Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-35243 | ||
Entity Registrant Name | SUNCOKE ENERGY, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 90-0640593 | ||
Entity Address, Address Line One | 1011 Warrenville Road | ||
Entity Address, Address Line Two | Suite 600 | ||
Entity Address, City or Town | Lisle | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60532 | ||
City Area Code | 630 | ||
Local Phone Number | 824-1000 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | SXC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 799,367,077 | ||
Entity Common Stock, Shares Outstanding | 83,738,638 | ||
Entity Central Index Key | 0001514705 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||||||||||
Sales and other operating revenue | $ 397.2 | $ 404.3 | $ 407.5 | $ 391.3 | $ 368.9 | $ 364.5 | $ 367 | $ 350.5 | $ 1,600.3 | $ 1,450.9 | $ 1,331.5 |
Costs and operating expenses | |||||||||||
Cost of products sold and operating expenses | 1,277.6 | 1,124.5 | 1,020.1 | ||||||||
Selling, general and administrative expenses | 75.8 | 66.1 | 79 | ||||||||
Depreciation and amortization expense | 143.8 | 141.6 | 128.2 | ||||||||
Long-lived asset and goodwill impairment | 247.4 | 0 | 0 | ||||||||
Total costs and operating expenses | 1,744.6 | 1,332.2 | 1,227.3 | ||||||||
Operating (loss) income | (144.3) | 118.7 | 104.2 | ||||||||
Interest expense, net | 60.3 | 61.4 | 61.9 | ||||||||
(Gain) loss on extinguishment of debt, net | (1.5) | 0.3 | 20.4 | ||||||||
(Loss) income before income tax (benefit) expense and loss from equity method investment | (203.1) | 57 | 21.9 | ||||||||
Income tax (benefit) expense | (54.7) | 4.6 | (81.6) | ||||||||
Loss from equity method investment | 0 | 5.4 | 0 | ||||||||
Net (loss) income | (0.8) | (163.1) | 3.3 | 12.2 | 5.5 | 17.1 | 11.4 | 13 | (148.4) | 47 | 103.5 |
Less: Net income (loss) attributable to noncontrolling interests | 0.6 | (0.1) | 1 | 2.4 | 3.7 | 5.6 | 7.2 | 4.3 | 3.9 | 20.8 | (18.9) |
Net (loss) income attributable to SunCoke Energy, Inc. | $ (1.4) | $ (163) | $ 2.3 | $ 9.8 | $ 1.8 | $ 11.5 | $ 4.2 | $ 8.7 | $ (152.3) | $ 26.2 | $ 122.4 |
(Loss) earnings attributable to SunCoke Energy, Inc. per common share: | |||||||||||
Basic (in dollars per share) | $ (0.02) | $ (1.81) | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.18 | $ 0.06 | $ 0.13 | $ (1.98) | $ 0.40 | $ 1.90 |
Diluted (in dollars per share) | $ (0.02) | $ (1.81) | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.18 | $ 0.06 | $ 0.13 | $ (1.98) | $ 0.40 | $ 1.88 |
Weighted average number of common shares outstanding: | |||||||||||
Basic (in shares) | 76.8 | 64.7 | 64.3 | ||||||||
Diluted (in shares) | 76.8 | 65.5 | 65.2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income (loss) | $ (0.8) | $ (163.1) | $ 3.3 | $ 12.2 | $ 5.5 | $ 17.1 | $ 11.4 | $ 13 | $ (148.4) | $ 47 | $ 103.5 |
Other comprehensive income (loss): | |||||||||||
Reclassifications of actuarial loss amortization and prior service benefit to earnings (net of related tax expense of zero for all years) | 0 | (0.1) | 0.2 | ||||||||
Retirement benefit plans funded status adjustment (net of related tax benefit (expense) of $0.3 million, ($0.2) million and $0.3 million, respectively) | (0.7) | 0.6 | (0.8) | ||||||||
Currency translation adjustment | (0.6) | (1.4) | (0.5) | ||||||||
Recognition of accumulated currency translation loss upon sale of equity method investment | 0 | 9 | 0 | ||||||||
Comprehensive (loss) income | (149.7) | 55.1 | 102.4 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 3.9 | 20.8 | (18.9) | ||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | $ (153.6) | $ 34.3 | $ 121.3 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net of related tax benefit, reclassifications of prior service benefit and actuarial loss amortization to earnings | $ 0 | $ 0 | $ 0 |
Retirement expense (benefit) plans funded status adjustment, tax | $ 0.3 | $ (0.2) | $ 0.3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 97.1 | $ 145.7 |
Receivables, net | 59.5 | 75.4 |
Inventories | 147 | 110.4 |
Income tax receivable | 2.2 | 0.7 |
Other current assets | 2.5 | 2.8 |
Total current assets | 308.3 | 335 |
Properties, plants and equipment (net of accumulated depreciation of $903.7 million and $855.8 million at December 31, 2019 and 2018, respectively) | 1,390.2 | 1,471.1 |
Goodwill | 3.4 | 76.9 |
Other intangible assets, net | 34.7 | 156.8 |
Deferred charges and other assets | 17.2 | 5.5 |
Total assets | 1,753.8 | 2,045.3 |
Liabilities and Equity | ||
Accounts payable | 142.4 | 115 |
Accrued liabilities | 47 | 45.6 |
Deferred revenue | 0.3 | 3 |
Current portion of long-term debt and financing obligation | 2.9 | 3.9 |
Interest payable | 2.2 | 3.6 |
Total current liabilities | 194.8 | 171.1 |
Long-term debt and financing obligation | 780 | 834.5 |
Accrual for black lung benefits | 50.5 | 44.9 |
Retirement benefit liabilities | 24.5 | 25.2 |
Deferred income taxes | 147.6 | 254.7 |
Asset retirement obligations | 14.4 | 14.6 |
Other deferred credits and liabilities | 23.6 | 17.6 |
Total liabilities | 1,235.4 | 1,362.6 |
Equity | ||
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at both December 31, 2019 and 2018 | 0 | 0 |
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 98,047,389 and 72,233,750 shares at December 31, 2019 and 2018, respectively | 1 | 0.7 |
Treasury stock, 13,783,182 and 7,477,657 shares at December 31, 2019 and 2018, respectively | (177) | (140.7) |
Additional paid-in capital | 712.1 | 488.8 |
Accumulated other comprehensive loss | (14.4) | (13.1) |
Retained (deficit) earnings | (30.1) | 127.4 |
Total SunCoke Energy, Inc. stockholders' equity | 491.6 | 463.1 |
Noncontrolling interests | 26.8 | 219.6 |
Total equity | 518.4 | 682.7 |
Total liabilities and equity | $ 1,753.8 | $ 2,045.3 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 903.7 | $ 855.8 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares, issued (in shares) | 98,047,389 | 72,233,750 |
Treasury stock, shares (in shares) | 13,783,182 | 7,477,657 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ (148.4) | $ 47 | $ 103.5 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Long-lived asset and goodwill impairment | 247.4 | 0 | 0 |
Depreciation and amortization expense | 143.8 | 141.6 | 128.2 |
Deferred income tax benefit | (63.1) | (3.4) | (87.2) |
Payments in excess of expense for postretirement plan benefits | (1.9) | (2.4) | (1.8) |
Share-based compensation expense | 4.5 | 3.1 | 4.8 |
(Gain) loss on extinguishment of debt, net | (1.5) | 0.3 | 20.4 |
Loss from equity method investment | 0 | 5.4 | 0 |
Changes in working capital pertaining to operating activities: | |||
Receivables, net | 15.9 | (6.9) | (7.8) |
Inventories | (36.6) | 0.6 | (18.5) |
Accounts payable | 23.5 | (0.7) | 11.7 |
Accrued liabilities | 0.3 | (7.3) | 2.6 |
Deferred revenue | (2.7) | 1.3 | (0.8) |
Interest payable | (1.4) | (1.8) | (10.8) |
Income taxes | (1.5) | 4.5 | (0.2) |
Other | 3.6 | 4.5 | 4.4 |
Net cash provided by operating activities | 181.9 | 185.8 | 148.5 |
Cash Flows from Investing Activities: | |||
Capital expenditures | (110.1) | (100.3) | (75.6) |
Return of Brazilian investment | 0 | 0 | 20.5 |
Sale of equity method investment | 0 | 4 | 0 |
Other investing activities | 0.3 | 0.5 | 0 |
Net cash used in investing activities | (109.8) | (95.8) | (55.1) |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of long-term debt | 0 | 45 | 693.7 |
Repayment of long-term debt | (90.5) | (45.7) | (644.9) |
Debt issuance costs | (2.1) | (0.5) | (17.4) |
Proceeds from revolving facility | 408.6 | 179.5 | 350 |
Repayment of revolving facility | (370.3) | (204.5) | (392) |
Repayment of financing obligation | (2.9) | (2.6) | (2.5) |
Cash distributions to noncontrolling interests | (14.2) | (31.9) | (47) |
Acquisition of additional interest in the Partnership | 0 | (4.2) | (48.7) |
Shares repurchased | (36.3) | 0 | 0 |
Dividends paid | (5.1) | 0 | 0 |
Other financing activities | (7.9) | 0.4 | 1.1 |
Net cash used in financing activities | (120.7) | (64.5) | (107.7) |
Net (decrease) increase in cash and cash equivalents | (48.6) | 25.5 | (14.3) |
Cash, cash equivalents and restricted cash at beginning of year | 145.7 | 120.2 | 134.5 |
Cash and cash equivalents at end of year | 97.1 | 145.7 | 120.2 |
Supplemental Disclosure of Cash Flow Information | |||
Interest paid, net of capitalized interest of $2.3 million, $3.2 million and $1.1 million, respectively | 58.2 | 59.6 | 67.9 |
Income taxes paid, net of refunds of $0.3 million, $4.3 million and $1.0 million, respectively | $ 9.5 | $ 3.7 | $ 5.8 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Cash Flows [Abstract] | |||
Capitalized interest | $ 2.3 | $ 3.2 | $ 1.1 |
Tax refunds | $ 0.3 | $ 4.3 | $ 1 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings (Deficit) | Total SunCoke Energy, Inc. Equity | Non- controlling Interests |
Beginning balance at Dec. 31, 2016 | $ 639.9 | $ 0.7 | $ (140.7) | $ 492.1 | $ (19) | $ (22) | $ 311.1 | $ 328.8 |
Beginning balance, shares at Dec. 31, 2016 | 71,707,304 | 7,477,657 | ||||||
Stockholders' Equity | ||||||||
Net income (loss) | 103.5 | 122.4 | 122.4 | (18.9) | ||||
Reclassification of prior service cost and actuarial loss amortization to earnings, net of tax | 0.2 | 0.2 | 0.2 | |||||
Retirement benefit plans funded status adjustment, net | (0.8) | (0.8) | (0.8) | |||||
Currency translation adjustment | (0.5) | (0.5) | (0.5) | |||||
Recognition of accumulated currency translation loss upon sale of equity method investment | 0 | |||||||
Share-based compensation expense | 4.8 | 4.7 | 4.7 | 0.1 | ||||
Share-issuances, net of shares withheld for taxes | 1.1 | 1.1 | 1.1 | |||||
Share-issuances, net of shares withheld for taxes, shares | 299,601 | |||||||
Cash distribution to noncontrolling interest | (47) | (47) | ||||||
Acquisition of additional interest in the Partnership: | ||||||||
Cash paid | (48.7) | (19.1) | (19.1) | (29.6) | ||||
Deferred tax adjustment | 7.1 | 7.1 | 7.1 | |||||
Ending balance. shares at Dec. 31, 2017 | 72,006,905 | 7,477,657 | ||||||
Ending balance at Dec. 31, 2017 | 659.6 | $ 0.7 | $ (140.7) | 486.2 | (21.2) | 101.2 | 426.2 | 233.4 |
Stockholders' Equity | ||||||||
Net income (loss) | 47 | 26.2 | 26.2 | 20.8 | ||||
Reclassification of prior service cost and actuarial loss amortization to earnings, net of tax | (0.1) | (0.1) | (0.1) | |||||
Retirement benefit plans funded status adjustment, net | 0.6 | 0.6 | 0.6 | |||||
Currency translation adjustment | (1.4) | (1.4) | (1.4) | |||||
Recognition of accumulated currency translation loss upon sale of equity method investment | 9 | 9 | 9 | 0 | ||||
Share-based compensation expense | 3.1 | 3.1 | 3.1 | 0 | ||||
Share-issuances, net of shares withheld for taxes | 0.7 | 0.7 | 0.7 | |||||
Share-issuances, net of shares withheld for taxes, shares | 226,845 | |||||||
Cash distribution to noncontrolling interest | (31.9) | (31.9) | ||||||
Acquisition of additional interest in the Partnership: | ||||||||
Cash paid | (4.2) | (1.5) | (1.5) | (2.7) | ||||
Deferred tax adjustment | 0.3 | 0.3 | 0.3 | |||||
Ending balance. shares at Dec. 31, 2018 | 72,233,750 | 7,477,657 | ||||||
Ending balance at Dec. 31, 2018 | 682.7 | $ 0.7 | $ (140.7) | 488.8 | (13.1) | 127.4 | 463.1 | 219.6 |
Stockholders' Equity | ||||||||
Net income (loss) | (148.4) | (152.3) | (152.3) | 3.9 | ||||
Reclassification of prior service cost and actuarial loss amortization to earnings, net of tax | (0.7) | (0.7) | (0.7) | |||||
Retirement benefit plans funded status adjustment, net | (0.7) | |||||||
Currency translation adjustment | (0.6) | (0.6) | (0.6) | |||||
Recognition of accumulated currency translation loss upon sale of equity method investment | 0 | |||||||
Share-based compensation expense | 4.5 | 4.5 | 4.5 | 0 | ||||
Share-issuances, net of shares withheld for taxes | (1.7) | (1.7) | (1.7) | |||||
Share-issuances, net of shares withheld for taxes, shares | 359,988 | |||||||
Share repurchases, shares | 6,305,525 | |||||||
Share repurchases | (36.3) | $ (36.3) | (36.3) | |||||
Dividends | (5.2) | (5.2) | (5.2) | |||||
Cash distribution to noncontrolling interest | (14.2) | (14.2) | ||||||
Acquisition of additional interest in the Partnership: | ||||||||
Share issuances, for the acquisition of Partnership public units | 0 | $ 0.3 | 182.2 | 182.5 | (182.5) | |||
Share issuance, for the acquisition of Partnership public units, shares | 24,818,149 | |||||||
Share issuances, for the final Partnership distribution, shares | 635,502 | |||||||
Transaction costs | (5.4) | (5.4) | (5.4) | |||||
Deferred tax adjustment | 43.7 | 43.7 | 43.7 | |||||
Ending balance. shares at Dec. 31, 2019 | 98,047,389 | 13,783,182 | ||||||
Ending balance at Dec. 31, 2019 | $ 518.4 | $ 1 | $ (177) | $ 712.1 | $ (14.4) | $ (30.1) | $ 491.6 | $ 26.8 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Net of related tax benefit, reclassifications of prior service benefit and actuarial loss amortization to earnings | $ 0 | $ 0 | $ 0 |
Retirement expense (benefit) plans funded status adjustment, tax | $ 0.3 | $ (0.2) | $ 0.3 |
General and Basis of Presentati
General and Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General and Basis of Presentation | 1. General and Basis of Presentation Description of Business SunCoke Energy, Inc. (“SunCoke Energy,” “SunCoke,” “Company,” “we,” “our” and “us”) is the largest independent producer of high-quality coke in the Americas, as measured by tons of coke produced each year, and has over 55 years of coke production experience. Coke is a principal raw material in the blast furnace steelmaking process and is produced by heating metallurgical coal in a refractory oven, which releases certain volatile components from the coal, thus transforming the coal into coke. Additionally, we own and operate a logistics business, which primarily provides handling and/or mixing services of coal and other aggregates to third-party customers as well as to our own cokemaking facilities. We have designed, developed, built, own and operate five cokemaking facilities in the United States (“U.S.”) with collective nameplate capacity to produce approximately 4.2 million tons of coke per year. Additionally, we have designed and operate one cokemaking facility in Brazil under licensing and operating agreements on behalf of ArcelorMittal Brasil S.A. ("ArcelorMittal Brazil”), which has approximately 1.7 million tons of annual cokemaking capacity. Our cokemaking ovens utilize efficient, modern heat recovery technology designed to combust the coal’s volatile components liberated during the cokemaking process and use the resulting heat to create steam or electricity for sale. This differs from by-product cokemaking, which repurposes the coal’s liberated volatile components for other uses. We have constructed the only greenfield cokemaking facilities in the U.S. in approximately 30 years and are the only North American coke producer that utilizes heat recovery technology in the cokemaking process. We provide steam pursuant to steam supply and purchase agreements with our customers. Electricity is sold into the regional power market or pursuant to energy sales agreements. Our logistics business provides handling and/or mixing services to steel, coke (including some of our domestic cokemaking facilities), electric utility, coal producing and other manufacturing based customers. The logistics business has terminals in Indiana, West Virginia, Virginia, and Louisiana with collective capacity to mix and/or transload more than 40 million tons of coal and other aggregates annually and has total storage capacity of approximately 3 million tons. Incorporated in Delaware in 2010 and headquartered in Lisle, Illinois, we became a publicly-traded company in 2011, and our stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “SXC.” Consolidation and Basis of Presentation The consolidated financial statements of the Company and its subsidiaries were prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") and include the assets, liabilities, revenues and expenses of the Company and all subsidiaries where we have a controlling financial interest. Intercompany transactions and balances have been eliminated in consolidation. Our consolidated financial statements include SunCoke Energy Partners, L.P. (the “Partnership”), which owned our Haverhill, Middletown, and Granite City cokemaking facilities and Convent Marine Terminal ("CMT"), Kanawha River Terminal ("KRT") and SunCoke Lake Terminal ("Lake Terminal"). On June 28, 2019, the Company acquired the outstanding units of the Partnership not already owned by SunCoke , at which time the Partnership became a wholly-owned subsidiary of SunCoke. See Note 3 . As of January 1, 2020, the Partnership merged with and into SunCoke Energy Partners Finance Corp., which is also a wholly-owned subsidiary of the Company. Net income attributable to noncontrolling interest represents the common public unitholders’ interest in the Partnership prior to the transaction discussed in Note 3 as well as a 14.8 percent |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual amounts could differ from these estimates. Revenue Recognition The Company sells coke as well as steam and electricity and also provides mixing and/or handling services of coal and other aggregates. The Company also receives fees for operating the cokemaking plant in Brazil and for the licensing of its proprietary technology for use at this facility as well as reimbursement of substantially all of its operating costs. See Note 19 . Cash Equivalents The Company considers all highly liquid investments with a remaining maturity of three months or less at the time of purchase to be cash equivalents. These cash equivalents consist principally of certificates of deposit. Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method, except for the Company’s materials and supplies inventory, which are determined using the average-cost method. The Company utilizes the selling prices under its long-term coke supply contracts to record lower of cost or net realizable value inventory adjustments. Properties, Plants and Equipment Plants and equipment are depreciated on a straight-line basis over their estimated useful lives. Coke and energy plant, machinery and equipment are generally depreciated over 25 to 30 years. Logistics plant and equipment are generally depreciated over 15 to 35 years. Depreciation and amortization is excluded from cost of products sold and operating expenses and is presented separately on the Consolidated Statements of Operations. Gains and losses on the disposal or retirement of fixed assets are reflected in earnings when the assets are sold or retired. Amounts incurred that extend an asset’s useful life, increase its productivity or add production capacity are capitalized. The Company accounts for changes in useful lives, when appropriate, as a change in estimate, with prospective application only. The Company capitalized interest of $2.3 million , $3.2 million , and $1.1 million in 2019 , 2018 and 2017 , respectively. Direct costs, such as outside labor, materials, internal payroll and benefits costs incurred during capital projects are capitalized; indirect costs are not capitalized. Normal repairs and maintenance costs are expensed as incurred. Goodwill Goodwill, which represents the excess of the purchase price over the fair value of net assets acquired, is tested for impairment as of October 1 of each year, or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit to below its carrying value. The Company performs its annual goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount. The Company would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. See Note 8 . Intangible Assets Intangible assets are primarily comprised of permits, customer contracts and customer relationships. Intangible assets are amortized over their useful lives in a manner that reflects the pattern in which the economic benefit of the intangible asset is consumed. Intangible assets are assessed for impairment when a triggering event occurs. Impairment of Long-Lived Assets Long-lived assets, which includes intangible assets and properties, plants and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. A long-lived asset, or group of assets, is considered to be impaired when the undiscounted net cash flows expected to be generated by the asset are less than its carrying amount. Such estimated future cash flows are highly subjective and are based on numerous assumptions about future operations and market conditions. The impairment recognized is the amount by which the carrying amount exceeds the fair market value of the impaired asset, or group of assets. It is also difficult to precisely estimate fair market value because quoted market prices for our long-lived assets may not be readily available. Therefore, fair market value is generally based on the present values of estimated future cash flows using discount rates commensurate with the risks associated with the assets being reviewed for impairment. See Note 8 . Income Taxes Deferred tax asset and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are projected to be recovered or settled. The Company recognizes uncertain tax positions in its financial statements when minimum recognition threshold and measurement attributes are met in accordance with current accounting guidance. See Note 5 . Black Lung Benefit Liabilities The Company has obligations related to coal workers’ pneumoconiosis, or black lung, benefits of certain of our former coal miners and their dependents. We act as a self-insurer for both state and federal black lung benefits and adjust our liability each year based upon actuarial calculations of our expected future payments for these benefits, including a provision for incurred but not reported losses. See Note 13 . Postretirement Benefit Plan Liabilities The postretirement benefit plans, which are frozen, are unfunded and the accumulated postretirement benefit obligation is fully recognized on the Consolidated Balance Sheets. Actuarial gains (losses) and prior service costs (benefits) which have not yet been recognized in net income are recognized as a credit (charge) to accumulated other comprehensive income (loss). The credit (charge) to accumulated other comprehensive income (loss), which is reflected net of related tax effects, is subsequently recognized in net income when amortized as a component of postretirement benefit plans expense included in interest expense, net on the Consolidated Statements of Operations. See Note 10 . Asset Retirement Obligations The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the asset and depreciated over its remaining estimated useful life. The Company’s asset retirement obligations primarily relate to costs associated with restoring land to its original state. See Note 9 . Shipping and Handling Costs Shipping and handling costs are included in cost of products sold and operating expenses on the Consolidated Statements of Operations and are generally passed through to our customers. The Company has elected the practical expedient under Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with Customers," to account for shipping and handling activities as a promise to fulfill the transfer of coke. Share-Based Compensation We measure the cost of employee services in exchange for equity instrument awards and cash awards based on the grant-date fair value of the award. Cash awards and the performance metrics of equity awards are remeasured on a quarterly basis. The market metrics of equity awards are not remeasured. The total cost is recognized over the requisite service period. Award forfeitures are accounted for as they occur. The costs of equity awards and cash awards are recorded to additional paid-in capital and accrued liabilities, respectively, on the Consolidated Balance Sheets. See Note 16 . Fair Value Measurements The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As required, the Company utilizes valuation techniques that maximize the use of observable inputs (levels 1 and 2) and minimize the use of unobservable inputs (level 3) within the fair value hierarchy included in current accounting guidance. Assets and liabilities are classified within the fair value hierarchy based on the lowest level (least observable) input that is significant to the measurement in its entirety. See Note 18 . Currency Translation The functional currency of the Company’s Brazilian operations is the Brazilian real. The Company’s Brazil operations translate its assets and liabilities into U.S. dollars at the current exchange rates in effect at the end of the fiscal period. The gains or losses that result from this process are shown as cumulative translation adjustments within accumulated other comprehensive loss in the Consolidated Balance Sheets. The revenue and expense accounts of foreign operations are translated into U.S. dollars at the average exchange rates during the period. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842).” ASU 2016-02 requires leases to be recognized as assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. Subsequently, the FASB has issued various ASUs to provide further clarification around certain aspects of ASC 842, “Leases.” We adopted the standard effective January 1, 2019 using the modified retrospective transition approach and elected not to adjust prior comparative periods. Upon adoption, the Company recognized right-of-use assets and lease liabilities of $5.1 million at January 1, 2019. See Note 14 . In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted this standard on January 1, 2018, using the modified retrospective method with no material impact on our revenue recognition model on an annual basis. See Note 19 . In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted cash.” The Company retrospectively adopted this ASU in the first quarter 2018 and modified the Company's cash flow presentation to include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Historical restricted cash balances were related to cash withheld from the 2015 acquisition of CMT to fund the completion of certain expansion capital improvements, and the related immaterial impacts were reclassified on the consolidated statement of cash flows for the year ended December 31, 2017. The restricted cash balance was zero at both December 31, 2019 and December 31, 2018. In March 2017, the FASB issued ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The Company adopted this ASU in the first quarter 2018 and retrospectively presented net periodic postretirement benefit cost in the income statement separately from the service cost component and outside a subtotal of income from operations. In conjunction with the adoption of this standard, expense of $1.3 million was reclassified from operating income and was recorded in interest expense, net on the Consolidated Statements of Operations for the year ended December 31, 2017. See Note 10 . In February 2018, the FASB issued ASU 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The Company adopted this ASU in the first quarter 2018 and reclassified $1.1 million of deferred tax adjustments to accumulated other comprehensive income (loss) from retained earnings on the December 31, 2017 balance sheet for the tax effects resulting from the Tax Cuts and Jobs Act of 2017. Labor Concentrations As of December 31, 2019 , we have approximately 895 employees in the U.S. Approximately 39 percent of our domestic employees, principally at our cokemaking operations, are represented by the United Steelworkers union under various contracts. Additionally, approximately 3 percent of our domestic employees are represented by the International Union of Operating Engineers . During 2019, the labor agreements at KRT, Lake Terminal and Haverhill were renewed and will expire on April 30, 2022, June 30, 2022 and October 31, 2023, respectively. In addition, during 2019, the labor agreement at Indiana Harbor was retroactively renewed, with an effective date of September 1, 2018 and an expiration date of August 31, 2022. As of December 31, 2019 , we have approximately 276 employees at the cokemaking facility in Vitória, Brazil, all of whom are represented by a union under a labor agreement. During 2019, the labor agreement at our Vitoria, Brazil facility was renewed for an additional year, and it expires on November 30, 2020 . |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Acquisitions and Divestitures | 3. Acquisitions and Divestitures Simplification Transaction Prior to June 28, 2019, SunCoke owned a 60.4 percent limited partner interest in the Partnership as well as our 2.0 percent general partner interest. The remaining 37.6 percent limited partner interest in the Partnership was held by public unitholders. On June 28, 2019, the Company acquired all 17,727,249 outstanding common units of the Partnership not already owned by SunCoke in exchange for 24,818,149 newly issued SunCoke common shares (the "Simplification Transaction"). Additionally, the final pro-rated quarterly Partnership distribution was settled with 635,502 newly issued SunCoke common shares. Following the completion of the Simplification Transaction, the Partnership became a wholly-owned subsidiary of SunCoke, the Partnership common units ceased to be publicly traded and the Partnership’s incentive distribution rights were eliminated. SunCoke controlled the Partnership both before and after the Simplification Transaction. Therefore, the change in our ownership interest was accounted for as an equity transaction, and no gain or loss was recognized in our Consolidated Statements of Operations for this transaction. The following table summarizes the non-cash (decreases) increases on our balance sheet related to the Simplification Transaction, reflecting the changes in ownership of the Partnership and a step-up in the tax basis in the underlying assets acquired: (Dollars in millions) Noncontrolling interest $ (182.5 ) Deferred income taxes $ (43.7 ) Common stock $ 0.3 Additional paid-in capital $ 225.9 Additionally, the Company incurred transaction costs totaling $11.0 million , of which $5.4 million were incurred by SunCoke and were recorded as a reduction to additional paid-in capital on the Consolidated Balance Sheets at December 31, 2019. The remaining transaction costs were incurred by the Partnership, resulting in $4.9 million and $0.4 million of expense included in selling, general and administrative expenses on the Consolidated Statements of Operations for the years ended December 31, 2019 and 2018, respectively. Subsequent to the closing of the Simplification Transaction, SunCoke incurred $0.3 million of legal and consulting costs, which were included in selling, general and administrative expenses on the Consolidated Statements of Operations for the year ended December 31, 2019. The following table summarizes the effects of the changes in the Company's ownership interest in the Partnership on SunCoke's equity: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Net (loss) income attributable to SunCoke Energy, Inc. $ (152.3 ) $ 26.2 $ 122.4 Increase (decrease) in SunCoke Energy, Inc. equity for the purchase of additional interest in the Partnership (1) 182.5 (1.2 ) (12.0 ) Changes from net (loss) income attributable to SunCoke Energy, Inc. and transfers to noncontrolling interest $ 30.2 $ 25.0 $ 110.4 (1) During the years ended December 31, 2018 and 2017, the Company purchased 231,171 and 2,853,032 , respectively, of outstanding Partnership common units in the open market for total cash payments of $4.2 million and $48.7 million , respectively. SunCoke controlled the Partnership both before and after these unit acquisitions. Therefore, the cash paid for the Partnership units in excess of the net book value of Partnership interest acquired was recorded as a reduction to additional paid-in capital, reducing SunCoke’s equity balance. Upon the closing of the Simplification Transaction, the Company's program to purchase outstanding Partnership common units was terminated. Divestiture of India Equity Method Investment On June 27, 2018, we sold our 49 percent investment in VISA SunCoke Limited ("VISA SunCoke") for cash consideration of $4.0 million . Consequently, we recognized $9.0 million of accumulated currency translation losses and incurred $0.4 million of transaction costs, resulting in a net $5.4 million loss from equity method investment during 2018 on the Consolidated Statements of Operations. Our investment in VISA SunCoke was previously accounted for as an equity method investment and was fully impaired in 2015. Therefore, its financial results had not been included in our financial statements since that time. Divestiture of Preferred Investment in Brazilian Cokemaking Operations On November 28, 2016, ArcelorMittal Brazil redeemed SunCoke’s indirectly held preferred and common equity interests in Sol Coqueria Tubarão S.A. ("Brazil Investment"), previously accounted for at cost, for consideration of $41.0 million . The Company received $20.5 million in cash at closing in 2016 and received the remaining $20.5 million in cash, plus interest of $0.2 million , in 2017. Starting in 2016, SunCoke receives $5.1 million |
Customer Concentrations
