — | 2 | 42 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1 | — | 1 | ||||||||||||
Balance, June 30, 2016 | $ | (456 | ) | $ | (101 | ) | $ | 2 | $ | (555 | ) |
16. | Noncontrolling Interest |
2016 | 2015 | |||||||
Balance, January 1 | $ | 112 | $ | 178 | ||||
Net income (loss) attributable to noncontrolling interest | (1 | ) | 10 | |||||
Effect of exchange rate changes | 31 | (49 | ) | |||||
Balance, September 30 | $ | 142 | $ | 139 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Beginning balance | $ | 153 | $ | 124 | $ | 144 | $ | 112 | ||||||||
Net income attributable to noncontrolling interest | 2 | 2 | 5 | 1 | ||||||||||||
Effect of exchange rate changes | 7 | — | 13 | 13 | ||||||||||||
Balance, June 30, | $ | 162 | $ | 126 | $ | 162 | $ | 126 |
17. Share-Based Compensation |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Restricted shares and restricted share units | $ | 7 | $ | 2 | $ | 15 | $ | 11 | $ | 8 | $ | 4 | $ | 22 | $ | 8 | ||||||||||||||||
Options | 2 | 1 | 3 | 4 | — | — | — | 1 | ||||||||||||||||||||||||
T-Bucks Employee Participation Plan | — | 1 | 1 | 2 | — | 1 | — | 1 | ||||||||||||||||||||||||
Total share-based compensation expense | $ | 9 | $ | 4 | $ | 19 | $ | 17 | $ | 8 | $ | 5 | $ | 22 | $ | 10 |
Number of Shares | Weighted Average Grant Date Fair Value | |||||||
Outstanding, January 1, 2016 | 373,278 | $ | 22.02 | |||||
Granted | 291,893 | 3.89 | ||||||
Vested | (169,634 | ) | 16.91 | |||||
Forfeited | (211,137 | ) | 22.37 | |||||
Outstanding, September 30, 2016 | 284,400 | $ | 6.09 | |||||
Expected to vest, September 30, 2016 | 284,400 | $ | 6.09 |
Number of Shares | Weighted Average Grant Date Fair Value | |||||||
Outstanding, January 1, 2017 | 284,400 | $ | 6.09 | |||||
Vested | (107,928 | ) | 8.00 | |||||
Outstanding, June 30, 2017 | 176,472 | $ | 4.92 | |||||
Expected to vest, June 30, 2017 | 176,472 | $ | 4.92 |
Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||
Outstanding, January 1, 2016 | 1,494,027 | $ | 23.04 | |||||||||||||
Outstanding, January 1, 2017 | 5,587,331 | $ | 7.19 | |||||||||||||
Granted | 4,880,169 | 4.04 | 2,918,533 | 17.16 | ||||||||||||
Vested | (547,407 | ) | 17.51 | (2,228,057 | ) | 9.29 | ||||||||||
Forfeited | (260,200 | ) | 17.53 | (256,762 | ) | 10.71 | ||||||||||
Outstanding, September 30, 2016 | 5,566,589 | $ | 7.18 | |||||||||||||
Expected to vest, September 30, 2016 | 6,169,907 | $ | 6.79 | |||||||||||||
Outstanding, June 30, 2017 | 6,021,045 | $ | 11.10 | |||||||||||||
Expected to vest, June 30, 2017 | 7,009,320 | $ | 9.58 |
Number of Options | Weighted Average Exercise Price | Weighted Average Contractual Life (years) | Intrinsic Value | |||||||||||||
Outstanding, January 1, 2016 | 2,189,967 | $ | 21.15 | 7.4 | $ | — | ||||||||||
Forfeited | (46,087 | ) | 20.98 | |||||||||||||
Expired | (146,443 | ) | 20.54 | — | ||||||||||||
Outstanding, September 30, 2016 | 1,997,437 | 21.20 | 6.7 | $ | — | |||||||||||
Expected to vest, September 30, 2016 | 232,468 | 22.04 | 7.4 | $ | — | |||||||||||
Exercisable, September 30, 2016 | 1,772,281 | 21.09 | 6.7 | $ | — |
Number of Options | Weighted Average Exercise Price | Weighted Average Contractual Life (years) | Intrinsic Value | |||||||||||||
Outstanding, January 1, 2017 | 1,970,481 | $ | 21.19 | 6.38 | $ | — | ||||||||||
Forfeited | (2,285 | ) | 21.98 | |||||||||||||
Expired | (37,580 | ) | 22.28 | |||||||||||||
Outstanding, June 30, 2017 | 1,930,616 | $ | 21.17 | 4.93 | $ | — | ||||||||||
Expected to vest, June 30, 2017 | 2,266 | $ | 27.26 | 7.26 | $ | — | ||||||||||
Exercisable, June 30, 2017 | 1,928,335 | $ | 21.16 | 4.93 | $ | — |
18. | Pension and Other Postretirement Healthcare Benefits |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net periodic cost: | ||||||||||||||||
Service cost (1) | $ | 1 | $ | 2 | $ | 3 | $ | 3 | ||||||||
Interest cost | 5 | 4 | 15 | 15 | ||||||||||||
Expected return on plan assets | (5 | ) | (5 | ) | (15 | ) | (17 | ) | ||||||||
Net amortization of actuarial loss and prior service credit | — | 1 | 1 | 3 | ||||||||||||
Curtailment gain | (1 | ) | — | (1 | ) | — | ||||||||||
Total net periodic cost | $ | — | $ | 2 | $ | 3 | $ | 4 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net periodic cost: | ||||||||||||||||
Service cost | $ | 2 | $ | 1 | $ | 3 | $ | 2 | ||||||||
Interest cost | 4 | 5 | 8 | 10 | ||||||||||||
Expected return on plan assets | (4 | ) | (5 | ) | (8 | ) | (10 | ) | ||||||||
Net amortization of actuarial loss and prior service credit | — | — | 1 | 1 | ||||||||||||
Total net periodic cost | $ | 2 | $ | 1 | $ | 4 | $ | 3 |
19. |
Valuation | ||||
Consideration: | ||||
Purchase price | $ | 1,650 | ||
Fair Value of Assets Acquired and Liabilities Assumed: | ||||
Current Assets: | ||||
Accounts receivable | $ | 147 | ||
Inventories | 48 | |||
Prepaid and other assets | 32 | |||
Total Current Assets | 227 | |||
Property, plant and equipment (1) | 767 | |||
Mineral leaseholds (2) | 739 | |||
Other long-term assets | 3 | |||
Total Assets | $ | 1,736 | ||
Current Liabilities: | ||||
Accounts payable | 46 | |||
Accrued liabilities | 28 | |||
Total Current Liabilities | 74 | |||
Noncurrent Liabilities: | ||||
Other | 12 | |||
Total Liabilities | 86 | |||
Net Assets | $ | 1,650 |
Three Months Ended September 30, 2015 | Nine Months Ended September 30, 2015 | |||||||
Net sales | $ | 575 | $ | 1,772 | ||||
Loss from operations | $ | (19 | ) | $ | (29 | ) | ||
Net loss | $ | (52 | ) | $ | (171 | ) | ||
Loss per share, basic and diluted | $ | (0.45 | ) | $ | (1.48 | ) |
Related Parties |
Segment Information |
• |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
TiO2 segment | $ | 339 | $ | 380 | $ | 957 | $ | 1,174 | $ | 421 | $ | 333 | $ | 799 | $ | 618 | ||||||||||||||||
Alkali segment | 194 | 195 | 588 | 403 | 201 | 205 | 392 | 396 | ||||||||||||||||||||||||
Net sales (1) | $ | 533 | $ | 575 | $ | 1,545 | $ | 1,577 | ||||||||||||||||||||||||
Net sales | $ | 622 | $ | 538 | $ | 1,191 | $ | 1,014 | ||||||||||||||||||||||||
TiO2 segment | $ | 18 | $ | (26 | ) | $ | (12 | ) | $ | (58 | ) | $ | 61 | $ | 7 | $ | 93 | $ | (29 | ) | ||||||||||||
Alkali segment | 23 | 21 | 54 | 46 | 23 | 12 | 42 | 33 | ||||||||||||||||||||||||
Corporate | (16 | ) | (16 | ) | (38 | ) | (68 | ) | (29 | ) | (10 | ) | (64 | ) | (26 | ) | ||||||||||||||||
Income (loss) from operations | 25 | (21 | ) | 4 | (80 | ) | 55 | 9 | 71 | (22 | ) | |||||||||||||||||||||
Interest and debt expense, net | (46 | ) | (45 | ) | (138 | ) | (131 | ) | (46 | ) | (46 | ) | (92 | ) | (92 | ) | ||||||||||||||||
Gain on extinguishment of debt | — | — | 4 | — | — | — | — | 4 | ||||||||||||||||||||||||
Other income (expense), net | (14 | ) | 23 | (23 | ) | 22 | ||||||||||||||||||||||||||
