Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | GrafTech International LTD. | ||
Entity Central Index Key | 931,148 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 100 | ||
Entity Public Float | $ 641.6 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Inventories | $ 295,462 | $ 382,903 | |
Prepaid expenses and other current assets | 21,674 | 81,623 | |
Property, plant and equipment | 660,880 | 1,500,821 | |
Net property, plant and equipment | [1] | 637,533 | 654,040 |
Deferred income taxes | 16,800 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
Supply chain financing liability | 0 | ||
Long-term debt | 362,455 | 341,615 | |
Other long-term obligations | 95,485 | 107,566 | |
Deferred income taxes | 57,400 | 28,200 | |
Predecessor [Member] | |||
ASSETS | |||
Cash and cash equivalents | 17,550 | ||
Accounts and notes receivable, net of allowance for doubtful accounts of $7,471 as of December 31, 2014 and $304 as of December 31, 2015 | 162,919 | ||
Inventories | 382,903 | ||
Prepaid expenses and other current assets | 81,623 | ||
Total current assets | 644,995 | ||
Property, plant and equipment | 1,500,821 | ||
Less: accumulated depreciation | 846,781 | ||
Net property, plant and equipment | 654,040 | ||
Deferred income taxes | 16,819 | ||
Goodwill | 420,129 | ||
Other assets | 97,822 | ||
Total assets | 1,833,805 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
Accounts payable | 86,409 | ||
Short-term debt | 188,104 | ||
Accrued income and other taxes | 24,506 | ||
Rationalizations | 9,563 | ||
Other accrued liabilities | 43,319 | ||
Total current liabilities | 351,901 | ||
Long-term debt | 341,615 | ||
Other long-term obligations | 107,566 | ||
Deferred income taxes | $ 28,197 | ||
Commitments and Contingencies – Notes 10 and 13 | |||
Stockholders’ equity: | |||
Preferred stock, par value $.01, 10,000,000 shares authorized, none issued | $ 0 | ||
Common stock, par value $.01, 225,000,000 shares authorized, 152,821,011 shares issued as of December 31, 2014 and 100 shares authorized and issued as of December 31, 2015 | 1,528 | ||
Additional paid – in capital | 1,825,880 | ||
Accumulated other comprehensive loss | (336,524) | ||
Accumulated deficit | (245,751) | ||
Less: cost of common stock held in treasury, 15,922,729 shares as of December 31, 2014 and 0 as of December 31, 2015 | (239,811) | ||
Less: common stock held in employee benefit and compensation trusts, 80,967 shares as of December 31, 2014 and 0 shares as of December 31, 2015 | (796) | ||
Total stockholders’ equity | 1,004,526 | ||
Total liabilities and stockholders’ equity | $ 1,833,805 | ||
Successor [Member] | |||
ASSETS | |||
Cash and cash equivalents | 6,927 | ||
Accounts and notes receivable, net of allowance for doubtful accounts of $7,471 as of December 31, 2014 and $304 as of December 31, 2015 | 102,815 | ||
Inventories | 295,462 | ||
Prepaid expenses and other current assets | 21,674 | ||
Total current assets | 426,878 | ||
Property, plant and equipment | 660,880 | ||
Less: accumulated depreciation | 23,347 | ||
Net property, plant and equipment | 637,533 | ||
Deferred income taxes | 15,327 | ||
Goodwill | 172,059 | ||
Other assets | 170,218 | ||
Total assets | 1,422,015 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
Accounts payable | 49,478 | ||
Short-term debt | 4,772 | ||
Accrued income and other taxes | 9,039 | ||
Rationalizations | 3,048 | ||
Other accrued liabilities | 29,779 | ||
Total current liabilities | 96,116 | ||
Long-term debt | 362,455 | ||
Other long-term obligations | 95,485 | ||
Deferred income taxes | $ 57,430 | ||
Commitments and Contingencies – Notes 10 and 13 | |||
Stockholders’ equity: | |||
Preferred stock, par value $.01, 10,000,000 shares authorized, none issued | $ 0 | ||
Common stock, par value $.01, 225,000,000 shares authorized, 152,821,011 shares issued as of December 31, 2014 and 100 shares authorized and issued as of December 31, 2015 | 0 | ||
Additional paid – in capital | 854,337 | ||
Accumulated other comprehensive loss | (10,257) | ||
Accumulated deficit | (33,551) | ||
Less: cost of common stock held in treasury, 15,922,729 shares as of December 31, 2014 and 0 as of December 31, 2015 | 0 | ||
Less: common stock held in employee benefit and compensation trusts, 80,967 shares as of December 31, 2014 and 0 shares as of December 31, 2015 | 0 | ||
Total stockholders’ equity | 810,529 | ||
Total liabilities and stockholders’ equity | $ 1,422,015 | ||
[1] | Long-lived assets represent fixed assets, net of accumulated depreciation. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts and notes receivable, allowance for doubt accounts | $ 304 | $ 7,471 |
Predecessor [Member] | ||
Accounts and notes receivable, allowance for doubt accounts | $ 7,471 | |
Preferred stock, par value | $ 0.01 | |
Preferred stock, shares authorized | 100,000,000 | |
Preferred stock, shares issued | 0 | |
Common stock, par value | $ 0.01 | |
Common stock, shares authorized | 225,000,000 | |
Common stock, shares issued | 152,821,011 | |
Cost of common stock held in treasury, shares | 15,922,729 | |
Common stock held in employee benefit and compensation trusts, shares | 80,967 | |
Successor [Member] | ||
Accounts and notes receivable, allowance for doubt accounts | $ 304 | |
Preferred stock, par value | $ 0.01 | |
Preferred stock, shares authorized | 100,000,000 | |
Preferred stock, shares issued | 0 | |
Common stock, par value | $ 0.01 | |
Common stock, shares authorized | 225,000,000 | |
Common stock, shares issued | 0 | |
Cost of common stock held in treasury, shares | 0 | |
Common stock held in employee benefit and compensation trusts, shares | 0 |
Consolidated Statements Of Inco
Consolidated Statements Of Income And Comprehensive Income - USD ($) | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales | $ 1,085,304,000 | $ 1,166,674,000 | ||
Net income (loss) | $ (120,649,000) | |||
Basic loss per common share: | ||||
Weighted average common shares outstanding | 137,152,430 | 136,155,295 | 135,067,278 | |
Diluted loss per common share: | ||||
Weighted average common shares outstanding | 136,155,295 | 135,067,278 | ||
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||
Net income (loss) | $ (120,649,000) | |||
Foreign currency translation adjustments | (27,936,000) | |||
Predecessor [Member] | ||||
Net sales | 437,931,000 | $ 1,085,304,000 | $ 1,166,674,000 | |
Cost of sales | 399,817,000 | 993,057,000 | 1,027,608,000 | |
Gross profit | 38,114,000 | 92,247,000 | 139,066,000 | |
Research and development | 5,556,000 | 14,844,000 | 10,437,000 | |
Selling and administrative expenses | 81,147,000 | 124,178,000 | 111,043,000 | |
Impairment of long-lived assets and goodwill | 35,381,000 | 197,220,000 | 0 | |
Rationalizations | 4,507,000 | 11,625,000 | 20,156,000 | |
Operating loss | (88,477,000) | (255,620,000) | (2,570,000) | |
Other expense (income), net | 1,335,000 | 2,445,000 | 1,698,000 | |
Interest expense | 27,118,000 | 37,057,000 | 36,037,000 | |
Interest income | (367,000) | (330,000) | (203,000) | |
Loss before income taxes | (116,563,000) | (294,792,000) | (40,102,000) | |
(Benefit) provision for income taxes | 4,086,000 | (9,416,000) | (12,843,000) | |
Net income (loss) | $ (120,649,000) | $ (285,376,000) | $ (27,259,000) | |
Basic loss per common share: | ||||
Net loss per share | $ (0.88) | $ (2.10) | $ (0.20) | |
Weighted average common shares outstanding | 137,152,000 | 135,067,000 | ||
Diluted loss per common share: | ||||
Net loss per share | $ (0.88) | $ (2.10) | $ (0.20) | |
Weighted average common shares outstanding | 137,152,000 | 136,155,000 | 135,067,000 | |
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||
Net income (loss) | $ (120,649,000) | $ (285,376,000) | $ (27,259,000) | |
Foreign currency translation adjustments | (27,936,000) | (33,041,000) | (13,981,000) | |
Commodities and foreign currency derivatives and other, net of tax of ($300), ($63) and $(68) and $21, respectively | 1,262,000 | (10,859,000) | 2,035,000 | |
Other comprehensive loss, net of tax: | (26,674,000) | (43,900,000) | (11,946,000) | |
Comprehensive loss | $ (147,323,000) | $ (329,276,000) | $ (39,205,000) | |
Successor [Member] | ||||
Net sales | $ 248,741,000 | |||
Cost of sales | 229,912,000 | |||
Gross profit | 18,829,000 | |||
Research and development | 2,348,000 | |||
Selling and administrative expenses | 32,115,000 | |||
Impairment of long-lived assets and goodwill | 0 | |||
Rationalizations | 1,075,000 | |||
Operating loss | (16,709,000) | |||
Other expense (income), net | (943,000) | |||
Interest expense | 10,916,000 | |||
Interest income | (11,000) | |||
Loss before income taxes | (26,671,000) | |||
(Benefit) provision for income taxes | 6,880,000 | |||
Net income (loss) | (33,551,000) | |||
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||
Net income (loss) | (33,551,000) | |||
Foreign currency translation adjustments | (10,133,000) | |||
Commodities and foreign currency derivatives and other, net of tax of ($300), ($63) and $(68) and $21, respectively | (124,000) | |||
Other comprehensive loss, net of tax: | (10,257,000) | |||
Comprehensive loss | $ (43,808,000) |
Consolidated Statements Of Inc5
Consolidated Statements Of Income And Comprehensive Income OCI Parenthetical - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2013 | |
Income Statement [Abstract] | ||
Commodity and foreign currency derivative tax | $ 21 | $ 2,327 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flow from operating activities: | ||||
Net income (loss) | $ (120,649) | |||
Predecessor [Member] | ||||
Cash flow from operating activities: | ||||
Net income (loss) | (120,649) | $ (285,376) | $ (27,259) | |
Adjustments to reconcile net loss to cash provided by operations: | ||||
Depreciation and amortization | 45,461 | 119,708 | 123,397 | |
Impairment of long-lived assets and goodwill | 35,381 | 197,220 | 0 | |
Rationalization related fixed asset write offs | 0 | 926 | 8,010 | |
Inventory write-downs | 0 | 19,600 | 0 | |
Deferred income taxes | 924 | (16,003) | (22,369) | |
Post-retirement and pension plan changes | 2,998 | 23,047 | (10,544) | |
Stock-based compensation | 15,357 | 5,577 | 8,035 | |
Non-cash interest expense | 14,180 | 15,693 | 14,052 | |
Other charges, net | 102 | 1,441 | 7,162 | |
Decrease in working capital | 45,594 | 56,846 | 31,980 | |
Increase in long-term assets and liabilities | (11,025) | (17,776) | (15,627) | |
Net cash provided by operating activities | 28,323 | 120,903 | 116,837 | |
Cash flow from investing activities: | ||||
Capital expenditures | (32,301) | (84,981) | (86,344) | |
Insurance recoveries | 2,834 | 1,500 | ||
Derivative instrument settlements, net | (8,263) | (2,025) | 114 | |
Proceeds from the sale of fixed assets | 646 | 5,042 | 0 | |
Other | 0 | 178 | 929 | |
Net cash used in investing activities | (39,918) | (78,952) | (83,801) | |
Cash flow from financing activities: | ||||
Short-term debt (reductions) borrowings, net | 18,511 | (1,021) | (7,265) | |
Revolving Facility borrowings | 160,000 | 269,000 | 166,000 | |
Revolving Facility reductions | (99,000) | (293,000) | (171,500) | |
Repayment of Senior Subordinated Notes | (200,000) | 0 | 0 | |
Issuance of preferred shares | 150,000 | 0 | 0 | |
Principal payments on long-term debt | (89) | (192) | (225) | |
Supply chain financing | 0 | (9,455) | (17,508) | |
Proceeds from exercise of stock options | 32 | 2,813 | 448 | |
Purchase of treasury shares | (63) | (894) | (1,825) | |
Refinancing fees and debt issuance costs | (5,068) | (3,279) | (560) | |
Other | (3,499) | 951 | (5,210) | |
Net cash (used in) provided by financing activities | 20,824 | (35,077) | (37,645) | |
Net (decrease) increase in cash and cash equivalents | 9,229 | 6,874 | (4,609) | |
Effect of exchange rate changes on cash and cash equivalents | (1,746) | (1,212) | (820) | |
Cash and cash equivalents at beginning of period | $ 25,033 | 17,550 | 11,888 | 17,317 |
Cash and cash equivalents at end of period | 25,033 | 17,550 | 11,888 | |
Supplemental disclosures of cash flow information: | ||||
Interest | 10,661 | 21,549 | 21,825 | |
Income taxes | 5,016 | 10,611 | 8,357 | |
Non-cash operating, investing and financing activities: | ||||
Common stock issued to savings and pension plan trusts | 1,874 | 4,381 | 4,561 | |
Decrease (increase) in current assets: | ||||
Accounts and notes receivable, net | 61,008 | 28,466 | 37,366 | |
Inventories | 1,164 | 77,875 | 14,324 | |
Prepaid expenses and other current assets | 2,551 | (14,898) | (209) | |
Decrease in accounts payables and accruals | (18,728) | (25,849) | (38,198) | |
Rationalizations | (2,677) | (8,732) | 18,421 | |
Increase in interest payable | 2,276 | (16) | 276 | |
Decrease in working capital | 45,594 | $ 56,846 | $ 31,980 | |
Successor [Member] | ||||
Cash flow from operating activities: | ||||
Net income (loss) | (33,551) | |||
Adjustments to reconcile net loss to cash provided by operations: | ||||
Depreciation and amortization | 28,618 | |||
Impairment of long-lived assets and goodwill | 0 | |||
Rationalization related fixed asset write offs | 0 | |||
Inventory write-downs | 0 | |||
Deferred income taxes | 5,368 | |||
Post-retirement and pension plan changes | 2,638 | |||
Stock-based compensation | 0 | |||
Non-cash interest expense | 2,351 | |||
Other charges, net | (1,934) | |||
Decrease in working capital | 26,763 | |||
Increase in long-term assets and liabilities | (7,138) | |||
Net cash provided by operating activities | 23,115 | |||
Cash flow from investing activities: | ||||
Capital expenditures | (18,442) | |||
Insurance recoveries | 0 | |||
Derivative instrument settlements, net | 326 | |||
Proceeds from the sale of fixed assets | 632 | |||
Other | 0 | |||
Net cash used in investing activities | (17,484) | |||
Cash flow from financing activities: | ||||
Short-term debt (reductions) borrowings, net | (15,504) | |||
Revolving Facility borrowings | 62,000 | |||
Revolving Facility reductions | (68,000) | |||
Repayment of Senior Subordinated Notes | 0 | |||
Issuance of preferred shares | (1,385) | |||
Principal payments on long-term debt | (183) | |||
Supply chain financing | 0 | |||
Proceeds from exercise of stock options | 0 | |||
Purchase of treasury shares | 0 | |||
Refinancing fees and debt issuance costs | 0 | |||
Other | (1,385) | |||
Net cash (used in) provided by financing activities | (23,072) | |||
Net (decrease) increase in cash and cash equivalents | (17,441) | |||
Effect of exchange rate changes on cash and cash equivalents | (665) | |||
Cash and cash equivalents at beginning of period | 25,033 | |||
Cash and cash equivalents at end of period | 6,927 | $ 25,033 | ||
Supplemental disclosures of cash flow information: | ||||
Interest | 10,880 | |||
Income taxes | 1,646 | |||
Non-cash operating, investing and financing activities: | ||||
Common stock issued to savings and pension plan trusts | 0 | |||
Decrease (increase) in current assets: | ||||
Accounts and notes receivable, net | (9,524) | |||
Inventories | 47,853 | |||
Prepaid expenses and other current assets | 15,935 | |||
Decrease in accounts payables and accruals | (21,503) | |||
Rationalizations | (3,756) | |||
Increase in interest payable | (2,242) | |||
Decrease in working capital | $ 26,763 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Common Stock Held In Employee Benefit & Compensation Trust [Member] |
Balance (Predecessor [Member]) at Dec. 31, 2012 | $ 1,349,851 | $ 1,509 | $ 1,812,592 | $ (280,678) | $ 66,884 | $ (249,487) | $ (969) |
Balance, shares (Predecessor [Member]) at Dec. 31, 2012 | 150,869,227 | ||||||
Comprehensive income (loss): | |||||||
Net income (loss) | Predecessor [Member] | (27,259) | (27,259) | |||||
Other comprehensive income: | |||||||
Unrealized losses on securities, net of tax | Predecessor [Member] | 2,035 | 2,035 | |||||
Foreign currency translation adjustments | Predecessor [Member] | (13,981) | (13,981) | |||||
Total other comprehensive income (loss) | Predecessor [Member] | (11,946) | (11,946) | |||||
Stock-based compensation | Predecessor [Member] | 5,151 | $ 4 | 2,850 | 2,297 | |||
Stock-based compensation, shares | Predecessor [Member] | (405,168) | ||||||
Common stock issued to savings and pension plan trusts | Predecessor [Member] | 4,504 | $ 6 | 4,561 | (63) | |||
Common stock issued to savings and pension plan trusts, shares | Predecessor [Member] | 564,435 | ||||||
Sale of common stock under stock options | Predecessor [Member] | 448 | 448 | |||||
Number of Shares, Exercised | Predecessor [Member] | 90,735 | ||||||
Balance (Predecessor [Member]) at Dec. 31, 2013 | 1,320,749 | $ 1,519 | 1,820,451 | (292,624) | 39,625 | (247,190) | (1,032) |
Balance, shares (Predecessor [Member]) at Dec. 31, 2013 | 151,929,565 | ||||||
Comprehensive income (loss): | |||||||
Net income (loss) | Predecessor [Member] | (285,376) | (285,376) | |||||
Other comprehensive income: | |||||||
Unrealized losses on securities, net of tax | Predecessor [Member] | (10,859) | (10,859) | |||||
Foreign currency translation adjustments | Predecessor [Member] | (33,041) | (33,041) | |||||
Total other comprehensive income (loss) | Predecessor [Member] | (43,900) | (43,900) | |||||
Stock-based compensation | Predecessor [Member] | 5,614 | (1,765) | 7,379 | ||||
Stock-based compensation, shares | Predecessor [Member] | (322) | ||||||
Shares issued in lieu of cash for incentive compensation | Predecessor [Member] | 4,623 | $ 6 | 4,381 | 236 | |||
Shares issued in lieu of cash for incentive compensation, shares | Predecessor [Member] | 574,973 | ||||||
Common stock issued to savings and pension plan trusts | Predecessor [Member] | 2,816 | $ 3 | 2,813 | ||||
Common stock issued to savings and pension plan trusts, shares | Predecessor [Member] | 316,151 | ||||||
Balance (Predecessor [Member]) at Dec. 31, 2014 | 1,004,526 | $ 1,528 | 1,825,880 | (336,524) | (245,751) | (239,811) | (796) |
Balance, shares (Predecessor [Member]) at Dec. 31, 2014 | 152,821,011 | ||||||
Comprehensive income (loss): | |||||||
Net income (loss) | Predecessor [Member] | (120,649) | ||||||
Net income (loss) | (120,649) | ||||||
Other comprehensive income: | |||||||
Unrealized losses on securities, net of tax | 1,262 | 1,262 | |||||
Foreign currency translation adjustments | Predecessor [Member] | (27,936) | ||||||
Foreign currency translation adjustments | (27,936) | (27,936) | |||||
Total other comprehensive income (loss) | (26,674) | (26,674) | |||||
Stock-based compensation | 15,296 | (16,530) | 31,826 | ||||
Stock-based compensation, shares | (2,331) | ||||||
Brookfield capital contribution | Successor [Member] | 145,205 | 145,205 | |||||
Common stock issued to savings and pension plan trusts | 2,674 | $ 4 | 1,874 | 796 | |||
Common stock issued to savings and pension plan trusts, shares | 423,273 | ||||||
Sale of common stock under stock options | 32 | 32 | |||||
Number of Shares, Exercised | 7,450 | ||||||
Balance at Aug. 14, 2015 | 1,020,410 | $ 1,532 | 1,956,461 | (363,198) | (366,400) | (207,985) | |
Balance, shares at Aug. 14, 2015 | 153,249,403 | ||||||
Balance (Predecessor [Member]) at Dec. 31, 2014 | 1,004,526 | $ 1,528 | 1,825,880 | (336,524) | (245,751) | $ (239,811) | $ (796) |
Balance, shares (Predecessor [Member]) at Dec. 31, 2014 | 152,821,011 | ||||||
Balance (Successor [Member]) at Dec. 31, 2015 | 810,529 | 854,337 | (10,257) | (33,551) | |||
Balance, shares (Successor [Member]) at Dec. 31, 2015 | 100 | ||||||
Comprehensive income (loss): | |||||||
Net income (loss) | Successor [Member] | (33,551) | (33,551) | |||||
Other comprehensive income: | |||||||
Unrealized losses on securities, net of tax | Successor [Member] | (124) | (124) | |||||
Foreign currency translation adjustments | Successor [Member] | (10,133) | (10,133) | |||||
Total other comprehensive income (loss) | Successor [Member] | (10,257) | (10,257) | |||||
Brookfield capital contribution, shares | Successor [Member] | 100 | ||||||
Brookfield capital contribution | Successor [Member] | 854,337 | 854,337 | |||||
Balance (Successor [Member]) at Dec. 31, 2015 | $ 810,529 | $ 854,337 | $ (10,257) | $ (33,551) | |||
Balance, shares (Successor [Member]) at Dec. 31, 2015 | 100 |
Consolidated Statements Of Sto8
Consolidated Statements Of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | ||||
Unrealized losses on securities, net of tax | $ 21 | $ (68) | $ (63) | $ (300) |
Business And Summary Of Signifi
Business And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Business And Summary Of Significant Accounting Policies | Business and Summary of Significant Accounting Policies Discussion of Business and Structure GrafTech International Ltd. is one of the world’s largest manufacturers and providers of high quality synthetic and natural graphite and carbon based products. References herein to “GTI,” “we,” “our,” or “us” refer collectively to GrafTech International Ltd. and its subsidiaries. We have seven major product categories: graphite electrodes, refractory products, needle coke products, advanced graphite materials, advanced composite materials, advanced electronics technologies, and advanced materials, which are reported in the following segments: • Industrial Materials includes graphite electrodes, refractory products and needle coke products, and primarily serves the steel industry. • Engineered Solutions includes advanced graphite materials, advanced composite materials, advanced electronics technologies, and advanced materials and provides primary and specialty products to the advanced electronics, industrial, energy, transportation and defense markets. Summary of Significant Accounting Policies The Consolidated Financial Statements include the financial statements of GrafTech International Ltd. and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Cash Equivalents We consider all highly liquid financial instruments with original maturities of three months or less to be cash equivalents. Cash equivalents consist of certificates of deposit, money market funds and commercial paper. Revenue Recognition Revenue from sales of our commercial products is recognized when they meet four basic criteria (1) persuasive evidence of an arrangement exists, (2) delivery has occurred, (3) the amount is determinable and (4) collection is reasonably assured. Sales are recognized when both title and the risks and rewards of ownership are transferred to the customer or services have been rendered and fees have been earned in accordance with the contract. Volume discounts and rebates are estimated and are recorded as a reduction of revenue in conjunction with the sale of the related products. Changes to estimates are recorded when they become probable. Shipping and handling revenues billed to our customers are included in net sales and the related shipping and handling costs are included as an increase to cost of sales. Earnings per Share The calculation of basic earnings per share was based on the weighted-average number of our common shares outstanding during the applicable period. We used the two-class method of computing earnings per share for our instruments granted in share-based payment transactions that are determined to be participating securities prior to vesting. Earnings per share calculations are not required after August 14, 2015 as a result of our acquisition by Brookfield. Diluted earnings per share recognizes the dilution that would occur if outstanding stock options and restricted stock awards were exercised or converted into common shares. We use the treasury stock method to compute the dilutive effect of our stock options and restricted stock awards (using the average market price for the period). Inventories Inventories are stated at the lower of cost or market. Cost is principally determined using the “first-in first-out” (“FIFO”) and average cost, which approximates FIFO, methods. Elements of cost in inventory include raw materials, direct labor and manufacturing overhead. We allocate fixed production overheads to the costs of conversion based on normal capacity of the production facilities. We recognize abnormal amounts of idle facility expense, freight, handling costs, and wasted materials (spoilage) as current period charges. Property, Plant and Equipment Expenditures for property, plant and equipment are recorded at cost. Maintenance and repairs of property and equipment are expensed as incurred. Expenditures for replacements and betterments are capitalized and the replaced assets are retired. Gains and losses from the sale of property are included in cost of goods sold or other (income) expense, net. We depreciate our assets using the straight-line method over the estimated useful lives of the assets. The ranges of estimated useful lives are as follows: Years Buildings 25-40 Land improvements 20 Machinery and equipment 5-20 Furniture and fixtures 5-10 The carrying value of fixed assets is assessed when events and circumstances indicating impairment are present. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Depreciation expense was $102.9 million for 2013 (including $28.3 million of rationalization related accelerated depreciation), $100.4 million for 2014 (including $26.0 million of rationalization related accelerated depreciation). Depreciation expense was $34.5 million for the period January 1 through August 14, 2015 and $22.4 million for the period August 15 through December 31, 2015. Accounts Receivable Trade accounts receivable primarily arise from sales of goods to customers and distributors in the normal course of business. Sales of trade accounts receivable We have in the past sold certain trade accounts receivable to a bank under a factoring arrangement. The receivables were sold at a discount on a nonrecourse basis and we did not retain interests in the receivables sold. We also acted as a servicer of the sold receivables for a fee. The servicing duties included collecting payments on receivables and remitting them to the bank. While servicing the receivables, we applied the same servicing policies and procedures that are applied to our owned accounts receivable. Allowance for Doubtful Accounts Considerable judgment is required in assessing the realizability of receivables, including the current creditworthiness of each customer, related aging of the past due balances and the facts and circumstances surrounding any non-payment. We evaluate specific accounts when we become aware of a situation where a customer may not be able to meet its financial obligations. The reserve requirements are based on the best facts available to us and are reevaluated and adjusted as additional information is received. Receivables are charged off when amounts are determined to be uncollectible. Capitalized Bank Fees We capitalize bank fees upon the incurrence of debt. As of December 31, 2014 capitalized bank fees amounted to $9.7 million . We have no capitalized bank fees as of December 31, 2015. We amortize such amounts over the life of the respective debt instrument using the effective interest method. The estimated life may be adjusted upon the occurrence of a triggering event. Amortization of capitalized bank fees amounted to $2.5 million in 2013 , $3.3 million in 2014 , and $2.1 million in the period January 1 through August 14, 2015 , respectively. We had no amortization of capitalized bank fees in the period August 15 through December 31, 2015. Capitalized bank fee amortization is included in interest expense. Derivative Financial Instruments We do not use derivative financial instruments for trading purposes. They are used to manage well-defined commercial risks associated with commodity contracts and currency exchange rate risks. Foreign Currency Derivatives We enter into foreign currency derivatives from time to time to manage exposure to changes in currency exchange rates. These instruments, which include, but are not limited to, forward exchange contracts and purchased currency options, attempt to hedge global currency exposures, relating to non-dollar denominated debt and identifiable foreign currency receivables, payables and commitments held by our foreign and domestic subsidiaries. Forward exchange contracts are agreements to exchange different currencies at a specified future date and at a specified rate. Purchased foreign currency options are instruments which give the holder the right, but not the obligation, to exchange different currencies at a specified rate at a specified date or over a range of specified dates. The result is the creation of a range in which a best and worst price is defined, while minimizing option cost. Forward exchange contracts and purchased currency options are carried at fair value. These contracts are treated as hedges to the extent they are effective. Changes in fair values related to these contracts are recognized in other comprehensive income in the Consolidated Balance Sheets until settlement. At the time of settlement, realized gains and losses are recognized in revenue or cost of goods sold on the Consolidated Statements of Operations. For derivatives that are not designated as a hedge, any gain or loss is immediately recognized in Cost of Goods Sold or Other (Income) Expense on the Consolidated Statements of Operations. Derivatives used in this manner relate to risks resulting from assets or liabilities denominated in a foreign currency. Commodity Derivative Contracts We periodically enter into derivative contracts for natural gas and certain refined oil products. These contracts are entered into to protect against the risk that eventual cash flows related to these products will be adversely affected by future changes in prices. All commodity contracts are carried at fair value and are treated as hedges to the extent they are effective. Changes in their fair values are included in other comprehensive income in the Consolidated Balance Sheets until settlement. At the time of settlement of these hedge contracts, realized gains and losses are recognized as part of cost of goods sold on the Consolidated Statements of Operations. Research and Development Expenditures relating to the development of new products and processes, including significant improvements to existing products, are expensed as incurred. Income Taxes We file a consolidated United States (“U.S.”) federal income tax return for GTI and its eligible domestic subsidiaries. Our non-U.S. subsidiaries file income tax returns in their respective local jurisdictions. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carry forwards. Deferred tax assets and liabilities at the end of each period are determined using enacted tax rates. A valuation allowance is established or maintained, when, based on currently available information and other factors, it is more likely than not that all or a portion of a deferred tax asset will not be realized. Under the guidance on accounting for uncertainty in income taxes, we recognize the benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. Stock-Based Compensation Plans We have had various plans that provided for the granting of stock-based compensation to employees and, in certain instances, to non-employee directors, which are described more fully in Note 12, “Management Compensation and Incentive Plans.” Shares are issued upon vesting or option exercise from authorized, unissued shares or treasury shares. We account for those plans under the applicable standards on accounting for share-based payment. For transactions in which we obtain employee services in exchange for an award of equity instruments, we measure the cost of the services based on the grant date fair value of the award. We recognize the cost over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). Costs related to plans with graded vesting are generally recognized using a straight-line method. Cash flows resulting from tax benefits for deductions in excess of compensation cost recognized are included in financing cash flows. Retirement Plans and Postretirement Benefits We use actuarial methods and assumptions to account for our defined benefit pension plans and our postretirement benefits. We immediately recognize the change in the fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each year (MTM Adjustment) and whenever a plan is remeasured (e.g. due to a significant curtailment, settlement, etc.). Pension and postretirement benefits expense includes the MTM adjustment, actuarially computed cost of benefits earned during the current service period, the interest cost on accrued obligations, the expected return on plan assets based on fair market values, and adjustments due to plan settlements and curtailments. Contributions to the qualified U.S. retirement plan are made in accordance with the requirements of the Employee Retirement Income Security Act of 1974. Postretirement benefits and benefits under the non-qualified retirement plan have been accrued, but not funded. The estimated cost of future postretirement life insurance benefits is determined by the Company with assistance from independent actuarial firms using the “projected unit credit” actuarial cost method. Such costs are recognized as employees render the service necessary to earn the postretirement benefits. We record our balance sheet position based on the funded status of the plan. We exclude the inactive participant portion of our pension and other postretirement benefit costs as a component of inventoriable costs. Additional information with respect to benefits plans is set forth in Note 11, “Retirement Plans and Postretirement Benefits.” Environmental, Health and Safety Matters Our operations are governed by laws addressing protection of the environment and worker safety and health. These laws provide for civil and criminal penalties and fines, as well as injunctive and remedial relief, for noncompliance and require remediation at sites where hazardous substances have been released into the environment. We have been in the past, and may become in the future, the subject of formal or informal enforcement actions or proceedings regarding noncompliance with these laws or the remediation of company-related substances released into the environment. Historically, such matters have been resolved by negotiation with regulatory authorities resulting in commitments to compliance, abatement or remediation programs and in some cases payment of penalties. Historically, neither the commitments undertaken nor the penalties imposed on us have been material. Environmental considerations are part of all significant capital expenditure decisions. Environmental remediation, compliance and management expenses were approximately $14.6 million in 2013 , $17.0 million in 2014 , and $11.1 million in 2015 . The accrued liability relating to environmental remediation was $6.9 million as of December 31, 2014 and $5.9 million as of December 31, 2015 . A charge to income is recorded when it is probable that a liability has been incurred and the cost can be reasonably estimated. When payments are fixed or determinable, the liability is discounted using a rate at which the payments could be effectively settled. Our environmental liabilities do not take into consideration possible recoveries of insurance proceeds. Because of the uncertainties associated with environmental remediation activities at sites where we may be potentially liable, future expenses to remediate sites could be considerably higher than the accrued liability. Foreign Currency Translation We translate the financial statements of foreign subsidiaries, whose local currency is their functional currency, to U.S. dollars using period-end exchange rates for assets and liabilities and weighted average exchange rates for each period for revenues, expenses, gains and losses. Differences arising from exchange rate changes are included in accumulated other comprehensive loss on the Consolidated Balance Sheets until such time as the operations of such non-U.S. subsidiaries are sold or substantially or completely liquidated. For our Mexican, Swiss and Russian subsidiaries, whose functional currency is the U.S. dollar, we remeasure non-monetary balance sheet accounts and the related income statement accounts at historical exchange rates. Resulting gains and losses arising from the fluctuations in currency for monetary accounts are recognized in other (income) expense, net, in the Consolidated Statements of Operations. Gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in earnings as incurred. We have non-dollar denominated intercompany loans between some of our foreign subsidiaries. These loans are subject to remeasurement gains and losses due to changes in currency exchange rates. Certain of these loans had been deemed to be essentially permanent prior to settlement and, as a result, remeasurement gains and losses on these loans were recorded as a component of accumulated other comprehensive income (loss) in the stockholders’ equity section of the Consolidated Balance Sheets. The remaining loans are deemed to be temporary and, as a result, remeasurement gains and losses on these loans are recorded as currency (gains/losses) in other (income) expense, net, on the Consolidated Statements of Operations. Software Development Costs In connection with our development and implementation of global enterprise resource planning systems with advanced manufacturing, planning and scheduling software, we capitalize certain computer software costs after technological feasibility is established. These costs are capitalized within property, plant and equipment and are amortized utilizing the straight-line method over the economic lives of the related products. Total costs capitalized as of December 31, 2014 and 2015 amounted to $15.6 million and $6.9 million , respectively. Amortization expense for capitalized software was $1.0 million for 2013 , $0.5 million for 2014 and $0.2 million for the period January 1 through August 14, 2015 and $0.3 million in the period August 15, 2015 through December 31, 2015. Rationalizations We record costs for rationalization actions implemented to reduce excess and high-cost manufacturing capacity and operating and administrative costs. For ongoing post-employment benefit arrangements, a liability is recognized when it is probable that employees will be entitled to benefits and the amount can be reasonably estimated. These conditions are generally met when the rationalization plan is approved by management. For one-time benefit arrangements, a liability is incurred and must be accrued at the date the plan is communicated to employees, unless they will be retained beyond a minimum retention period. In this case, the liability is calculated at the date the plan is communicated to employees and is accrued ratably over the future service period. Other costs reported under Rationalization include contract termination costs. In connection with rationalization initiatives, the company incurs additional costs such as inventory losses, fixed assets write-offs, impairment and accelerated depreciation as well as various non-recurring costs for dismantling, transferring or disposing of equipment and inventory. These rationalization related costs are measured and recorded based on the appropriate accounting guidance. Inventory losses are recorded in cost of sales. Fixed assets write-offs and accelerated depreciation are recorded in cost of sales, R&D and SG&A based upon the asset utilization. Other non-recurring costs are recorded in cost of sales and SG&A. Goodwill and Other Intangible Assets Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. We do not recognize deferred income taxes for the difference between the assigned value and the tax basis related to nondeductible goodwill. Goodwill is not amortized; however, impairment testing is performed annually or more frequently if circumstances indicate that impairment may have occurred. We perform the goodwill impairment test annually at December 31. The impairment test for goodwill uses a two-step approach, which is performed at the reporting unit level. Step one compares the fair value of the reporting unit (using a discounted cash flow method) to its carrying value. The fair value for each reporting unit with goodwill is determined in accordance with accounting guidance on determining fair value, which requires consideration of the income, market, and cost approaches as applicable. If the carrying value exceeds the fair value, there is potential impairment and step two must be performed. Step two compares the carrying value of the reporting unit’s goodwill to implied fair value (i.e., fair value of the reporting unit less the fair value of the unit’s assets and liabilities, including identifiable intangible assets). If the fair value of goodwill is less than the carrying amount of goodwill, an impairment is recognized. Other amortizable intangible assets, which consist primarily of trademarks and trade names, customer-related intangibles, and technological know-how, are amortized over their estimated useful lives using the straight line or sum-of-the-years digits method. The estimated useful lives for each major category of amortizable intangible assets are: Years Trade name 5-10 Technology and know-how 5-9 Customer related intangible 5-14 Additional information about goodwill and other intangibles is set forth in Note 5 “ Goodwill and Other Intangible Assets .” Major Maintenance and Repair Costs We perform scheduled major maintenance of the storage and processing units at our Seadrift plant (referred to as “overhaul”). Time periods between overhauls vary by unit. We also perform an annual scheduled significant maintenance and repair shutdown of the plant (referred to as “turnaround”). Costs of overhauls and turnarounds include plant personnel, contract services, materials, and rental equipment. We defer these costs when incurred and use the straight-line method to amortize them over the period of time estimated to lapse until the next scheduled overhaul of the applicable storage or processing unit. Under this policy in 2014 , costs deferred were $13.3 million and costs amortized were $6.6 million . Costs deferred in 2015 were $9.9 million and costs amortized in the period January 1 through August 14, 2015 were $4.3 million and $2.1 million in the period August 15 through December 31, 2015. Our turnaround was completed during September and October of 2015 . Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses. Significant estimates and assumptions are used for, but are not limited to, pension and other post-retirement benefits, allowance for doubtful accounts, accruals and valuation allowances, asset impairment, and environmental-related accruals. Actual results could differ from our estimates. Subsequent Events We evaluate events that occur after the balance sheet date but before financial statements are issued to determine if a material event requires our amending the financial statements or disclosing the event. Predecessor and Successor Reporting On August 17, 2015, the Company was acquired by affiliates of Brookfield Asset Management Inc. (see Note 2 "Preferred Share Issuance and Merger"). We elected to account for the acquisition under the acquisition method of accounting. Under the acquisition method of accounting, the assets and liabilities of GTI were adjusted to their preliminary fair market value as of August 15, 2015, as this was the day that Brookfield effectively took control of the Company. Our consolidated statements of operations subsequent to the Merger will include amortization expense relating to the fair value adjustments and depreciation expense based on the the fair value of the Company's property, plant and equipment that had previously been carried at historical cost less accumulated depreciation. Therefore, the Company's financial information prior to the Merger is not comparable to the financial information subsequent to the Merger. As a result, the financial statements and certain note presentations are separated into two distinct periods, the period before the consummation of the Merger (labeled "Predecessor") and the period after the date of merger (labeled "Successor"), to indicate the application of the different basis of accounting between the periods presented. Recent Accounting Standards Recently Adopted Accounting Standards In November 2015 the Financial Accounting Standards Board (FASB) issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes” (ASU 2015-17), which changes how deferred taxes are classified on our balance sheets and is effective for financial statements issued for annual periods beginning after December 15, 2016, with early adoption permitted. ASU 2015-17 requires all deferred tax assets and liabilities to be classified as non-current. We adopted the provisions of ASU 2015-17 as of December 31, 2015 on a prospective basis and as such we have reclassified $10.7 million of current deferred tax assets and $23.3 million of current deferred tax liabilities to long term in our December 31, 2015 balance sheet. Our December 31, 2014 balance sheet contains $28.4 million of current deferred tax assets and $7.2 million of deferred tax liabilities that would have been classified as long-term had the standard been applied retrospectively. In September 2015, the FASB issued ASU 2015-16, "Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments." ASU 2015-16 requires the recognition of adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments are determined. The effects of the adjustments to provisional amounts on depreciation, amortization or other income effects should be recognized in current-period earnings as if the accounting had been completed at the acquisition date. Disclosure of the portion of the adjustment recorded in current-period earnings that would have been reported in prior reporting periods if the adjustment to the provisional amounts had been recognized at the acquisition date is also required. The Company adopted ASU 2015-16 as of December 31, 2015. The adoption of ASU 2015-16 did not materially affect the Company's results of operations, statement of financial position or financial statement disclosures. See Note 2 "Preferred Share Issuance and Merger" for details of post-acquisition adjustments to goodwill. In July 2015 the FASB issued ASU 2015-11, "Inventory - Simplifying the Measurement of Inventory" " which requires companies to measure inventory (valued using first-in, first-out or average cost methods) at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The measurement of inventory valued using the last-in, first-out method is unchanged. ASU 2015-11 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years with early implementation permitted. The Company adopted ASU 2015-11 as of December 31, 2015 with no impact to the Company's financial position, results of operations or cash flows. Accounting Standards Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . This ASU supersedes the revenue recognition requirements in Accounting Standards Codification 605—Revenue Recognition and most industry-specific guidance throughout the Codification. This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU was expected to be effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. On July 9, 2015, the FASB deferred the effective date to fiscal years beginning after December 15, 2017. We are in the process of assessing the impact of the adoption of ASU 2014-09 on the Company's financial position, results of operations and cash flows. In April, 2015, the FASB issued ASU 2015-3, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015 with early adoption permitted. The Company had $9.7 million of capitalized bank fees included within "Other Assets" on our consolidated balance sheets as of December 31, 2014. We had no capitalized bank fees as of December 31, 2015. We do not anticipate the adoption of this ASU having a significant impact on the Company's financial position, results of operations or cash flows. |
Preferred Share Issuance and Me