Customer Concentrations | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Customer Concentrations | 4. Customer Concentrations In 2019 , the Company sold approximately 4.2 million tons of coke under long-term, take-or-pay contracts to its three primary customers in the U.S.: AK Steel Corporation ("AK Steel"), ArcelorMittal USA LLC and/or its affiliates (“AM USA”) and United States Steel Corporation ("U.S. Steel"). In addition, licensing and operating fees are payable to the Company under long-term contracts with ArcelorMittal Brazil. The table below shows sales to the Company's significant customers: Years Ended December 31, 2019 2018 2017 Sales and other operating revenue Percent of Company sales and other operating revenue Sales and other operating revenue Percent of Company sales and other operating revenue Sales and other operating revenue Percent of Company sales and other operating revenue (Dollars in millions) AM USA and ArcelorMittal Brazil (1) $ 824.5 51.5 % $ 735.8 50.7 % $ 678.2 50.9 % AK Steel (2) $ 433.3 27.1 % $ 377.9 26.0 % $ 331.3 24.9 % U.S. Steel (3) $ 255.4 16.0 % $ 206.8 14.3 % $ 214.1 16.1 % (1) Represents revenues included in our Domestic Coke and Brazil Coke segments. (2) Represents revenues included in our Domestic Coke segment. (3) Represents revenues included in our Domestic Coke and Logistics segments. The Company generally does not require any collateral with respect to its receivables. At both December 31, 2019 and 2018, the Company’s receivables balances were primarily due from AM USA and ArcelorMittal Brazil, AK Steel and U.S. Steel. As a result, the Company experiences concentrations of credit risk in its receivables with these three customers. These concentrations of credit risk may be affected by changes in economic or other conditions affecting the steel industry. The table below shows receivables due from the Company's significant customers: December 31, 2019 2018 (Dollars in millions) AM USA and ArcelorMittal Brazil $ 28.0 $ 34.3 AK Steel $ 13.2 $ 25.3 U.S. Steel $ 7.3 $ 5.2 Our logistics business provided coal handling and storage services to Murray Energy Corporation, Inc. ("Murray") and Foresight Energy LLC ("Foresight"), who have historically been the two primary customers in the Logistics segment. In 2019, Murray filed for bankruptcy and rejected its take-or-pay contract with CMT, which resulted in the absence of approximately $30 million of take-or-pay revenues. See Note 8 . The table below shows sales to Foresight and Murray: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Sales and other operating revenue (1) $ 32.4 $ 62.5 $ 57.8 Percent of Company sales and other operating revenue 2.0 % 4.3 % 4.3 % Percent of Logistics segment sales and other operating revenue, including intersegment sales 32.7 % 49.3 % 49.4 % (1) The 2019 results reflect zero take-or-pay revenues from Murray. Receivables, net due from Foresight totaled $0.5 million at December 31, 2019. Receivables, net due from Foresight and Murray totaled $3.2 million |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes The components of income before income tax (benefit) expense and loss from equity method investment are as follows: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Domestic $ (218.6 ) $ 39.3 $ 4.3 Foreign 15.5 17.7 17.6 Total $ (203.1 ) $ 57.0 $ 21.9 Income tax expense (benefit) consisted of the following: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Current tax expense (benefit): U.S. federal $ 0.3 $ 1.4 $ 1.7 State 3.8 2.1 (1.0 ) Foreign 4.3 4.5 4.9 Total current tax expense 8.4 8.0 5.6 Deferred tax (benefit) expense: U.S. federal (39.3 ) (3.1 ) (99.7 ) State (23.8 ) (0.3 ) 12.5 Total deferred tax (benefit) expense (63.1 ) (3.4 ) (87.2 ) Total $ (54.7 ) $ 4.6 $ (81.6 ) The reconciliation of income tax expense at the U.S. statutory rate to income tax expense (benefit) is as follows: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Income tax (benefit) expense at U.S. statutory rate $ (42.7 ) 21.0 % $ 12.0 21.0 % $ 7.7 35.0 % Increase (reduction) in income taxes resulting from: Logistics goodwill impairment 3.3 (1.7 )% — — % — — % Impact of Final Regulations (1) — — % (1.4 ) (2.5 )% 64.2 293.2 % Impact of Tax Legislation (2) — — % (4.8 ) (8.4 )% (154.7 ) (706.4 )% Income attributable to noncontrolling interests in partnerships (3) (0.6 ) 0.3 % (3.9 ) (6.8 )% (5.4 ) (24.7 )% State and other income taxes, net of federal income tax effects (15.0 ) 7.4 % 1.6 2.8 % 2.0 9.1 % Change in valuation allowance (4) 0.6 (0.3 )% 0.7 1.2 % 3.9 17.8 % Other (0.3 ) 0.2 % 0.4 0.7 % 0.7 3.2 % Income tax (benefit) expense at effective tax rate $ (54.7 ) 26.9 % $ 4.6 8.0 % $ (81.6 ) (372.8 )% (1) On January 19, 2017, the Internal Revenue Service ("IRS") announced its decision to exclude cokemaking as a qualifying income generating activity in its final regulations (the "Final Regulations") issued under section 7704(d)(1)(E) of the Internal Revenue Code relating to the qualifying income exception for publicly traded partnerships. As a result, the Partnership recorded deferred income tax expense of $148.6 million to set up its initial deferred income tax liability during 2017, primarily related to differences in the book and tax basis of fixed assets. However, the Company had previously recorded $84.4 million of the deferred income tax liability in its financial statements related to the Company's share of the deferred tax liability for the book and tax differences in its investment in the Partnership. As such, the Company's 2017 financial statements reflect the $64.2 million incremental impact from the Final Regulations solely attributable to the Partnership’s public unitholders, which was also recorded as an equal reduction to noncontrolling interest. In 2018, the Partnership recorded a deferred tax benefit of $3.6 million related to its changes in projected deferred tax liability associated with projected book and tax differences at the end of the 10-year transition period due to current period additions and changes in estimated useful lives of certain assets. The Company's 2018 financial statements reflect a $1.4 million benefit, which is solely attributable to the Partnership’s public unitholders and was also recorded as an equal reduction to noncontrolling interest. As a result, the Final Regulations had no impact to net income attributable to the Company in 2018 or 2017. Following the closing of the Simplification Transaction in June 2019, the Final Regulations no longer apply to the Company. (2) On December 22, 2017, the Tax Cuts and Jobs Act ("Tax Legislation") was enacted. The Tax Legislation significantly revised the U.S. corporate income tax structure, including lowering corporate income tax rates. In addition, the SEC staff released Staff Accounting Bulletin 118 on December 23, 2017, which provided for companies to record a provisional impact of the Tax Legislation during a measurement period, not to exceed one year, in situations where companies do not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting under ASC 740, "Income Taxes", for certain income tax effects of the Tax Legislation for the reporting period which includes enactment. During 2017, SunCoke recorded a provisional net income tax benefit of $154.7 million , of which $125.0 million was attributable to the Company, for the impact of this Tax Legislation. These benefits were primarily due to the $169.0 million net benefit resulting from the remeasurement of U.S. deferred income tax liabilities and assets at the lower enacted corporate tax rates. During 2017, based on information available at the time, the Company recorded provisional income tax expense of $14.3 million for a valuation allowance against $19.0 million of foreign tax credit carryforwards that the Company believed would not be realized prior to their expiration as a result of the Tax Legislation. Based on an updated analysis of the foreign tax credit rules relating to the new Tax Legislation, the Company revised its estimate of the realizability of its foreign tax credits, resulting in a net $4.8 million benefit during the third quarter of 2018. There were no other significant changes to previous estimates and amounts recorded in 2017 relating to this Tax Legislation. (3) No income tax expense is reflected in the Consolidated Statements of Operations for income attributable to noncontrolling interests in our Indiana Harbor cokemaking facility or the Partnership prior to the Simplification Transaction discussed in Note 3 . Excludes the impact of the Final Regulations on qualifying income discussed above. (4) In 2017, the Company recorded a valuation allowance as a result of changes in future state allocation assumptions. The tax effects of temporary differences that comprise the net deferred income tax liability from operations are as follows: December 31, 2019 2018 (Dollars in millions) Deferred tax assets: Retirement benefit liabilities $ 6.4 $ 6.4 Black lung benefit liabilities 12.8 11.3 Share-based compensation 4.7 6.4 Federal tax credit carryforward (1) 20.5 21.5 Foreign tax credit carryforward (2) 14.4 15.9 Federal net operating loss (3) 1.6 — Section 163j interest limitation carryforward (4) 5.7 1.8 State tax credit carryforward, net of federal income tax effects (5) 1.1 2.4 State net operating loss carryforward, net of federal income tax effects (5) 13.6 13.5 Other liabilities not yet deductible 4.4 4.9 Total deferred tax assets 85.2 84.1 Less: valuation allowance (7) (20.9 ) (20.7 ) Deferred tax asset, net 64.3 63.4 Deferred tax liabilities: Properties, plants and equipment (17.9 ) (111.5 ) Investment in partnerships (194.0 ) (206.6 ) Total deferred tax liabilities (211.9 ) (318.1 ) Net deferred tax liability $ (147.6 ) $ (254.7 ) (1) Federal tax credit carryforward expires in 2032 through 2034. (2) Foreign tax credit carryforward expires in 2024 through 2029. (3) Federal net operating loss does not expire. (4) The Tax Legislation generally limits the deductibility of business interest expense to 30 percent of adjusted taxable income. This limitation resulted in a deferred tax asset as the interest expense in excess of the limitation is eligible for deduction in future taxable years and has no expiration. (5) State tax credit carryforward, net of federal income tax effects expires in 2020 through 2022. (6) State net operating loss carryforward, net of federal income tax effects expires in 2023 through 2037. (7) Primarily related to state tax credit and net operating loss carryforwards and an $11.4 million allowance against the foreign tax credit carryforward. The Company's consolidated federal income tax returns have been examined by the IRS for all years through the year ended December 31, 2014. SunCoke is currently open to examination by the IRS for tax years ended December 31, 2015 and forward. State and foreign income tax returns are generally subject to examination for a period of three to five years after the filing of the respective returns. The state impact of any amended federal returns remains subject to examination by various states for a period of up to one year after formal notification of such amendments to the states. There were no uncertain tax positions at December 31, 2019 and 2018, and there were no |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories The Company’s inventory consists of metallurgical coal, which is the principal raw material for the Company’s cokemaking operations, coke, which is the finished good sold by the Company to its customers, and materials, supplies and other. These components of inventories were as follows: December 31, 2019 2018 (Dollars in millions) Coal $ 94.4 $ 59.9 Coke 8.1 8.6 Materials, supplies and other 44.5 41.9 Total inventories $ 147.0 $ 110.4 |
Properties, Plants, and Equipme
Properties, Plants, and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Properties, Plants, and Equipment, Net | 7. Properties, Plants, and Equipment, Net The components of net properties, plants and equipment were as follows: December 31, 2019 2018 (Dollars in millions) Coke and energy plant, machinery and equipment $ 1,968.2 $ 1,876.3 Logistics plant, machinery and equipment 147.9 218.3 Land and land improvements 106.0 119.7 Construction-in-progress 29.5 72.7 Other 42.3 39.9 Gross investment, at cost 2,293.9 2,326.9 Less: accumulated depreciation (903.7 ) (855.8 ) Total properties, plants and equipment, net $ 1,390.2 $ 1,471.1 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 8. Goodwill and Other Intangible Assets A significant portion of our logistics business has historically held long-term, take-or-pay contracts with Murray and Foresight, which have been adversely impacted by declining coal export prices and domestic demand. On October 29, 2019, Murray filed for Chapter 11 bankruptcy and also filed a motion to reject its contract with CMT, which was subsequently authorized by the bankruptcy court. In addition, during the third quarter Foresight engaged outside counsel and financial advisors to assess restructuring options and has elected to exercise its grace period on its third quarter interest payment to its lenders, which was subsequently extended to February 28, 2020. Impairment of Goodwill The Company concluded the impact of the events discussed above could more likely than not reduce the fair value of the Logistics reporting unit below its carrying value, requiring SunCoke to perform its annual goodwill test as of September 30, 2019. The fair value of the Logistics reporting unit, which was determined based on a discounted cash flow analysis, did not exceed the carrying value of the reporting unit. Key assumptions in our goodwill impairment test included reduced forecasted volumes and reduced rates from Foresight, no further business from Murray, incremental merchant business and a discount rate of 12 percent , representing the estimated weighted average cost of capital for this business line. As a result, the Company recorded a $73.5 million non-cash, pre-tax impairment charge to the Logistics segment on the Consolidated Statements of Operations during 2019, which represents a full impairment of the Logistics goodwill balance. Goodwill allocated to SunCoke's reportable segments as of December 31, 2019 and December 31, 2018 and changes in the carrying amount of goodwill during the fiscal year ended December 31, 2019 are shown below. There were no changes in the carrying amount of goodwill during the fiscal year ended December 31, 2018. Domestic Coke Logistics Total (Dollars in millions) Net balances at December 31, 2017 and 2018 $ 3.4 $ 73.5 $ 76.9 Impairment — (73.5 ) (73.5 ) Net balances at December 31, 2019 $ 3.4 $ — $ 3.4 Impairment of Long-Lived Assets As a result of our logistics customers' events discussed above, CMT's long-lived assets, including customer contracts, customer relationships, permits and properties, plant and equipment, were also assessed for impairment as of September 30, 2019. The Company re-evaluated its projections for throughput volumes, pricing and customer performance against the existing long-term take-or-pay contracts. The resulting undiscounted cash flows were lower than the carrying value of the asset group. Therefore, the Company assessed the fair value of the asset group to measure the amount of impairment. The fair value of the CMT long-lived assets was determined to be $112.1 million based on discounted cash flows, asset replacement cost and adjustments for capacity utilization, which are considered Level 3 inputs in the fair value hierarchy as defined in Note 18 . Key assumptions in our discounted cash flows included reduced forecasted volumes and reduced rates from Foresight, no further business from Murray, incremental merchant business and a discount rate of 11 percent , representing the estimated weighted average cost of capital for this asset group. As a result, during 2019, the Company recorded a total non-cash, pre-tax long-lived asset impairment charge of $173.9 million included in long-lived asset and goodwill impairment on the Consolidated Statements of Operations, all of which was attributable to the Logistics segment. The charge included an impairment of CMT's long-lived intangible assets and property, plants and equipment of $113.3 million and $60.6 million , respectively. Components of other intangible assets, net The components of other intangible assets, net were as follows: December 31, 2019 December 31, 2018 Weighted - Average Remaining Amortization Years Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (Dollars in millions) Customer contracts 1 $ 7.7 $ 7.2 $ 0.5 $ 31.7 $ 17.7 $ 14.0 Customer relationships 5 6.7 3.9 2.8 28.7 7.5 21.2 Permits 23 31.7 0.3 31.4 139.0 17.4 121.6 Total $ 46.1 $ 11.4 $ 34.7 $ 199.4 $ 42.6 $ 156.8 The permits above represent the environmental and operational permits required to operate a coal export terminal in accordance with the U.S. Environmental Protection Agency ("EPA") and other regulatory bodies. Intangible assets are amortized over their useful lives in a manner that reflects the pattern in which the economic benefit of the asset is consumed. The permits’ useful lives were estimated to be 27 years at acquisition based on the expected useful life of the significant operating equipment at the facility. We have historical experience of renewing and extending similar arrangements at our other facilities and intend to continue to renew our permits as they come up for renewal for the foreseeable future. The permits were renewed regularly prior to our acquisition of CMT. These permits have an average remaining renewal term of approximately 1.4 years. Total amortization expense for intangible assets subject to amortization was $8.8 million , $11.1 million and $11.1 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Based on the carrying value of finite-lived intangible assets as of December 31, 2019 , we estimate amortization expense for each of the next five years as follows: (Dollars in millions) 2020 $ 2.4 2021 2.0 2022 2.0 2023 2.0 2024 1.8 Thereafter 24.5 Total $ 34.7 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligations | 9. Asset Retirement Obligations The Company has asset retirement obligations, primarily in the Domestic Coke segment, related to certain contractual obligations. These contractual obligations mostly relate to costs associated with restoring land to its original state, and may require the retirement and removal of long-lived assets from certain cokemaking properties as well as other reclamation obligations related to our former coal mining business. The Federal Surface Mining Control and Reclamation Act of 1977 and similar state statutes require that mine property be restored in accordance with specified standards and an approved reclamation plan. We do not have any unrecorded asset retirement obligations. The following table provides a reconciliation of changes in the asset retirement obligation from operations during each period: Years ended December 31, 2019 2018 Asset retirement obligation at beginning of year $ 14.6 $ 14.0 Liabilities settled (1.2 ) (0.4 ) Accretion expense (1) 1.0 0.9 Revisions in estimated cash flows 0.9 0.1 Asset retirement obligation at end of year (2) 15.3 14.6 (1) Included in cost of products sold and operating expenses on the Consolidated Statements of Operations. (2) The current portion of asset retirement obligation liabilities, which totaled $0.9 million |
Retirement Benefits Plans
Retirement Benefits Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Benefits Plans | 10. Retirement Benefits Plans Postretirement Health Care and Life Insurance Plans The Company has plans which provide health care and life insurance benefits for many of its retirees (“postretirement benefit plans”). The postretirement benefit plans are unfunded and the costs are borne by the Company. Effective January 1, 2011 , postretirement medical benefits for future retirees were phased out or eliminated for non-mining employees with less than ten years of service. Postretirement benefit plans expense consisted of the following components: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Interest cost on benefit obligations $ 1.1 $ 1.0 $ 1.1 Amortization of: Actuarial losses 0.6 0.6 0.9 Prior service benefit (0.6 ) (0.7 ) (0.7 ) Total expense $ 1.1 $ 0.9 $ 1.3 Postretirement benefit plans expense is determined using actuarial assumptions as of the beginning of the year or using weighted-average assumptions when curtailments, settlements and/or other events require a plan remeasurement. The following assumptions were used to determine postretirement benefit plans expense: December 31, 2019 2018 2017 Discount rate 4.00 % 3.35 % 3.65 % The following amounts were recognized as components of other comprehensive income (loss) before related tax impacts: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Reclassifications to earnings of: Actuarial loss amortization $ 0.6 $ 0.6 $ 0.9 Prior service benefit amortization (0.6 ) (0.7 ) (0.7 ) Retirement benefit plan funded status adjustments: Actuarial (losses) gains (1.0 ) 0.8 (1.1 ) $ (1.0 ) $ 0.7 $ (0.9 ) The following table sets forth the components of the changes in benefit obligations: Years Ended December 31, 2019 2018 (Dollars in millions) Benefit obligation at beginning of year $ 28.2 $ 31.3 Interest cost 1.1 1.0 Actuarial loss/(gain) 1.0 (0.8 ) Benefits paid (2.9 ) (3.3 ) Benefit obligation at end of year (1) $ 27.4 $ 28.2 (1) The current portion of retirement benefit liabilities, which totaled $2.9 million and $3.0 million at December 31, 2019 and 2018 , respectively, is classified in accrued liabilities on the Consolidated Balance Sheets. The following table sets forth the cumulative amounts not yet recognized in net (loss) income: Years Ended December 31, 2019 2018 (Dollars in millions) Cumulative amounts not yet recognized in net (loss) income: Actuarial losses $ 10.8 $ 10.4 Prior service benefits (2.0 ) (2.6 ) Accumulated other comprehensive loss (before related tax benefit) $ 8.8 $ 7.8 The expected benefit payments through 2029 for the postretirement benefit plan are as follows: (Dollars in millions) Year ending December 31: 2020 $ 2.9 2021 $ 2.8 2022 $ 2.6 2023 $ 2.4 2024 $ 2.2 2025 through 2029 $ 8.6 The measurement date for the Company’s postretirement benefit plans is December 31. The following discount rates were used to determine the benefit obligation: December 31, 2019 2018 Discount rate 2.90 % 4.00 % The health care cost trend assumption used at both December 31, 2019 and 2018 to compute the accumulated postretirement benefit obligation for the postretirement benefit plans was 6.50 percent , which is assumed to decline gradually to 5.00 percent in 2026 and to remain at that level thereafter. Defined Contribution Plans The Company has defined contribution plans which provide retirement benefits for certain of its employees. The Company’s contributions, which are principally based on the Company’s pretax income and the aggregate compensation levels of participating employees and are charged against income as incurred, amounted to $6.8 million , $6.5 million and $6.4 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Accrued Liabilities | 11. Accrued Liabilities Accrued liabilities consist of following: December 31, 2019 2018 (Dollars in millions) Accrued benefits $ 21.7 $ 21.2 Current portion of postretirement benefit obligation 2.9 3.0 Other taxes payable 9.9 9.1 Current portion of black lung liability 4.6 4.5 Other 7.9 7.8 Total accrued liabilities $ 47.0 $ 45.6 |
Debt and Financing Obligation
Debt and Financing Obligation | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt and Financing Obligation | 12. Debt and Financing Obligation Total debt and financing obligation consisted of the following: December 31, 2019 2018 (Dollars in millions) 7.500 percent senior notes, due 2025 ("2025 Senior Notes") $ 650.0 $ 700.0 Term loan, due 2022 ("Term Loan") N/A 43.9 Revolving credit facility, due 2024 ("Revolving Facility") 143.3 — SunCoke's revolving credit facility, due 2022 ("2022 Revolving Facility") N/A — Partnership's revolving credit facility, due 2022 ("Partnership Revolver") N/A 105.0 5.82 percent financing obligation, due 2021 ("Financing Obligation") 7.2 10.1 Total borrowings $ 800.5 $ 859.0 Original issue discount (4.3 ) (5.4 ) Debt issuance costs (13.3 ) (15.2 ) Total debt and financing obligation $ 782.9 $ 838.4 Less: current portion of long-term debt and financing obligation 2.9 3.9 Total long-term debt and financing obligation $ 780.0 $ 834.5 2025 Senior Notes The 2025 Senior Notes were the senior unsecured obligations of the Partnership. On August 5, 2019, SunCoke entered into a supplemental indenture relating to the 2025 Senior Notes, pursuant to which SunCoke has provided a full and unconditional parent guarantee of these obligations. As of January 1, 2020, the Partnership merged with and into SunCoke Energy Partners Finance Corp. ("Finance Corp"), at which time the 2025 Senior Notes became the senior unsecured obligations of Finance Corp, which is a wholly-owned subsidiary of the Company. Subsequently, Finance Corp and SunCoke entered into a supplemental indenture relating to the 2025 Senior Notes to acknowledge the merger and clarify certain terms of the indenture. Interest on the 2025 Senior Notes is payable semi-annually in cash in arrears on June 15 and December 15 of each year. The Company may redeem some or all of the 2025 Senior Notes at any time on or after June 15, 2020 at specified redemption prices plus accrued and unpaid interest, if any, to the redemption date. Before June 15, 2020, and following certain equity offerings, the Company also may redeem up to 35 percent of the 2025 Senior Notes at a price equal to 107.5 percent of the principal amount, plus accrued and unpaid interest, if any, to the redemption date. In addition, at any time prior to June 15, 2020, the Company may redeem some or all of the 2025 Senior Notes at a price equal to 100 percent of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, plus a “make-whole” premium. During the third quarter of 2019, the Company repurchased $50.0 million face value of outstanding 2025 Senior Notes for $46.6 million of cash payments, resulting in a gain on extinguishment of debt on the Consolidated Statements of Operations of $2.2 million , net of the write-off of unamortized debt issuance costs and original issue discount. The Company is obligated to offer to purchase all or a portion of the 2025 Senior Notes at a price of (a) 101 percent of their principal amount, together with accrued and unpaid interest, if any, to the date of purchase, upon the occurrence of certain change of control events and (b) 100 percent of their principal amount, together with accrued and unpaid interest, if any, to the date of purchase, upon the occurrence of certain asset dispositions. These restrictions and prohibitions are subject to certain qualifications and exceptions set forth in the Indenture, including without limitation, reinvestment rights with respect to the proceeds of asset dispositions. The 2025 Senior Notes contain covenants that, among other things, limit the Company's ability and the ability of certain subsidiaries to (i) incur indebtedness, (ii) pay dividends or make other distributions, (ii) prepay, redeem or repurchase certain subordinated debt, (iv) make loans and investments, (v) sell assets, (vi) incur liens, (vii) enter into transactions with affiliates, (viii) enter into agreements restricting the ability of subsidiaries to pay dividends and (ix) consolidate or merge. Revolving Facility The proceeds of any borrowings made under the Revolving Facility can be used to finance working capital needs, acquisitions, capital expenditures and for other general corporate purposes. The obligations under the credit agreement are guaranteed by certain of the Company’s subsidiaries and secured by liens on substantially all of the Company’s and the guarantors’ assets pursuant to a guarantee and collateral agreement. On August 5, 2019, the Company amended and restated the Partnership Revolver to provide additional flexibility by increasing the capacity to $400.0 million extending the revolving termination date to August 5, 2024 and including SunCoke Energy, Inc. as a borrower ("Revolving Facility"). This Revolving Facility also replaced the 2022 Revolving Facility. With proceeds from the Revolving Facility, the Company repaid the outstanding Partnership Revolver balance of $100.0 million as well as its outstanding Term Loan for $43.3 million . As a result, the Company recorded a loss on extinguishment of debt on the Consolidated Statements of Operations of $0.7 million for the year ended December 31, 2019, representing a write-off of unamortized debt issuance costs. These debt refinancing activities increased total borrowing capacity by $15.0 million and extended maturities by approximately two years , with no impact on our total debt balance. As of December 31, 2019 , the Revolving Facility had letters of credit outstanding of $12.2 million and $143.3 million outstanding balance, leaving $244.5 million available. During 2019, the Company replaced certain letters of credit totaling $11.5 million with new letters of credit, which no longer reduce the Revolving Facility's available balance. Commitment fees are based on the unused portion of the Revolving Facility at a rate of 0.25 percent . Borrowings under the Revolving Facility bear interest, at SunCoke’s option, at either (i) a rate per annum equal to either the adjusted Eurodollar Rate, which currently is the London Interbank Offered Rate (“LIBOR”) plus 2.0 percent or (ii) an alternate base rate (“ABR”) plus 1.0 percent . The spread is subject to change based on SunCoke's consolidated leverage ratio, as defined in the credit agreement. The weighted-average interest rate for borrowings outstanding under the Revolving Facility was 3.9 percent during 2019. There were no borrowings under the 2022 Revolving Facility during 2019, 2018 or 2017. Partnership Revolver Prior to the Revolver Refinancing described above, borrowings under the Partnership Revolver bore interest at either (i) a variable rate of LIBOR plus 250 basis points or (ii) an ABR plus 150 basis points. The spread was subject to change based on the Partnership's consolidated leverage ratio, as defined in the credit agreement. The weighted-average interest rate for borrowings under the Partnership Revolver was 5.3 percent , 4.8 percent and 3.8 percent during 2019, 2018 and 2017, respectively. Financing Obligation The Company's sale-leaseback arrangement of certain coke and logistics equipment has an initial lease period of 60 months and an early buyout option after 48 months to purchase the equipment at 34.5 percent of the original lease equipment cost. The arrangement is accounted for as a financing transaction, resulting in a financing obligation on the Consolidated Balance Sheets. The financing obligation is guaranteed by the Partnership. Covenants Under the terms of the Revolving Facility, the Company is subject to a maximum consolidated leverage ratio of 4.50 : 1.00 and a minimum consolidated interest coverage ratio of 2.50 : 1.00 . The Company's debt agreements contains other covenants and events of default that are customary for similar agreements and may limit our ability to take various actions including our ability to pay a dividend or repurchase our stock. If we fail to perform our obligations under these and other covenants, the lenders' credit commitment could be terminated and any outstanding borrowings, together with accrued interest, under the Revolving Facility could be declared immediately due and payable. The Company has a cross default provision that applies to our indebtedness having a principal amount in excess of $35 million . As of December 31, 2019, the Company was in compliance with all debt covenants. We do not anticipate violation of these covenants nor do we anticipate that any of these covenants will restrict our operations or our ability to obtain additional financing. Maturities As of December 31, 2019 , the combined aggregate amount of maturities for long-term borrowings for each of the next five years is as follows: (Dollars in millions) 2020 $ 2.9 2021 (1) 4.3 2022 — 2023 — 2024 143.3 2025-Thereafter 650.0 Total $ 800.5 (1) This $4.3 million |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 13. Commitments and Contingent Liabilities Legal Matters The EPA issued Notices of Violations (“NOVs”) for our Haverhill and Granite City cokemaking facilities which stemmed from alleged violations of our air emission operating permits for these facilities. We worked in a cooperative manner with the EPA, the Ohio Environmental Protection Agency and the Illinois Environmental Protection Agency to address the allegations and entered into a consent decree in federal district court in the Southern District of Illinois (the “Court”) with these parties. The consent decree included a $2.2 million civil penalty payment, which was paid in December 2014 , as well as capital projects to improve the reliability of the energy recovery systems and enhance environmental performance at the Haverhill and Granite City facilities. In the third quarter of 2018, the Court entered an amendment to the consent decree, which provided the Haverhill and Granite City facilities with additional time to perform necessary maintenance on the flue gas desulfurization systems without exceeding consent decree limits. The emissions associated with this maintenance will be mitigated in accordance with the amendment, and there are no civil penalty payments associated with this amendment performance. The project at Haverhill was completed in 2016. The project at Granite City was due to be completed in February 2019, but was instead completed in June 2019, and the Company is in discussions with the government entities regarding, among other things, the timing thereof. We spent $151.5 million related to these environmental projects since work began in 2012. SunCoke Energy has also received NOVs, Findings of Violations (“FOVs”), and information requests from the EPA related to our Indiana Harbor cokemaking facility, which allege violations of certain air operating permit conditions for this facility. The Clean Air Act (the “CAA”) provides the EPA with the authority to issue, among other actions, an order to enforce a State Implementation Plan (“SIP”) 30 days after an NOV. The CAA also authorizes EPA enforcement of other non-SIP requirements immediately after an FOV. Generally, an NOV applies to SIPs and requires the EPA to wait 30 days, while an FOV applies to all other provisions (such as federal regulations) of the CAA, and has no waiting period. The NOVs and/or FOVs were received in 2010, 2012, 2013, 2015 and 2016. After discussions with the EPA and the Indiana Department of Environmental Management (“IDEM”) in 2010, resolution of the NOVs and FOVs was postponed by mutual agreement because of ongoing discussions regarding the NOVs at Haverhill and Granite City. In January 2012, the Company began working in a cooperative manner to address the allegations with the EPA, the IDEM and Cokenergy, LLC., an independent power producer that owns and operates an energy