Loss before income taxes | (35 | ) | (43 | ) | (153 | ) | (189 | ) | ||||||||||||||||||||||||
Other expense, net | (1 | ) | (3 | ) | (7 | ) | (12 | ) | ||||||||||||||||||||||||
Income (loss) before income taxes | 8 | (40 | ) | (28 | ) | (122 | ) | |||||||||||||||||||||||||
Income tax provision | (7 | ) | (11 | ) | (29 | ) | (29 | ) | (3 | ) | (10 | ) | (5 | ) | (22 | ) | ||||||||||||||||
Net loss | $ | (42 | ) | $ | (54 | ) | $ | (182 | ) | $ | (218 | ) | ||||||||||||||||||||
Net income (loss) | $ | 5 | $ | (50 | ) | $ | (33 | ) | $ | (144 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
U.S. operations | $ | 348 | $ | 359 | $ | 1,018 | $ | 891 | ||||||||
International operations: | ||||||||||||||||
Australia | 94 | 104 | 258 | 285 | ||||||||||||
South Africa | 45 | 71 | 131 | 252 | ||||||||||||
The Netherlands | 46 | 41 | 138 | 149 | ||||||||||||
Total | $ | 533 | $ | 575 | $ | 1,545 | $ | 1,577 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Pigment | $ | 260 | $ | 244 | $ | 720 | $ | 756 | ||||||||
Alkali | 194 | 195 | 588 | 403 | ||||||||||||
Titanium feedstock and co-products | 64 | 103 | 194 | 333 | ||||||||||||
Electrolytic | 15 | 33 | 43 | 85 | ||||||||||||
Total | $ | 533 | $ | 575 | $ | 1,545 | $ | 1,577 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
TiO2 segment | $ | 23 | $ | 39 | $ | 58 | $ | 127 | $ | 19 | $ | 18 | $ | 39 | $ | 35 | ||||||||||||||||
Alkali segment | 8 | 9 | 28 | 13 | 4 | 4 | 16 | 20 | ||||||||||||||||||||||||
Corporate | 1 | — | 1 | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||
Total | $ | 32 | $ | 48 | $ | 87 | $ | 141 | $ | 24 | $ | 22 | $ | 56 | $ | 55 |
September 30, 2016 | December 31, 2015 | June 30, 2017 | December 31, 2016 | |||||||||||||
TiO2 segment | $ | 3,018 | $ | 3,055 | $ | 3,017 | $ | 2,991 | ||||||||
Alkali segment | 1,661 | 1,690 | 1,641 | 1,671 | ||||||||||||
Corporate | 246 | 282 | 336 | 291 | ||||||||||||
Total | $ | 4,925 | $ | 5,027 | $ | 4,994 | $ | 4,953 |
Guarantor Condensed Consolidating Financial Statements |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 533 | $ | (59 | ) | $ | — | $ | — | $ | 454 | $ | 138 | $ | 622 | $ | (56 | ) | $ | — | $ | — | $ | 487 | $ | 191 | ||||||||||||||||||||||
Cost of goods sold | 453 | (62 | ) | — | — | 387 | 128 | 498 | (61 | ) | — | — | 400 | 159 | ||||||||||||||||||||||||||||||||||
Gross profit | 80 | 3 | — | — | 67 | 10 | 124 | 5 | — | — | 87 | 32 | ||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | (54 | ) | — | — | (6 | ) | (39 | ) | (9 | ) | (69 | ) | 1 | — | (16 | ) | (42 | ) | (12 | ) | ||||||||||||||||||||||||||||
Restructuring expense | (1 | ) | — | — | — | — | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
Restructuring income (expense) | — | — | — | 1 | (1 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Income (loss) from operations | 25 | 3 | — | (6 | ) | 28 | — | 55 | 6 | — | (15 | ) | 44 | 20 | ||||||||||||||||||||||||||||||||||
Interest and debt expense, net | (46 | ) | — | (26 | ) | — | (1 | ) | (19 | ) | (46 | ) | — | (26 | ) | — | (1 | ) | (19 | ) | ||||||||||||||||||||||||||||
Intercompany interest income (expense) | — | — | — | (1 | ) | 1 | — | |||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | (14 | ) | — | — | — | (3 | ) | (11 | ) | (1 | ) | — | — | (2 | ) | 4 | (3 | ) | ||||||||||||||||||||||||||||||
Intercompany interest income (expense) | — | — | — | 126 | (140 | ) | 14 | |||||||||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiary | — | 147 | — | (117 | ) | (30 | ) | — | — | 6 | — | 21 | (27 | ) | — | |||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (35 | ) | 150 | (26 | ) | 3 | (146 | ) | (16 | ) | 8 | 12 | (26 | ) | 3 | 21 | (2 | ) | ||||||||||||||||||||||||||||||
Income tax benefit (provision) | (7 | ) | — | 7 | (43 | ) | 28 | 1 | (3 | ) | — | 8 | — | (14 | ) | 3 | ||||||||||||||||||||||||||||||||
Net income (loss) | (42 | ) | 150 | (19 | ) | (40 | ) | (118 | ) | (15 | ) | 5 | 12 | (18 | ) | 3 | 7 | 1 | ||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | (2 | ) | (2 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 2 | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Tronox Limited | $ | (40 | ) | 152 | (19 | ) | (40 | ) | (118 | ) | (15 | ) | $ | 3 | $ | 10 | $ | (18 | ) | $ | 3 | $ | 7 | $ | 1 |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||||||||
Net sales | $ | 1,191 | $ | (121 | ) | $ | — | $ | — | $ | 945 | $ | 367 | |||||||||||
Cost of goods sold | 977 | (125 | ) | — | — | 796 | 306 | |||||||||||||||||
Gross profit | 214 | 4 | — | — | 149 | 61 | ||||||||||||||||||
Selling, general and administrative expenses | (143 | ) | 2 | — | (35 | ) | (88 | ) | (22 | ) | ||||||||||||||
Restructuring income (expense) | — | — | — | 1 | (1 | ) | — | |||||||||||||||||
Income (loss) from operations | 71 | 6 | — | (34 | ) | 60 | 39 | |||||||||||||||||
Interest and debt expense, net | (92 | ) | — | (52 | ) | — | (2 | ) | (38 | ) | ||||||||||||||
Intercompany interest income (expense) | — | — | — | 4 | (4 | ) | — | |||||||||||||||||
Other income (expense), net | (7 | ) | — | — | (5 | ) | 6 | (8 | ) | |||||||||||||||
Equity in earnings of subsidiary | — | 45 | — | 4 | (49 | ) | — | |||||||||||||||||
Income (loss) before income taxes | (28 | ) | 51 | (52 | ) | (31 | ) | 11 | (7 | ) | ||||||||||||||
Income tax benefit (provision) | (5 | ) | — | 16 | (7 | ) | (22 | ) | 8 | |||||||||||||||
Net income (loss) | (33 | ) | 51 | (36 | ) | (38 | ) | (11 | ) | 1 | ||||||||||||||
Net income attributable to noncontrolling interest | 5 | 5 | — | — | — | — | ||||||||||||||||||
Net income (loss) attributable to Tronox Limited | $ | (38 | ) | $ | 46 | $ | (36 | ) | $ | (38 | ) | $ | (11 | ) | $ | 1 |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||||||||
Net sales | $ | 1,545 | $ | (164 | ) | $ | — | $ | — | $ | 1,311 | $ | 398 | |||||||||||
Cost of goods sold | 1,388 | (171 | ) | — | — | 1,186 | 373 | |||||||||||||||||
Gross profit | 157 | 7 | — | — | 125 | 25 | ||||||||||||||||||
Selling, general and administrative expenses | (151 | ) | 2 | — | (20 | ) | (102 | ) | (31 | ) | ||||||||||||||
Restructuring expense | (2 | ) | — | — | — | — | (2 | ) | ||||||||||||||||
Income (loss) from operations | 4 | 9 | — | (20 | ) | 23 | (8 | ) | ||||||||||||||||
Interest and debt expense, net | (138 | ) | — | (79 | ) | — | (4 | ) | (55 | ) | ||||||||||||||
Gain on extinguishment of debt | 4 | — | 4 | — | — | — | ||||||||||||||||||
Other income (expense), net | (23 | ) | — | — | — | (3 | ) | (20 | ) | |||||||||||||||
Intercompany interest income (expense) | — | — | — | 379 | (423 | ) | 44 | |||||||||||||||||
Equity in earnings of subsidiary | — | 473 | — | (401 | ) | (72 | ) | — | ||||||||||||||||
Income (loss) before income taxes | (153 | ) | 482 | (75 | ) | (42 | ) | (479 | ) | (39 | ) | |||||||||||||