Preferred Share Issuance and Merger | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Preferred Share Issuance and Merger | Preferred Share Issuance and Merger Preferred Stock On August 11, 2015, the Company issued and sold to BCP IV GrafTech Holdings LP, an affiliate of Brookfield Asset Management Inc. (“Brookfield”) (i) 136,616 shares of a new Series A Convertible Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), convertible into 19.9% of the shares of common stock of the Company outstanding immediately prior to such issuance and (ii) 13,384 shares of a new Series B Convertible Preferred Stock, par value $0.01 per share (the “Series B Preferred Stock,” and, together with the Series A Preferred Stock, the “Preferred Stock”), for an aggregate purchase price of $150,000,000 in cash (the “Purchase Price”), under the Investment Agreement dated May 4, 2014 (the “Investment Agreement”) between the Company and Brookfield. The closing of such issuance and sale occurred after the satisfaction of the closing conditions set forth in the Investment Agreement. Pursuant to the Investment Agreement, the Company reimbursed Brookfield for $500,000 in out-of-pocket fees and expenses (including fees and expenses of legal counsel) incurred by Brookfield in connection with the transaction. The proceeds from the issuance and sale were used by the Company, along with funds available under the Company’s $40 million delayed draw term loan facility, Revolving Facility and cash on hand, to prepay the Company’s $200 million Senior Subordinated Notes due November 30, 2015. Merger Agreement On May 18, 2015, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), dated May 17, 2015, with Brookfield (called “Parent” therein) and Athena Acquisition Subsidiary Inc. a wholly owned subsidiary of Parent (“Acquisition Sub”). Pursuant to the Merger Agreement, on May 26, 2015, Parent commenced a cash tender offer to purchase any and all of the outstanding shares of common stock, par value $0.01 per share (the “Shares”), of the Company, at a purchase price of $5.05 per Share in cash (the “Offer Price”), on the terms and subject to the conditions set forth in the Offer to Purchase, dated May 26, 2015 (together with any amendments and supplements thereto, the “Offer to Purchase”) and in the related Letter of Transmittal (the “Letter of Transmittal” and, together with the Offer to Purchase, the “Offer”). On August 14, 2015, Acquisition Sub accepted for payment all Shares validly tendered in the Offer and not withdrawn prior to the expiration of the Offer, and payment of the Offer Price for such Shares was made promptly. On August 17, 2015, Acquisition Sub merged with and into the Company, with the Company surviving as a wholly-owned subsidiary of Parent (the "Merger"). Pursuant to the Merger Agreement, upon consummation of the Merger, each Share that was not tendered and accepted pursuant to the Offer (other than canceled Shares, dissenting Shares and Shares held by the Company’s subsidiaries or Parent’s subsidiaries (other than Acquisition Sub)) was canceled and converted into cash consideration in an amount equal to the Offer Price. Business Combination The computation of the fair value of the total consideration at the date of acquisition follows: Purchase Consideration (In thousands except share price) # Shares Unit Price Amount Convertible Preferred Equity Series A and B 150 $ 1,000.00 $ 150,000 Common Equity Common Shares 139,397 $ 5.05 $ 703,955 Net value of options $ 382 Total $ 854,337 Recording of assets acquired and liabilities assumed: The acquisition was accounted for using the acquisition method of accounting. Under the acquisition method, the identifiable assets acquired and the liabilities assumed are assigned a new basis of accounting reflecting their estimated fair values. The information included herein has been prepared based on the preliminary allocation of purchase price using estimates of the fair values and useful lives of assets acquired and liabilities assumed based on the best available information determined with the assistance of independent valuations, quoted market prices and management estimates. The following table summarizes the fair values of the identifiable assets acquired and liabilities assumed at the acquisition date: Net identifiable assets acquired Previously Reported Cash $ 25,032 Accounts receivable 94,298 Inventories 346,645 Property, plant and equipment 650,405 Intangible assets 155,700 Deferred tax assets 40,904 Prepaid and other current assets 49,716 Other non-current assets 8,428 Accounts payable (68,005 ) Short-term debt (18,779 ) Other accrued liabilities (53,252 ) Long-term debt (367,811 ) Other long-term liabilities (101,768 ) Deferred tax liabilities (79,235 ) Net identifiable assets acquired $ 682,278 Goodwill $ 172,059 Net assets acquired $ 854,337 |
Rationalizations (Notes)
Rationalizations (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Rationalizations | Rationalizations Throughout 2014 and 2015 the Company undertook rationalization plans in order to streamline our organization and lower our production costs. The following tables summarize the total rationalization and related charges incurred during 2014 and 2015 followed by the details of each plan. For the Year Ended December 31, 2013 (Predecessor) All Plans Industrial Materials Segment Engineered Solutions Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 28,326 $ — $ — $ 28,326 Inventory loss 7,886 896 — 8,782 Fixed asset write-offs and other 6,104 2,274 — 8,378 Recorded in Selling and General Administrative Other 59 — — 59 Recorded in Rationalizations Severance and related costs 17,072 458 1,816 19,346 Contract terminations 810 — — 810 Total 2013 rationalization and related charges $ 60,257 $ 3,628 $ 1,816 $ 65,701 For the Year Ended December 31, 2014 (Predecessor) All Plans Industrial Materials Segment Engineered Solutions Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 22,388 $ 3,649 $ — $ 26,037 Inventory loss 961 13,711 — 14,672 Fixed asset write-offs and other 5,552 1,278 — 6,830 Recorded in Research and Development Accelerated depreciation — — 2,312 2,312 Recorded in Selling and General Administrative Accelerated depreciation — — 608 608 Other 89 121 515 725 Recorded in Rationalizations Severance and related costs 5,040 3,113 2,845 10,998 Contract terminations 469 146 11 626 Impairment of long-lived assets — 121,570 — 121,570 Total 2014 rationalization and related charges $ 34,499 $ 143,588 $ 6,291 $ 184,378 For the Period January 1 All Plans Industrial Materials Segment Engineered Solutions Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 432 $ — $ 940 1,372 Inventory loss (33 ) 975 — 942 Fixed asset write-offs and other 1,715 1,078 — 2,793 Recorded in Selling and General Administrative Other 400 755 954 2,109 Recorded in Rationalizations Severance and related costs 157 4,288 (168 ) 4,277 Contract terminations 25 204 — 229 Total $ 2,696 $ 7,300 $ 1,726 $ 11,722 For the Period August 15 All Plans Industrial Materials Segment Engineered Solutions Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Inventory loss $ (639 ) $ 206 $ — $ (433 ) Fixed asset write-offs and other 329 697 — 1,026 Recorded in Selling and General Administrative Other 135 1,323 290 1,748 Recorded in Rationalizations Severance and related costs 154 769 71 994 Contract terminations 59 22 — 81 Total $ 38 $ 3,017 $ 361 $ 3,416 2013 Industrial Materials Rationalization On October 31, 2013, we announced a global initiative to reduce our Industrial Materials segment's cost base and improve our competitive position. As part of this initiative, we ceased production at our two highest cost graphite electrode plants, located in Brazil and South Africa, as well as a machine shop in Russia. Our graphite electrode capacity was reduced by approximately 60,000 metric tons as a result of these actions. In parallel, we adopted measures for reductions in overhead and related corporate operations. These actions and measures reduced global headcount by approximately 600 people, or approximately 20 percent of our global workforce. These actions were substantially completed during the first half of 2014. 2013 Engineered Solutions Rationalization In order to optimize our Engineered Solutions platform and improve our cost structure, we also initiated actions to centralize certain operations and reduce overhead in our Engineered Solutions segment. These actions reduced global headcount by approximately 40 people and were substantially completed during 2014. Charges incurred related to the 2013 rationalization initiatives for the year ended December 31, 2014 and 2015 are as follows: For the Year Ended December 31, 2013 2013 Plans Industrial Materials Segment Engineered Solutions Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 28,326 $ — $ — $ 28,326 Inventory loss 7,886 896 — 8,782 Fixed asset write-offs and other 6,104 2,274 — 8,378 Recorded in Selling and General Administrative Other 59 — — 59 Recorded in Rationalizations Severance and related costs 17,072 458 1,816 19,346 Contract terminations 810 — — 810 Total 2013 rationalization plan and related charges $ 60,257 $ 3,628 $ 1,816 $ 65,701 For the Year Ended December 31, 2014 2013 Plans Industrial Materials Segment Engineered Solutions Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 22,388 827 — 23,215 Inventory loss 961 485 — 1,446 Fixed asset write-offs and other 5,374 233 5,607 Recorded in Selling and General Administrative Other 89 — 89 Recorded in Rationalizations Severance and related costs 433 (28 ) — 405 Contract terminations 469 — — 469 Total 2013 rationalization plan and related charges $ 29,714 $ 1,517 $ — $ 31,231 For the Period January 1 2013 Plans Industrial Materials Segment Engineered Solutions Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 432 — — 432 Inventory loss (33 ) — — (33 ) Fixed asset write-offs and other 1,715 270 1,985 Recorded in Rationalizations Severance and related costs 97 156 — 253 Contract terminations 25 — — 25 Total 2013 rationalization plan and related charges $ 2,236 $ 426 $ — $ 2,662 For the Period August 15 2013 Plans Industrial Materials Segment Engineered Solutions Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Inventory loss $ (278 ) $ (29 ) $ (307 ) Fixed asset write-offs and other 329 71 400 Recorded in Selling and General Administrative Other 245 — — 245 Recorded in Rationalizations Severance and related costs 177 — — 177 Contract terminations 59 — — 59 Total 2013 rationalization plan and related charges $ 532 $ 42 $ — $ 574 During the second quarter of 2015, in connection with our rationalization initiatives, two sites, located in Salvador, Brazil and Pennsylvania, United States, substantially completed their decommissioning efforts and met the criteria for assets held for sale. Because the carrying value of the sites did not exceed their estimated fair value, no additional impairment was recorded. Our Pennsylvania facility was sold in the third quarter of 2015 for a gain of $0.3 million. Additionally, during the third quarter of 2015, our facility in Meyerton, South Africa substantially completed their decommissioning efforts and met the criteria for assets held for sale. As of December 31, 2015 , the sites held for sale represent $6.6 million of assets reported under "Property, plant and equipment" and $1.2 million of liabilities, reported under "Other accrued liabilities". The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the rationalization initiatives described above. This liability is recorded as a current liability on the Consolidated Balance Sheet. (Dollars in thousands) Balance as of December 31, 2013 $ 18,421 Charges incurred 613 Change in estimates 153 Payments and settlements (16,494 ) Effect of change in currency exchange rates (1,658 ) Balance as of December 31, 2014 1,035 Charges incurred 40 Change in estimates 227 Payments and settlements (1,102 ) Effect of change in currency exchange rates (155 ) Balance as of August 14, 2015 $ 45 Charges incurred 154 Change in estimates 67 Payments and settlements (17 ) Effect of change in currency exchange rates (59 ) Balance as of December 31, 2015 $ 190 2014 Engineered Solutions Rationalization On July 29, 2014, we announced additional rationalization initiatives to increase profitability, reduce cost and improve global competitiveness in our Engineered Solutions segment. During the second quarter of 2014, worldwide pricing of our isomolded graphite products ("isomolded") within our Advanced Graphite Material ("AGM") product group, as well as our expectation of future pricing, significantly eroded, driven by significant over-capacity and recent competitor responses. In addition, solar product demand continued to erode, with polysilicon, silicon and silicon wafer production migrating to China. New competitors servicing this industry commenced production in China at pricing levels making the market now unprofitable. As a result of these conditions, the Company decided to cease isomolded production and pursue alternative supply chain relationships in our isomolded product line. As a result of the above, we tested our long-lived assets used to produce advanced graphite materials for recovery, based on undiscounted cash flows from the use and eventual disposition of these assets. The carrying value of the assets exceeded these undiscounted cash flow and, accordingly, we estimated the fair-value of these long-lived assets based on a market participant view. This resulted in an impairment charge totaling $121.6 million during 2014, and included the impairment of certain acquired customer relationship and technology intangible assets. The 2014 Engineered Solutions Rationalization program was completed during 2015. Charges incurred related to the 2014 Engineered Solutions rationalization initiatives in 2014 and 2015 are as follows: Predecessor Successor 2014 Engineered Solutions Rationalization For the Year Ended December 31, 2014 For the Period January 1, 2015 Through August 14, 2015 For the Period Engineered Solutions Segment (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 2,802 $ — $ — Inventory loss 13,225 571 (80 ) Fixed asset write-offs 1,046 372 (229 ) Recorded in Rationalizations Severance and related costs 2,498 (713 ) — Contract terminations 195 50 — Total $ 19,766 $ 280 $ (309 ) The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the 2014 Engineered Solutions rationalization initiatives described above. This liability is recorded as a current liability on the Consolidated Balance Sheet. (Dollars in thousands) Balance as of December 31, 2013 $ — Charges incurred 2,611 Change in estimates (40 ) Payments and settlements (916 ) Effect of change in currency exchange rates — Balance as of December 31, 2014 $ 1,655 Charges incurred 50 Change in estimates (713 ) Payments and settlements (916 ) Effect of change in currency exchange rates 1 Balance as of August 14, 2015 $ 77 Change in estimates (5 ) Payments and settlements (72 ) Balance as of December 31, 2015 $ — 2014 Corporate and Research & Development Rationalization During the third quarter of 2014, we announced the conclusion of another phase of our on-going company-wide cost savings assessment. This resulted in changes to the Company’s operating and management structure in order to streamline, simplify and decentralize the organization. These actions were designed to reduce costs by a combination of reduced contractor costs, attrition, early retirements and layoffs. Additionally, the Company downsized its corporate functions by approximately 25 percent , relocated to a smaller, more cost effective corporate headquarters and established a new Technology and Innovation Center. Charges incurred related to the 2014 Corporate and Research & Development rationalization initiatives for 2014 and 2015 are as follows: 2014 Corporate, Research and Development Plan For the Year Ended December 31, 2014 (Predecessor) Industrial Materials Segment Engineered Solutions Segment Corp, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ — $ 20 $ — $ 20 Fixed asset write-offs and other 178 — — 178 Recorded in Research and Development Accelerated depreciation — — 2,312 2,312 Recorded in Selling and General Administrative Accelerated depreciation — — 608 608 Other — — 515 515 Recorded in Rationalizations Severance and related costs 4,608 644 2,844 8,096 Contract terminations — 73 11 84 Total $ 4,786 $ 737 $ 6,290 $ 11,813 2014 Corporate, Research and Development Plan For the Period January 1 Through August 14, 2015 (Predecessor) Industrial Materials Segment Engineered Solutions Segment Corp, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Fixed asset write-offs and other $ — $ 1 $ — $ 1 Recorded in Research and Development Accelerated depreciation — — 940 940 Recorded in Selling and General Administrative Other 400 — 954 1,354 Recorded in Rationalizations Severance and related costs 60 8 (168 ) (100 ) Total $ 460 $ 9 $ 1,726 $ 2,195 2014 Corporate, Research and Development Plan For the Period August 15 Through December 31, 2015 (Successor) Industrial Materials Segment Engineered Solutions Segment Corp, R&D and Other Total (Dollars in thousands) Recorded in Selling and General Administrative Other $ — $ — $ 290 $ 290 Recorded in Rationalizations Severance and related costs (23 ) — 71 48 Total $ (23 ) $ — $ 361 $ 338 The 2014 Corporate and Research and Development rationalization plan will result in approximately $20 million of charges consisting of severance, accelerated depreciation and other related costs. Approximately $12 million of these costs will be cash outlays, the majority of which were disbursed in 2015. During the fourth quarter of 2015, our facility in Parma, Ohio substantially completed their decommissioning efforts and met the criteria for assets held for sale. As of December 31, 2015 , the site held for sale represents $3.9 million of assets reported under "Property, plant and equipment" and $3.6 million of liabilities, reported under "Other accrued liabilities". The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the 2014 Corporate and Research & Development rationalization initiatives described above. This liability is recorded as a current liability on the Consolidated Balance Sheet. (Dollars in thousands) Balance as of December 31, 2013 $ — Charges incurred 8,159 Change in estimates 21 Payments and settlements (1,155 ) Effect of change in currency exchange rates (152 ) Balance as of December 31, 2014 $ 6,873 Charges incurred (33 ) Change in estimates (67 ) Payments and settlements (4,611 ) Effect of change in currency exchange rates (81 ) Balance as of August 14, 2015 $ 2,081 Change in estimates 47 Payments and settlements (1,127 ) Effect of change in currency exchange rates (57 ) Balance as of December 31, 2015 $ 944 2015 Advanced Graphite Materials Rationalization On March 2, 2015, GrafTech announced plans to further optimize the production platform for its advanced graphite materials business. These actions included the closure of our Notre Dame, France facility and further reductions in force in our Columbia, Tennessee facility and other locations totaling approximately 85 people. Charges incurred related to the 2015 Advanced Graphite Materials rationalization initiative are as follows: Predecessor Successor 2015 Advanced Graphite Materials Rationalization For the Period January 1 Through For the Period August 15 Through Engineered Solutions Segment (Dollars in thousands) Recorded in Cost of Sales Inventory loss $ 404 $ (47 ) Fixed asset write-offs and other 434 855 Recorded in Selling and General Administrative Other 755 1,213 Recorded in Rationalizations Severance and related costs 4,838 769 Contract terminations 154 22 Total $ 6,585 $ 2,812 The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the 2015 Advanced Graphite Materials rationalization initiative described above. This liability is included in "Rationalizations" on the Consolidated Balance Sheets. 2015 Advanced Graphite Materials Rationalization (Dollars in thousands) Balance as of December 31, 2014 $ — Charges incurred 5,053 Change in estimates (38 ) Payments and settlements (329 ) Effect of change in currency exchange rates — Balance as of August 14, 2015 $ 4,686 Charges incurred 647 Payments and settlements (3,418 ) Balance as of December 31, 2015 $ 1,915 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Reporting | Segment Reporting We operate in two reportable segments: Industrial Materials and Engineered Solutions. Industrial Materials. Our Industrial Materials segment manufactures and delivers high quality graphite electrodes, refractory products and needle coke products. Electrodes are key components of the conductive power systems used to produce steel and other non-ferrous metals. Refractory products are used in blast furnaces and submerged arc furnaces due to their high thermal conductivity and the ease with which they can be machined to large or complex shapes. Needle coke, a crystalline form of carbon derived from decant oil, is the key ingredient in, and is used primarily in, the production of graphite electrodes. Engineered Solutions. The Engineered Solutions segment includes advanced electronics technologies, advanced graphite materials, advanced composite materials and advanced materials. Advanced electronics technologies products consist of electronic thermal management solutions, and sealing materials. Advanced graphite materials are highly engineered synthetic graphite products used in many areas due to their unique properties and the ability to tailor them to specific solutions. These products are used in transportation, alternative energy, metallurgical, chemical, oil and gas exploration and various other industries. Advanced composite materials are highly engineered carbon products that are woven into various shapes to primarily support the aerospace and defense industries. Advanced materials use carbon and graphite powders as components or additives in a variety of industries, including metallurgical processing, battery and fuel cell components, and polymer additives. We continue to evaluate the performance of our segments based on segment operating income. Intersegment sales and transfers are not material and the accounting policies of the reportable segments are the same as those for our Consolidated Financial Statements as a whole. Prior to 2014, certain global expenses such as research and development, shared IT and accounting services as well as corporate headquarter’s finance, HR, legal and executive management were allocated to the segments mostly based on each segment’s contribution to consolidated sales. During 2014, as part of our initiative to decentralize the organization and reduce the costs of the global headquarter functions, the performance measure of our existing segments was changed to reflect our new management and operating structure. We currently exclude such expenses from the segment operating income measure and report them under “Corporate, R&D and Other Expenses” in order to reconcile to the consolidated operating income of the Company. The following tables summarize financial information concerning our reportable segments and all prior periods have been recast to reflect our new methodology: Predecessor Successor For the year Ended December 31, For the Period January 1, 2015 Through August 14, 2015 For the Period August 15, 2015 Through December 31, 2015 2013 2014 (Dollars in thousands) Net sales to external customers: Industrial Materials $ 909,448 $ 840,103 $ 341,974 $ 193,223 Engineered Solutions 257,226 245,201 95,957 55,518 Total net sales $ 1,166,674 $ 1,085,304 $ 437,931 $ 248,741 Segment operating income (loss): Industrial Materials $ 20,007 $ (50,260 ) $ (25,678 ) $ (4,017 ) Engineered Solutions 28,392 (138,271 ) (15,368 ) (457 ) Corporate, R&D and Other expenses (50,969 ) (67,089 ) (47,431 ) (12,235 ) Total segment operating income (loss) $ (2,570 ) $ (255,620 ) $ (88,477 ) $ (16,709 ) Reconciliation of segment operating income (loss) to loss from continuing operations before provision for income taxes: Other expense (income), net $ 1,698 $ 2,445 $ 1,335 $ (943 ) Interest expense 36,037 37,057 27,118 10,916 Interest income (203 ) (330 ) (367 ) (11 ) Loss before provision for income taxes $ (40,102 ) $ (294,792 ) $ (116,563 ) $ (26,671 ) Industrial Materials' operating loss for the period January 1 through August 14, 2015 includes a $35.4 million goodwill impairment charge, $2.7 million of rationalization and related charges and $3.2 million of costs associated with the preferred share issuance. Engineered Solutions' results for the period January 1 through August 14, 2015 include $6.9 million of rationalization and related costs and $2.5 million of costs associated with the preferred share issuance. Corporate, R&D and Other expenses for the period January 1 through August 14, 2015 includes $19.4 million of costs associated with the preferred share issuance, tender offer and proxy contest and $2.1 million of rationalization and related costs. Engineered Solutions' operating loss for the period August 15 through December 31, 2015 included $3.0 million of rationalization and related expenses. Operating loss for the year ended December 31, 2014 also includes for Industrial Materials $75.7 million of goodwill impairment charge and for Engineered Solutions $121.6 million of impairment charge for long-lived assets. Operating income (loss) noted above for the year ended December 31, 2014 includes rationalization related charges of $34.5 million in Industrial Materials, $22.0 million in Engineered Solutions, and $6.3 million in Corporate, R&D and Other expenses as well as a pension mark-to-market loss of $3.5 million in Industrial Materials, $9.2 million in Engineered Solutions and $6.3 million in Corporate, R&D and Other expenses. We incurred a $4.8 million charge for losses related to the bankruptcy of a major customer in the Advanced Graphite Materials business. Corporate, R&D and Other expenses include $2.4 million of fees associated with proxy contest costs in 2014. Operating loss for the year ended December 31, 2013 includes rationalization-related charges of $60.3 million for Industrial Materials, $3.6 million for Engineered Solutions and $1.8 million for Corporate, R&D and Other as well as Pension mark-to-market gain of $4.2 million in Industrial Materials, $5.9 million in Engineered Solutions and $4.2 million in All Other. Assets are managed based on geographic location because certain reportable segments share certain facilities. Assets by reportable segment are estimated based on the value of long-lived assets at each location and the activities performed at the location. As of December 31, 2014 2015 (Dollars in thousands) Long-lived assets (a): Industrial Materials. $ 552,155 $ 571,424 Engineered Solutions 101,885 66,109 Total long-lived assets $ 654,040 $ 637,533 The following tables summarize information as to our operations in different geographic areas. For the Twelve Months Ended December 31, 2013 2014 2015 (Dollars in thousands) Net sales:* U.S. $ 289,866 $ 284,209 $ 176,402 Americas 177,602 180,070 140,629 Asia Pacific 220,945 192,230 84,287 Europe, Middle East, Africa 478,261 428,795 285,354 Total $ 1,166,674 $ 1,085,304 $ 686,672 * Net Sales were not impacted by purchase price accounting adjustments. At December 31, 2014 2015 (Dollars in thousands) Long-lived assets (a): U.S. and Canada $ 431,601 $ 291,493 Mexico 89,731 158,950 Brazil 9,492 8,787 France 49,602 77,412 Spain 70,648 93,049 South Africa 2,064 4,167 Italy 508 3,249 Switzerland 287 266 Other countries 107 160 Total $ 654,040 $ 637,533 (a) Long-lived assets represent fixed assets, net of accumulated depreciation. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets We are required to review goodwill and indefinite-lived intangible assets annually for impairment. Goodwill impairment is tested at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. Our annual impairment test of goodwill was performed as of December 31, 2014 for all reporting units. The estimated fair values of our reporting units were based on discounted cash flow ("DCF") models derived from internal earnings forecasts and assumptions. The assumptions and estimates used in these valuations incorporated the then current and expected economic environment. Based on these valuations, the fair value for the needle coke reporting unit was below the carrying value resulting in a step two analysis and consequently a goodwill impairment charge of $75.7 million for the year ended December 31, 2014. We received notice, in March 2015, that the market prices for needle coke were decreasing by an additional 18% , effective for the second quarter of 2015. This decline further compressed our margins for needle coke products versus our annual plan. We determined that this change, which is driven by over capacity in the market indicated that the needle coke industry is facing a deeper and longer trough than previously expected. As such, we considered the additional price change as a triggering event and tested our remaining needle coke goodwill for impairment as of March 31, 2015. In the first step of the analysis, we compared the estimated fair value of the reporting unit to its carrying value, including goodwill. The fair value of the reporting unit was determined based on an income approach, using DCF models from a market participant’s perspective. The DCF model included 17 years of forecasted cash flows, plus an estimated terminal value. For the first several years in the models, the cash flows were based upon the current operating and capital plans as prepared by management and approved by executive management, adjusted to reflect the perspective of potential market participants. Beyond the first several years, the DCF model reflects known trends of cycles in the industry and incorporates them in the terminal value. Actual results may differ from those assumed in the Company’s forecast. A discount rate of 10.5% was applied to the forecasted cash-flows and is based on a weighted average cost of capital ("WACC"). Company specific beta and mix of debt to equity are inputs into the determination of the discount rate, which is then qualitatively assessed from the standpoint of potential market participants. As a result of the step one analysis described earlier, the fair value of the needle coke reporting unit was less than its carrying value. Consequently, we performed the second step of the impairment analysis in order to determine the implied fair value of the goodwill associated with the reporting unit. The implied fair value of goodwill represents the excess of the fair value of the reporting unit over the sum of the fair value amounts assigned to all of the assets and liabilities of the reporting unit as if it were to be acquired in a business combination and the current fair value of the reporting unit (as calculated in the first step) was the purchase consideration. The implied fair value of goodwill was then compared to the carrying value of the goodwill to determine the impairment charge. The needle coke goodwill was fully impaired, resulting in a charge of $35.4 million . The full impairment of the needle coke reporting unit‘s goodwill was a result of our reassessment of the estimated future cash-flows, triggered by the pricing decline in the needle coke market effective April 1, 2015. As a result of our acquisition by Brookfield, our goodwill and intangibles were revalued as of August 15, 2015. See Note 2 "Preferred Share Issuance and Merger" for description of the Merger and the results of purchase price accounting. The following tables represents the changes in the carrying value of goodwill and intangibles during the predecessor entity period of January 1, 2015 through August 14, 2015 and the successor entity from August 15, 2015 through September 30, 2015: The changes in the Company’s carrying value of goodwill during the years ended December 31, 2014 and 2015 are as follows: Total Predecessor (Dollars in Thousands) Balance as of December 31, 2013 $ 496,810 Impairment (76,063 ) Currency translation effect (618 ) Balance as of December 31, 2014 420,129 Impairment (35,381 ) Currency translation effect (616 ) Balance as of August 14, 2015 $ 384,132 Successor Balance as of August 15, 2015 $ 170,418 Adjustments 1,641 Balance as of December 31, 2015 172,059 The following table summarizes acquired intangible assets with determinable useful lives by major category : Predecessor As of December 31, 2014 As of August 14, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization / Impairment Net Carrying Amount (Dollars in Thousands) (Dollars in Thousands) Trade name 7,900 (4,817 ) 3,083 7,900 (5,173 ) 2,727 Technology and know-how 43,349 (24,940 ) 18,409 43,349 (28,649 ) 14,700 Customer related intangible 110,798 (57,192 ) 53,606 110,798 (63,866 ) 46,932 Total finite-lived intangible assets $ 162,047 $ (86,949 ) $ 75,098 $ 162,047 $ (97,688 ) $ 64,359 Successor As of December 31, 2015 Gross Carrying Amount Accumulated Amortization / Impairment Net Carrying Amount (Dollars in Thousands) Trade name 26,800 (1,048 ) 25,752 Technology and know-how 63,200 (3,327 ) 59,873 Customer related intangible 65,700 (1,813 ) 63,887 Total finite-lived intangible assets $ 155,700 $ (6,188 ) $ 149,512 Amortization expense of intangible assets in 2013 and 2014 was $20.5 million and $19.0 million , respectively. Amortization expense of intangible assets was $10.8 million in the period January 1 through August 14, 2015 and $6.2 million in the period August 15 through December 31, 2015. Estimated annual amortization expense for the next five years will approximate $16.2 million in 2016, $15.4 million in 2017, $14.6 million in 2018, $13.8 million in 2019 and $12.9 million in 2020. |
Debt And Liquidity
Debt And Liquidity | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Debt And Liquidity | Debt and Liquidity The following table presents our long-term debt: As of As of December 31, 2015 (Dollars in thousands) Credit Facility (Revolving Facility and Term Loan Facility) $ 40,000 $ 98,000 Senior Subordinated Notes 187,973 — Senior Notes 300,000 267,827 Other Debt 1,746 1,400 Total Debt 529,719 367,227 Less: Short-term Debt (188,104 ) (4,772 ) Long-term Debt $ 341,615 $ 362,455 Revolving Facility On April 23, 2014, the Company and certain of its subsidiaries entered into an Amended and Restated Credit Agreement with a borrowing capacity of $400 million and a maturity date of April 2019 (the "Revolving Facility"). On February 27, 2015, GrafTech and certain of its subsidiaries entered into a further Amended and Restated Credit Agreement that provides for, among other things, greater financial flexibility and a $40 million senior secured delayed draw term loan facility (the "Term Loan Facility"). On July 28, 2015, GrafTech and certain of its subsidiaries entered into an amendment to the Amended and Restated Credit Agreement to change the terms regarding the occurrence of a default upon a change in control (which is defined thereunder to include the acquisition by any person of more than 25 percent of GrafTech’s outstanding shares) to exclude the acquisition of shares by Brookfield (see Note 2). In addition, effective upon such acquisition, the financial covenants were eased, resulting in increased availability under the Revolving Facility. The size of the Revolving Facility was also reduced from $400 million to $375 million . The size of the Term Loan Facility remained at $40 million . The $40 million Term Loan Facility was fully drawn on August 11, 2015, in connection with the repayment of the Senior Subordinated Notes. As of December 31, 2015 , we had $205 million of unused borrowing capacity under the Revolving Credit Facility (after considering financial covenants restrictions and the outstanding letters of credit of approximately $7.9 million ). The interest rate applicable to the Revolving Facility and Term Loan Facility is LIBOR plus a margin ranging from 2.25% to 4.75% (depending on our total senior secured leverage ratio). The borrowers pay a per annum fee ranging from 0.35% to 0.70% (depending on our senior secured leverage ratio) on the undrawn portion of the commitments under the Revolving Facility. In the event that operating cash flows fail to provide sufficient liquidity to meet our business needs, including capital expenditures, any such shortfall would need to be made up by increased borrowings under our Revolving Facility, to the extent available. We have begun to look at strategic alternatives for our Engineered Solutions businesses that could result in the sale of one or more of such businesses. We currently expect that cash proceeds from such sales would be used for general corporate purposes, including repayment of borrowings outstanding under the Revolving Facility. We cannot assure you that we will, or will be able to, consummate any such sales on acceptable terms or at all or as to the price, terms or conditions of any such sales. We use cash flow from operations and funds available under the Revolving Facility (subject to continued compliance with the financial covenants and representations under the Revolving Facility) as well as cash on hand as our primary sources of liquidity. The Revolving Facility is secured, and provides for maximum borrowings of up to $375 million including a letter of credit sub-facility of up to $50 million and is subject to certain conditions (including a maximum senior secured leverage ratio test). The Revolving Facility matures in April 2019. As of December 31, 2015 , we had outstanding borrowings drawn from the Revolving Facility of $98.0 million and outstanding letters of credit of $7.9 million . As of December 31, 2015 , we were in compliance with all financial and other covenants contained in the Revolving Facility, as applicable. These covenants include maintaining a cash minimum interest coverage ratio of at least 1.50 to 2.50 and a maximum senior secured leverage ratio of 5.75 to 3.00, which are measured based on a rolling average of the prior four quarters. Under current industry conditions, we are uncertain as to our continued compliance with certain of the financial covenants throughout 2016. We plan to pursue an amendment with the lenders under the Revolving Facility to avoid a potential non-compliance with such covenants and anticipate entering into a satisfactory amendment. Our ability to enter into an amendment or, if needed, obtain a waiver of non-compliance, or restructure or refinance the debt under the Revolving Facility will depend on, among other things, the condition of the capital markets and our financial condition at such time. There can be no assurance that we will be able to enter into an amendment or, if needed, obtain a waiver of non-compliance, or restructure or refinance any of our indebtedness on commercially reasonable terms or at all. Senior Notes On November 20, 2012, the Company issued $ 300 million principal amount of 6.375% Senior Notes due 2020 (the "Senior Notes"). The Senior Notes are the Company's senior unsecured obligations and rank pari passu with all of the Company's existing and future senior unsecured indebtedness. The Senior Notes are guaranteed on a senior unsecured basis by each of the Company's existing and future subsidiaries that guarantee certain other indebtedness of the Company or another guarantor. The Senior Notes bear interest at a rate of 6.375% per year, payable semi-annually in arrears on May 15 and November 15 of each year. The Senior Notes mature on November 15, 2020. The Company is entitled to redeem some or all of the Senior Notes at any time on or after November 15, 2016, at the redemption prices set forth in the indenture. In addition, prior to November 15, 2016, the Company may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, plus a “make whole” premium determined as set forth in the indenture. If, prior to maturity, a change in control (as defined in the indenture) of the Company occurs and thereafter certain downgrades of the ratings of the Senior Notes as specified in the indenture occur, the Company will be required to offer to repurchase any or all of the Senior Notes at a repurchase price equal to 101% of the aggregate principal amount of the Senior Notes, plus any accrued and unpaid interest. On August 17, 2015 a change in control occurred due the merger (see Note 2 to the Financial Statements). However, the downgrade of the ratings of the Senior Notes, as specified in the indenture, did not occur. Therefore, the company was not and will not be required to offer to repurchase the Senior Notes as a result of the merger. The indenture for the Senior Notes also contains covenants that, among other things, limit the ability of the Company and certain of its subsidiaries to: (i) create liens or use assets as security in other transactions; (ii) engage in certain sale/leaseback transactions; and (iii) merge, consolidate or sell, transfer, lease or dispose of substantially all of their assets. The indenture for the Senior Notes also contains customary events of default, including (i) failure to pay principal or interest on the Senior Notes when due and payable, (ii) failure to comply with covenants or agreements in the indenture or the Senior Notes which failures are not cured or waived as provided in the indenture, (iii) failure to pay indebtedness of the Company, any Subsidiary Guarantor or Significant Subsidiary (each, as defined in the indenture) within any applicable grace period after maturity or acceleration and the total amount of such indebtedness unpaid or accelerated exceeds $ 50.0 million , (iv) certain events of bankruptcy, insolvency, or reorganization, (v) failure to pay any judgment or decree for an amount in excess of $ 50.0 million against the Company, any Subsidiary Guarantor or any Significant Subsidiary that is not discharged, waived or stayed as provided in the indenture, (vi) cessation of any Subsidiary Guarantee (as defined in the indenture) to be in full force and effect or denial or disaffirmance by any subsidiary guarantor of its obligations under its subsidiary guarantee, and (vii) a default under the Company's Senior Subordinated Notes. In the case of an event of default, the principal amount of the Senior Notes plus accrued and unpaid interest may be accelerated. Senior Subordinated Notes On November 30, 2010, in connection with the acquisitions of Seadrift Coke LP and C/G Electrodes, LLC, the Company issued Senior Subordinated Notes in an aggregate total face amount of $200 million . These Senior Subordinated Notes were non-interest bearing and matured in 2015. Because the Senior Subordinated Notes were non-interest bearing, the Company was required to record them at their present value (determined using an interest rate of 7% ). The difference between the face amount of the Senior Subordinated Notes and their present value is recorded as debt discount. The debt discount was amortized to income using the interest method, over the life of the Senior Subordinated Notes. On July 9, 2015, the Company provided notice to all holders of the Senior Subordinated Notes that, as permitted under the Senior Subordinated Notes, the Company intended to prepay in full the entire $200 million million aggregate principal amount of the Senior Subordinated Notes after the Company's receipt of the proceeds of the issuance of Preferred Stock to Brookfield. See Note 2 for further discussion of the Preferred Stock issuance. This prepayment was consummated on August 11, 2015. |
Interest Expense
Interest Expense | 12 Months Ended |
Dec. 31, 2015 | |
Interest and Debt Expense [Abstract] | |
Interest Expense | Interest Expense The following table presents an analysis of interest expense: Predecessor Successor For the year Ended December 31, For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 2013 2014 (Dollars in thousands) Interest incurred on debt $ 21,589 $ 21,373 $ 12,973 $ 8,611 Amortization of discount on Senior Subordinated Notes 11,493 12,298 12,027 — Accretion of fair value adjustment on Senior Notes — — — 2,305 Amortization of debt issuance costs 2,504 3,339 2,118 — Supply Chain Financing mark-up 451 47 — — Total interest expense $ 36,037 $ 37,057 $ 27,118 $ 10,916 Interest rates The Revolving Facility had an effective interest rate of 2.17% and 2.68% as of December 31, 2014 and 2015 , respectively. The Senior Notes carry an interest rate of 6.375% . The Senior Subordinated Notes had an implied rate of 7.00% . On August 11, 2015, we prepaid our Senior Subordinated Notes (see Note 6 "Debt and Liquidity"). This prepayment resulted in accelerated amortization of $4.5 million as the Notes were prepaid at the face value. The accelerated expense was recorded in the predecessor period. |
Fair Value Measurements And Der
Fair Value Measurements And Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements And Derivative Instruments [Abstract] | |
Fair Value Measurements And Derivative Instruments | Fair Value Measurements and Derivative Instruments Fair Market Value Measurements Depending on the inputs, we classify each fair value measurement as follows: • Level 1 – based upon quoted prices for identical instruments in active markets, • Level 2 – based upon quoted prices for similar instruments, prices for identical or similar instruments in markets that are not active, or model-derived valuations of all of whose significant inputs are observable, and • Level 3 – based upon one or more significant unobservable inputs. The following section describes key inputs and assumptions used in valuation methodologies of our assets and liabilities measured at fair value on a recurring basis: Cash and cash equivalents, short-term notes and accounts receivable, accounts payable and other current payables – The carrying amount approximates fair value because of the short maturity of these instruments. Debt – Fair value of debt, which was determined using Level 2 inputs, as of December 31, 2014 was $473.3 million versus a book value of $529.7 million . As of December 31, 2015 the fair value was $273.4 million , versus a book value of $367.2 million . Foreign currency derivatives – Foreign currency derivatives are carried at market value using Level 2 inputs. The outstanding contracts as of December 31, 2014 represented unrealized losses of $0.9 million , respectively. There were no outstanding gains or losses as of December 31, 2015. Commodity derivative contracts – Commodity derivative contracts are carried at fair value. We determine the fair value using observable, quoted natural gas and refined oil product prices that are determined by active markets and therefore classify the commodity derivative contracts as Level 2. The outstanding commodity derivative contracts represented an unrealized loss of $7.1 million as of December 31, 2014 . There were no outstanding gains or losses as of December 31, 2015 . Additional fair value information related to our Pension funds' assets can be found in Note 2 "Retirement Plans and Postretirement Benefits". Derivative Instruments We use derivative instruments as part of our overall foreign currency and commodity risk management strategies to manage the risk of exchange rate movements that would reduce the value of our foreign cash flows and to minimize commodity price volatility. Foreign currency exchange rate movements create a degree of risk by affecting the value of sales made and costs incurred in currencies other than the US Dollar. Certain of our derivative contracts contain provisions that require us to provide collateral. Since the counterparties to these financial instruments are large commercial banks and similar financial institutions, we do not believe that we are exposed to material counterparty credit risk. We do not anticipate nonperformance by any of the counter-parties to our instruments. Foreign currency derivatives We enter into foreign currency derivatives from time to time to attempt to manage exposure to changes in currency exchange rates. These foreign currency instruments, which include, but are not limited to, forward exchange contracts and purchased currency options, attempt to hedge global currency exposures such as foreign currency denominated debt, sales, receivables, payables, and purchases. Forward exchange contracts are agreements to exchange different currencies at a specified future date and at a specified rate. There was no ineffectiveness on these contracts during the twelve months ended December 31, 2014 or 2015 . In 2014 and 2015 , we entered into foreign forward currency derivatives as hedges of anticipated cash flows denominated in the Mexican peso, Brazilian real, South African rand, euro and Japanese yen. These derivatives were entered into to protect the risk that the eventual cash flows resulting from such transactions will be adversely affected by changes in exchange rates between the US dollar and the Mexican peso, Brazilian real, South African rand, euro and Japanese yen. As of December 31, 2014 , we had outstanding Mexican peso, Brazilian real, South African rand, euro, and Japanese yen currency contracts, with aggregate notional amounts of $95.2 million . As of December 31, 2015 , we had outstanding Mexican peso, euro and Japanese yen currency contracts, with aggregate notional amounts of $18.7 million . The foreign currency derivatives outstanding as of December 31, 2015 have several maturity dates ranging from January 2016 to March 2016 . Commodity derivative contracts We periodically enter into derivative contracts for natural gas and certain refined oil products. These contracts are entered into to protect against the risk that eventual cash flows related to these products will be adversely affected by future changes in prices. There was no ineffectiveness on these contracts during the twelve months ended December 31, 2014 or 2015 . As of December 31, 2014 , we had outstanding derivative swap contracts for refined oil products with aggregate notional amounts of $17.8 million . We had no outstanding commodity derivative contracts as of December 31, 2015 . Net Investment Hedges We use certain intercompany debt to hedge a portion of our net investment in our foreign operations against currency exposure (net investment hedge). Intercompany debt designated in foreign currency and designated as a non-derivative net investment hedging instrument was $15.8 million and $11.8 million as of December 31, 2014 and December 31, 2015 , respectively. Within our currency translation adjustment portion of other comprehensive income, we recorded gains of $0.2 million and $1.4 million in the year ended December 31, 2014 and December 31, 2015 , respectively, resulting from these net investment hedges. The fair value of all derivatives is recorded as assets or liabilities on a gross basis in our Consolidated Balance Sheets. At December 31, 2014 and 2015 , the fair value of our derivatives and their respective balance sheet locations are presented in the following table: Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value As of December 31, 2014 (Dollars in Thousands) Derivatives designated as cash flow hedges: Foreign currency derivatives Prepaid and other current assets $ 722 Other current liabilities $ 1,234 Commodity derivative contracts Prepaid and other current assets — Other current liabilities 7,067 Total fair value $ 722 $ 8,301 As of December 31, 2015 Derivatives designated as cash flow hedges: Foreign currency derivatives Prepaid and other current assets $ — Other current liabilities $ — Commodity derivative contracts Prepaid and other current assets — Other current liabilities 1 Total fair value $ — $ 1 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value As of December 31, 2014 (Dollars in Thousands) Derivatives not designated as hedges: Foreign currency derivatives Prepaid and other current assets $ 80 Other current liabilities $ 428 Total fair value $ 80 $ 428 As of December 31, 2015 Derivatives not designated as hedges: Foreign currency derivatives Prepaid and other current assets $ 76 Other current liabilities $ 11 Total fair value $ 76 $ 11 The location and amount of realized (gains) losses on derivatives are recognized in the Statements of Operations when the hedged item impacts earnings and are as follows for the years ended 2014 and 2015 : Amount of (Gain)/Loss Recognized (Effective Portion) Location of (Gain)/Loss Reclassified from Other Comprehensive Income (Effective Portion) 2014 For the Period January 1 For the Period August 15 Through December 31, 2015 (Dollars in Thousands) Derivatives designated as cash flow hedges: Foreign currency derivatives, excluding tax of $85 and $106 $17, respectively Cost of goods sold Other expense / (income) / Revenue $ (849 ) $ (1,062 ) $ (172 ) Commodity forward derivatives, excluding tax of $(120), $(424) and $0 respectively Cost of goods sold / Revenue $ 328 $ 1,161 $ — Amount of (Gain)/Loss Recognized Location of (Gain)/Loss Recognized in the Consolidated Statement of Income 2014 For the Period January 1 For the Period August 15 Through December 31, 2015 (Dollars in thousands) Derivatives not designated as hedges: Foreign currency derivatives Cost of goods sold/Other expense (income) $ 1,020 $ 1,060 $ (560 ) Our foreign currency and commodity derivatives are treated as hedges and are required to be measured at fair value on a recurring basis. With respect to the inputs used to determine the fair value, we use observable, quoted rates that are determined by active markets and, therefore, classify the contracts as “Level 2”. |