facility, including heat recovery equipment and a flue gas desulfurization system, that processes hot flue gas from our Indiana Harbor facility to produce steam and electricity and to reduce the sulfur and particulate content of such flue gas. The EPA, IDEM, SunCoke Energy and Cokenergy, LLC met regularly since those discussions commenced to reach a settlement of the NOVs and FOVs. Capital projects were underway during this time to address items that would be included in conjunction with a settlement. A consent decree among the parties was entered by the federal district court in the Northern District of Indiana during the fourth quarter of 2018. The settlement includes a $2.5 million civil penalty that was paid in the fourth quarter of 2018. Further, the settlement consists of capital projects that were completed during the fourth quarter of 2019 to improve reliability and environmental performance of the coke ovens at the facility. The Company is a party to certain other pending and threatened claims, including matters related to commercial and tax disputes, product liability, employment claims, personal injury claims, premises-liability claims, allegations of exposures to toxic substances and environmental claims. Although the ultimate outcome of these claims cannot be ascertained at this time, it is reasonably possible that some portion of these claims could be resolved unfavorably to the Company. Management of the Company believes that any liability which may arise from these claims would not have a material adverse impact on our consolidated financial statements. Black Lung Benefit Liabilities The Company has obligations related to coal workers’ pneumoconiosis, or black lung, benefits to certain of our former coal miners and their dependents. Such benefits are provided for under Title IV of the Federal Coal Mine and Safety Act of 1969 and subsequent amendments, as well as for black lung benefits provided in the states of Virginia, Kentucky and West Virginia pursuant to workers’ compensation legislation. The Patient Protection and Affordable Care Act (“PPACA”), which was implemented in 2010, amended previous legislation related to coal workers’ black lung obligations. PPACA provides for the automatic extension of awarded lifetime benefits to surviving spouses and changes the legal criteria used to assess and award claims. We act as a self-insurer for both state and federal black lung benefits and adjust our liability each year based upon actuarial calculations of our expected future payments for these benefits. Our independent actuarial consultants calculate the present value of the estimated black lung liability annually based on actuarial models utilizing our population of former coal miners, historical payout patterns of both the Company and the industry, actuarial mortality rates, disability incidence, medical costs, death benefits, dependents, discount rates and the current federally mandated payout rates. The estimated liability may be impacted by future changes in the statutory mechanisms, modifications by court decisions and changes in filing patterns driven by perceptions of success by claimants and their advisors, the impact of which cannot be estimated. The following table summarizes discount rates utilized, active claims and the total black lung liabilities: December 31, 2019 2018 Discount rate (1) 2.9 % 4.0 % Active claims 324 345 Total black lung liability (dollars in millions) (2) $ 55.1 $ 49.4 (1) The discount rate is determined based on a portfolio of high-quality corporate bonds with maturities that are consistent with the estimated duration of our black lung obligations. A decrease of 25 basis points in the discount rate would have increased black lung expense by $1.3 million in 2019. (2) The current portion of the black lung liability was $4.6 million and $4.5 million at December 31, 2019 and 2018 , respectively, and was included in accrued liabilities on the Consolidated Balance Sheets. The following table summarizes annual black lung payments and expense: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Payments $ 5.2 $ 6.3 $ 7.4 Expense $ 10.9 $ 5.4 $ 7.5 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 14. Leases The Company leases land, office space, equipment, railcars and locomotives. Arrangements are assessed at inception to determine if a lease exists and, with the adoption of ASC 842, “Leases,” right-of-use (“ROU”) assets and lease liabilities are recognized based on the present value of lease payments over the lease term. Because the Company’s leases do not provide an implicit rate of return, the Company uses its incremental borrowing rate at the inception of a lease to calculate the present value of lease payments. The Company has elected to apply the short-term lease exception for all asset classes, therefore, excluding all leases with a term of less than 12 months from the balance sheet, and will recognize the lease payments in the period they are incurred. Additionally, the Company has elected to account for lease and nonlease components of an arrangement, such as assets and services, as a single lease component for all asset classes. Certain of our long-term leases include one or more options to renew or to terminate, with renewal terms that can extend the lease term from one month to 50 years . The impact of lease renewals or terminations are included in the expected lease term to the extent the Company is reasonably certain to exercise the renewal or termination. The Company's finance leases are immaterial to our consolidated financial statements. The components of lease expense were as follows: Year ended December 31, 2019 (Dollars in millions) Operating leases: Cost of products sold and operating expenses $ 1.9 Selling, general and administrative expenses 0.5 $ 2.4 Short-term leases: Cost of products sold and operating expenses (1)(2) 9.3 Total lease expense $ 11.7 (1) Includes expenses for month-to-month equipment leases, which are classified as short-term as the Company is not reasonably certain to renew the lease term beyond one month. (2) Includes variable lease expenses, which are immaterial to the consolidated financial statements. Supplemental balance sheet information related to leases was as follows: Financial Statement Classification December 31, 2019 (Dollars in millions) Operating ROU assets Deferred charges and other assets $ 12.4 Operating lease liabilities: Current operating lease liabilities Accrued liabilities $ 1.9 Noncurrent operating lease liabilities Other deferred credits and liabilities 9.8 Total operating lease liabilities $ 11.7 The weighted average remaining lease term and weighted average discount rate were as follows: December 31, 2019 Weighted average remaining lease term of operating leases 7.9 years Weighted average discount rate of operating leases 4.8 % Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2019 (Dollars in millions) Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 3.9 Non-cash activity: ROU assets obtained in exchange for new operating lease liabilities $ 7.9 Maturities of operating lease liabilities as of December 31, 2019 are as follows: (Dollars in millions) Year ending December 31: 2020 $ 2.3 2021 2.2 2022 1.7 2023 1.3 2024 1.3 2025-Thereafter 5.3 Total lease payments 14.1 Less: imputed interest 2.4 Total lease liabilities $ 11.7 Leases prior to the adoption of ASC 842, "Leases" The aggregate amount of future minimum annual rental payments applicable to noncancelable leases as of December 31, 2018 were as follows: Minimum (Dollars in millions) Year ending December 31: 2019 $ 2.0 2020 1.1 2021 1.0 2022 0.5 2023 0.1 2024-Thereafter 0.7 Total $ 5.4 Total rental expense for all operating leases was $9.8 million and $7.3 million in 2018 and 2017, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 15. Accumulated Other Comprehensive Loss The following tables set forth the changes in the balance of accumulated other comprehensive loss, net of tax, by component: Benefit Plans Currency Translation Adjustments Total (Dollars in millions) At December 31, 2017 $ (6.5 ) $ (14.7 ) $ (21.2 ) Other comprehensive loss before reclassifications / adjustments — (1.4 ) (1.4 ) Amounts reclassified from accumulated other comprehensive loss (0.1 ) — (0.1 ) Retirement benefit plans funded status adjustment 0.6 — 0.6 Recognition of accumulated currency translation loss upon sale of equity method investment (1) — 9.0 9.0 Net current period change in accumulated other comprehensive loss 0.5 7.6 8.1 At December 31, 2018 $ (6.0 ) $ (7.1 ) $ (13.1 ) Other comprehensive loss before reclassifications / adjustments — (0.6 ) (0.6 ) Retirement benefit plans funded status adjustment (0.7 ) — (0.7 ) Net current period change in accumulated other comprehensive loss (0.7 ) (0.6 ) (1.3 ) At December 31, 2019 $ (6.7 ) $ (7.7 ) $ (14.4 ) (1) These accumulated currency translation losses were recognized into income as a result of the sale of our equity method investment in VISA SunCoke. The tax benefit associated with the Company's benefit plans as of December 31, 2019 and 2018 was $ 2.1 million and $1.8 million , respectively. The increase (decrease) on net income due to reclassification adjustments from accumulated other comprehensive income were as follows (1) : December 31, 2019 2018 2017 (Dollars in millions) Recognition of accumulated currency translation loss upon sale of equity method investment $ — $ (9.0 ) $ — Amortization of benefit plans to net income: (2) Actuarial loss $ (0.6 ) $ (0.6 ) $ (0.9 ) Prior service benefit 0.6 0.7 0.7 Total, net of tax (3) $ — $ (8.9 ) $ (0.2 ) (1) Amounts in parentheses indicate debits to net income. (2) These accumulated other comprehensive (income) loss components are included in the computation of postretirement benefit plan expense (benefit) and included in interest expense, net on the Consolidated Statements of Operations. See Note 10 . (3) |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-Based Compensation | 16. Share-Based Compensation Equity Classified Awards The SunCoke Energy, Inc. Long-Term Performance Enhancement Plan (“SunCoke LTPEP”) provides for the grant of equity-based awards including stock options and share units, or restricted stock, to the Company’s directors, officers, and other employees, advisors, and consultants who are selected by the plan committee for participation in the SunCoke LTPEP. All awards vest immediately upon a change in control and a qualifying termination of employment as defined by the SunCoke LTPEP. The plan authorizes the issuance of (i) 1,600,000 shares of SunCoke Energy common stock issuable upon the adjustment of Sunoco, Inc. equity awards in connection with the Separation and Distribution Agreement between Sunoco, Inc. and SunCoke and (ii) up to 7,500,000 shares, which reflects the 6,000,000 shares initially authorized under the Plan and an additional 1,500,000 shares to be issued under the Plan pursuant to an amendment effective February 14, 2018, of SunCoke Energy, Inc. common stock pursuant to new awards under the SunCoke LTPEP. The Company measures the cost of employee services in exchange for an award of equity instruments based on the grant-date fair value of the award. The performance metrics of equity awards are remeasured on a quarterly basis for updates to the probability of achievement. The market metrics of equity awards are not remeasured. The total cost is recognized over the requisite service period. Award forfeitures are accounted for as they occur. Stock Options The Company granted the following stock options during the years ended December 31, 2019 , 2018 and 2017 , with an exercise price equal to the closing price of our common stock on the date of grant: Weighted Average Per Share No. of Shares Exercise Price Weighted Average Grant Date Fair Value Traditional stock options: 2019 grant 267,897 $ 9.87 $ 4.09 2018 grant 78,447 $ 10.49 $ 5.38 2017 grant 157,196 $ 10.29 $ 5.32 Performance based options: 2017 grant (1) 80,595 $ 9.85 $ 5.17 (1) In order to become exercisable, the performance based options required the closing price of the Company's common stock to reach or exceed $14.78 per share for the 2017 grants for any 15 trading days during the three -year period beginning on the grant date. As this was not achieved, these performance based options were forfeited in 2020. The stock options vest in three equal annual installments beginning one year from the date of grant. The stock options expire ten years from the date of grant. The Company calculates the value of each employee stock option, estimated on the date of grant, using the Black-Scholes option pricing model with a Monte Carlo simulation for the performance based options. The weighted-average fair value of employee stock options granted during the years ended December 31, 2019 , 2018 and 2017 was based on using the following weighted-average assumptions: Years Ended December 31, 2019 2018 2017 Risk free interest rate 2 % 3 % 2 % Expected term 6 years 6 years 6 years Volatility 53 % 52 % 53 % Dividend yield 2 % — % — % The risk-free interest rate assumption is based on the U.S. Treasury yield curve at the date of grant for periods which approximate the expected life of the option. The expected term of the employee options represent the average contractual term adjusted by the average vesting period of each option tranche. We based our expected volatility on our historical volatility over our entire available trading history. The dividend yield assumption is based on the Company’s expectation of dividend payouts at the time of grant. The following table summarizes information with respect to common stock option awards outstanding as of December 31, 2019 and stock option activity during the fiscal year then ended: Number of Weighted Weighted Average Remaining Contractual Term (years) Aggregate Outstanding at December 31, 2018 2,885,788 $ 15.46 4.8 $ 2.1 Granted 267,897 $ 9.87 Exercised — $ — Forfeited (16,854 ) $ 16.29 Outstanding at December 31, 2019 3,136,831 $ 15.02 4.3 $ 0.3 Exercisable at December 31, 2019 2,742,311 $ 15.70 3.4 $ 0.3 Expected to vest at December 31, 2019 394,520 $ 10.00 8.6 $ — Intrinsic value for stock options is defined as the difference between the current market value of our common stock and the exercise price of the stock options. Total intrinsic value of stock options exercised during 2018 and 2017 was $0.8 million and $0.3 million , respectively. There were no stock options exercised during 2019. Restricted Stock Units The Company granted the following restricted stock units ("RSUs") during the years ended December 31, 2019 , 2018 and 2017 : Shares Weighted Average Grant-Date Fair Value Grant Date Fair Value (Dollars in millions) 2019 grants 136,425 $ 9.87 $ 1.3 2018 grants 32,128 $ 10.49 $ 0.3 2017 grants 22,628 $ 9.85 $ 0.2 The RSUs vest in three annual installments beginning one year from the date of grant. The following table summarizes information with respect to RSUs outstanding as of December 31, 2019 and RSU activity during the fiscal year then ended: Number of Weighted Nonvested at December 31, 2018 47,213 $ 10.29 Granted 136,425 $ 9.87 Vested (18,254 ) $ 10.23 Forfeited — $ — Nonvested at December 31, 2019 165,384 $ 9.95 Total grant date fair value of RSUs vested was $0.2 million , $1.2 million and $2.3 million during 2019 , 2018 and 2017 , respectively. Performance Share Units The Company grants performance share units ("PSUs"), which represent the right to receive shares of the Company's common stock, contingent upon the attainment of Company performance and market goals and continued employment. The Company granted the following PSUs during the years ended December 31, 2019, 2018 and 2017: Shares Fair Value per Share Grant Date Fair Value (Dollars in millions) 2019 grant (1) 227,378 $ 10.79 $ 2.5 2018 grant (1) 96,389 $ 11.36 $ 1.1 2017 grant (2) 385,758 $ 11.61 $ 4.5 (1) The service period for the 2019 and 2018 PSUs ends on December 31, 2021 and 2020, and the awards will vest during the first quarter of 2022 and 2021, respectively. (2) The Company granted 237,610 PSUs in February 2017, for which the service period will end on December 31, 2019, and 148,148 PSUs in December 2017, for which the service period will end on December 31, 2020. These awards will vest during the first quarter of 2020 and 2021, respectively. The PSU grants were split 50 /50 between the Company's three -year cumulative Adjusted EBITDA performance measure and the Company's three -year average pre-tax return on capital ("ROIC") performance measure for its coke and logistics businesses and unallocated corporate expenses. The number of PSU's ultimately awarded will be determined by the Adjusted EBITDA and ROIC performance versus targets and the Company's three -year total shareholder return ("TSR") as compared to the TSR of the companies making up the Nasdaq Iron & Steel Index ("TSR Modifier"). The TSR Modifier can impact the payout (between 50 percent and 150 percent of the 2017 award and between 25 percent and 125 percent of the 2018 and 2019 awards) of the Company's final performance measure results. The award may vest between zero and 250 percent of the original units granted. The fair value of the PSUs granted is based on the closing price of our common stock on the date of grant as well as a Monte Carlo simulation for the valuation of the TSR Modifier. The following table summarizes information with respect to unearned PSUs outstanding as of December 31, 2019 and PSU activity during the fiscal year then ended: Number of Weighted Nonvested at December 31, 2018 752,375 $ 8.86 Granted 227,378 $ 10.79 Performance adjustments 105,651 4.83 Vested (495,181 ) $ 4.83 Forfeited (14,860 ) $ 10.90 Nonvested at December 31, 2019 575,363 $ 11.20 Liability Classified Awards Restricted Stock Units Settled in Cash During the years ended December 31, 2019 , 2018 and 2017 , the Company issued 147,851 , 108,522 and 98,364 restricted stock units to be settled in cash ("Cash RSUs"), respectively, which vest in three annual installments beginning one year from the grant date. The weighted average grant date fair value of the Cash RSUs granted during the years ended December 31, 2019 , 2018 and 2017, was $9.66 , $10.71 and $9.82 , respectively, and was based on the closing price of our common stock on the day of grant. The Cash RSU liability at December 31, 2019 was adjusted based on the closing price of our common stock on December 31, 2019 of $6.23 per share. The Cash RSU liability at December 31, 2019 was not material. Cash Incentive Award The Company also granted share-based compensation to eligible participants under the SunCoke Energy, Inc. Long-Term Cash Incentive Plan ("SunCoke LTCIP"), which became effective January 1, 2016. The SunCoke LTCIP is designed to provide for performance-based, cash-settled awards. All awards vest immediately upon a change in control and a qualifying termination of employment as defined by the SunCoke LTCIP. The Company issued a grant date fair value award of $0.6 million , $1.0 million and $0.7 million during the years ended December 31, 2019 , 2018 and 2017 , respectively, for which the service periods end on December 31, 2022, 2021 and 2020, respectively, and the awards will vests during the first quarter of 2023, 2022 and 2021, respectively. The awards are split 50 /50 between the Company's three cumulative Adjusted EBITDA performance and the Company's three-year average pre-tax return on capital performance measure for its coke and logistics businesses and unallocated corporate expense, consistent with the PSU awards. See above for details. The cash incentive award liability at December 31, 2019 was adjusted based on the Company's current performance related to the above awards. The cash incentive award liability at December 31, 2019 was not material. Summary of Share-Based Compensation Expense Below is a summary of the compensation expense, unrecognized compensation costs, the period for which the unrecognized compensation cost is expected to be recognized over and the estimated forfeiture rate for each award: Years Ended December 31, 2019 2018 2017 2019 2018 2017 December 31, 2019 Compensation Expense (1) Net of tax Unrecognized Compensation Cost Recognition Period (Dollars in millions) (Dollars in millions) (Years) Equity Awards: Stock Options $ 1.1 $ 0.5 $ 1.3 $ 0.9 $ 0.4 $ 0.8 $ 0.5 1.2 RSUs 1.0 0.4 1.1 0.9 0.3 0.7 $ 0.5 1.2 PSUs 2.2 1.9 1.9 1.8 1.7 1.2 $ 2.4 1.5 Total equity awards $ 4.3 $ 2.8 $ 4.3 $ 3.6 $ 2.4 $ 2.7 Liability Awards: Cash RSUs $ 0.9 $ 0.8 $ 1.0 $ 0.7 $ 0.6 $ 0.6 $ 0.5 1.6 Cash incentive award 0.4 0.9 0.2 0.3 0.7 0.1 $ 0.5 1.4 Total liability awards $ 1.3 $ 1.7 $ 1.2 $ 1.0 $ 1.3 $ 0.7 (1) Compensation expense is recognized by the Company in selling, general and administrative expenses on the Consolidated Statements of Operations. The Company issued $0.2 million , $0.3 million , and $0.5 million |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 17. Earnings Per Share Basic earnings per share (“EPS”) has been computed by dividing net (loss) income available to SunCoke Energy, Inc. by the weighted average number of shares outstanding during the period. Except where the result would be anti-dilutive, diluted earnings per share has been computed to give effect to share-based compensation awards using the treasury stock method. The following table sets forth the reconciliation of the weighted-average number of common shares used to compute basic earnings per share to those used to compute diluted EPS: Years Ended December 31, 2019 2018 2017 (Shares in millions) Weighted-average number of common shares outstanding-basic 76.8 64.7 64.3 Add: effect of dilutive share-based compensation awards — 0.8 0.9 Weighted-average number of shares-diluted 76.8 65.5 65.2 The following table shows stock options, restricted stock units, and performance stock units that are excluded from the computation of diluted earnings per share as the shares would have been anti-dilutive: Years Ended December 31, 2019 2018 2017 (Shares in millions) Stock options 3.0 2.7 2.9 Restricted stock units 0.1 — — Performance stock units 0.4 0.1 0.1 Total 3.5 2.8 3.0 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 18. Fair Value Measurements The Company measures certain financial and non-financial assets and liabilities at fair value on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Fair value disclosures are reflected in a three-level hierarchy, maximizing the use of observable inputs and minimizing the use of unobservable inputs. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: • Level 1—inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. • Level 2—inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. • Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Cash Equivalents Certain assets and liabilities are measured at fair value on a recurring basis. The Company’s cash equivalents, which amounted to $5.1 million and $3.2 million at December 31, 2019 and 2018 , respectively, were measured at fair value based on quoted prices in active markets for identical assets. These inputs are classified as Level 1 within the valuation hierarchy. CMT Contingent Consideration In connection with the CMT acquisition, the Company entered into a contingent consideration arrangement that runs through 2022 and requires us to make future payments to The Cline Group based on future volume over a specified threshold, price and contract renewals. The fair value of the contingent consideration was estimated based on a probability-weighted analysis using significant inputs that are not observable in the market, or Level 3 inputs. Key assumptions included probability adjusted levels of handling services provided by CMT, anticipated price per ton on future sales and probability of contract renewal, including length of future contracts, volume commitment, and anticipated price per ton. Due to a change in market and customer conditions further described in Note 8 , we decreased our forecasted projections, which were classified as Level 3 inputs. The decrease in forecasted projections, as well as a payment made in 2019, resulted in a reduction of the contingent consideration liability, primarily included in other deferred credits and liabilities on the Consolidated Balance Sheets, to zero at December 31, 2019 from $5.0 million at December 31, 2018. During 2018, CMT achieved record volumes and the Company increased CMT’s throughput volume projections in future periods for certain customers due to favorable coal prices, which were expected to increase export volume through CMT. The combined impact of the strong 2018 volumes and improved volume projections resulted in an increase of $2.5 million to the fair value of the contingent consideration balance. During 2017, as a result of adverse mining conditions faced by one of our thermal coal customers, as well as fluctuating export coal pricing, the Company lowered CMT's throughput volume, which reduced the contingent consideration liability balance by $1.7 million . The changes in fair value discussed above were recorded to costs of products sold and operating expenses on the Consolidated Statements of Operations during 2019, 2018 and 2017. Certain Financial Assets and Liabilities not Measured at Fair Value At December 31, 2019 and 2018 , the fair value of the Company’s long-term debt was estimated to be $776.1 million and $822.8 million , respectively, compared to a carrying amount of $800.5 million and $859.0 million , respectively. These fair values were estimated by management based upon estimates of debt pricing provided by financial institutions which are considered Level 2 inputs. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 19. Revenue from Contracts with Customers Cokemaking Substantially all our coke sales are made pursuant to long-term, take-or-pay agreements with AM USA, AK Steel and U.S. Steel, who are three of the largest blast furnace steelmakers in North America. The take-or-pay provisions of our agreements require us to deliver minimum annual tonnage, which varies by contract, but covers at least 90 percent of each facility's nameplate capacity. The take-or-pay provisions also require our customers to purchase such volumes of coke or pay the contract price for any tonnage they elect not to take. These coke sales agreements have an average remaining term of approximately four years , and to date, our coke customers have satisfied their obligations under these agreements. Our coke sales prices include an operating cost component, a coal cost component and a return of capital component. Operating costs under two of our coke sales agreements are contractual, subject to an annual adjustment based on an inflation index. Under our other four coke sales agreements operating costs are passed through to the respective customers subject to an annually negotiated budget, in some cases subject to a cap annually adjusted for inflation, and generally we share any difference in costs from the budgeted amounts with our customers. Our coke sales agreements contain pass-through provisions for coal and coal procurement costs, subject to meeting contractual coal-to-coke yields. To the extent that the actual coal-to-coke yields are less than the contractual standard, we are responsible for the cost of the excess coal used in the cokemaking process. Conversely, to the extent our actual coal-to-coke yields are higher than the contractual standard, we realize gains. The reimbursement of pass-through operating and coal costs from these coke sales agreements are considered to be variable consideration components included in the cokemaking sales price. The return of capital component for each ton of coke sold to the customer is determined at the time the coke sales agreement is signed and is effective for the term of each sales agreement. This component of our coke sales prices is intended to provide an adequate return on invested capital and may differ based on investment levels and other considerations. The actual return on invested capital at any facility is also impacted by favorable or unfavorable performance on pass-through cost items. Revenues are recognized when performance obligations to our customers are satisfied in an amount that reflects the consideration that we expect to receive in exchange for the coke. Logistics In our logistics business, handling and/or mixing services are provided to steel, coke (including some of our domestic cokemaking facilities), electric utility, coal producing and other manufacturing based customers. Materials are transported in numerous ways, including rail, truck, barge or ship. We do not take possession of materials handled, but rather act as intermediaries between our customers and end users, deriving our revenues from services provided on a per ton basis. The handling and mixing services consist primarily of two performance obligations, unloading and loading of materials. Our logistics business has take-or-pay agreements requiring us to handle approximately 4 million tons annually, excluding our agreement with Foresight, which we anticipate will be renegotiated in 2020, resulting in lower volumes and price. See Note 8 . The take-or-pay provisions in these agreements require our customers to purchase such handling services or pay the contract price for services they elect not to take. Estimated take-or-pay revenue of approximately $14 million from all of our multi-year logistics contracts, excluding our agreement with Foresight, is expected to be recognized over the next four years for unsatisfied or partially unsatisfied performance obligations as of December 31, 2019. Revenues are recognized when the customer receives the benefits of the services provided, in an amount that reflects the consideration that we will receive in exchange for those services. Billings to CMT customers for take-or-pay volume shortfalls based on pro-rata volume commitments under take-or-pay contracts that are in excess of billings earned for services provided are recorded as contract liabilities and characterized as deferred revenue on the Consolidated Balance Sheets. Deferred revenue is recognized at the earliest of i) when the performance obligation is satisfied; ii) when the performance obligation has expired, based on the terms of the contract; or iii) when the likelihood that the customer would exercise its right to the performance obligation becomes remote. The following table provides changes in the Company's deferred revenue: 2019 2018 (Dollars in millions) Beginning balance $ 3.0 $ 1.7 Reclassification of the beginning contract liabilities to revenue, as a result of performance obligation satisfied (3.0 ) (1.4 ) Billings in excess of services performed, not recognized as revenue 0.3 2.7 Ending balance $ 0.3 $ 3.0 Energy Our energy sales are made pursuant to either steam or energy supply and purchase agreements or is sold into the regional power market. Our cokemaking ovens utilize efficient, modern heat recovery technology designed to combust the coal’s volatile components liberated during the cokemaking process and use the resulting heat to create steam or electricity for sale. The energy provided under these arrangements results in transfer of control over time. Revenues are recognized over time as energy is delivered to our customers, in an amount based on the terms of each arrangement. Operating and Licensing Fees Operating and licensing fees are made pursuant to long-term contracts with ArcelorMittal Brazil, where we operate a Brazilian cokemaking facility. The licensing fees are based upon the level of production required by our customer as well as a fixed annual fee. Operating fees include the full pass-through of the operating costs of the Brazilian facility as well as a per ton fee based on the level of production required by our customer. Revenues are recognized over time as our customers receive and consume the benefits in an amount that corresponds directly with the value provided to the customer to date. Disaggregated Sales and Other Operating Revenue The following table provides disaggregated sales and other operating revenue by product or service, excluding intersegment revenues: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Sales and other operating revenue: Cokemaking $ 1,434.9 $ 1,250.5 $ 1,140.8 Energy 51.1 49.7 53.2 Logistics 72.1 101.0 89.7 Operating and licensing fees 38.4 40.4 43.4 Other 3.8 9.3 4.4 Sales and other operating revenue $ 1,600.3 $ 1,450.9 $ 1,331.5 Disaggregated sales and other operating revenue by customer is discussed in Note 4 . |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segment Information | 20. Business Segment Information The Company reports its business through three segments: Domestic Coke, Brazil Coke and Logistics. The Domestic Coke segment includes the Jewell, Indiana Harbor, Haverhill, Granite City and Middletown cokemaking facilities. Each of these facilities produces coke, and all facilities except Jewell recover waste heat, which is converted to steam or electricity through a similar production process. The Brazil Coke segment includes the licensing and operating fees payable to us under long-term contracts with ArcelorMittal Brazil, under which we operate a cokemaking facility located in Vitória, Brazil through at least 2023. Logistics operations are comprised of CMT, KRT, Lake Terminal, which provides services to our Indiana Harbor cokemaking facility, and DRT, which provides services to our Jewell cokemaking facility. Handling and mixing results are presented in the Logistics segment. Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and Other. Corporate and Other also includes activity from our legacy coal mining business. Segment assets are those assets utilized within a specific segment and exclude taxes. The following table includes Adjusted EBITDA, which is the measure of segment profit or loss reported to the chief operating decision maker for purposes of allocating resources to the segments and assessing their performance: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Sales and other operating revenue: Domestic Coke $ 1,489.1 $ 1,308.3 $ 1,195.0 Brazil Coke 38.4 40.4 43.4 Logistics 72.8 102.2 93.1 Logistics intersegment sales 26.3 24.5 23.8 Elimination of intersegment sales (26.3 ) (24.5 ) (23.8 ) Total sales and other operating revenue $ 1,600.3 $ 1,450.9 $ 1,331.5 Adjusted EBITDA: Domestic Coke $ 226.7 $ 207.9 $ 188.9 Brazil Coke 16.0 18.4 18.2 Logistics 42.6 72.6 70.8 Corporate and Other (1) (37.4 ) (35.7 ) (43.2 ) Total Adjusted EBITDA $ 247.9 $ 263.2 $ 234.7 Depreciation and amortization expense: Domestic Coke $ 120.5 $ 114.4 $ 102.6 Brazil Coke 0.6 0.7 0.7 Logistics 21.4 25.1 24.4 Corporate and Other 1.3 1.4 0.5 Total depreciation and amortization expense $ 143.8 $ 141.6 $ 128.2 Capital expenditures: Domestic Coke $ 105.5 $ 95.1 $ 68.8 Logistics 4.6 5.2 4.4 Corporate and Other — — 2.4 Total capital expenditures $ 110.1 $ 100.3 $ 75.6 (1) Corporate and Other includes the activity from our legacy coal mining business, which incurred Adjusted EBITDA losses of $11.2 million , $9.8 million , and $10.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. The following table sets forth the Company’s segment assets: December 31, 2019 2018 (Dollars in millions) Segment assets: Domestic Coke $ 1,434.2 $ 1,446.5 Brazil Coke 14.6 15.1 Logistics 200.8 463.0 Corporate and Other 102.0 120.0 Segment assets, excluding income tax receivable 1,751.6 2,044.6 Tax assets 2.2 0.7 Total assets $ 1,753.8 $ 2,045.3 The Company evaluates the performance of its segments based on segment Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted for any impairments, (gain) loss on extinguishment of debt, changes to our contingent consideration liability related to our acquisition of CMT, loss on the disposal of our interest in VISA SunCoke and/or transaction costs incurred as part of the Simplification Transaction. EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income under GAAP and may not be comparable to other similarly titled measures in other businesses. Management believes Adjusted EBITDA is an important measure in assessing operating performance. Adjusted EBITDA provides useful information to investors because it highlights trends in our business that may not otherwise be apparent when relying solely on GAAP measures and because it eliminates items that have less bearing on our operating performance. EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP, and they should not be considered a substitute for net income, or any other measure of financial performance presented in accordance with GAAP. Additionally, other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. Below is the reconciliation of Adjusted EBITDA to net (loss) income, which is its most directly comparable financial measure calculated and presented in accordance with GAAP: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Net (loss) income $ (148.4 ) $ 47.0 $ 103.5 Add: Long-lived asset and goodwill impairment 247.4 — — Depreciation and amortization expense 143.8 141.6 128.2 Interest expense, net (1) 60.3 61.4 60.6 (Gain) loss on extinguishment of debt, net (1.5 ) 0.3 20.4 Income tax (benefit) expense (54.7 ) 4.6 (81.6 ) Contingent consideration adjustments (2) (4.2 ) 2.5 (1.7 ) Transaction costs (3) 5.2 0.4 — Expiration of land deposits and write-off of costs related to potential new cokemaking facility (4) — — 5.3 Loss from equity method investment — 5.4 — Adjusted EBITDA $ 247.9 $ 263.2 $ 234.7 Subtract: Adjusted EBITDA attributable to noncontrolling interests (5) 40.7 82.0 86.4 Adjusted EBITDA attributable to SunCoke Energy, Inc. $ 207.2 $ 181.2 $ 148.3 (1) In conjunction with the adoption of ASU 2017-07, the non-service type expense associated with the postretirement benefit plans was excluded from operating income and recorded in interest expense, net on the Consolidated Statements of Operations during the periods presented. Amounts in prior periods were immaterial, and therefore, were not reclassified in the reconciliation of Adjusted EBITDA to net income. (2) In connection with the CMT acquisition, the Company entered into a contingent consideration arrangement that requires the Company to make future payments to the seller based on future volume over a specified threshold, price and contract renewals. Adjustments to the fair value of the contingent consideration were primarily the result of modifications to the volume forecast. Customer events during the third quarter of 2019 reduced the contingent consideration liability to zero . See Note 18 . (3) Costs expensed primarily by the Partnership associated with the Simplification Transaction. (4) In 2014, we finalized the required permitting and engineering plan for a potential new cokemaking facility, however, the project was later terminated. As a result, during 2017 the Company wrote-off previously capitalized engineering costs and land deposits for a potential new cokemaking facility of $5.3 million . These costs were included in selling, general and administrative expenses on the Consolidated Statements of Operations. (5) |