Income tax benefit (provision) | (29 | ) | — | 22 | (139 | ) | 89 | (1 | ) | |||||||||||||||
Net income (loss) | (182 | ) | 482 | (53 | ) | (181 | ) | (390 | ) | (40 | ) | |||||||||||||
Net income (loss) attributable to noncontrolling interest | (1 | ) | (1 | ) | — | — | — | — | ||||||||||||||||
Net income (loss) attributable to Tronox Limited | $ | (181 | ) | $ | 483 | $ | (53 | ) | $ | (181 | ) | $ | (390 | ) | $ | (40 | ) |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (42 | ) | $ | 150 | $ | (19 | ) | $ | (40 | ) | $ | (118 | ) | $ | (15 | ) | $ | 5 | $ | 12 | $ | (18 | ) | $ | 3 | $ | 7 | $ | 1 | ||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 69 | (118 | ) | — | 51 | 68 | 68 | 34 | (54 | ) | — | 27 | 28 | 33 | ||||||||||||||||||||||||||||||||||
Pension and postretirement plans | (22 | ) | 31 | — | (22 | ) | (9 | ) | (22 | ) | ||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on derivative financial instruments | (1 | ) | 1 | — | (1 | ) | (1 | ) | — | (1 | ) | 1 | — | (1 | ) | (1 | ) | — | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 46 | (86 | ) | — | 28 | 58 | 46 | 33 | (53 | ) | — | 26 | 27 | 33 | ||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | 4 | 64 | (19 | ) | (12 | ) | (60 | ) | 31 | 38 | (41 | ) | (18 | ) | 29 | 34 | 34 | |||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (2 | ) | (2 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Net income | 2 | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 18 | 18 | — | — | — | — | 7 | 7 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest | 16 | 16 | — | — | — | — | 9 | 9 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Tronox Limited | $ | (12 | ) | $ | 48 | $ | (19 | ) | $ | (12 | ) | $ | (60 | ) | $ | 31 | $ | 29 | $ | (50 | ) | $ | (18 | ) | $ | 29 | $ | 34 | $ | 34 |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||||||||
Net income (loss) | $ | (33 | ) | $ | 51 | $ | (36 | ) | $ | (38 | ) | $ | (11 | ) | $ | 1 | ||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Foreign currency translation adjustments | 58 | (97 | ) | — | 45 | 52 | 58 | |||||||||||||||||
Pension and postretirement plans | 1 | (1 | ) | — | 1 | 1 | — | |||||||||||||||||
Unrealized gains (losses) on derivative financial instruments | (3 | ) | 3 | — | (3 | ) | (3 | ) | — | |||||||||||||||
Other comprehensive income (loss) | 56 | (95 | ) | — | 43 | 50 | 58 | |||||||||||||||||
Total comprehensive income (loss) | 23 | (44 | ) | (36 | ) | 5 | 39 | 59 | ||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest: | ||||||||||||||||||||||||
Net income | 5 | 5 | — | — | — | — | ||||||||||||||||||
Foreign currency translation adjustments | 13 | 13 | — | — | — | — | ||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest | 18 | 18 | — | — | — | — | ||||||||||||||||||
Comprehensive income (loss) attributable to Tronox Limited | $ | 5 | $ | (62 | ) | $ | (36 | ) | $ | 5 | $ | 39 | $ | 59 |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||||||||
Net income (loss) | $ | (182 | ) | $ | 482 | $ | (53 | ) | $ | (181 | ) | $ | (390 | ) | $ | (40 | ) | |||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Foreign currency translation adjustments | 122 | (208 | ) | — | 91 | 118 | 121 | |||||||||||||||||
Pension and postretirement plans | (21 | ) | 30 | — | (21 | ) | (8 | ) | (22 | ) | ||||||||||||||
Unrealized gains (losses) on derivative financial instruments | 1 | (1 | ) | — | 1 | 1 | — | |||||||||||||||||
Other comprehensive income (loss) | 102 | (179 | ) | — | 71 | 111 | 99 | |||||||||||||||||
Total comprehensive income (loss) | (80 | ) | 303 | (53 | ) | (110 | ) | (279 | ) | 59 | ||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest: | ||||||||||||||||||||||||
Net income (loss) | (1 | ) | (1 | ) | — | — | — | — | ||||||||||||||||
Foreign currency translation adjustments | 31 | 31 | — | — | — | — | ||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest | 30 | 30 | — | — | — | — | ||||||||||||||||||
Comprehensive income (loss) attributable to Tronox Limited | $ | (110 | ) | $ | 273 | $ | (53 | ) | $ | (110 | ) | $ | (279 | ) | $ | 59 |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 202 | $ | — | $ | 1 | $ | 3 | $ | 163 | $ | 35 | $ | 303 | $ | — | $ | — | $ | 39 | $ | 129 | $ | 135 | ||||||||||||||||||||||||
Restricted cash | 3 | — | — | — | 3 | — | 2 | — | — | — | 2 | — | ||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 394 | — | — | — | 314 | 80 | 457 | — | — | — | 340 | 117 | ||||||||||||||||||||||||||||||||||||
Inventories, net | 558 | (14 | ) | — | — | 360 | 212 | 506 | (8 | ) | — | — | 321 | 193 | ||||||||||||||||||||||||||||||||||
Other current assets | 45 | (4,978 | ) | 644 | 1,831 | 1,294 | 1,254 | 54 | (589 | ) | 79 | 82 | 274 | 208 | ||||||||||||||||||||||||||||||||||
Investment in subsidiaries | — | 2,888 | — | (3,602 | ) | 714 | — | — | (1,496 | ) | — | 1,174 | 322 | — | ||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 1,850 | — | — | — | 1,338 | 512 | 1,816 | — | — | — | 1,288 | 528 | ||||||||||||||||||||||||||||||||||||
Mineral leaseholds, net | 1,617 | — | — | — | 1,243 | 374 | 1,608 | — | — | — | 1,224 | 384 | ||||||||||||||||||||||||||||||||||||
Intercompany loans receivable | — | (6,942 | ) | 610 | 5,936 | 77 | 319 | — | (2,504 | ) | 1,149 | — | 160 | 1,195 | ||||||||||||||||||||||||||||||||||
Other long-term assets | 256 | — | — | — | 238 | 18 | 248 | — | — | — | 215 | 33 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,925 | $ | (9,046 | ) | $ | 1,255 | $ | 4,168 | $ | 5,744 | $ | 2,804 | $ | 4,994 | $ | (4,597 | ) | $ | 1,228 | $ | 1,295 | $ | 4,275 | $ | 2,793 | ||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | $ | 150 | $ | — | $ | — | $ | — | $ | 150 | $ | — | $ | 150 | $ | — | $ | — | $ | — | $ | 150 | $ | — | ||||||||||||||||||||||||
Other current liabilities | 383 | (4,978 | ) | 18 | 2,691 | 2,451 | 201 | 400 | (589 | ) | 43 | 161 | 557 | 228 | ||||||||||||||||||||||||||||||||||
Long-term debt | 2,889 | — | 1,460 | — | — | 1,429 | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt, net | 2,886 | — | 1,463 | — | — | 1,423 | ||||||||||||||||||||||||||||||||||||||||||
Intercompany loans payable | — | (6,942 | ) | — | 611 | 6,255 | 76 | — | (2,504 | ) | — | 120 | 2,344 | 40 | ||||||||||||||||||||||||||||||||||
Other long-term liabilities | 496 | — | — | 1 | 277 | 218 | 383 | — | — | 1 | 193 | 189 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 3,918 | (11,920 | ) | 1,478 | 3,303 | 9,133 | 1,924 | 3,819 | (3,093 | ) | 1,506 | 282 | 3,244 | 1,880 | ||||||||||||||||||||||||||||||||||