Supplementary Balance Sheet Det
Supplementary Balance Sheet Detail | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplementary Balance Sheet Detail | Supplementary Balance Sheet Detail The following tables present supplementary balance sheet details: At December 31, 2014 2015 (Dollars in thousands) Inventories: Raw materials and supplies $ 122,218 $ 80,408 Work in process 176,141 136,858 Finished goods 84,544 78,196 382,903 295,462 Prepaid expenses and other current assets: Prepaid expenses $ 9,923 $ 9,297 Current portion of deferred taxes 28,426 — Value added tax and other indirect taxes receivable 39,837 10,087 Other current assets 3,437 2,290 $ 81,623 $ 21,674 Property, plant and equipment: Land and improvements $ 36,375 $ 54,064 Buildings 193,427 76,331 Machinery and equipment and other 1,212,120 486,194 Construction in progress 58,899 44,291 $ 1,500,821 $ 660,880 Other accrued liabilities: Payrolls (including incentive programs) $ 6,151 $ 4,588 Customer prepayments 5,534 559 Employee compensation and benefits 8,932 7,842 Other 22,702 16,790 $ 43,319 $ 29,779 Other long term obligations: Postretirement benefits $ 24,833 $ 20,019 Pension and related benefits 65,882 55,364 Other 16,851 20,102 $ 107,566 $ 95,485 The following table presents an analysis of the allowance for doubtful accounts: As of December 31, For the Period January 1 through August 14, 2015 For the Period August 15 through December 31, 2015 2013 2014 (Dollars in thousands) Balance at beginning of year $ 7,573 $ 6,718 $ 7,471 $ — Additions 2,914 8,675 1,156 304 Deductions (3,769 ) (7,922 ) (2,313 ) — Balance at end of year $ 6,718 $ 7,471 $ 6,314 $ 304 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments Lease commitments under non-cancelable operating leases extending for one year or more will require the following future payments: (Dollars in thousands) 2016 $ 3,957 2017 2,423 2018 2,136 2019 1,773 2020 934 After 2020 45 Total lease and rental expenses under non-cancelable operating leases extending one year or more approximated $2.6 million in 2013 , $7.1 million in 2014 and $6.2 million in 2015 . |
Retirement Plans And Postretire
Retirement Plans And Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Retirement Plans And Postretirement Benefits | Retirement Plans and Postretirement Benefits Retirement Plans On February 26, 1991, we formed our own retirement plan covering substantially all our U.S. employees. Under our plan, covered employees earned benefit payments based primarily on their service credits and wages subsequent to February 26, 1991. Prior to that date, substantially all our U.S. employees were participants in the U.S. retirement plan of Union Carbide Corporation (“Union Carbide”). While service credit was frozen, covered employees continued to earn benefits under the Union Carbide plan based on their final average wages through February 26, 1991, adjusted for salary increases (not to exceed six percent per annum) through January 26, 1995, the date Union Carbide ceased to own a minimum 50% of the equity of GTI. The Union Carbide plan is responsible for paying retirement and death benefits earned as of February 26, 1991. Effective January 1, 2002, we established a defined contribution plan for U.S. employees. Certain employees had the option to remain in our defined benefit plan for an additional period of up to five years. Employees not covered by this option had their benefits under our defined benefit plan frozen as of December 31, 2001, and began participating in the defined contribution plan. Effective March 31, 2003, we curtailed our qualified benefit plan and the benefits were frozen as of that date for the U.S. employees who had the option to remain in our defined benefit plan. We also closed our non-qualified U.S. defined benefit plan for the participating salaried workforce. The employees began participating in the defined contribution plan as of April 1, 2003. We make quarterly contributions equal to 1% of each employee’s total eligible pay. The expense recorded for contributions to this plan was $0.9 million in 2013 , $0.8 million in 2014 and $0.6 million in 2015 . All such contributions were made using company stock. Pension coverage for employees of foreign subsidiaries is provided, to the extent deemed appropriate, through separate plans. Obligations under such plans are systematically provided for by depositing funds with trustees, under insurance policies or by book reserves. On March 27, 2015, we settled $62.0 million of projected benefit obligations through the purchase of a group annuity contract. The purchase was fully funded with pension plan assets. The obligation associated with this transaction will require no additional cash contributions by the company. The components of our consolidated net pension costs are set forth in the following table. Predecessor For the Year Ended December 31, 2013 2014 U.S. Foreign U.S. Foreign (Dollars in thousands) Service cost $ 870 $ 1,177 $ 750 $ 1,107 Interest cost 5,438 2,542 5,983 2,669 Expected return on assets (4,505 ) (2,339 ) (5,215 ) (2,516 ) Amortization of prior service cost — 25 — 2 Curtailment gain — — — (28 ) Mark-to-market loss (gain) (11,907 ) (393 ) 18,431 (534 ) $ (10,104 ) $ 1,012 $ 19,949 $ 700 Predecessor Successor For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 U.S. Foreign U.S. Foreign (Dollars in thousands) Service cost $ 151 $ 98 $ 386 $ 281 Interest cost 854 554 2,200 94 Expected return on assets — — (1,885 ) (59 ) Amortization of prior service cost — (12 ) — — Curtailment gain — — — (675 ) Mark-to-market loss (gain) — — 716 1,843 $ 1,005 $ 640 $ 1,417 $ 1,484 The primary driver of the mark-to-market gains in 2013 were changes in the discount rate due to interest rate fluctuations. The mark-to-market loss in 2014 was caused by changes in discount rates and updated mortality tables. The mark-to-market loss in 2015 was caused by changes to the discount rate. Amounts recognized in other comprehensive income: Predecessor For the Year Ended December 31, 2013 2014 U.S. Foreign U.S. Foreign (Dollars in thousands) Amortization of prior service cost $ — $ (25 ) $ — $ (26 ) Addition to prior service cost — (246 ) — — Effect of exchange rates — 11 — 8 Total recognized in other comprehensive loss $ — $ (260 ) $ — $ (18 ) Total recognized in pension costs and other comprehensive loss $ (10,104 ) $ 752 $ 19,949 $ 682 Predecessor For the Period January 1 Through August 14, 2015 U.S. Foreign (Dollars in thousands) Amortization of prior service cost $ — $ 28 Addition to prior service cost — — Effect of exchange rates — — Total recognized in other comprehensive loss $ — $ 28 Total recognized in pension costs and other comprehensive loss $ — $ 28 As a result of our acquisition by Brookfield (see Note 2 "Preferred Share Issuance and Merger"), our pension and post-retirement obligations were revalued as of August 15, 2015. The result of this valuation eliminated historical components of Other Comprehensive Income. The reconciliation of the beginning and ending balances of our pension plans’ benefit obligations, fair value of assets, and funded status at December 31, 2014 and 2015 are: Predecessor Successor As of December 31, 2014 As of December 31, 2015 U.S. Foreign U.S. Foreign (Dollars in thousands) Changes in Benefit Obligation: Net benefit obligation at beginning of period $ 134,787 $ 78,421 $ 146,790 $ 18,512 Service cost 750 1,107 386 281 Interest cost 5,983 2,669 2,200 94 Participant contributions — 288 — 79 Plan amendments / curtailments — — (578 ) Foreign currency exchange changes — (6,171 ) — (480 ) Actuarial loss (gain) 21,456 11,935 (3,896 ) 377 Benefits paid (8,608 ) (5,646 ) (3,354 ) (14 ) Net benefit obligation at end of period $ 154,368 $ 82,603 $ 142,126 $ 18,271 Changes in Plan Assets: Fair value of plan assets at beginning of period $ 90,875 $ 72,685 $ 97,473 $ 12,811 Actual return on plan assets 8,240 14,971 (2,727 ) (1,407 ) Foreign currency exchange rate changes — (5,479 ) — (346 ) Employer contributions 8,947 909 2,505 170 Participant contributions — 288 — 79 Benefits paid (8,608 ) (5,646 ) (3,354 ) (14 ) Fair value of plan assets at end of period $ 99,454 $ 77,728 $ 93,897 $ 11,293 Funded status (underfunded): $ (54,914 ) $ (4,875 ) $ (48,229 ) $ (6,978 ) Amounts recognized in accumulated other comprehensive loss: Prior service credit $ — $ (25 ) $ — $ (95 ) Amounts recognized in the statement of financial position: Non-current assets $ — $ 1,365 $ — $ — Current liabilities (439 ) (324 ) (437 ) (253 ) Non-current liabilities (54,475 ) (5,916 ) (47,792 ) (6,725 ) Net amount recognized $ (54,914 ) $ (4,875 ) $ (48,229 ) $ (6,978 ) The accumulated benefit obligation for all defined benefit pension plans was $237.0 million and $158.9 million at December 31, 2014 and 2015 , respectively. We made contributions to the plan of $4.3 million and paid benefits of $5.3 million during the period January 1 through August 14, 2015. As a result of our acquisition by Brookfield and subsequent purchase price allocation, our assets and liabilities associated with the plans were revalued as of August 15, 2015. Plan Assets The accounting guidance on fair value measurements specifies a hierarchy based on the observability of inputs used in valuation techniques (Level 1, 2 and 3). See Note 8, “Fair Value Measurements and Derivative Instruments,” for a discussion of the fair value hierarchy. The following describes the methods and significant assumptions used to estimate the fair value of the investments: Cash and cash equivalents – Valued at cost. Cash equivalents are valued at net asset value as provided by the administrator of the fund. Foreign government bonds – Valued by the trustees using various pricing services of financial institutions. Debt securities – Valued by the trustee at year-end using various pricing services of financial institutions, including Interactive Data Corporation, Standard & Poor’s and Telekurs. Equity securities – Valued at the closing price reported on the active market on which the security is traded. Fixed insurance contract – Valued at the present value of the guaranteed payment streams. Investment contracts – Valued at the total cost of annuity contracts purchased, adjusted for market differences from the date of purchase to year-end. Collective trusts – Valued at the net asset value provided by the administrator of the fund. The net asset value is based on the value of the underlying assets owned by the fund, minus its liabilities, divided by the number of units outstanding. The fair value of the plan assets by category is summarized below (dollars in thousands): Predecessor Successor December 31, 2014 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total U.S. Plan Assets Cash and cash equivalents $ 906 $ — $ — $ 906 $ 1,986 $ — $ — $ 1,986 Collective trusts — 98,548 — 98,548 — 91,911 — 91,911 Total $ 906 $ 98,548 $ — $ 99,454 $ 1,986 $ 91,911 $ — $ 93,897 International Plan Assets Cash and cash equivalents $ 1,364 $ — $ — $ 1,364 $ — $ — $ — $ — Foreign government bonds — 1,038 — 1,038 — 840 — 840 Investment contracts — — 61,990 61,990 — — — — Fixed insurance contracts — — 13,336 13,336 — — 10,453 10,453 Total $ 1,364 $ 1,038 $ 75,326 $ 77,728 $ — $ 840 $ 10,453 $ 11,293 The following table presents the changes for those financial instruments classified within Level 3 of the valuation hierarchy for international plan pension assets for the years ended December 31, 2014 and 2015 (dollars in thousands): Investment Contracts Fixed Insurance Contracts Balance at January 1, 2014 (Predecessor) $ 58,127 $ 10,865 Gain / contributions / currency impact 5,585 2,471 Distributions (1,722 ) — Balance at December 31, 2014 (Predecessor) 61,990 13,336 Gain / contributions / currency impact — (2,883 ) Distributions (61,990 ) — Balance at December 31, 2015 (Successor) $ — $ 10,453 We annually re-evaluate assumptions and estimates used in projecting pension assets, liabilities and expenses. These assumptions and estimates may affect the carrying value of pension assets, liabilities and expenses in our Consolidated Financial Statements. Assumptions used to determine net pension costs and projected benefit obligations are: Pension Benefit Obligations As of December 31, 2014 2015 Predecessor Successor Weighted average assumptions to determine benefit obligations: Discount rate 3.33 % 3.86 % Rate of compensation increase 2.08 % 1.84 % Pension Benefit Obligations As of December 31, 2014 2015 Predecessor Successor Weighted average assumptions to determine net cost: Discount rate 4.20 % 3.79 % Expected return on plan assets 4.77 % 3.99 % Rate of compensation increase 2.42 % 2.08 % We adjust our discount rate annually in relation to the rate at which the benefits could be effectively settled. Discount rates are set for each plan in reference to the yields available on AA-rated corporate bonds of appropriate currency and duration. The appropriate discount rate is derived by developing an AA-rated corporate bond yield curve in each currency. The discount rate for a given plan is the rate implied by the yield curve for the duration of that plan’s liabilities. In certain countries, where little public information is available on which to base discount rate assumptions, the discount rate is based on government bond yields or other indices and approximate adjustments to allow for the differences in weighted durations for the specific plans and/or allowance for assumed credit spreads between government and AA rated corporate bonds. The expected return on assets assumption represents our best estimate of the long-term return on plan assets and generally was estimated by computing a weighted average return of the underlying long-term expected returns on the different asset classes, based on the target asset allocations. The expected return on assets assumption is a long-term assumption that is expected to remain the same from one year to the next unless there is a significant change in the target asset allocation, the fees and expenses paid by the plan or market conditions. The rate of compensation increase assumption is generally based on salary increases. Plan Assets. The following table presents our retirement plan weighted average asset allocations at December 31, 2015 , by asset category : Percentage of Plan Assets US Foreign Equity securities and return seeking assets 20 % — % Fixed income, debt securities, or cash 80 % 100 % Total 100 % 100 % Investment Policy and Strategy. The investment policy and strategy of the U.S. plan is to invest approximately 20% in equities and return seeking assets and approximately 80% in fixed income securities. Rebalancing is undertaken monthly. To the extent we maintain plans in other countries, target asset allocation is 100% fixed income investments. For each plan, the investment policy is set within both asset return and local statutory requirements. Information for our pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2014 and 2015 follows: Predecessor Successor 2014 2015 U.S. Foreign U.S. Foreign (Dollars in thousands) Accumulated benefit obligation $ 154,368 $ 18,756 $ 142,126 $ 16,749 Fair value of plan assets 99,454 14,374 93,897 11,293 Information for our pension plans with a projected benefit obligation in excess of plan assets at December 31, 2014 and 2015 follows: Predecessor Successor 2014 2015 U.S. Foreign U.S. Foreign (Dollars in thousands) Projected benefit obligation $ 154,368 $ 20,617 $ 142,126 $ 18,271 Fair value of plan assets 99,454 14,374 93,897 11,293 Following is our projected future pension plan cash flow by year: U.S. Foreign (Dollars in thousands) Expected contributions in 2016: Expected employer contributions $ 8,693 $ 696 Expected employee contributions — — Estimated future benefit payments reflecting expected future service for the years ending December 31: 2016 9,153 893 2017 9,150 883 2018 9,182 820 2019 9,211 665 2020 9,256 738 2021-2025 46,479 5,336 Postretirement Benefit Plans We provide life insurance benefits for eligible retired employees. These benefits are provided through various insurance companies. We accrue the estimated net postretirement benefit costs during the employees’ credited service periods. In July 2002, we amended our U.S. postretirement medical coverage. In 2003 and 2004, we discontinued the Medicare Supplement Plan (for retirees 65 years or older or those eligible for Medicare benefits). This change applied to all U.S. active employees and retirees. In June 2003, we announced the termination of the existing early retiree medical plan for retirees under age 65 , effective December 31, 2005. In addition, we limited the amount of retiree’s life insurance after December 31, 2004. These modifications are accounted for prospectively. The impact of these changes is being amortized over the average remaining period to full eligibility of the related postretirement benefits. During 2009, we amended one of our U.S. plans to eliminate the life insurance benefit for certain non-pooled participants. The components of our consolidated net postretirement costs are set forth in the following table. Predecessor For the Year Ended December 31, For the Period January 1 through August 14, 2015 2013 2014 U.S. Foreign U.S. Foreign U.S. Foreign (Dollars in thousands) Service cost $ — $ 105 $ — $ 71 — $ 9 Interest cost 371 994 396 976 223 433 Amortization of prior service credit — (193 ) — (180 ) — — Plan amendment / curtailment — — — (294 ) — — Mark-to-market (gain) loss (1,284 ) (1,210 ) 1,151 1,456 — — $ (913 ) $ (304 ) $ 1,547 $ 2,029 $ 223 $ 442 Successor For the Period August 15 Through December 31, 2015 U.S. Foreign Service cost $ — $ 5 Interest cost 142 289 Amortization of prior service credit — — Plan amendment / curtailment — — Mark-to-market (gain) loss (100 ) (621 ) $ 42 $ (327 ) The primary driver of the mark-to-market losses in 2013 were changes in the discount rate due to interest rate fluctuations. The mark-to-market loss in 2014 was caused by changes in discount rates and mortality tables. The 2015 gain was driven by changes in the number of participants in the plans. Amounts recognized in other comprehensive income are: Predecessor For the Year Ended December 31, For the Period January 1 through August 14, 2015 2013 2014 U.S. Foreign U.S. Foreign U.S. Foreign (Dollars in thousands) Amortization of prior service cost $ — $ 193 $ — $ 180 $ — $ (95 ) Effect of exchange rates — 133 — 148 — — Total recognized in other comprehensive income $ — $ 326 $ — $ 328 $ — $ (95 ) Total recognized in net post retirement cost (benefit) and other comprehensive income $ (913 ) $ 22 $ 1,547 $ 2,357 $ — $ (95 ) As a result of our acquisition by Brookfield (see Note 2 "Preferred Share Issuance and Merger"), our pension and post-retirement obligations were revalued as of August 15, 2015. The result of this valuation eliminated historical components of Other Comprehensive Income. The reconciliation of beginning and ending balances of benefit obligations under, fair value of assets of, and the funded status of, our postretirement plans is set forth in the following table: Postretirement Benefits Predecessor Successor As of December 31, 2014 As of December 31, 2015 U.S. Foreign U.S. Foreign (Dollars in thousands) Changes in Benefit Obligation: Net benefit obligation at beginning of period $ 11,275 $ 15,645 $ 11,395 $ 13,457 Service cost — 71 — 5 Interest cost 396 976 142 289 Foreign currency exchange rates — (1,437 ) — (1,489 ) Actuarial loss (gain) 1,151 1,511 (100 ) (621 ) Gross benefits paid (1,236 ) (1,068 ) (578 ) (345 ) Plan amendment — (294 ) — — Net benefit obligation at end of period $ 11,586 $ 15,404 $ 10,859 $ 11,296 Changes in Plan Assets: Fair value of plan assets at beginning of period $ — $ — $ — $ — Employer contributions 1,236 1,068 578 345 Gross benefits paid (1,236 ) (1,068 ) (578 ) (345 ) Fair value of plan assets at end of period $ — $ — $ — $ — Funded status: $ (11,586 ) $ (15,404 ) $ (10,859 ) $ (11,296 ) Amounts recognized in accumulated other comprehensive loss: Prior service credit $ — $ 1,554 $ — $ — Amounts recognized in the statement of financial position: Current liabilities $ (1,204 ) $ (953 ) $ (1,298 ) $ (755 ) Non-current liabilities (10,382 ) (14,451 ) (9,561 ) (10,541 ) Net amount recognized $ (11,586 ) $ (15,404 ) $ (10,859 ) $ (11,296 ) We made contributions to the plan of $1.6 million and paid benefits of $1.6 million during the period January 1 through August 14, 2015. As a result of our acquisition by Brookfield and subsequent purchase price allocation, the liabilities associated with the plans were revalued as of August 15, 2015. We annually re-evaluate assumptions and estimates used in projecting the postretirement liabilities and expenses. These assumptions and estimates may affect the carrying value of postretirement plan liabilities and expenses in our Consolidated Financial Statements. Assumptions used to determine net postretirement benefit costs and postretirement projected benefit obligation are set forth in the following table: Postretirement Benefit Obligations Predecessor Successor As of December 31, 2014 2015 Weighted average assumptions to determine benefit obligations: Discount rate 4.82 % 5.10 % Health care cost trend on covered charges: Initial 6.55 % 6.67 % Ultimate 6.18 % 6.48 % Years to ultimate 1 2 Postretirement Benefit Costs Predecessor Successor 2014 2015 Weighted average assumptions to determine net cost: Discount rate 5.29 % 4.91 % Health care cost trend on covered charges: Initial 7.39 % 6.55 % Ultimate 6.18 % 6.18 % Years to ultimate 2 0 Assumed health care cost trend rates have a significant effect on the amounts reported for our postretirement benefits. A one-percentage point change in assumed health care cost trend rates would have the following effects at December 31, 2015 : One Percentage Point Increase One Percentage Point Decrease U.S. Foreign U.S. Foreign (Dollars in thousands) Effect on total service cost and interest cost components $ 3 $ 27 $ (3 ) $ (33 ) Effect on benefit obligations $ 121 $ 797 $ (115 ) $ (687 ) Discount rates are set for each plan in reference to the yields available on AA-rated corporate bonds of appropriate currency and duration. The appropriate discount rate is derived by developing an AA-rated corporate bond yield curve in each currency. The discount rate for a given plan is the rate implied by the yield curve for the duration of that plan’s liabilities. In certain countries, where little public information is available on which to base discount rate assumptions, the discount rate is based on government bond yields or other indices and approximate adjustments to allow for the differences in weighted durations for the specific plans and/or allowance for assumed credit spreads between government and AA-rated corporate bonds. The following table represents projected future postretirement cash flow by year: U.S. Foreign (Dollars in thousands) Expected contributions in 2015: Expected employer contributions $ 1,298 $ 755 Expected employee contributions — — Estimated future benefit payments reflecting expected future service for the years ending December 31: 2016 1,298 755 2017 1,233 762 2018 1,152 772 2019 1,061 782 2020 962 796 2020-2024 3,454 4,231 Other Non-Qualified Benefit Plans Since January 1, 1995, we have established various unfunded, non-qualified supplemental retirement and deferred compensation plans for certain eligible employees. We established benefits protection trusts (collectively, the “Trust” ) to partially provide for the benefits of employees participating in these plans. As of December 31, 2014 and December 31, 2015 , the Trust had assets of approximately $5.2 million and $0.8 million , respectively, which are included in other assets and treasury stock on the Consolidated Balance Sheets. The majority of the participants received a distribution of the their assets resulting from change of control provisions that were triggered by our acquisition by Brookfield. Savings Plan Our employee savings plan provides eligible employees the opportunity for long-term savings and investment. The plan allows employees to contribute up to 5% of pay as a basic contribution and an additional 45% of pay as supplemental contribution. For 2013 , 2014 and part of 2015 , we contributed on behalf of each participating employee, in units of a fund that invests entirely in our common stock, 3% on the first 100% contributed by the employee and 5% on the next 20% contributed by the employee. We contributed 553,298 shares in 2013 , resulting in an expense of $4.6 million ; 581,006 shares in 2014 , resulting in an expense of $4.4 million ; and 321,107 shares in 2015 , resulting in an expense of $1.4 million . |
Management Compensation And Inc
Management Compensation And Incentive Plans | 12 Months Ended |
Dec. 31, 2015 | |
Management Compensation And Incentive Plans [Abstract] | |
Management Compensation And Incentive Plans | Management Compensation and Incentive Plans - Stock-Based Compensation On August 11, 2015, the Company issued Preferred Stock to Brookfield in excess of 15% of the Company's outstanding shares (see Note 2 "Preferred Share Issuance and Tender Offer"). This ownership exceeded the threshold for the change in control provisions in our Long Term Incentive Compensation ("LTIP") agreements under our 2005 Equity Incentive Plan. As a result, upon such issuance, all unvested restricted shares vested. Performance shares vested at 100% and stock options with a strike price below the Offer Price were cancelled upon payment of the amount equal to the Offer Price less the exercise price. These vestings and payments resulted in a $12.7 million accelerated charge in the predecessor period. There are no longer any outstanding awards as of December 31, 2015. Stock-Based Compensation We recognized $7.7 million , $5.6 million , and $15.3 million in stock-based compensation expense in 2013 , 2014 and 2015 , respectively. A majority of the expense, $6.9 million , $ 4.8 million , and $ 14.6 million , respectively, was recorded as selling and administrative expenses in the Consolidated Statements of Income, with the remainder recorded as cost of sales and research and development. Accounting for Stock-Based Compensation Restricted Stock and Performance Shares. Compensation expense for restricted stock and performance share awards is based on the closing price of our common stock on the date of grant, less our assumptions of dividend yield and expected forfeitures or cancellations of awards throughout the vesting period, which generally range between one and three years. Restricted stock and performance share awards activity under the plans for the year ended December 31, 2015 , was: Number of Shares Weighted- Average Grant Date Fair Value Outstanding unvested at December 31, 2014 1,814,130 $ 6.31 Granted 412,191 9.67 Vested (2,037,914 ) 6.98 Forfeited/canceled/expired (188,407 ) 6.42 Outstanding at December 31, 2015 — $ — Stock Options. Compensation expense for stock options is based on the estimated fair value of the option on the date of the grant. We calculate the estimated fair value of the option using the Black-Scholes option-pricing model. We did not grant any stock options during 2015. Stock option activity under the plans for the year ended December 31, 2015 was: Number of Shares Weighted- Average Exercise Price Outstanding at December 31, 2014 2,042,074 $ 10.93 Granted — — Forfeited/canceled/expired (1,562,791 ) 12.98 Exercised (479,283 ) 4.24 Outstanding at December 31, 2015 — $ — Incentive Compensation Plans We have a global incentive program for our worldwide salaried and hourly employees, the Incentive Compensation Program (the “ ICP ”), which includes a shareholder-approved executive incentive compensation plan. The ICP is based primarily on earnings before income taxes and achieving cash flow targets and, to a lesser extent, strategic targets. We had no balance in our accrued liability for ICP as of December 31, 2014 and 2015. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Loss Contingency [Abstract] | |
Contingencies | Contingencies Legal Proceedings We are involved in various investigations, lawsuits, claims, demands, environmental compliance programs and other legal proceedings arising out of or incidental to the conduct of our business. While it is not possible to determine the ultimate disposition of each of these matters, we do not believe that their ultimate disposition will have a material adverse effect on our financial position, results of operations or cash flows. Litigation has been pending in Brazil brought by employees seeking to recover additional amounts under certain wage increase provisions applicable in 1989 and 1990 under collective bargaining agreements to which employers in the Bahia region of Brazil were a party (including our subsidiary in Brazil), plus interest thereon. Prior to October 1, 2015, we were not party to such litigation. Companies in Brazil have recently settled claims arising out of these provisions and, in May 2015, the litigation was remanded, in favor of the employees, by the Brazil Supreme Court to the lower courts for further proceedings which included procedural aspects of the case, such as admissibility of instruments filed by the parties. We cannot predict the outcome of such litigation. On October 1, 2015, an action was filed by current and former employees against our subsidiary in Brazil to recover amounts under such provisions, plus interest thereon, which amounts together with interest could be material to us. We intend to vigourously defend such action. On October 8, 2014, the General Superintendent of the Administrative Council of Economic Defense in Brazil (“CADE”) announced that the agency would be continuing an investigation of anticompetitive activity allegedly affecting the Brazilian market from 1992 to 1998. The investigation was originally commenced in 2002 and was essentially been dormant for many years. The investigation purportedly relates to violations of antitrust laws that were previously investigated in from 1997 to 2002 by the U.S. Department of Justice, the European Commission, and other countries in connection with the sale of graphite electrodes. Those antitrust investigations and related lawsuits and claims have long been resolved and all fines and settlements timely paid many years ago. On May 14, 2015, the Public Prosecutors’ Office published its legal opinion recommending that the case be dismissed based on (i) the interim statute of limitation and (ii) the lack of effect of the cartel on the Brazilian market, and the CADE Commissioners unanimously terminated the case on or about October 14, 2015. No penalties were assessed against us, and we have been advised that this decision is not capable of appeal. Product Warranties We generally sell products with a limited warranty. We accrue for known warranty claims if a loss is probable and can be reasonably estimated. We also accrue for estimated warranty claims incurred based on a historical claims charge analysis. Product warranties were not impacted by purchase price accounting adjustments. Claims accrued but not yet paid and the related activity within the reserve for 2014 and 2015 are as follows: (Dollars in Thousands) Balance as of December 31, 2014 $ 923 Product warranty charges/adjustments 576 Payments and settlements (557 ) Balance as of December 31, 2015 $ 942 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table summarizes the U.S. and non-U.S. components of income (loss) before provision (benefit) for income taxes: Predecessor Successor For the Year Ended December 31, For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 2013 2014 (Dollars in thousands) U.S. $ 8,495 $ (255,043 ) $ (96,258 ) $ (22,755 ) Non-U.S. (48,597 ) (39,749 ) (20,305 ) (3,916 ) $ (40,102 ) $ (294,792 ) $ (116,563 ) $ (26,671 ) Income tax expense (benefit) consists of the following: Predecessor Successor For the Year Ended December 31, For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 2013 2014 (Dollars in thousands) U.S income taxes: Current $ 4,104 $ (1,762 ) $ (20 ) $ (52 ) Deferred (5,652 ) (537 ) 403 686 (1,548 ) (2,299 ) 383 634 Non-U.S. income taxes: Current 5,422 8,349 3,182 1,565 Deferred (16,717 ) (15,466 ) 521 4,681 (11,295 ) (7,117 ) 3,703 6,246 Total income tax expense (benefit) $ (12,843 ) $ (9,416 ) $ 4,086 $ 6,880 Income tax expense (benefit) differed from the amounts computed by applying the U.S. federal income tax rate of 35% to income before provision (benefit) for income taxes as set forth in the following table: Predecessor Successor For the Year Ended December 31, For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 2013 2014 (Dollars in thousands) Tax at statutory U.S. federal rate $ (14,036 ) $ (103,177 ) $ (40,797 ) $ (9,335 ) U.S. valuation allowance, net (700 ) 73,350 27,443 8,876 State taxes, net of federal tax benefit (371 ) (4,387 ) (3,215 ) (697 ) U.S. tax return adjustments to estimated taxes (1,032 ) (368 ) — — Resolution of uncertain tax positions (752 ) (513 ) 71 64 Adjustment for foreign income taxed at different rates 6,832 7,376 11,435 7,324 U.S. tax credits (2,577 ) (1,000 ) — — Non-U.S. tax exemptions, holidays and credits — — (691 ) 228 Goodwill impairment — 17,161 8,026 — Capital loss expiration — 2,422 — — Other (207 ) (280 ) 1,814 420 Total income tax (benefit) expense $ (12,843 ) $ (9,416 ) $ 4,086 $ 6,880 The Company has been granted a tax holiday in Brazil, which expires in 2016. The availability of the tax holiday in Brazil did not have a significant impact on the current tax year. The tax effects of temporary differences that give rise to significant components of the deferred tax assets and deferred tax liabilities at December 31, 2014 , and December 31, 2015 are set forth in the following table: As of December 31, 2014 Predecessor 2015 Successor (Dollars in thousands) Deferred tax assets: Postretirement and other employee benefits $ 43,204 $ 34,713 Foreign tax credit and other carryforwards 64,214 115,163 Capitalized research and experimental costs 23,446 21,592 Environmental reserves 3,366 4,273 Inventory adjustments 19,568 12,719 Capital loss 272 276 Long-term contract option amortization 2,214 2,138 Provision for rationalization charges 17,255 5,967 Other 6,288 729 Total gross deferred tax assets 179,827 197,570 Less: valuation allowance (95,721 ) (165,539 ) Total deferred tax assets 84,106 32,031 Deferred tax liabilities: Fixed assets $ 59,292 $ 54,150 Debt discount amortization / Deferred financing fees 3,301 7,666 Inventory 6,865 4,985 Goodwill and acquired intangibles 1,046 2,686 Other 3,761 4,647 Total deferred tax liabilities 74,265 74,134 Net deferred tax (liability) asset $ 9,841 $ (42,103 ) In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17, “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ,” which requires deferred tax assets and liabilities, as well as any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will only have one net noncurrent deferred tax asset or liability. This ASU does not change the existing requirement that only permits offsetting within a jurisdiction. The amendments in the update may be applied either prospectively or retrospectively to all prior periods presented. The new guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. We adopted the amendments as of December 31, 2015 on a prospective basis. Adoption of the amendments resulted in the presentation of all deferred income tax assets as noncurrent deferred income tax assets in our Consolidated Balance Sheet as of December 31, 2015. No prior periods were retrospectively adjusted and the adoption of the amendments had no impact on our consolidated results of operations or cash flows. Net current deferred income tax assets are included in prepaid expenses and other current assets in the amount of $ 28.4 million as of December 31, 2014 . Net non-current deferred tax assets are separately stated as deferred income taxes in the amount of $ 16.8 million as of December 31, 2014 and $ 15.3 million as of December 31, 2015 . Net current deferred tax liabilities are included in accrued income and other taxes in the amount of $ 7.2 million as of December 31, 2014 . Net non-current deferred tax liabilities are separately stated as deferred income taxes in the amount of $ 28.2 million at December 31, 2014 and $ 57.4 million at December 31, 2015 . We continue to assess the need for valuation allowances against deferred tax assets based on determinations of whether it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. Appropriate consideration is given to all available evidence, both positive and negative, in assessing the need for a valuation allowance. Examples of positive evidence would include a strong earnings history, an event or events that would increase our taxable income through a continued reduction of expenses, and tax planning strategies that would indicate an ability to realize deferred tax assets. Examples of negative evidence would include cumulative losses in recent years and history of tax attributes expiring unused. GrafTech impaired the fixed assets and announced exiting of certain product lines in our Advanced Graphite Material ("AGM") product group, in the Company’s second quarter Form 10-Q. During the third quarter of 2014, we announced the conclusion of another phase of our on-going companywide cost savings assessment. This resulted in changes to the Company’s operating and management structure in order to streamline, simplify and decentralize the organization as described in more detail in Note 3, Rationalizations. The impairment charges and other rationalization related charges were incurred primarily in the U.S. jurisdiction. As a result, we determined that it is no longer “more likely than not” that we will generate sufficient future U.S. taxable income to realize our deferred tax assets related to U.S. foreign tax credits and state net operating loss carryforwards, as well as our net U.S. deferred tax assets. With the additional significant negative evidence of recent losses, the Company recognized a $73.4 million non-cash charge to the Statement of Operations in 2014 to reflect a full valuation allowance against these U.S. deferred income tax assets. The recognition of the valuation allowance does not result in or limit the Company's ability to utilize these tax assets in the future. Valuation allowance activity for the years ended December 31, 2013 , 2014 and 2015 is as follows: For the year ended December 31, 2013 2014 (Dollars in thousands) Balance as of January 1 $ 26,312 $ 20,411 (Credited) / charged to income (614 ) 74,157 Translation adjustment (746 ) (800 ) Changes attributable to movement in underlying assets (4,541 ) 1,953 Balance as of December 31 $ 20,411 $ 95,721 Predecessor (Dollars in thousands) Balance at January 1, 2015 $ 95,721 (Credited) / charged to income 29,363 Translation adjustment (1,467 ) Changes attributable to movement in underlying assets (8,168 ) Balance as of August 14, 2015 $ 115,449 Successor (Credited) / charged to income 6,780 Translation adjustment (101 ) Changes attributable to movement in underlying assets 43,411 Balance as of December 31, 2015 $ 165,539 We have total foreign tax credit carryforwards of $ 19.7 million as of December 31, 2015 , for which a full valuation allowance is recorded. These tax credit carryforwards begin to expire as of December 31, 2016. In addition, we have a federal net operating loss carryforward of $178.8 million and state net operating losses carryforwards of $260.6 million , which can be carried forward from 5 to 20 years. These net operating losses carryforwards generate a deferred tax asset of $74.6 million as of December 31, 2015. We also have U.S. non-net operating loss related deferred tax assets of $62.0 million as of December 31, 2015. The federal net operating loss carryforward and foreign tax credit utilization will be limited by IRC §382 and §383, respectively. We have assessed the need for valuation allowances against these deferred tax assets based on determinations of whether it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. Appropriate consideration is given to all available evidence, both positive and negative, in assessing the need for a valuation allowance, including existing level of profitability and recently available projections of future taxable income, which are comparable with current year results. Based upon the levels of historical federal and state taxable income and projections of future federal and state taxable income over the periods during which the carryforwards can be utilized, we do not believe it is more likely than not that we will realize the tax benefits of these deferred tax assets. Until we determine that we will generate sufficient jurisdictional taxable income to realize our net operating losses and deferred tax assets, these assets will continue to be fully reserved. We have non-U.S. loss and tax credit carryforwards on a gross tax effected basis of $ 19.3 million , which can be carried forward from 7 years to indefinitely. As of December 31, 2015 , we had unrecognized tax benefits of $3.9 million , $ 3.1 million of which, if recognized, would have a favorable impact on our effective tax rate. We have elected to report interest and penalties related to uncertain tax positions as income tax expense. Accrued interest and penalties were $ 0.6 million as of December 31, 2013 (a reduction of $0.3 million in from 2011), $ 0.5 million as of December 31, 2014 and $ 0.7 million as of December 31, 2015 . A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: As of December 31, 2013 2014 (Dollars in thousands) Balance at January 1 $ 9,769 $ 7,203 Additions based on tax positions related to the current year 881 268 Additions for tax positions of prior years 323 232 Reductions for tax positions of prior years (2,779 ) (1,204 ) Lapse of statutes of limitations — (1,180 ) Settlements (988 ) (1,503 ) Foreign currency impact (3 ) (106 ) Balance at December 31 $ 7,203 $ 3,710 Predecessor (Dollars in thousands) Balance at January 1, 2015 $ 3,710 Foreign currency impact (21 ) Balance as of August 14, 2015 $ 3,689 Successor Additions for tax positions of prior years 301 Foreign currency impact (69 ) Balance as of December 31, 2015 $ 3,921 It is reasonably possible that a reduction of unrecognized tax benefits of up to $0.6 million may occur within 12 months due to settlements and the expiration of statutes of limitation. We file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. All U.S. federal tax years prior to 2013 are generally closed by statute or have been audited and settled with the applicable domestic tax authorities. All other jurisdictions are still open to examination beginning after 2009. The Company has not provided for U.S. income taxes or foreign withholding taxes on the differences between the financial reporting basis in our foreign investments, and the tax basis in such investments, estimated to be $537.3 million , which are considered to be permanently reinvested as of December 31, 2015. Any outside basis difference would be taxable upon the sale or liquidation of the foreign subsidiaries, or upon the remittance of dividends. The measurement of the unrecognized U.S. income taxes, if any, that may be associated with these outside basis differences, is not practicable. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table shows the information used in the calculation of our basic and diluted earnings per share as of December 31: As of December 31, For the Period July 1, 2015 Through August 14, 2015 For the Period August 15, 2015 Through December 31, 2015 2013 2014 (Dollars in thousands) Weighted average common shares outstanding for basic calculation 135,067,278 136,155,295 137,152,430 N/A Add: Effect of stock options and restricted stock — — — N/A Weighted average common shares outstanding for diluted calculation 135,067,278 136,155,295 137,152,430 N/A Basic earnings per common share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share are calculated by dividing net income by the sum of the weighted average number of common shares outstanding plus the additional common shares that would have been outstanding if potentially dilutive securities had been issued. The weighted average common shares outstanding for the diluted earnings per share calculation excludes consideration of stock options covering 1,866,720 shares in 2013 , 1,481,992 shares in 2014 , as the exercise prices were greater than the weighted average market price of our common stock for that period. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The balance in our accumulated other comprehensive loss is set forth in the following table: Predecessor Successor For year ended December 31, 2014 For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 (Dollars in thousands) Foreign currency translation adjustments $ 328,233 $ 356,169 $ 10,134 Commodities and foreign currency derivatives and other, net of tax of ($63), ($68) and ($21) respectively 8,291 7,029 123 Total accumulated comprehensive loss $ 336,524 $ 363,198 $ 10,257 As a result of our acquisition by Brookfield and the subsequent purchase price accounting adjustments, accumulated comprehensive losses in equity were reset on August 15, 2015. |