Selected Quarterly Data (unaudi
Selected Quarterly Data (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Data (unaudited) | 21. Selected Quarterly Data (unaudited) 2019 2018 First Second Third (1) Fourth First Second Third Fourth (Dollars in millions) Sales and other operating revenue $ 391.3 $ 407.5 $ 404.3 $ 397.2 $ 350.5 $ 367.0 $ 364.5 $ 368.9 Gross profit (2) $ 46.7 $ 43.5 $ 49.3 $ 39.4 $ 47.0 $ 52.3 $ 45.8 $ 39.7 Net income (loss) $ 12.2 $ 3.3 $ (163.1 ) $ (0.8 ) $ 13.0 $ 11.4 $ 17.1 $ 5.5 Less: Net income (loss) attributable to noncontrolling interests $ 2.4 $ 1.0 $ (0.1 ) $ 0.6 $ 4.3 $ 7.2 $ 5.6 $ 3.7 Net income (loss) attributable to SunCoke Energy, Inc. $ 9.8 $ 2.3 $ (163.0 ) $ (1.4 ) $ 8.7 $ 4.2 $ 11.5 $ 1.8 Earnings (loss) attributable to SunCoke Energy, Inc. per common share: Basic (3) $ 0.15 $ 0.03 $ (1.81 ) $ (0.02 ) $ 0.13 $ 0.06 $ 0.18 $ 0.03 Diluted (3) $ 0.15 $ 0.03 $ (1.81 ) $ (0.02 ) $ 0.13 $ 0.06 $ 0.18 $ 0.03 (1) During the third quarter of 2019, the Company recorded non-cash, pre-tax asset impairment charges to the Logistics segment on the Consolidated Statements of Operations of $247.4 million . See Note 8 . (2) Gross profit equals sales and other operating revenue less cost of products sold and operating expenses and depreciation and amortization. (3) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |
Supplemental Condensed Combinin
Supplemental Condensed Combining and Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Supplemental Condensed Combining and Consolidating Financial Information | 22. Supplemental Condensed Consolidating Financial Information The Company has an existing shelf registration statement, which was filed on November 8, 2019, upon the expiration of the prior shelf registration statement, for the offering of debt and/or securities on a delayed or continuous basis and is presenting this condensed consolidating financial information in connection therewith. The following condensed consolidating financial information has been prepared and presented pursuant to SEC Rule 3-10(e) of Regulation S-X. For purposes of the following information, SunCoke Energy is referred to as “Issuer.” Certain 100 percent owned subsidiaries of the Company, including the Partnership, are expected to serve as guarantors of obligations (“Guarantor Subsidiaries”) included in the shelf registration statement. These guarantees will be full and unconditional (subject, in the case of the Guarantor Subsidiaries, to customary release provisions as described below) and joint and several. The indenture governing the 2025 Senior Notes contains customary provisions, which would potentially restrict the ability of the Partnership to make distributions or loans to the Company under certain circumstances. For the year ended December 31, 2019, less than 25 percent of net assets were restricted by these indenture provisions. All other consolidated subsidiaries of the Company, including Indiana Harbor and certain international and coal mining entities, are collectively referred to as “Non-Guarantor Subsidiaries.” In connection with the filing of the new shelf registration in 2019, the prior period financial statements in this footnote have been reclassified to reflect the “Guarantor Subsidiaries” and “Non-Guarantor Subsidiaries” as defined in the new shelf registration. The guarantee of a Guarantor Subsidiary will terminate upon: • a sale or other disposition of the Guarantor Subsidiary or of all or substantially all of its assets; • a sale of the majority of the capital stock of a Guarantor Subsidiary to a third-party, after which the Guarantor Subsidiary is no longer a “Restricted Subsidiary” in accordance with the indenture governing the notes; • the liquidation or dissolution of a Guarantor Subsidiary so long as no “Default” or "Event of Default”, as defined under the indenture governing the notes, has occurred as a result thereof; • the designation of a Guarantor Subsidiary as an “unrestricted subsidiary” in accordance with the indenture governing the notes; • the requirements for defeasance or discharge of the indenture governing the notes having been satisfied; or • the release, other than the discharge through payments by a Guarantor Subsidiary, from other indebtedness that resulted in the obligation of the Guarantor Subsidiary under the indenture governing the notes. The following supplemental condensed combining and consolidating financial information reflects the Issuer’s separate accounts, the combined accounts of the Guarantor Subsidiaries, the combined accounts of the Non-Guarantor Subsidiaries, the combining and consolidating adjustments and eliminations and the Issuer’s consolidated accounts for the dates and periods indicated. For purposes of the following condensed combining and consolidating information, the Issuer’s investments in its subsidiaries and the Guarantor and Non-Guarantor Subsidiaries’ investments in its subsidiaries are accounted for under the equity method of accounting. SunCoke Energy, Inc. Condensed Consolidating Statement of Operations Years Ended December 31, 2019 (Dollars in millions) Issuer Guarantor Non- Combining Total Revenues Sales and other operating revenue $ — $ 1,224.9 $ 388.7 $ (13.3 ) $ 1,600.3 Equity in (loss) earnings of subsidiaries (153.4 ) 1.5 — 151.9 — Total revenues, net of equity in earnings of subsidiaries (153.4 ) 1,226.4 388.7 138.6 1,600.3 Costs and operating expenses Cost of products sold and operating expenses — 933.5 357.4 (13.3 ) 1,277.6 Selling, general and administrative expenses 8.1 58.2 9.5 — 75.8 Depreciation and amortization expenses — 115.0 28.8 — 143.8 Long-lived asset and goodwill impairment — 247.4 — — 247.4 Total costs and operating expenses 8.1 1,354.1 395.7 (13.3 ) 1,744.6 Operating loss (161.5 ) (127.7 ) (7.0 ) 151.9 (144.3 ) Interest (income) expense, net - affiliate — (6.7 ) 6.7 — — Interest expense, net 5.0 54.5 0.8 — 60.3 Total interest expense, net 5.0 47.8 7.5 — 60.3 Loss (gain) on extinguishment of debt 0.4 (1.9 ) — — (1.5 ) Loss before income tax benefit (166.9 ) (173.6 ) (14.5 ) 151.9 (203.1 ) Income tax benefit (14.6 ) (34.4 ) (5.7 ) — (54.7 ) Net loss (152.3 ) (139.2 ) (8.8 ) 151.9 (148.4 ) Less: Net income attributable to noncontrolling interests — 2.6 1.3 — 3.9 Net loss attributable to SunCoke Energy, Inc. $ (152.3 ) $ (141.8 ) $ (10.1 ) $ 151.9 $ (152.3 ) Comprehensive loss $ (152.3 ) $ (140.2 ) $ (9.1 ) $ 151.9 $ (149.7 ) Less: Comprehensive income attributable to noncontrolling interests — 2.6 1.3 — 3.9 Comprehensive loss attributable to SunCoke Energy, Inc. $ (152.3 ) $ (142.8 ) $ (10.4 ) $ 151.9 $ (153.6 ) SunCoke Energy, Inc. Condensed Consolidating Statement of Operations Years Ended December 31, 2018 (Dollars in millions) Issuer Guarantor Non- Combining Total Revenues Sales and other operating revenue $ — $ 1,137.0 $ 327.0 $ (13.1 ) $ 1,450.9 Equity in earnings (loss) of subsidiaries 34.3 (16.9 ) — (17.4 ) — Total revenues, net of equity in earnings (loss) of subsidiaries 34.3 1,120.1 327.0 (30.5 ) 1,450.9 Costs and operating expenses Cost of products sold and operating expenses — 832.9 304.7 (13.1 ) 1,124.5 Selling, general and administrative expenses 6.5 48.1 11.5 — 66.1 Depreciation and amortization expenses — 102.7 38.9 — 141.6 Total costs and operating expenses 6.5 983.7 355.1 (13.1 ) 1,332.2 Operating income (loss) 27.8 136.4 (28.1 ) (17.4 ) 118.7 Interest (income) expense, net - affiliate — (0.9 ) 0.9 — — Interest expense, net 3.1 52.4 5.9 — 61.4 Total interest expense, net 3.1 51.5 6.8 — 61.4 Gain on extinguishment of debt 0.3 — — — 0.3 Income (loss) before income tax (benefit) expense 24.4 84.9 (34.9 ) (17.4 ) 57.0 Income tax (benefit) expense (1.8 ) 13.5 (7.1 ) — 4.6 Loss from equity method investment — — 5.4 — 5.4 Net income (loss) 26.2 71.4 (33.2 ) (17.4 ) 47.0 Less: Net income (loss) attributable to noncontrolling interests — 21.6 (0.8 ) — 20.8 Net income (loss) attributable to SunCoke Energ y, Inc. $ 26.2 $ 49.8 $ (32.4 ) $ (17.4 ) $ 26.2 Comprehensive income (loss) $ 26.2 $ 70.1 $ (23.8 ) $ (17.4 ) $ 55.1 Less: Comprehensive income (loss) attributable to noncontrolling interests — 21.6 (0.8 ) — 20.8 Comprehensive income (loss) attributable to SunCoke Energ y, Inc. $ 26.2 $ 48.5 $ (23.0 ) $ (17.4 ) $ 34.3 SunCoke Energy, Inc. Condensed Consolidating Statement of Operations Years Ended December 31, 2017 (Dollars in millions) Issuer Guarantor Non- Combining Total Revenues Sales and other operating revenue $ — $ 1,087.1 $ 257.3 $ (12.9 ) $ 1,331.5 Equity in earnings (loss) of subsidiaries 109.9 (51.0 ) — (58.9 ) — Total revenues, net of equity in earnings (loss) of subsidiaries 109.9 1,036.1 257.3 (71.8 ) 1,331.5 Costs and operating expenses Cost of products sold and operating expenses — 764.7 268.3 (12.9 ) 1,020.1 Selling, general and administrative expenses 8.7 58.0 12.3 — 79.0 Depreciation and amortization expenses — 92.4 35.8 — 128.2 Total costs and operating expenses 8.7 915.1 316.4 (12.9 ) 1,227.3 Operating income (loss) 101.2 121.0 (59.1 ) (58.9 ) 104.2 Interest (income) expense, net - affiliate — (0.2 ) 0.2 — — Interest expense, net 4.9 48.9 8.1 — 61.9 Total interest expense, net 4.9 48.7 8.3 — 61.9 Loss on extinguishment of debt, net 0.4 20.0 — — 20.4 Income before income tax (benefit) expense and loss (gain) from equity method investment 95.9 52.3 (67.4 ) (58.9 ) 21.9 Income tax (benefit) expense (26.5 ) (58.5 ) 3.4 — (81.6 ) Net income (loss) 122.4 110.8 (70.8 ) (58.9 ) 103.5 Less: Net loss attributable to noncontrolling interests — (13.4 ) (5.5 ) — (18.9 ) Net income (loss) attributable to SunCoke Energy, Inc. $ 122.4 $ 124.2 $ (65.3 ) $ (58.9 ) $ 122.4 Comprehensive income (loss) $ 122.4 $ 110.1 $ (71.2 ) $ (58.9 ) $ 102.4 Less: Comprehensive loss attributable to noncontrolling interests — (13.4 ) (5.5 ) — (18.9 ) Comprehensive income (loss) attributable to SunCoke Energy, Inc. $ 122.4 $ 123.5 $ (65.7 ) $ (58.9 ) $ 121.3 SunCoke Energy, Inc. Condensed Consolidating Balance Sheet December 31, 2019 (Dollars in millions, except per share amounts) Issuer Guarantor Non- Combining Total Assets Cash and cash equivalents $ — $ 93.3 $ 3.8 $ — $ 97.1 Receivables — 53.7 5.8 — 59.5 Inventories — 121.5 25.5 — 147.0 Income tax receivable 5.5 — 4.7 (8.0 ) 2.2 Other current assets — 2.5 — — 2.5 Advances to affiliates — 327.2 (327.2 ) — Total current assets 5.5 598.2 39.8 (335.2 ) 308.3 Notes receivable from affiliate — — 127.2 (127.2 ) — Properties, plants and equipment, net — 1,209.9 180.3 — 1,390.2 Goodwill — 3.4 — — 3.4 Other intangibles assets, net — 34.7 — — 34.7 Deferred income taxes 10.5 — 15.2 (25.7 ) — Deferred charges and other assets — 16.2 1.0 — 17.2 Investment in subsidiaries 799.3 175.2 — (974.5 ) — Total assets $ 815.3 $ 2,037.6 $ 363.5 $ (1,462.6 ) $ 1,753.8 Liabilities and Equity Advances from affiliate $ 177.9 $ — $ 149.3 $ (327.2 ) $ — Accounts payable — 104.1 38.3 — 142.4 Accrued liabilities 1.4 31.9 13.7 — 47.0 Deferred revenue — 0.3 — — 0.3 Current portion of long-term debt and financing — 2.9 — — 2.9 Interest payable — 2.2 — — 2.2 Income taxes payable — 8.0 — (8.0 ) — Total current liabilities 179.3 149.4 201.3 (335.2 ) 194.8 Long term-debt and financing obligation 140.6 639.4 — — 780.0 Payable to affiliate — 127.2 — (127.2 ) — Accrual for black lung benefits — 12.4 38.1 — 50.5 Retirement benefit liabilities — 11.6 12.9 — 24.5 Deferred income taxes — 173.3 — (25.7 ) 147.6 Asset retirement obligations — 7.5 6.9 — 14.4 Other deferred credits and liabilities 3.7 17.5 2.4 — 23.6 Total liabilities 323.6 1,138.3 261.6 (488.1 ) 1,235.4 Equity Total SunCoke Energy, Inc. stockholders’ equity 491.7 899.3 75.1 (974.5 ) 491.6 Noncontrolling interests — — 26.8 — 26.8 Total equity 491.7 899.3 101.9 (974.5 ) 518.4 Total liabilities and equity $ 815.3 $ 2,037.6 $ 363.5 $ (1,462.6 ) $ 1,753.8 SunCoke Energy, Inc. Condensed Consolidating Balance Sheet December 31, 2018 (Dollars in millions, except per share amounts) Issuer Guarantor Non- Combining Total Assets Cash and cash equivalents $ — $ 140.7 $ 5.0 $ — $ 145.7 Receivables — 67.9 7.5 — 75.4 Inventories — 89.6 20.8 — 110.4 Income taxes receivable — — 102.7 (102.0 ) 0.7 Other current assets — 2.8 — — 2.8 Advances to affiliate — 354.3 — (354.3 ) — Total current assets — 655.3 136.0 (456.3 ) 335.0 Notes receivable from affiliate — — 186.7 (186.7 ) — Properties, plants and equipment, net — 1,305.7 165.4 — 1,471.1 Goodwill — 76.9 — — 76.9 Other intangible assets, net — 156.8 — — 156.8 Deferred income taxes 7.0 — 15.3 (22.3 ) — Deferred charges and other assets — 5.5 — — 5.5 Investment in subsidiaries $ 673.5 $ 243.0 $ — $ (916.5 ) — Total assets $ 680.5 $ 2,443.2 $ 503.4 $ (1,581.8 ) $ 2,045.3 Liabilities and Equity Advances from affiliate $ 167.3 $ — $ 187.0 $ (354.3 ) $ — Accounts payable — 84.0 31.0 — 115.0 Accrued liabilities 1.8 30.5 13.3 — 45.6 Deferred Revenue — 3.0 — — 3.0 Current portion of long-term debt and financing obligation 1.1 2.8 — — 3.9 Interest payable 0.4 3.2 — — 3.6 Income taxes payable 1.9 100.1 — (102.0 ) — Total current liabilities 172.5 223.6 231.3 (456.3 ) 171.1 Long-term debt and financing obligation 41.2 793.3 — — 834.5 Payable to affiliate — 186.7 — (186.7 ) — Accrual for black lung benefits — 10.9 34.0 — 44.9 Retirement benefit liabilities — 12.2 13.0 — 25.2 Deferred income taxes — 277.0 — (22.3 ) 254.7 Asset retirement obligations — 7.0 7.6 — 14.6 Other deferred credits and liabilities 3.5 11.7 2.4 — 17.6 Total liabilities 217.2 1,522.4 288.3 (665.3 ) 1,362.6 Equity Total SunCoke Energy, Inc. stockholders’ equity 463.3 726.7 189.6 (916.5 ) 463.1 Noncontrolling interests — 194.1 25.5 — 219.6 Total equity 463.3 920.8 215.1 (916.5 ) 682.7 Total liabilities and equity $ 680.5 $ 2,443.2 $ 503.4 $ (1,581.8 ) $ 2,045.3 SunCoke Energy, Inc. Condensed Consolidating Statement of Cash Flows Years Ended December 31, 2019 (Dollars in millions) Issuer Guarantor Non- Combining Total Cash Flows from Operating Activities: Net income (loss) $ (152.3 ) $ (139.2 ) $ (8.8 ) $ 151.9 $ (148.4 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Long-lived asset and goodwill impairment — 247.4 — — 247.4 Depreciation and amortization expense — 115.0 28.8 — 143.8 Deferred income tax (benefit) expense (3.5 ) (59.8 ) 0.2 — (63.1 ) Payments (in excess of) less than expense for postretirement plan — (1.1 ) (0.8 ) — (1.9 ) Share-based compensation expense 4.5 — — — 4.5 Equity in earnings (loss) of subsidiaries 153.4 (1.5 ) — (151.9 ) — Loss (gain) on extinguishment of debt 0.4 (1.9 ) — — (1.5 ) Changes in working capital pertaining to operating activities: Receivables — 14.2 1.7 15.9 Inventories — (31.9 ) (4.7 ) — (36.6 ) Accounts payable — 15.2 8.3 — 23.5 Accrued liabilities (0.4 ) 0.4 0.3 — 0.3 Deferred revenue (2.7 ) — — (2.7 ) Interest payable (0.4 ) (1.0 ) — — (1.4 ) Income taxes (7.4 ) (92.1 ) 98.0 — (1.5 ) Other 0.6 0.7 2.3 — 3.6 Net cash (used in) provided by operating activities (5.1 ) 61.7 125.3 — 181.9 Cash Flows from Investing Activities: Capital expenditures — (65.6 ) (44.5 ) — (110.1 ) Other investing activities — 0.3 — — 0.3 Net cash used in investing activities — (65.3 ) (44.5 ) — (109.8 ) Cash Flows from Financing Activities: Repayment of long-term debt (43.8 ) (46.7 ) — — (90.5 ) Debt issuance costs (2.1 ) — — — (2.1 ) Proceeds from revolving facility 204.1 204.5 — — 408.6 Repayment of revolving facility (60.8 ) (309.5 ) — — (370.3 ) Repayment of financing obligation — (2.9 ) — — (2.9 ) Cash distributions to noncontrolling interests — (14.2 ) — — (14.2 ) Share repurchases (36.3 ) — — — (36.3 ) Dividends paid (5.1 ) — — — (5.1 ) Other financing activities (1.7 ) (6.2 ) — — (7.9 ) Net (decrease) increase in advances from affiliates (49.2 ) 131.2 (82.0 ) — — Net cash provided by (used in) financing activities 5.1 (43.8 ) (82.0 ) — (120.7 ) Net decrease in cash and cash equivalents — (47.4 ) (1.2 ) — (48.6 ) Cash and cash equivalents at beginning of year — 140.7 5.0 — 145.7 Cash, cash equivalents at end of year $ — $ 93.3 $ 3.8 $ — $ 97.1 SunCoke Energy, Inc. Condensed Consolidating Statement of Cash Flows Years Ended December 31, 2018 (Dollars in millions) Issuer Guarantor Non- Combining Total Cash Flows from Operating Activities: Net income (loss) $ 26.2 $ 71.4 $ (33.2 ) $ (17.4 ) $ 47.0 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation and amortization expense — 102.7 38.9 — 141.6 Deferred income tax benefit (0.2 ) (2.1 ) (1.1 ) — (3.4 ) Payments (in excess of) less than expense for postretirement plan — (0.9 ) (1.5 ) — (2.4 ) Share-based compensation expense 3.1 — — — 3.1 Equity in (loss) earnings of subsidiaries (34.3 ) 16.9 — 17.4 — Loss from equity method-investment — — 5.4 — 5.4 Loss on extinguishment of debt 0.3 — — — 0.3 Changes in working capital pertaining to operating activities: Receivables — (5.1 ) (1.8 ) — (6.9 ) Inventories — (1.0 ) 1.6 — 0.6 Accounts payable — 11.0 (11.7 ) — (0.7 ) Accrued liabilities 0.4 (7.6 ) (0.1 ) — (7.3 ) Deferred revenue — 1.3 — — 1.3 Interest payable (1.0 ) (0.8 ) — — (1.8 ) Income taxes 0.3 10.2 (6.0 ) — 4.5 Other 0.3 2.4 1.8 4.5 Net cash (used in) provided by operating activities (4.9 ) 198.4 (7.7 ) — 185.8 Cash Flows from Investing Activities: Capital expenditures — (63.9 ) (36.4 ) — (100.3 ) Sale of equity method investment — — 4.0 — 4.0 Other investing activities — 0.5 — — 0.5 Net cash used in investing activities — (63.4 ) (32.4 ) — (95.8 ) Cash Flows from Financing Activities: Proceeds from issuance of long-term debt 45.0 — — — 45.0 Repayment of long-term debt (45.7 ) — — — (45.7 ) Debt issuance costs (0.5 ) — — — (0.5 ) Proceeds from revolving facility — 179.5 — — 179.5 Repayment of revolving facility — (204.5 ) — — (204.5 ) Repayment of financing obligation — (2.6 ) — — (2.6 ) Cash distributions to noncontrolling interests — (31.9 ) — — (31.9 ) Acquisition of additional interest in the Partnership — (4.2 ) — — (4.2 ) Other financing activities 0.7 (0.3 ) — — 0.4 Net increase (decrease) in advances from affiliates 5.4 (47.2 ) 41.8 — — Net cash provided by (used in) financing activities 4.9 (111.2 ) 41.8 — (64.5 ) Net increase in cash, cash equivalents and restricted cash — 23.8 1.7 — 25.5 Cash, cash equivalents and restricted cash at beginning of year — 116.9 3.3 — 120.2 Cash, cash equivalents and restricted cash at end of year $ — $ 140.7 $ 5.0 $ — $ 145.7 SunCoke Energy, Inc. Condensed Consolidating Statement of Cash Flows December 31, 2017 (Dollars in millions) Issuer Guarantor Non- Combining Total Cash Flows from Operating Activities: Net income (loss) $ 122.4 $ 110.8 $ (70.8 ) $ (58.9 ) $ 103.5 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation and amortization expense — 92.5 35.7 — 128.2 Deferred income tax (benefit) expense (22.8 ) (85.9 ) 21.5 — (87.2 ) Payments in excess of expense for postretirement plan benefits — (1.0 ) (0.8 ) — (1.8 ) Share-based compensation expense 4.7 0.1 — — 4.8 Equity in (loss) earnings of subsidiaries (109.9 ) 51.0 — 58.9 — Loss on extinguishment of debt 0.4 20.0 — — 20.4 Changes in working capital pertaining to operating activities: Receivables — (5.5 ) (2.3 ) — (7.8 ) Inventories — (12.8 ) (5.7 ) — (18.5 ) Accounts payable — 6.0 5.7 — 11.7 Accrued liabilities (0.4 ) 0.9 2.1 — 2.6 Deferred revenue — (0.8 ) — — (0.8 ) Interest payable (0.1 ) (10.7 ) — — (10.8 ) Income taxes (2.7 ) 19.0 (16.5 ) — (0.2 ) Other 1.5 2.3 0.6 — 4.4 Net cash (used in) provided by operating activities (6.9 ) 185.9 (30.5 ) — 148.5 Cash Flows from Investing Activities: Capital expenditures — (43.7 ) (31.9 ) — (75.6 ) Return of Brazilian investment — 20.5 — — 20.5 Net cash used in investing activities — (23.2 ) (31.9 ) — (55.1 ) Cash Flows from Financing Activities: Proceeds from issuance of long-term debt — 693.7 — — 693.7 Repayment of long-term debt — (644.9 ) — — (644.9 ) Debt issuance costs (1.6 ) (15.8 ) — — (17.4 ) Proceeds from revolving facility — 350.0 — — 350.0 Repayment of revolving facility — (392.0 ) — — (392.0 ) Repayment of financing obligation — (2.5 ) — — (2.5 ) Cash distributions to noncontrolling interests — (47.0 ) — — (47.0 ) Acquisition of additional interest in the Partnership — (48.7 ) — — (48.7 ) Other financing activities 1.1 — — — 1.1 Net increase (decrease) in advances from affiliates 7.4 (45.4 ) 38.0 — — Net cash provided by (used in) financing activities 6.9 (152.6 ) 38.0 — (107.7 ) Net increase (decrease) in cash, cash equivalents and restricted cash — 10.1 (24.4 ) — (14.3 ) Cash, cash equivalents and restricted cash at beginning of year — 106.8 27.7 — 134.5 Cash, cash equivalents and restricted cash at end of year $ — $ 116.9 $ 3.3 $ — $ 120.2 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual amounts could differ from these estimates. |
Revenue Recognition | Revenue Recognition The Company sells coke as well as steam and electricity and also provides mixing and/or handling services of coal and other aggregates. The Company also receives fees for operating the cokemaking plant in Brazil and for the licensing of its proprietary technology for use at this facility as well as reimbursement of substantially all of its operating costs. See Note 19 . |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with a remaining maturity of three months or less at the time of purchase to be cash equivalents. These cash equivalents consist principally of certificates of deposit. |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method, except for the Company’s materials and supplies inventory, which are determined using the average-cost method. The Company utilizes the selling prices under its long-term coke supply contracts to record lower of cost or net realizable value inventory adjustments. |
Properties, Plants and Equipment | Properties, Plants and Equipment Plants and equipment are depreciated on a straight-line basis over their estimated useful lives. Coke and energy plant, machinery and equipment are generally depreciated over 25 to 30 years. Logistics plant and equipment are generally depreciated over 15 to 35 years. Depreciation and amortization is excluded from cost of products sold and operating expenses and is presented separately on the Consolidated Statements of Operations. Gains and losses on the disposal or retirement of fixed assets are reflected in earnings when the assets are sold or retired. Amounts incurred that extend an asset’s useful life, increase its productivity or add production capacity are capitalized. The Company accounts for changes in useful lives, when appropriate, as a change in estimate, with prospective application only. The Company capitalized interest of $2.3 million , $3.2 million , and $1.1 million in 2019 , 2018 and 2017 , respectively. Direct costs, such as outside labor, materials, internal payroll and benefits costs incurred during capital projects are capitalized; indirect costs are not capitalized. Normal repairs and maintenance costs are expensed as incurred. |
Goodwill | Goodwill |
Intangible Assets | Intangible Assets Intangible assets are primarily comprised of permits, customer contracts and customer relationships. Intangible assets are amortized over their useful lives in a manner that reflects the pattern in which the economic benefit of the intangible asset is consumed. Intangible assets are assessed for impairment when a triggering event occurs. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, which includes intangible assets and properties, plants and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. A long-lived asset, or group of assets, is considered to be impaired when the undiscounted net cash flows expected to be generated by the asset are less than its carrying amount. Such estimated future cash flows are highly subjective and are based on numerous assumptions about future operations and market conditions. The impairment recognized is the amount by which the carrying amount exceeds the fair market value of the impaired asset, or group of assets. It is also difficult to precisely estimate fair market value because quoted market prices for our long-lived assets may not be readily available. Therefore, fair market value is generally based on the present values of estimated future cash flows using discount rates commensurate with the risks associated with the assets being reviewed for impairment. See Note 8 . |
Income Taxes | Income Taxes |
Black Lung Benefit Liabilities | Black Lung Benefit Liabilities |
Postretirement Benefit Plan Liabilities | Postretirement Benefit Plan Liabilities |
Asset Retirement Obligations | Asset Retirement Obligations |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are included in cost of products sold and operating expenses on the Consolidated Statements of Operations and are generally passed through to our customers. The Company has elected the practical expedient under Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with Customers," to account for shipping and handling activities as a promise to fulfill the transfer of coke. |
Share-based Compensation | Share-Based Compensation |
Fair Value Measurements | Fair Value Measurements |
Currency Transactions | Currency Translation |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842).” ASU 2016-02 requires leases to be recognized as assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. Subsequently, the FASB has issued various ASUs to provide further clarification around certain aspects of ASC 842, “Leases.” We adopted the standard effective January 1, 2019 using the modified retrospective transition approach and elected not to adjust prior comparative periods. Upon adoption, the Company recognized right-of-use assets and lease liabilities of $5.1 million at January 1, 2019. See Note 14 . In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted this standard on January 1, 2018, using the modified retrospective method with no material impact on our revenue recognition model on an annual basis. See Note 19 . In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted cash.” The Company retrospectively adopted this ASU in the first quarter 2018 and modified the Company's cash flow presentation to include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Historical restricted cash balances were related to cash withheld from the 2015 acquisition of CMT to fund the completion of certain expansion capital improvements, and the related immaterial impacts were reclassified on the consolidated statement of cash flows for the year ended December 31, 2017. The restricted cash balance was zero at both December 31, 2019 and December 31, 2018. In March 2017, the FASB issued ASU 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The Company adopted this ASU in the first quarter 2018 and retrospectively presented net periodic postretirement benefit cost in the income statement separately from the service cost component and outside a subtotal of income from operations. In conjunction with the adoption of this standard, expense of $1.3 million was reclassified from operating income and was recorded in interest expense, net on the Consolidated Statements of Operations for the year ended December 31, 2017. See Note 10 . In February 2018, the FASB issued ASU 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The Company adopted this ASU in the first quarter 2018 and reclassified $1.1 million of deferred tax adjustments to accumulated other comprehensive income (loss) from retained earnings on the December 31, 2017 balance sheet for the tax effects resulting from the Tax Cuts and Jobs Act of 2017. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Schedule of Changes in Ownership Interest | The following table summarizes the effects of the changes in the Company's ownership interest in the Partnership on SunCoke's equity: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Net (loss) income attributable to SunCoke Energy, Inc. $ (152.3 ) $ 26.2 $ 122.4 Increase (decrease) in SunCoke Energy, Inc. equity for the purchase of additional interest in the Partnership (1) 182.5 (1.2 ) (12.0 ) Changes from net (loss) income attributable to SunCoke Energy, Inc. and transfers to noncontrolling interest $ 30.2 $ 25.0 $ 110.4 (1) During the years ended December 31, 2018 and 2017, the Company purchased 231,171 and 2,853,032 , respectively, of outstanding Partnership common units in the open market for total cash payments of $4.2 million and $48.7 million , respectively. SunCoke controlled the Partnership both before and after these unit acquisitions. Therefore, the cash paid for the Partnership units in excess of the net book value of Partnership interest acquired was recorded as a reduction to additional paid-in capital, reducing SunCoke’s equity balance. Upon the closing of the Simplification Transaction, the Company's program to purchase outstanding Partnership common units was terminated. The following table summarizes the non-cash (decreases) increases on our balance sheet related to the Simplification Transaction, reflecting the changes in ownership of the Partnership and a step-up in the tax basis in the underlying assets acquired: (Dollars in millions) Noncontrolling interest $ (182.5 ) Deferred income taxes $ (43.7 ) Common stock $ 0.3 Additional paid-in capital $ 225.9 |
Customer Concentrations (Tables