Total equity | 1,007 | 2,874 | (223 | ) | 865 | (3,389 | ) | 880 | 1,175 | (1,504 | ) | (278 | ) | 1,013 | 1,031 | 913 | ||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 4,925 | $ | (9,046 | ) | $ | 1,255 | $ | 4,168 | $ | 5,744 | $ | 2,804 | $ | 4,994 | $ | (4,597 | ) | $ | 1,228 | $ | 1,295 | $ | 4,275 | $ | 2,793 |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||||||||||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (182 | ) | $ | 482 | $ | (53 | ) | $ | (181 | ) | $ | (390 | ) | $ | (40 | ) | $ | (33 | ) | $ | 51 | $ | (36 | ) | $ | (38 | ) | $ | (11 | ) | $ | 1 | |||||||||||||||
Depreciation, depletion and amortization | 175 | — | — | — | 138 | 37 | 123 | — | — | — | 91 | 32 | ||||||||||||||||||||||||||||||||||||
Other | 130 | (482 | ) | (52 | ) | 249 | 456 | (41 | ) | 47 | (51 | ) | (15 | ) | 38 | 57 | 18 | |||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | 123 | — | (105 | ) | 68 | 204 | (44 | ) | 137 | — | (51 | ) | — | 137 | 51 | |||||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (87 | ) | — | — | — | (57 | ) | (30 | ) | (56 | ) | — | — | — | (37 | ) | (19 | ) | ||||||||||||||||||||||||||||||
Proceeds from sale of assets | 1 | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||||||||||
Collections of intercompany loans | — | (181 | ) | 126 | — | — | 55 | — | (92 | ) | 50 | — | — | 42 | ||||||||||||||||||||||||||||||||||
Issuance of intercompany loans | — | 100 | (5 | ) | — | (95 | ) | — | — | 66 | — | (3 | ) | (63 | ) | — | ||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (86 | ) | (81 | ) | 121 | — | (151 | ) | 25 | (56 | ) | (26 | ) | 50 | (3 | ) | (100 | ) | 23 | |||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of debt | (27 | ) | — | (15 | ) | — | — | (12 | ) | (8 | ) | — | — | — | — | (8 | ) | |||||||||||||||||||||||||||||||
Repayments of intercompany loans | — | 181 | — | (126 | ) | (55 | ) | — | — | 92 | — | — | (92 | ) | — | |||||||||||||||||||||||||||||||||
Proceeds from intercompany loans | — | (100 | ) | — | 100 | — | — | — | (66 | ) | — | 63 | 3 | — | ||||||||||||||||||||||||||||||||||
Dividends paid | (40 | ) | — | — | (40 | ) | — | — | (12 | ) | — | — | (12 | ) | — | — | ||||||||||||||||||||||||||||||||
Restricted stock and performance-based shares settled in cash for tax | (11 | ) | — | — | (11 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (67 | ) | 81 | (15 | ) | (66 | ) | (55 | ) | (12 | ) | (31 | ) | 26 | — | 40 | (89 | ) | (8 | ) | ||||||||||||||||||||||||||||
Effects of exchange rate changes on cash and cash equivalents | 3 | — | — | — | — | 3 | 5 | — | — | — | — | 5 | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (27 | ) | — | 1 | 2 | (2 | ) | (28 | ) | 55 | — | (1 | ) | 37 | (52 | ) | 71 | |||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | $ | 229 | $ | — | $ | — | $ | 1 | $ | 165 | $ | 63 | $ | 248 | $ | — | $ | 1 | $ | 2 | $ | 181 | $ | 64 | ||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 202 | $ | — | $ | 1 | $ | 3 | $ | 163 | $ | 35 | $ | 303 | $ | — | $ | — | $ | 39 | $ | 129 | $ | 135 |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||||||||
Net sales | $ | 538 | $ | (45 | ) | $ | — | $ | — | $ | 455 | $ | 128 | |||||||||||
Cost of goods sold | 479 | (52 | ) | — | — | 415 | 116 | |||||||||||||||||
Gross profit | 59 | 7 | — | — | 40 | 12 | ||||||||||||||||||
Selling, general and administrative expenses | (51 | ) | 1 | — | (5 | ) | (35 | ) | (12 | ) | ||||||||||||||
Restructuring income | 1 | — | — | — | 1 | — | ||||||||||||||||||
Income (loss) from operations | 9 | 8 | — | (5 | ) | 6 | — | |||||||||||||||||
Interest and debt expense, net | (46 | ) | — | (27 | ) | — | — | (19 | ) | |||||||||||||||
Intercompany interest income (expense) | — | — | — | 126 | (143 | ) | 17 | |||||||||||||||||
Other income (expense), net | (3 | ) | — | — | — | — | (3 | ) | ||||||||||||||||
Equity in earnings of subsidiary | — | 140 | — | (125 | ) | (15 | ) | — | ||||||||||||||||
Income (loss) before income taxes | (40 | ) | 148 | (27 | ) | (4 | ) | (152 | ) | (5 | ) | |||||||||||||
Income tax benefit (provision) | (10 | ) | — | 8 | (48 | ) | 30 | — | ||||||||||||||||
Net income (loss) | (50 | ) | 148 | (19 | ) | (52 | ) | (122 | ) | (5 | ) | |||||||||||||
Net income attributable to noncontrolling interest | 2 | 2 | — | — | — | — | ||||||||||||||||||
Net income (loss) attributable to Tronox Limited | $ | (52 | ) | $ | 146 | $ | (19 | ) | $ | (52 | ) | $ | (122 | ) | $ | (5 | ) |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||||||||
Net sales | $ | 575 | $ | (51 | ) | $ | — | $ | — | $ | 462 | $ | 164 | |||||||||||
Cost of goods sold | 536 | (53 | ) | — | — | 434 | 155 | |||||||||||||||||
Gross profit | 39 | 2 | — | — | 28 | 9 | ||||||||||||||||||
Selling, general and administrative expenses | (55 | ) | — | — | (3 | ) | (41 | ) | (11 | ) | ||||||||||||||
Restructuring expense | (5 | ) | — | — | — | (5 | ) | — | ||||||||||||||||
Income (loss) from operations | (21 | ) | 2 | — | (3 | ) | (18 | ) | (2 | ) | ||||||||||||||
Interest and debt expense, net | (45 | ) | — | (27 | ) | — | (2 | ) | (16 | ) | ||||||||||||||
Intercompany interest income (expense) | — | — | — | 86 | (100 | ) | 14 | |||||||||||||||||
Other income (expense), net | 23 | — | — | 3 | 5 | 15 | ||||||||||||||||||
Equity in earnings of subsidiary | — | 113 | — | (112 | ) | (1 | ) | — | ||||||||||||||||
Income (loss) before income taxes | (43 | ) | 115 | (27 | ) | (26 | ) | (116 | ) | 11 | ||||||||||||||
Income tax benefit (provision) | (11 | ) | — | 8 | (34 | ) | 17 | (2 | ) | |||||||||||||||
Net income (loss) | (54 | ) | 115 | (19 | ) | (60 | ) | (99 | ) | 9 | ||||||||||||||
Net income attributable to noncontrolling interest | 6 | 6 | — | — | — | — | ||||||||||||||||||
Net income (loss) attributable to Tronox Limited | $ | (60 | ) | $ | 109 | $ | (19 | ) | $ | (60 | ) | $ | (99 | ) | $ | 9 |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 1,577 | $ | (154 | ) | $ | — | $ | — | $ | 1,200 | $ | 531 | $ | 1,014 | $ | (105 | ) | $ | — | $ | — | $ | 859 | $ | 260 | ||||||||||||||||||||||
Cost of goods sold | 1,479 | (146 | ) | — | — | 1,117 | 508 | 934 | (109 | ) | — | — | 800 | 243 | ||||||||||||||||||||||||||||||||||
Gross profit | 98 | (8 | ) | — | — | 83 | 23 | 80 | 4 | — | — | 59 | 17 | |||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | (171 | ) | 2 | (1 | ) | 1 | (144 | ) | (29 | ) | (101 | ) | 2 | — | (18 | ) | (63 | ) | (22 | ) | ||||||||||||||||||||||||||||
Restructuring expense | (7 | ) | — | — | — | (7 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Restructuring expenses | (1 | ) | — | — | — | — | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
Income (loss) from operations | (80 | ) | (6 | ) | (1 | ) | 1 | (68 | ) | (6 | ) | (22 | ) | 6 | — | (18 | ) | (4 | ) | (6 | ) | |||||||||||||||||||||||||||
Interest and debt expense, net | (131 | ) | — | (77 | ) | — | (5 | ) | (49 | ) | (92 | ) | — | (53 | ) | — | (2 | ) | (37 | ) | ||||||||||||||||||||||||||||