Guarantor Information
Guarantor Information | 12 Months Ended |
Dec. 31, 2015 | |
Consolidating Financials [Abstract] | |
Guarantor Information | Guarantor Information On November 20, 2012, GrafTech International Ltd. (the “Parent”), issued $300 million aggregate principal amount of Senior Notes. The Senior Notes mature on November 15, 2020 and bear interest at a rate of 6.375% per year, payable semi-annually in arrears on May 15 and November 15 of each year. The Senior Notes have been guaranteed on a senior basis by the following wholly-owned direct and indirect subsidiaries of the Parent: GrafTech Finance Inc., GrafTech Holdings Inc., GrafTech USA LLC, Seadrift Coke LLP, Fiber Materials, Inc., Intermat, GrafTech Global Enterprises Inc., GrafTech International Holdings Inc., GrafTech DE LLC, GrafTech Seadrift Holding Corp, GrafTech International Trading Inc., GrafTech Technology LLC, GrafTech NY Inc., and Graphite Electrode Network LLC. The guarantors of the Senior Notes, solely in their respective capacities as such, are collectively called the “Guarantors.” Our other subsidiaries, which are not guarantors of the Senior Notes, are called the “Non-Guarantors.” All of the guarantees are unsecured. All of the guarantees are full, unconditional (subject to limited exceptions described below) and joint and several. Each of the Guarantors are 100% owned, directly or indirectly, by the Parent. All of the guarantees of the Senior Notes continue until the Senior Notes have been paid in full, and payment under such guarantees could be required immediately upon the occurrence of an event of default under the Senior Notes. If a Guarantor makes a payment under its guarantee of the Senior Notes, it would have the right under certain circumstances to seek contribution from the other Guarantors. The Guarantors will be released from the guarantees upon the occurrence of certain events, including the following: the unconditional release or discharge of any guarantee or indebtedness that resulted in the creation of the guarantee of the Senior Notes by such Guarantor; the sale or other disposition, including by way of merger or consolidation or the sale of its capital stock, following which such Guarantor is no longer a subsidiary of the Parent; or the Parent's exercise of its legal defeasance option or its covenant defeasance option as described in the indenture applicable to the Senior Notes. If any Guarantor is released, no holder of the Senior Notes will have a claim as a creditor against such Guarantor and the indebtedness and other liabilities, including trade payables and preferred stock, if any, of such Guarantor will be effectively senior to the claim of any holders of the Senior Notes. Investments in subsidiaries are recorded on the equity basis. The following tables set forth condensed consolidating balance sheets as of December 31, 2014 and December 31, 2015 and condensed consolidating statements of operations and comprehensive income (loss) for the year ended December 31, 2013 , 2014 and 2015 and condensed consolidating statements of cash flows for 2014 and 2015 of the Parent, Guarantors and the Non-Guarantors. CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2014 (Predecessor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 5,503 $ 12,047 $ — $ 17,550 Accounts receivable - affiliates 40,474 35,618 40,185 (116,277 ) — Accounts receivable - trade — 45,861 117,058 — 162,919 Inventories — 148,080 234,823 — 382,903 Prepaid and other current assets — 17,336 64,287 — 81,623 Total current assets 40,474 252,398 468,400 (116,277 ) 644,995 Investment in affiliates 1,414,278 762,251 — (2,176,529 ) — Property, plant and equipment — 431,602 222,438 — 654,040 Deferred income taxes — — 16,819 — 16,819 Goodwill — 217,099 203,030 — 420,129 Notes receivable - affiliate 35,722 7,413 — (43,135 ) — Other assets 4,110 45,617 48,095 — 97,822 Total Assets $ 1,494,584 $ 1,716,380 $ 958,782 $ (2,335,941 ) $ 1,833,805 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable - affiliate $ — $ 80,659 $ 35,618 $ (116,277 ) $ — Accounts payable - trade 47 35,435 50,927 — 86,409 Short-term debt 187,973 131 — — 188,104 Accrued income and other taxes 344 3,380 20,782 — 24,506 Rationalizations — 7,538 2,025 — 9,563 Other accrued liabilities 2,444 15,252 25,623 — 43,319 Total current liabilities 190,808 142,395 134,975 (116,277 ) 351,901 Long-term debt - affiliate — 35,722 7,413 (43,135 ) — Long-term debt - third party 300,000 40,393 1,222 — 341,615 Other long-term obligations — 77,724 29,842 — 107,566 Deferred income taxes — 5,118 23,079 — 28,197 Stockholders' equity 1,003,776 1,415,028 762,251 (2,176,529 ) 1,004,526 Total Liabilities and Stockholders' Equity $ 1,494,584 $ 1,716,380 $ 958,782 $ (2,335,941 ) $ 1,833,805 CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2015 (Successor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 646 $ 6,281 $ — $ 6,927 Accounts receivable - affiliates 51,592 9,362 20,823 (81,777 ) — Accounts receivable - trade — 20,749 82,066 — 102,815 Inventories — 123,340 172,122 — 295,462 Prepaid and other current assets — 8,109 13,565 — 21,674 Total current assets 51,592 162,206 294,857 (81,777 ) 426,878 Investment in affiliates 1,068,028 668,113 — (1,736,141 ) — Property, plant and equipment — 291,494 346,039 — 637,533 Deferred income taxes — — 15,327 — 15,327 Goodwill — 72,399 99,660 — 172,059 Notes receivable - affiliate — 46,074 — (46,074 ) — Other assets — 96,964 73,254 — 170,218 Total Assets $ 1,119,620 $ 1,337,250 $ 829,137 $ (1,863,992 ) $ 1,422,015 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable - affiliate $ 159 $ 72,418 $ 9,200 $ (81,777 ) $ — Accounts payable - trade — 18,546 30,932 — 49,478 Short-term debt — 4,636 136 — 4,772 Accrued income and other taxes — 5,864 3,175 — 9,039 Rationalizations — 995 2,053 — 3,048 Other accrued liabilities 2,444 11,511 15,824 — 29,779 Total current liabilities 2,603 113,970 61,320 (81,777 ) 96,116 Long-term debt - affiliate 38,661 — 7,413 (46,074 ) — Long-term debt - third party 267,827 93,758 870 — 362,455 Other long-term obligations — 61,246 34,239 — 95,485 Deferred income taxes — 248 57,182 — 57,430 Stockholders' equity 810,529 1,068,028 668,113 (1,736,141 ) 810,529 Total Liabilities and Stockholders' Equity $ 1,119,620 $ 1,337,250 $ 829,137 $ (1,863,992 ) $ 1,422,015 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the year ended December 31, 2013 (Predecessor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 220,354 $ 149,251 $ (369,605 ) $ — Sales - third party — 469,033 697,641 — 1,166,674 Net sales — 689,387 846,892 (369,605 ) 1,166,674 Cost of sales — 584,819 812,394 (369,605 ) 1,027,608 Gross profit — 104,568 34,498 — 139,066 Research and development — 10,437 — — 10,437 Selling and administrative expenses — 40,548 70,495 — 111,043 Rationalizations — 2,732 17,424 — 20,156 Operating income (loss) — 50,851 (53,421 ) — (2,570 ) Other expense (income), net — (176 ) 1,874 — 1,698 Interest expense - affiliate — 1,364 670 (2,034 ) — Interest expense - third party 31,294 3,029 1,714 — 36,037 Interest income - affiliate (1,233 ) (670 ) (131 ) 2,034 — Interest income - third party — — (203 ) — (203 ) (Loss) income before income taxes (30,061 ) 47,304 (57,345 ) — ` (40,102 ) (Benefit) provision for income taxes (10,659 ) 9,111 (11,295 ) — (12,843 ) Equity in losses of subsidiary (7,857 ) (46,050 ) — 53,907 — Net income (loss) $ (27,259 ) $ (7,857 ) $ (46,050 ) $ 53,907 $ (27,259 ) Statements of Comprehensive Income (Loss) Net income (loss) $ (27,259 ) $ (7,857 ) $ (46,050 ) $ 53,907 $ (27,259 ) Other comprehensive (loss) income (11,946 ) (11,946 ) (13,601 ) 25,547 (11,946 ) Comprehensive income (loss) $ (39,205 ) $ (19,803 ) $ (59,651 ) $ 79,454 $ (39,205 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the year ended December 31, 2014 (Predecessor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 263,742 $ 150,346 $ (414,088 ) $ — Sales - third party — 422,991 662,313 — 1,085,304 Net sales — 686,733 812,659 (414,088 ) 1,085,304 Cost of sales — 630,031 777,114 (414,088 ) 993,057 Gross profit — 56,702 35,545 — 92,247 Research and development — 14,844 — — 14,844 Selling and administrative expenses — 55,454 68,724 — 124,178 Impairments — 186,552 10,668 — 197,220 Rationalizations — 9,109 2,516 — 11,625 Operating income (loss) — (209,257 ) (46,363 ) — (255,620 ) Other expense (income), net — 1,575 870 — 2,445 Interest expense - affiliate — 806 — (806 ) — Interest expense - third party 32,118 4,037 902 — 37,057 Interest income - affiliate (806 ) — — 806 — Interest income - third party — (11 ) (319 ) — (330 ) (Loss) income before income taxes (31,312 ) (215,664 ) (47,816 ) — ` (294,792 ) (Benefit) provision for income taxes 3,319 (5,618 ) (7,117 ) — (9,416 ) Equity in losses of subsidiary (251,495 ) (40,699 ) — 292,194 — Net income (losses) $ (286,126 ) $ (250,745 ) $ (40,699 ) $ 292,194 $ (285,376 ) Statements of Comprehensive Income (Loss) Net loss $ (286,126 ) $ (250,745 ) $ (40,699 ) $ 292,194 $ (285,376 ) Other comprehensive (loss) income (43,900 ) (43,900 ) (28,650 ) 72,550 (43,900 ) Comprehensive income (loss) $ (330,026 ) $ (294,645 ) $ (69,349 ) $ 364,744 $ (329,276 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the Period January 1 through August 14, 2015 (Predecessor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 124,489 $ 52,794 $ (177,283 ) $ — Sales - third party — 160,761 277,170 — 437,931 Net sales — 285,250 329,964 (177,283 ) 437,931 Cost of sales — 266,369 310,731 (177,283 ) 399,817 Gross profit — 18,881 19,233 — 38,114 Research and development — 5,556 — — 5,556 Selling and administrative expenses 6,750 44,507 29,890 — 81,147 Impairments — 35,381 — — 35,381 Rationalizations — (374 ) 4,881 — 4,507 Operating loss (6,750 ) (66,189 ) (15,538 ) — (88,477 ) Other expense (income), net — 804 531 — 1,335 Interest expense - affiliate 3 372 — (375 ) — Interest expense - third party 24,366 2,481 271 — 27,118 Interest income - affiliate (372 ) (3 ) — 375 — Interest income - third party — (5 ) (362 ) — (367 ) Loss before income taxes (30,747 ) (69,838 ) (15,978 ) — ` (116,563 ) (Benefit from) provision for income taxes — 385 3,701 — 4,086 Equity in losses of subsidiary (89,902 ) (19,679 ) — 109,581 — Net loss $ (120,649 ) $ (89,902 ) $ (19,679 ) $ 109,581 $ (120,649 ) Statements of Comprehensive Income (Loss) Net loss $ (120,649 ) $ (89,902 ) $ (19,679 ) $ 109,581 $ (120,649 ) Other comprehensive (loss) income (26,674 ) (26,674 ) (28,041 ) 54,715 (26,674 ) Comprehensive (loss) income $ (147,323 ) $ (116,576 ) $ (47,720 ) $ 164,296 $ (147,323 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the Period August 15 Through December 31, 2015 (Successor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 51,262 $ 32,611 $ (83,873 ) $ — Sales - third party — 86,053 162,688 — 248,741 Net sales — 137,315 195,299 (83,873 ) 248,741 Cost of sales — 132,610 181,175 (83,873 ) 229,912 Gross profit — 4,705 14,124 — 18,829 Research and development — 2,348 — — 2,348 Selling and administrative expenses — 10,775 21,340 — 32,115 Rationalizations — 71 1,004 — 1,075 Operating loss — (8,489 ) (8,220 ) — (16,709 ) Other expense (income), net — 1,166 (2,109 ) — (943 ) Interest expense - affiliate 226 — — (226 ) — Interest expense - third party 9,552 1,079 285 — 10,916 Interest income - affiliate — (226 ) — 226 — Interest income - third party — (5 ) (6 ) — (11 ) Loss before income taxes (9,778 ) (10,503 ) (6,390 ) — ` (26,671 ) (Benefit) provision for income taxes — 634 6,246 — 6,880 Equity in losses of subsidiary (23,773 ) (12,636 ) — 36,409 — Net loss $ (33,551 ) $ (23,773 ) $ (12,636 ) $ 36,409 $ (33,551 ) Statements of Comprehensive Income (Loss) Net loss $ (33,551 ) $ (23,773 ) $ (12,636 ) $ 36,409 $ (33,551 ) Other comprehensive income (loss): (10,257 ) (10,257 ) (10,257 ) 20,514 (10,257 ) Comprehensive (loss) income $ (43,808 ) $ (34,030 ) $ (22,893 ) $ 56,923 $ (43,808 ) CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the year ended December 31, 2013 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by $ (13,718 ) $ 72,111 $ 58,444 $ — $ 116,837 Cash flow from investing activities: Loan repayments from affiliates 15,578 15,000 — (30,578 ) — Capital expenditures — (52,278 ) (34,066 ) — (86,344 ) Insurance recoveries — — 1,500 — 1,500 Proceeds from derivatives (payments on) — 437 (323 ) — 114 Other — 322 607 — 929 Net cash provided by (used in) 15,578 (36,519 ) (32,282 ) (30,578 ) (83,801 ) Cash flow from financing activities: Loans repayments to affiliates — (15,578 ) (15,000 ) 30,578 — Short-term debt borrowings — (6 ) (7,259 ) — (7,265 ) Revolving Facility borrowings — 75,000 91,000 — 166,000 Revolving Facility reductions — (94,500 ) (77,000 ) — (171,500 ) Principal payments on long term debt — (166 ) (59 ) — (225 ) Supply chain financing — — (17,508 ) — (17,508 ) Proceeds from exercise of stock options 448 — — — 448 Purchase of treasury shares (1,825 ) — — — (1,825 ) Refinancing fees and debt issuance costs (483 ) (15 ) (62 ) — (560 ) Other — — (5,210 ) — (5,210 ) Net cash (used in) provided by (1,860 ) (35,265 ) (31,098 ) 30,578 (37,645 ) Net increase (decrease) in cash — 327 (4,936 ) — (4,609 ) Effect of exchange rate changes — — (820 ) — (820 ) Cash and cash equivalents at — 4,425 12,892 — 17,317 Cash and cash equivalents $ — $ 4,752 $ 7,136 $ — $ 11,888 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the year ended December 31, 2014 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by $ (9,474 ) $ 79,864 $ 50,513 $ — $ 120,903 Cash flow from investing activities: Loan repayments from affiliates 6,604 — — (6,604 ) — Capital expenditures — (58,926 ) (26,055 ) — (84,981 ) Insurance recoveries — — 2,834 — 2,834 Proceeds (payments) for derivatives — (2,195 ) 170 — (2,025 ) Proceeds from fixed asset sales — 1,700 3,342 5,042 Other — — 178 — 178 Net cash provided by (used in) 6,604 (59,421 ) (19,531 ) (6,604 ) (78,952 ) Cash flow from financing activities: Loans repayments to affiliates — (6,604 ) — 6,604 — Short-term debt borrowings — (34 ) (987 ) — (1,021 ) Revolving Facility borrowings — 183,000 86,000 — 269,000 Revolving Facility reductions — (193,000 ) (100,000 ) — (293,000 ) Principal payments on long term debt — (132 ) (60 ) — (192 ) Supply chain financing — — (9,455 ) — (9,455 ) Proceeds from exercise of stock options 2,813 — — — 2,813 Purchase of treasury shares (894 ) — — — (894 ) Refinancing fees and debt issuance costs — (2,922 ) (357 ) — (3,279 ) Other 951 — — — 951 Net cash (used in) provided by 2,870 (19,692 ) (24,859 ) 6,604 (35,077 ) Net increase in cash — 751 6,123 — 6,874 Effect of exchange rate changes — — (1,212 ) — (1,212 ) Cash and cash equivalents at — 4,752 7,136 — 11,888 Cash and cash equivalents $ — $ 5,503 $ 12,047 $ — $ 17,550 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Period January 1 through August 14, 2015 (Predecessor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities: $ (4,017 ) $ 34,418 $ 25,632 $ (27,710 ) $ 28,323 Cash flow from investing activities: Loans from (repayments to) affiliates 36,204 (21,343 ) — (14,861 ) — Capital expenditures — (20,572 ) (11,729 ) — (32,301 ) Payments for derivative instruments — (7,595 ) (668 ) — (8,263 ) Proceeds from sale of assets — 397 249 — 646 Net cash provided by (used in) investing activities 36,204 (49,113 ) (12,148 ) (14,861 ) (39,918 ) Cash flow from financing activities: Loans from (repayments to) affiliates 21,343 (36,204 ) — 14,861 — Dividends to affiliates — — (27,710 ) 27,710 Short-term debt, net — 14,002 4,509 — 18,511 Revolving Facility borrowings — 126,000 34,000 — 160,000 Revolving Facility reductions — (87,000 ) (12,000 ) — (99,000 ) Repayment of Senior Subordinated Notes (200,000 ) — — — (200,000 ) Issuance of Preferred Shares 150,000 — — — 150,000 Principal payments on long term debt — (89 ) — — (89 ) Proceeds from exercise of stock options 32 — — — 32 Purchase of treasury shares (63 ) — — — (63 ) Revolver facility refinancing — (5,037 ) (31 ) — (5,068 ) Other (3,499 ) — — — (3,499 ) Net cash (used in) provided by financing activities (32,187 ) 11,672 (1,232 ) 42,571 20,824 Net (decrease) increase in cash and cash equivalents — (3,023 ) 12,252 — 9,229 Effect of exchange rate changes on cash and cash equivalents — — (1,746 ) — (1,746 ) Cash and cash equivalents at beginning of period — 5,503 12,047 — 17,550 Cash and cash equivalents at end of period $ — $ 2,480 $ 22,553 $ — $ 25,033 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Period August 15 Through December 31, 2015 (Successor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities: $ (15,930 ) $ 18,471 $ 20,574 $ — $ 23,115 Cash flow from investing activities: Loans from (repayments to) affiliates — (17,315 ) — 17,315 — Capital expenditures — (8,438 ) (10,004 ) — (18,442 ) Payments for derivative instruments — — 326 — 326 Proceeds from sale of assets — 492 140 — 632 Net cash provided by (used in) investing activities — (25,261 ) (9,538 ) 17,315 (17,484 ) Cash flow from financing activities: Loans from (repayments to) affiliates 17,315 — — (17,315 ) — Dividends to affiliates — — — — Short-term debt, net — (10,998 ) (4,506 ) — (15,504 ) Revolving Facility borrowings — 52,000 10,000 — 62,000 Revolving Facility reductions — (36,000 ) (32,000 ) — (68,000 ) Issuance of Preferred Shares (1,385 ) — — — (1,385 ) Principal payments on long term debt — (46 ) (137 ) — (183 ) Net cash (used in) provided by financing activities 15,930 4,956 (26,643 ) (17,315 ) (23,072 ) Decrease in cash and cash equivalents — (1,834 ) (15,607 ) — (17,441 ) Effect of exchange rate changes on cash and cash equivalents — — (665 ) — (665 ) Cash and cash equivalents at beginning of period — 2,480 22,553 — 25,033 Cash and cash equivalents at end of period $ — $ 646 $ 6,281 $ — $ 6,927 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Events On February 26, 2015, the Company announced it plans to realign its two business segments. Industrial Materials will now be comprised of graphite electrodes and needle coke products. Engineered Solutions will now be comprised of advanced graphite materials, advanced composite materials, advanced electronic technologies, and refractory products. Refractory products was previously included in the Industrial Materials business segment. Advanced materials products will now be a component in each business unit where these products are produced. This realignment of the business segments will allow the Company to better direct its resources and simplify its operations. The Industrial Materials business segment will continue to focus on being the lowest cost producer providing the best quality of graphite electrodes in a very challenging market. The Engineered Solutions business segment will continue to leverage the intellectual property of carbon and graphite material science to innovate and commercialize advanced technologies and new products in high growth markets. The Company also announced that it plans to review strategic alternatives for its Engineered Solutions business segment. In 2015, the segment, on a pro forma basis as newly defined, had sales of $152 million or 22% of total company sales. There can be no assurance that the review of strategic alternatives will result in a transaction. If a transaction were to occur, the company would conduct a complete review and assessment of its corporate services and structure to bring them into alignment with its new size and sharper focus. |
Supply Chain Financing Supply C
Supply Chain Financing Supply Chain Financing | 12 Months Ended |
Dec. 31, 2015 | |
Supply Chain Financing [Abstract] | |
Supply Chain Financing | Supply Chain Financing We had a supply chain financing arrangement with a financing party. Under this arrangement, we essentially assigned our rights to purchase needle coke from a supplier to the financing party. The financing party purchased the product from a supplier under the standard payment terms and then immediately resold it to us under longer payment terms. The financing party paid the supplier the purchase price for the product and then we paid the financing party. Our payment to the financing party for this needle coke included a mark-up (the “Mark-Up”). The Mark-Up was a premium expressed as a percentage of the purchase price. Based on the terms of the arrangement, the total amount that we owed to the financing party could not exceed $49.3 million at any point in time. We recorded the inventory once title and risk of loss transfered from the supplier to the financing party. We recorded our liability to the financing party as an accrued liability. Our liability under this arrangement was $ 0.0 million as of December 31, 2014 and we recognized Mark-Up of $ 0.0 million as interest expense in the twelve months ended December 31, 2014 . We did not utilize this arrangement during 2014. |
Other Expense (Income), Net
Other Expense (Income), Net | 12 Months Ended |
Dec. 31, 2015 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Expense (Income), Net | Other Expense (Income), Net As part of our cash management, we have intercompany loans between our subsidiaries. These loans are deemed to be temporary and, as a result, remeasurement gains/losses are recorded in other expense(income), net, on the Consolidated Statements of Income. We had a net currency loss in 2014 of $ 1.5 million and a net currency gain of of $ 2.2 million in 2015 , mainly due to the remeasurement of intercompany loans and the effect of transaction gains and losses on intercompany activities. Other income in 2012, also includes $ 4.0 million of insurance reimbursements for claims made related to flood damages incurred at our Clarksburg, West Virginia facility during 2011. Additionally, during 2013 we recorded a $2 million recovery for the favorable resolution of a previously recorded loss contingency. |
Business And Summary Of Signi29
Business And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Discussion Of Business And Structure | Discussion of Business and Structure GrafTech International Ltd. is one of the world’s largest manufacturers and providers of high quality synthetic and natural graphite and carbon based products. References herein to “GTI,” “we,” “our,” or “us” refer collectively to GrafTech International Ltd. and its subsidiaries. We have seven major product categories: graphite electrodes, refractory products, needle coke products, advanced graphite materials, advanced composite materials, advanced electronics technologies, and advanced materials, which are reported in the following segments: • Industrial Materials includes graphite electrodes, refractory products and needle coke products, and primarily serves the steel industry. • Engineered Solutions includes advanced graphite materials, advanced composite materials, advanced electronics technologies, and advanced materials and provides primary and specialty products to the advanced electronics, industrial, energy, transportation and defense markets. |
Cash Equivalents | Cash Equivalents We consider all highly liquid financial instruments with original maturities of three months or less to be cash equivalents. Cash equivalents consist of certificates of deposit, money market funds and commercial paper. |
Revenue Recognition | Revenue Recognition Revenue from sales of our commercial products is recognized when they meet four basic criteria (1) persuasive evidence of an arrangement exists, (2) delivery has occurred, (3) the amount is determinable and (4) collection is reasonably assured. Sales are recognized when both title and the risks and rewards of ownership are transferred to the customer or services have been rendered and fees have been earned in accordance with the contract. Volume discounts and rebates are estimated and are recorded as a reduction of revenue in conjunction with the sale of the related products. Changes to estimates are recorded when they become probable. Shipping and handling revenues billed to our customers are included in net sales and the related shipping and handling costs are included as an increase to cost of sales. |
Earnings Per Share | Earnings per Share The calculation of basic earnings per share was based on the weighted-average number of our common shares outstanding during the applicable period. We used the two-class method of computing earnings per share for our instruments granted in share-based payment transactions that are determined to be participating securities prior to vesting. Earnings per share calculations are not required after August 14, 2015 as a result of our acquisition by Brookfield. Diluted earnings per share recognizes the dilution that would occur if outstanding stock options and restricted stock awards were exercised or converted into common shares. We use the treasury stock method to compute the dilutive effect of our stock options and restricted stock awards (using the average market price for the period). |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is principally determined using the “first-in first-out” (“FIFO”) and average cost, which approximates FIFO, methods. Elements of cost in inventory include raw materials, direct labor and manufacturing overhead. |
Property, Plant And Equipment | Property, Plant and Equipment Expenditures for property, plant and equipment are recorded at cost. Maintenance and repairs of property and equipment are expensed as incurred. Expenditures for replacements and betterments are capitalized and the replaced assets are retired. Gains and losses from the sale of property are included in cost of goods sold or other (income) expense, net. We depreciate our assets using the straight-line method over the estimated useful lives of the assets. The ranges of estimated useful lives are as follows: Years Buildings 25-40 Land improvements 20 Machinery and equipment 5-20 Furniture and fixtures 5-10 The carrying value of fixed assets is assessed when events and circumstances indicating impairment are present. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. |
Accounts Receivable | Accounts Receivable Trade accounts receivable primarily arise from sales of goods to customers and distributors in the normal course of business. |
Sales of trade accounts receivable | Sales of trade accounts receivable We have in the past sold certain trade accounts receivable to a bank under a factoring arrangement. The receivables were sold at a discount on a nonrecourse basis and we did not retain interests in the receivables sold. We also acted as a servicer of the sold receivables for a fee. The servicing duties included collecting payments on receivables and remitting them to the bank. While servicing the receivables, we applied the same servicing policies and procedures that are applied to our owned accounts receivable. |
Allowance For Doubtful Accounts | Allowance for Doubtful Accounts Considerable judgment is required in assessing the realizability of receivables, including the current creditworthiness of each customer, related aging of the past due balances and the facts and circumstances surrounding any non-payment. We evaluate specific accounts when we become aware of a situation where a customer may not be able to meet its financial obligations. The reserve requirements are based on the best facts available to us and are reevaluated and adjusted as additional information is received. Receivables are charged off when amounts are determined to be uncollectible. |
Capitalized Bank Fees | Capitalized Bank Fees We capitalize bank fees upon the incurrence of debt. As of December 31, 2014 capitalized bank fees amounted to $9.7 million . We have no capitalized bank fees as of December 31, 2015. We amortize such amounts over the life of the respective debt instrument using the effective interest method. The estimated life may be adjusted upon the occurrence of a triggering event. |
Derivative Financial Instruments | Derivative Financial Instruments We do not use derivative financial instruments for trading purposes. They are used to manage well-defined commercial risks associated with commodity contracts and currency exchange rate risks. |
Foreign Currency Derivatives | Foreign Currency Derivatives We enter into foreign currency derivatives from time to time to manage exposure to changes in currency exchange rates. These instruments, which include, but are not limited to, forward exchange contracts and purchased currency options, attempt to hedge global currency exposures, relating to non-dollar denominated debt and identifiable foreign currency receivables, payables and commitments held by our foreign and domestic subsidiaries. Forward exchange contracts are agreements to exchange different currencies at a specified future date and at a specified rate. Purchased foreign currency options are instruments which give the holder the right, but not the obligation, to exchange different currencies at a specified rate at a specified date or over a range of specified dates. The result is the creation of a range in which a best and worst price is defined, while minimizing option cost. Forward exchange contracts and purchased currency options are carried at fair value. These contracts are treated as hedges to the extent they are effective. Changes in fair values related to these contracts are recognized in other comprehensive income in the Consolidated Balance Sheets until settlement. At the time of settlement, realized gains and losses are recognized in revenue or cost of goods sold on the Consolidated Statements of Operations. For derivatives that are not designated as a hedge, any gain or loss is immediately recognized in Cost of Goods Sold or Other (Income) Expense on the Consolidated Statements of Operations. Derivatives used in this manner relate to risks resulting from assets or liabilities denominated in a foreign currency. |
Commodity Derivative Contracts | Commodity Derivative Contracts We periodically enter into derivative contracts for natural gas and certain refined oil products. These contracts are entered into to protect against the risk that eventual cash flows related to these products will be adversely affected by future changes in prices. All commodity contracts are carried at fair value and are treated as hedges to the extent they are effective. Changes in their fair values are included in other comprehensive income in the Consolidated Balance Sheets until settlement. At the time of settlement of these hedge contracts, realized gains and losses are recognized as part of cost of goods sold on the Consolidated Statements of Operations. |
Research And Development | Research and Development Expenditures relating to the development of new products and processes, including significant improvements to existing products, are expensed as incurred. |
Income Taxes | Income Taxes We file a consolidated United States (“U.S.”) federal income tax return for GTI and its eligible domestic subsidiaries. Our non-U.S. subsidiaries file income tax returns in their respective local jurisdictions. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carry forwards. Deferred tax assets and liabilities at the end of each period are determined using enacted tax rates. A valuation allowance is established or maintained, when, based on currently available information and other factors, it is more likely than not that all or a portion of a deferred tax asset will not be realized. Under the guidance on accounting for uncertainty in income taxes, we recognize the benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. |
Stock-Based Compensation Plans | Stock-Based Compensation Plans We have had various plans that provided for the granting of stock-based compensation to employees and, in certain instances, to non-employee directors, which are described more fully in Note 12, “Management Compensation and Incentive Plans.” Shares are issued upon vesting or option exercise from authorized, unissued shares or treasury shares. We account for those plans under the applicable standards on accounting for share-based payment. For transactions in which we obtain employee services in exchange for an award of equity instruments, we measure the cost of the services based on the grant date fair value of the award. We recognize the cost over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). Costs related to plans with graded vesting are generally recognized using a straight-line method. Cash flows resulting from tax benefits for deductions in excess of compensation cost recognized are included in financing cash flows. |
Retirement Plans And Postretirement Benefits | Retirement Plans and Postretirement Benefits We use actuarial methods and assumptions to account for our defined benefit pension plans and our postretirement benefits. We immediately recognize the change in the fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each year (MTM Adjustment) and whenever a plan is remeasured (e.g. due to a significant curtailment, settlement, etc.). Pension and postretirement benefits expense includes the MTM adjustment, actuarially computed cost of benefits earned during the current service period, the interest cost on accrued obligations, the expected return on plan assets based on fair market values, and adjustments due to plan settlements and curtailments. Contributions to the qualified U.S. retirement plan are made in accordance with the requirements of the Employee Retirement Income Security Act of 1974. Postretirement benefits and benefits under the non-qualified retirement plan have been accrued, but not funded. The estimated cost of future postretirement life insurance benefits is determined by the Company with assistance from independent actuarial firms using the “projected unit credit” actuarial cost method. Such costs are recognized as employees render the service necessary to earn the postretirement benefits. We record our balance sheet position based on the funded status of the plan. We exclude the inactive participant portion of our pension and other postretirement benefit costs as a component of inventoriable costs. Additional information with respect to benefits plans is set forth in Note 11, “Retirement Plans and Postretirement Benefits.” |
Environmental, Health And Safety Matters | Environmental, Health and Safety Matters Our operations are governed by laws addressing protection of the environment and worker safety and health. These laws provide for civil and criminal penalties and fines, as well as injunctive and remedial relief, for noncompliance and require remediation at sites where hazardous substances have been released into the environment. We have been in the past, and may become in the future, the subject of formal or informal enforcement actions or proceedings regarding noncompliance with these laws or the remediation of company-related substances released into the environment. Historically, such matters have been resolved by negotiation with regulatory authorities resulting in commitments to compliance, abatement or remediation programs and in some cases payment of penalties. Historically, neither the commitments undertaken nor the penalties imposed on us have been material. Environmental considerations are part of all significant capital expenditure decisions. Environmental remediation, compliance and management expenses were approximately $14.6 million in 2013 , $17.0 million in 2014 , and $11.1 million in 2015 . The accrued liability relating to environmental remediation was $6.9 million as of December 31, 2014 and $5.9 million as of December 31, 2015 . A charge to income is recorded when it is probable that a liability has been incurred and the cost can be reasonably estimated. When payments are fixed or determinable, the liability is discounted using a rate at which the payments could be effectively settled. Our environmental liabilities do not take into consideration possible recoveries of insurance proceeds. Because of the uncertainties associated with environmental remediation activities at sites where we may be potentially liable, future expenses to remediate sites could be considerably higher than the accrued liability. |
Foreign Currency Translation | Foreign Currency Translation We translate the financial statements of foreign subsidiaries, whose local currency is their functional currency, to U.S. dollars using period-end exchange rates for assets and liabilities and weighted average exchange rates for each period for revenues, expenses, gains and losses. Differences arising from exchange rate changes are included in accumulated other comprehensive loss on the Consolidated Balance Sheets until such time as the operations of such non-U.S. subsidiaries are sold or substantially or completely liquidated. For our Mexican, Swiss and Russian subsidiaries, whose functional currency is the U.S. dollar, we remeasure non-monetary balance sheet accounts and the related income statement accounts at historical exchange rates. Resulting gains and losses arising from the fluctuations in currency for monetary accounts are recognized in other (income) expense, net, in the Consolidated Statements of Operations. Gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in earnings as incurred. We have non-dollar denominated intercompany loans between some of our foreign subsidiaries. These loans are subject to remeasurement gains and losses due to changes in currency exchange rates. Certain of these loans had been deemed to be essentially permanent prior to settlement and, as a result, remeasurement gains and losses on these loans were recorded as a component of accumulated other comprehensive income (loss) in the stockholders’ equity section of the Consolidated Balance Sheets. The remaining loans are deemed to be temporary and, as a result, remeasurement gains and losses on these loans are recorded as currency (gains/losses) in other (income) expense, net, on the Consolidated Statements of Operations. |
Software Development Costs | Software Development Costs In connection with our development and implementation of global enterprise resource planning systems with advanced manufacturing, planning and scheduling software, we capitalize certain computer software costs after technological feasibility is established. These costs are capitalized within property, plant and equipment and are amortized utilizing the straight-line method over the economic lives of the related products. |
Restructuring | Rationalizations We record costs for rationalization actions implemented to reduce excess and high-cost manufacturing capacity and operating and administrative costs. For ongoing post-employment benefit arrangements, a liability is recognized when it is probable that employees will be entitled to benefits and the amount can be reasonably estimated. These conditions are generally met when the rationalization plan is approved by management. For one-time benefit arrangements, a liability is incurred and must be accrued at the date the plan is communicated to employees, unless they will be retained beyond a minimum retention period. In this case, the liability is calculated at the date the plan is communicated to employees and is accrued ratably over the future service period. Other costs reported under Rationalization include contract termination costs. In connection with rationalization initiatives, the company incurs additional costs such as inventory losses, fixed assets write-offs, impairment and accelerated depreciation as well as various non-recurring costs for dismantling, transferring or disposing of equipment and inventory. These rationalization related costs are measured and recorded based on the appropriate accounting guidance. Inventory losses are recorded in cost of sales. Fixed assets write-offs and accelerated depreciation are recorded in cost of sales, R&D and SG&A based upon the asset utilization. Other non-recurring costs are recorded in cost of sales and SG&A. |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. We do not recognize deferred income taxes for the difference between the assigned value and the tax basis related to nondeductible goodwill. Goodwill is not amortized; however, impairment testing is performed annually or more frequently if circumstances indicate that impairment may have occurred. We perform the goodwill impairment test annually at December 31. The impairment test for goodwill uses a two-step approach, which is performed at the reporting unit level. Step one compares the fair value of the reporting unit (using a discounted cash flow method) to its carrying value. The fair value for each reporting unit with goodwill is determined in accordance with accounting guidance on determining fair value, which requires consideration of the income, market, and cost approaches as applicable. If the carrying value exceeds the fair value, there is potential impairment and step two must be performed. Step two compares the carrying value of the reporting unit’s goodwill to implied fair value (i.e., fair value of the reporting unit less the fair value of the unit’s assets and liabilities, including identifiable intangible assets). If the fair value of goodwill is less than the carrying amount of goodwill, an impairment is recognized. Other amortizable intangible assets, which consist primarily of trademarks and trade names, customer-related intangibles, and technological know-how, are amortized over their estimated useful lives using the straight line or sum-of-the-years digits method. The estimated useful lives for each major category of amortizable intangible assets are: Years Trade name 5-10 Technology and know-how 5-9 Customer related intangible 5-14 Additional information about goodwill and other intangibles is set forth in Note 5 “ Goodwill and Other Intangible Assets .” |
Major Maintenance And Repair Costs | Major Maintenance and Repair Costs We perform scheduled major maintenance of the storage and processing units at our Seadrift plant (referred to as “overhaul”). Time periods between overhauls vary by unit. We also perform an annual scheduled significant maintenance and repair shutdown of the plant (referred to as “turnaround”). Costs of overhauls and turnarounds include plant personnel, contract services, materials, and rental equipment. We defer these costs when incurred and use the straight-line method to amortize them over the period of time estimated to lapse until the next scheduled overhaul of the applicable storage or processing unit. Under this policy in 2014 , costs deferred were $13.3 million and costs amortized were $6.6 million . Costs deferred in 2015 were $9.9 million and costs amortized in the period January 1 through August 14, 2015 were $4.3 million and $2.1 million in the period August 15 through December 31, 2015. Our turnaround was completed during September and October of 2015 . |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses. Significant estimates and assumptions are used for, but are not limited to, pension and other post-retirement benefits, allowance for doubtful accounts, accruals and valuation allowances, asset impairment, and environmental-related accruals. Actual results could differ from our estimates. |
Subsequent Events | Subsequent Events We evaluate events that occur after the balance sheet date but before financial statements are issued to determine if a material event requires our amending the financial statements or disclosing the event. |
Recent Accounting Standards | Recent Accounting Standards Recently Adopted Accounting Standards In November 2015 the Financial Accounting Standards Board (FASB) issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes” (ASU 2015-17), which changes how deferred taxes are classified on our balance sheets and is effective for financial statements issued for annual periods beginning after December 15, 2016, with early adoption permitted. ASU 2015-17 requires all deferred tax assets and liabilities to be classified as non-current. We adopted the provisions of ASU 2015-17 as of December 31, 2015 on a prospective basis and as such we have reclassified $10.7 million of current deferred tax assets and $23.3 million of current deferred tax liabilities to long term in our December 31, 2015 balance sheet. Our December 31, 2014 balance sheet contains $28.4 million of current deferred tax assets and $7.2 million of deferred tax liabilities that would have been classified as long-term had the standard been applied retrospectively. In September 2015, the FASB issued ASU 2015-16, "Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments." ASU 2015-16 requires the recognition of adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments are determined. The effects of the adjustments to provisional amounts on depreciation, amortization or other income effects should be recognized in current-period earnings as if the accounting had been completed at the acquisition date. Disclosure of the portion of the adjustment recorded in current-period earnings that would have been reported in prior reporting periods if the adjustment to the provisional amounts had been recognized at the acquisition date is also required. The Company adopted ASU 2015-16 as of December 31, 2015. The adoption of ASU 2015-16 did not materially affect the Company's results of operations, statement of financial position or financial statement disclosures. See Note 2 "Preferred Share Issuance and Merger" for details of post-acquisition adjustments to goodwill. In July 2015 the FASB issued ASU 2015-11, "Inventory - Simplifying the Measurement of Inventory" " which requires companies to measure inventory (valued using first-in, first-out or average cost methods) at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The measurement of inventory valued using the last-in, first-out method is unchanged. ASU 2015-11 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years with early implementation permitted. The Company adopted ASU 2015-11 as of December 31, 2015 with no impact to the Company's financial position, results of operations or cash flows. Accounting Standards Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . This ASU supersedes the revenue recognition requirements in Accounting Standards Codification 605—Revenue Recognition and most industry-specific guidance throughout the Codification. This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU was expected to be effective for fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. On July 9, 2015, the FASB deferred the effective date to fiscal years beginning after December 15, 2017. We are in the process of assessing the impact of the adoption of ASU 2014-09 on the Company's financial position, results of operations and cash flows. In April, 2015, the FASB issued ASU 2015-3, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015 with early adoption permitted. The Company had $9.7 million of capitalized bank fees included within "Other Assets" on our consolidated balance sheets as of December 31, 2014. We had no capitalized bank fees as of December 31, 2015. We do not anticipate the adoption of this ASU having a significant impact on the Company's financial position, results of operations or cash flows. |
Business And Summary Of Signi30
Business And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Ranges Of Estimated Useful Lives | The ranges of estimated useful lives are as follows: Years Buildings 25-40 Land improvements 20 Machinery and equipment 5-20 Furniture and fixtures 5-10 |
Schedule Of Estimated Useful Lives For Each Major Category Of Amortizable Intangible Assets | The estimated useful lives for each major category of amortizable intangible assets are: Years Trade name 5-10 Technology and know-how 5-9 Customer related intangible 5-14 |
Preferred Share Issuance and 31
Preferred Share Issuance and Merger (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable [Table Text Block] | The computation of the fair value of the total consideration at the date of acquisition follows: Purchase Consideration (In thousands except share price) # Shares Unit Price Amount Convertible Preferred Equity Series A and B 150 $ 1,000.00 $ 150,000 Common Equity Common Shares 139,397 $ 5.05 $ 703,955 Net value of options $ 382 Total $ 854,337 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the fair values of the identifiable assets acquired and liabilities assumed at the acquisition date: Net identifiable assets acquired Previously Reported Cash $ 25,032 Accounts receivable 94,298 Inventories 346,645 Property, plant and equipment 650,405 Intangible assets 155,700 Deferred tax assets 40,904 Prepaid and other current assets 49,716 Other non-current assets 8,428 Accounts payable (68,005 ) Short-term debt (18,779 ) Other accrued liabilities (53,252 ) Long-term debt (367,811 ) Other long-term liabilities (101,768 ) Deferred tax liabilities (79,235 ) Net identifiable assets acquired $ 682,278 Goodwill $ 172,059 Net assets acquired $ 854,337 |