Customer Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor | The table below shows receivables due from the Company's significant customers: December 31, 2019 2018 (Dollars in millions) AM USA and ArcelorMittal Brazil $ 28.0 $ 34.3 AK Steel $ 13.2 $ 25.3 U.S. Steel $ 7.3 $ 5.2 The table below shows sales to the Company's significant customers: Years Ended December 31, 2019 2018 2017 Sales and other operating revenue Percent of Company sales and other operating revenue Sales and other operating revenue Percent of Company sales and other operating revenue Sales and other operating revenue Percent of Company sales and other operating revenue (Dollars in millions) AM USA and ArcelorMittal Brazil (1) $ 824.5 51.5 % $ 735.8 50.7 % $ 678.2 50.9 % AK Steel (2) $ 433.3 27.1 % $ 377.9 26.0 % $ 331.3 24.9 % U.S. Steel (3) $ 255.4 16.0 % $ 206.8 14.3 % $ 214.1 16.1 % (1) Represents revenues included in our Domestic Coke and Brazil Coke segments. (2) Represents revenues included in our Domestic Coke segment. (3) Represents revenues included in our Domestic Coke and Logistics segments. The table below shows sales to Foresight and Murray: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Sales and other operating revenue (1) $ 32.4 $ 62.5 $ 57.8 Percent of Company sales and other operating revenue 2.0 % 4.3 % 4.3 % Percent of Logistics segment sales and other operating revenue, including intersegment sales 32.7 % 49.3 % 49.4 % (1) The 2019 results reflect zero take-or-pay revenues from Murray. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of income before income tax expense | The components of income before income tax (benefit) expense and loss from equity method investment are as follows: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Domestic $ (218.6 ) $ 39.3 $ 4.3 Foreign 15.5 17.7 17.6 Total $ (203.1 ) $ 57.0 $ 21.9 |
Components of income tax expense | Income tax expense (benefit) consisted of the following: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Current tax expense (benefit): U.S. federal $ 0.3 $ 1.4 $ 1.7 State 3.8 2.1 (1.0 ) Foreign 4.3 4.5 4.9 Total current tax expense 8.4 8.0 5.6 Deferred tax (benefit) expense: U.S. federal (39.3 ) (3.1 ) (99.7 ) State (23.8 ) (0.3 ) 12.5 Total deferred tax (benefit) expense (63.1 ) (3.4 ) (87.2 ) Total $ (54.7 ) $ 4.6 $ (81.6 ) |
Reconciliation of income tax expense | The reconciliation of income tax expense at the U.S. statutory rate to income tax expense (benefit) is as follows: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Income tax (benefit) expense at U.S. statutory rate $ (42.7 ) 21.0 % $ 12.0 21.0 % $ 7.7 35.0 % Increase (reduction) in income taxes resulting from: Logistics goodwill impairment 3.3 (1.7 )% — — % — — % Impact of Final Regulations (1) — — % (1.4 ) (2.5 )% 64.2 293.2 % Impact of Tax Legislation (2) — — % (4.8 ) (8.4 )% (154.7 ) (706.4 )% Income attributable to noncontrolling interests in partnerships (3) (0.6 ) 0.3 % (3.9 ) (6.8 )% (5.4 ) (24.7 )% State and other income taxes, net of federal income tax effects (15.0 ) 7.4 % 1.6 2.8 % 2.0 9.1 % Change in valuation allowance (4) 0.6 (0.3 )% 0.7 1.2 % 3.9 17.8 % Other (0.3 ) 0.2 % 0.4 0.7 % 0.7 3.2 % Income tax (benefit) expense at effective tax rate $ (54.7 ) 26.9 % $ 4.6 8.0 % $ (81.6 ) (372.8 )% (1) On January 19, 2017, the Internal Revenue Service ("IRS") announced its decision to exclude cokemaking as a qualifying income generating activity in its final regulations (the "Final Regulations") issued under section 7704(d)(1)(E) of the Internal Revenue Code relating to the qualifying income exception for publicly traded partnerships. As a result, the Partnership recorded deferred income tax expense of $148.6 million to set up its initial deferred income tax liability during 2017, primarily related to differences in the book and tax basis of fixed assets. However, the Company had previously recorded $84.4 million of the deferred income tax liability in its financial statements related to the Company's share of the deferred tax liability for the book and tax differences in its investment in the Partnership. As such, the Company's 2017 financial statements reflect the $64.2 million incremental impact from the Final Regulations solely attributable to the Partnership’s public unitholders, which was also recorded as an equal reduction to noncontrolling interest. In 2018, the Partnership recorded a deferred tax benefit of $3.6 million related to its changes in projected deferred tax liability associated with projected book and tax differences at the end of the 10-year transition period due to current period additions and changes in estimated useful lives of certain assets. The Company's 2018 financial statements reflect a $1.4 million benefit, which is solely attributable to the Partnership’s public unitholders and was also recorded as an equal reduction to noncontrolling interest. As a result, the Final Regulations had no impact to net income attributable to the Company in 2018 or 2017. Following the closing of the Simplification Transaction in June 2019, the Final Regulations no longer apply to the Company. (2) On December 22, 2017, the Tax Cuts and Jobs Act ("Tax Legislation") was enacted. The Tax Legislation significantly revised the U.S. corporate income tax structure, including lowering corporate income tax rates. In addition, the SEC staff released Staff Accounting Bulletin 118 on December 23, 2017, which provided for companies to record a provisional impact of the Tax Legislation during a measurement period, not to exceed one year, in situations where companies do not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting under ASC 740, "Income Taxes", for certain income tax effects of the Tax Legislation for the reporting period which includes enactment. During 2017, SunCoke recorded a provisional net income tax benefit of $154.7 million , of which $125.0 million was attributable to the Company, for the impact of this Tax Legislation. These benefits were primarily due to the $169.0 million net benefit resulting from the remeasurement of U.S. deferred income tax liabilities and assets at the lower enacted corporate tax rates. During 2017, based on information available at the time, the Company recorded provisional income tax expense of $14.3 million for a valuation allowance against $19.0 million of foreign tax credit carryforwards that the Company believed would not be realized prior to their expiration as a result of the Tax Legislation. Based on an updated analysis of the foreign tax credit rules relating to the new Tax Legislation, the Company revised its estimate of the realizability of its foreign tax credits, resulting in a net $4.8 million benefit during the third quarter of 2018. There were no other significant changes to previous estimates and amounts recorded in 2017 relating to this Tax Legislation. (3) No income tax expense is reflected in the Consolidated Statements of Operations for income attributable to noncontrolling interests in our Indiana Harbor cokemaking facility or the Partnership prior to the Simplification Transaction discussed in Note 3 . Excludes the impact of the Final Regulations on qualifying income discussed above. (4) In 2017, the Company recorded a valuation allowance as a result of changes in future state allocation assumptions. |
Tax effects of temporary differences that comprise the net deferred income tax liability | The tax effects of temporary differences that comprise the net deferred income tax liability from operations are as follows: December 31, 2019 2018 (Dollars in millions) Deferred tax assets: Retirement benefit liabilities $ 6.4 $ 6.4 Black lung benefit liabilities 12.8 11.3 Share-based compensation 4.7 6.4 Federal tax credit carryforward (1) 20.5 21.5 Foreign tax credit carryforward (2) 14.4 15.9 Federal net operating loss (3) 1.6 — Section 163j interest limitation carryforward (4) 5.7 1.8 State tax credit carryforward, net of federal income tax effects (5) 1.1 2.4 State net operating loss carryforward, net of federal income tax effects (5) 13.6 13.5 Other liabilities not yet deductible 4.4 4.9 Total deferred tax assets 85.2 84.1 Less: valuation allowance (7) (20.9 ) (20.7 ) Deferred tax asset, net 64.3 63.4 Deferred tax liabilities: Properties, plants and equipment (17.9 ) (111.5 ) Investment in partnerships (194.0 ) (206.6 ) Total deferred tax liabilities (211.9 ) (318.1 ) Net deferred tax liability $ (147.6 ) $ (254.7 ) (1) Federal tax credit carryforward expires in 2032 through 2034. (2) Foreign tax credit carryforward expires in 2024 through 2029. (3) Federal net operating loss does not expire. (4) The Tax Legislation generally limits the deductibility of business interest expense to 30 percent of adjusted taxable income. This limitation resulted in a deferred tax asset as the interest expense in excess of the limitation is eligible for deduction in future taxable years and has no expiration. (5) State tax credit carryforward, net of federal income tax effects expires in 2020 through 2022. (6) State net operating loss carryforward, net of federal income tax effects expires in 2023 through 2037. (7) Primarily related to state tax credit and net operating loss carryforwards and an $11.4 million allowance against the foreign tax credit carryforward. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Components of inventories | These components of inventories were as follows: December 31, 2019 2018 (Dollars in millions) Coal $ 94.4 $ 59.9 Coke 8.1 8.6 Materials, supplies and other 44.5 41.9 Total inventories $ 147.0 $ 110.4 |
Properties, Plants and Equipmen
Properties, Plants and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Components of net properties, plants and equipment | The components of net properties, plants and equipment were as follows: December 31, 2019 2018 (Dollars in millions) Coke and energy plant, machinery and equipment $ 1,968.2 $ 1,876.3 Logistics plant, machinery and equipment 147.9 218.3 Land and land improvements 106.0 119.7 Construction-in-progress 29.5 72.7 Other 42.3 39.9 Gross investment, at cost 2,293.9 2,326.9 Less: accumulated depreciation (903.7 ) (855.8 ) Total properties, plants and equipment, net $ 1,390.2 $ 1,471.1 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Domestic Coke Logistics Total (Dollars in millions) Net balances at December 31, 2017 and 2018 $ 3.4 $ 73.5 $ 76.9 Impairment — (73.5 ) (73.5 ) Net balances at December 31, 2019 $ 3.4 $ — $ 3.4 |
Schedule of Finite-Lived Intangible Assets | The components of other intangible assets, net were as follows: December 31, 2019 December 31, 2018 Weighted - Average Remaining Amortization Years Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (Dollars in millions) Customer contracts 1 $ 7.7 $ 7.2 $ 0.5 $ 31.7 $ 17.7 $ 14.0 Customer relationships 5 6.7 3.9 2.8 28.7 7.5 21.2 Permits 23 31.7 0.3 31.4 139.0 17.4 121.6 Total $ 46.1 $ 11.4 $ 34.7 $ 199.4 $ 42.6 $ 156.8 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Based on the carrying value of finite-lived intangible assets as of December 31, 2019 , we estimate amortization expense for each of the next five years as follows: (Dollars in millions) 2020 $ 2.4 2021 2.0 2022 2.0 2023 2.0 2024 1.8 Thereafter 24.5 Total $ 34.7 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation [Abstract] | |
Reconciliation of changes in the asset retirement obligation | The following table provides a reconciliation of changes in the asset retirement obligation from operations during each period: Years ended December 31, 2019 2018 Asset retirement obligation at beginning of year $ 14.6 $ 14.0 Liabilities settled (1.2 ) (0.4 ) Accretion expense (1) 1.0 0.9 Revisions in estimated cash flows 0.9 0.1 Asset retirement obligation at end of year (2) 15.3 14.6 (1) Included in cost of products sold and operating expenses on the Consolidated Statements of Operations. (2) The current portion of asset retirement obligation liabilities, which totaled $0.9 million |
Retirement Benefits Plans (Tabl
Retirement Benefits Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Postretirement benefit plans (benefit) expense | Postretirement benefit plans expense consisted of the following components: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Interest cost on benefit obligations $ 1.1 $ 1.0 $ 1.1 Amortization of: Actuarial losses 0.6 0.6 0.9 Prior service benefit (0.6 ) (0.7 ) (0.7 ) Total expense $ 1.1 $ 0.9 $ 1.3 |
Discount rates used to determine benefit obligations for the plans | The following assumptions were used to determine postretirement benefit plans expense: December 31, 2019 2018 2017 Discount rate 4.00 % 3.35 % 3.65 % December 31, 2019 2018 Discount rate 2.90 % 4.00 % |
Recognized components of other comprehensive income (loss) | The following amounts were recognized as components of other comprehensive income (loss) before related tax impacts: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Reclassifications to earnings of: Actuarial loss amortization $ 0.6 $ 0.6 $ 0.9 Prior service benefit amortization (0.6 ) (0.7 ) (0.7 ) Retirement benefit plan funded status adjustments: Actuarial (losses) gains (1.0 ) 0.8 (1.1 ) $ (1.0 ) $ 0.7 $ (0.9 ) |
Components of changes in benefit obligations and fair value of plan assets | The following table sets forth the components of the changes in benefit obligations: Years Ended December 31, 2019 2018 (Dollars in millions) Benefit obligation at beginning of year $ 28.2 $ 31.3 Interest cost 1.1 1.0 Actuarial loss/(gain) 1.0 (0.8 ) Benefits paid (2.9 ) (3.3 ) Benefit obligation at end of year (1) $ 27.4 $ 28.2 (1) The current portion of retirement benefit liabilities, which totaled $2.9 million and $3.0 million at December 31, 2019 and 2018 , respectively, is classified in accrued liabilities on the Consolidated Balance Sheets. |
Cumulative amounts not recognized | The following table sets forth the cumulative amounts not yet recognized in net (loss) income: Years Ended December 31, 2019 2018 (Dollars in millions) Cumulative amounts not yet recognized in net (loss) income: Actuarial losses $ 10.8 $ 10.4 Prior service benefits (2.0 ) (2.6 ) Accumulated other comprehensive loss (before related tax benefit) $ 8.8 $ 7.8 |
Expected benefit payments | The expected benefit payments through 2029 for the postretirement benefit plan are as follows: (Dollars in millions) Year ending December 31: 2020 $ 2.9 2021 $ 2.8 2022 $ 2.6 2023 $ 2.4 2024 $ 2.2 2025 through 2029 $ 8.6 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Accrued liabilities | Accrued liabilities consist of following: December 31, 2019 2018 (Dollars in millions) Accrued benefits $ 21.7 $ 21.2 Current portion of postretirement benefit obligation 2.9 3.0 Other taxes payable 9.9 9.1 Current portion of black lung liability 4.6 4.5 Other 7.9 7.8 Total accrued liabilities $ 47.0 $ 45.6 |
Debt and Financing Obligation (
Debt and Financing Obligation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Total debt and financing obligation consisted of the following: December 31, 2019 2018 (Dollars in millions) 7.500 percent senior notes, due 2025 ("2025 Senior Notes") $ 650.0 $ 700.0 Term loan, due 2022 ("Term Loan") N/A 43.9 Revolving credit facility, due 2024 ("Revolving Facility") 143.3 — SunCoke's revolving credit facility, due 2022 ("2022 Revolving Facility") N/A — Partnership's revolving credit facility, due 2022 ("Partnership Revolver") N/A 105.0 5.82 percent financing obligation, due 2021 ("Financing Obligation") 7.2 10.1 Total borrowings $ 800.5 $ 859.0 Original issue discount (4.3 ) (5.4 ) Debt issuance costs (13.3 ) (15.2 ) Total debt and financing obligation $ 782.9 $ 838.4 Less: current portion of long-term debt and financing obligation 2.9 3.9 Total long-term debt and financing obligation $ 780.0 $ 834.5 |
Schedule of Maturities of Long-term Debt | As of December 31, 2019 , the combined aggregate amount of maturities for long-term borrowings for each of the next five years is as follows: (Dollars in millions) 2020 $ 2.9 2021 (1) 4.3 2022 — 2023 — 2024 143.3 2025-Thereafter 650.0 Total $ 800.5 (1) This $4.3 million may be paid in 2020 should the Company choose to exercise its early buyout option on the Financing Obligation. |
Commitments And Contingent Li_2
Commitments And Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of black lung benefit liabilities | The following table summarizes discount rates utilized, active claims and the total black lung liabilities: December 31, 2019 2018 Discount rate (1) 2.9 % 4.0 % Active claims 324 345 Total black lung liability (dollars in millions) (2) $ 55.1 $ 49.4 (1) The discount rate is determined based on a portfolio of high-quality corporate bonds with maturities that are consistent with the estimated duration of our black lung obligations. A decrease of 25 basis points in the discount rate would have increased black lung expense by $1.3 million in 2019. (2) The current portion of the black lung liability was $4.6 million and $4.5 million at December 31, 2019 and 2018 , respectively, and was included in accrued liabilities on the Consolidated Balance Sheets. The following table summarizes annual black lung payments and expense: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Payments $ 5.2 $ 6.3 $ 7.4 Expense $ 10.9 $ 5.4 $ 7.5 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Expense and Weighted Average Remaining Lease Term and Weighted Average Discount Rate | The weighted average remaining lease term and weighted average discount rate were as follows: December 31, 2019 Weighted average remaining lease term of operating leases 7.9 years Weighted average discount rate of operating leases 4.8 % Year ended December 31, 2019 (Dollars in millions) Operating leases: Cost of products sold and operating expenses $ 1.9 Selling, general and administrative expenses 0.5 $ 2.4 Short-term leases: Cost of products sold and operating expenses (1)(2) 9.3 Total lease expense $ 11.7 (1) Includes expenses for month-to-month equipment leases, which are classified as short-term as the Company is not reasonably certain to renew the lease term beyond one month. (2) Includes variable lease expenses, which are immaterial to the consolidated financial statements. |
Supplemental Balance Sheet and Cash Flow Information | Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2019 (Dollars in millions) Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 3.9 Non-cash activity: ROU assets obtained in exchange for new operating lease liabilities $ 7.9 Supplemental balance sheet information related to leases was as follows: Financial Statement Classification December 31, 2019 (Dollars in millions) Operating ROU assets Deferred charges and other assets $ 12.4 Operating lease liabilities: Current operating lease liabilities Accrued liabilities $ 1.9 Noncurrent operating lease liabilities Other deferred credits and liabilities 9.8 Total operating lease liabilities $ 11.7 |
Lease Maturity, Operating Lease | Maturities of operating lease liabilities as of December 31, 2019 are as follows: (Dollars in millions) Year ending December 31: 2020 $ 2.3 2021 2.2 2022 1.7 2023 1.3 2024 1.3 2025-Thereafter 5.3 Total lease payments 14.1 Less: imputed interest 2.4 Total lease liabilities $ 11.7 |
Schedule of Future Minimum Lease Payments Receivable for Operating Leases | The aggregate amount of future minimum annual rental payments applicable to noncancelable leases as of December 31, 2018 were as follows: Minimum (Dollars in millions) Year ending December 31: 2019 $ 2.0 2020 1.1 2021 1.0 2022 0.5 2023 0.1 2024-Thereafter 0.7 Total $ 5.4 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Components of accumulated other comprehensive (loss) income | The following tables set forth the changes in the balance of accumulated other comprehensive loss, net of tax, by component: Benefit Plans Currency Translation Adjustments Total (Dollars in millions) At December 31, 2017 $ (6.5 ) $ (14.7 ) $ (21.2 ) Other comprehensive loss before reclassifications / adjustments — (1.4 ) (1.4 ) Amounts reclassified from accumulated other comprehensive loss (0.1 ) — (0.1 ) Retirement benefit plans funded status adjustment 0.6 — 0.6 Recognition of accumulated currency translation loss upon sale of equity method investment (1) — 9.0 9.0 Net current period change in accumulated other comprehensive loss 0.5 7.6 8.1 At December 31, 2018 $ (6.0 ) $ (7.1 ) $ (13.1 ) Other comprehensive loss before reclassifications / adjustments — (0.6 ) (0.6 ) Retirement benefit plans funded status adjustment (0.7 ) — (0.7 ) Net current period change in accumulated other comprehensive loss (0.7 ) (0.6 ) (1.3 ) At December 31, 2019 $ (6.7 ) $ (7.7 ) $ (14.4 ) (1) These accumulated currency translation losses were recognized into income as a result of the sale of our equity method investment in VISA SunCoke. |
Impact of net income of reclassification adjustments | The increase (decrease) on net income due to reclassification adjustments from accumulated other comprehensive income were as follows (1) : December 31, 2019 2018 2017 (Dollars in millions) Recognition of accumulated currency translation loss upon sale of equity method investment $ — $ (9.0 ) $ — Amortization of benefit plans to net income: (2) Actuarial loss $ (0.6 ) $ (0.6 ) $ (0.9 ) Prior service benefit 0.6 0.7 0.7 Total, net of tax (3) $ — $ (8.9 ) $ (0.2 ) (1) Amounts in parentheses indicate debits to net income. (2) These accumulated other comprehensive (income) loss components are included in the computation of postretirement benefit plan expense (benefit) and included in interest expense, net on the Consolidated Statements of Operations. See Note 10 . (3) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Summary of information with respect to common stock option awards and performance share units | The Company granted the following stock options during the years ended December 31, 2019 , 2018 and 2017 , with an exercise price equal to the closing price of our common stock on the date of grant: Weighted Average Per Share No. of Shares Exercise Price Weighted Average Grant Date Fair Value Traditional stock options: 2019 grant 267,897 $ 9.87 $ 4.09 2018 grant 78,447 $ 10.49 $ 5.38 2017 grant 157,196 $ 10.29 $ 5.32 Performance based options: 2017 grant (1) 80,595 $ 9.85 $ 5.17 (1) In order to become exercisable, the performance based options required the closing price of the Company's common stock to reach or exceed $14.78 per share for the 2017 grants for any 15 trading days during the three -year period beginning on the grant date. As this was not achieved, these performance based options were forfeited in 2020. The following table summarizes information with respect to common stock option awards outstanding as of December 31, 2019 and stock option activity during the fiscal year then ended: Number of Weighted Weighted Average Remaining Contractual Term (years) Aggregate Outstanding at December 31, 2018 2,885,788 $ 15.46 4.8 $ 2.1 Granted 267,897 $ 9.87 Exercised — $ — Forfeited (16,854 ) $ 16.29 Outstanding at December 31, 2019 3,136,831 $ 15.02 4.3 $ 0.3 Exercisable at December 31, 2019 2,742,311 $ 15.70 3.4 $ 0.3 Expected to vest at December 31, 2019 394,520 $ 10.00 8.6 $ — The Company grants performance share units ("PSUs"), which represent the right to receive shares of the Company's common stock, contingent upon the attainment of Company performance and market goals and continued employment. The Company granted the following PSUs during the years ended December 31, 2019, 2018 and 2017: Shares Fair Value per Share Grant Date Fair Value (Dollars in millions) 2019 grant (1) 227,378 $ 10.79 $ 2.5 2018 grant (1) 96,389 $ 11.36 $ 1.1 2017 grant (2) 385,758 $ 11.61 $ 4.5 (1) The service period for the 2019 and 2018 PSUs ends on December 31, 2021 and 2020, and the awards will vest during the first quarter of 2022 and 2021, respectively. (2) The Company granted 237,610 PSUs in February 2017, for which the service period will end on December 31, 2019, and 148,148 PSUs in December 2017, for which the service period will end on December 31, 2020. These awards will vest during the first quarter of 2020 and 2021, respectively. |
Weighted-average assumptions | The weighted-average fair value of employee stock options granted during the years ended December 31, 2019 , 2018 and 2017 was based on using the following weighted-average assumptions: Years Ended December 31, 2019 2018 2017 Risk free interest rate 2 % 3 % 2 % Expected term 6 years 6 years 6 years Volatility 53 % 52 % 53 % Dividend yield 2 % — % — % |
Summary of information with respect to RSUs | The following table summarizes information with respect to RSUs outstanding as of December 31, 2019 and RSU activity during the fiscal year then ended: Number of Weighted Nonvested at December 31, 2018 47,213 $ 10.29 Granted 136,425 $ 9.87 Vested (18,254 ) $ 10.23 Forfeited — $ — Nonvested at December 31, 2019 165,384 $ 9.95 The Company granted the following restricted stock units ("RSUs") during the years ended December 31, 2019 , 2018 and 2017 : Shares Weighted Average Grant-Date Fair Value Grant Date Fair Value (Dollars in millions) 2019 grants 136,425 $ 9.87 $ 1.3 2018 grants 32,128 $ 10.49 $ 0.3 2017 grants 22,628 $ 9.85 $ 0.2 |
Summary of information with respect to PSUs | The following table summarizes information with respect to unearned PSUs outstanding as of December 31, 2019 and PSU activity during the fiscal year then ended: Number of Weighted Nonvested at December 31, 2018 752,375 $ 8.86 Granted 227,378 $ 10.79 Performance adjustments 105,651 4.83 Vested (495,181 ) $ 4.83 Forfeited (14,860 ) $ 10.90 Nonvested at December 31, 2019 575,363 $ 11.20 |
Schedule of unrecognized compensation cost | Below is a summary of the compensation expense, unrecognized compensation costs, the period for which the unrecognized compensation cost is expected to be recognized over and the estimated forfeiture rate for each award: Years Ended December 31, 2019 2018 2017 2019 2018 2017 December 31, 2019 Compensation Expense (1) Net of tax Unrecognized Compensation Cost Recognition Period (Dollars in millions) (Dollars in millions) (Years) Equity Awards: Stock Options $ 1.1 $ 0.5 $ 1.3 $ 0.9 $ 0.4 $ 0.8 $ 0.5 1.2 RSUs 1.0 0.4 1.1 0.9 0.3 0.7 $ 0.5 1.2 PSUs 2.2 1.9 1.9 1.8 1.7 1.2 $ 2.4 1.5 Total equity awards $ 4.3 $ 2.8 $ 4.3 $ 3.6 $ 2.4 $ 2.7 Liability Awards: Cash RSUs $ 0.9 $ 0.8 $ 1.0 $ 0.7 $ 0.6 $ 0.6 $ 0.5 1.6 Cash incentive award 0.4 0.9 0.2 0.3 0.7 0.1 $ 0.5 1.4 Total liability awards $ 1.3 $ 1.7 $ 1.2 $ 1.0 $ 1.3 $ 0.7 (1) Compensation expense is recognized by the Company in selling, general and administrative expenses on the Consolidated Statements of Operations. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of the weighted-average number of common shares used to compute basic earnings per share ("EPS") to those used to compute diluted EPS | The following table sets forth the reconciliation of the weighted-average number of common shares used to compute basic earnings per share to those used to compute diluted EPS: Years Ended December 31, 2019 2018 2017 (Shares in millions) Weighted-average number of common shares outstanding-basic 76.8 64.7 64.3 Add: effect of dilutive share-based compensation awards — 0.8 0.9 Weighted-average number of shares-diluted 76.8 65.5 65.2 |
Schedule of antidilutive securities excluded from computation of earnings per share | The following table shows stock options, restricted stock units, and performance stock units that are excluded from the computation of diluted earnings per share as the shares would have been anti-dilutive: Years Ended December 31, 2019 2018 2017 (Shares in millions) Stock options 3.0 2.7 2.9 Restricted stock units 0.1 — — Performance stock units 0.4 0.1 0.1 Total 3.5 2.8 3.0 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Changed in Deferred Revenue | The following table provides changes in the Company's deferred revenue: 2019 2018 (Dollars in millions) Beginning balance $ 3.0 $ 1.7 Reclassification of the beginning contract liabilities to revenue, as a result of performance obligation satisfied (3.0 ) (1.4 ) Billings in excess of services performed, not recognized as revenue 0.3 2.7 Ending balance $ 0.3 $ 3.0 |
Disaggregation of Revenue | The following table provides disaggregated sales and other operating revenue by product or service, excluding intersegment revenues: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Sales and other operating revenue: Cokemaking $ 1,434.9 $ 1,250.5 $ 1,140.8 Energy 51.1 49.7 53.2 Logistics 72.1 101.0 89.7 Operating and licensing fees 38.4 40.4 43.4 Other 3.8 9.3 4.4 Sales and other operating revenue $ 1,600.3 $ 1,450.9 $ 1,331.5 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Business segment information | The following table includes Adjusted EBITDA, which is the measure of segment profit or loss reported to the chief operating decision maker for purposes of allocating resources to the segments and assessing their performance: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Sales and other operating revenue: Domestic Coke $ 1,489.1 $ 1,308.3 $ 1,195.0 Brazil Coke 38.4 40.4 43.4 Logistics 72.8 102.2 93.1 Logistics intersegment sales 26.3 24.5 23.8 Elimination of intersegment sales (26.3 ) (24.5 ) (23.8 ) Total sales and other operating revenue $ 1,600.3 $ 1,450.9 $ 1,331.5 Adjusted EBITDA: Domestic Coke $ 226.7 $ 207.9 $ 188.9 Brazil Coke 16.0 18.4 18.2 Logistics 42.6 72.6 70.8 Corporate and Other (1) (37.4 ) (35.7 ) (43.2 ) Total Adjusted EBITDA $ 247.9 $ 263.2 $ 234.7 Depreciation and amortization expense: Domestic Coke $ 120.5 $ 114.4 $ 102.6 Brazil Coke 0.6 0.7 0.7 Logistics 21.4 25.1 24.4 Corporate and Other 1.3 1.4 0.5 Total depreciation and amortization expense $ 143.8 $ 141.6 $ 128.2 Capital expenditures: Domestic Coke $ 105.5 $ 95.1 $ 68.8 Logistics 4.6 5.2 4.4 Corporate and Other — — 2.4 Total capital expenditures $ 110.1 $ 100.3 $ 75.6 (1) Corporate and Other includes the activity from our legacy coal mining business, which incurred Adjusted EBITDA losses of $11.2 million , $9.8 million , and $10.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. The following table sets forth the Company’s segment assets: December 31, 2019 2018 (Dollars in millions) Segment assets: Domestic Coke $ 1,434.2 $ 1,446.5 Brazil Coke 14.6 15.1 Logistics 200.8 463.0 Corporate and Other 102.0 120.0 Segment assets, excluding income tax receivable 1,751.6 2,044.6 Tax assets 2.2 0.7 Total assets $ 1,753.8 $ 2,045.3 |
Reconciliation of Adjusted EBITDA (unaudited) to net income | Below is the reconciliation of Adjusted EBITDA to net (loss) income, which is its most directly comparable financial measure calculated and presented in accordance with GAAP: Years Ended December 31, 2019 2018 2017 (Dollars in millions) Net (loss) income $ (148.4 ) $ 47.0 $ 103.5 Add: Long-lived asset and goodwill impairment 247.4 — — Depreciation and amortization expense 143.8 141.6 128.2 Interest expense, net (1) 60.3 61.4 60.6 (Gain) loss on extinguishment of debt, net (1.5 ) 0.3 20.4 Income tax (benefit) expense (54.7 ) 4.6 (81.6 ) Contingent consideration adjustments (2) (4.2 ) 2.5 (1.7 ) Transaction costs (3) 5.2 0.4 — Expiration of land deposits and write-off of costs related to potential new cokemaking facility (4) — — 5.3 Loss from equity method investment — 5.4 — Adjusted EBITDA $ 247.9 $ 263.2 $ 234.7 Subtract: Adjusted EBITDA attributable to noncontrolling interests (5) 40.7 82.0 86.4 Adjusted EBITDA attributable to SunCoke Energy, Inc. $ 207.2 $ 181.2 $ 148.3 (1) In conjunction with the adoption of ASU 2017-07, the non-service type expense associated with the postretirement benefit plans was excluded from operating income and recorded in interest expense, net on the Consolidated Statements of Operations during the periods presented. Amounts in prior periods were immaterial, and therefore, were not reclassified in the reconciliation of Adjusted EBITDA to net income. (2) In connection with the CMT acquisition, the Company entered into a contingent consideration arrangement that requires the Company to make future payments to the seller based on future volume over a specified threshold, price and contract renewals. Adjustments to the fair value of the contingent consideration were primarily the result of modifications to the volume forecast. Customer events during the third quarter of 2019 reduced the contingent consideration liability to zero . See Note 18 . (3) Costs expensed primarily by the Partnership associated with the Simplification Transaction. (4) In 2014, we finalized the required permitting and engineering plan for a potential new cokemaking facility, however, the project was later terminated. As a result, during 2017 the Company wrote-off previously capitalized engineering costs and land deposits for a potential new cokemaking facility of $5.3 million . These costs were included in selling, general and administrative expenses on the Consolidated Statements of Operations. (5) Reflects noncontrolling interests in Indiana Harbor and the portion of the Partnership owned by public unitholders prior to the Simplification Transaction. |
Selected Quarterly Data (unau_2
Selected Quarterly Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | 2019 2018 First Second Third (1) Fourth First Second Third Fourth (Dollars in millions) Sales and other operating revenue $ 391.3 $ 407.5 $ 404.3 $ 397.2 $ 350.5 $ 367.0 $ 364.5 $ 368.9 Gross profit (2) $ 46.7 $ 43.5 $ 49.3 $ 39.4 $ 47.0 $ 52.3 $ 45.8 $ 39.7 Net income (loss) $ 12.2 $ 3.3 $ (163.1 ) $ (0.8 ) $ 13.0 $ 11.4 $ 17.1 $ 5.5 Less: Net income (loss) attributable to noncontrolling interests $ 2.4 $ 1.0 $ (0.1 ) $ 0.6 $ 4.3 $ 7.2 $ 5.6 $ 3.7 Net income (loss) attributable to SunCoke Energy, Inc. $ 9.8 $ 2.3 $ (163.0 ) $ (1.4 ) $ 8.7 $ 4.2 $ 11.5 $ 1.8 Earnings (loss) attributable to SunCoke Energy, Inc. per common share: Basic (3) $ 0.15 $ 0.03 $ (1.81 ) $ (0.02 ) $ 0.13 $ 0.06 $ 0.18 $ 0.03 Diluted (3) $ 0.15 $ 0.03 $ (1.81 ) $ (0.02 ) $ 0.13 $ 0.06 $ 0.18 $ 0.03 (1) During the third quarter of 2019, the Company recorded non-cash, pre-tax asset impairment charges to the Logistics segment on the Consolidated Statements of Operations of $247.4 million . See Note 8 . (2) Gross profit equals sales and other operating revenue less cost of products sold and operating expenses and depreciation and amortization. (3) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. |
Supplemental Condensed Combin_2