Intercompany interest income (expense) | — | — | — | 350 | (386 | ) | 36 | — | — | — | 253 | (283 | ) | 30 | ||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | 4 | — | 4 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 22 | — | — | 4 | 2 | 16 | (12 | ) | — | — | — | — | (12 | ) | ||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiary | — | 480 | — | (449 | ) | (31 | ) | — | — | 329 | — | (285 | ) | (44 | ) | — | ||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (189 | ) | 474 | (78 | ) | (94 | ) | (488 | ) | (3 | ) | (122 | ) | 335 | (49 | ) | (50 | ) | (333 | ) | (25 | ) | ||||||||||||||||||||||||||
Income tax benefit (provision) | (29 | ) | — | 23 | (134 | ) | 84 | (2 | ) | (22 | ) | — | 15 | (95 | ) | 60 | (2 | ) | ||||||||||||||||||||||||||||||
Net income (loss) | (218 | ) | 474 | (55 | ) | (228 | ) | (404 | ) | (5 | ) | (144 | ) | 335 | (34 | ) | (145 | ) | (273 | ) | (27 | ) | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 10 | 10 | — | — | — | — | 1 | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Tronox Limited | $ | (228 | ) | $ | 464 | $ | (55 | ) | $ | (228 | ) | $ | (404 | ) | $ | (5 | ) | $ | (145 | ) | $ | 334 | $ | (34 | ) | $ | (145 | ) | $ | (273 | ) | $ | (27 | ) |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||||||||
Net income (loss) | $ | (50 | ) | $ | 148 | $ | (19 | ) | $ | (52 | ) | $ | (122 | ) | $ | (5 | ) | |||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Foreign currency translation adjustments | — | (1 | ) | — | — | 1 | — | |||||||||||||||||
Pension and postretirement plans | — | (1 | ) | — | — | 1 | — | |||||||||||||||||
Unrealized gains on derivative financial instruments | 2 | (2 | ) | — | 2 | 2 | — | |||||||||||||||||
Other comprehensive income (loss) | 2 | (4 | ) | — | 2 | 4 | — | |||||||||||||||||
Total comprehensive income (loss) | (48 | ) | 144 | (19 | ) | (50 | ) | (118 | ) | (5 | ) | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest: | ||||||||||||||||||||||||
Net income | 2 | 2 | — | — | — | — | ||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest | 2 | 2 | — | — | — | — | ||||||||||||||||||
Comprehensive income (loss) attributable to Tronox Limited | $ | (50 | ) | $ | 142 | $ | (19 | ) | $ | (50 | ) | $ | (118 | ) | $ | (5 | ) |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||||||||
Net income (loss) | $ | (54 | ) | $ | 115 | $ | (19 | ) | $ | (60 | ) | $ | (99 | ) | $ | 9 | ||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Foreign currency translation adjustments | (135 | ) | 234 | — | (100 | ) | (135 | ) | (134 | ) | ||||||||||||||
Pension and postretirement plans | 1 | (1 | ) | — | 1 | 1 | — | |||||||||||||||||
Other comprehensive income (loss) | (134 | ) | 233 | — | (99 | ) | (134 | ) | (134 | ) | ||||||||||||||
Total comprehensive income (loss) | (188 | ) | 348 | (19 | ) | (159 | ) | (233 | ) | (125 | ) | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest: | ||||||||||||||||||||||||
Net income | 6 | 6 | — | — | — | — | ||||||||||||||||||
Foreign currency translation adjustments | (35 | ) | (35 | ) | — | — | — | — | ||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest | (29 | ) | (29 | ) | — | — | — | — | ||||||||||||||||
Comprehensive income (loss) attributable to Tronox Limited | $ | (159 | ) | $ | 377 | $ | (19 | ) | $ | (159 | ) | $ | (233 | ) | $ | (125 | ) |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (218 | ) | $ | 474 | $ | (55 | ) | $ | (228 | ) | $ | (404 | ) | $ | (5 | ) | $ | (144 | ) | $ | 335 | $ | (34 | ) | $ | (145 | ) | $ | (273 | ) | $ | (27 | ) | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (187 | ) | 327 | — | (138 | ) | (189 | ) | (187 | ) | 53 | (89 | ) | — | 40 | 49 | 53 | |||||||||||||||||||||||||||||||
Pension and postretirement plans | 3 | (3 | ) | — | 3 | 3 | — | 1 | (1 | ) | — | 1 | 1 | — | ||||||||||||||||||||||||||||||||||
Unrealized gains on derivative financial instruments | 2 | (2 | ) | — | 2 | 2 | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (184 | ) | 324 | — | (135 | ) | (186 | ) | (187 | ) | 56 | (92 | ) | — | 43 | 52 | 53 | |||||||||||||||||||||||||||||||
Total comprehensive income (loss) | (402 | ) | 798 | (55 | ) | (363 | ) | (590 | ) | (192 | ) | (88 | ) | 243 | (34 | ) | (102 | ) | (221 | ) | 26 | |||||||||||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 10 | 10 | — | — | — | — | 1 | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (49 | ) | (49 | ) | — | — | — | — | 13 | 13 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest | (39 | ) | (39 | ) | — | — | — | — | 14 | 14 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Tronox Limited | $ | (363 | ) | $ | 837 | $ | (55 | ) | $ | (363 | ) | $ | (590 | ) | $ | (192 | ) | $ | (102 | ) | $ | 229 | $ | (34 | ) | $ | (102 | ) | $ | (221 | ) | $ | 26 |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 229 | $ | — | $ | — | $ | 1 | $ | 165 | $ | 63 | $ | 248 | $ | — | $ | 1 | $ | 2 | $ | 181 | $ | 64 | ||||||||||||||||||||||||
Restricted cash | 5 | — | — | — | 5 | — | 3 | — | — | — | 3 | — | ||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 391 | — | — | — | 303 | 88 | 424 | — | — | — | 325 | 99 | ||||||||||||||||||||||||||||||||||||
Inventories, net | 630 | (24 | ) | — | — | 439 | 215 | 532 | (13 | ) | — | — | 363 | 182 | ||||||||||||||||||||||||||||||||||
Other current assets | 46 | (4,345 | ) | 657 | 1,473 | 1,149 | 1,112 | 49 | (531 | ) | 62 | 91 | 277 | 150 | ||||||||||||||||||||||||||||||||||
Investment in subsidiaries | — | 2,596 | — | (3,274 | ) | 678 | — | — | (1,327 | ) | — | 1,009 | 318 | — | ||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 1,843 | — | — | — | 1,388 | 455 | 1,831 | — | — | — | 1,322 | 509 | ||||||||||||||||||||||||||||||||||||
Mineral leaseholds, net | 1,604 | — | — | — | 1,266 | 338 | 1,607 | — | — | — | 1,236 | 371 | ||||||||||||||||||||||||||||||||||||
Intercompany loans receivable | — | (7,106 | ) | 688 | 5,936 | 76 | 406 | — | (2,926 | ) | 1,200 | 405 | 37 | 1,284 | ||||||||||||||||||||||||||||||||||
Other long-term assets | 279 | — | 4 | — | 258 | 17 | 259 | — | — | — | 228 | 31 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 5,027 | $ | (8,879 | ) | $ | 1,349 | $ | 4,136 | $ | 5,727 | $ | 2,694 | $ | 4,953 | $ | (4,797 | ) | $ | 1,263 | $ | 1,507 | $ | 4,290 | $ | 2,690 | ||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | $ | 150 | $ | — | $ | — | $ | — | $ | 150 | $ | — | $ | 150 | $ | — | $ | — | $ | — | $ | 150 | $ | — | ||||||||||||||||||||||||
Other current liabilities | 398 | (4,345 | ) | $ | 45 | 2,443 | 2,081 | 174 | 383 | (531 | ) | 43 | 495 | 181 | 195 | |||||||||||||||||||||||||||||||||
Long-term debt | 2,910 | — | 1,470 | — | — | 1,440 | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt, net | 2,888 | — | 1,462 | — | — | 1,426 | ||||||||||||||||||||||||||||||||||||||||||