Rationalizations (Tables)
Rationalizations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | Charges incurred related to the 2014 Engineered Solutions rationalization initiatives in 2014 and 2015 are as follows: Predecessor Successor 2014 Engineered Solutions Rationalization For the Year Ended December 31, 2014 For the Period January 1, 2015 Through August 14, 2015 For the Period Engineered Solutions Segment (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 2,802 $ — $ — Inventory loss 13,225 571 (80 ) Fixed asset write-offs 1,046 372 (229 ) Recorded in Rationalizations Severance and related costs 2,498 (713 ) — Contract terminations 195 50 — Total $ 19,766 $ 280 $ (309 ) Charges incurred related to the 2015 Advanced Graphite Materials rationalization initiative are as follows: Predecessor Successor 2015 Advanced Graphite Materials Rationalization For the Period January 1 Through For the Period August 15 Through Engineered Solutions Segment (Dollars in thousands) Recorded in Cost of Sales Inventory loss $ 404 $ (47 ) Fixed asset write-offs and other 434 855 Recorded in Selling and General Administrative Other 755 1,213 Recorded in Rationalizations Severance and related costs 4,838 769 Contract terminations 154 22 Total $ 6,585 $ 2,812 Charges incurred related to the 2014 Corporate and Research & Development rationalization initiatives for 2014 and 2015 are as follows: 2014 Corporate, Research and Development Plan For the Year Ended December 31, 2014 (Predecessor) Industrial Materials Segment Engineered Solutions Segment Corp, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ — $ 20 $ — $ 20 Fixed asset write-offs and other 178 — — 178 Recorded in Research and Development Accelerated depreciation — — 2,312 2,312 Recorded in Selling and General Administrative Accelerated depreciation — — 608 608 Other — — 515 515 Recorded in Rationalizations Severance and related costs 4,608 644 2,844 8,096 Contract terminations — 73 11 84 Total $ 4,786 $ 737 $ 6,290 $ 11,813 2014 Corporate, Research and Development Plan For the Period January 1 Through August 14, 2015 (Predecessor) Industrial Materials Segment Engineered Solutions Segment Corp, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Fixed asset write-offs and other $ — $ 1 $ — $ 1 Recorded in Research and Development Accelerated depreciation — — 940 940 Recorded in Selling and General Administrative Other 400 — 954 1,354 Recorded in Rationalizations Severance and related costs 60 8 (168 ) (100 ) Total $ 460 $ 9 $ 1,726 $ 2,195 2014 Corporate, Research and Development Plan For the Period August 15 Through December 31, 2015 (Successor) Industrial Materials Segment Engineered Solutions Segment Corp, R&D and Other Total (Dollars in thousands) Recorded in Selling and General Administrative Other $ — $ — $ 290 $ 290 Recorded in Rationalizations Severance and related costs (23 ) — 71 48 Total $ (23 ) $ — $ 361 $ 338 Charges incurred related to the 2013 rationalization initiatives for the year ended December 31, 2014 and 2015 are as follows: For the Year Ended December 31, 2013 2013 Plans Industrial Materials Segment Engineered Solutions Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 28,326 $ — $ — $ 28,326 Inventory loss 7,886 896 — 8,782 Fixed asset write-offs and other 6,104 2,274 — 8,378 Recorded in Selling and General Administrative Other 59 — — 59 Recorded in Rationalizations Severance and related costs 17,072 458 1,816 19,346 Contract terminations 810 — — 810 Total 2013 rationalization plan and related charges $ 60,257 $ 3,628 $ 1,816 $ 65,701 For the Year Ended December 31, 2014 2013 Plans Industrial Materials Segment Engineered Solutions Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 22,388 827 — 23,215 Inventory loss 961 485 — 1,446 Fixed asset write-offs and other 5,374 233 5,607 Recorded in Selling and General Administrative Other 89 — 89 Recorded in Rationalizations Severance and related costs 433 (28 ) — 405 Contract terminations 469 — — 469 Total 2013 rationalization plan and related charges $ 29,714 $ 1,517 $ — $ 31,231 For the Period January 1 2013 Plans Industrial Materials Segment Engineered Solutions Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 432 — — 432 Inventory loss (33 ) — — (33 ) Fixed asset write-offs and other 1,715 270 1,985 Recorded in Rationalizations Severance and related costs 97 156 — 253 Contract terminations 25 — — 25 Total 2013 rationalization plan and related charges $ 2,236 $ 426 $ — $ 2,662 For the Period August 15 2013 Plans Industrial Materials Segment Engineered Solutions Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Inventory loss $ (278 ) $ (29 ) $ (307 ) Fixed asset write-offs and other 329 71 400 Recorded in Selling and General Administrative Other 245 — — 245 Recorded in Rationalizations Severance and related costs 177 — — 177 Contract terminations 59 — — 59 Total 2013 rationalization plan and related charges $ 532 $ 42 $ — $ 574 Throughout 2014 and 2015 the Company undertook rationalization plans in order to streamline our organization and lower our production costs. The following tables summarize the total rationalization and related charges incurred during 2014 and 2015 followed by the details of each plan. For the Year Ended December 31, 2013 (Predecessor) All Plans Industrial Materials Segment Engineered Solutions Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 28,326 $ — $ — $ 28,326 Inventory loss 7,886 896 — 8,782 Fixed asset write-offs and other 6,104 2,274 — 8,378 Recorded in Selling and General Administrative Other 59 — — 59 Recorded in Rationalizations Severance and related costs 17,072 458 1,816 19,346 Contract terminations 810 — — 810 Total 2013 rationalization and related charges $ 60,257 $ 3,628 $ 1,816 $ 65,701 For the Year Ended December 31, 2014 (Predecessor) All Plans Industrial Materials Segment Engineered Solutions Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 22,388 $ 3,649 $ — $ 26,037 Inventory loss 961 13,711 — 14,672 Fixed asset write-offs and other 5,552 1,278 — 6,830 Recorded in Research and Development Accelerated depreciation — — 2,312 2,312 Recorded in Selling and General Administrative Accelerated depreciation — — 608 608 Other 89 121 515 725 Recorded in Rationalizations Severance and related costs 5,040 3,113 2,845 10,998 Contract terminations 469 146 11 626 Impairment of long-lived assets — 121,570 — 121,570 Total 2014 rationalization and related charges $ 34,499 $ 143,588 $ 6,291 $ 184,378 For the Period January 1 All Plans Industrial Materials Segment Engineered Solutions Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 432 $ — $ 940 1,372 Inventory loss (33 ) 975 — 942 Fixed asset write-offs and other 1,715 1,078 — 2,793 Recorded in Selling and General Administrative Other 400 755 954 2,109 Recorded in Rationalizations Severance and related costs 157 4,288 (168 ) 4,277 Contract terminations 25 204 — 229 Total $ 2,696 $ 7,300 $ 1,726 $ 11,722 For the Period August 15 All Plans Industrial Materials Segment Engineered Solutions Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Inventory loss $ (639 ) $ 206 $ — $ (433 ) Fixed asset write-offs and other 329 697 — 1,026 Recorded in Selling and General Administrative Other 135 1,323 290 1,748 Recorded in Rationalizations Severance and related costs 154 769 71 994 Contract terminations 59 22 — 81 Total $ 38 $ 3,017 $ 361 $ 3,416 |
Schedule of Restructuring Reserve by Type of Cost | The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the rationalization initiatives described above. This liability is recorded as a current liability on the Consolidated Balance Sheet. (Dollars in thousands) Balance as of December 31, 2013 $ 18,421 Charges incurred 613 Change in estimates 153 Payments and settlements (16,494 ) Effect of change in currency exchange rates (1,658 ) Balance as of December 31, 2014 1,035 Charges incurred 40 Change in estimates 227 Payments and settlements (1,102 ) Effect of change in currency exchange rates (155 ) Balance as of August 14, 2015 $ 45 Charges incurred 154 Change in estimates 67 Payments and settlements (17 ) Effect of change in currency exchange rates (59 ) Balance as of December 31, 2015 $ 190 The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the 2014 Engineered Solutions rationalization initiatives described above. This liability is recorded as a current liability on the Consolidated Balance Sheet. (Dollars in thousands) Balance as of December 31, 2013 $ — Charges incurred 2,611 Change in estimates (40 ) Payments and settlements (916 ) Effect of change in currency exchange rates — Balance as of December 31, 2014 $ 1,655 Charges incurred 50 Change in estimates (713 ) Payments and settlements (916 ) Effect of change in currency exchange rates 1 Balance as of August 14, 2015 $ 77 Change in estimates (5 ) Payments and settlements (72 ) Balance as of December 31, 2015 $ — The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the 2014 Corporate and Research & Development rationalization initiatives described above. This liability is recorded as a current liability on the Consolidated Balance Sheet. (Dollars in thousands) Balance as of December 31, 2013 $ — Charges incurred 8,159 Change in estimates 21 Payments and settlements (1,155 ) Effect of change in currency exchange rates (152 ) Balance as of December 31, 2014 $ 6,873 Charges incurred (33 ) Change in estimates (67 ) Payments and settlements (4,611 ) Effect of change in currency exchange rates (81 ) Balance as of August 14, 2015 $ 2,081 Change in estimates 47 Payments and settlements (1,127 ) Effect of change in currency exchange rates (57 ) Balance as of December 31, 2015 $ 944 The following table represents the roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the 2015 Advanced Graphite Materials rationalization initiative described above. This liability is included in "Rationalizations" on the Consolidated Balance Sheets. 2015 Advanced Graphite Materials Rationalization (Dollars in thousands) Balance as of December 31, 2014 $ — Charges incurred 5,053 Change in estimates (38 ) Payments and settlements (329 ) Effect of change in currency exchange rates — Balance as of August 14, 2015 $ 4,686 Charges incurred 647 Payments and settlements (3,418 ) Balance as of December 31, 2015 $ 1,915 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Schedule Of Financial Information Concerning Reportable Segments | The following tables summarize financial information concerning our reportable segments and all prior periods have been recast to reflect our new methodology: Predecessor Successor For the year Ended December 31, For the Period January 1, 2015 Through August 14, 2015 For the Period August 15, 2015 Through December 31, 2015 2013 2014 (Dollars in thousands) Net sales to external customers: Industrial Materials $ 909,448 $ 840,103 $ 341,974 $ 193,223 Engineered Solutions 257,226 245,201 95,957 55,518 Total net sales $ 1,166,674 $ 1,085,304 $ 437,931 $ 248,741 Segment operating income (loss): Industrial Materials $ 20,007 $ (50,260 ) $ (25,678 ) $ (4,017 ) Engineered Solutions 28,392 (138,271 ) (15,368 ) (457 ) Corporate, R&D and Other expenses (50,969 ) (67,089 ) (47,431 ) (12,235 ) Total segment operating income (loss) $ (2,570 ) $ (255,620 ) $ (88,477 ) $ (16,709 ) Reconciliation of segment operating income (loss) to loss from continuing operations before provision for income taxes: Other expense (income), net $ 1,698 $ 2,445 $ 1,335 $ (943 ) Interest expense 36,037 37,057 27,118 10,916 Interest income (203 ) (330 ) (367 ) (11 ) Loss before provision for income taxes $ (40,102 ) $ (294,792 ) $ (116,563 ) $ (26,671 ) |
Schedule Of Long-Lived Assets By Reportable Segment [Table Text Block] | As of December 31, 2014 2015 (Dollars in thousands) Long-lived assets (a): Industrial Materials. $ 552,155 $ 571,424 Engineered Solutions 101,885 66,109 Total long-lived assets $ 654,040 $ 637,533 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | The following tables summarize information as to our operations in different geographic areas. For the Twelve Months Ended December 31, 2013 2014 2015 (Dollars in thousands) Net sales:* U.S. $ 289,866 $ 284,209 $ 176,402 Americas 177,602 180,070 140,629 Asia Pacific 220,945 192,230 84,287 Europe, Middle East, Africa 478,261 428,795 285,354 Total $ 1,166,674 $ 1,085,304 $ 686,672 * Net Sales were not impacted by purchase price accounting adjustments. |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | At December 31, 2014 2015 (Dollars in thousands) Long-lived assets (a): U.S. and Canada $ 431,601 $ 291,493 Mexico 89,731 158,950 Brazil 9,492 8,787 France 49,602 77,412 Spain 70,648 93,049 South Africa 2,064 4,167 Italy 508 3,249 Switzerland 287 266 Other countries 107 160 Total $ 654,040 $ 637,533 (a) Long-lived assets represent fixed assets, net of accumulated depreciation. |
Goodwill And Other Intangible34
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Changes In The Carrying Value Of Goodwill | The changes in the Company’s carrying value of goodwill during the years ended December 31, 2014 and 2015 are as follows: Total Predecessor (Dollars in Thousands) Balance as of December 31, 2013 $ 496,810 Impairment (76,063 ) Currency translation effect (618 ) Balance as of December 31, 2014 420,129 Impairment (35,381 ) Currency translation effect (616 ) Balance as of August 14, 2015 $ 384,132 Successor Balance as of August 15, 2015 $ 170,418 Adjustments 1,641 Balance as of December 31, 2015 172,059 |
Schedule Of Intangible Assets With Determinable Useful Lives By Major Category | The following table summarizes acquired intangible assets with determinable useful lives by major category : Predecessor As of December 31, 2014 As of August 14, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization / Impairment Net Carrying Amount (Dollars in Thousands) (Dollars in Thousands) Trade name 7,900 (4,817 ) 3,083 7,900 (5,173 ) 2,727 Technology and know-how 43,349 (24,940 ) 18,409 43,349 (28,649 ) 14,700 Customer related intangible 110,798 (57,192 ) 53,606 110,798 (63,866 ) 46,932 Total finite-lived intangible assets $ 162,047 $ (86,949 ) $ 75,098 $ 162,047 $ (97,688 ) $ 64,359 Successor As of December 31, 2015 Gross Carrying Amount Accumulated Amortization / Impairment Net Carrying Amount (Dollars in Thousands) Trade name 26,800 (1,048 ) 25,752 Technology and know-how 63,200 (3,327 ) 59,873 Customer related intangible 65,700 (1,813 ) 63,887 Total finite-lived intangible assets $ 155,700 $ (6,188 ) $ 149,512 |
Debt And Liquidity (Tables)
Debt And Liquidity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Schedule Of Long-Term Debt | The following table presents our long-term debt: As of As of December 31, 2015 (Dollars in thousands) Credit Facility (Revolving Facility and Term Loan Facility) $ 40,000 $ 98,000 Senior Subordinated Notes 187,973 — Senior Notes 300,000 267,827 Other Debt 1,746 1,400 Total Debt 529,719 367,227 Less: Short-term Debt (188,104 ) (4,772 ) Long-term Debt $ 341,615 $ 362,455 |
Schedule of Short-term Debt | The following table presents our long-term debt: As of As of December 31, 2015 (Dollars in thousands) Credit Facility (Revolving Facility and Term Loan Facility) $ 40,000 $ 98,000 Senior Subordinated Notes 187,973 — Senior Notes 300,000 267,827 Other Debt 1,746 1,400 Total Debt 529,719 367,227 Less: Short-term Debt (188,104 ) (4,772 ) Long-term Debt $ 341,615 $ 362,455 |
Interest Expense (Tables)
Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Interest and Debt Expense [Abstract] | |
Schedule Of Interest Expense | The following table presents an analysis of interest expense: Predecessor Successor For the year Ended December 31, For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 2013 2014 (Dollars in thousands) Interest incurred on debt $ 21,589 $ 21,373 $ 12,973 $ 8,611 Amortization of discount on Senior Subordinated Notes 11,493 12,298 12,027 — Accretion of fair value adjustment on Senior Notes — — — 2,305 Amortization of debt issuance costs 2,504 3,339 2,118 — Supply Chain Financing mark-up 451 47 — — Total interest expense $ 36,037 $ 37,057 $ 27,118 $ 10,916 |
Fair Value Measurements And D37
Fair Value Measurements And Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements And Derivative Instruments [Abstract] | |
Schedule Of Fair Value Of Derivatives Designated As Cash Flow Hedges | At December 31, 2014 and 2015 , the fair value of our derivatives and their respective balance sheet locations are presented in the following table: Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value As of December 31, 2014 (Dollars in Thousands) Derivatives designated as cash flow hedges: Foreign currency derivatives Prepaid and other current assets $ 722 Other current liabilities $ 1,234 Commodity derivative contracts Prepaid and other current assets — Other current liabilities 7,067 Total fair value $ 722 $ 8,301 As of December 31, 2015 Derivatives designated as cash flow hedges: Foreign currency derivatives Prepaid and other current assets $ — Other current liabilities $ — Commodity derivative contracts Prepaid and other current assets — Other current liabilities 1 Total fair value $ — $ 1 |
Schedule Of Fair Value Of Derivatives Designated As Fair Value Hedges | Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value As of December 31, 2014 (Dollars in Thousands) Derivatives not designated as hedges: Foreign currency derivatives Prepaid and other current assets $ 80 Other current liabilities $ 428 Total fair value $ 80 $ 428 As of December 31, 2015 Derivatives not designated as hedges: Foreign currency derivatives Prepaid and other current assets $ 76 Other current liabilities $ 11 Total fair value $ 76 $ 11 |
Schedule Of Realized (Gains) Losses On Derivatives Recognized In Statement Of Operations | Amount of (Gain)/Loss Recognized (Effective Portion) Location of (Gain)/Loss Reclassified from Other Comprehensive Income (Effective Portion) 2014 For the Period January 1 For the Period August 15 Through December 31, 2015 (Dollars in Thousands) Derivatives designated as cash flow hedges: Foreign currency derivatives, excluding tax of $85 and $106 $17, respectively Cost of goods sold Other expense / (income) / Revenue $ (849 ) $ (1,062 ) $ (172 ) Commodity forward derivatives, excluding tax of $(120), $(424) and $0 respectively Cost of goods sold / Revenue $ 328 $ 1,161 $ — Amount of (Gain)/Loss Recognized Location of (Gain)/Loss Recognized in the Consolidated Statement of Income 2014 For the Period January 1 For the Period August 15 Through December 31, 2015 (Dollars in thousands) Derivatives not designated as hedges: Foreign currency derivatives Cost of goods sold/Other expense (income) $ 1,020 $ 1,060 $ (560 ) |
Supplementary Balance Sheet D38
Supplementary Balance Sheet Detail (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule Of Amounts Recognized In Balance Sheet | The following tables present supplementary balance sheet details: At December 31, 2014 2015 (Dollars in thousands) Inventories: Raw materials and supplies $ 122,218 $ 80,408 Work in process 176,141 136,858 Finished goods 84,544 78,196 382,903 295,462 Prepaid expenses and other current assets: Prepaid expenses $ 9,923 $ 9,297 Current portion of deferred taxes 28,426 — Value added tax and other indirect taxes receivable 39,837 10,087 Other current assets 3,437 2,290 $ 81,623 $ 21,674 Property, plant and equipment: Land and improvements $ 36,375 $ 54,064 Buildings 193,427 76,331 Machinery and equipment and other 1,212,120 486,194 Construction in progress 58,899 44,291 $ 1,500,821 $ 660,880 Other accrued liabilities: Payrolls (including incentive programs) $ 6,151 $ 4,588 Customer prepayments 5,534 559 Employee compensation and benefits 8,932 7,842 Other 22,702 16,790 $ 43,319 $ 29,779 Other long term obligations: Postretirement benefits $ 24,833 $ 20,019 Pension and related benefits 65,882 55,364 Other 16,851 20,102 $ 107,566 $ 95,485 |
Schedule Of Analysis Of The Allowance For Doubtful Accounts | The following table presents an analysis of the allowance for doubtful accounts: As of December 31, For the Period January 1 through August 14, 2015 For the Period August 15 through December 31, 2015 2013 2014 (Dollars in thousands) Balance at beginning of year $ 7,573 $ 6,718 $ 7,471 $ — Additions 2,914 8,675 1,156 304 Deductions (3,769 ) (7,922 ) (2,313 ) — Balance at end of year $ 6,718 $ 7,471 $ 6,314 $ 304 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Lease Commitments Under Non-Cancelable Operating Leases | Lease commitments under non-cancelable operating leases extending for one year or more will require the following future payments: (Dollars in thousands) 2016 $ 3,957 2017 2,423 2018 2,136 2019 1,773 2020 934 After 2020 45 |
Retirement Plans And Postreti40
Retirement Plans And Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Components Of Consolidated Net Pension Costs Retirement Plans | The components of our consolidated net pension costs are set forth in the following table. Predecessor For the Year Ended December 31, 2013 2014 U.S. Foreign U.S. Foreign (Dollars in thousands) Service cost $ 870 $ 1,177 $ 750 $ 1,107 Interest cost 5,438 2,542 5,983 2,669 Expected return on assets (4,505 ) (2,339 ) (5,215 ) (2,516 ) Amortization of prior service cost — 25 — 2 Curtailment gain — — — (28 ) Mark-to-market loss (gain) (11,907 ) (393 ) 18,431 (534 ) $ (10,104 ) $ 1,012 $ 19,949 $ 700 Predecessor Successor For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 U.S. Foreign U.S. Foreign (Dollars in thousands) Service cost $ 151 $ 98 $ 386 $ 281 Interest cost 854 554 2,200 94 Expected return on assets — — (1,885 ) (59 ) Amortization of prior service cost — (12 ) — — Curtailment gain — — — (675 ) Mark-to-market loss (gain) — — 716 1,843 $ 1,005 $ 640 $ 1,417 $ 1,484 |
Amounts Recognized In Other Comprehensive Income Retirement Plans | The primary driver of the mark-to-market gains in 2013 were changes in the discount rate due to interest rate fluctuations. The mark-to-market loss in 2014 was caused by changes in discount rates and updated mortality tables. The mark-to-market loss in 2015 was caused by changes to the discount rate. Amounts recognized in other comprehensive income: Predecessor For the Year Ended December 31, 2013 2014 U.S. Foreign U.S. Foreign (Dollars in thousands) Amortization of prior service cost $ — $ (25 ) $ — $ (26 ) Addition to prior service cost — (246 ) — — Effect of exchange rates — 11 — 8 Total recognized in other comprehensive loss $ — $ (260 ) $ — $ (18 ) Total recognized in pension costs and other comprehensive loss $ (10,104 ) $ 752 $ 19,949 $ 682 Predecessor For the Period January 1 Through August 14, 2015 U.S. Foreign (Dollars in thousands) Amortization of prior service cost $ — $ 28 Addition to prior service cost — — Effect of exchange rates — — Total recognized in other comprehensive loss $ — $ 28 Total recognized in pension costs and other comprehensive loss $ — $ 28 |
Reconciliation Of Pension Plans' Benefit Obligations, Fair Value Of Assets Retirement Plans | The reconciliation of the beginning and ending balances of our pension plans’ benefit obligations, fair value of assets, and funded status at December 31, 2014 and 2015 are: Predecessor Successor As of December 31, 2014 As of December 31, 2015 U.S. Foreign U.S. Foreign (Dollars in thousands) Changes in Benefit Obligation: Net benefit obligation at beginning of period $ 134,787 $ 78,421 $ 146,790 $ 18,512 Service cost 750 1,107 386 281 Interest cost 5,983 2,669 2,200 94 Participant contributions — 288 — 79 Plan amendments / curtailments — — (578 ) Foreign currency exchange changes — (6,171 ) — (480 ) Actuarial loss (gain) 21,456 11,935 (3,896 ) 377 Benefits paid (8,608 ) (5,646 ) (3,354 ) (14 ) Net benefit obligation at end of period $ 154,368 $ 82,603 $ 142,126 $ 18,271 Changes in Plan Assets: Fair value of plan assets at beginning of period $ 90,875 $ 72,685 $ 97,473 $ 12,811 Actual return on plan assets 8,240 14,971 (2,727 ) (1,407 ) Foreign currency exchange rate changes — (5,479 ) — (346 ) Employer contributions 8,947 909 2,505 170 Participant contributions — 288 — 79 Benefits paid (8,608 ) (5,646 ) (3,354 ) (14 ) Fair value of plan assets at end of period $ 99,454 $ 77,728 $ 93,897 $ 11,293 Funded status (underfunded): $ (54,914 ) $ (4,875 ) $ (48,229 ) $ (6,978 ) Amounts recognized in accumulated other comprehensive loss: Prior service credit $ — $ (25 ) $ — $ (95 ) Amounts recognized in the statement of financial position: Non-current assets $ — $ 1,365 $ — $ — Current liabilities (439 ) (324 ) (437 ) (253 ) Non-current liabilities (54,475 ) (5,916 ) (47,792 ) (6,725 ) Net amount recognized $ (54,914 ) $ (4,875 ) $ (48,229 ) $ (6,978 ) |
Fair Asset Values Of Plan Assets | The fair value of the plan assets by category is summarized below (dollars in thousands): Predecessor Successor December 31, 2014 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total U.S. Plan Assets Cash and cash equivalents $ 906 $ — $ — $ 906 $ 1,986 $ — $ — $ 1,986 Collective trusts — 98,548 — 98,548 — 91,911 — 91,911 Total $ 906 $ 98,548 $ — $ 99,454 $ 1,986 $ 91,911 $ — $ 93,897 International Plan Assets Cash and cash equivalents $ 1,364 $ — $ — $ 1,364 $ — $ — $ — $ — Foreign government bonds — 1,038 — 1,038 — 840 — 840 Investment contracts — — 61,990 61,990 — — — — Fixed insurance contracts — — 13,336 13,336 — — 10,453 10,453 Total $ 1,364 $ 1,038 $ 75,326 $ 77,728 $ — $ 840 $ 10,453 $ 11,293 |
Fair Value Hierarchy, Assets At Fair Value | The following table presents the changes for those financial instruments classified within Level 3 of the valuation hierarchy for international plan pension assets for the years ended December 31, 2014 and 2015 (dollars in thousands): Investment Contracts Fixed Insurance Contracts Balance at January 1, 2014 (Predecessor) $ 58,127 $ 10,865 Gain / contributions / currency impact 5,585 2,471 Distributions (1,722 ) — Balance at December 31, 2014 (Predecessor) 61,990 13,336 Gain / contributions / currency impact — (2,883 ) Distributions (61,990 ) — Balance at December 31, 2015 (Successor) $ — $ 10,453 |
Retirement Plan Weighted Average Asset Allocations | The following table presents our retirement plan weighted average asset allocations at December 31, 2015 , by asset category : Percentage of Plan Assets US Foreign Equity securities and return seeking assets 20 % — % Fixed income, debt securities, or cash 80 % 100 % Total 100 % 100 % |
Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets | |
Pension Plans With Projected Benefit Obligation In Excess Of Plan Assets | |
Projected Future Pension Plan Cash Flow By Year | Following is our projected future pension plan cash flow by year: U.S. Foreign (Dollars in thousands) Expected contributions in 2016: Expected employer contributions $ 8,693 $ 696 Expected employee contributions — — Estimated future benefit payments reflecting expected future service for the years ending December 31: 2016 9,153 893 2017 9,150 883 2018 9,182 820 2019 9,211 665 2020 9,256 738 2021-2025 46,479 5,336 |
Components Of Net Postretirement Costs | The components of our consolidated net postretirement costs are set forth in the following table. Predecessor For the Year Ended December 31, For the Period January 1 through August 14, 2015 2013 2014 U.S. Foreign U.S. Foreign U.S. Foreign (Dollars in thousands) Service cost $ — $ 105 $ — $ 71 — $ 9 Interest cost 371 994 396 976 223 433 Amortization of prior service credit — (193 ) — (180 ) — — Plan amendment / curtailment — — — (294 ) — — Mark-to-market (gain) loss (1,284 ) (1,210 ) 1,151 1,456 — — $ (913 ) $ (304 ) $ 1,547 $ 2,029 $ 223 $ 442 |
Recognized In Other Comprehensive Income Postretirement Benefit Plans | Amounts recognized in other comprehensive income are: Predecessor For the Year Ended December 31, For the Period January 1 through August 14, 2015 2013 2014 U.S. Foreign U.S. Foreign U.S. Foreign (Dollars in thousands) Amortization of prior service cost $ — $ 193 $ — $ 180 $ — $ (95 ) Effect of exchange rates — 133 — 148 — — Total recognized in other comprehensive income $ — $ 326 $ — $ 328 $ — $ (95 ) Total recognized in net post retirement cost (benefit) and other comprehensive income $ (913 ) $ 22 $ 1,547 $ 2,357 $ — $ (95 ) |
Fair Value Of Assets Of, And The Funded Status Of, Postretirement Plans | The reconciliation of beginning and ending balances of benefit obligations under, fair value of assets of, and the funded status of, our postretirement plans is set forth in the following table: Postretirement Benefits Predecessor Successor As of December 31, 2014 As of December 31, 2015 U.S. Foreign U.S. Foreign (Dollars in thousands) Changes in Benefit Obligation: Net benefit obligation at beginning of period $ 11,275 $ 15,645 $ 11,395 $ 13,457 Service cost — 71 — 5 Interest cost 396 976 142 289 Foreign currency exchange rates — (1,437 ) — (1,489 ) Actuarial loss (gain) 1,151 1,511 (100 ) (621 ) Gross benefits paid (1,236 ) (1,068 ) (578 ) (345 ) Plan amendment — (294 ) — — Net benefit obligation at end of period $ 11,586 $ 15,404 $ 10,859 $ 11,296 Changes in Plan Assets: Fair value of plan assets at beginning of period $ — $ — $ — $ — Employer contributions 1,236 1,068 578 345 Gross benefits paid (1,236 ) (1,068 ) (578 ) (345 ) Fair value of plan assets at end of period $ — $ — $ — $ — Funded status: $ (11,586 ) $ (15,404 ) $ (10,859 ) $ (11,296 ) Amounts recognized in accumulated other comprehensive loss: Prior service credit $ — $ 1,554 $ — $ — Amounts recognized in the statement of financial position: Current liabilities $ (1,204 ) $ (953 ) $ (1,298 ) $ (755 ) Non-current liabilities (10,382 ) (14,451 ) (9,561 ) (10,541 ) Net amount recognized $ (11,586 ) $ (15,404 ) $ (10,859 ) $ (11,296 ) |
Assumptions Used To Determine Net Pension Costs And Projected Benefit Obligations | Assumptions used to determine net postretirement benefit costs and postretirement projected benefit obligation are set forth in the following table: Postretirement Benefit Obligations Predecessor Successor As of December 31, 2014 2015 Weighted average assumptions to determine benefit obligations: Discount rate 4.82 % 5.10 % Health care cost trend on covered charges: Initial 6.55 % 6.67 % Ultimate 6.18 % 6.48 % Years to ultimate 1 2 Postretirement Benefit Costs Predecessor Successor 2014 2015 Weighted average assumptions to determine net cost: Discount rate 5.29 % 4.91 % Health care cost trend on covered charges: Initial 7.39 % 6.55 % Ultimate 6.18 % 6.18 % Years to ultimate 2 0 Assumptions used to determine net pension costs and projected benefit obligations are: Pension Benefit Obligations As of December 31, 2014 2015 Predecessor Successor Weighted average assumptions to determine benefit obligations: Discount rate 3.33 % 3.86 % Rate of compensation increase 2.08 % 1.84 % Pension Benefit Obligations As of December 31, 2014 2015 Predecessor Successor Weighted average assumptions to determine net cost: Discount rate 4.20 % 3.79 % Expected return on plan assets 4.77 % 3.99 % Rate of compensation increase 2.42 % 2.08 % |
One-Percentage Point Change In Assumed Health Care Cost Trend Rates | A one-percentage point change in assumed health care cost trend rates would have the following effects at December 31, 2015 : One Percentage Point Increase One Percentage Point Decrease U.S. Foreign U.S. Foreign (Dollars in thousands) Effect on total service cost and interest cost components $ 3 $ 27 $ (3 ) $ (33 ) Effect on benefit obligations $ 121 $ 797 $ (115 ) $ (687 ) |
Projected Future Postretirement Cash Flow By Year | The following table represents projected future postretirement cash flow by year: U.S. Foreign (Dollars in thousands) Expected contributions in 2015: Expected employer contributions $ 1,298 $ 755 Expected employee contributions — — Estimated future benefit payments reflecting expected future service for the years ending December 31: 2016 1,298 755 2017 1,233 762 2018 1,152 772 2019 1,061 782 2020 962 796 2020-2024 3,454 4,231 |
Management Compensation And I41
Management Compensation And Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Management Compensation And Incentive Plans [Abstract] | |
Restricted Stock And Performance Share Awards Activity | Restricted stock and performance share awards activity under the plans for the year ended December 31, 2015 , was: Number of Shares Weighted- Average Grant Date Fair Value Outstanding unvested at December 31, 2014 1,814,130 $ 6.31 Granted 412,191 9.67 Vested (2,037,914 ) 6.98 Forfeited/canceled/expired (188,407 ) 6.42 Outstanding at December 31, 2015 — $ — |
Stock Option Activity Under The Plans | Stock option activity under the plans for the year ended December 31, 2015 was: Number of Shares Weighted- Average Exercise Price Outstanding at December 31, 2014 2,042,074 $ 10.93 Granted — — Forfeited/canceled/expired (1,562,791 ) 12.98 Exercised (479,283 ) 4.24 Outstanding at December 31, 2015 — $ — |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loss Contingency [Abstract] | |
Schedule Of Product Warranties Accrual | Claims accrued but not yet paid and the related activity within the reserve for 2014 and 2015 are as follows: (Dollars in Thousands) Balance as of December 31, 2014 $ 923 Product warranty charges/adjustments 576 Payments and settlements (557 ) Balance as of December 31, 2015 $ 942 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule Of U.S. And Non-U.S. Components Of Income (Loss) Before Provision (Benefit) For Income Taxes | The following table summarizes the U.S. and non-U.S. components of income (loss) before provision (benefit) for income taxes: Predecessor Successor For the Year Ended December 31, For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 2013 2014 (Dollars in thousands) U.S. $ 8,495 $ (255,043 ) $ (96,258 ) $ (22,755 ) Non-U.S. (48,597 ) (39,749 ) (20,305 ) (3,916 ) $ (40,102 ) $ (294,792 ) $ (116,563 ) $ (26,671 ) |
Schedule Of Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following: Predecessor Successor For the Year Ended December 31, For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 2013 2014 (Dollars in thousands) U.S income taxes: Current $ 4,104 $ (1,762 ) $ (20 ) $ (52 ) Deferred (5,652 ) (537 ) 403 686 (1,548 ) (2,299 ) 383 634 Non-U.S. income taxes: Current 5,422 8,349 3,182 1,565 Deferred (16,717 ) (15,466 ) 521 4,681 (11,295 ) (7,117 ) 3,703 6,246 Total income tax expense (benefit) $ (12,843 ) $ (9,416 ) $ 4,086 $ 6,880 |
Schedule Of Income Tax Expense (Benefit) Computed By Applying The U.S. Federal Income Tax Rate | Income tax expense (benefit) differed from the amounts computed by applying the U.S. federal income tax rate of 35% to income before provision (benefit) for income taxes as set forth in the following table: Predecessor Successor For the Year Ended December 31, For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 2013 2014 (Dollars in thousands) Tax at statutory U.S. federal rate $ (14,036 ) $ (103,177 ) $ (40,797 ) $ (9,335 ) U.S. valuation allowance, net (700 ) 73,350 27,443 8,876 State taxes, net of federal tax benefit (371 ) (4,387 ) (3,215 ) (697 ) U.S. tax return adjustments to estimated taxes (1,032 ) (368 ) — — Resolution of uncertain tax positions (752 ) (513 ) 71 64 Adjustment for foreign income taxed at different rates 6,832 7,376 11,435 7,324 U.S. tax credits (2,577 ) (1,000 ) — — Non-U.S. tax exemptions, holidays and credits — — (691 ) 228 Goodwill impairment — 17,161 8,026 — Capital loss expiration — 2,422 — — Other (207 ) (280 ) 1,814 420 Total income tax (benefit) expense $ (12,843 ) $ (9,416 ) $ 4,086 $ 6,880 |
Schedule Of Deferred Tax Assets And Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant components of the deferred tax assets and deferred tax liabilities at December 31, 2014 , and December 31, 2015 are set forth in the following table: As of December 31, 2014 Predecessor 2015 Successor (Dollars in thousands) Deferred tax assets: Postretirement and other employee benefits $ 43,204 $ 34,713 Foreign tax credit and other carryforwards 64,214 115,163 Capitalized research and experimental costs 23,446 21,592 Environmental reserves 3,366 4,273 Inventory adjustments 19,568 12,719 Capital loss 272 276 Long-term contract option amortization 2,214 2,138 Provision for rationalization charges 17,255 5,967 Other 6,288 729 Total gross deferred tax assets 179,827 197,570 Less: valuation allowance (95,721 ) (165,539 ) Total deferred tax assets 84,106 32,031 Deferred tax liabilities: Fixed assets $ 59,292 $ 54,150 Debt discount amortization / Deferred financing fees 3,301 7,666 Inventory 6,865 4,985 Goodwill and acquired intangibles 1,046 2,686 Other 3,761 4,647 Total deferred tax liabilities 74,265 74,134 Net deferred tax (liability) asset $ 9,841 $ (42,103 ) |
Schedule Of Valuation Allowance Activity | Valuation allowance activity for the years ended December 31, 2013 , 2014 and 2015 is as follows: For the year ended December 31, 2013 2014 (Dollars in thousands) Balance as of January 1 $ 26,312 $ 20,411 (Credited) / charged to income (614 ) 74,157 Translation adjustment (746 ) (800 ) Changes attributable to movement in underlying assets (4,541 ) 1,953 Balance as of December 31 $ 20,411 $ 95,721 |
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: As of December 31, 2013 2014 (Dollars in thousands) Balance at January 1 $ 9,769 $ 7,203 Additions based on tax positions related to the current year 881 268 Additions for tax positions of prior years 323 232 Reductions for tax positions of prior years (2,779 ) (1,204 ) Lapse of statutes of limitations — (1,180 ) Settlements (988 ) (1,503 ) Foreign currency impact (3 ) (106 ) Balance at December 31 $ 7,203 $ 3,710 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Calculation Of Basic And Diluted Earnings Per Share | The following table shows the information used in the calculation of our basic and diluted earnings per share as of December 31: As of December 31, For the Period July 1, 2015 Through August 14, 2015 For the Period August 15, 2015 Through December 31, 2015 2013 2014 (Dollars in thousands) Weighted average common shares outstanding for basic calculation 135,067,278 136,155,295 137,152,430 N/A Add: Effect of stock options and restricted stock — — — N/A Weighted average common shares outstanding for diluted calculation 135,067,278 136,155,295 137,152,430 N/A |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule Of Accumulated Other Comprehensive Loss | The balance in our accumulated other comprehensive loss is set forth in the following table: Predecessor Successor For year ended December 31, 2014 For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 (Dollars in thousands) Foreign currency translation adjustments $ 328,233 $ 356,169 $ 10,134 Commodities and foreign currency derivatives and other, net of tax of ($63), ($68) and ($21) respectively 8,291 7,029 123 Total accumulated comprehensive loss $ 336,524 $ 363,198 $ 10,257 |
Guarantor Information (Tables)
Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Consolidating Financials [Abstract] | |
Schedule of Condensed Balance Sheet [Table Text Block] | CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2014 (Predecessor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 5,503 $ 12,047 $ — $ 17,550 Accounts receivable - affiliates 40,474 35,618 40,185 (116,277 ) — Accounts receivable - trade — 45,861 117,058 — 162,919 Inventories — 148,080 234,823 — 382,903 Prepaid and other current assets — 17,336 64,287 — 81,623 Total current assets 40,474 252,398 468,400 (116,277 ) 644,995 Investment in affiliates 1,414,278 762,251 — (2,176,529 ) — Property, plant and equipment — 431,602 222,438 — 654,040 Deferred income taxes — — 16,819 — 16,819 Goodwill — 217,099 203,030 — 420,129 Notes receivable - affiliate 35,722 7,413 — (43,135 ) — Other assets 4,110 45,617 48,095 — 97,822 Total Assets $ 1,494,584 $ 1,716,380 $ 958,782 $ (2,335,941 ) $ 1,833,805 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable - affiliate $ — $ 80,659 $ 35,618 $ (116,277 ) $ — Accounts payable - trade 47 35,435 50,927 — 86,409 Short-term debt 187,973 131 — — 188,104 Accrued income and other taxes 344 3,380 20,782 — 24,506 Rationalizations — 7,538 2,025 — 9,563 Other accrued liabilities 2,444 15,252 25,623 — 43,319 Total current liabilities 190,808 142,395 134,975 (116,277 ) 351,901 Long-term debt - affiliate — 35,722 7,413 (43,135 ) — Long-term debt - third party 300,000 40,393 1,222 — 341,615 Other long-term obligations — 77,724 29,842 — 107,566 Deferred income taxes — 5,118 23,079 — 28,197 Stockholders' equity 1,003,776 1,415,028 762,251 (2,176,529 ) 1,004,526 Total Liabilities and Stockholders' Equity $ 1,494,584 $ 1,716,380 $ 958,782 $ (2,335,941 ) $ 1,833,805 CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2015 (Successor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 646 $ 6,281 $ — $ 6,927 Accounts receivable - affiliates 51,592 9,362 20,823 (81,777 ) — Accounts receivable - trade — 20,749 82,066 — 102,815 Inventories — 123,340 172,122 — 295,462 Prepaid and other current assets — 8,109 13,565 — 21,674 Total current assets 51,592 162,206 294,857 (81,777 ) 426,878 Investment in affiliates 1,068,028 668,113 — (1,736,141 ) — Property, plant and equipment — 291,494 346,039 — 637,533 Deferred income taxes — — 15,327 — 15,327 Goodwill — 72,399 99,660 — 172,059 Notes receivable - affiliate — 46,074 — (46,074 ) — Other assets — 96,964 73,254 — 170,218 Total Assets $ 1,119,620 $ 1,337,250 $ 829,137 $ (1,863,992 ) $ 1,422,015 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable - affiliate $ 159 $ 72,418 $ 9,200 $ (81,777 ) $ — Accounts payable - trade — 18,546 30,932 — 49,478 Short-term debt — 4,636 136 — 4,772 Accrued income and other taxes — 5,864 3,175 — 9,039 Rationalizations — 995 2,053 — 3,048 Other accrued liabilities 2,444 11,511 15,824 — 29,779 Total current liabilities 2,603 113,970 61,320 (81,777 ) 96,116 Long-term debt - affiliate 38,661 — 7,413 (46,074 ) — Long-term debt - third party 267,827 93,758 870 — 362,455 Other long-term obligations — 61,246 34,239 — 95,485 Deferred income taxes — 248 57,182 — 57,430 Stockholders' equity 810,529 1,068,028 668,113 (1,736,141 ) 810,529 Total Liabilities and Stockholders' Equity $ 1,119,620 $ 1,337,250 $ 829,137 $ (1,863,992 ) $ 1,422,015 |
Schedule of Condensed Income Statement [Table Text Block] | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the year ended December 31, 2013 (Predecessor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 220,354 $ 149,251 $ (369,605 ) $ — Sales - third party — 469,033 697,641 — 1,166,674 Net sales — 689,387 846,892 (369,605 ) 1,166,674 Cost of sales — 584,819 812,394 (369,605 ) 1,027,608 Gross profit — 104,568 34,498 — 139,066 Research and development — 10,437 — — 10,437 Selling and administrative expenses — 40,548 70,495 — 111,043 Rationalizations — 2,732 17,424 — 20,156 Operating income (loss) — 50,851 (53,421 ) — (2,570 ) Other expense (income), net — (176 ) 1,874 — 1,698 Interest expense - affiliate — 1,364 670 (2,034 ) — Interest expense - third party 31,294 3,029 1,714 — 36,037 Interest income - affiliate (1,233 ) (670 ) (131 ) 2,034 — Interest income - third party — — (203 ) — (203 ) (Loss) income before income taxes (30,061 ) 47,304 (57,345 ) — ` (40,102 ) (Benefit) provision for income taxes (10,659 ) 9,111 (11,295 ) — (12,843 ) Equity in losses of subsidiary (7,857 ) (46,050 ) — 53,907 — Net income (loss) $ (27,259 ) $ (7,857 ) $ (46,050 ) $ 53,907 $ (27,259 ) Statements of Comprehensive Income (Loss) Net income (loss) $ (27,259 ) $ (7,857 ) $ (46,050 ) $ 53,907 $ (27,259 ) Other comprehensive (loss) income (11,946 ) (11,946 ) (13,601 ) 25,547 (11,946 ) Comprehensive income (loss) $ (39,205 ) $ (19,803 ) $ (59,651 ) $ 79,454 $ (39,205 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the year ended December 31, 2014 (Predecessor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 263,742 $ 150,346 $ (414,088 ) $ — Sales - third party — 422,991 662,313 — 1,085,304 Net sales — 686,733 812,659 (414,088 ) 1,085,304 Cost of sales — 630,031 777,114 (414,088 ) 993,057 Gross profit — 56,702 35,545 — 92,247 Research and development — 14,844 — — 14,844 Selling and administrative expenses — 55,454 68,724 — 124,178 Impairments — 186,552 10,668 — 197,220 Rationalizations — 9,109 2,516 — 11,625 Operating income (loss) — (209,257 ) (46,363 ) — (255,620 ) Other expense (income), net — 1,575 870 — 2,445 Interest expense - affiliate — 806 — (806 ) — Interest expense - third party 32,118 4,037 902 — 37,057 Interest income - affiliate (806 ) — — 806 — Interest income - third party — (11 ) (319 ) — (330 ) (Loss) income before income taxes (31,312 ) (215,664 ) (47,816 ) — ` (294,792 ) (Benefit) provision for income taxes 3,319 (5,618 ) (7,117 ) — (9,416 ) Equity in losses of subsidiary (251,495 ) (40,699 ) — 292,194 — Net income (losses) $ (286,126 ) $ (250,745 ) $ (40,699 ) $ 292,194 $ (285,376 ) Statements of Comprehensive Income (Loss) Net loss $ (286,126 ) $ (250,745 ) $ (40,699 ) $ 292,194 $ (285,376 ) Other comprehensive (loss) income (43,900 ) (43,900 ) (28,650 ) 72,550 (43,900 ) Comprehensive income (loss) $ (330,026 ) $ (294,645 ) $ (69,349 ) $ 364,744 $ (329,276 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the Period January 1 through August 14, 2015 (Predecessor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 124,489 $ 52,794 $ (177,283 ) $ — Sales - third party — 160,761 277,170 — 437,931 Net sales — 285,250 329,964 (177,283 ) 437,931 Cost of sales — 266,369 310,731 (177,283 ) 399,817 Gross profit — 18,881 19,233 — 38,114 Research and development — 5,556 — — 5,556 Selling and administrative expenses 6,750 44,507 29,890 — 81,147 Impairments — 35,381 — — 35,381 Rationalizations — (374 ) 4,881 — 4,507 Operating loss (6,750 ) (66,189 ) (15,538 ) — (88,477 ) Other expense (income), net — 804 531 — 1,335 Interest expense - affiliate 3 372 — (375 ) — Interest expense - third party 24,366 2,481 271 — 27,118 Interest income - affiliate (372 ) (3 ) — 375 — Interest income - third party — (5 ) (362 ) — (367 ) Loss before income taxes (30,747 ) (69,838 ) (15,978 ) — ` (116,563 ) (Benefit from) provision for income taxes — 385 3,701 — 4,086 Equity in losses of subsidiary (89,902 ) (19,679 ) — 109,581 — Net loss $ (120,649 ) $ (89,902 ) $ (19,679 ) $ 109,581 $ (120,649 ) Statements of Comprehensive Income (Loss) Net loss $ (120,649 ) $ (89,902 ) $ (19,679 ) $ 109,581 $ (120,649 ) Other comprehensive (loss) income (26,674 ) (26,674 ) (28,041 ) 54,715 (26,674 ) Comprehensive (loss) income $ (147,323 ) $ (116,576 ) $ (47,720 ) $ 164,296 $ (147,323 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the Period August 15 Through December 31, 2015 (Successor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 51,262 $ 32,611 $ (83,873 ) $ — Sales - third party — 86,053 162,688 — 248,741 Net sales — 137,315 195,299 (83,873 ) 248,741 Cost of sales — 132,610 181,175 (83,873 ) 229,912 Gross profit — 4,705 14,124 — 18,829 Research and development — 2,348 — — 2,348 Selling and administrative expenses — 10,775 21,340 — 32,115 Rationalizations — 71 1,004 — 1,075 Operating loss — (8,489 ) (8,220 ) — (16,709 ) Other expense (income), net — 1,166 (2,109 ) — (943 ) Interest expense - affiliate 226 — — (226 ) — Interest expense - third party 9,552 1,079 285 — 10,916 Interest income - affiliate — (226 ) — 226 — Interest income - third party — (5 ) (6 ) — (11 ) Loss before income taxes (9,778 ) (10,503 ) (6,390 ) — ` (26,671 ) (Benefit) provision for income taxes — 634 6,246 — 6,880 Equity in losses of subsidiary (23,773 ) (12,636 ) — 36,409 — Net loss $ (33,551 ) $ (23,773 ) $ (12,636 ) $ 36,409 $ (33,551 ) Statements of Comprehensive Income (Loss) Net loss $ (33,551 ) $ (23,773 ) $ (12,636 ) $ 36,409 $ (33,551 ) Other comprehensive income (loss): (10,257 ) (10,257 ) (10,257 ) 20,514 (10,257 ) Comprehensive (loss) income $ (43,808 ) $ (34,030 ) $ (22,893 ) $ 56,923 $ (43,808 ) |