Supplemental Condensed Combining and Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Statement of Operations | SunCoke Energy, Inc. Condensed Consolidating Statement of Operations Years Ended December 31, 2019 (Dollars in millions) Issuer Guarantor Non- Combining Total Revenues Sales and other operating revenue $ — $ 1,224.9 $ 388.7 $ (13.3 ) $ 1,600.3 Equity in (loss) earnings of subsidiaries (153.4 ) 1.5 — 151.9 — Total revenues, net of equity in earnings of subsidiaries (153.4 ) 1,226.4 388.7 138.6 1,600.3 Costs and operating expenses Cost of products sold and operating expenses — 933.5 357.4 (13.3 ) 1,277.6 Selling, general and administrative expenses 8.1 58.2 9.5 — 75.8 Depreciation and amortization expenses — 115.0 28.8 — 143.8 Long-lived asset and goodwill impairment — 247.4 — — 247.4 Total costs and operating expenses 8.1 1,354.1 395.7 (13.3 ) 1,744.6 Operating loss (161.5 ) (127.7 ) (7.0 ) 151.9 (144.3 ) Interest (income) expense, net - affiliate — (6.7 ) 6.7 — — Interest expense, net 5.0 54.5 0.8 — 60.3 Total interest expense, net 5.0 47.8 7.5 — 60.3 Loss (gain) on extinguishment of debt 0.4 (1.9 ) — — (1.5 ) Loss before income tax benefit (166.9 ) (173.6 ) (14.5 ) 151.9 (203.1 ) Income tax benefit (14.6 ) (34.4 ) (5.7 ) — (54.7 ) Net loss (152.3 ) (139.2 ) (8.8 ) 151.9 (148.4 ) Less: Net income attributable to noncontrolling interests — 2.6 1.3 — 3.9 Net loss attributable to SunCoke Energy, Inc. $ (152.3 ) $ (141.8 ) $ (10.1 ) $ 151.9 $ (152.3 ) Comprehensive loss $ (152.3 ) $ (140.2 ) $ (9.1 ) $ 151.9 $ (149.7 ) Less: Comprehensive income attributable to noncontrolling interests — 2.6 1.3 — 3.9 Comprehensive loss attributable to SunCoke Energy, Inc. $ (152.3 ) $ (142.8 ) $ (10.4 ) $ 151.9 $ (153.6 ) SunCoke Energy, Inc. Condensed Consolidating Statement of Operations Years Ended December 31, 2018 (Dollars in millions) Issuer Guarantor Non- Combining Total Revenues Sales and other operating revenue $ — $ 1,137.0 $ 327.0 $ (13.1 ) $ 1,450.9 Equity in earnings (loss) of subsidiaries 34.3 (16.9 ) — (17.4 ) — Total revenues, net of equity in earnings (loss) of subsidiaries 34.3 1,120.1 327.0 (30.5 ) 1,450.9 Costs and operating expenses Cost of products sold and operating expenses — 832.9 304.7 (13.1 ) 1,124.5 Selling, general and administrative expenses 6.5 48.1 11.5 — 66.1 Depreciation and amortization expenses — 102.7 38.9 — 141.6 Total costs and operating expenses 6.5 983.7 355.1 (13.1 ) 1,332.2 Operating income (loss) 27.8 136.4 (28.1 ) (17.4 ) 118.7 Interest (income) expense, net - affiliate — (0.9 ) 0.9 — — Interest expense, net 3.1 52.4 5.9 — 61.4 Total interest expense, net 3.1 51.5 6.8 — 61.4 Gain on extinguishment of debt 0.3 — — — 0.3 Income (loss) before income tax (benefit) expense 24.4 84.9 (34.9 ) (17.4 ) 57.0 Income tax (benefit) expense (1.8 ) 13.5 (7.1 ) — 4.6 Loss from equity method investment — — 5.4 — 5.4 Net income (loss) 26.2 71.4 (33.2 ) (17.4 ) 47.0 Less: Net income (loss) attributable to noncontrolling interests — 21.6 (0.8 ) — 20.8 Net income (loss) attributable to SunCoke Energ y, Inc. $ 26.2 $ 49.8 $ (32.4 ) $ (17.4 ) $ 26.2 Comprehensive income (loss) $ 26.2 $ 70.1 $ (23.8 ) $ (17.4 ) $ 55.1 Less: Comprehensive income (loss) attributable to noncontrolling interests — 21.6 (0.8 ) — 20.8 Comprehensive income (loss) attributable to SunCoke Energ y, Inc. $ 26.2 $ 48.5 $ (23.0 ) $ (17.4 ) $ 34.3 SunCoke Energy, Inc. Condensed Consolidating Statement of Operations Years Ended December 31, 2017 (Dollars in millions) Issuer Guarantor Non- Combining Total Revenues Sales and other operating revenue $ — $ 1,087.1 $ 257.3 $ (12.9 ) $ 1,331.5 Equity in earnings (loss) of subsidiaries 109.9 (51.0 ) — (58.9 ) — Total revenues, net of equity in earnings (loss) of subsidiaries 109.9 1,036.1 257.3 (71.8 ) 1,331.5 Costs and operating expenses Cost of products sold and operating expenses — 764.7 268.3 (12.9 ) 1,020.1 Selling, general and administrative expenses 8.7 58.0 12.3 — 79.0 Depreciation and amortization expenses — 92.4 35.8 — 128.2 Total costs and operating expenses 8.7 915.1 316.4 (12.9 ) 1,227.3 Operating income (loss) 101.2 121.0 (59.1 ) (58.9 ) 104.2 Interest (income) expense, net - affiliate — (0.2 ) 0.2 — — Interest expense, net 4.9 48.9 8.1 — 61.9 Total interest expense, net 4.9 48.7 8.3 — 61.9 Loss on extinguishment of debt, net 0.4 20.0 — — 20.4 Income before income tax (benefit) expense and loss (gain) from equity method investment 95.9 52.3 (67.4 ) (58.9 ) 21.9 Income tax (benefit) expense (26.5 ) (58.5 ) 3.4 — (81.6 ) Net income (loss) 122.4 110.8 (70.8 ) (58.9 ) 103.5 Less: Net loss attributable to noncontrolling interests — (13.4 ) (5.5 ) — (18.9 ) Net income (loss) attributable to SunCoke Energy, Inc. $ 122.4 $ 124.2 $ (65.3 ) $ (58.9 ) $ 122.4 Comprehensive income (loss) $ 122.4 $ 110.1 $ (71.2 ) $ (58.9 ) $ 102.4 Less: Comprehensive loss attributable to noncontrolling interests — (13.4 ) (5.5 ) — (18.9 ) Comprehensive income (loss) attributable to SunCoke Energy, Inc. $ 122.4 $ 123.5 $ (65.7 ) $ (58.9 ) $ 121.3 |
Condensed Consolidating Balance Sheet | SunCoke Energy, Inc. Condensed Consolidating Balance Sheet December 31, 2019 (Dollars in millions, except per share amounts) Issuer Guarantor Non- Combining Total Assets Cash and cash equivalents $ — $ 93.3 $ 3.8 $ — $ 97.1 Receivables — 53.7 5.8 — 59.5 Inventories — 121.5 25.5 — 147.0 Income tax receivable 5.5 — 4.7 (8.0 ) 2.2 Other current assets — 2.5 — — 2.5 Advances to affiliates — 327.2 (327.2 ) — Total current assets 5.5 598.2 39.8 (335.2 ) 308.3 Notes receivable from affiliate — — 127.2 (127.2 ) — Properties, plants and equipment, net — 1,209.9 180.3 — 1,390.2 Goodwill — 3.4 — — 3.4 Other intangibles assets, net — 34.7 — — 34.7 Deferred income taxes 10.5 — 15.2 (25.7 ) — Deferred charges and other assets — 16.2 1.0 — 17.2 Investment in subsidiaries 799.3 175.2 — (974.5 ) — Total assets $ 815.3 $ 2,037.6 $ 363.5 $ (1,462.6 ) $ 1,753.8 Liabilities and Equity Advances from affiliate $ 177.9 $ — $ 149.3 $ (327.2 ) $ — Accounts payable — 104.1 38.3 — 142.4 Accrued liabilities 1.4 31.9 13.7 — 47.0 Deferred revenue — 0.3 — — 0.3 Current portion of long-term debt and financing — 2.9 — — 2.9 Interest payable — 2.2 — — 2.2 Income taxes payable — 8.0 — (8.0 ) — Total current liabilities 179.3 149.4 201.3 (335.2 ) 194.8 Long term-debt and financing obligation 140.6 639.4 — — 780.0 Payable to affiliate — 127.2 — (127.2 ) — Accrual for black lung benefits — 12.4 38.1 — 50.5 Retirement benefit liabilities — 11.6 12.9 — 24.5 Deferred income taxes — 173.3 — (25.7 ) 147.6 Asset retirement obligations — 7.5 6.9 — 14.4 Other deferred credits and liabilities 3.7 17.5 2.4 — 23.6 Total liabilities 323.6 1,138.3 261.6 (488.1 ) 1,235.4 Equity Total SunCoke Energy, Inc. stockholders’ equity 491.7 899.3 75.1 (974.5 ) 491.6 Noncontrolling interests — — 26.8 — 26.8 Total equity 491.7 899.3 101.9 (974.5 ) 518.4 Total liabilities and equity $ 815.3 $ 2,037.6 $ 363.5 $ (1,462.6 ) $ 1,753.8 SunCoke Energy, Inc. Condensed Consolidating Balance Sheet December 31, 2018 (Dollars in millions, except per share amounts) Issuer Guarantor Non- Combining Total Assets Cash and cash equivalents $ — $ 140.7 $ 5.0 $ — $ 145.7 Receivables — 67.9 7.5 — 75.4 Inventories — 89.6 20.8 — 110.4 Income taxes receivable — — 102.7 (102.0 ) 0.7 Other current assets — 2.8 — — 2.8 Advances to affiliate — 354.3 — (354.3 ) — Total current assets — 655.3 136.0 (456.3 ) 335.0 Notes receivable from affiliate — — 186.7 (186.7 ) — Properties, plants and equipment, net — 1,305.7 165.4 — 1,471.1 Goodwill — 76.9 — — 76.9 Other intangible assets, net — 156.8 — — 156.8 Deferred income taxes 7.0 — 15.3 (22.3 ) — Deferred charges and other assets — 5.5 — — 5.5 Investment in subsidiaries $ 673.5 $ 243.0 $ — $ (916.5 ) — Total assets $ 680.5 $ 2,443.2 $ 503.4 $ (1,581.8 ) $ 2,045.3 Liabilities and Equity Advances from affiliate $ 167.3 $ — $ 187.0 $ (354.3 ) $ — Accounts payable — 84.0 31.0 — 115.0 Accrued liabilities 1.8 30.5 13.3 — 45.6 Deferred Revenue — 3.0 — — 3.0 Current portion of long-term debt and financing obligation 1.1 2.8 — — 3.9 Interest payable 0.4 3.2 — — 3.6 Income taxes payable 1.9 100.1 — (102.0 ) — Total current liabilities 172.5 223.6 231.3 (456.3 ) 171.1 Long-term debt and financing obligation 41.2 793.3 — — 834.5 Payable to affiliate — 186.7 — (186.7 ) — Accrual for black lung benefits — 10.9 34.0 — 44.9 Retirement benefit liabilities — 12.2 13.0 — 25.2 Deferred income taxes — 277.0 — (22.3 ) 254.7 Asset retirement obligations — 7.0 7.6 — 14.6 Other deferred credits and liabilities 3.5 11.7 2.4 — 17.6 Total liabilities 217.2 1,522.4 288.3 (665.3 ) 1,362.6 Equity Total SunCoke Energy, Inc. stockholders’ equity 463.3 726.7 189.6 (916.5 ) 463.1 Noncontrolling interests — 194.1 25.5 — 219.6 Total equity 463.3 920.8 215.1 (916.5 ) 682.7 Total liabilities and equity $ 680.5 $ 2,443.2 $ 503.4 $ (1,581.8 ) $ 2,045.3 |
Condensed Combining and Consolidating Statement of Cash Flows | SunCoke Energy, Inc. Condensed Consolidating Statement of Cash Flows Years Ended December 31, 2019 (Dollars in millions) Issuer Guarantor Non- Combining Total Cash Flows from Operating Activities: Net income (loss) $ (152.3 ) $ (139.2 ) $ (8.8 ) $ 151.9 $ (148.4 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Long-lived asset and goodwill impairment — 247.4 — — 247.4 Depreciation and amortization expense — 115.0 28.8 — 143.8 Deferred income tax (benefit) expense (3.5 ) (59.8 ) 0.2 — (63.1 ) Payments (in excess of) less than expense for postretirement plan — (1.1 ) (0.8 ) — (1.9 ) Share-based compensation expense 4.5 — — — 4.5 Equity in earnings (loss) of subsidiaries 153.4 (1.5 ) — (151.9 ) — Loss (gain) on extinguishment of debt 0.4 (1.9 ) — — (1.5 ) Changes in working capital pertaining to operating activities: Receivables — 14.2 1.7 15.9 Inventories — (31.9 ) (4.7 ) — (36.6 ) Accounts payable — 15.2 8.3 — 23.5 Accrued liabilities (0.4 ) 0.4 0.3 — 0.3 Deferred revenue (2.7 ) — — (2.7 ) Interest payable (0.4 ) (1.0 ) — — (1.4 ) Income taxes (7.4 ) (92.1 ) 98.0 — (1.5 ) Other 0.6 0.7 2.3 — 3.6 Net cash (used in) provided by operating activities (5.1 ) 61.7 125.3 — 181.9 Cash Flows from Investing Activities: Capital expenditures — (65.6 ) (44.5 ) — (110.1 ) Other investing activities — 0.3 — — 0.3 Net cash used in investing activities — (65.3 ) (44.5 ) — (109.8 ) Cash Flows from Financing Activities: Repayment of long-term debt (43.8 ) (46.7 ) — — (90.5 ) Debt issuance costs (2.1 ) — — — (2.1 ) Proceeds from revolving facility 204.1 204.5 — — 408.6 Repayment of revolving facility (60.8 ) (309.5 ) — — (370.3 ) Repayment of financing obligation — (2.9 ) — — (2.9 ) Cash distributions to noncontrolling interests — (14.2 ) — — (14.2 ) Share repurchases (36.3 ) — — — (36.3 ) Dividends paid (5.1 ) — — — (5.1 ) Other financing activities (1.7 ) (6.2 ) — — (7.9 ) Net (decrease) increase in advances from affiliates (49.2 ) 131.2 (82.0 ) — — Net cash provided by (used in) financing activities 5.1 (43.8 ) (82.0 ) — (120.7 ) Net decrease in cash and cash equivalents — (47.4 ) (1.2 ) — (48.6 ) Cash and cash equivalents at beginning of year — 140.7 5.0 — 145.7 Cash, cash equivalents at end of year $ — $ 93.3 $ 3.8 $ — $ 97.1 SunCoke Energy, Inc. Condensed Consolidating Statement of Cash Flows Years Ended December 31, 2018 (Dollars in millions) Issuer Guarantor Non- Combining Total Cash Flows from Operating Activities: Net income (loss) $ 26.2 $ 71.4 $ (33.2 ) $ (17.4 ) $ 47.0 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation and amortization expense — 102.7 38.9 — 141.6 Deferred income tax benefit (0.2 ) (2.1 ) (1.1 ) — (3.4 ) Payments (in excess of) less than expense for postretirement plan — (0.9 ) (1.5 ) — (2.4 ) Share-based compensation expense 3.1 — — — 3.1 Equity in (loss) earnings of subsidiaries (34.3 ) 16.9 — 17.4 — Loss from equity method-investment — — 5.4 — 5.4 Loss on extinguishment of debt 0.3 — — — 0.3 Changes in working capital pertaining to operating activities: Receivables — (5.1 ) (1.8 ) — (6.9 ) Inventories — (1.0 ) 1.6 — 0.6 Accounts payable — 11.0 (11.7 ) — (0.7 ) Accrued liabilities 0.4 (7.6 ) (0.1 ) — (7.3 ) Deferred revenue — 1.3 — — 1.3 Interest payable (1.0 ) (0.8 ) — — (1.8 ) Income taxes 0.3 10.2 (6.0 ) — 4.5 Other 0.3 2.4 1.8 4.5 Net cash (used in) provided by operating activities (4.9 ) 198.4 (7.7 ) — 185.8 Cash Flows from Investing Activities: Capital expenditures — (63.9 ) (36.4 ) — (100.3 ) Sale of equity method investment — — 4.0 — 4.0 Other investing activities — 0.5 — — 0.5 Net cash used in investing activities — (63.4 ) (32.4 ) — (95.8 ) Cash Flows from Financing Activities: Proceeds from issuance of long-term debt 45.0 — — — 45.0 Repayment of long-term debt (45.7 ) — — — (45.7 ) Debt issuance costs (0.5 ) — — — (0.5 ) Proceeds from revolving facility — 179.5 — — 179.5 Repayment of revolving facility — (204.5 ) — — (204.5 ) Repayment of financing obligation — (2.6 ) — — (2.6 ) Cash distributions to noncontrolling interests — (31.9 ) — — (31.9 ) Acquisition of additional interest in the Partnership — (4.2 ) — — (4.2 ) Other financing activities 0.7 (0.3 ) — — 0.4 Net increase (decrease) in advances from affiliates 5.4 (47.2 ) 41.8 — — Net cash provided by (used in) financing activities 4.9 (111.2 ) 41.8 — (64.5 ) Net increase in cash, cash equivalents and restricted cash — 23.8 1.7 — 25.5 Cash, cash equivalents and restricted cash at beginning of year — 116.9 3.3 — 120.2 Cash, cash equivalents and restricted cash at end of year $ — $ 140.7 $ 5.0 $ — $ 145.7 SunCoke Energy, Inc. Condensed Consolidating Statement of Cash Flows December 31, 2017 (Dollars in millions) Issuer Guarantor Non- Combining Total Cash Flows from Operating Activities: Net income (loss) $ 122.4 $ 110.8 $ (70.8 ) $ (58.9 ) $ 103.5 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation and amortization expense — 92.5 35.7 — 128.2 Deferred income tax (benefit) expense (22.8 ) (85.9 ) 21.5 — (87.2 ) Payments in excess of expense for postretirement plan benefits — (1.0 ) (0.8 ) — (1.8 ) Share-based compensation expense 4.7 0.1 — — 4.8 Equity in (loss) earnings of subsidiaries (109.9 ) 51.0 — 58.9 — Loss on extinguishment of debt 0.4 20.0 — — 20.4 Changes in working capital pertaining to operating activities: Receivables — (5.5 ) (2.3 ) — (7.8 ) Inventories — (12.8 ) (5.7 ) — (18.5 ) Accounts payable — 6.0 5.7 — 11.7 Accrued liabilities (0.4 ) 0.9 2.1 — 2.6 Deferred revenue — (0.8 ) — — (0.8 ) Interest payable (0.1 ) (10.7 ) — — (10.8 ) Income taxes (2.7 ) 19.0 (16.5 ) — (0.2 ) Other 1.5 2.3 0.6 — 4.4 Net cash (used in) provided by operating activities (6.9 ) 185.9 (30.5 ) — 148.5 Cash Flows from Investing Activities: Capital expenditures — (43.7 ) (31.9 ) — (75.6 ) Return of Brazilian investment — 20.5 — — 20.5 Net cash used in investing activities — (23.2 ) (31.9 ) — (55.1 ) Cash Flows from Financing Activities: Proceeds from issuance of long-term debt — 693.7 — — 693.7 Repayment of long-term debt — (644.9 ) — — (644.9 ) Debt issuance costs (1.6 ) (15.8 ) — — (17.4 ) Proceeds from revolving facility — 350.0 — — 350.0 Repayment of revolving facility — (392.0 ) — — (392.0 ) Repayment of financing obligation — (2.5 ) — — (2.5 ) Cash distributions to noncontrolling interests — (47.0 ) — — (47.0 ) Acquisition of additional interest in the Partnership — (48.7 ) — — (48.7 ) Other financing activities 1.1 — — — 1.1 Net increase (decrease) in advances from affiliates 7.4 (45.4 ) 38.0 — — Net cash provided by (used in) financing activities 6.9 (152.6 ) 38.0 — (107.7 ) Net increase (decrease) in cash, cash equivalents and restricted cash — 10.1 (24.4 ) — (14.3 ) Cash, cash equivalents and restricted cash at beginning of year — 106.8 27.7 — 134.5 Cash, cash equivalents and restricted cash at end of year $ — $ 116.9 $ 3.3 $ — $ 120.2 |
General and Basis of Presenta_2
General and Basis of Presentation (Details) | 12 Months Ended |
Dec. 31, 2019Cokemaking_facilityT | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |
Coke production experience, more than | 55 years |
Period that Suncoke constructed the only greenfield cokemaking facilities in the US | 30 years |
Indiana Harbor | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |
Ownership percentage (as a percent) | 14.80% |
United States | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |
Number of facilities | Cokemaking_facility | 5 |
Cokemaking capacity (in tons) | 4,200,000 |
Brazil | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |
Number of facilities | Cokemaking_facility | 1 |
Cokemaking capacity (in tons) | 1,700,000 |
Convent, Louisiana, East Chicago, Indiana, West Virginia | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |
Coal handling capacity (in tons), more than | 40,000,000 |
Coal storage capacity (in tons) | 3,000,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)Employee | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Revenue Recognition | |||
Contingent rentals as a percent of combined sales, less than | 10.00% | 10.00% | |
Property, Plant and Equipment | |||
Interest costs capitalized | $ | $ 2.3 | $ 3.2 | $ 1.1 |
Labor Concentrations | |||
Number of employees | 895 | ||
Percentage of domestic employees | 3.00% | ||
Vitoria, Brazil | |||
Labor Concentrations | |||
Number of employees | 276 | ||
Cokemaking Operations | |||
Labor Concentrations | |||
Number of employees | 0.39 | ||
Coke and energy plant, machinery and equipment | Minimum | |||
Property, Plant and Equipment | |||
Useful life | 25 years | ||
Coke and energy plant, machinery and equipment | Maximum | |||
Property, Plant and Equipment | |||
Useful life | 30 years | ||
Logistics plant, machinery and equipment | Minimum | |||
Property, Plant and Equipment | |||
Useful life | 15 years | ||
Logistics plant, machinery and equipment | Maximum | |||
Property, Plant and Equipment | |||
Useful life | 35 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Accounting Pronouncements (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating ROU assets | $ 12,400,000 | ||||
Total lease liabilities | 11,700,000 | ||||
ASU 2016-18 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Restricted cash | $ 0 | $ 0 | |||
ASU 2017-07 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Expense | $ 1,300,000 | ||||
ASU 2018-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred tax adjustments | $ 1,100,000 | ||||
AS 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating ROU assets | $ 5,100,000 | ||||
Total lease liabilities | $ 5,100,000 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Simplification Transaction Narrative) (Details) - USD ($) | Jun. 28, 2019 | Jun. 27, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Simplification Transaction | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Outstanding Partnership public units (in shares) | 17,727,249 | ||||
Units purchased (in shares) | 24,818,149 | ||||
Quarterly distribution of newly issued shares (in shares) | 635,502 | ||||
Gain (loss) from transaction | $ 0 | ||||
Transaction costs | $ 11,000,000 | 4,900,000 | $ 400,000 | ||
Legal and consulting costs | 300,000 | ||||
Simplification Transaction | Additional Paid-In Capital | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Accrued Simplification Transaction costs | $ 5,400,000 | $ 5,400,000 | |||
Suncoke Inc | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Ownership interest of general partnership | 60.40% | ||||
Interest in partnership | 2.00% | ||||
Public Unitholders | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Ownership interest, public | 37.60% |
Acquisitions and Divestitures_3
Acquisitions and Divestitures (Non-cash (Decreases) Increases Related to the Simplification Transaction) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Subsidiary, Sale of Stock [Line Items] | |||
Noncontrolling interest | $ (4.2) | $ (48.7) | |
Deferred income taxes | $ (43.7) | (0.3) | (7.1) |
Share issuances, for the acquisition of Partnership public units | 0 | ||
Common Stock | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuances, for the acquisition of Partnership public units | 0.3 | ||
Additional Paid-In Capital | |||
Subsidiary, Sale of Stock [Line Items] | |||
Noncontrolling interest | (1.5) | (19.1) | |
Deferred income taxes | (43.7) | $ (0.3) | $ (7.1) |
Share issuances, for the acquisition of Partnership public units | 182.2 | ||
Simplification Transaction | |||
Subsidiary, Sale of Stock [Line Items] | |||
Noncontrolling interest | (182.5) | ||
Deferred income taxes | (43.7) | ||
Simplification Transaction | Common Stock | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuances, for the acquisition of Partnership public units | 0.3 | ||
Simplification Transaction | Additional Paid-In Capital | |||
Subsidiary, Sale of Stock [Line Items] | |||
Share issuances, for the acquisition of Partnership public units | $ 225.9 |
Acquisitions and Divestitures_4
Acquisitions and Divestitures (Schedule of Non-Controlling Interest) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Net (loss) income attributable to SunCoke Energy, Inc. | $ (1.4) | $ (163) | $ 2.3 | $ 9.8 | $ 1.8 | $ 11.5 | $ 4.2 | $ 8.7 | $ (152.3) | $ 26.2 | $ 122.4 |
Increase (decrease) in SunCoke Energy, Inc. equity for the purchase of additional interest in the Partnership | 182.5 | (1.2) | (12) | ||||||||
Changes from net (loss) income attributable to SunCoke Energy, Inc. and transfers to noncontrolling interest | 30.2 | 25 | 110.4 | ||||||||
Acquisition of additional interest in the Partnership | $ 0 | $ 4.2 | $ 48.7 | ||||||||
Public Unit Purchase Program | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Units purchased (in shares) | 231,171 | 2,853,032 | |||||||||
Acquisition of additional interest in the Partnership | $ 4.2 | $ 48.7 |
Acquisitions and Divestitures_5
Acquisitions and Divestitures (Divestiture of India Equity Method Investment) (Details) - USD ($) $ in Millions | Jun. 27, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Investment [Line Items] | ||||
Sale of equity method investment | $ 0 | $ 4 | $ 0 | |
Recognition of accumulated currency translation loss upon sale of equity method investment | 0 | (9) | 0 | |
Transaction costs | 5.2 | 0.4 | 0 | |
Loss from equity method investment | $ 0 | 5.4 | $ 0 | |
VISA SunCoke | ||||
Investment [Line Items] | ||||
Ownership percentage (as a percent) | 49.00% | |||
VISA SunCoke | ||||
Investment [Line Items] | ||||
Sale of equity method investment | $ 4 | |||
Recognition of accumulated currency translation loss upon sale of equity method investment | $ (9) | |||
Transaction costs | 0.4 | |||
Loss from equity method investment | $ 5.4 |
Acquisitions and Divestitures_6
Acquisitions and Divestitures (Divestiture of Preferred Investment in Brazilian Cokemaking Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 28, 2016 | |
Investment [Line Items] | ||||
Licensing fees | $ 5.1 | |||
ArcelorMittal Brazil | ||||
Investment [Line Items] | ||||
Return of Brazilian investment | $ 20.5 | $ 20.5 | ||
Interest | $ 0.2 | |||
Brazil Investment | ArcelorMittal Brazil | ||||
Investment [Line Items] | ||||
Consideration | $ 41 |
Customer Concentrations (Narrat
Customer Concentrations (Narrative) (Details) T in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)CustomerT | Dec. 31, 2018USD ($) | |
Foresight and Murray | ||
Concentration Risk [Line Items] | ||
Take or pay revenue | $ | $ 30 | |
Accounts receivable due, net | $ | $ 0.5 | $ 3.2 |
Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Quantity of coke sold to three primary customers (in tons) | T | 4.2 | |
Number of primary customers in U.S | Customer | 3 | |
Customer Concentration Risk | Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Number of primary customers in U.S | Customer | 3 |
Customer Concentrations (Sales
Customer Concentrations (Sales and Receivables to Significant Customers) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | |||||||||||
Sales and other operating revenue | $ 397.2 | $ 404.3 | $ 407.5 | $ 391.3 | $ 368.9 | $ 364.5 | $ 367 | $ 350.5 | $ 1,600.3 | $ 1,450.9 | $ 1,331.5 |
AM USA and ArcelorMittal Brazil | Accounts Receivable | Customer Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Accounts receivable due, net | 28 | 34.3 | 28 | 34.3 | |||||||
AM USA and ArcelorMittal Brazil | Sales Revenue, Net | Customer Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Sales and other operating revenue | $ 824.5 | $ 735.8 | $ 678.2 | ||||||||
Percent of Company sales and other operating revenue | 51.50% | 50.70% | 50.90% | ||||||||
AK Steel | Accounts Receivable | Customer Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Accounts receivable due, net | 13.2 | 25.3 | $ 13.2 | $ 25.3 | |||||||
AK Steel | Sales Revenue, Net | Customer Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Sales and other operating revenue | $ 433.3 | $ 377.9 | $ 331.3 | ||||||||
Percent of Company sales and other operating revenue | 27.10% | 26.00% | 24.90% | ||||||||
U.S. Steel | Accounts Receivable | Customer Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Accounts receivable due, net | 7.3 | 5.2 | $ 7.3 | $ 5.2 | |||||||
U.S. Steel | Sales Revenue, Net | Customer Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Sales and other operating revenue | $ 255.4 | $ 206.8 | $ 214.1 | ||||||||
Percent of Company sales and other operating revenue | 16.00% | 14.30% | 16.10% | ||||||||
Foresight and Murray | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Accounts receivable due, net | $ 0.5 | $ 3.2 | $ 0.5 | $ 3.2 | |||||||
Foresight and Murray | Sales Revenue, Net | Customer Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Sales and other operating revenue | $ 32.4 | $ 62.5 | $ 57.8 | ||||||||
Percent of Company sales and other operating revenue | 2.00% | 4.30% | 4.30% | ||||||||
Foresight and Murray | Sales Revenue, Net | Customer Concentration Risk | Logistics | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Percent of Company sales and other operating revenue | 32.70% | 49.30% | 49.40% |
Income Taxes (Components of Inc
Income Taxes (Components of Income From Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (218.6) | $ 39.3 | $ 4.3 |
Foreign | 15.5 | 17.7 | 17.6 |
Total | $ (203.1) | $ 57 | $ 21.9 |
Income Taxes (Components of I_2
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current tax expense (benefit): | |||
U.S. federal | $ 0.3 | $ 1.4 | $ 1.7 |
State | 3.8 | 2.1 | (1) |
Foreign | 4.3 | 4.5 | 4.9 |
Total current tax expense | 8.4 | 8 | 5.6 |
Deferred tax (benefit) expense: | |||
U.S. federal | (39.3) | (3.1) | (99.7) |
State | (23.8) | (0.3) | 12.5 |
Total deferred tax (benefit) expense | (63.1) | (3.4) | (87.2) |
Income tax expense (benefit) | $ (54.7) | $ 4.6 | $ (81.6) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Tax Expense to US Statutory Rate) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of income tax expense | ||||
Logistics goodwill impairment | $ 3,300,000 | $ 0 | $ 0 | |
Income tax (benefit) expense at U.S. statutory rate | (42,700,000) | 12,000,000 | 7,700,000 | |
Impact of Final Regulations | 0 | (1,400,000) | 64,200,000 | |
Impact of Tax Legislation | 0 | (4,800,000) | (154,700,000) | |
Income attributable to noncontrolling interests in partnerships | (600,000) | (3,900,000) | (5,400,000) | |
State and other income taxes, net of federal income tax effects | (15,000,000) | 1,600,000 | 2,000,000 | |
Change in valuation allowance | 600,000 | 700,000 | 3,900,000 | |
Other | (300,000) | 400,000 | 700,000 | |
Income tax expense (benefit) | $ (54,700,000) | $ 4,600,000 | $ (81,600,000) | |
Reconciliation of income tax expense (as a percent) | ||||
Logistics goodwill impairment | (1.70%) | 0.00% | 0.00% | |
Income tax (benefit) expense at U.S. statutory rate | 21.00% | 21.00% | 35.00% | |
Impact of Final Regulations | 0.00% | (2.50%) | 293.20% | |
Impact of Tax Legislation | 0.00% | (8.40%) | (706.40%) | |
Income attributable to noncontrolling interests in partnerships | 0.30% | (6.80%) | (24.70%) | |
State and other income taxes, net of federal income tax effects | 7.40% | 2.80% | 9.10% | |
Change in valuation allowance | (0.30%) | 1.20% | 17.80% | |
Other | 0.20% | 0.70% | 3.20% | |
Total effective income tax expense | 26.90% | 8.00% | (372.80%) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Deferred income tax benefit | $ (63,100,000) | $ (3,400,000) | $ (87,200,000) | |
Net deferred tax liability | 147,600,000 | 254,700,000 | ||
Impact of Tax Legislation | 0 | 4,800,000 | 154,700,000 | |
Remeasurement of deferred income tax liabilities and assets | 169,000,000 | |||
Provisional income tax expense (benefit) | 11,400,000 | 14,300,000 | ||
Valuation allowance | 19,000,000 | |||
Benefit from foreign tax credits | $ (4,800,000) | |||
Income tax expense attributable to noncontrolling interests | $ 0 | |||
Suncoke Inc | ||||
Reconciliation of income tax expense | ||||
Impact of Tax Legislation | (125,000,000) | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impact of Tax Legislation | 125,000,000 | |||
IRS | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Deferred income tax benefit | 3,600,000 | 148,600,000 | ||
Net deferred tax liability | 84,400,000 | |||
Deferred tax expense | $ 1,400,000 | $ 64,200,000 |
Income Taxes (Components of Net
Income Taxes (Components of Net Deferred Tax Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 | |
Deferred tax assets: | |||
Retirement benefit liabilities | $ 6.4 | $ 6.4 | |
Black lung benefit liabilities | 12.8 | 11.3 | |
Share-based compensation | 4.7 | 6.4 | |
Federal tax credit carryforward | 20.5 | 21.5 | |
Foreign tax credit carryforward | 14.4 | 15.9 | |
Federal net operating loss | 1.6 | 0 | |
Section 163(j) interest limitation carryforward | 5.7 | 1.8 | |
State tax credit carryforward, net of federal income tax effects | 1.1 | 2.4 | |
State net operating loss carryforward, net of federal income tax effects | 13.6 | 13.5 | |
Other liabilities not yet deductible | 4.4 | 4.9 | |
Total deferred tax assets | 85.2 | 84.1 | |
Less valuation allowance | (20.9) | (20.7) | |
Deferred tax asset, net | 64.3 | 63.4 | |
Deferred tax liabilities: | |||
Properties, plants and equipment | (17.9) | (111.5) | |
Investment in partnerships | (194) | (206.6) | |
Total deferred tax liabilities | (211.9) | (318.1) | |
Net deferred tax liability | (147.6) | $ (254.7) | |
Provisional income tax expense (benefit) | $ 11.4 | $ 14.3 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
State and foreign income tax returns subject to examination period (in years) | 3 years | ||
State and foreign income tax returns subject to examination period maximum (in years) | 5 years | ||
Period amended federal returns remain subject to examination | 1 year | ||
Uncertain tax positions | $ 0 | $ 0 | |
Interest and penalties | $ 0 | $ 0 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Coal | $ 94.4 | $ 59.9 |
Coke | 8.1 | 8.6 |
Materials, supplies and other | 44.5 | 41.9 |
Total inventories | $ 147 | $ 110.4 |
Properties, Plants, and Equip_2
Properties, Plants, and Equipment, Net (Components) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Gross investment, at cost | $ 2,293.9 | $ 2,326.9 |
Less: Accumulated depreciation | (903.7) | (855.8) |
Total properties, plants and equipment, net | 1,390.2 | 1,471.1 |
Coke and energy plant, machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross investment, at cost | 1,968.2 | 1,876.3 |
Logistics plant, machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross investment, at cost | 147.9 | 218.3 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross investment, at cost | 106 | 119.7 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Gross investment, at cost | 29.5 | 72.7 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Gross investment, at cost | $ 42.3 | $ 39.9 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Goodwill Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Goodwill [Line Items] | ||
Goodwill impairment | $ 73.5 | |
Logistics | ||
Goodwill [Line Items] | ||
Goodwill impairment | $ 73.5 | $ 73.5 |
Logistics | Discount Rate | ||
Goodwill [Line Items] | ||
Discount rate | 0.12 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||
Goodwill | $ 76.9 | $ 76.9 | |
Goodwill | |||
Net balances at December 31, 2017 and 2018 | 76.9 | ||
Impairment | (73.5) | ||
Net balances at December 31, 2019 | 3.4 | ||
Domestic Coke | |||
Goodwill [Line Items] | |||
Goodwill | 3.4 | 3.4 | |
Goodwill | |||
Net balances at December 31, 2017 and 2018 | 3.4 | ||
Impairment | 0 | ||
Net balances at December 31, 2019 | 3.4 | ||
Logistics | |||
Goodwill [Line Items] | |||
Goodwill | 0 | $ 73.5 | |
Goodwill | |||
Net balances at December 31, 2017 and 2018 | 73.5 | ||
Impairment | $ (73.5) | (73.5) | |
Net balances at December 31, 2019 | $ 0 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Gross and Net Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 46.1 | $ 199.4 |
Accumulated Amortization | 11.4 | 42.6 |
Total | $ 34.7 | 156.8 |
Customer contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted - Average Remaining Amortization Years | 1 year | |
Gross Carrying Amount | $ 7.7 | 31.7 |
Accumulated Amortization | 7.2 | 17.7 |
Total | $ 0.5 | 14 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted - Average Remaining Amortization Years | 5 years | |
Gross Carrying Amount | $ 6.7 | 28.7 |
Accumulated Amortization | 3.9 | 7.5 |
Total | $ 2.8 | 21.2 |
Permits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted - Average Remaining Amortization Years | 23 years | |
Gross Carrying Amount | $ 31.7 | 139 |
Accumulated Amortization | 0.3 | 17.4 |
Total | $ 31.4 | $ 121.6 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Intangible Assets Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||
Long-lived asset and goodwill impairment | $ 247.4 | $ 0 | $ 0 | |
Total amortization expense of intangible assets | $ 8.8 | $ 11.1 | $ 11.1 | |
Permits | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Useful life | 23 years | |||
Logistics | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Long-lived asset and goodwill impairment | $ 247.4 | |||
Convent Marine Terminal | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of property, plants and equipments | $ 113.3 | |||
Convent Marine Terminal | Permits | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Useful life | 27 years | |||
Average remaining renewal term | 1 year 4 months 24 days | |||