Intercompany loans payable | — | (7,106 | ) | 5 | 694 | 6,338 | 69 | — | (2,926 | ) | — | — | 2,888 | 38 | ||||||||||||||||||||||||||||||||||
Other long-term liabilities | 459 | — | — | 1 | 267 | 191 | 379 | — | — | 3 | 198 | 178 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 3,917 | (11,451 | ) | 1,520 | 3,138 | 8,836 | 1,874 | 3,800 | (3,457 | ) | 1,505 | 498 | 3,417 | 1,837 | ||||||||||||||||||||||||||||||||||
Total equity | 1,110 | 2,572 | (171 | ) | 998 | (3,109 | ) | 820 | 1,153 | (1,340 | ) | (242 | ) | 1,009 | 873 | 853 | ||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 5,027 | $ | (8,879 | ) | $ | 1,349 | $ | 4,136 | $ | 5,727 | $ | 2,694 | $ | 4,953 | $ | (4,797 | ) | $ | 1,263 | $ | 1,507 | $ | 4,290 | $ | 2,690 |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | |||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||||||
Net income (loss) | $ | (144 | ) | $ | 335 | $ | (34 | ) | $ | (145 | ) | $ | (273 | ) | $ | (27 | ) | |||||||
Depreciation, depletion and amortization | 115 | — | — | — | 92 | 23 | ||||||||||||||||||
Other | 98 | (335 | ) | (18 | ) | 189 | 297 | (35 | ) | |||||||||||||||
Cash provided by (used in) operating activities | 69 | — | (52 | ) | 44 | 116 | (39 | ) | ||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||
Capital expenditures | (55 | ) | — | — | — | (36 | ) | (19 | ) | |||||||||||||||
Proceeds on sale of assets | 1 | — | — | — | 1 | — | ||||||||||||||||||
Collections of intercompany loans | — | (115 | ) | 79 | — | — | 36 | |||||||||||||||||
Issuance of intercompany loans | — | 72 | (5 | ) | — | (67 | ) | — | ||||||||||||||||
Cash provided by (used in) investing activities | (54 | ) | (43 | ) | 74 | — | (102 | ) | 17 | |||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||||||
Repayments of debt | (23 | ) | — | (15 | ) | — | — | (8 | ) | |||||||||||||||
Repayments of intercompany loans | — | 115 | — | (79 | ) | (36 | ) | — | ||||||||||||||||
Proceeds from debt | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from intercompany loans | — | (72 | ) | — | 72 | — | — | |||||||||||||||||
Dividends paid | (35 | ) | — | — | (35 | ) | — | — | ||||||||||||||||
Cash provided by (used in) financing activities | (58 | ) | 43 | (15 | ) | (42 | ) | (36 | ) | (8 | ) | |||||||||||||
Effects of exchange rate changes on cash and cash equivalents | 2 | — | — | — | — | 2 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (41 | ) | — | 7 | 2 | (22 | ) | (28 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | $ | 229 | $ | — | $ | — | $ | 1 | $ | 165 | $ | 63 | ||||||||||||
Cash and cash equivalents at end of period | $ | 188 | $ | — | $ | 7 | $ | 3 | $ | 143 | $ | 35 |
22. | Subsequent Event |
Consolidated | Eliminations | Tronox Finance LLC | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | |||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||||||
Net income (loss) | $ | (218 | ) | $ | 474 | $ | (55 | ) | $ | (228 | ) | $ | (404 | ) | $ | (5 | ) | |||||||
Depreciation, depletion and amortization | 222 | — | — | — | 170 | 52 | ||||||||||||||||||
Other | 41 | (474 | ) | 578 | 234 | 333 | (630 | ) | ||||||||||||||||
Cash provided by (used in) operating activities | 45 | — | 523 | 6 | 99 | (583 | ) | |||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||
Capital expenditures | (141 | ) | — | — | — | (44 | ) | (97 | ) | |||||||||||||||
Acquisition of business | (1,653 | ) | — | — | — | (1,653 | ) | — | ||||||||||||||||
Investment in subsidiaries | — | 1,526 | — | (1,526 | ) | — | — | |||||||||||||||||
Return of capital from subsidiaries | — | (24 | ) | — | 24 | — | — | |||||||||||||||||
Collections of intercompany loans | — | (724 | ) | 79 | 25 | 43 | 577 | |||||||||||||||||
Issuance of Intercompany loans | — | 1,386 | (589 | ) | (3 | ) | (237 | ) | (557 | ) | ||||||||||||||
Cash provided by (used in) investing activities | (1,794 | ) | 2,164 | (510 | ) | (1,480 | ) | (1,891 | ) | (77 | ) | |||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||||||
Repayments of debt | (13 | ) | — | — | — | (2 | ) | (11 | ) | |||||||||||||||
Repayments of intercompany loans | — | 724 | — | (102 | ) | (601 | ) | (21 | ) | |||||||||||||||
Proceeds from debt | 750 | — | — | — | 150 | 600 | ||||||||||||||||||
Proceeds from intercompany loans | — | (1,386 | ) | — | 1,380 | 3 | 3 | |||||||||||||||||
Contribution from parent | — | (1,526 | ) | — | — | 1,526 | — | |||||||||||||||||
Return of capital to parent | — | 24 | — | — | (24 | ) | — | |||||||||||||||||
Debt issuance costs | (15 | ) | — | (13 | ) | — | (2 | ) | — | |||||||||||||||
Dividends paid | (88 | ) | — | — | (88 | ) | — | — | ||||||||||||||||
Proceeds from the exercise of warrants and options | 3 | — | — | 3 | — | — | ||||||||||||||||||
Cash provided by (used in) financing activities | 637 | (2,164 | ) | (13 | ) | 1,193 | 1,050 | 571 | ||||||||||||||||
Effects of exchange rate changes on cash and cash equivalents | (19 | ) | — | — | — | — | (19 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (1,131 | ) | — | — | (281 | ) | (742 | ) | (108 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | $ | 1,276 | $ | — | $ | — | $ | 283 | $ | 815 | $ | 178 | ||||||||||||
Cash and cash equivalents at end of period | $ | 145 | $ | — | $ | — | $ | 2 | $ | 73 | $ | 70 |
• | Production and marketing of TiO2; and |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | Variance | 2016 | 2015 | Variance | 2017 | 2016 | Variance | 2017 | 2016 | Variance | |||||||||||||||||||||||||||||||||||||
(Millions of U.S. dollars) | (Millions of U.S. dollars) | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 533 | $ | 575 | $ | (42 | ) | $ | 1,545 | $ | 1,577 | $ | (32 | ) | $ | 622 | $ | 538 | $ | 84 | $ | 1,191 | $ | 1,014 | $ | 177 | ||||||||||||||||||||||
Cost of goods sold | 453 | 536 | (83 | ) | 1,388 | 1,479 | (91 | ) | 498 | 479 | 19 | 977 | 934 | 43 | ||||||||||||||||||||||||||||||||||
Gross profit | 80 | 39 | 41 | 157 | 98 | 59 | 124 | 59 | 65 | 214 | 80 | 134 | ||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | (54 | ) | (55 | ) | 1 | (151 | ) | (171 | ) | 20 | (69 | ) | (51 | ) | (18 | ) | (143 | ) | (101 | ) | (42 | ) | ||||||||||||||||||||||||||
Restructuring expense | (1 | ) | (5 | ) | 4 | (2 | ) | (7 | ) | 5 | ||||||||||||||||||||||||||||||||||||||
Restructuring income (expense) | — | 1 | (1 | ) | — | (1 | ) | 1 | ||||||||||||||||||||||||||||||||||||||||
Income (loss) from operations | 25 | (21 | ) | 46 | 4 | (80 | ) | 84 | 55 | 9 | 46 | 71 | (22 | ) | 93 | |||||||||||||||||||||||||||||||||
Interest and debt expense, net | (46 | ) | (45 | ) | (1 | ) | (138 | ) | (131 | ) | (7 | ) | (46 | ) | (46 | ) | — | (92 | ) | (92 | ) | — | ||||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | — | 4 | — | 4 | — | — | — | — | 4 | (4 | ) | |||||||||||||||||||||||||||||||||||