Schedule of Condensed Cash Flow Statement [Table Text Block] | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the year ended December 31, 2013 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by $ (13,718 ) $ 72,111 $ 58,444 $ — $ 116,837 Cash flow from investing activities: Loan repayments from affiliates 15,578 15,000 — (30,578 ) — Capital expenditures — (52,278 ) (34,066 ) — (86,344 ) Insurance recoveries — — 1,500 — 1,500 Proceeds from derivatives (payments on) — 437 (323 ) — 114 Other — 322 607 — 929 Net cash provided by (used in) 15,578 (36,519 ) (32,282 ) (30,578 ) (83,801 ) Cash flow from financing activities: Loans repayments to affiliates — (15,578 ) (15,000 ) 30,578 — Short-term debt borrowings — (6 ) (7,259 ) — (7,265 ) Revolving Facility borrowings — 75,000 91,000 — 166,000 Revolving Facility reductions — (94,500 ) (77,000 ) — (171,500 ) Principal payments on long term debt — (166 ) (59 ) — (225 ) Supply chain financing — — (17,508 ) — (17,508 ) Proceeds from exercise of stock options 448 — — — 448 Purchase of treasury shares (1,825 ) — — — (1,825 ) Refinancing fees and debt issuance costs (483 ) (15 ) (62 ) — (560 ) Other — — (5,210 ) — (5,210 ) Net cash (used in) provided by (1,860 ) (35,265 ) (31,098 ) 30,578 (37,645 ) Net increase (decrease) in cash — 327 (4,936 ) — (4,609 ) Effect of exchange rate changes — — (820 ) — (820 ) Cash and cash equivalents at — 4,425 12,892 — 17,317 Cash and cash equivalents $ — $ 4,752 $ 7,136 $ — $ 11,888 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the year ended December 31, 2014 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by $ (9,474 ) $ 79,864 $ 50,513 $ — $ 120,903 Cash flow from investing activities: Loan repayments from affiliates 6,604 — — (6,604 ) — Capital expenditures — (58,926 ) (26,055 ) — (84,981 ) Insurance recoveries — — 2,834 — 2,834 Proceeds (payments) for derivatives — (2,195 ) 170 — (2,025 ) Proceeds from fixed asset sales — 1,700 3,342 5,042 Other — — 178 — 178 Net cash provided by (used in) 6,604 (59,421 ) (19,531 ) (6,604 ) (78,952 ) Cash flow from financing activities: Loans repayments to affiliates — (6,604 ) — 6,604 — Short-term debt borrowings — (34 ) (987 ) — (1,021 ) Revolving Facility borrowings — 183,000 86,000 — 269,000 Revolving Facility reductions — (193,000 ) (100,000 ) — (293,000 ) Principal payments on long term debt — (132 ) (60 ) — (192 ) Supply chain financing — — (9,455 ) — (9,455 ) Proceeds from exercise of stock options 2,813 — — — 2,813 Purchase of treasury shares (894 ) — — — (894 ) Refinancing fees and debt issuance costs — (2,922 ) (357 ) — (3,279 ) Other 951 — — — 951 Net cash (used in) provided by 2,870 (19,692 ) (24,859 ) 6,604 (35,077 ) Net increase in cash — 751 6,123 — 6,874 Effect of exchange rate changes — — (1,212 ) — (1,212 ) Cash and cash equivalents at — 4,752 7,136 — 11,888 Cash and cash equivalents $ — $ 5,503 $ 12,047 $ — $ 17,550 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Period January 1 through August 14, 2015 (Predecessor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities: $ (4,017 ) $ 34,418 $ 25,632 $ (27,710 ) $ 28,323 Cash flow from investing activities: Loans from (repayments to) affiliates 36,204 (21,343 ) — (14,861 ) — Capital expenditures — (20,572 ) (11,729 ) — (32,301 ) Payments for derivative instruments — (7,595 ) (668 ) — (8,263 ) Proceeds from sale of assets — 397 249 — 646 Net cash provided by (used in) investing activities 36,204 (49,113 ) (12,148 ) (14,861 ) (39,918 ) Cash flow from financing activities: Loans from (repayments to) affiliates 21,343 (36,204 ) — 14,861 — Dividends to affiliates — — (27,710 ) 27,710 Short-term debt, net — 14,002 4,509 — 18,511 Revolving Facility borrowings — 126,000 34,000 — 160,000 Revolving Facility reductions — (87,000 ) (12,000 ) — (99,000 ) Repayment of Senior Subordinated Notes (200,000 ) — — — (200,000 ) Issuance of Preferred Shares 150,000 — — — 150,000 Principal payments on long term debt — (89 ) — — (89 ) Proceeds from exercise of stock options 32 — — — 32 Purchase of treasury shares (63 ) — — — (63 ) Revolver facility refinancing — (5,037 ) (31 ) — (5,068 ) Other (3,499 ) — — — (3,499 ) Net cash (used in) provided by financing activities (32,187 ) 11,672 (1,232 ) 42,571 20,824 Net (decrease) increase in cash and cash equivalents — (3,023 ) 12,252 — 9,229 Effect of exchange rate changes on cash and cash equivalents — — (1,746 ) — (1,746 ) Cash and cash equivalents at beginning of period — 5,503 12,047 — 17,550 Cash and cash equivalents at end of period $ — $ 2,480 $ 22,553 $ — $ 25,033 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Period August 15 Through December 31, 2015 (Successor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by operating activities: $ (15,930 ) $ 18,471 $ 20,574 $ — $ 23,115 Cash flow from investing activities: Loans from (repayments to) affiliates — (17,315 ) — 17,315 — Capital expenditures — (8,438 ) (10,004 ) — (18,442 ) Payments for derivative instruments — — 326 — 326 Proceeds from sale of assets — 492 140 — 632 Net cash provided by (used in) investing activities — (25,261 ) (9,538 ) 17,315 (17,484 ) Cash flow from financing activities: Loans from (repayments to) affiliates 17,315 — — (17,315 ) — Dividends to affiliates — — — — Short-term debt, net — (10,998 ) (4,506 ) — (15,504 ) Revolving Facility borrowings — 52,000 10,000 — 62,000 Revolving Facility reductions — (36,000 ) (32,000 ) — (68,000 ) Issuance of Preferred Shares (1,385 ) — — — (1,385 ) Principal payments on long term debt — (46 ) (137 ) — (183 ) Net cash (used in) provided by financing activities 15,930 4,956 (26,643 ) (17,315 ) (23,072 ) Decrease in cash and cash equivalents — (1,834 ) (15,607 ) — (17,441 ) Effect of exchange rate changes on cash and cash equivalents — — (665 ) — (665 ) Cash and cash equivalents at beginning of period — 2,480 22,553 — 25,033 Cash and cash equivalents at end of period $ — $ 646 $ 6,281 $ — $ 6,927 |
Business And Summary Of Signi47
Business And Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business And Summary Of Significant Accounting Policies [Line Items] | |||||
Depreciation expense | $ 22,400 | $ 34,500 | $ 100,400 | $ 102,900 | |
Capitalized bank fees | 9,700 | ||||
Environmental remediation, compliance and management expenses | $ 11,100 | 17,000 | 14,600 | ||
Accrued liability relating to environmental remediation | 5,900 | 6,900 | |||
Total costs capitalized | 6,900 | 6,900 | 15,600 | ||
Amortization expense | 300 | 200 | 500 | 1,000 | |
Deferred costs | 9,900 | 9,900 | 13,300 | ||
Amortized costs | 2,100 | 4,300 | 2,100 | 6,600 | |
Capitalized Bank Fees [Member] | |||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||
Amortization of capitalized bank fees | 2,100 | 3,300 | 2,500 | ||
Other Assets [Member] | |||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||
Capitalized bank fees | 9,700 | ||||
Predecessor [Member] | |||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||
Amortization of capitalized bank fees | 2,118 | 3,339 | 2,504 | ||
Predecessor [Member] | Rationalization Plan [Member] | Cost of Sales [Member] | |||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||
Accelerated depreciation | $ 1,372 | 26,037 | $ 28,326 | ||
New Accounting Pronouncement, Early Adoption, Effect [Member] | |||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||
Reclassification of deferred tax assets | 10,700 | 10,700 | 28,400 | ||
Reclassification of deferred tax liabilities | $ 23,300 | $ 23,300 | $ 7,200 |
Business And Summary Of Signi48
Business And Summary Of Significant Accounting Policies (Ranges Of Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 25 years |
Minimum [Member] | Machinery And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Minimum [Member] | Furniture And Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Maximum [Member] | Machinery And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Maximum [Member] | Furniture And Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Business And Summary Of Signi49
Business And Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives For Each Major Category Of Amortizable Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | Trade Name [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Minimum [Member] | Technological Know-How [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Minimum [Member] | Customer Related Intangible [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Maximum [Member] | Trade Name [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 10 years |
Maximum [Member] | Technological Know-How [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 9 years |
Maximum [Member] | Customer Related Intangible [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 14 years |
Preferred Share Issuance and 50
Preferred Share Issuance and Merger (Narrative) (Details) - USD ($) | Aug. 11, 2015 | May. 18, 2015 | May. 17, 2015 |
Business Acquisition [Line Items] | |||
Max Reimbursement to Acquiror | $ 500,000 | ||
Common stock, par value | $ 0.01 | ||
BCP IV GrafTech Holdings LP [Member] | |||
Business Acquisition [Line Items] | |||
Amount | $ 854,337,000 | ||
Convertible Preferred Stock [Member] | BCP IV GrafTech Holdings LP [Member] | |||
Business Acquisition [Line Items] | |||
Number of Shares | 150,000 | ||
Amount | $ 150,000,000 | $ 150,000,000 | |
Convertible Preferred Stock [Member] | BCP IV GrafTech Holdings LP [Member] | Series A Preferred Stock [Member] | |||
Business Acquisition [Line Items] | |||
Number of Shares | 136,616 | ||
Preferred stock, par value | $ 0.01 | ||
Business Combination, Equity Interest Transferred, Percentage of Common Stock Outstanding Before Transaction | 19.90% | ||
Convertible Preferred Stock [Member] | BCP IV GrafTech Holdings LP [Member] | Series B Preferred Stock [Member] | |||
Business Acquisition [Line Items] | |||
Number of Shares | 13,384 | ||
Preferred stock, par value | $ 0.01 | ||
Notes Payable, Other Payables [Member] | Term Loan Facility [Member] | |||
Business Acquisition [Line Items] | |||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 40,000,000 | ||
Senior Notes [Member] | Senior Subordinated Notes Due Nov 2015 [Member] | |||
Business Acquisition [Line Items] | |||
Early Repayment of Subordinated Debt | $ 200,000,000 | ||
Preferred Stock [Member] | |||
Business Acquisition [Line Items] | |||
Convertible Preferred Stock, Conversion Price | $ 5.05 |
Preferred Share Issuance and 51
Preferred Share Issuance and Merger (Purchase Consideration) (Details) - BCP IV GrafTech Holdings LP [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Aug. 11, 2015 | May. 18, 2015 |
Business Acquisition [Line Items] | ||
Amount | $ 854,337 | |
Convertible Preferred Stock [Member] | ||
Business Acquisition [Line Items] | ||
Number of Shares | 150 | |
Unit Price | $ 1,000,000 | |
Amount | $ 150,000 | $ 150,000 |
Common Stock [Member] | ||
Business Acquisition [Line Items] | ||
Number of Shares | 139,397 | |
Unit Price | $ 5,050 | |
Amount | $ 703,955 | |
Stock Options [Member] | ||
Business Acquisition [Line Items] | ||
Amount | $ 382 |
Preferred Share Issuance and 52
Preferred Share Issuance and Merger (Net Identifiable Assets Acquired) (Details) - BCP IV GrafTech Holdings LP [Member] $ in Thousands | May. 18, 2015USD ($) |
Business Acquisition [Line Items] | |
Cash | $ 25,032 |
Accounts receivable | 94,298 |
Inventories | 346,645 |
Property, plant and equipment | 650,405 |
Intangible assets | 155,700 |
Deferred tax assets | 40,904 |
Prepaid and other current assets | 49,716 |
Other non-current assets | 8,428 |
Accounts payable | (68,005) |
Short-term debt | (18,779) |
Other accrued liabilities | (53,252) |
Long-term debt | (367,811) |
Other long-term liabilities | (101,768) |
Deferred tax liabilities | (79,235) |
Net identifiable assets acquired | 682,278 |
Goodwill | 172,059 |
Net assets acquired | $ 854,337 |
Acquisitions (Summary Of The Th
Acquisitions (Summary Of The Third-Party Debt Assumed And Not Repaid In Connection With The Close Of The Acquisitions) (Details) | Nov. 30, 2010 |
Pennsylvania Industrial Development Authority Mortgage Note Due Two Thousand Eighteen Interest Rate Of Three Percentage [Member] | |
Business Acquisition [Line Items] | |
Stated interest rate | 3.00% |
Debt Instrument Maturity Dates | 2,018 |
Secured Promisory Note Due Two Thousand Fourteen Interest Rate Of Six Point Two Five Percent [Member] | |
Business Acquisition [Line Items] | |
Stated interest rate | 6.25% |
Debt Instrument Maturity Dates | 2,014 |
Rationalizations Rollforward of
Rationalizations Rollforward of Rationalization Liability (Details) - USD ($) | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Industrial Materials [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment of long-lived assets and goodwill | $ 35,400,000 | $ 75,700,000 | ||
Predecessor [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 4,507,000 | 11,625,000 | $ 20,156,000 | |
Impairment of long-lived assets and goodwill | 35,381,000 | 197,220,000 | 0 | |
Predecessor [Member] | Rationalization Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 11,722,000 | 184,378,000 | 65,701,000 | |
Impairment of long-lived assets and goodwill | 121,570,000 | |||
Predecessor [Member] | Rationalization Plan [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 1,372,000 | 26,037,000 | 28,326,000 | |
Restructuring and Related Cost, Inventory Loss | 942,000 | 14,672,000 | 8,782,000 | |
Fixed Asset Write-offs and Other | 2,793,000 | 6,830,000 | 8,378,000 | |
Predecessor [Member] | Rationalization Plan [Member] | Research and Development Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 2,312,000 | |||
Predecessor [Member] | Rationalization Plan [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 608,000 | |||
Incurred Cost | 2,109,000 | 725,000 | 59,000 | |
Predecessor [Member] | Rationalization Plan [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 229,000 | 626,000 | 810,000 | |
Predecessor [Member] | Rationalization Plan [Member] | Employee Severance [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 4,277,000 | 10,998,000 | 19,346,000 | |
Predecessor [Member] | Rationalization Plan [Member] | Industrial Materials [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 2,696,000 | 34,499,000 | 60,257,000 | |
Impairment of long-lived assets and goodwill | 0 | |||
Predecessor [Member] | Rationalization Plan [Member] | Industrial Materials [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 432,000 | 22,388,000 | 28,326,000 | |
Restructuring and Related Cost, Inventory Loss | (33,000) | 961,000 | 7,886,000 | |
Fixed Asset Write-offs and Other | 1,715,000 | 5,552,000 | 6,104,000 | |
Predecessor [Member] | Rationalization Plan [Member] | Industrial Materials [Member] | Research and Development Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 0 | |||
Predecessor [Member] | Rationalization Plan [Member] | Industrial Materials [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 0 | |||
Incurred Cost | 400,000 | 89,000 | 59,000 | |
Predecessor [Member] | Rationalization Plan [Member] | Industrial Materials [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 25,000 | 469,000 | 810,000 | |
Predecessor [Member] | Rationalization Plan [Member] | Industrial Materials [Member] | Employee Severance [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 157,000 | 5,040,000 | 17,072,000 | |
Predecessor [Member] | Rationalization Plan [Member] | Engineered Solutions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 7,300,000 | 143,588,000 | 3,628,000 | |
Impairment of long-lived assets and goodwill | 121,570,000 | |||
Predecessor [Member] | Rationalization Plan [Member] | Engineered Solutions [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 0 | 3,649,000 | 0 | |
Restructuring and Related Cost, Inventory Loss | 975,000 | 13,711,000 | 896,000 | |
Fixed Asset Write-offs and Other | 1,078,000 | 1,278,000 | 2,274,000 | |
Predecessor [Member] | Rationalization Plan [Member] | Engineered Solutions [Member] | Research and Development Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 0 | |||
Predecessor [Member] | Rationalization Plan [Member] | Engineered Solutions [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 0 | |||
Incurred Cost | 755,000 | 121,000 | 0 | |
Predecessor [Member] | Rationalization Plan [Member] | Engineered Solutions [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 204,000 | 146,000 | 0 | |
Predecessor [Member] | Rationalization Plan [Member] | Engineered Solutions [Member] | Employee Severance [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 4,288,000 | 3,113,000 | 458,000 | |
Predecessor [Member] | Rationalization Plan [Member] | Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 1,726,000 | 6,291,000 | 1,816,000 | |
Impairment of long-lived assets and goodwill | 0 | |||
Predecessor [Member] | Rationalization Plan [Member] | Corporate and Other [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 940,000 | 0 | 0 | |
Restructuring and Related Cost, Inventory Loss | 0 | 0 | 0 | |
Fixed Asset Write-offs and Other | 0 | 0 | 0 | |
Predecessor [Member] | Rationalization Plan [Member] | Corporate and Other [Member] | Research and Development Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 2,312,000 | |||
Predecessor [Member] | Rationalization Plan [Member] | Corporate and Other [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 608,000 | |||
Incurred Cost | 954,000 | 515,000 | 0 | |
Predecessor [Member] | Rationalization Plan [Member] | Corporate and Other [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 0 | 11,000 | 0 | |
Predecessor [Member] | Rationalization Plan [Member] | Corporate and Other [Member] | Employee Severance [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | (168,000) | 2,845,000 | 1,816,000 | |
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 2,662,000 | 31,231,000 | 65,701,000 | |
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 432,000 | 23,215,000 | 28,326,000 | |
Restructuring and Related Cost, Inventory Loss | (33,000) | 1,446,000 | 8,782,000 | |
Fixed Asset Write-offs and Other | 1,985,000 | 5,607,000 | 8,378,000 | |
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 89,000 | 59,000 | ||
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Employee Severance [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 253,000 | 405,000 | 19,346,000 | |
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Special Termination Benefits [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 25,000 | 469,000 | 810,000 | |
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Industrial Materials [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 2,236,000 | 29,714,000 | 60,257,000 | |
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Industrial Materials [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 432,000 | 22,388,000 | 28,326,000 | |
Restructuring and Related Cost, Inventory Loss | (33,000) | 961,000 | 7,886,000 | |
Fixed Asset Write-offs and Other | 1,715,000 | 5,374,000 | 6,104,000 | |
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Industrial Materials [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 89,000 | 59,000 | ||
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Industrial Materials [Member] | Employee Severance [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 97,000 | 433,000 | 17,072,000 | |
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Industrial Materials [Member] | Special Termination Benefits [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 25,000 | 469,000 | 810,000 | |
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Engineered Solutions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 426,000 | 1,517,000 | 3,628,000 | |
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Engineered Solutions [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 0 | 827,000 | 0 | |
Restructuring and Related Cost, Inventory Loss | 0 | 485,000 | 896,000 | |
Fixed Asset Write-offs and Other | 270,000 | 233,000 | 2,274,000 | |
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Engineered Solutions [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 0 | 0 | ||
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Engineered Solutions [Member] | Employee Severance [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 156,000 | (28,000) | 458,000 | |
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Engineered Solutions [Member] | Special Termination Benefits [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 0 | 0 | 0 | |
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 0 | 0 | 1,816,000 | |
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Corporate and Other [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 0 | 0 | 0 | |
Restructuring and Related Cost, Inventory Loss | 0 | 0 | 0 | |
Fixed Asset Write-offs and Other | 0 | |||
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Corporate and Other [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 0 | |||
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Corporate and Other [Member] | Employee Severance [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 0 | 0 | 1,816,000 | |
Predecessor [Member] | 2013 Rationalization Initiatives [Member] | Corporate and Other [Member] | Special Termination Benefits [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | $ 0 | $ 0 | $ 0 | |
Successor [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | $ 1,075,000 | |||
Impairment of long-lived assets and goodwill | 0 | |||
Successor [Member] | Rationalization Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 3,416,000 | |||
Successor [Member] | Rationalization Plan [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Inventory Loss | (433,000) | |||
Fixed Asset Write-offs and Other | 1,026,000 | |||
Successor [Member] | Rationalization Plan [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 1,748,000 | |||
Successor [Member] | Rationalization Plan [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 81,000 | |||
Successor [Member] | Rationalization Plan [Member] | Employee Severance [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 994,000 | |||
Successor [Member] | Rationalization Plan [Member] | Industrial Materials [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 38,000 | |||
Successor [Member] | Rationalization Plan [Member] | Industrial Materials [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Inventory Loss | (639,000) | |||
Fixed Asset Write-offs and Other | 329,000 | |||
Successor [Member] | Rationalization Plan [Member] | Industrial Materials [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 135,000 | |||
Successor [Member] | Rationalization Plan [Member] | Industrial Materials [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 59,000 | |||
Successor [Member] | Rationalization Plan [Member] | Industrial Materials [Member] | Employee Severance [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 154,000 | |||
Successor [Member] | Rationalization Plan [Member] | Engineered Solutions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 3,017,000 | |||
Successor [Member] | Rationalization Plan [Member] | Engineered Solutions [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Inventory Loss | 206,000 | |||
Fixed Asset Write-offs and Other | 697,000 | |||
Successor [Member] | Rationalization Plan [Member] | Engineered Solutions [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 1,323,000 | |||
Successor [Member] | Rationalization Plan [Member] | Engineered Solutions [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 22,000 | |||
Successor [Member] | Rationalization Plan [Member] | Engineered Solutions [Member] | Employee Severance [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 769,000 | |||
Successor [Member] | Rationalization Plan [Member] | Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 361,000 | |||
Successor [Member] | Rationalization Plan [Member] | Corporate and Other [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Inventory Loss | 0 | |||
Fixed Asset Write-offs and Other | 0 | |||
Successor [Member] | Rationalization Plan [Member] | Corporate and Other [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 290,000 | |||
Successor [Member] | Rationalization Plan [Member] | Corporate and Other [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 0 | |||
Successor [Member] | Rationalization Plan [Member] | Corporate and Other [Member] | Employee Severance [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 71,000 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 574,000 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Inventory Loss | (307,000) | |||
Fixed Asset Write-offs and Other | 400,000 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 245,000 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Employee Severance [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 177,000 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Special Termination Benefits [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 59,000 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Industrial Materials [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 532,000 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Industrial Materials [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Inventory Loss | (278,000) | |||
Fixed Asset Write-offs and Other | 329,000 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Industrial Materials [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 245,000 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Industrial Materials [Member] | Employee Severance [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 177,000 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Industrial Materials [Member] | Special Termination Benefits [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 59,000 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Engineered Solutions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 42,000 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Engineered Solutions [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Inventory Loss | (29,000) | |||
Fixed Asset Write-offs and Other | 71,000 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Engineered Solutions [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 0 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Engineered Solutions [Member] | Employee Severance [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 0 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Engineered Solutions [Member] | Special Termination Benefits [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 0 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 0 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Corporate and Other [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 0 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Corporate and Other [Member] | Employee Severance [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | 0 | |||
Successor [Member] | 2013 Rationalization Initiatives [Member] | Corporate and Other [Member] | Special Termination Benefits [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Incurred Cost | $ 0 |
Rationalizations Rationalizatio
Rationalizations Rationalization Costs Incurred (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve | $ 45 | $ 1,035 | $ 1,035 | $ 18,421 | |
Charges incurred | 154 | 40 | 613 | ||
Change in estimates | (67) | (227) | (153) | ||
Payments and settlements | (17) | (1,102) | (16,494) | ||
Effect of change in currency exchange rates | (59) | (155) | (1,658) | ||
Restructuring Reserve | 190 | 45 | 190 | 1,035 | $ 18,421 |
2015 Advanced Graphite Materials Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve | 4,686 | 0 | 0 | ||
Charges incurred | 647 | 5,053 | |||
Change in estimates | 38 | ||||
Payments and settlements | (3,418) | (329) | |||
Effect of change in currency exchange rates | 0 | ||||
Restructuring Reserve | 1,915 | 4,686 | 1,915 | 0 | |
2014 Engineered Solutions Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve | 77 | 1,655 | 1,655 | 0 | |
Charges incurred | 50 | 2,611 | |||
Change in estimates | (5) | (713) | (40) | ||
Payments and settlements | (72) | (916) | (916) | ||
Effect of change in currency exchange rates | 1 | 0 | |||
Restructuring Reserve | 0 | 77 | 0 | 1,655 | 0 |
2014 Corporate and Research & Development Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve | 2,081 | 6,873 | 6,873 | 0 | |
Charges incurred | (33) | 8,159 | |||
Change in estimates | (47) | 67 | (21) | ||
Payments and settlements | (1,127) | (4,611) | (12,000) | (1,155) | |
Effect of change in currency exchange rates | (57) | (81) | (152) | ||
Restructuring Reserve | 944 | 2,081 | $ 944 | 6,873 | 0 |
Predecessor [Member] | 2015 Advanced Graphite Materials Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring costs | 6,585 | ||||
Predecessor [Member] | 2014 Engineered Solutions Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring costs | 280 | 19,766 | |||
Predecessor [Member] | 2014 Corporate and Research & Development Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring costs | 2,195 | 11,813 | |||
Predecessor [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Engineered Solutions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring costs | 9 | 737 | |||
Predecessor [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Industrial Materials [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring costs | 460 | 4,786 | |||
Predecessor [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Corporate and Other [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring costs | 1,726 | 6,290 | |||
Predecessor [Member] | Cost of Sales [Member] | 2015 Advanced Graphite Materials Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and Related Cost, Inventory Loss | 404 | ||||
Fixed Asset Write-offs and Other | 434 | ||||
Predecessor [Member] | Cost of Sales [Member] | 2014 Engineered Solutions Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 0 | 2,802 | |||
Restructuring and Related Cost, Inventory Loss | 571 | 13,225 | |||
Fixed Asset Write-offs and Other | 372 | 1,046 | |||
Predecessor [Member] | Cost of Sales [Member] | 2014 Corporate and Research & Development Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 20 | ||||
Fixed Asset Write-offs and Other | 1 | 178 | |||
Predecessor [Member] | Cost of Sales [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Engineered Solutions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 20 | ||||
Fixed Asset Write-offs and Other | 1 | 0 | |||
Predecessor [Member] | Cost of Sales [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Industrial Materials [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 0 | ||||
Fixed Asset Write-offs and Other | 0 | 178 | |||
Predecessor [Member] | Cost of Sales [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Corporate and Other [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 0 | ||||
Fixed Asset Write-offs and Other | 0 | 0 | |||
Predecessor [Member] | Cost of Sales [Member] | 2013 Rationalization Initiatives [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 432 | 23,215 | 28,326 | ||
Restructuring and Related Cost, Inventory Loss | (33) | 1,446 | 8,782 | ||
Fixed Asset Write-offs and Other | 1,985 | 5,607 | 8,378 | ||
Predecessor [Member] | Cost of Sales [Member] | 2013 Rationalization Initiatives [Member] | Engineered Solutions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 0 | 827 | 0 | ||
Restructuring and Related Cost, Inventory Loss | 0 | 485 | 896 | ||
Fixed Asset Write-offs and Other | 270 | 233 | 2,274 | ||
Predecessor [Member] | Cost of Sales [Member] | 2013 Rationalization Initiatives [Member] | Industrial Materials [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 432 | 22,388 | 28,326 | ||
Restructuring and Related Cost, Inventory Loss | (33) | 961 | 7,886 | ||
Fixed Asset Write-offs and Other | 1,715 | 5,374 | 6,104 | ||
Predecessor [Member] | Cost of Sales [Member] | 2013 Rationalization Initiatives [Member] | Corporate and Other [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 0 | 0 | 0 | ||
Restructuring and Related Cost, Inventory Loss | 0 | 0 | 0 | ||
Fixed Asset Write-offs and Other | $ 0 | ||||
Predecessor [Member] | Rationalizations [Member] | 2014 Engineered Solutions Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Severance and related charges (recorded in Rationalizations) | (713) | 2,498 | |||
Contract terminations and other (recorded in Rationalizations) | 50 | 195 | |||
Predecessor [Member] | Research and Development Expense [Member] | 2014 Corporate and Research & Development Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 940 | 2,312 | |||
Predecessor [Member] | Research and Development Expense [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Engineered Solutions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 0 | 0 | |||
Predecessor [Member] | Research and Development Expense [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Industrial Materials [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 0 | 0 | |||
Predecessor [Member] | Research and Development Expense [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Corporate and Other [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 940 | 2,312 | |||
Predecessor [Member] | Selling, General and Administrative Expenses [Member] | 2015 Advanced Graphite Materials Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Other (recorded in Cost of sales) | 755 | ||||
Predecessor [Member] | Selling, General and Administrative Expenses [Member] | 2014 Corporate and Research & Development Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 608 | ||||
Other (recorded in Cost of sales) | 1,354 | 515 | |||
Predecessor [Member] | Selling, General and Administrative Expenses [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Engineered Solutions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 0 | ||||
Other (recorded in Cost of sales) | 0 | 0 | |||
Predecessor [Member] | Selling, General and Administrative Expenses [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Industrial Materials [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 0 | ||||
Other (recorded in Cost of sales) | 400 | 0 | |||
Predecessor [Member] | Selling, General and Administrative Expenses [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Corporate and Other [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 608 | ||||
Other (recorded in Cost of sales) | 954 | 515 | |||
Successor [Member] | 2015 Advanced Graphite Materials Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring costs | 2,812 | ||||
Successor [Member] | 2014 Engineered Solutions Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring costs | (309) | ||||
Successor [Member] | 2014 Corporate and Research & Development Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring costs | 338 | ||||
Successor [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Engineered Solutions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring costs | 0 | ||||
Successor [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Industrial Materials [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring costs | (23) | ||||
Successor [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Corporate and Other [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring costs | 361 | ||||
Successor [Member] | Cost of Sales [Member] | 2015 Advanced Graphite Materials Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and Related Cost, Inventory Loss | (47) | ||||
Fixed Asset Write-offs and Other | 855 | ||||
Successor [Member] | Cost of Sales [Member] | 2014 Engineered Solutions Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Accelerated depreciation | 0 | ||||
Restructuring and Related Cost, Inventory Loss | (80) | ||||
Fixed Asset Write-offs and Other | (229) | ||||
Successor [Member] | Cost of Sales [Member] | 2013 Rationalization Initiatives [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and Related Cost, Inventory Loss | (307) | ||||
Fixed Asset Write-offs and Other | 400 | ||||
Successor [Member] | Cost of Sales [Member] | 2013 Rationalization Initiatives [Member] | Engineered Solutions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and Related Cost, Inventory Loss | (29) | ||||
Fixed Asset Write-offs and Other | 71 | ||||
Successor [Member] | Cost of Sales [Member] | 2013 Rationalization Initiatives [Member] | Industrial Materials [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring and Related Cost, Inventory Loss | (278) | ||||
Fixed Asset Write-offs and Other | 329 | ||||
Successor [Member] | Rationalizations [Member] | 2014 Engineered Solutions Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Severance and related charges (recorded in Rationalizations) | 0 | ||||
Contract terminations and other (recorded in Rationalizations) | 0 | ||||
Successor [Member] | Selling, General and Administrative Expenses [Member] | 2015 Advanced Graphite Materials Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Other (recorded in Cost of sales) | 1,213 | ||||
Successor [Member] | Selling, General and Administrative Expenses [Member] | 2014 Corporate and Research & Development Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Other (recorded in Cost of sales) | 290 | ||||
Successor [Member] | Selling, General and Administrative Expenses [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Engineered Solutions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Other (recorded in Cost of sales) | 0 | ||||
Successor [Member] | Selling, General and Administrative Expenses [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Industrial Materials [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Other (recorded in Cost of sales) | 0 | ||||
Successor [Member] | Selling, General and Administrative Expenses [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Corporate and Other [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Other (recorded in Cost of sales) | 290 | ||||
Employee Severance [Member] | Predecessor [Member] | Rationalizations [Member] | 2015 Advanced Graphite Materials Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Severance and related charges (recorded in Rationalizations) | 4,838 | ||||
Contract terminations and other (recorded in Rationalizations) | 154 | ||||
Employee Severance [Member] | Predecessor [Member] | Rationalizations [Member] | 2014 Corporate and Research & Development Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Severance and related charges (recorded in Rationalizations) | (100) | 8,096 | |||
Contract terminations and other (recorded in Rationalizations) | 84 | ||||
Employee Severance [Member] | Predecessor [Member] | Rationalizations [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Engineered Solutions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Severance and related charges (recorded in Rationalizations) | 8 | 644 | |||
Contract terminations and other (recorded in Rationalizations) | 73 | ||||
Employee Severance [Member] | Predecessor [Member] | Rationalizations [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Industrial Materials [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Severance and related charges (recorded in Rationalizations) | 60 | 4,608 | |||
Contract terminations and other (recorded in Rationalizations) | 0 | ||||
Employee Severance [Member] | Predecessor [Member] | Rationalizations [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Corporate and Other [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Severance and related charges (recorded in Rationalizations) | $ (168) | 2,844 | |||
Contract terminations and other (recorded in Rationalizations) | $ 11 | ||||
Employee Severance [Member] | Successor [Member] | Rationalizations [Member] | 2015 Advanced Graphite Materials Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Severance and related charges (recorded in Rationalizations) | 769 | ||||
Contract terminations and other (recorded in Rationalizations) | 22 | ||||
Employee Severance [Member] | Successor [Member] | Rationalizations [Member] | 2014 Corporate and Research & Development Rationalization [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Severance and related charges (recorded in Rationalizations) | 48 | ||||
Employee Severance [Member] | Successor [Member] | Rationalizations [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Engineered Solutions [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Severance and related charges (recorded in Rationalizations) | 0 | ||||
Employee Severance [Member] | Successor [Member] | Rationalizations [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Industrial Materials [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Severance and related charges (recorded in Rationalizations) | (23) | ||||
Employee Severance [Member] | Successor [Member] | Rationalizations [Member] | 2014 Corporate and Research & Development Rationalization [Member] | Corporate and Other [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Severance and related charges (recorded in Rationalizations) | $ 71 |
Rationalizations Rationalizat56
Rationalizations Rationalization Text (Details) metric_tons in Thousands, $ in Thousands | Mar. 02, 2015employee | Sep. 30, 2015USD ($) | Sep. 30, 2014 | Dec. 31, 2015USD ($) | Aug. 14, 2015USD ($) | Dec. 31, 2015USD ($)employeemetric_tons | Dec. 31, 2014USD ($) |
Restructuring Cost and Reserve [Line Items] | |||||||
Property, plant and equipment | $ 660,880 | $ 660,880 | $ 1,500,821 | ||||
Other | 16,790 | $ 16,790 | 22,702 | ||||
Payments for Restructuring | 17 | $ 1,102 | $ 16,494 | ||||
2013 Industrial Materials Rationalization [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Estimated Reduction in Capacity | metric_tons | 60 | ||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee | 600 | ||||||
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | 20.00% | ||||||
2013 Engineered Solutions Rationalization [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee | 40 | ||||||
2013 Rationalization Initiatives [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 0 | ||||||
2014 Engineered Solutions Rationalization [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Payments for Restructuring | 72 | 916 | $ 916 | ||||
2014 Corporate and Research & Development Rationalization [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Cost | 20,000 | $ 20,000 | |||||
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | 25.00% | ||||||
Payments for Restructuring | 1,127 | 4,611 | 12,000 | 1,155 | |||
2015 Advanced Graphite Materials Rationalization [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee | 85 | ||||||
Payments for Restructuring | 3,418 | $ 329 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | 2013 Rationalization Initiatives [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Property, plant and equipment | 6,600 | 6,600 | |||||
Other | 1,200 | 1,200 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | 2014 Corporate and Research & Development Rationalization [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Property, plant and equipment | 3,900 | 3,900 | |||||
Other | $ 3,600 | 3,600 | |||||
Impairments [Member] | 2014 Engineered Solutions Rationalization [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Impairments (recorded in Impairments) | $ 121,570 | $ 121,600 |
Rationalizations (Rationalizati
Rationalizations (Rationalization-Rollforward) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | $ 45 | $ 1,035 | $ 1,035 | $ 18,421 |
Charges incurred | 154 | 40 | 613 | |
Restructuring Reserve, Accrual Adjustment | 67 | 227 | 153 | |
Payments and settlements | (17) | (1,102) | (16,494) | |
Effect of change in currency exchange rates | (59) | (155) | (1,658) | |
Restructuring Reserve | 190 | 45 | 190 | 1,035 |
2015 Advanced Graphite Materials Rationalization [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 4,686 | 0 | 0 | |
Charges incurred | 647 | 5,053 | ||
Restructuring Reserve, Accrual Adjustment | (38) | |||
Payments and settlements | (3,418) | (329) | ||
Effect of change in currency exchange rates | 0 | |||
Restructuring Reserve | $ 1,915 | $ 4,686 | $ 1,915 | $ 0 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Financial Information Concerning Reportable Segments) (Details) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Aug. 14, 2015USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Reportable Segments | segment | 2 | ||||
Net sales | $ 686,672 | $ 1,085,304 | $ 1,166,674 | ||
Loss Related to Bankruptcy of Major Customer | 4,800 | ||||
Industrial Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other (income) expense, net | $ 2,700 | 60,300 | 34,500 | ||
Preferred Stock Issuance Expense | 3,200 | ||||
Mark To Market Adjustment | 3,500 | 4,200 | |||
Impairment of long-lived assets and goodwill | 35,400 | 75,700 | |||
Engineered Solutions [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other (income) expense, net | $ 3,000 | 6,900 | 3,600 | 22,000 | |
Preferred Stock Issuance Expense | 2,500 | ||||
Mark To Market Adjustment | 9,200 | 5,900 | |||
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other (income) expense, net | 2,100 | 1,800 | 6,300 | ||
Preferred Stock Issuance Expense | 19,400 | ||||
Mark To Market Adjustment | (6,300) | 4,200 | |||
Proxy Context Costs | 2,400 | ||||
Predecessor [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 437,931 | 1,085,304 | 1,166,674 | ||
Total segment operating income (loss) | (88,477) | (255,620) | (2,570) | ||
Other (income) expense, net | 1,335 | 2,445 | 1,698 | ||
Interest expense | 27,118 | 37,057 | 36,037 | ||
Interest income | (367) | (330) | (203) | ||
Income before income taxes | (116,563) | (294,792) | (40,102) | ||
Impairment of long-lived assets and goodwill | 35,381 | 197,220 | 0 | ||
Predecessor [Member] | Industrial Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 341,974 | 840,103 | 909,448 | ||
Total segment operating income (loss) | (25,678) | (50,260) | 20,007 | ||
Predecessor [Member] | Engineered Solutions [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 95,957 | 245,201 | 257,226 | ||
Total segment operating income (loss) | (15,368) | (138,271) | 28,392 | ||
Predecessor [Member] | Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total segment operating income (loss) | $ (47,431) | (67,089) | $ (50,969) | ||
Successor [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 248,741 | ||||
Total segment operating income (loss) | (16,709) | ||||
Other (income) expense, net | (943) | ||||
Interest expense | 10,916 | ||||
Interest income | (11) | ||||
Income before income taxes | (26,671) | ||||
Impairment of long-lived assets and goodwill | 0 | ||||
Successor [Member] | Industrial Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 193,223 | ||||
Total segment operating income (loss) | (4,017) | ||||
Successor [Member] | Engineered Solutions [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 55,518 | ||||
Total segment operating income (loss) | (457) | ||||
Successor [Member] | Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total segment operating income (loss) | $ (12,235) | ||||
Impairments [Member] | 2014 Engineered Solutions Rationalization [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Impairments (recorded in Impairments) | $ 121,570 | $ 121,600 |
Segment Reporting Schedule Of L
Segment Reporting Schedule Of Long-Lived Assets By Reportable Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Net property, plant and equipment | [1] | $ 637,533 | $ 654,040 |
Industrial Materials [Member] | |||
Segment Reporting Information [Line Items] | |||
Net property, plant and equipment | 571,424 | 552,155 | |
Engineered Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Net property, plant and equipment | $ 66,109 | $ 101,885 | |
[1] | Long-lived assets represent fixed assets, net of accumulated depreciation. |
Segment Reporting Revenue from
Segment Reporting Revenue from External Customers by Products and Services (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue from External Customer [Line Items] | |||
Revenue, Net | $ 686,672 | $ 1,085,304 | $ 1,166,674 |
UNITED STATES | |||
Revenue from External Customer [Line Items] | |||
Revenue, Net | 176,402 | 284,209 | 289,866 |
Americas [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue, Net | 140,629 | 180,070 | 177,602 |
Asia Pacific [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue, Net | 84,287 | 192,230 | 220,945 |
Europe Middle East Africa [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue, Net | $ 285,354 | $ 428,795 | $ 478,261 |
Segment Reporting Summary Of In
Segment Reporting Summary Of Information Of Long-Lived Assets In Different Geographic Areas (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | $ 637,533 | $ 654,040 |
United States And Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | 291,493 | 431,601 |
MEXICO | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | 158,950 | 89,731 |
BRAZIL | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | 8,787 | 9,492 |
FRANCE | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | 77,412 | 49,602 |
SPAIN | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | 93,049 | 70,648 |