Convent Marine Terminal | Discount Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Discount rate | 0.11 | |||
Long-lived assets | Logistics | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Long-lived asset and goodwill impairment | $ 173.9 | |||
Long-lived assets | Convent Marine Terminal | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Fair value of long-lived assets | 112.1 | |||
Long-lived asset and goodwill impairment | $ 60.6 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets (Schedule of Future Amortization Expense) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2020 | $ 2.4 | |
2021 | 2 | |
2022 | 2 | |
2023 | 2 | |
2024 | 1.8 | |
Thereafter | 24.5 | |
Total | $ 34.7 | $ 156.8 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in the asset retirement obligation | ||
Beginning Balance | $ 14.6 | $ 14 |
Liabilities settled | (1.2) | (0.4) |
Accretion expense | 1 | 0.9 |
Revisions in estimated cash flows | 0.9 | 0.1 |
Ending Balance | 15.3 | $ 14.6 |
Current portion of asset retirement obligation liabilities | $ 0.9 |
Retirement Benefits Plans (Narr
Retirement Benefits Plans (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2011 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Company's pretax income and the aggregate compensation levels of participating employees | $ 6.8 | $ 6.5 | $ 6.4 | |
Postretirement benefit plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Years of service, less than | 10 years | |||
Health care cost trend assumption increased health care cost trend rates (as a percent) | 6.50% | 6.50% | ||
Health care cost trend assumption increased health care cost trend rates (as a percent) | 5.00% |
Retirement Benefits Plans (Post
Retirement Benefits Plans (Postretirement Benefit Plans (Benefit) Expense Components) (Details) - Postretirement benefit plans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost on benefit obligations | $ 1.1 | $ 1 | $ 1.1 |
Amortization of: | |||
Actuarial losses | 0.6 | 0.6 | 0.9 |
Prior service benefit | (0.6) | (0.7) | (0.7) |
Total expense | $ 1.1 | $ 0.9 | $ 1.3 |
Retirement Benefits Plans (Assu
Retirement Benefits Plans (Assumptions Used to Determine Defined Benefit Plan and Postretirement Benefit Plans Expense (Benefit) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Postretirement benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.00% | 3.35% | 3.65% |
Retirement Benefits Plans (Amou
Retirement Benefits Plans (Amounts Recognized as Components of Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassifications to earnings of: | |||
Prior service benefit amortization | $ 0 | $ 0.1 | $ (0.2) |
Retirement benefit plan funded status adjustments: | |||
Actuarial (losses) gains | 0.7 | (0.6) | 0.8 |
Total | 0.7 | 0.1 | (0.2) |
Postretirement benefit plans | |||
Reclassifications to earnings of: | |||
Actuarial loss amortization | 0.6 | 0.6 | 0.9 |
Prior service benefit amortization | (0.6) | (0.7) | (0.7) |
Retirement benefit plan funded status adjustments: | |||
Actuarial (losses) gains | (1) | 0.8 | (1.1) |
Total | $ (1) | $ 0.7 | $ (0.9) |
Retirement Benefits Plans (Comp
Retirement Benefits Plans (Components of the Changes in Benefit Obligations and Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in Benefit Obligation | |||
Current portion of retirement liabilities classified in accrued liabilities | $ 2.9 | $ 3 | |
Postretirement benefit plans | |||
Change in Benefit Obligation | |||
Benefit obligations at beginning of year | 28.2 | 31.3 | |
Interest cost | 1.1 | 1 | $ 1.1 |
Actuarial loss/(gain) | 1 | (0.8) | |
Benefits paid | (2.9) | (3.3) | |
Benefit obligations at end of year | $ 27.4 | $ 28.2 | $ 31.3 |
Retirement Benefits Plans (Cumu
Retirement Benefits Plans (Cumulative Amounts Not Yet Recognized in Net Income) (Details) - Postretirement benefit plans - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Cumulative amounts not yet recognized in net (loss) income: | ||
Actuarial losses | $ 10.8 | $ 10.4 |
Prior service benefits | (2) | (2.6) |
Accumulated other comprehensive loss (before related tax benefit) | $ 8.8 | $ 7.8 |
Retirement Benefits Plans (Expe
Retirement Benefits Plans (Expected Benefit Payments) (Details) - Postretirement benefit plans $ in Millions | Dec. 31, 2019USD ($) |
Regulatory Liabilities [Line Items] | |
2020 | $ 2.9 |
2021 | 2.8 |
2022 | 2.6 |
2023 | 2.4 |
2024 | 2.2 |
2025 through 2029 | $ 8.6 |
Retirement Benefits Plans (Disc
Retirement Benefits Plans (Discount Rate) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Postretirement benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (as a percent) | 2.90% | 4.00% |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued benefits | $ 21.7 | $ 21.2 |
Current portion of postretirement benefit obligation | 2.9 | 3 |
Other taxes payable | 9.9 | 9.1 |
Current portion of black lung liability | 4.6 | 4.5 |
Other | 7.9 | 7.8 |
Total accrued liabilities | $ 47 | $ 45.6 |
Debt and Financing Obligation_2
Debt and Financing Obligation (Schedule of Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total borrowings | $ 800.5 | $ 859 |
Original issue discount | (4.3) | (5.4) |
Debt issuance costs | (13.3) | (15.2) |
Total debt and financing obligation | 782.9 | 838.4 |
Current portion of long-term debt and financing obligation | 2.9 | 3.9 |
Long-term debt and financing obligation | 780 | 834.5 |
7.500 percent senior notes, due 2025 (2025 Senior Notes) | Senior notes | ||
Debt Instrument [Line Items] | ||
Total borrowings | $ 650 | 700 |
Interest rate on senior notes (as a percent) | 7.50% | |
Term loan, due 2022 (Term Loan) | Line of Credit | ||
Debt Instrument [Line Items] | ||
Total borrowings | 43.9 | |
Revolving credit facility, due 2024 (Revolving Facility) | Line of Credit | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Total borrowings | $ 143.3 | 0 |
SunCoke's revolving credit facility, due 2022 (2022 Revolving Facility) | Line of Credit | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Total borrowings | 0 | |
Partnership's revolving credit facility, due 2022 (Partnership Revolver) | Line of Credit | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Total borrowings | 105 | |
5.82 percent financing obligation, due 2021 (Financing Obligation) | Financing Obligation | ||
Debt Instrument [Line Items] | ||
Total borrowings | $ 7.2 | $ 10.1 |
Interest rate on senior notes (as a percent) | 5.82% |
Debt and Financing Obligation_3
Debt and Financing Obligation (2025 Senior Notes) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||||
(Gain) loss on extinguishment of debt, net | $ (1,500,000) | $ 300,000 | $ 20,400,000 | |
Senior notes | 7.500 percent senior notes, due 2025 (2025 Senior Notes) | ||||
Debt Instrument [Line Items] | ||||
Repurchased face value | $ 50,000,000 | |||
Debt prepayment cost | $ 46,600,000 | |||
(Gain) loss on extinguishment of debt, net | $ (2,200,000) | |||
SunCoke Energy Partners, L.P. | Senior notes | 7.500 percent senior notes, due 2025 (2025 Senior Notes) | ||||
Debt Instrument [Line Items] | ||||
Change of control percent | 101.00% | |||
SunCoke Energy Partners, L.P. | Senior notes | 7.500 percent senior notes, due 2025 (2025 Senior Notes) | Before June 15, 2020 | ||||
Debt Instrument [Line Items] | ||||
Redemption percentage | 35.00% | |||
Percentage of principal amount | 107.50% | |||
SunCoke Energy Partners, L.P. | Senior notes | 7.500 percent senior notes, due 2025 (2025 Senior Notes) | Anytime prior to June 15, 2020 | ||||
Debt Instrument [Line Items] | ||||
Percentage of principal amount | 100.00% |
Debt and Financing Obligation_4
Debt and Financing Obligation (Revolving Facility) (Details) - USD ($) | Aug. 05, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 |
Debt Instrument [Line Items] | |||||
Gain (loss) on extinguishment of debt, net | $ 1,500,000 | $ (300,000) | $ (20,400,000) | ||
Outstanding balance | 800,500,000 | 859,000,000 | |||
Line of Credit | Term loan, due 2022 (Term Loan) | |||||
Debt Instrument [Line Items] | |||||
Debt redemption | $ 43,300,000 | ||||
Outstanding balance | 43,900,000 | ||||
Line of Credit | Partnership Revolver Due 2022 and Term Loan Due 2022 | |||||
Debt Instrument [Line Items] | |||||
Gain (loss) on extinguishment of debt, net | (700,000) | ||||
Revolving credit facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Increase in borrowing capacity | $ 15,000,000 | ||||
Extended maturity period | 2 years | ||||
Revolving credit facility | Line of Credit | Revolving credit facility, due 2024 (Revolving Facility) | |||||
Debt Instrument [Line Items] | |||||
Capacity | $ 400,000,000 | ||||
Letters of credit outstanding under revolving facility | 12,200,000 | ||||
Outstanding balance | 143,300,000 | 0 | |||
Remaining borrowing capacity | $ 244,500,000 | ||||
Unused capacity commitment fee | 0.25% | ||||
The weighted-average interest rate for borrowings outstanding under credit agreement (as a percent) | 3.90% | ||||
Revolving credit facility | Line of Credit | Revolving credit facility, due 2024 (Revolving Facility) | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.00% | ||||
Revolving credit facility | Line of Credit | Revolving credit facility, due 2024 (Revolving Facility) | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.00% | ||||
Revolving credit facility | Line of Credit | SunCoke's revolving credit facility, due 2022 (2022 Revolving Facility) | |||||
Debt Instrument [Line Items] | |||||
Outstanding balance | 0 | ||||
Borrowings under facility | $ 0 | 0 | $ 0 | ||
Revolving credit facility | Line of Credit | Partnership's revolving credit facility, due 2022 (Partnership Revolver) | |||||
Debt Instrument [Line Items] | |||||
Debt redemption | $ 100,000,000 | ||||
Outstanding balance | $ 105,000,000 | ||||
Letter of Credit | Line of Credit | Revolving credit facility, due 2024 (Revolving Facility) | |||||
Debt Instrument [Line Items] | |||||
Outstanding balance | $ 11,500,000 |
Debt and Financing Obligation_5
Debt and Financing Obligation (Partnership Revolver) (Details) - SunCoke Energy Partners, L.P. - Partnership's revolving credit facility, due 2022 (Partnership Revolver) - Line of Credit | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
LIBOR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 2.50% | ||
Base Rate | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.50% | ||
Revolving credit facility | |||
Line of Credit Facility [Line Items] | |||
The weighted-average interest rate for borrowings outstanding under credit agreement (as a percent) | 5.30% | 4.80% | 3.80% |
Debt and Financing Obligation_6
Debt and Financing Obligation (Financing Obligation) (Details) - Integral Equipment and Mobile Equipment - SunCoke Energy Partners, L.P. - Domestic Coke and Coal Logistics | 12 Months Ended |
Dec. 31, 2019 | |
Sale Leaseback Transaction [Line Items] | |
Initial lease period | 60 months |
Buyout option period | 48 months |
Percent of original lease equipment cost | 34.50% |
Debt and Financing Obligation_7
Debt and Financing Obligation (Covenants) (Details) - Credit Agreement and Partner Revolver | Dec. 31, 2019USD ($) |
Line of Credit Facility [Line Items] | |
Maximum consolidated leverage ratio | 4.50 |
Minimum consolidated interest coverage ratio | 2.50 |
SunCoke Energy Partners, L.P. | |
Line of Credit Facility [Line Items] | |
Cross default covenant threshold | $ 35,000,000 |
Debt and Financing Obligation_8
Debt and Financing Obligation (Schedule of Long-Term Debt Maturity) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 2.9 | |
2021 | 4.3 | |
2022 | 0 | |
2023 | 0 | |
2024 | 143.3 | |
2025-Thereafter | 650 | |
Total debt | $ 800.5 | $ 859 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Legal Matters) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2014 | |
EPA | Accrued Liabilities | |||
Loss Contingencies [Line Items] | |||
Environmental remediation expense | $ 2.5 | ||
Haverhill and Granite City | |||
Loss Contingencies [Line Items] | |||
Estimate possible loss | $ 2.2 | ||
Expected spending on environmental liability | $ 151.5 |
Leases - Narrative (Details)
Leases - Narrative (Details) | Dec. 31, 2019 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Option to extend, operating lease | 1 month |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Option to extend, operating lease | 50 years |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Black Lung Benefit Liabilities) (Details) - Black Lung Benefit $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)claim | Dec. 31, 2018USD ($)claim | Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.90% | 4.00% | |
Active claims | claim | 324 | 345 | |
Black lung liability | $ 55.1 | $ 49.4 | |
Increase in black lung expense | 1.3 | ||
Current portion of black lung liability | 4.6 | 4.5 | |
Payments | 5.2 | 6.3 | $ 7.4 |
Expense | $ 10.9 | $ 5.4 | $ 7.5 |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating leases: | |
Operating lease cost | $ 2.4 |
Short-term leases: | |
Total lease expense | 11.7 |
Cost of products sold and operating expenses | |
Operating leases: | |
Operating lease cost | 1.9 |
Short-term leases: | |
Cost of products sold and operating expenses | 9.3 |
Selling, general and administrative expenses | |
Operating leases: | |
Operating lease cost | $ 0.5 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) $ in Millions | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Operating ROU assets | $ 12.4 |
Current operating lease liabilities | 1.9 |
Noncurrent operating lease liabilities | 9.8 |
Total operating lease liabilities | $ 11.7 |
Leases - Weighted Average (Deta
Leases - Weighted Average (Details) | Dec. 31, 2019 |
Leases [Abstract] | |
Weighted average remaining lease term of operating leases | 7 years 10 months 24 days |
Weighted average discount rate of operating leases | 4.80% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating Leases: | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 3.9 |
ROU assets obtained in exchange for new operating lease liabilities | $ 7.9 |
Leases - Maturities (Details)
Leases - Maturities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 2.3 |
2021 | 2.2 |
2022 | 1.7 |
2023 | 1.3 |
2024 | 1.3 |
2025-Thereafter | 5.3 |
Total lease payments | 14.1 |
Less: imputed interest | 2.4 |
Total lease liabilities | $ 11.7 |
Leases - Maturities, Prior Guid
Leases - Maturities, Prior Guidance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Leases [Abstract] | |||
2019 | $ 2 | ||
2020 | 1.1 | ||
2021 | 1 | ||
2022 | 0.5 | ||
2023 | 0.1 | ||
2024-Thereafter | 0.7 | ||
Total | $ 5.4 | ||
Rental expense | $ 9.8 | $ 7.3 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components of accumulated other comprehensive (loss) income (net of related income taxes) | |||
Beginning balance | $ 682.7 | $ 659.6 | $ 639.9 |
Other comprehensive loss before reclassifications / adjustments | (0.6) | (1.4) | |
Amounts reclassified from accumulated other comprehensive loss | (0.1) | ||
Retirement benefit plans funded status adjustment, net | (0.7) | 0.6 | (0.8) |
Recognition of accumulated currency translation loss upon sale of equity method investment | 0 | 9 | 0 |
Net current period change in accumulated other comprehensive loss | (1.3) | 8.1 | |
Ending balance | 518.4 | 682.7 | 659.6 |
Benefit Plans | |||
Components of accumulated other comprehensive (loss) income (net of related income taxes) | |||
Beginning balance | (6) | (6.5) | |
Other comprehensive loss before reclassifications / adjustments | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive loss | (0.1) | ||
Retirement benefit plans funded status adjustment, net | (0.7) | 0.6 | |
Net current period change in accumulated other comprehensive loss | (0.7) | 0.5 | |
Ending balance | (6.7) | (6) | (6.5) |
Tax benefit associated with benefit plans | 2.1 | 1.8 | |
Currency Translation Adjustments | |||
Components of accumulated other comprehensive (loss) income (net of related income taxes) | |||
Beginning balance | (7.1) | (14.7) | |
Other comprehensive loss before reclassifications / adjustments | (0.6) | (1.4) | |
Amounts reclassified from accumulated other comprehensive loss | 0 | ||
Retirement benefit plans funded status adjustment, net | 0 | 0 | |
Recognition of accumulated currency translation loss upon sale of equity method investment | 9 | ||
Net current period change in accumulated other comprehensive loss | (0.6) | 7.6 | |
Ending balance | (7.7) | (7.1) | (14.7) |
Accumulated Other Comprehensive Loss | |||
Components of accumulated other comprehensive (loss) income (net of related income taxes) | |||
Beginning balance | (13.1) | (21.2) | (19) |
Retirement benefit plans funded status adjustment, net | 0.6 | (0.8) | |
Recognition of accumulated currency translation loss upon sale of equity method investment | 9 | ||
Ending balance | $ (14.4) | $ (13.1) | $ (21.2) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss Reclassification Adjustments From AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Recognition of accumulated currency translation loss upon sale of equity method investment | $ 0 | $ (9) | $ 0 |
Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total, net of tax | 0 | (8.9) | (0.2) |
Actuarial loss | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amortization of benefit plans to net income | (0.6) | (0.6) | (0.9) |
Prior service benefit | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amortization of benefit plans to net income | $ 0.6 | $ 0.7 | $ 0.7 |
Share-Based Compensation (Equit
Share-Based Compensation (Equity Classified Awards Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2017shares | Feb. 28, 2017shares | Dec. 31, 2019USD ($)Installmentshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016 | Feb. 14, 2018shares | Jul. 13, 2011shares | |
Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total intrinsic value of stock options exercised | $ | $ 0 | $ 800,000 | $ 300,000 | |||||
Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of annual installment in which stock option exercisable | Installment | 3 | |||||||
Period from grant date for annual installment (in years) | 1 year | |||||||
Shares granted (shares) | 136,425 | 32,128 | 22,628 | |||||
Total fair value of non-option award units vested | $ | $ 200,000 | $ 1,200,000 | $ 2,300,000 | |||||
Performance Share Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted (shares) | 148,148 | 237,610 | 227,378 | 96,389 | 385,758 | |||
SunCoke LTPEP | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock issuable (in shares) | 6,000,000 | 1,600,000 | ||||||
Common stock issuable pursuant to new awards (in shares) | 1,500,000 | 7,500,000 | ||||||
SunCoke LTPEP | Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expiration period | 10 years | |||||||
SunCoke LTPEP | Performance Based Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Closing common stock price (USD per share) | $ / shares | $ 14.78 | |||||||
Number of trading days | 15 days | |||||||
Measurement period | 3 years | |||||||
ROIC Portion | SunCoke LTPEP | Performance Share Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Measurement period | 3 years | |||||||
Percent of award allocation | 50.00% | |||||||
TSR Portion | SunCoke LTPEP | Performance Share Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Measurement period | 3 years | |||||||
TSR Portion | SunCoke LTPEP | Performance Share Units | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Payout percentage | 25.00% | 25.00% | 50.00% | |||||
Percentage adjustment of award determined by pre-tax return on capital (as a percent) | 0.00% | |||||||
TSR Portion | SunCoke LTPEP | Performance Share Units | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Payout percentage | 125.00% | 125.00% | 150.00% | |||||
Percentage adjustment of award determined by pre-tax return on capital (as a percent) | 250.00% |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Option and Performance Share Units Grants) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average exercise price (in USD per share) | $ 9.87 | ||
SunCoke LTPEP | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares granted (shares) | 267,897 | 78,447 | 157,196 |
Weighted average exercise price (in USD per share) | $ 9.87 | $ 10.49 | $ 10.29 |
Weighted-average fair value stock option (in dollars per share) | $ 4.09 | $ 5.38 | $ 5.32 |
SunCoke LTPEP | Performance Based Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares granted (shares) | 80,595 | ||
Weighted average exercise price (in USD per share) | $ 9.85 | ||
Weighted-average fair value stock option (in dollars per share) | $ 5.17 |
Share-Based Compensation (Assum
Share-Based Compensation (Assumptions Used to Calculate Value of Stock Options) (Details) - Stock Options | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk free interest rate | 2.00% | 3.00% | 2.00% |
Expected term | 6 years | 6 years | 6 years |
Volatility | 53.00% | 52.00% | 53.00% |
Dividend yield | 2.00% | 0.00% | 0.00% |
Share-Based Compensation (Summa
Share-Based Compensation (Summary of Stock Option Activity) (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Options (in shares) | ||
Outstanding at the beginning of period (shares) | 2,885,788 | |
Granted (shares) | 267,897 | |
Exercised (shares) | 0 | |
Forfeited (shares) | (16,854) | |
Outstanding at end of period (shares) | 3,136,831 | 2,885,788 |
Exercisable at end of period (shares) | 2,742,311 | |
Expected to vest at end of period (shares) | 394,520 | |
Weighted Average Exercise Price (in dollars per share) | ||
Outstanding at beginning of period (in USD per share) | $ 15.46 | |
Granted (in USD per share) | 9.87 | |
Exercised (in USD per share) | 0 | |
Forfeited (in USD per share) | 16.29 | |
Outstanding at end of period (in USD per share) | 15.02 | $ 15.46 |
Exercisable at end of period (in USD per share) | 15.70 | |
Expected to vest at end of period (in USD per share) | $ 10 | |
Weighted Average Remaining Contractual Term (years) | ||
Weighted average remaining contractual term (in years) | 4 years 3 months 18 days | 4 years 9 months 18 days |
Exercisable at end of period | 3 years 4 months 24 days | |
Expected to vest at end of period | 8 years 7 months 6 days | |
Aggregate Intrinsic Value (millions) | ||
Aggregate intrinsic value | $ 0.3 | $ 2.1 |
Exercisable at end of period | 0.3 | |
Expected to vest at end of period | $ 0 |
Share-Based Compensation (Restr
Share-Based Compensation (Restricted Stock Units and Performance Share Units Granted) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Feb. 28, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted (shares) | 136,425 | 32,128 | 22,628 | ||
Weighted Average Grant-Date Fair Value (in USD per share) | $ 9.87 | $ 10.49 | $ 9.85 | ||
Grant Date Fair Value | $ 1.3 | $ 0.3 | $ 0.2 | ||
Performance Share Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted (shares) | 148,148 | 237,610 | 227,378 | 96,389 | 385,758 |
Weighted Average Grant-Date Fair Value (in USD per share) | $ 10.79 | $ 11.36 | $ 11.61 | ||
Grant Date Fair Value | $ 2.5 | $ 1.1 | $ 4.5 |
Share-Based Compensation (Sum_2
Share-Based Compensation (Summary of RSUs and PSUs Outstanding) (Details) - $ / shares | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Feb. 28, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock Units (RSUs) | |||||
Number of Units | |||||
Outstanding at beginning of period (shares) | 47,213 | ||||
Granted (shares) | 136,425 | 32,128 | 22,628 | ||
Vested (shares) | (18,254) | ||||
Forfeited (shares) | 0 | ||||
Outstanding at end of period (shares) | 165,384 | 47,213 | |||
Weighted Average Grant- Date Fair Value (in dollars per share) | |||||
Outstanding at beginning of period (in USD per share) | $ 10.29 | ||||
Granted (in USD per share) | 9.87 | $ 10.49 | $ 9.85 | ||
Vested (in USD per share) | 10.23 | ||||
Forfeited (in USD per share) | 0 | ||||
Outstanding at end of period (in USD per share) | $ 9.95 | $ 10.29 | |||
Performance Share Units | |||||
Number of Units | |||||
Outstanding at beginning of period (shares) | 752,375 | ||||
Granted (shares) | 148,148 | 237,610 | 227,378 | 96,389 | 385,758 |
Performance adjustments (shares) | 105,651 | ||||
Vested (shares) | (495,181) | ||||
Forfeited (shares) | (14,860) | ||||
Outstanding at end of period (shares) | 575,363 | 752,375 | |||
Weighted Average Grant- Date Fair Value (in dollars per share) | |||||
Outstanding at beginning of period (in USD per share) | $ 8.86 | ||||
Granted (in USD per share) | 10.79 | $ 11.36 | $ 11.61 | ||
Performance adjustments (in USD per share) | 4.83 | ||||
Vested (in USD per share) | 4.83 | ||||
Forfeited (in USD per share) | 10.90 | ||||
Outstanding at end of period (in USD per share) | $ 11.20 | $ 8.86 |
Share-Based Compensation (Liabi
Share-Based Compensation (Liability Classified Awards Narrative) (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2017shares | Feb. 28, 2017shares | Dec. 31, 2019USD ($)Installment$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | |
Restricted Stock Units Settled in Cash | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted (shares) | shares | 147,851 | 108,522 | 98,364 | ||
Number of annual installment in which stock option exercisable | Installment | 3 | ||||
Period from grant date for annual installment (in years) | 1 year | ||||
Granted (in USD per share) | $ 9.66 | $ 10.71 | $ 9.82 | ||
Closing price (USD per share) | $ 6.23 | ||||
Performance Share Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted (shares) | shares | 148,148 | 237,610 | 227,378 | 96,389 | 385,758 |
Granted (in USD per share) | $ 10.79 | $ 11.36 | $ 11.61 | ||
Cash Incentive Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of annual installment in which stock option exercisable | Installment | 3 | ||||
Suncoke LTCIP | Performance Share Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Measurement period | 3 years | ||||
Suncoke LTCIP | Cash Incentive Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant date fair value award | $ | $ 0.6 | $ 1 | $ 0.7 | ||
Percent of award allocation | 50.00% | ||||
Measurement period | 3 years |
Share-Based Compensation (Compe
Share-Based Compensation (Compensation Expense and Unrecognized Compensation Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Compensation Cost | $ 0.5 | ||
Recognition Period | 1 year 2 months 12 days | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Compensation Cost | $ 0.5 | ||
Recognition Period | 1 year 2 months 12 days | ||
Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Compensation Cost | $ 2.4 | ||
Recognition Period | 1 year 6 months | ||
Restricted Stock Units Settled in Cash | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Compensation Cost | $ 0.5 | ||
Recognition Period | 1 year 7 months 6 days | ||
Suncoke LTCIP | Cash Incentive Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Compensation Cost | $ 0.5 | ||
Recognition Period | 1 year 4 months 24 days | ||
Selling, General and Administrative Expenses | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 1.1 | $ 0.5 | $ 1.3 |
Net of tax | 0.9 | 0.4 | 0.8 |
Selling, General and Administrative Expenses | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 1 | 0.4 | 1.1 |
Net of tax | 0.9 | 0.3 | 0.7 |
Selling, General and Administrative Expenses | Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 2.2 | 1.9 | 1.9 |
Net of tax | 1.8 | 1.7 | 1.2 |
Selling, General and Administrative Expenses | Equity Classified Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 4.3 | 2.8 | 4.3 |
Net of tax | 3.6 | 2.4 | 2.7 |
Selling, General and Administrative Expenses | Restricted Stock Units Settled in Cash | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 0.9 | 0.8 | 1 |
Net of tax | 0.7 | 0.6 | 0.6 |
Selling, General and Administrative Expenses | Suncoke LTCIP | Cash Incentive Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 0.4 | 0.9 | 0.2 |
Net of tax | 0.3 | 0.7 | 0.1 |
Selling, General and Administrative Expenses | Suncoke LTCIP | Liability Classified Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 1.3 | 1.7 | 1.2 |
Net of tax | $ 1 | $ 1.3 | $ 0.7 |
Share-Based Compensation (Sum_3
Share-Based Compensation (Summary of Share-Based Compensation Expense Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Director | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Compensation expense | $ 0.2 | $ 0.3 | $ 0.5 |
Earnings Per Share - Weighted A
Earnings Per Share - Weighted Average Number of Shares (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Weighted-average number of common shares outstanding-basic | 76.8 | 64.7 | 64.3 |
Add: effect of dilutive share-based compensation awards | 0 | 0.8 | 0.9 |
Weighted-average number of shares-diluted | 76.8 | 65.5 | 65.2 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Shares Excluded From EPS Calculation (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential dilutive effect excluded from the computation of diluted weighted-average shares outstanding (in shares) | 3.5 | 2.8 | 3 |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential dilutive effect excluded from the computation of diluted weighted-average shares outstanding (in shares) | 3 | 2.7 | 2.9 |
Restricted Stock Units (RSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential dilutive effect excluded from the computation of diluted weighted-average shares outstanding (in shares) | 0.1 | 0 | 0 |
Performance Share Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential dilutive effect excluded from the computation of diluted weighted-average shares outstanding (in shares) | 0.4 | 0.1 | 0.1 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration liability | $ (4,200,000) | $ 2,500,000 | $ (1,700,000) |
Cost of products sold and operating expenses | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration liability | (2,500,000) | $ 1,700,000 | |
Level 1 | Cash Equivalents | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents measured at fair value | 5,100,000 | 3,200,000 | |
Fair Value, Inputs, Level 3 | SunCoke Energy Partners, L.P. | Convent Marine Terminal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration | $ 0 | $ 5,000,000 |
Fair Value Measurements (Certai
Fair Value Measurements (Certain Financial Assets and Liabilities not Measured at Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Fair value of long-term debt | $ 776.1 | $ 822.8 |
Outstanding balance | $ 800.5 | $ 859 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Narrative (Details) T in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)T | |
Foresight and Murray | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation amount | $ 30 |
Cokemaking | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percentage of facility capacity | 90.00% |
Expected term of agreement | four years |
Logistics | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected term of agreement | four years |
Capacity (in tons) | T | 4 |
Performance obligation amount | $ 14 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Deferred Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Change in Contract with Customer, Liability [Roll Forward] | ||
Beginning balance | $ 3 | $ 1.7 |
Reclassification of the beginning contract liabilities to revenue, as a result of performance obligation satisfied | (3) | (1.4) |
Billings in excess of services performed, not recognized as revenue | 0.3 | 2.7 |
Ending balance | $ 0.3 | $ 3 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Disaggregated Sales and Other Operating Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Sales and other operating revenue | $ 397.2 | $ 404.3 | $ 407.5 | $ 391.3 | $ 368.9 | $ 364.5 | $ 367 | $ 350.5 | $ 1,600.3 | $ 1,450.9 | $ 1,331.5 |
Cokemaking | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales and other operating revenue | 1,434.9 | 1,250.5 | 1,140.8 | ||||||||
Energy | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales and other operating revenue | 51.1 | 49.7 | 53.2 | ||||||||
Logistics | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales and other operating revenue | 72.1 | 101 | 89.7 | ||||||||
Operating and licensing fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales and other operating revenue | 38.4 | 40.4 | 43.4 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Sales and other operating revenue | $ 3.8 | $ 9.3 | $ 4.4 |
Business Segment Information -
Business Segment Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Business Segment Information _2
Business Segment Information - Segment Profit or Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Sales and other operating revenues | $ 397.2 | $ 404.3 | $ 407.5 | $ 391.3 | $ 368.9 | $ 364.5 | $ 367 | $ 350.5 | $ 1,600.3 | $ 1,450.9 | $ 1,331.5 |
Adjusted EBITDA: | 247.9 | 263.2 | 234.7 | ||||||||
Depreciation and amortization expense | 143.8 | 141.6 | 128.2 | ||||||||
Capital expenditures | 110.1 | 100.3 | 75.6 | ||||||||
Coal Mining | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted EBITDA: | (11.2) | (9.8) | (10.5) | ||||||||
Operating Segments | Domestic Coke | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales and other operating revenues | 1,489.1 | 1,308.3 | 1,195 | ||||||||
Adjusted EBITDA: | 226.7 | 207.9 | 188.9 | ||||||||
Depreciation and amortization expense | 120.5 | 114.4 | 102.6 | ||||||||
Capital expenditures | 105.5 | 95.1 | 68.8 | ||||||||
Operating Segments | Brazil Coke | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales and other operating revenues | 38.4 | 40.4 | 43.4 | ||||||||
Adjusted EBITDA: | 16 | 18.4 | 18.2 | ||||||||
Depreciation and amortization expense | 0.6 | 0.7 | 0.7 | ||||||||
Operating Segments | Logistics | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales and other operating revenues | 72.8 | 102.2 | 93.1 | ||||||||
Adjusted EBITDA: | 42.6 | 72.6 | 70.8 | ||||||||
Depreciation and amortization expense | 21.4 | 25.1 | 24.4 | ||||||||
Capital expenditures | 4.6 | 5.2 | 4.4 | ||||||||
Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted EBITDA: | (37.4) | (35.7) | (43.2) | ||||||||
Depreciation and amortization expense | 1.3 | 1.4 | 0.5 | ||||||||
Capital expenditures | 0 | 0 | 2.4 | ||||||||
Elimination of intersegment sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales and other operating revenues | (26.3) | (24.5) | (23.8) | ||||||||
Elimination of intersegment sales | Logistics | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales and other operating revenues | $ 26.3 | $ 24.5 | $ 23.8 |