Other income (expense), net | (14 | ) | 23 | (37 | ) | (23 | ) | 22 | (45 | ) | ||||||||||||||||||||||||||||||||||||||
Loss before income taxes | (35 | ) | (43 | ) | 8 | (153 | ) | (189 | ) | 36 | ||||||||||||||||||||||||||||||||||||||
Other expense, net | (1 | ) | (3 | ) | 2 | (7 | ) | (12 | ) | 5 | ||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 8 | (40 | ) | 48 | (28 | ) | (122 | ) | 94 | |||||||||||||||||||||||||||||||||||||||
Income tax provision | (7 | ) | (11 | ) | 4 | (29 | ) | (29 | ) | — | (3 | ) | (10 | ) | 7 | (5 | ) | (22 | ) | 17 | ||||||||||||||||||||||||||||
Net loss | $ | (42 | ) | $ | (54 | ) | $ | 12 | $ | (182 | ) | $ | (218 | ) | $ | 36 | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 5 | $ | (50 | ) | $ | 55 | $ | (33 | ) | $ | (144 | ) | $ | 111 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | Variance | 2016 | 2015 | Variance | (Millions of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||
(Millions of U.S. dollars) | 2017 | 2016 | Variance | 2017 | 2016 | Variance | ||||||||||||||||||||||||||||||||||||||||||
TiO2 segment | $ | 339 | $ | 380 | $ | (41 | ) | $ | 957 | $ | 1,174 | $ | (217 | ) | $ | 421 | $ | 333 | $ | 88 | $ | 799 | $ | 618 | $ | 181 | ||||||||||||||||||||||
Alkali segment | 194 | 195 | (1 | ) | 588 | 403 | 185 | 201 | 205 | (4 | ) | 392 | 396 | (4 | ) | |||||||||||||||||||||||||||||||||
Net Sales | $ | 533 | $ | 575 | $ | (42 | ) | $ | 1,545 | $ | 1,577 | $ | (32 | ) | $ | 622 | $ | 538 | $ | 84 | $ | 1,191 | $ | 1,014 | $ | 177 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | Variance | 2016 | 2015 | Variance | 2017 | 2016 | Variance | 2017 | 2016 | Variance | ||||||||||||||||||||||||||||||||||||||
(Millions of U.S. dollars) | (Millions of U.S. dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||
TiO2 segment | $ | 18 | $ | (26 | ) | $ | 44 | $ | (12 | ) | $ | (58 | ) | $ | 46 | $ | 61 | $ | 7 | $ | 54 | $ | 93 | $ | (29 | ) | $ | 122 | |||||||||||||||||||||
Alkali segment | 23 | 21 | 2 | 54 | 46 | 8 | 23 | 12 | 11 | 42 | 33 | 9 | |||||||||||||||||||||||||||||||||||||
Corporate | (16 | ) | (16 | ) | — | (38 | ) | (68 | ) | 30 | (29 | ) | (10 | ) | (19 | ) | (64 | ) | (26 | ) | (38 | ) | |||||||||||||||||||||||||||
Income (loss) from operations | 25 | (21 | ) | $ | 46 | 4 | (80 | ) | $ | 84 | 55 | 9 | $ | 46 | 71 | (22 | ) | $ | 93 | ||||||||||||||||||||||||||||||
Interest and debt expense, net | (46 | ) | (45 | ) | (138 | ) | (131 | ) | (46 | ) | (46 | ) | (92 | ) | (92 | ) | |||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | 4 | — | — | — | — | 4 | |||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | (14 | ) | 23 | (23 | ) | 22 | |||||||||||||||||||||||||||||||||||||||||||
Loss before income taxes | (35 | ) | (43 | ) | (153 | ) | (189 | ) | |||||||||||||||||||||||||||||||||||||||||
Other expense, net | (1 | ) | (3 | ) | (7 | ) | (12 | ) | |||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 8 | (40 | ) | (28 | ) | (122 | ) | ||||||||||||||||||||||||||||||||||||||||||
Income tax provision | (7 | ) | (11 | ) | (29 | ) | (29 | ) | (3 | ) | (10 | ) | (5 | ) | (22 | ) | |||||||||||||||||||||||||||||||||
Net loss | $ | (42 | ) | $ | (54 | ) | $ | (182 | ) | $ | (218 | ) | |||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 5 | $ | (50 | ) | $ | (33 | ) | $ | (144 | ) |
June 30, 2017 | December 31, 2016 | |||||||
Cash and cash equivalents | $ | 303 | $ | 248 | ||||
Available under the UBS Revolver | 181 | 190 | ||||||
Available under the ABSA Revolver | — | 95 | ||||||
Total | $ | 484 | $ | 533 |
September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | |||||||||||||
Cash and cash equivalents | $ | 202 | $ | 188 | $ | 152 | $ | 229 | ||||||||
Available under the UBS Revolver | 173 | 183 | 204 | 217 | ||||||||||||
Available under the ABSA Revolver | 95 | 89 | 88 | 84 | ||||||||||||
Total | $ | 470 | $ | 460 | $ | 444 | $ | 530 |
Three Months Ended March 31, 2016 | Three Months Ended June 30, 2016 | Three Months Ended September 30, 2016 | ||||||||||
Dividend per share | $ | 0.25 | $ | 0.045 | $ | 0.045 | ||||||
Total dividend | $ | 30 | $ | 5 | $ | 5 | ||||||
Record date (close of business) | March 4 | May 16 | August 17 |
Original Principal | Annual Interest Rate | Maturity Date | September 30 2016 | December 31, 2015 | |||||||||||||
(Millions of U.S. dollars) | |||||||||||||||||
Term Loan, net of unamortized discount (1) | $ | 1,500 | Variable | 3/19/2020 | $ | 1,444 | $ | 1,454 | |||||||||
Senior Notes due 2020 | $ | 900 | 6.375 | % | 8/15/2020 | 896 | 900 | ||||||||||
Senior Notes due 2022 | $ | 600 | 7.50 | % | 3/15/2022 | 584 | 600 | ||||||||||
Co-generation Unit Financing Arrangement | $ | 16 | 6.5 | % | 2/1/2016 | — | 1 | ||||||||||
Lease financing | 19 | 16 | |||||||||||||||
Total borrowings | 2,943 | 2,971 | |||||||||||||||
Less: Long-term debt due within one year | (16 | ) | (16 | ) | |||||||||||||
Debt issuance costs | (38 | ) | (45 | ) | |||||||||||||
Long-term debt | $ | 2,889 | $ | 2,910 |
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2015 | 2017 | 2016 | |||||||||||||
(Millions of U.S. dollars) | (Millions of U.S. dollars) | |||||||||||||||
Net cash provided by operating activities | $ | 123 | $ | 45 | $ | 137 | $ | 69 | ||||||||
Net cash used in investing activities | (86 | ) | (1,794 | ) | (56 | ) | (54 | ) | ||||||||
Net cash provided by (used in) financing activities | (67 | ) | 637 | |||||||||||||
Net cash used in financing activities | (31 | ) | (58 | ) | ||||||||||||
Effect of exchange rate changes on cash | 3 | (19 | ) | 5 | 2 | |||||||||||
Net decrease in cash and cash equivalents | $ | (27 | ) | $ | (1,131 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 55 | $ | (41 | ) |
Contractual Obligation Payments Due by Year (3)(4) | ||||||||||||||||||||
Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||||
(Millions of U.S. dollars) | ||||||||||||||||||||
Long-term debt, net and lease financing (including interest) (1) | $ | 3,681 | $ | 338 | $ | 1,748 | $ | 985 | $ | 610 | ||||||||||
Purchase obligations (2) | 436 | 138 | 113 | 63 | 122 | |||||||||||||||
Operating leases | 180 | 33 | 44 | 37 | 66 | |||||||||||||||
Asset retirement obligations | 80 | 4 | 3 | 4 | 69 | |||||||||||||||
Total | $ | 4,377 | $ | 513 | $ | 1,908 | $ | 1,089 | $ | 867 |
Contractual Obligation Payments Due by Year (3)(4) | ||||||||||||||||||||
Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||||
(Millions of U.S. dollars) | ||||||||||||||||||||
Long-term debt and lease financing (including interest) (1) | $ | 3,806 | $ | 333 | $ | 367 | $ | 2,474 | $ | 632 | ||||||||||
Purchase obligations (2) | 455 | 120 | 127 | 66 | 142 | |||||||||||||||