SOUTH AFRICA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | 4,167 | 2,064 |
ITALY | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | 3,249 | 508 |
SWITZERLAND | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | 266 | 287 |
Other Countries [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | $ 160 | $ 107 |
[1] | Long-lived assets represent fixed assets, net of accumulated depreciation. |
Goodwill And Other Intangible62
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | ||||||
Amortization expense of intangible assets | $ 6.2 | $ 10.8 | $ 19 | $ 20.5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 16.2 | $ 16.2 | ||||
Future Amortization Expense, 2014 | 15.4 | 15.4 | ||||
Future Amortization Expense, 2015 | 14.6 | 14.6 | ||||
Future Amortization Expense, 2016 | 13.8 | 13.8 | ||||
Future Amortization Expense, 2017 | $ 12.9 | 12.9 | ||||
Needle Coke [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, Impairment Loss | $ 35.4 | $ 75.7 | ||||
Fair Value Inputs, Discount Rate | 10.50% | |||||
Percentage Decrease in Market Prices | 18.00% | |||||
Fair Value Assumptions, Period of Forecasted Cash Flows | 17 years |
Goodwill And Other Intangible63
Goodwill And Other Intangible Assets (Schedule Of Changes In The Carrying Value Of Goodwill) (Details) - USD ($) $ in Thousands | 2 Months Ended | 7 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Aug. 14, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Predecessor [Member] | ||||
Goodwill [Roll Forward] | ||||
Balance | $ 384,132 | $ 420,129 | $ 420,129 | $ 496,810 |
Impairment | (35,381) | (76,063) | ||
Currency translation effect | (618) | |||
Currency translation effect | (616) | |||
Balance | $ 384,132 | $ 420,129 | ||
Successor [Member] | ||||
Goodwill [Roll Forward] | ||||
Currency translation effect | $ 1,641 | |||
Balance | $ 172,059 |
Goodwill And Other Intangible64
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets With Determinable Useful Lives By Major Category) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2014 |
Predecessor [Member] | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | $ 162,047 | $ 162,047 | |
Accumulated Amortization | (97,688) | (86,949) | |
Net Carrying Amount | 64,359 | 75,098 | |
Predecessor [Member] | Trade Name [Member] | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | 7,900 | 7,900 | |
Accumulated Amortization | (5,173) | (4,817) | |
Net Carrying Amount | 2,727 | 3,083 | |
Predecessor [Member] | Technological Know-How [Member] | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | 43,349 | 43,349 | |
Accumulated Amortization | (28,649) | (24,940) | |
Net Carrying Amount | 14,700 | 18,409 | |
Predecessor [Member] | Customer Related Intangible [Member] | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | 110,798 | 110,798 | |
Accumulated Amortization | (63,866) | (57,192) | |
Net Carrying Amount | $ 46,932 | $ 53,606 | |
Successor [Member] | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | $ 155,700 | ||
Accumulated Amortization | (6,188) | ||
Net Carrying Amount | 149,512 | ||
Successor [Member] | Trade Name [Member] | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | 26,800 | ||
Accumulated Amortization | (1,048) | ||
Net Carrying Amount | 25,752 | ||
Successor [Member] | Technological Know-How [Member] | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | 63,200 | ||
Accumulated Amortization | (3,327) | ||
Net Carrying Amount | 59,873 | ||
Successor [Member] | Customer Related Intangible [Member] | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | 65,700 | ||
Accumulated Amortization | (1,813) | ||
Net Carrying Amount | $ 63,887 |
Debt And Liquidity (Narrative)
Debt And Liquidity (Narrative) (Details) | Feb. 27, 2015USD ($) | Nov. 30, 2010USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jul. 28, 2015USD ($) | Dec. 31, 2014USD ($) | Apr. 23, 2014USD ($) | Nov. 20, 2012 |
Debt Instrument [Line Items] | ||||||||
Other Long-term Debt, Current | $ 367,200,000 | $ 529,700,000 | ||||||
Long-term debt | $ 362,455,000 | 341,615,000 | ||||||
Senior subordinated notes implied rate | 7.00% | |||||||
Loan balance, net of unamortized discount | $ 367,227,000 | 529,719,000 | ||||||
Debt Instrument, Covenant, Cash Minimum Interest Coverage Ratio, Minimum | 600 | |||||||
Debt Instrument, Covenant, Senior Secured Leverage Ratio, Maximum | 1,916.7000 | |||||||
Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | |||||||
Loan balance, net of unamortized discount | $ 267,827,000 | 300,000,000 | ||||||
Senior Subordinated Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount of debt issued in connection with acquisition | $ 200,000,000 | |||||||
Senior subordinated notes implied rate | 7.00% | |||||||
Loan balance, net of unamortized discount | 0 | 187,973,000 | ||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving Facility | $ 98,000,000 | $ 40,000,000 | ||||||
Amended and Restated Credit Agreement February 2015 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 205,000,000 | |||||||
Letters of Credit Outstanding, Amount | $ 7,900,000 | |||||||
Amended and Restated Credit Agreement February 2015 [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |||||||
Amended and Restated Credit Agreement February 2015 [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.70% | |||||||
Amended and Restated Credit Agreement February 2015 [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | |||||||
Amended and Restated Credit Agreement February 2015 [Member] | Term Loan Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | |||||||
Amended and Restated Credit Agreement July 2015 [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 375,000,000 | |||||||
Amended and Restated Credit Agreement July 2015 [Member] | Term Loan Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Amended and Restated Credit Agreement February 2015 [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Amended and Restated Credit Agreement February 2015 [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% |
Debt And Liquidity (Schedule Of
Debt And Liquidity (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total | $ 367,227 | $ 529,719 |
Long-term Debt, Current Maturities | (4,772) | (188,104) |
Long-term debt | 362,455 | 341,615 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total | 267,827 | 300,000 |
Senior Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total | 0 | 187,973 |
Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total | 1,400 | 1,746 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving Facility | $ 98,000 | $ 40,000 |
Debt And Liquidity Debt And Liq
Debt And Liquidity Debt And Liquidity (Senior Notes) (Details) - Senior Notes [Member] - USD ($) | Dec. 31, 2015 | Nov. 20, 2012 |
Debt Instrument [Line Items] | ||
Principal amount issued | $ 300,000,000 | |
Stated interest rate | 6.375% | |
Redemption price percentage of principal prior to November 15, 2016 | 100.00% | |
Repurchase percentage price of aggregate principal due to change in control | 101.00% | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Unpaid indebtness after maturity or acceleration | $ 50,000,000 | |
Unpaid judgment or decree | $ 50,000,000 |
Debt And Liquidity Debt and L68
Debt And Liquidity Debt and Liquidity Short-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term Debt, Current Maturities | $ 4,772 | $ 188,104 |
Interest Expense (Details)
Interest Expense (Details) - USD ($) $ in Thousands | Aug. 11, 2015 | Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 20, 2012 |
Debt Instrument [Line Items] | |||||||
Effective interest rate, revolving credit facility | 2.68% | 2.17% | |||||
Senior subordinated notes implied rate | 7.00% | ||||||
Amortization of discount on Senior Subordinated Notes | $ 4,500 | ||||||
Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 6.375% | ||||||
Predecessor [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest incurred on debt | $ 12,973 | $ 21,373 | $ 21,589 | ||||
Amortization of discount on Senior Subordinated Notes | 12,027 | 12,298 | 11,493 | ||||
Accretion of fair value adjustment on Senior Notes | 0 | 0 | 0 | ||||
Amortization of debt issuance costs | 2,118 | 3,339 | 2,504 | ||||
Supply Chain Financing mark-up | 0 | 47 | 451 | ||||
Total interest expense | $ 27,118 | $ 37,057 | $ 36,037 | ||||
Successor [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest incurred on debt | $ 8,611 | ||||||
Amortization of discount on Senior Subordinated Notes | 0 | ||||||
Accretion of fair value adjustment on Senior Notes | 2,305 | ||||||
Amortization of debt issuance costs | 0 | ||||||
Supply Chain Financing mark-up | 0 | ||||||
Total interest expense | $ 10,916 |
Fair Value Measurements And D70
Fair Value Measurements And Derivative Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | ||
Fair value of long-term debt | $ 273,400,000 | |
Other Long-term Debt, Current | $ 367,200,000 | 529,700,000 |
Unrealized loss on foreign currency derivatives | 900,000 | |
Unrealized gain (loss) | 0 | |
Commodity derivative contracts, unrealized gain | 0 | 7,100,000 |
Hedging Instruments, Non-derivative, Assets | 11,800,000 | 15,800,000 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 1,400,000 | 200,000 |
Foreign Currency Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amounts of foreign currency derivatives | $ 95,200,000 | 18,700,000 |
Commodity Derivative Contracts [Member] | Refined Oil Products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Outstanding derivative swap contracts | $ 17,800,000 | |
Minimum [Member] | Foreign Currency Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative maturities | January 2,016 | |
Maximum [Member] | Foreign Currency Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative maturities | March 2,016 | |
Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of long-term debt | $ 473,300,000 |
Fair Value Measurements And D71
Fair Value Measurements And Derivative Instruments (Schedule Of Fair Value Of Derivatives Designated As Cash Flow Hedges) (Details) - Derivatives Designated As Cash Flow Hedges [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as cash flow hedges, Asset Derivatives, Fair Value | $ 0 | $ 722 |
Derivatives designated as cash flow hedges, Liability Derivatives, Fair Value | 1 | 8,301 |
Designated as Hedging Instrument [Member] | Foreign Currency Derivatives [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as cash flow hedges, Asset Derivatives, Fair Value | 0 | 722 |
Designated as Hedging Instrument [Member] | Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as cash flow hedges, Liability Derivatives, Fair Value | 0 | 1,234 |
Designated as Hedging Instrument [Member] | Commodity Derivative Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as cash flow hedges, Asset Derivatives, Fair Value | 0 | 0 |
Designated as Hedging Instrument [Member] | Commodity Derivative Contracts [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives designated as cash flow hedges, Liability Derivatives, Fair Value | $ 1 | $ 7,067 |
Fair Value Measurements And D72
Fair Value Measurements And Derivative Instruments Fair Value Measurements And Derivative Instruments (Schedule Of Fair Value Of Derivatives Not Designated As Hedges) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 76 | $ 80 |
Derivative Liability, Fair Value, Gross Liability | 11 | 428 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Derivatives [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 76 | 80 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 11 | $ 428 |
Fair Value Measurements And D73
Fair Value Measurements And Derivative Instruments (Schedule Of Realized (Gains) Losses On Derivatives Recognized In Statement Of Operations) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | |
Not Designated as Hedging Instrument [Member] | Derivatives Designated As Fair Value Hedges [Member] | Foreign Currency Derivatives [Member] | Cost Of Good Sold Other Expense Income [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of (Gain)/Loss Recognized | $ (560) | $ 1,060 | $ 1,020 |
Designated as Hedging Instrument [Member] | Derivatives Designated As Cash Flow Hedges [Member] | Foreign Currency Derivatives [Member] | Cost Of Good Sold Other Expense Income Revenue [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of (Gain)/Loss Recognized | (172) | (1,062) | (849) |
Designated as Hedging Instrument [Member] | Derivatives Designated As Cash Flow Hedges [Member] | Commodity Forward Derivatives [Member] | Cost of Sales [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of (Gain)/Loss Recognized | $ 0 | $ 1,161 | $ 328 |
Supplementary Balance Sheet D74
Supplementary Balance Sheet Detail (Schedule Of Amounts Recognized In Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials and supplies | $ 80,408 | $ 122,218 |
Work in process | 136,858 | 176,141 |
Finished goods | 78,196 | 84,544 |
Inventories | 295,462 | 382,903 |
Prepaid expenses | 9,297 | 9,923 |
Current portion of deferred taxes | 0 | 28,426 |
Value added tax and other indirect taxes receivable | 10,087 | 39,837 |
Other current assets | 2,290 | 3,437 |
Prepaid Expense and Other Assets, Current | 21,674 | 81,623 |
Land and improvements | 54,064 | 36,375 |
Buildings | 76,331 | 193,427 |
Machinery and equipment and other | 486,194 | 1,212,120 |
Construction in progress | 44,291 | 58,899 |
Property, plant and equipment | 660,880 | 1,500,821 |
Payrolls (including incentive programs) | 4,588 | 6,151 |
Customer prepayments | 559 | 5,534 |
Employee compensation and benefits | 7,842 | 8,932 |
Other | 16,790 | 22,702 |
Accrued liabilities, net | 29,779 | 43,319 |
Postretirement benefits | 20,019 | 24,833 |
Pension and related benefits | 55,364 | 65,882 |
Other | 20,102 | 16,851 |
Other long - term obligations | $ 95,485 | $ 107,566 |
Supplementary Balance Sheet D75
Supplementary Balance Sheet Detail (Schedule Of Analysis Of The Allowance For Doubtful Accounts) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Balance at beginning of year | $ 6,314 | $ 7,471 | $ 6,718 | $ 7,573 |
Additions | 304 | 1,156 | 8,675 | 2,914 |
Deductions | 0 | (2,313) | (7,922) | (3,769) |
Balance at end of year | $ 304 | $ 6,314 | $ 7,471 | $ 6,718 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Supply Commitment [Line Items] | |||
Total lease and rental expenses under non-cancelable operating leases | $ 7.1 | $ 6.2 | $ 2.6 |
Commitments (Schedule Of Lease
Commitments (Schedule Of Lease Commitments Under Non-Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 3,957 |
2,017 | 2,423 |
2,018 | 2,136 |
2,019 | 1,773 |
2,020 | 934 |
After 2,020 | $ 45 |
Retirement Plans And Postreti78
Retirement Plans And Postretirement Benefits (Narrative) (Details) $ in Millions | Mar. 27, 2015USD ($) | Dec. 31, 2015USD ($)yearsshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares |
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of increase in salaries based on the final average wages | 6.00% | |||
Percentage of equity in GTI | 50.00% | |||
Option to remain in defined benefit plan for an additional period, in years | 5 years | |||
Percentage of quarterly contributions to each employee's total eligible pay | 1.00% | |||
Pension and other postretirement benefit contributions | $ 0.6 | $ 0.8 | $ 0.9 | |
Projected benefit obligations settled | $ 62 | |||
Defined benefit plan, accumulated benefit obligation | $ 158.9 | 237 | ||
Employee retirement age, years | years | 65 | |||
Assets of trust approximately | $ 0.8 | $ 5.2 | ||
Basic contribution to savings plan by employees in percentage | 5.00% | |||
Additional basic contribution to savings plan by employees in percentage | 45.00% | |||
Stock issued during period, shares, employee savings plan | shares | 321,107 | 581,006 | 553,298 | |
Stock issued during period, value, employee benefit plan | $ 1.4 | $ 4.4 | $ 4.6 | |
First Of Employee Contribution [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Units of fund that invest in our common stock | 3.00% | 3.00% | 3.00% | |
Employee contribution percent | 100.00% | 100.00% | 100.00% | |
Next of Employee Contribution [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Units of fund that invest in our common stock | 5.00% | 5.00% | 5.00% | |
Employee contribution percent | 20.00% | 20.00% | 20.00% | |
Equity Securities [Member] | U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investment plan percentage | 20.00% | |||
Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investment plan percentage | 100.00% | |||
Fixed Income Securities [Member] | U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investment plan percentage | 80.00% |
Retirement Plans And Postreti79
Retirement Plans And Postretirement Benefits (Components Of Consolidated Net Pension Costs Retirement Plans) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. [Member] | Postretirement Benefit Costs [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 | |
Interest cost | 142 | 223 | 396 | 371 | |
Amortization of prior service cost | 0 | 0 | 0 | 0 | |
Plan amendment / curtailment | 0 | 0 | 0 | 0 | |
Mark-to-market loss (gain) | (100) | 0 | 1,151 | (1,284) | |
Net Cost | 42 | 223 | 1,547 | (913) | |
Foreign [Member] | Postretirement Benefit Costs [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 5 | 9 | 71 | 105 | |
Interest cost | 289 | 433 | 976 | 994 | |
Amortization of prior service cost | 0 | 0 | (180) | (193) | |
Plan amendment / curtailment | 0 | 0 | (294) | 0 | |
Mark-to-market loss (gain) | (621) | 0 | 1,456 | (1,210) | |
Net Cost | (327) | 442 | 2,029 | (304) | |
Predecessor [Member] | U.S. [Member] | Retirement Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 151 | 750 | 870 | ||
Interest cost | 854 | 5,983 | 5,438 | ||
Expected return on assets | 0 | (5,215) | (4,505) | ||
Amortization of prior service cost | 0 | 0 | 0 | ||
Curtailment gain | 0 | 0 | 0 | ||
Mark-to-market loss (gain) | 0 | 18,431 | (11,907) | ||
Net Cost | 1,005 | 19,949 | (10,104) | ||
Predecessor [Member] | U.S. [Member] | Postretirement Benefit Costs [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 0 | ||||
Interest cost | 396 | ||||
Predecessor [Member] | Foreign [Member] | Retirement Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 98 | 1,107 | 1,177 | ||
Interest cost | 554 | 2,669 | 2,542 | ||
Expected return on assets | 0 | (2,516) | (2,339) | ||
Amortization of prior service cost | (12) | 2 | 25 | ||
Curtailment gain | 0 | (28) | 0 | ||
Mark-to-market loss (gain) | 0 | (534) | (393) | ||
Net Cost | $ 640 | 700 | $ 1,012 | ||
Predecessor [Member] | Foreign [Member] | Postretirement Benefit Costs [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 71 | ||||
Interest cost | $ 976 | ||||
Successor [Member] | U.S. [Member] | Retirement Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 386 | 386 | |||
Interest cost | 2,200 | 2,200 | |||
Expected return on assets | (1,885) | ||||
Amortization of prior service cost | 0 | ||||
Curtailment gain | 0 | ||||
Mark-to-market loss (gain) | 716 | ||||
Net Cost | 1,417 | ||||
Successor [Member] | U.S. [Member] | Postretirement Benefit Costs [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 0 | ||||
Interest cost | 142 | ||||
Successor [Member] | Foreign [Member] | Retirement Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 281 | 281 | |||
Interest cost | 94 | 94 | |||
Expected return on assets | (59) | ||||
Amortization of prior service cost | 0 | ||||
Curtailment gain | (675) | ||||
Mark-to-market loss (gain) | 1,843 | ||||
Net Cost | $ 1,484 | ||||
Successor [Member] | Foreign [Member] | Postretirement Benefit Costs [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 5 | ||||
Interest cost | $ 289 |
Retirement Plans And Postreti80
Retirement Plans And Postretirement Benefits (Amounts Recognized In Other Comprehensive Income Retirement Plans) (Details) - Predecessor [Member] - Retirement Plans [Member] - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | |
Aug. 14, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of prior service cost | $ 0 | $ 0 | $ 0 |
Addition to prior service cost | 0 | 0 | 0 |
Effect of exchange rates | 0 | 0 | 0 |
Total recognized in other comprehensive income | 0 | 0 | 0 |
Total recognized in pension costs and other comprehensive loss | 0 | 19,949 | (10,104) |
Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of prior service cost | 28 | (26) | (25) |
Addition to prior service cost | 0 | 0 | (246) |
Effect of exchange rates | 0 | 8 | 11 |
Total recognized in other comprehensive income | 28 | (18) | (260) |
Total recognized in pension costs and other comprehensive loss | $ 28 | $ 682 | $ 752 |
Retirement Plans And Postreti81
Retirement Plans And Postretirement Benefits (Reconciliation Of Pension Plans' Benefit Obligations, Fair Value Of Assets Retirement Plans) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. [Member] | Postretirement Benefit Costs [Member] | |||||
Changes in Benefit Obligation: | |||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 | |
Interest cost | 142 | 223 | 396 | 371 | |
U.S. [Member] | Retirement Plans [Member] | |||||
Changes in Plan Assets: | |||||
Fair value of plan assets at beginning of year | $ 99,454 | 99,454 | |||
Fair value of plan assets at end of year | 93,897 | 93,897 | 99,454 | ||
Foreign [Member] | Postretirement Benefit Costs [Member] | |||||
Changes in Benefit Obligation: | |||||
Service cost | 5 | 9 | 71 | 105 | |
Interest cost | 289 | 433 | 976 | 994 | |
Foreign [Member] | Retirement Plans [Member] | |||||
Changes in Plan Assets: | |||||
Fair value of plan assets at beginning of year | 77,728 | 77,728 | |||
Fair value of plan assets at end of year | 11,293 | 11,293 | 77,728 | ||
Predecessor [Member] | |||||
Changes in Plan Assets: | |||||
Funded status: | (4,875) | ||||
Predecessor [Member] | U.S. [Member] | Postretirement Benefit Costs [Member] | |||||
Changes in Benefit Obligation: | |||||
Net benefit obligation at beginning of year | 11,586 | 11,586 | 11,275 | ||
Service cost | 0 | ||||
Interest cost | 396 | ||||
Foreign currency exchange rates | 0 | ||||
Actuarial loss (gain) | 1,151 | ||||
Gross benefits paid | (1,236) | ||||
Plan amendment | 0 | ||||
Net benefit obligation at end of year | 11,586 | 11,275 | |||
Changes in Plan Assets: | |||||
Fair value of plan assets at beginning of year | 0 | 0 | 0 | ||
Employer contributions | 1,236 | ||||
Gross benefits paid | (1,236) | ||||
Fair value of plan assets at end of year | 0 | 0 | |||
Funded status: | (11,586) | ||||
Prior service credit | 0 | ||||
Current liabilities | (1,204) | ||||
Non-current liabilities | (10,382) | ||||
Net amount recognized | (11,586) | ||||
Predecessor [Member] | U.S. [Member] | Retirement Plans [Member] | |||||
Changes in Benefit Obligation: | |||||
Net benefit obligation at beginning of year | 154,368 | 154,368 | 134,787 | ||
Service cost | 151 | 750 | 870 | ||
Interest cost | 854 | 5,983 | 5,438 | ||
Foreign currency exchange rates | 0 | ||||
Actuarial loss (gain) | 21,456 | ||||
Gross benefits paid | (8,608) | ||||
Net benefit obligation at end of year | 154,368 | 134,787 | |||
Changes in Plan Assets: | |||||
Fair value of plan assets at beginning of year | 99,454 | 99,454 | 90,875 | ||
Actual return on plan assets | 8,240 | ||||
Foreign currency exchange rate changes | 0 | ||||
Employer contributions | 8,947 | ||||
Participant contributions | 0 | ||||
Gross benefits paid | (8,608) | ||||
Fair value of plan assets at end of year | 99,454 | 90,875 | |||
Funded status: | (54,914) | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | 0 | ||||
Non-current assets | 0 | ||||
Current liabilities | (439) | ||||
Non-current liabilities | (54,475) | ||||
Net amount recognized | (54,914) | ||||
Defined Benefit Plan, Plan Amendments | 0 | ||||
Predecessor [Member] | Foreign [Member] | Postretirement Benefit Costs [Member] | |||||
Changes in Benefit Obligation: | |||||
Net benefit obligation at beginning of year | 15,404 | 15,404 | 15,645 | ||
Service cost | 71 | ||||
Interest cost | 976 | ||||
Foreign currency exchange rates | (1,437) | ||||
Actuarial loss (gain) | 1,511 | ||||
Gross benefits paid | (1,068) | ||||
Plan amendment | 294 | ||||
Net benefit obligation at end of year | 15,404 | 15,645 | |||
Changes in Plan Assets: | |||||
Fair value of plan assets at beginning of year | 0 | 0 | 0 | ||
Employer contributions | 1,068 | ||||
Gross benefits paid | (1,068) | ||||
Fair value of plan assets at end of year | 0 | 0 | |||
Funded status: | (15,404) | ||||
Prior service credit | 1,554 | ||||
Current liabilities | (953) | ||||
Non-current liabilities | (14,451) | ||||
Net amount recognized | (15,404) | ||||
Predecessor [Member] | Foreign [Member] | Retirement Plans [Member] | |||||
Changes in Benefit Obligation: | |||||
Net benefit obligation at beginning of year | 82,603 | 82,603 | 78,421 | ||
Service cost | 98 | 1,107 | 1,177 | ||
Interest cost | 554 | 2,669 | 2,542 | ||
Foreign currency exchange rates | (6,171) | ||||
Actuarial loss (gain) | 11,935 | ||||
Gross benefits paid | (5,646) | ||||
Net benefit obligation at end of year | 82,603 | 78,421 | |||
Changes in Plan Assets: | |||||
Fair value of plan assets at beginning of year | 77,728 | 77,728 | 72,685 | ||
Actual return on plan assets | 14,971 | ||||
Foreign currency exchange rate changes | (5,479) | ||||
Employer contributions | 909 | ||||
Participant contributions | 288 | ||||
Gross benefits paid | (5,646) | ||||
Fair value of plan assets at end of year | 77,728 | $ 72,685 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | (25) | ||||
Non-current assets | 1,365 | ||||
Current liabilities | (324) | ||||
Non-current liabilities | (5,916) | ||||
Net amount recognized | $ (4,875) | ||||
Defined Benefit Plan, Plan Amendments | |||||
Successor [Member] | |||||
Changes in Plan Assets: | |||||
Fair value of plan assets at end of year | 11,293 | 11,293 | |||
Funded status: | (6,978) | (6,978) | |||
Successor [Member] | U.S. [Member] | Postretirement Benefit Costs [Member] | |||||
Changes in Benefit Obligation: | |||||
Net benefit obligation at beginning of year | 11,395 | 11,395 | |||
Service cost | 0 | ||||
Interest cost | 142 | ||||
Foreign currency exchange rates | 0 | ||||
Actuarial loss (gain) | (100) | ||||
Gross benefits paid | (578) | ||||
Plan amendment | 0 | ||||
Net benefit obligation at end of year | 10,859 | 10,859 | $ 11,395 | ||
Changes in Plan Assets: | |||||
Fair value of plan assets at beginning of year | 0 | 0 | |||
Employer contributions | 578 | ||||
Gross benefits paid | (578) | ||||
Fair value of plan assets at end of year | 0 | 0 | 0 | ||
Funded status: | (10,859) | (10,859) | |||
Prior service credit | 0 | 0 | |||
Current liabilities | (1,298) | (1,298) | |||
Non-current liabilities | (9,561) | (9,561) | |||
Net amount recognized | (10,859) | (10,859) | |||
Successor [Member] | U.S. [Member] | Retirement Plans [Member] | |||||
Changes in Benefit Obligation: | |||||
Net benefit obligation at beginning of year | 146,790 | 146,790 | |||
Service cost | 386 | 386 | |||
Interest cost | 2,200 | 2,200 | |||
Foreign currency exchange rates | 0 | ||||
Actuarial loss (gain) | (3,896) | ||||
Gross benefits paid | (3,354) | ||||
Net benefit obligation at end of year | 142,126 | 142,126 | 146,790 | ||
Changes in Plan Assets: | |||||
Fair value of plan assets at beginning of year | 97,473 | 97,473 | |||
Actual return on plan assets | (2,727) | ||||
Foreign currency exchange rate changes | 0 | ||||
Employer contributions | 2,505 | ||||
Participant contributions | 0 | ||||
Gross benefits paid | (3,354) | ||||
Fair value of plan assets at end of year | 93,897 | 93,897 | 97,473 | ||
Funded status: | (48,229) | (48,229) | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | 0 | ||||
Non-current assets | 0 | 0 | |||
Current liabilities | (437) | (437) | |||
Non-current liabilities | (47,792) | (47,792) | |||
Net amount recognized | (48,229) | (48,229) | |||
Defined Benefit Plan, Plan Amendments | 0 | ||||
Successor [Member] | Foreign [Member] | Postretirement Benefit Costs [Member] | |||||
Changes in Benefit Obligation: | |||||
Net benefit obligation at beginning of year | 13,457 | 13,457 | |||
Service cost | 5 | ||||
Interest cost | 289 | ||||
Foreign currency exchange rates | (1,489) | ||||
Actuarial loss (gain) | (621) | ||||
Gross benefits paid | (345) | ||||
Plan amendment | 0 | ||||
Net benefit obligation at end of year | 11,296 | 11,296 | 13,457 | ||
Changes in Plan Assets: | |||||
Fair value of plan assets at beginning of year | 0 | 0 | |||
Employer contributions | 345 | ||||
Gross benefits paid | (345) | ||||
Fair value of plan assets at end of year | 0 | 0 | 0 | ||
Funded status: | (11,296) | (11,296) | |||
Prior service credit | 0 | 0 | |||
Current liabilities | (755) | (755) | |||
Non-current liabilities | (10,541) | (10,541) | |||
Net amount recognized | (11,296) | (11,296) | |||
Successor [Member] | Foreign [Member] | Retirement Plans [Member] | |||||
Changes in Benefit Obligation: | |||||
Net benefit obligation at beginning of year | 18,512 | 18,512 | |||
Service cost | 281 | 281 | |||
Interest cost | 94 | 94 | |||
Foreign currency exchange rates | (480) | ||||
Actuarial loss (gain) | 377 | ||||
Gross benefits paid | (14) | ||||
Net benefit obligation at end of year | 18,271 | 18,271 | 18,512 | ||
Changes in Plan Assets: | |||||
Fair value of plan assets at beginning of year | $ 12,811 | 12,811 | |||
Actual return on plan assets | (1,407) | ||||
Foreign currency exchange rate changes | (346) | ||||
Employer contributions | 170 | ||||
Participant contributions | 79 | ||||
Gross benefits paid | (14) | ||||
Fair value of plan assets at end of year | $ 12,811 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | (95) | ||||
Non-current assets | 0 | 0 | |||
Current liabilities | (253) | (253) | |||
Non-current liabilities | (6,725) | (6,725) | |||
Net amount recognized | $ (6,978) | (6,978) | |||
Defined Benefit Plan, Plan Amendments | $ (578) |
Retirement Plans And Postreti82
Retirement Plans And Postretirement Benefits (Fair Asset Values Of Plan Assets) (Details) - Retirement Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 93,897 | $ 99,454 |
U.S. [Member] | Cash And Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,986 | 906 |
U.S. [Member] | Collective Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 91,911 | 98,548 |
U.S. [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,986 | 906 |
U.S. [Member] | Level 1 [Member] | Cash And Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,986 | 906 |
U.S. [Member] | Level 1 [Member] | Collective Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 91,911 | 98,548 |
U.S. [Member] | Level 2 [Member] | Cash And Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. [Member] | Level 2 [Member] | Collective Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 91,911 | 98,548 |
U.S. [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. [Member] | Level 3 [Member] | Cash And Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. [Member] | Level 3 [Member] | Collective Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11,293 | 77,728 |
Foreign [Member] | Cash And Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 1,364 |
Foreign [Member] | Foreign Government Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 840 | 1,038 |
Foreign [Member] | Investment Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 61,990 |
Foreign [Member] | Fixed Insurance Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10,453 | 13,336 |
Foreign [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 1,364 |
Foreign [Member] | Level 1 [Member] | Cash And Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 1,364 |
Foreign [Member] | Level 1 [Member] | Foreign Government Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Foreign [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 840 | 1,038 |
Foreign [Member] | Level 2 [Member] | Cash And Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Foreign [Member] | Level 2 [Member] | Foreign Government Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 840 | 1,038 |
Foreign [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10,453 | 75,326 |
Foreign [Member] | Level 3 [Member] | Cash And Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Foreign [Member] | Level 3 [Member] | Foreign Government Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Foreign [Member] | Level 3 [Member] | Investment Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 61,990 |
Foreign [Member] | Level 3 [Member] | Fixed Insurance Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 10,453 | $ 13,336 |
Retirement Plans And Postreti83
Retirement Plans And Postretirement Benefits (Fair Value Hierarchy, Assets At Fair Value) (Details) - Retirement Plans [Member] - Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Investment Contracts [Member] | ||
Changes in Plan Assets: | ||
Beginning Balance | $ 61,990 | $ 58,127 |
Gain / contributions / currency impact | 0 | 5,585 |
Distributions | (61,990) | (1,722) |
Ending Balance | 0 | 61,990 |
Fixed Insurance Contracts [Member] | ||
Changes in Plan Assets: | ||
Beginning Balance | 13,336 | 10,865 |
Gain / contributions / currency impact | (2,883) | 2,471 |
Distributions | 0 | 0 |
Ending Balance | $ 10,453 | $ 13,336 |
Retirement Plans And Postreti84
Retirement Plans And Postretirement Benefits (Assumptions Used To Determine Net Pension Costs And Projected Benefit Obligations) (Details) - Pension Benefit Obligations [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted average assumptions to determine net cost: | ||
Discount rate | 3.79% | 4.20% |
Expected return on plan assets | 3.99% | 4.77% |
Rate of compensation increase | 2.08% | 2.42% |
Retirement Plans [Member] | ||
Weighted average assumptions to determine benefit obligations: | ||
Discount rate | 3.86% | 3.33% |
Rate of compensation increase | 1.84% | 2.08% |
Retirement Plans And Postreti85
Retirement Plans And Postretirement Benefits (Retirement Plan Weighted Average Asset Allocations) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average target asset allocations | 100.00% |
U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 100.00% |
U.S. [Member] | Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 20.00% |
Weighted average target asset allocations | 20.00% |
U.S. [Member] | Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 80.00% |
Weighted average target asset allocations | 80.00% |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 100.00% |
Foreign [Member] | Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 0.00% |
Foreign [Member] | Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 100.00% |
Retirement Plans And Postreti86
Retirement Plans And Postretirement Benefits (Pension Plans With Projected Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Retirement Plans [Member] | U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 93,897 | $ 99,454 | |
Retirement Plans [Member] | Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11,293 | 77,728 | |
Predecessor [Member] | Retirement Plans [Member] | U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 99,454 | $ 90,875 | |
Predecessor [Member] | Retirement Plans [Member] | Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 77,728 | $ 72,685 | |
Successor [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11,293 | ||
Successor [Member] | Retirement Plans [Member] | U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 93,897 | 97,473 | |
Successor [Member] | Retirement Plans [Member] | Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 12,811 |
Retirement Plans And Postreti87
Retirement Plans And Postretirement Benefits (Projected Future Pension Plan Cash Flow By Year) (Details) - Retirement Plans [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | $ 8,693 |
Expected employee contributions | 0 |
2,012 | 9,153 |
2,013 | 9,150 |
2,014 | 9,182 |
2,015 | 9,211 |
2,016 | 9,256 |
2017-2021 | 46,479 |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | 696 |
Expected employee contributions | 0 |
2,012 | 893 |
2,013 | 883 |
2,014 | 820 |
2,015 | 665 |
2,016 | 738 |
2017-2021 | $ 5,336 |
Retirement Plans And Postreti88
Retirement Plans And Postretirement Benefits (Components Of Net Postretirement Costs) (Details) - Postretirement Benefit Costs [Member] - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 142 | 223 | 396 | 371 |
Amortization of prior service (credit) cost | 0 | 0 | 0 | 0 |
Plan amendment / curtailment | 0 | 0 | 0 | 0 |
Mark-to-market loss (gain) loss | (100) | 0 | 1,151 | (1,284) |
Net Cost | 42 | 223 | 1,547 | (913) |
Foreign [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 5 | 9 | 71 | 105 |
Interest cost | 289 | 433 | 976 | 994 |
Amortization of prior service (credit) cost | 0 | 0 | (180) | (193) |
Plan amendment / curtailment | 0 | 0 | (294) | 0 |
Mark-to-market loss (gain) loss | (621) | 0 | 1,456 | (1,210) |
Net Cost | $ (327) | $ 442 | $ 2,029 | $ (304) |
Retirement Plans And Postreti89
Retirement Plans And Postretirement Benefits (Recognized In Other Comprehensive Income Postretirement Benefit Plans) (Details) - Postretirement Benefit Costs [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of prior service cost | $ 0 | $ 0 | $ 0 |
Effect of exchange rates | 0 | 0 | 0 |
Total recognized in other comprehensive income | 0 | 0 | 0 |
Total recognized in net post retirement cost (benefit) and other comprehensive income | 0 | 1,547 | (913) |
Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of prior service cost | 95 | (180) | (193) |
Effect of exchange rates | 0 | 148 | 133 |
Total recognized in other comprehensive income | (95) | 328 | 326 |
Total recognized in net post retirement cost (benefit) and other comprehensive income | $ (95) | $ 2,357 | $ 22 |
Retirement Plans And Postreti90
Retirement Plans And Postretirement Benefits (Fair Value Of Assets Of, And The Funded Status Of, Postretirement Plans) (Details) - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Postretirement Benefit Costs [Member] | U.S. [Member] | ||||
Changes in Benefit Obligation: | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 142 | 223 | 396 | 371 |
Postretirement Benefit Costs [Member] | Foreign [Member] | ||||
Changes in Benefit Obligation: | ||||
Service cost | 5 | 9 | 71 | 105 |
Interest cost | 289 | 433 | 976 | 994 |
Predecessor [Member] | ||||
Changes in Plan Assets: | ||||
Funded status: | (4,875) | |||
Predecessor [Member] | Postretirement Benefit Costs [Member] | U.S. [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 11,586 | 11,275 | ||
Service cost | 0 | |||
Interest cost | 396 | |||
Foreign currency exchange rates | 0 | |||
Actuarial loss (gain) | 1,151 | |||
Gross benefits paid | (1,236) | |||
Plan amendment | 0 | |||
Net benefit obligation at end of year | 11,586 | 11,275 | ||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Employer contributions | 1,236 | |||
Gross benefits paid | (1,236) | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Funded status: | (11,586) | |||
Prior service credit | 0 | |||
Current liabilities | (1,204) | |||
Non-current liabilities | (10,382) | |||
Net amount recognized | (11,586) | |||
Predecessor [Member] | Postretirement Benefit Costs [Member] | Foreign [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 15,404 | 15,645 | ||
Service cost | 71 | |||
Interest cost | 976 | |||
Foreign currency exchange rates | (1,437) | |||
Actuarial loss (gain) | 1,511 | |||
Gross benefits paid | (1,068) | |||
Plan amendment | (294) | |||
Net benefit obligation at end of year | 15,404 | 15,645 | ||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Employer contributions | 1,068 | |||
Gross benefits paid | (1,068) | |||
Fair value of plan assets at end of year | 0 | $ 0 | ||
Funded status: | (15,404) | |||
Prior service credit | 1,554 | |||
Current liabilities | (953) | |||
Non-current liabilities | (14,451) | |||
Net amount recognized | (15,404) | |||
Successor [Member] | ||||
Changes in Plan Assets: | ||||
Fair value of plan assets at end of year | 11,293 | 11,293 | ||
Funded status: | (6,978) | (6,978) | ||
Successor [Member] | Postretirement Benefit Costs [Member] | U.S. [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 11,395 | |||
Service cost | 0 | |||
Interest cost | 142 | |||
Foreign currency exchange rates | 0 | |||
Actuarial loss (gain) | (100) | |||
Gross benefits paid | (578) | |||
Plan amendment | 0 | |||
Net benefit obligation at end of year | 10,859 | 10,859 | 11,395 | |
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 0 | |||
Employer contributions | 578 | |||
Gross benefits paid | (578) | |||
Fair value of plan assets at end of year | 0 | 0 | 0 | |
Funded status: | (10,859) | (10,859) | ||
Prior service credit | 0 | 0 | ||
Current liabilities | (1,298) | (1,298) | ||
Non-current liabilities | (9,561) | (9,561) | ||
Net amount recognized | (10,859) | (10,859) | ||
Successor [Member] | Postretirement Benefit Costs [Member] | Foreign [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 13,457 | |||
Service cost | 5 | |||
Interest cost | 289 | |||
Foreign currency exchange rates | (1,489) | |||
Actuarial loss (gain) | (621) | |||
Gross benefits paid | (345) | |||
Plan amendment | 0 | |||
Net benefit obligation at end of year | 11,296 | 11,296 | 13,457 | |
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 0 | |||
Employer contributions | 345 | |||
Gross benefits paid | (345) | |||
Fair value of plan assets at end of year | 0 | 0 | $ 0 | |
Funded status: | (11,296) | (11,296) | ||
Prior service credit | 0 | 0 | ||
Current liabilities | (755) | (755) | ||
Non-current liabilities | (10,541) | (10,541) | ||
Net amount recognized | $ (11,296) | $ (11,296) |
Retirement Plans And Postreti91
Retirement Plans And Postretirement Benefits (Net Postretirement Benefit Costs And Postretirement Projected Benefit Obligation) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Postretirement Benefit Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.10% | 4.82% |
Health care cost trend on covered charges, Initial | 6.67% | 6.55% |
Health care cost trend on covered charges, Ultimate | 6.48% | 6.18% |
Health care cost trend on covered charges, Years to ultimate | 2 years | 1 year |
Postretirement Benefit Costs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.91% | 5.29% |
Health care cost trend on covered charges, Initial | 6.55% | 7.39% |
Health care cost trend on covered charges, Ultimate | 6.18% | 6.18% |
Health care cost trend on covered charges, Years to ultimate | 0 years | 2 years |
Retirement Plans And Postreti92
Retirement Plans And Postretirement Benefits (One-Percentage Point Change In Assumed Health Care Cost Trend Rates) (Details) - Pension Plans, Defined Benefit [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
One Percentage Point Increase, Effect on total service cost and interest cost components | $ 3 |
One Percentage Point Increase, Effect on benefit obligations | 121 |
One Percentage Point Decrease, Effect on total service cost and interest cost components | (3) |
One Percentage Point Decrease, Effect on benefit obligations | (115) |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
One Percentage Point Increase, Effect on total service cost and interest cost components | 27 |
One Percentage Point Increase, Effect on benefit obligations | 797 |
One Percentage Point Decrease, Effect on total service cost and interest cost components | (33) |
One Percentage Point Decrease, Effect on benefit obligations | $ (687) |
Retirement Plans And Postreti93
Retirement Plans And Postretirement Benefits (Projected Future Postretirement Cash Flow By Year) (Details) - Postretirement Benefit Costs [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | $ 1,298 |
Expected employee contributions | 0 |
2,012 | 1,298 |
2,013 | 1,233 |
2,014 | 1,152 |
2,015 | 1,061 |
2,016 | 962 |
2017-2021 | 3,454 |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | 755 |
Expected employee contributions | 0 |
2,012 | 755 |
2,013 | 762 |
2,014 | 772 |
2,015 | 782 |
2,016 | 796 |
2017-2021 | $ 4,231 |
Management Compensation And I94
Management Compensation And Incentive Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 11, 2015 | Aug. 14, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Accelerated charge | $ 12.7 | ||||
Stock-based compensation expense | $ 15.3 | $ 5.6 | $ 7.7 | ||
Selling And Administrative Expense [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 14.6 | $ 4.8 | $ 6.9 | ||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Shares, Granted | 0 | ||||
Exercise price of stock option granted | $ 0 | ||||
Restricted Stock And Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 412,191 | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vested at percent | 100.00% | ||||
Minimum [Member] | Restricted Stock And Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock and performance shares vest over period Year/month | 1 year | ||||
Maximum [Member] | Restricted Stock And Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock and performance shares vest over period Year/month | 3 years |
Management Compensation And I95
Management Compensation And Incentive Plans (Restricted Stock And Performance Share Awards Activity) (Details) - Restricted Stock And Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding unvested at January 1, 2012 | shares | 1,814,130 |
Number of Shares, Granted | shares | 412,191 |
Number of Shares, Vested | shares | (2,037,914) |
Number of Shares, Forfeited/canceled/expired | shares | (188,407) |
Number of Shares, Outstanding at December 31, 2012 | shares | 0 |
Weighted-Average Grant Date Fair Value, Outstanding unvested at January 1, 2012 | $ / shares | $ 6.31 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 9.67 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 6.98 |
Weighted-Average Grant Date Fair Value, Forfeited/canceled/expired | $ / shares | 6.42 |
Weighted-Average Grant Date Fair Value, Outstanding at December 31, 2012 | $ / shares | $ 0 |
Management Compensation And I96
Management Compensation And Incentive Plans (Stock Option Activity Under The Plans) (Details) - Stock Options [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding at January 1, 2012 | shares | 2,042,074 |
Number of Shares, Granted | shares | 0 |
Number of Shares, Exercised | shares | (479,283) |
Number of Shares, Forfeited/canceled/expired | shares | (1,562,791) |
Number of Shares, Outstanding at December 31, 2012 | shares | 0 |
Weighted-Average Exercise Price, Outstanding unvested at January 1, 2012 | $ / shares | $ 10.93 |
Weighted-Average Exercise Price, Granted | $ / shares | 0 |
Weighted-Average Exercise Price, Exercised | $ / shares | 4.24 |
Weighted-Average Exercise Price, Forfeited/canceled/expired | $ / shares | 12.98 |
Weighted-Average Exercise Price, Outstanding at December 31, 2012 | $ / shares | $ 0 |
Contingencies (Details)
Contingencies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |
Balance at December 31, 2011 | $ 923 |
Product warranty adjustments | 576 |
Payments and settlements | (557) |
Balance at December 31, 2012 | $ 942 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Income Tax Examination [Line Items] | ||||
U.S. federal income tax rate | 35.00% | 35.00% | 35.00% | |
Net current deferred income tax assets | $ 0 | $ 28,426 | ||
Net non-current deferred tax assets | 16,800 | |||
Net non-current deferred tax liabilities | 57,400 | 28,200 | ||
Non-cash charge | 73,400 | |||
Deferred Tax Assets, Operating Loss Carryforwards | 74,600 | |||
Unrecognized tax benefits | 3,900 | |||
Unrecognized tax benefits that would have a favorable impact on effective tax rate | 3,100 | |||
Accrued interest and penalties | 500 | 700 | $ 600 | $ 600 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 300 | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 600 | |||
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount | $ 537,300 | |||
Prepaid Expenses and Other Current Assets [Member] | ||||
Income Tax Examination [Line Items] | ||||
Net current deferred income tax assets | 28,400 | |||
Accrued Income And Other Taxes [Member] | ||||
Income Tax Examination [Line Items] | ||||
Net current deferred tax liabilities | 7,200 | |||
Foreign Country [Member] | ||||
Income Tax Examination [Line Items] | ||||
Total foreign tax credit carryforwards | 19,700 | |||
Tax credit carryforwards, years | 7 years | |||
Operating loss carryforwards | $ 19,300 | |||
Domestic Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 62,000 | |||
Operating loss carryforwards | 178,800 | |||
State [Member] | ||||
Income Tax Examination [Line Items] | ||||
Operating loss carryforwards | 260,600 | |||
Successor [Member] | ||||
Income Tax Examination [Line Items] | ||||
Net non-current deferred tax assets | 15,327 | |||
Net non-current deferred tax liabilities | 57,430 | |||
Total foreign tax credit carryforwards | 115,163 | |||
Unrecognized tax benefits | $ 3,921 |
Income Taxes (Schedule Of U.S.