Business Segment Information _3
Business Segment Information - Segment Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Segment assets, excluding income tax receivable | $ 1,751.6 | $ 2,044.6 |
Tax assets | 2.2 | 0.7 |
Total assets | 1,753.8 | 2,045.3 |
Operating Segments | Domestic Coke | ||
Segment Reporting Information [Line Items] | ||
Segment assets, excluding income tax receivable | 1,434.2 | 1,446.5 |
Operating Segments | Brazil Coke | ||
Segment Reporting Information [Line Items] | ||
Segment assets, excluding income tax receivable | 14.6 | 15.1 |
Operating Segments | Logistics | ||
Segment Reporting Information [Line Items] | ||
Segment assets, excluding income tax receivable | 200.8 | 463 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Segment assets, excluding income tax receivable | $ 102 | $ 120 |
Business Segment Information _4
Business Segment Information - Adjusted EBITDA (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||||||||||
Net income (loss) | $ (800,000) | $ (163,100,000) | $ 3,300,000 | $ 12,200,000 | $ 5,500,000 | $ 17,100,000 | $ 11,400,000 | $ 13,000,000 | $ (148,400,000) | $ 47,000,000 | $ 103,500,000 |
Add: | |||||||||||
Long-lived asset and goodwill impairment | 247,400,000 | 0 | 0 | ||||||||
Depreciation and amortization expense | 143,800,000 | 141,600,000 | 128,200,000 | ||||||||
Interest expense, net | 60,300,000 | 61,400,000 | 60,600,000 | ||||||||
(Gain) loss on extinguishment of debt, net | (1,500,000) | 300,000 | 20,400,000 | ||||||||
Income tax (benefit) expense | (54,700,000) | 4,600,000 | (81,600,000) | ||||||||
Contingent consideration adjustments | (4,200,000) | 2,500,000 | (1,700,000) | ||||||||
Transaction costs | 5,200,000 | 400,000 | 0 | ||||||||
Expiration of land deposits and write-off of costs related to potential new cokemaking facility | 0 | 0 | 5,300,000 | ||||||||
Loss from equity method investment | 0 | 5,400,000 | 0 | ||||||||
Adjusted EBITDA: | 247,900,000 | 263,200,000 | 234,700,000 | ||||||||
Subtract: Adjusted EBITDA attributable to noncontrolling interest | 40,700,000 | 82,000,000 | 86,400,000 | ||||||||
Adjusted EBITDA attributable to SunCoke Energy, Inc. | 207,200,000 | 181,200,000 | $ 148,300,000 | ||||||||
Fair Value, Inputs, Level 3 | SunCoke Energy Partners, L.P. | CMT | |||||||||||
Add: | |||||||||||
Contingent consideration | $ 0 | $ 5,000,000 | $ 0 | $ 5,000,000 |
Selected Quarterly Data (unau_3
Selected Quarterly Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selected Quarterly Financial Information | |||||||||||
Sales and other operating revenue | $ 397.2 | $ 404.3 | $ 407.5 | $ 391.3 | $ 368.9 | $ 364.5 | $ 367 | $ 350.5 | $ 1,600.3 | $ 1,450.9 | $ 1,331.5 |
Gross profit | 39.4 | 49.3 | 43.5 | 46.7 | 39.7 | 45.8 | 52.3 | 47 | |||
Net income (loss) | (0.8) | (163.1) | 3.3 | 12.2 | 5.5 | 17.1 | 11.4 | 13 | (148.4) | 47 | 103.5 |
Less: Net income (loss) attributable to noncontrolling interests | 0.6 | (0.1) | 1 | 2.4 | 3.7 | 5.6 | 7.2 | 4.3 | 3.9 | 20.8 | (18.9) |
Net income attributable to SunCoke Energy, Inc. | $ (1.4) | $ (163) | $ 2.3 | $ 9.8 | $ 1.8 | $ 11.5 | $ 4.2 | $ 8.7 | $ (152.3) | $ 26.2 | $ 122.4 |
Earnings (loss) attributable to SunCoke Energy, Inc. per common share: | |||||||||||
Basic (in dollars per share) | $ (0.02) | $ (1.81) | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.18 | $ 0.06 | $ 0.13 | $ (1.98) | $ 0.40 | $ 1.90 |
Diluted (in dollars per share) | $ (0.02) | $ (1.81) | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.18 | $ 0.06 | $ 0.13 | $ (1.98) | $ 0.40 | $ 1.88 |
Long-lived asset and goodwill impairment | $ 247.4 | $ 0 | $ 0 | ||||||||
Goodwill impairment | 73.5 | ||||||||||
CMT | |||||||||||
Earnings (loss) attributable to SunCoke Energy, Inc. per common share: | |||||||||||
Impairment of property, plants and equipments | $ 113.3 | ||||||||||
Long-lived assets | CMT | |||||||||||
Earnings (loss) attributable to SunCoke Energy, Inc. per common share: | |||||||||||
Long-lived asset and goodwill impairment | 60.6 | ||||||||||
Logistics | |||||||||||
Earnings (loss) attributable to SunCoke Energy, Inc. per common share: | |||||||||||
Long-lived asset and goodwill impairment | 247.4 | ||||||||||
Goodwill impairment | 73.5 | $ 73.5 | |||||||||
Logistics | Long-lived assets | |||||||||||
Earnings (loss) attributable to SunCoke Energy, Inc. per common share: | |||||||||||
Long-lived asset and goodwill impairment | $ 173.9 |
Supplemental Condensed Combin_3
Supplemental Condensed Combining and Consolidating Financial Information -Narrative (Details) | Dec. 31, 2018 |
Condensed Financial Information Disclosure [Abstract] | |
Percentage of net assets, less than | 25.00% |
Supplemental Condensed Combin_4
Supplemental Condensed Combining and Consolidating Financial Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||||||||||
Sales and other operating revenue | $ 397.2 | $ 404.3 | $ 407.5 | $ 391.3 | $ 368.9 | $ 364.5 | $ 367 | $ 350.5 | $ 1,600.3 | $ 1,450.9 | $ 1,331.5 |
Equity in (loss) earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Total revenues | 1,600.3 | 1,450.9 | 1,331.5 | ||||||||
Costs and operating expenses | |||||||||||
Cost of products sold and operating expenses | 1,277.6 | 1,124.5 | 1,020.1 | ||||||||
Selling, general and administrative expenses | 75.8 | 66.1 | 79 | ||||||||
Depreciation and amortization expenses | 143.8 | 141.6 | 128.2 | ||||||||
Long-lived asset and goodwill impairment | 247.4 | 0 | 0 | ||||||||
Total costs and operating expenses | 1,744.6 | 1,332.2 | 1,227.3 | ||||||||
Operating (loss) income | (144.3) | 118.7 | 104.2 | ||||||||
Interest (income) expense, net - affiliate | 0 | 0 | 0 | ||||||||
Interest expense, net | 60.3 | 61.4 | 61.9 | ||||||||
Total interest expense, net | 60.3 | 61.4 | 61.9 | ||||||||
(Gain) loss on extinguishment of debt, net | (1.5) | 0.3 | 20.4 | ||||||||
(Loss) income before income tax (benefit) expense and loss from equity method investment | (203.1) | 57 | 21.9 | ||||||||
Income tax (benefit) expense | (54.7) | 4.6 | (81.6) | ||||||||
Loss from equity method investment | 0 | 5.4 | 0 | ||||||||
Net (loss) income | (0.8) | (163.1) | 3.3 | 12.2 | 5.5 | 17.1 | 11.4 | 13 | (148.4) | 47 | 103.5 |
Less: Net income (loss) attributable to noncontrolling interests | 0.6 | (0.1) | 1 | 2.4 | 3.7 | 5.6 | 7.2 | 4.3 | 3.9 | 20.8 | (18.9) |
Net (loss) income attributable to SunCoke Energy, Inc. | $ (1.4) | $ (163) | $ 2.3 | $ 9.8 | $ 1.8 | $ 11.5 | $ 4.2 | $ 8.7 | (152.3) | 26.2 | 122.4 |
Comprehensive loss | (149.7) | 55.1 | 102.4 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 3.9 | 20.8 | (18.9) | ||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | (153.6) | 34.3 | 121.3 | ||||||||
Reportable Legal Entities | Issuer | |||||||||||
Revenues | |||||||||||
Sales and other operating revenue | 0 | 0 | 0 | ||||||||
Equity in (loss) earnings of subsidiaries | (153.4) | 34.3 | 109.9 | ||||||||
Total revenues | (153.4) | 34.3 | 109.9 | ||||||||
Costs and operating expenses | |||||||||||
Cost of products sold and operating expenses | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 8.1 | 6.5 | 8.7 | ||||||||
Depreciation and amortization expenses | 0 | 0 | 0 | ||||||||
Long-lived asset and goodwill impairment | 0 | ||||||||||
Total costs and operating expenses | 8.1 | 6.5 | 8.7 | ||||||||
Operating (loss) income | (161.5) | 27.8 | 101.2 | ||||||||
Interest (income) expense, net - affiliate | 0 | 0 | 0 | ||||||||
Interest expense, net | 5 | 3.1 | 4.9 | ||||||||
Total interest expense, net | 5 | 3.1 | 4.9 | ||||||||
(Gain) loss on extinguishment of debt, net | 0.4 | 0.3 | 0.4 | ||||||||
(Loss) income before income tax (benefit) expense and loss from equity method investment | (166.9) | 24.4 | 95.9 | ||||||||
Income tax (benefit) expense | (14.6) | (1.8) | (26.5) | ||||||||
Loss from equity method investment | 0 | ||||||||||
Net (loss) income | (152.3) | 26.2 | 122.4 | ||||||||
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net (loss) income attributable to SunCoke Energy, Inc. | (152.3) | 26.2 | 122.4 | ||||||||
Comprehensive loss | (152.3) | 26.2 | 122.4 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | (152.3) | 26.2 | 122.4 | ||||||||
Reportable Legal Entities | Guarantor Subsidiaries | |||||||||||
Revenues | |||||||||||
Sales and other operating revenue | 1,224.9 | 1,137 | 1,087.1 | ||||||||
Equity in (loss) earnings of subsidiaries | 1.5 | (16.9) | (51) | ||||||||
Total revenues | 1,226.4 | 1,120.1 | 1,036.1 | ||||||||
Costs and operating expenses | |||||||||||
Cost of products sold and operating expenses | 933.5 | 832.9 | 764.7 | ||||||||
Selling, general and administrative expenses | 58.2 | 48.1 | 58 | ||||||||
Depreciation and amortization expenses | 115 | 102.7 | 92.4 | ||||||||
Long-lived asset and goodwill impairment | 247.4 | ||||||||||
Total costs and operating expenses | 1,354.1 | 983.7 | 915.1 | ||||||||
Operating (loss) income | (127.7) | 136.4 | 121 | ||||||||
Interest (income) expense, net - affiliate | (6.7) | (0.9) | (0.2) | ||||||||
Interest expense, net | 54.5 | 52.4 | 48.9 | ||||||||
Total interest expense, net | 47.8 | 51.5 | 48.7 | ||||||||
(Gain) loss on extinguishment of debt, net | (1.9) | 0 | 20 | ||||||||
(Loss) income before income tax (benefit) expense and loss from equity method investment | (173.6) | 84.9 | 52.3 | ||||||||
Income tax (benefit) expense | (34.4) | 13.5 | (58.5) | ||||||||
Loss from equity method investment | 0 | ||||||||||
Net (loss) income | (139.2) | 71.4 | 110.8 | ||||||||
Less: Net income (loss) attributable to noncontrolling interests | 2.6 | 21.6 | (13.4) | ||||||||
Net (loss) income attributable to SunCoke Energy, Inc. | (141.8) | 49.8 | 124.2 | ||||||||
Comprehensive loss | (140.2) | 70.1 | 110.1 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 2.6 | 21.6 | (13.4) | ||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | (142.8) | 48.5 | 123.5 | ||||||||
Reportable Legal Entities | Non- Guarantor Subsidiaries | |||||||||||
Revenues | |||||||||||
Sales and other operating revenue | 388.7 | 327 | 257.3 | ||||||||
Equity in (loss) earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Total revenues | 388.7 | 327 | 257.3 | ||||||||
Costs and operating expenses | |||||||||||
Cost of products sold and operating expenses | 357.4 | 304.7 | 268.3 | ||||||||
Selling, general and administrative expenses | 9.5 | 11.5 | 12.3 | ||||||||
Depreciation and amortization expenses | 28.8 | 38.9 | 35.8 | ||||||||
Long-lived asset and goodwill impairment | 0 | ||||||||||
Total costs and operating expenses | 395.7 | 355.1 | 316.4 | ||||||||
Operating (loss) income | (7) | (28.1) | (59.1) | ||||||||
Interest (income) expense, net - affiliate | 6.7 | 0.9 | 0.2 | ||||||||
Interest expense, net | 0.8 | 5.9 | 8.1 | ||||||||
Total interest expense, net | 7.5 | 6.8 | 8.3 | ||||||||
(Gain) loss on extinguishment of debt, net | 0 | 0 | 0 | ||||||||
(Loss) income before income tax (benefit) expense and loss from equity method investment | (14.5) | (34.9) | (67.4) | ||||||||
Income tax (benefit) expense | (5.7) | (7.1) | 3.4 | ||||||||
Loss from equity method investment | 5.4 | ||||||||||
Net (loss) income | (8.8) | (33.2) | (70.8) | ||||||||
Less: Net income (loss) attributable to noncontrolling interests | 1.3 | (0.8) | (5.5) | ||||||||
Net (loss) income attributable to SunCoke Energy, Inc. | (10.1) | (32.4) | (65.3) | ||||||||
Comprehensive loss | (9.1) | (23.8) | (71.2) | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 1.3 | (0.8) | (5.5) | ||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | (10.4) | (23) | (65.7) | ||||||||
Combining and Consolidating Adjustments | |||||||||||
Revenues | |||||||||||
Sales and other operating revenue | (13.3) | (13.1) | (12.9) | ||||||||
Equity in (loss) earnings of subsidiaries | 151.9 | (17.4) | (58.9) | ||||||||
Total revenues | 138.6 | (30.5) | (71.8) | ||||||||
Costs and operating expenses | |||||||||||
Cost of products sold and operating expenses | (13.3) | (13.1) | (12.9) | ||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization expenses | 0 | 0 | 0 | ||||||||
Long-lived asset and goodwill impairment | 0 | ||||||||||
Total costs and operating expenses | (13.3) | (13.1) | (12.9) | ||||||||
Operating (loss) income | 151.9 | (17.4) | (58.9) | ||||||||
Interest (income) expense, net - affiliate | 0 | 0 | 0 | ||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Total interest expense, net | 0 | 0 | 0 | ||||||||
(Gain) loss on extinguishment of debt, net | 0 | 0 | 0 | ||||||||
(Loss) income before income tax (benefit) expense and loss from equity method investment | 151.9 | (17.4) | (58.9) | ||||||||
Income tax (benefit) expense | 0 | 0 | 0 | ||||||||
Loss from equity method investment | 0 | ||||||||||
Net (loss) income | 151.9 | (17.4) | (58.9) | ||||||||
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net (loss) income attributable to SunCoke Energy, Inc. | 151.9 | (17.4) | (58.9) | ||||||||
Comprehensive loss | 151.9 | (17.4) | (58.9) | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive (loss) income attributable to SunCoke Energy, Inc. | $ 151.9 | $ (17.4) | $ (58.9) |
Supplemental Condensed Combin_5
Supplemental Condensed Combining and Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Cash and cash equivalents | $ 97.1 | $ 145.7 | ||
Receivables, net | 59.5 | 75.4 | ||
Inventories | 147 | 110.4 | ||
Income tax receivable | 2.2 | 0.7 | ||
Other current assets | 2.5 | 2.8 | ||
Advances to affiliates | 0 | 0 | ||
Total current assets | 308.3 | 335 | ||
Notes receivable from affiliate | 0 | 0 | ||
Properties, plants and equipment, net | 1,390.2 | 1,471.1 | ||
Goodwill | 3.4 | 76.9 | $ 76.9 | |
Other intangible assets, net | 34.7 | 156.8 | ||
Deferred income taxes | 0 | 0 | ||
Deferred charges and other assets | 17.2 | 5.5 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets | 1,753.8 | 2,045.3 | ||
Liabilities and Equity | ||||
Advances from affiliate | 0 | 0 | ||
Accounts payable | 142.4 | 115 | ||
Accrued liabilities | 47 | 45.6 | ||
Deferred revenue | 0.3 | 3 | ||
Current portion of long-term debt and financing obligation | 2.9 | 3.9 | ||
Interest payable | 2.2 | 3.6 | ||
Income taxes payable | 0 | 0 | ||
Total current liabilities | 194.8 | 171.1 | ||
Long-term debt and financing obligation | 780 | 834.5 | ||
Payable to affiliate | 0 | 0 | ||
Accrual for black lung benefits | 50.5 | 44.9 | ||
Retirement benefit liabilities | 24.5 | 25.2 | ||
Deferred income taxes | 147.6 | 254.7 | ||
Asset retirement obligations | 14.4 | 14.6 | ||
Other deferred credits and liabilities | 23.6 | 17.6 | ||
Total liabilities | 1,235.4 | 1,362.6 | ||
Equity | ||||
Total SunCoke Energy, Inc. stockholders' equity | 491.6 | 463.1 | ||
Noncontrolling interests | 26.8 | 219.6 | ||
Total equity | 518.4 | 682.7 | $ 659.6 | $ 639.9 |
Total liabilities and equity | 1,753.8 | 2,045.3 | ||
Reportable Legal Entities | Issuer | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Receivables, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Income tax receivable | 5.5 | 0 | ||
Other current assets | 0 | 0 | ||
Advances to affiliates | 0 | 0 | ||
Total current assets | 5.5 | 0 | ||
Notes receivable from affiliate | 0 | 0 | ||
Properties, plants and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Deferred income taxes | 10.5 | 7 | ||
Deferred charges and other assets | 0 | 0 | ||
Investment in subsidiaries | 799.3 | 673.5 | ||
Total assets | 815.3 | 680.5 | ||
Liabilities and Equity | ||||
Advances from affiliate | 177.9 | 167.3 | ||
Accounts payable | 0 | 0 | ||
Accrued liabilities | 1.4 | 1.8 | ||
Deferred revenue | 0 | 0 | ||
Current portion of long-term debt and financing obligation | 0 | 1.1 | ||
Interest payable | 0 | 0.4 | ||
Income taxes payable | 0 | 1.9 | ||
Total current liabilities | 179.3 | 172.5 | ||
Long-term debt and financing obligation | 140.6 | 41.2 | ||
Payable to affiliate | 0 | 0 | ||
Accrual for black lung benefits | 0 | 0 | ||
Retirement benefit liabilities | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Asset retirement obligations | 0 | 0 | ||
Other deferred credits and liabilities | 3.7 | 3.5 | ||
Total liabilities | 323.6 | 217.2 | ||
Equity | ||||
Total SunCoke Energy, Inc. stockholders' equity | 491.7 | 463.3 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 491.7 | 463.3 | ||
Total liabilities and equity | 815.3 | 680.5 | ||
Reportable Legal Entities | Guarantor Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents | 93.3 | 140.7 | ||
Receivables, net | 53.7 | 67.9 | ||
Inventories | 121.5 | 89.6 | ||
Income tax receivable | 0 | 0 | ||
Other current assets | 2.5 | 2.8 | ||
Advances to affiliates | 327.2 | 354.3 | ||
Total current assets | 598.2 | 655.3 | ||
Notes receivable from affiliate | 0 | 0 | ||
Properties, plants and equipment, net | 1,209.9 | 1,305.7 | ||
Goodwill | 3.4 | 76.9 | ||
Other intangible assets, net | 34.7 | 156.8 | ||
Deferred income taxes | 0 | 0 | ||
Deferred charges and other assets | 16.2 | 5.5 | ||
Investment in subsidiaries | 175.2 | 243 | ||
Total assets | 2,037.6 | 2,443.2 | ||
Liabilities and Equity | ||||
Advances from affiliate | 0 | 0 | ||
Accounts payable | 104.1 | 84 | ||
Accrued liabilities | 31.9 | 30.5 | ||
Deferred revenue | 0.3 | 3 | ||
Current portion of long-term debt and financing obligation | 2.9 | 2.8 | ||
Interest payable | 2.2 | 3.2 | ||
Income taxes payable | 8 | 100.1 | ||
Total current liabilities | 149.4 | 223.6 | ||
Long-term debt and financing obligation | 639.4 | 793.3 | ||
Payable to affiliate | 127.2 | 186.7 | ||
Accrual for black lung benefits | 12.4 | 10.9 | ||
Retirement benefit liabilities | 11.6 | 12.2 | ||
Deferred income taxes | 173.3 | 277 | ||
Asset retirement obligations | 7.5 | 7 | ||
Other deferred credits and liabilities | 17.5 | 11.7 | ||
Total liabilities | 1,138.3 | 1,522.4 | ||
Equity | ||||
Total SunCoke Energy, Inc. stockholders' equity | 899.3 | 726.7 | ||
Noncontrolling interests | 0 | 194.1 | ||
Total equity | 899.3 | 920.8 | ||
Total liabilities and equity | 2,037.6 | 2,443.2 | ||
Reportable Legal Entities | Non- Guarantor Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents | 3.8 | 5 | ||
Receivables, net | 5.8 | 7.5 | ||
Inventories | 25.5 | 20.8 | ||
Income tax receivable | 4.7 | 102.7 | ||
Other current assets | 0 | 0 | ||
Advances to affiliates | 0 | |||
Total current assets | 39.8 | 136 | ||
Notes receivable from affiliate | 127.2 | 186.7 | ||
Properties, plants and equipment, net | 180.3 | 165.4 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Deferred income taxes | 15.2 | 15.3 | ||
Deferred charges and other assets | 1 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets | 363.5 | 503.4 | ||
Liabilities and Equity | ||||
Advances from affiliate | 149.3 | 187 | ||
Accounts payable | 38.3 | 31 | ||
Accrued liabilities | 13.7 | 13.3 | ||
Deferred revenue | 0 | 0 | ||
Current portion of long-term debt and financing obligation | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Total current liabilities | 201.3 | 231.3 | ||
Long-term debt and financing obligation | 0 | 0 | ||
Payable to affiliate | 0 | 0 | ||
Accrual for black lung benefits | 38.1 | 34 | ||
Retirement benefit liabilities | 12.9 | 13 | ||
Deferred income taxes | 0 | 0 | ||
Asset retirement obligations | 6.9 | 7.6 | ||
Other deferred credits and liabilities | 2.4 | 2.4 | ||
Total liabilities | 261.6 | 288.3 | ||
Equity | ||||
Total SunCoke Energy, Inc. stockholders' equity | 75.1 | 189.6 | ||
Noncontrolling interests | 26.8 | 25.5 | ||
Total equity | 101.9 | 215.1 | ||
Total liabilities and equity | 363.5 | 503.4 | ||
Combining and Consolidating Adjustments | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Receivables, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Income tax receivable | (8) | (102) | ||
Other current assets | 0 | 0 | ||
Advances to affiliates | (327.2) | (354.3) | ||
Total current assets | (335.2) | (456.3) | ||
Notes receivable from affiliate | (127.2) | (186.7) | ||
Properties, plants and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Deferred income taxes | (25.7) | (22.3) | ||
Deferred charges and other assets | 0 | 0 | ||
Investment in subsidiaries | (974.5) | (916.5) | ||
Total assets | (1,462.6) | (1,581.8) | ||
Liabilities and Equity | ||||
Advances from affiliate | (327.2) | (354.3) | ||
Accounts payable | 0 | 0 | ||
Accrued liabilities | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Current portion of long-term debt and financing obligation | 0 | 0 | ||
Interest payable | 0 | 0 | ||
Income taxes payable | (8) | (102) | ||
Total current liabilities | (335.2) | (456.3) | ||
Long-term debt and financing obligation | 0 | 0 | ||
Payable to affiliate | (127.2) | (186.7) | ||
Accrual for black lung benefits | 0 | 0 | ||
Retirement benefit liabilities | 0 | 0 | ||
Deferred income taxes | (25.7) | (22.3) | ||
Asset retirement obligations | 0 | 0 | ||
Other deferred credits and liabilities | 0 | 0 | ||
Total liabilities | (488.1) | (665.3) | ||
Equity | ||||
Total SunCoke Energy, Inc. stockholders' equity | (974.5) | (916.5) | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | (974.5) | (916.5) | ||
Total liabilities and equity | $ (1,462.6) | $ (1,581.8) |
Supplemental Condensed Combin_6
Supplemental Condensed Combining and Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) | $ (0.8) | $ (163.1) | $ 3.3 | $ 12.2 | $ 5.5 | $ 17.1 | $ 11.4 | $ 13 | $ (148.4) | $ 47 | $ 103.5 |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||
Entity Current Reporting Status | Yes | ||||||||||
Long-lived asset and goodwill impairment | $ 247.4 | 0 | 0 | ||||||||
Depreciation and amortization expense | 143.8 | 141.6 | 128.2 | ||||||||
Deferred income tax (benefit) expense | (63.1) | (3.4) | (87.2) | ||||||||
Payments in excess of expense for postretirement plan benefits | (1.9) | (2.4) | (1.8) | ||||||||
Share-based compensation expense | 4.5 | 3.1 | 4.8 | ||||||||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | ||||||||
Loss from equity method investment | 0 | 5.4 | 0 | ||||||||
(Gain) loss on extinguishment of debt, net | (1.5) | 0.3 | 20.4 | ||||||||
Changes in working capital pertaining to operating activities: | |||||||||||
Receivables, net | 15.9 | (6.9) | (7.8) | ||||||||
Inventories | (36.6) | 0.6 | (18.5) | ||||||||
Accounts payable | 23.5 | (0.7) | 11.7 | ||||||||
Accrued liabilities | 0.3 | (7.3) | 2.6 | ||||||||
Deferred revenue | (2.7) | 1.3 | (0.8) | ||||||||
Interest payable | (1.4) | (1.8) | (10.8) | ||||||||
Income taxes | (1.5) | 4.5 | (0.2) | ||||||||
Other | 3.6 | 4.5 | 4.4 | ||||||||
Net cash provided by operating activities | 181.9 | 185.8 | 148.5 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | (110.1) | (100.3) | (75.6) | ||||||||
Sale of equity method investment | (4) | ||||||||||
Return of Brazilian investment | 0 | 0 | 20.5 | ||||||||
Other investing activities | 0.3 | 0.5 | 0 | ||||||||
Net cash used in investing activities | (109.8) | (95.8) | (55.1) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of long-term debt | 0 | 45 | 693.7 | ||||||||
Repayment of long-term debt | (90.5) | (45.7) | (644.9) | ||||||||
Debt issuance costs | (2.1) | (0.5) | (17.4) | ||||||||
Proceeds from revolving facility | 408.6 | 179.5 | 350 | ||||||||
Repayment of revolving facility | (370.3) | (204.5) | (392) | ||||||||
Repayment of financing obligation | (2.9) | (2.6) | (2.5) | ||||||||
Dividends paid | (5.1) | 0 | 0 | ||||||||
Cash distributions to noncontrolling interests | (14.2) | (31.9) | (47) | ||||||||
Share repurchases | (36.3) | (4.2) | (48.7) | ||||||||
Other financing activities | (7.9) | 0.4 | 1.1 | ||||||||
Net (decrease) increase in advances from affiliates | 0 | 0 | 0 | ||||||||
Net cash used in financing activities | (120.7) | (64.5) | (107.7) | ||||||||
Net (decrease) increase in cash and cash equivalents | (48.6) | 25.5 | (14.3) | ||||||||
Cash, cash equivalents and restricted cash at beginning of year | 145.7 | 120.2 | 145.7 | 120.2 | 134.5 | ||||||
Cash and cash equivalents at end of year | 97.1 | 145.7 | 97.1 | 145.7 | 120.2 | ||||||
Reportable Legal Entities | Issuer | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) | (152.3) | 26.2 | 122.4 | ||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||
Long-lived asset and goodwill impairment | 0 | ||||||||||
Depreciation and amortization expense | 0 | 0 | 0 | ||||||||
Deferred income tax (benefit) expense | (3.5) | (0.2) | (22.8) | ||||||||
Payments in excess of expense for postretirement plan benefits | 0 | 0 | 0 | ||||||||
Share-based compensation expense | 4.5 | 3.1 | 4.7 | ||||||||
Equity in earnings (loss) of subsidiaries | 153.4 | (34.3) | (109.9) | ||||||||
Loss from equity method investment | 0 | ||||||||||
(Gain) loss on extinguishment of debt, net | 0.4 | 0.3 | 0.4 | ||||||||
Changes in working capital pertaining to operating activities: | |||||||||||
Receivables, net | 0 | 0 | 0 | ||||||||
Inventories | 0 | 0 | 0 | ||||||||
Accounts payable | 0 | 0 | 0 | ||||||||
Accrued liabilities | (0.4) | 0.4 | (0.4) | ||||||||
Deferred revenue | 0 | 0 | |||||||||
Interest payable | (0.4) | (1) | (0.1) | ||||||||
Income taxes | (7.4) | 0.3 | (2.7) | ||||||||
Other | 0.6 | 0.3 | 1.5 | ||||||||
Net cash provided by operating activities | (5.1) | (4.9) | (6.9) | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Sale of equity method investment | 0 | ||||||||||
Return of Brazilian investment | 0 | ||||||||||
Other investing activities | 0 | 0 | |||||||||
Net cash used in investing activities | 0 | 0 | 0 | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of long-term debt | 45 | 0 | |||||||||
Repayment of long-term debt | (43.8) | (45.7) | 0 | ||||||||
Debt issuance costs | (2.1) | (0.5) | (1.6) | ||||||||
Proceeds from revolving facility | 204.1 | 0 | 0 | ||||||||
Repayment of revolving facility | (60.8) | 0 | 0 | ||||||||
Repayment of financing obligation | 0 | 0 | 0 | ||||||||
Dividends paid | (5.1) | ||||||||||
Cash distributions to noncontrolling interests | 0 | 0 | 0 | ||||||||
Share repurchases | (36.3) | 0 | 0 | ||||||||
Other financing activities | (1.7) | 0.7 | 1.1 | ||||||||
Net (decrease) increase in advances from affiliates | (49.2) | 5.4 | 7.4 | ||||||||
Net cash used in financing activities | 5.1 | 4.9 | 6.9 | ||||||||
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 | ||||||||
Cash, cash equivalents and restricted cash at beginning of year | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents at end of year | 0 | 0 | 0 | 0 | 0 | ||||||
Reportable Legal Entities | Guarantor Subsidiaries | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) | (139.2) | 71.4 | 110.8 | ||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||
Long-lived asset and goodwill impairment | 247.4 | ||||||||||
Depreciation and amortization expense | 115 | 102.7 | 92.5 | ||||||||
Deferred income tax (benefit) expense | (59.8) | (2.1) | (85.9) | ||||||||
Payments in excess of expense for postretirement plan benefits | (1.1) | (0.9) | (1) | ||||||||
Share-based compensation expense | 0 | 0 | 0.1 | ||||||||
Equity in earnings (loss) of subsidiaries | (1.5) | 16.9 | 51 | ||||||||
Loss from equity method investment | 0 | ||||||||||
(Gain) loss on extinguishment of debt, net | (1.9) | 0 | 20 | ||||||||
Changes in working capital pertaining to operating activities: | |||||||||||
Receivables, net | 14.2 | (5.1) | (5.5) | ||||||||
Inventories | (31.9) | (1) | (12.8) | ||||||||
Accounts payable | 15.2 | 11 | 6 | ||||||||
Accrued liabilities | 0.4 | (7.6) | 0.9 | ||||||||
Deferred revenue | (2.7) | 1.3 | (0.8) | ||||||||
Interest payable | (1) | (0.8) | (10.7) | ||||||||
Income taxes | (92.1) | 10.2 | 19 | ||||||||
Other | 0.7 | 2.4 | 2.3 | ||||||||
Net cash provided by operating activities | 61.7 | 198.4 | 185.9 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | (65.6) | (63.9) | (43.7) | ||||||||
Sale of equity method investment | 0 | ||||||||||
Return of Brazilian investment | 20.5 | ||||||||||
Other investing activities | 0.3 | 0.5 | |||||||||
Net cash used in investing activities | (65.3) | (63.4) | (23.2) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of long-term debt | 0 | 693.7 | |||||||||
Repayment of long-term debt | (46.7) | 0 | (644.9) | ||||||||
Debt issuance costs | 0 | 0 | (15.8) | ||||||||
Proceeds from revolving facility | 204.5 | 179.5 | 350 | ||||||||
Repayment of revolving facility | (309.5) | (204.5) | (392) | ||||||||
Repayment of financing obligation | (2.9) | (2.6) | (2.5) | ||||||||
Dividends paid | 0 | ||||||||||
Cash distributions to noncontrolling interests | (14.2) | (31.9) | (47) | ||||||||
Share repurchases | 0 | (4.2) | (48.7) | ||||||||
Other financing activities | (6.2) | (0.3) | 0 | ||||||||
Net (decrease) increase in advances from affiliates | 131.2 | (47.2) | (45.4) | ||||||||
Net cash used in financing activities | (43.8) | (111.2) | (152.6) | ||||||||
Net (decrease) increase in cash and cash equivalents | (47.4) | 23.8 | 10.1 | ||||||||
Cash, cash equivalents and restricted cash at beginning of year | 140.7 | 116.9 | 140.7 | 116.9 | 106.8 | ||||||
Cash and cash equivalents at end of year | 93.3 | 140.7 | 93.3 | 140.7 | 116.9 | ||||||
Reportable Legal Entities | Non- Guarantor Subsidiaries | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) | (8.8) | (33.2) | (70.8) | ||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||
Long-lived asset and goodwill impairment | 0 | ||||||||||
Depreciation and amortization expense | 28.8 | 38.9 | 35.7 | ||||||||
Deferred income tax (benefit) expense | 0.2 | (1.1) | 21.5 | ||||||||
Payments in excess of expense for postretirement plan benefits | (0.8) | (1.5) | (0.8) | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | ||||||||
Loss from equity method investment | 5.4 | ||||||||||
(Gain) loss on extinguishment of debt, net | 0 | 0 | 0 | ||||||||
Changes in working capital pertaining to operating activities: | |||||||||||
Receivables, net | 1.7 | (1.8) | (2.3) | ||||||||
Inventories | (4.7) | 1.6 | (5.7) | ||||||||
Accounts payable | 8.3 | (11.7) | 5.7 | ||||||||
Accrued liabilities | 0.3 | (0.1) | 2.1 | ||||||||
Deferred revenue | 0 | 0 | 0 | ||||||||
Interest payable | 0 | 0 | 0 | ||||||||
Income taxes | 98 | (6) | (16.5) | ||||||||
Other | 2.3 | 1.8 | 0.6 | ||||||||
Net cash provided by operating activities | 125.3 | (7.7) | (30.5) | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | (44.5) | (36.4) | (31.9) | ||||||||
Sale of equity method investment | (4) | ||||||||||
Return of Brazilian investment | 0 | ||||||||||
Other investing activities | 0 | 0 | |||||||||
Net cash used in investing activities | (44.5) | (32.4) | (31.9) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of long-term debt | 0 | 0 | |||||||||
Repayment of long-term debt | 0 | 0 | 0 | ||||||||
Debt issuance costs | 0 | 0 | 0 | ||||||||
Proceeds from revolving facility | 0 | 0 | 0 | ||||||||
Repayment of revolving facility | 0 | 0 | 0 | ||||||||
Repayment of financing obligation | 0 | 0 | 0 | ||||||||
Dividends paid | 0 | ||||||||||
Cash distributions to noncontrolling interests | 0 | 0 | 0 | ||||||||
Share repurchases | 0 | 0 | 0 | ||||||||
Other financing activities | 0 | 0 | 0 | ||||||||
Net (decrease) increase in advances from affiliates | (82) | 41.8 | 38 | ||||||||
Net cash used in financing activities | (82) | 41.8 | 38 | ||||||||
Net (decrease) increase in cash and cash equivalents | (1.2) | 1.7 | (24.4) | ||||||||
Cash, cash equivalents and restricted cash at beginning of year | 5 | 3.3 | 5 | 3.3 | 27.7 | ||||||
Cash and cash equivalents at end of year | 3.8 | 5 | 3.8 | 5 | 3.3 | ||||||
Combining and Consolidating Adjustments | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) | 151.9 | (17.4) | (58.9) | ||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||
Long-lived asset and goodwill impairment | 0 | ||||||||||
Depreciation and amortization expense | 0 | 0 | 0 | ||||||||
Deferred income tax (benefit) expense | 0 | 0 | 0 | ||||||||
Payments in excess of expense for postretirement plan benefits | 0 | 0 | 0 | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) of subsidiaries | (151.9) | 17.4 | 58.9 | ||||||||
Loss from equity method investment | 0 | ||||||||||
(Gain) loss on extinguishment of debt, net | 0 | 0 | 0 | ||||||||
Changes in working capital pertaining to operating activities: | |||||||||||
Receivables, net | 0 | 0 | |||||||||
Inventories | 0 | 0 | 0 | ||||||||
Accounts payable | 0 | 0 | 0 | ||||||||
Accrued liabilities | 0 | 0 | 0 | ||||||||
Deferred revenue | 0 | 0 | 0 | ||||||||
Interest payable | 0 | 0 | 0 | ||||||||
Income taxes | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | |||||||||
Net cash provided by operating activities | 0 | 0 | 0 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Sale of equity method investment | 0 | ||||||||||
Return of Brazilian investment | 0 | ||||||||||
Other investing activities | 0 | 0 | |||||||||
Net cash used in investing activities | 0 | 0 | 0 | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of long-term debt | 0 | 0 | |||||||||
Repayment of long-term debt | 0 | 0 | 0 | ||||||||
Debt issuance costs | 0 | 0 | 0 | ||||||||
Proceeds from revolving facility | 0 | 0 | 0 | ||||||||
Repayment of revolving facility | 0 | 0 | 0 | ||||||||
Repayment of financing obligation | 0 | 0 | 0 | ||||||||
Dividends paid | 0 | ||||||||||
Cash distributions to noncontrolling interests | 0 | 0 | 0 | ||||||||
Share repurchases | 0 | 0 | 0 | ||||||||
Other financing activities | 0 | 0 | 0 | ||||||||
Net (decrease) increase in advances from affiliates | 0 | 0 | 0 | ||||||||
Net cash used in financing activities | 0 | 0 | 0 | ||||||||
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 | ||||||||
Cash, cash equivalents and restricted cash at beginning of year | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents at end of year | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Uncategorized Items - sxc-20191
Label | Element | Value |
Accounting Standards Update 2016-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (300,000) |
Accounting Standards Update 2016-09 [Member] | Additional Paid-in Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 300,000 |
Accounting Standards Update 2018-02 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 1,100,000 |
Accounting Standards Update 2018-02 [Member] | Additional Paid-in Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,100,000) |