Operating leases | 187 | 33 | 43 | 36 | 75 | |||||||||||||||
Asset retirement obligations | 82 | 4 | 4 | 6 | 68 | |||||||||||||||
Total | $ | 4,530 | $ | 490 | $ | 541 | $ | 2,582 | $ | 917 |
(1) | We calculated the Term Loan interest at a base rate of 1% plus a margin of 3.5%. See Note 11 of |
(2) | Includes obligations to purchase requirements of process chemicals, supplies, utilities and services. We have various purchase commitments for materials, supplies, and services entered into in the ordinary course of business. Included in the purchase commitments table above are contracts which require minimum volume purchases that extend beyond one year or are renewable annually and have been renewed for |
(3) | The table above excludes contingent obligations, as well as any possible payments for uncertain tax positions given the inability to estimate the possible amounts and timing of any such payments. |
(4) | The table above excludes commitments pertaining to our pension and other postretirement obligations. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(Millions of U.S. dollars) | ||||||||||||||||
Net income (loss) (U.S GAAP) | $ | 5 | $ | (50 | ) | $ | (33 | ) | $ | (144 | ) | |||||
Interest and debt expense, net | 46 | 46 | 92 | 92 | ||||||||||||
Interest income | (1 | ) | (1 | ) | (2 | ) | (2 | ) | ||||||||
Income tax provision | 3 | 10 | 5 | 22 | ||||||||||||
Depreciation, depletion and amortization expense | 62 | 60 | 123 | 115 | ||||||||||||
EBITDA (non-U.S. GAAP) | 115 | 65 | 185 | 83 | ||||||||||||
Share based compensation (a) | 8 | 5 | 22 | 10 | ||||||||||||
Transaction costs (b) | 9 | — | 20 | — | ||||||||||||
Restructuring (income) expense (c) | — | (1 | ) | — | 1 | |||||||||||
Gain on extinguishment of debt (d) | — | — | — | (4 | ) | |||||||||||
Foreign currency remeasurement (e) | 3 | 4 | 6 | 18 | ||||||||||||
Other items (f) | 5 | (2 | ) | 8 | 3 | |||||||||||
Adjusted EBITDA (non-U.S. GAAP) (g) | $ | 140 | $ | 71 | $ | 241 | $ | 111 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(Millions of U.S. dollars) | ||||||||||||||||
Net loss (U.S GAAP) | $ | (42 | ) | $ | (54 | ) | $ | (182 | ) | $ | (218 | ) | ||||
Interest and debt expense, net | 46 | 45 | 138 | 131 | ||||||||||||
Interest income | — | (1 | ) | (2 | ) | (5 | ) | |||||||||
Income tax provision | 7 | 11 | 29 | 29 | ||||||||||||
Depreciation, depletion and amortization expense | 60 | 82 | 175 | 222 | ||||||||||||
EBITDA (non-U.S. GAAP) | 71 | 83 | 158 | 159 | ||||||||||||
Amortization of inventory step-up from purchase accounting (a) | — | — | — | 9 | ||||||||||||
Alkali Transaction costs (b) | — | 2 | — | 29 | ||||||||||||
Restructuring expense (c) | 1 | 5 | 2 | 7 | ||||||||||||
Gain on extinguishment of debt (d) | — | — | (4 | ) | — | |||||||||||
Foreign currency remeasurement (e) | 14 | (20 | ) | 32 | (16 | ) | ||||||||||
Other items (f) | 12 | 11 | 21 | 24 | ||||||||||||
Adjusted EBITDA (non-U.S GAAP) (g) | $ | 98 | $ | 81 | $ | 209 | $ | 212 |
(a) |
(b) | Represents transaction costs associated with the |
(c) | Represents severance and other costs associated with the shutdown of our sodium chlorate plant, and other global |
(d) | Represents the gain associated with the repurchase of $20 million face value of our Senior Notes due 2020 and Senior Notes 2022, which was recorded in |
(e) | Represents foreign currency remeasurement which is included in “Other income (expense), net” in the unaudited Condensed Consolidated Statements of Operations. |
(f) | Includes noncash pension and postretirement costs, |
(g) | No income tax impact given full valuation allowance except for South Africa related restructuring |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
TiO2 segment | $ | 18 | $ | (26 | ) | $ | (12 | ) | $ | (58 | ) | $ | 61 | $ | 7 | $ | 93 | $ | (29 | ) | ||||||||||||
Alkali segment | 23 | 21 | 54 | 46 | 23 | 12 | 42 | 33 | ||||||||||||||||||||||||
Corporate | (16 | ) | (16 | ) | (38 | ) | (68 | ) | (29 | ) | (10 | ) | (64 | ) | (26 | ) | ||||||||||||||||
Income (loss) from operations (U.S. GAAP) | 25 | (21 | ) | 4 | (80 | ) | 55 | 9 | 71 | (22 | ) | |||||||||||||||||||||
TiO2 segment | 44 | 64 | 127 | 189 | 44 | 43 | 88 | 83 | ||||||||||||||||||||||||
Alkali segment | 15 | 16 | 44 | 28 | 16 | 15 | 32 | 29 | ||||||||||||||||||||||||
Corporate | 1 | 2 | 4 | 5 | 2 | 2 | 3 | 3 | ||||||||||||||||||||||||
Depreciation, depletion and amortization expense | 60 | 82 | 175 | 222 | 62 | 60 | 123 | 115 | ||||||||||||||||||||||||
TiO2 segment | 13 | 20 | 41 | 48 | 18 | 7 | 27 | 25 | ||||||||||||||||||||||||
Alkali segment | 2 | 4 | 5 | 17 | 2 | 2 | 5 | 3 | ||||||||||||||||||||||||
Corporate | (2 | ) | (4 | ) | (16 | ) | 5 | 3 | (7 | ) | 15 | (10 | ) | |||||||||||||||||||
Other | 13 | 20 | 30 | 70 | 23 | 2 | 47 | 18 | ||||||||||||||||||||||||
TiO2 segment | 75 | 58 | 156 | 179 | 123 | 57 | 208 | 79 | ||||||||||||||||||||||||
Alkali segment | 40 | 41 | 103 | 91 | 41 | 29 | 79 | 65 | ||||||||||||||||||||||||
Corporate | (17 | ) | (18 | ) | (50 | ) | (58 | ) | (24 | ) | (15 | ) | (46 | ) | (33 | ) | ||||||||||||||||
Adjusted EBITDA (non-U.S. GAAP) | $ | 98 | $ | 81 | $ | 209 | $ | 212 | $ | 140 | $ | 71 | $ | 241 | $ | 111 |
Exhibit No. | |
Fourth Amendment | |
4.2 | Consent to Amended and Restated Revolving Syndicated Facility Agreement dated July 28, 2017, by and among, inter alia, Tronox Limited, Tronox Australia Holdings PTY Limited, Tronox Management PTY Limited, Tronox Holdings Cooperatief U.A., Tronox Pigments (Netherlands) B.V. and UB AG, Stamford Branch (incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K filed by Tronox Limited on August 7, 2017). |
10.1 | Stock Purchase Agreement, dated as of August 2, 2017, by and among Tronox Limited, Tronox US Holdings Inc., Tronox Alkali Corporation, and Genesis Energy, L.P. (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed by Tronox Limited on August 2, 2017). |
10.2 | |
10.3 | First Amendment to Amended and Restated Employment Agreement dated as of May 15, 2017 by and between Tronox Limited, Tronox LLC and Thomas Casey (incorporated by reference to Exhibit 10.2 of the Amended Current Report on Form 8-K/A filed by Tronox Limited on May 10, 2017). |
10.4 | Retirement Agreement dated as of May 15, 2017 by and between Tronox Limited, Tronox LLC and Thomas Casey (incorporated by reference to Exhibit 10.3 of the Amended Current Report on Form 8-K/A filed by Tronox Limited on May 10, 2017). |
Rule 13a-14(a) Certification of | |
Rule 13a-14(a) Certification of | |
Section 1350 Certification for | |
Section 1350 Certification for | |
Mine Safety Disclosures. | |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
Date: August 9, 2017 | ||
TRONOX LIMITED (Registrant) | ||
By: | /s/ | |
Name: | ||
Title: | Senior Vice President |