Income Taxes (Schedule Of U.S. And Non-U.S. Components Of Income (Loss) Before Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Predecessor [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
U.S. | $ (96,258) | $ (255,043) | $ 8,495 | |
Non-U.S. | (20,305) | (39,749) | (48,597) | |
Loss before income taxes | $ (116,563) | $ (294,792) | $ (40,102) | |
Successor [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
U.S. | $ (22,755) | |||
Non-U.S. | (3,916) | |||
Loss before income taxes | $ (26,671) |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Predecessor [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
U.S. income taxes, Current | $ (20) | $ (1,762) | $ 4,104 | |
U.S. income taxes, Deferred | 403 | (537) | (5,652) | |
U.S. income taxes, Total | 383 | (2,299) | (1,548) | |
Non-U.S. income taxes, Current | 3,182 | 8,349 | 5,422 | |
Non-U.S. income taxes, Deferred | 521 | (15,466) | (16,717) | |
Non-U.S. income taxes, Total | 3,703 | (7,117) | (11,295) | |
Total income tax (benefit) expense | $ 4,086 | $ (9,416) | $ (12,843) | |
Successor [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
U.S. income taxes, Current | $ (52) | |||
U.S. income taxes, Deferred | 686 | |||
U.S. income taxes, Total | 634 | |||
Non-U.S. income taxes, Current | 1,565 | |||
Non-U.S. income taxes, Deferred | 4,681 | |||
Non-U.S. income taxes, Total | 6,246 | |||
Total income tax (benefit) expense | $ 6,880 |
Income Taxes (Schedule Of In101
Income Taxes (Schedule Of Income Tax Expense (Benefit) Computed By Applying The U.S. Federal Income Tax Rate) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Predecessor [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax at statutory U.S. federal rate | $ (40,797) | $ (103,177) | $ (14,036) | |
U.S. valuation allowance, net | 27,443 | 73,350 | (700) | |
State taxes, net of federal tax benefit | (3,215) | (4,387) | (371) | |
U.S. tax return adjustments to estimated taxes | 0 | (368) | (1,032) | |
Resolution of uncertain tax positions | 71 | (513) | (752) | |
Adjustment for foreign income taxed at different rates | 11,435 | 7,376 | 6,832 | |
U.S. tax credits | 0 | (1,000) | (2,577) | |
Non-U.S. tax exemptions, holidays and credits | (691) | 0 | 0 | |
Goodwill impairment | 8,026 | 17,161 | 0 | |
Capital loss expiration | 0 | 2,422 | 0 | |
Other | 1,814 | (280) | (207) | |
Total income tax (benefit) expense | $ 4,086 | $ (9,416) | $ (12,843) | |
Successor [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax at statutory U.S. federal rate | $ (9,335) | |||
U.S. valuation allowance, net | 8,876 | |||
State taxes, net of federal tax benefit | (697) | |||
U.S. tax return adjustments to estimated taxes | 0 | |||
Resolution of uncertain tax positions | 64 | |||
Adjustment for foreign income taxed at different rates | 7,324 | |||
U.S. tax credits | 0 | |||
Non-U.S. tax exemptions, holidays and credits | 228 | |||
Goodwill impairment | 0 | |||
Capital loss expiration | 0 | |||
Other | 420 | |||
Total income tax (benefit) expense | $ 6,880 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Predecessor [Member] | ||
Deferred tax assets: | ||
Postretirement and other employee benefits | $ 43,204 | |
Foreign tax credit and other carryforwards | 64,214 | |
Capitalized research and experimental costs | 23,446 | |
Environmental reserves | 3,366 | |
Inventory adjustments | 19,568 | |
Capital loss | 272 | |
Deferred Tax Asset, Option Amortization | 2,214 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Restructuring Charges | 17,255 | |
Other | 6,288 | |
Total gross deferred tax assets | 179,827 | |
Less: valuation allowance | (95,721) | |
Total deferred tax assets | 84,106 | |
Deferred tax liabilities: | ||
Fixed assets | 59,292 | |
Debt discount amortization / Deferred financing fees | 3,301 | |
Inventory | 6,865 | |
Goodwill and acquired intangibles | 1,046 | |
Other | 3,761 | |
Total deferred tax liabilities | 74,265 | |
Net deferred tax (liability) asset | $ 9,841 | |
Successor [Member] | ||
Deferred tax assets: | ||
Postretirement and other employee benefits | $ 34,713 | |
Foreign tax credit and other carryforwards | 115,163 | |
Capitalized research and experimental costs | 21,592 | |
Environmental reserves | 4,273 | |
Inventory adjustments | 12,719 | |
Capital loss | 276 | |
Deferred Tax Asset, Option Amortization | 2,138 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Restructuring Charges | 5,967 | |
Other | 729 | |
Total gross deferred tax assets | 197,570 | |
Less: valuation allowance | (165,539) | |
Total deferred tax assets | 32,031 | |
Deferred tax liabilities: | ||
Fixed assets | 54,150 | |
Debt discount amortization / Deferred financing fees | 7,666 | |
Inventory | 4,985 | |
Goodwill and acquired intangibles | 2,686 | |
Other | 4,647 | |
Total deferred tax liabilities | 74,134 | |
Total deferred tax liabilities | $ (42,103) |
Income Taxes (Schedule Of Valua
Income Taxes (Schedule Of Valuation Allowance Activity) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Predecessor [Member] | ||||
Valuation Allowance [Line Items] | ||||
Balance at beginning of year | $ 115,449 | $ 95,721 | $ 20,411 | $ 26,312 |
(Credited) / charged to income | 29,363 | 74,157 | (614) | |
Translation adjustment | (1,467) | (800) | (746) | |
Changes attributable to movement in underlying assets | (8,168) | 1,953 | (4,541) | |
Balance at end of year | $ 115,449 | $ 95,721 | $ 20,411 | |
Successor [Member] | ||||
Valuation Allowance [Line Items] | ||||
(Credited) / charged to income | 6,780 | |||
Translation adjustment | (101) | |||
Changes attributable to movement in underlying assets | 43,411 | |||
Balance at end of year | $ 165,539 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Balance at December 31 | $ 3,900 | |||
Predecessor [Member] | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Balance at January 1 | 3,689 | $ 3,710 | $ 7,203 | $ 9,769 |
Additions based on tax positions related to the current year | 268 | 881 | ||
Additions for tax positions of prior years | 232 | 323 | ||
Reductions for tax positions of prior years | (1,204) | (2,779) | ||
Lapse of statutes of limitations | (1,180) | 0 | ||
Settlements | (1,503) | (988) | ||
Foreign currency impact | 21 | (106) | (3) | |
Balance at December 31 | $ 3,689 | $ 3,710 | $ 7,203 | |
Successor [Member] | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Additions for tax positions of prior years | 301 | |||
Foreign currency impact | 69 | |||
Balance at December 31 | $ 3,921 |
Earnings Per Share - Basic and
Earnings Per Share - Basic and Diluted (Details) - shares | 7 Months Ended | 12 Months Ended | ||
Aug. 14, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding | 137,152,430 | 136,155,295 | 135,067,278 | |
Add: Effect of stock options and restricted stock | 0 | 0 | 0 | |
Weighted average common shares outstanding for diluted calculation | 137,152,430 | 136,155,295 | 135,067,278 |
Earnings Per Share Treasury Sha
Earnings Per Share Treasury Share Buyback (Details) - shares | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||
Shares which exclude consideration of stock options in calculation of diluted shares outstanding | 1,481,992 | 1,866,720 |
Accumulated Other Comprehens107
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Commodity and foreign currency derivative tax | $ 21 | $ 2,327 | ||
Predecessor [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustments | $ 328,233 | |||
Commodities and foreign currency derivatives and other, net of tax of ($63), ($68) and ($21) respectively | 8,291 | |||
Commodity and foreign currency derivative tax | 116 | |||
Total accumulated comprehensive loss | $ 336,524 | |||
Successor [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustments | 10,134 | $ 356,169 | ||
Commodities and foreign currency derivatives and other, net of tax of ($63), ($68) and ($21) respectively | 123 | 7,029 | ||
Commodity and foreign currency derivative tax | 21 | (154) | ||
Total accumulated comprehensive loss | $ 10,257 | $ 363,198 |
Guarantor Information (Textual)
Guarantor Information (Textual) (Details) - Senior Notes [Member] | Nov. 20, 2012USD ($) |
Debt Instrument [Line Items] | |
Principal amount issued | $ 300,000,000 |
Stated interest rate | 6.375% |
Parent Company [Member] | |
Debt Instrument [Line Items] | |
Principal amount issued | $ 300,000,000 |
Stated interest rate | 6.375% |
Guarantor Information (Condense
Guarantor Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Aug. 15, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
ASSETS | |||||||
Inventories | $ 295,462 | $ 382,903 | |||||
Net property, plant and equipment | [1] | 637,533 | 654,040 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Long-term debt - third party | 362,455 | 341,615 | |||||
Other long-term obligations | 95,485 | 107,566 | |||||
Deferred income taxes | 57,400 | 28,200 | |||||
Total stockholders’ equity | $ 1,020,410 | ||||||
Predecessor [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 25,033 | 17,550 | $ 11,888 | $ 17,317 | |||
Accounts receivable - affiliates | 0 | ||||||
Accounts receivable - trade | 162,919 | ||||||
Inventories | 382,903 | ||||||
Prepaid expenses and other current assets | 81,623 | ||||||
Total current assets | 644,995 | ||||||
Investment in affiliates | 0 | ||||||
Net property, plant and equipment | 654,040 | ||||||
Deferred income taxes | 16,819 | ||||||
Goodwill | 384,132 | 420,129 | 496,810 | ||||
Notes receivable - affiliate | 0 | ||||||
Other assets | 97,822 | ||||||
Total assets | 1,833,805 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | 0 | ||||||
Accounts payable - trade | 86,409 | ||||||
Short-term debt | 188,104 | ||||||
Accrued income and other taxes | 24,506 | ||||||
Rationalizations | 9,563 | ||||||
Other accrued liabilities | 43,319 | ||||||
Total current liabilities | 351,901 | ||||||
Long-term debt - affiliate | 0 | ||||||
Long-term debt - third party | 341,615 | ||||||
Other long-term obligations | 107,566 | ||||||
Deferred income taxes | 28,197 | ||||||
Total stockholders’ equity | 1,004,526 | 1,320,749 | 1,349,851 | ||||
Total liabilities and stockholders’ equity | 1,833,805 | ||||||
Predecessor [Member] | Parent Company [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |||
Accounts receivable - affiliates | 40,474 | ||||||
Accounts receivable - trade | 0 | ||||||
Inventories | 0 | ||||||
Prepaid expenses and other current assets | 0 | ||||||
Total current assets | 40,474 | ||||||
Investment in affiliates | 1,414,278 | ||||||
Net property, plant and equipment | 0 | ||||||
Deferred income taxes | 0 | ||||||
Goodwill | 0 | ||||||
Notes receivable - affiliate | 35,722 | ||||||
Other assets | 4,110 | ||||||
Total assets | 1,494,584 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | 0 | ||||||
Accounts payable - trade | 47 | ||||||
Short-term debt | 187,973 | ||||||
Accrued income and other taxes | 344 | ||||||
Rationalizations | 0 | ||||||
Other accrued liabilities | 2,444 | ||||||
Total current liabilities | 190,808 | ||||||
Long-term debt - affiliate | 0 | ||||||
Long-term debt - third party | 300,000 | ||||||
Other long-term obligations | 0 | ||||||
Deferred income taxes | 0 | ||||||
Total stockholders’ equity | 1,003,776 | ||||||
Total liabilities and stockholders’ equity | 1,494,584 | ||||||
Predecessor [Member] | Guarantor Subsidiaries [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 2,480 | 5,503 | 4,752 | 4,425 | |||
Accounts receivable - affiliates | 35,618 | ||||||
Accounts receivable - trade | 45,861 | ||||||
Inventories | 148,080 | ||||||
Prepaid expenses and other current assets | 17,336 | ||||||
Total current assets | 252,398 | ||||||
Investment in affiliates | 762,251 | ||||||
Net property, plant and equipment | 431,602 | ||||||
Deferred income taxes | 0 | ||||||
Goodwill | 217,099 | ||||||
Notes receivable - affiliate | 7,413 | ||||||
Other assets | 45,617 | ||||||
Total assets | 1,716,380 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | 80,659 | ||||||
Accounts payable - trade | 35,435 | ||||||
Short-term debt | 131 | ||||||
Accrued income and other taxes | 3,380 | ||||||
Rationalizations | 7,538 | ||||||
Other accrued liabilities | 15,252 | ||||||
Total current liabilities | 142,395 | ||||||
Long-term debt - affiliate | 35,722 | ||||||
Long-term debt - third party | 40,393 | ||||||
Other long-term obligations | 77,724 | ||||||
Deferred income taxes | 5,118 | ||||||
Total stockholders’ equity | 1,415,028 | ||||||
Total liabilities and stockholders’ equity | 1,716,380 | ||||||
Predecessor [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 22,553 | 12,047 | 7,136 | 12,892 | |||
Accounts receivable - affiliates | 40,185 | ||||||
Accounts receivable - trade | 117,058 | ||||||
Inventories | 234,823 | ||||||
Prepaid expenses and other current assets | 64,287 | ||||||
Total current assets | 468,400 | ||||||
Investment in affiliates | 0 | ||||||
Net property, plant and equipment | 222,438 | ||||||
Deferred income taxes | 16,819 | ||||||
Goodwill | 203,030 | ||||||
Notes receivable - affiliate | 0 | ||||||
Other assets | 48,095 | ||||||
Total assets | 958,782 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | 35,618 | ||||||
Accounts payable - trade | 50,927 | ||||||
Short-term debt | 0 | ||||||
Accrued income and other taxes | 20,782 | ||||||
Rationalizations | 2,025 | ||||||
Other accrued liabilities | 25,623 | ||||||
Total current liabilities | 134,975 | ||||||
Long-term debt - affiliate | 7,413 | ||||||
Long-term debt - third party | 1,222 | ||||||
Other long-term obligations | 29,842 | ||||||
Deferred income taxes | 23,079 | ||||||
Total stockholders’ equity | 762,251 | ||||||
Total liabilities and stockholders’ equity | 958,782 | ||||||
Predecessor [Member] | Consolidating Entries and Eliminations [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |||
Accounts receivable - affiliates | (116,277) | ||||||
Accounts receivable - trade | 0 | ||||||
Inventories | 0 | ||||||
Prepaid expenses and other current assets | 0 | ||||||
Total current assets | (116,277) | ||||||
Investment in affiliates | (2,176,529) | ||||||
Net property, plant and equipment | 0 | ||||||
Deferred income taxes | 0 | ||||||
Goodwill | 0 | ||||||
Notes receivable - affiliate | (43,135) | ||||||
Other assets | 0 | ||||||
Total assets | (2,335,941) | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | (116,277) | ||||||
Accounts payable - trade | 0 | ||||||
Short-term debt | 0 | ||||||
Accrued income and other taxes | 0 | ||||||
Rationalizations | 0 | ||||||
Other accrued liabilities | 0 | ||||||
Total current liabilities | (116,277) | ||||||
Long-term debt - affiliate | (43,135) | ||||||
Long-term debt - third party | 0 | ||||||
Other long-term obligations | 0 | ||||||
Deferred income taxes | 0 | ||||||
Total stockholders’ equity | (2,176,529) | ||||||
Total liabilities and stockholders’ equity | $ (2,335,941) | ||||||
Successor [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 6,927 | 25,033 | |||||
Accounts receivable - affiliates | 0 | ||||||
Accounts receivable - trade | 102,815 | ||||||
Inventories | 295,462 | ||||||
Prepaid expenses and other current assets | 21,674 | ||||||
Total current assets | 426,878 | ||||||
Investment in affiliates | 0 | ||||||
Net property, plant and equipment | 637,533 | ||||||
Deferred income taxes | 15,327 | ||||||
Goodwill | 172,059 | $ 170,418 | |||||
Notes receivable - affiliate | 0 | ||||||
Other assets | 170,218 | ||||||
Total assets | 1,422,015 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | 0 | ||||||
Accounts payable - trade | 49,478 | ||||||
Short-term debt | 4,772 | ||||||
Accrued income and other taxes | 9,039 | ||||||
Rationalizations | 3,048 | ||||||
Other accrued liabilities | 29,779 | ||||||
Total current liabilities | 96,116 | ||||||
Long-term debt - affiliate | 0 | ||||||
Long-term debt - third party | 362,455 | ||||||
Other long-term obligations | 95,485 | ||||||
Deferred income taxes | 57,430 | ||||||
Total stockholders’ equity | 810,529 | ||||||
Total liabilities and stockholders’ equity | 1,422,015 | ||||||
Successor [Member] | Parent Company [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 0 | 0 | |||||
Accounts receivable - affiliates | 51,592 | ||||||
Accounts receivable - trade | 0 | ||||||
Inventories | 0 | ||||||
Prepaid expenses and other current assets | 0 | ||||||
Total current assets | 51,592 | ||||||
Investment in affiliates | 1,068,028 | ||||||
Net property, plant and equipment | 0 | ||||||
Deferred income taxes | 0 | ||||||
Goodwill | 0 | ||||||
Notes receivable - affiliate | 0 | ||||||
Other assets | 0 | ||||||
Total assets | 1,119,620 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | 159 | ||||||
Accounts payable - trade | 0 | ||||||
Short-term debt | 0 | ||||||
Accrued income and other taxes | 0 | ||||||
Rationalizations | 0 | ||||||
Other accrued liabilities | 2,444 | ||||||
Total current liabilities | 2,603 | ||||||
Long-term debt - affiliate | 38,661 | ||||||
Long-term debt - third party | 267,827 | ||||||
Other long-term obligations | 0 | ||||||
Deferred income taxes | 0 | ||||||
Total stockholders’ equity | 810,529 | ||||||
Total liabilities and stockholders’ equity | 1,119,620 | ||||||
Successor [Member] | Guarantor Subsidiaries [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 646 | 2,480 | |||||
Accounts receivable - affiliates | 9,362 | ||||||
Accounts receivable - trade | 20,749 | ||||||
Inventories | 123,340 | ||||||
Prepaid expenses and other current assets | 8,109 | ||||||
Total current assets | 162,206 | ||||||
Investment in affiliates | 668,113 | ||||||
Net property, plant and equipment | 291,494 | ||||||
Deferred income taxes | 0 | ||||||
Goodwill | 72,399 | ||||||
Notes receivable - affiliate | 46,074 | ||||||
Other assets | 96,964 | ||||||
Total assets | 1,337,250 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | 72,418 | ||||||
Accounts payable - trade | 18,546 | ||||||
Short-term debt | 4,636 | ||||||
Accrued income and other taxes | 5,864 | ||||||
Rationalizations | 995 | ||||||
Other accrued liabilities | 11,511 | ||||||
Total current liabilities | 113,970 | ||||||
Long-term debt - affiliate | 0 | ||||||
Long-term debt - third party | 93,758 | ||||||
Other long-term obligations | 61,246 | ||||||
Deferred income taxes | 248 | ||||||
Total stockholders’ equity | 1,068,028 | ||||||
Total liabilities and stockholders’ equity | 1,337,250 | ||||||
Successor [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 6,281 | 22,553 | |||||
Accounts receivable - affiliates | 20,823 | ||||||
Accounts receivable - trade | 82,066 | ||||||
Inventories | 172,122 | ||||||
Prepaid expenses and other current assets | 13,565 | ||||||
Total current assets | 294,857 | ||||||
Investment in affiliates | 0 | ||||||
Net property, plant and equipment | 346,039 | ||||||
Deferred income taxes | 15,327 | ||||||
Goodwill | 99,660 | ||||||
Notes receivable - affiliate | 0 | ||||||
Other assets | 73,254 | ||||||
Total assets | 829,137 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | 9,200 | ||||||
Accounts payable - trade | 30,932 | ||||||
Short-term debt | 136 | ||||||
Accrued income and other taxes | 3,175 | ||||||
Rationalizations | 2,053 | ||||||
Other accrued liabilities | 15,824 | ||||||
Total current liabilities | 61,320 | ||||||
Long-term debt - affiliate | 7,413 | ||||||
Long-term debt - third party | 870 | ||||||
Other long-term obligations | 34,239 | ||||||
Deferred income taxes | 57,182 | ||||||
Total stockholders’ equity | 668,113 | ||||||
Total liabilities and stockholders’ equity | 829,137 | ||||||
Successor [Member] | Consolidating Entries and Eliminations [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 0 | $ 0 | |||||
Accounts receivable - affiliates | (81,777) | ||||||
Accounts receivable - trade | 0 | ||||||
Inventories | 0 | ||||||
Prepaid expenses and other current assets | 0 | ||||||
Total current assets | (81,777) | ||||||
Investment in affiliates | (1,736,141) | ||||||
Net property, plant and equipment | 0 | ||||||
Deferred income taxes | 0 | ||||||
Goodwill | 0 | ||||||
Notes receivable - affiliate | (46,074) | ||||||
Other assets | 0 | ||||||
Total assets | (1,863,992) | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | (81,777) | ||||||
Accounts payable - trade | 0 | ||||||
Short-term debt | 0 | ||||||
Accrued income and other taxes | 0 | ||||||
Rationalizations | 0 | ||||||
Other accrued liabilities | 0 | ||||||
Total current liabilities | (81,777) | ||||||
Long-term debt - affiliate | (46,074) | ||||||
Long-term debt - third party | 0 | ||||||
Other long-term obligations | 0 | ||||||
Deferred income taxes | 0 | ||||||
Total stockholders’ equity | (1,736,141) | ||||||
Total liabilities and stockholders’ equity | $ (1,863,992) | ||||||
[1] | Long-lived assets represent fixed assets, net of accumulated depreciation. |
Guarantor Information (Conde110
Guarantor Information (Condensed Consolidating Statements of Operations and Comprehensive Income) (Details) - USD ($) | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | $ 686,672,000 | $ 1,085,304,000 | $ 1,166,674,000 | ||
Net income (loss) | $ (120,649,000) | ||||
Statements of Comprehensive Income | |||||
Net income (loss) | (120,649,000) | ||||
Predecessor [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | 0 | 0 | 0 | ||
Sales - third party | 437,931,000 | 1,085,304,000 | 1,166,674,000 | ||
Net sales | 437,931,000 | 1,085,304,000 | 1,166,674,000 | ||
Cost of sales | 399,817,000 | 993,057,000 | 1,027,608,000 | ||
Gross profit | 38,114,000 | 92,247,000 | 139,066,000 | ||
Research and development | 5,556,000 | 14,844,000 | 10,437,000 | ||
Selling and administrative expenses | 81,147,000 | 124,178,000 | 111,043,000 | ||
Impairment of long-lived assets and goodwill | 35,381,000 | 197,220,000 | 0 | ||
Rationalizations | 4,507,000 | 11,625,000 | 20,156,000 | ||
Operating loss | (88,477,000) | (255,620,000) | (2,570,000) | ||
Other (income) expense, net | 1,335,000 | 2,445,000 | 1,698,000 | ||
Interest expense - affiliate | 0 | 0 | 0 | ||
Interest expense - third party | 27,118,000 | 37,057,000 | 36,037,000 | ||
Interest income - affiliate | 0 | 0 | 0 | ||
Interest income | (367,000) | (330,000) | (203,000) | ||
Loss before income taxes | (116,563,000) | (294,792,000) | (40,102,000) | ||
(Benefit) provision for income taxes | 4,086,000 | (9,416,000) | (12,843,000) | ||
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | 0 | 0 | 0 | ||
Net income (loss) | (120,649,000) | (285,376,000) | (27,259,000) | ||
Statements of Comprehensive Income | |||||
Net income (loss) | (120,649,000) | (285,376,000) | (27,259,000) | ||
Other comprehensive loss, net of tax: | (26,674,000) | (43,900,000) | (11,946,000) | ||
Comprehensive loss | (147,323,000) | (329,276,000) | (39,205,000) | ||
Predecessor [Member] | Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | 0 | 0 | 0 | ||
Sales - third party | 0 | 0 | 0 | ||
Net sales | 0 | 0 | 0 | ||
Cost of sales | 0 | 0 | 0 | ||
Gross profit | 0 | 0 | 0 | ||
Research and development | 0 | 0 | 0 | ||
Selling and administrative expenses | 6,750,000 | 0 | 0 | ||
Impairment of long-lived assets and goodwill | 0 | 0 | |||
Rationalizations | 0 | 0 | 0 | ||
Operating loss | (6,750,000) | 0 | 0 | ||
Other (income) expense, net | 0 | 0 | 0 | ||
Interest expense - affiliate | 3,000 | 0 | 0 | ||
Interest expense - third party | 24,366,000 | 32,118,000 | 31,294,000 | ||
Interest income - affiliate | (372,000) | (806,000) | (1,233,000) | ||
Interest income | 0 | 0 | 0 | ||
Loss before income taxes | (30,747,000) | (31,312,000) | (30,061,000) | ||
(Benefit) provision for income taxes | 0 | 3,319,000 | (10,659,000) | ||
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | (89,902,000) | (251,495,000) | (7,857,000) | ||
Net income (loss) | (120,649,000) | (286,126,000) | (27,259,000) | ||
Statements of Comprehensive Income | |||||
Net income (loss) | (120,649,000) | (286,126,000) | (27,259,000) | ||
Other comprehensive loss, net of tax: | (26,674,000) | (43,900,000) | (11,946,000) | ||
Comprehensive loss | (147,323,000) | (330,026,000) | (39,205,000) | ||
Predecessor [Member] | Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | 124,489,000 | 263,742,000 | 220,354,000 | ||
Sales - third party | 160,761,000 | 422,991,000 | 469,033,000 | ||
Net sales | 285,250,000 | 686,733,000 | 689,387,000 | ||
Cost of sales | 266,369,000 | 630,031,000 | 584,819,000 | ||
Gross profit | 18,881,000 | 56,702,000 | 104,568,000 | ||
Research and development | 5,556,000 | 14,844,000 | 10,437,000 | ||
Selling and administrative expenses | 44,507,000 | 55,454,000 | 40,548,000 | ||
Impairment of long-lived assets and goodwill | 35,381,000 | 186,552,000 | |||
Rationalizations | (374,000) | 9,109,000 | 2,732,000 | ||
Operating loss | (66,189,000) | (209,257,000) | 50,851,000 | ||
Other (income) expense, net | 804,000 | 1,575,000 | (176,000) | ||
Interest expense - affiliate | 372,000 | 806,000 | 1,364,000 | ||
Interest expense - third party | 2,481,000 | 4,037,000 | 3,029,000 | ||
Interest income - affiliate | (3,000) | 0 | (670,000) | ||
Interest income | (5,000) | (11,000) | 0 | ||
Loss before income taxes | (69,838,000) | (215,664,000) | 47,304,000 | ||
(Benefit) provision for income taxes | 385,000 | (5,618,000) | 9,111,000 | ||
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | (19,679,000) | (40,699,000) | (46,050,000) | ||
Net income (loss) | (89,902,000) | (250,745,000) | (7,857,000) | ||
Statements of Comprehensive Income | |||||
Net income (loss) | (89,902,000) | (250,745,000) | (7,857,000) | ||
Other comprehensive loss, net of tax: | (26,674,000) | (43,900,000) | (11,946,000) | ||
Comprehensive loss | (116,576,000) | (294,645,000) | (19,803,000) | ||
Predecessor [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | 52,794,000 | 150,346,000 | 149,251,000 | ||
Sales - third party | 277,170,000 | 662,313,000 | 697,641,000 | ||
Net sales | 329,964,000 | 812,659,000 | 846,892,000 | ||
Cost of sales | 310,731,000 | 777,114,000 | 812,394,000 | ||
Gross profit | 19,233,000 | 35,545,000 | 34,498,000 | ||
Research and development | 0 | 0 | 0 | ||
Selling and administrative expenses | 29,890,000 | 68,724,000 | 70,495,000 | ||
Impairment of long-lived assets and goodwill | 0 | 10,668,000 | |||
Rationalizations | 4,881,000 | 2,516,000 | 17,424,000 | ||
Operating loss | (15,538,000) | (46,363,000) | (53,421,000) | ||
Other (income) expense, net | 531,000 | 870,000 | 1,874,000 | ||
Interest expense - affiliate | 0 | 0 | 670,000 | ||
Interest expense - third party | 271,000 | 902,000 | 1,714,000 | ||
Interest income - affiliate | 0 | 0 | (131,000) | ||
Interest income | (362,000) | (319,000) | (203,000) | ||
Loss before income taxes | (15,978,000) | (47,816,000) | (57,345,000) | ||
(Benefit) provision for income taxes | 3,701,000 | (7,117,000) | (11,295,000) | ||
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | 0 | 0 | 0 | ||
Net income (loss) | (19,679,000) | (40,699,000) | (46,050,000) | ||
Statements of Comprehensive Income | |||||
Net income (loss) | (19,679,000) | (40,699,000) | (46,050,000) | ||
Other comprehensive loss, net of tax: | (28,041,000) | (28,650,000) | (13,601,000) | ||
Comprehensive loss | (47,720,000) | (69,349,000) | (59,651,000) | ||
Predecessor [Member] | Consolidating Entries and Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | (177,283,000) | (414,088,000) | (369,605,000) | ||
Sales - third party | 0 | 0 | 0 | ||
Net sales | (177,283,000) | (414,088,000) | (369,605,000) | ||
Cost of sales | (177,283,000) | (414,088,000) | (369,605,000) | ||
Gross profit | 0 | 0 | 0 | ||
Research and development | 0 | 0 | 0 | ||
Selling and administrative expenses | 0 | 0 | 0 | ||
Impairment of long-lived assets and goodwill | 0 | 0 | |||
Rationalizations | 0 | 0 | 0 | ||
Operating loss | 0 | 0 | 0 | ||
Other (income) expense, net | 0 | 0 | 0 | ||
Interest expense - affiliate | (375,000) | (806,000) | (2,034,000) | ||
Interest expense - third party | 0 | 0 | 0 | ||
Interest income - affiliate | 375,000 | 806,000 | 2,034,000 | ||
Interest income | 0 | 0 | 0 | ||
Loss before income taxes | 0 | 0 | 0 | ||
(Benefit) provision for income taxes | 0 | 0 | 0 | ||
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | 109,581,000 | 292,194,000 | 53,907,000 | ||
Net income (loss) | 109,581,000 | 292,194,000 | 53,907,000 | ||
Statements of Comprehensive Income | |||||
Net income (loss) | 109,581,000 | 292,194,000 | 53,907,000 | ||
Other comprehensive loss, net of tax: | 54,715,000 | 72,550,000 | 25,547,000 | ||
Comprehensive loss | $ 164,296,000 | $ 364,744,000 | $ 79,454,000 | ||
Successor [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | $ 0 | ||||
Sales - third party | 248,741,000 | ||||
Net sales | 248,741,000 | ||||
Cost of sales | 229,912,000 | ||||
Gross profit | 18,829,000 | ||||
Research and development | 2,348,000 | ||||
Selling and administrative expenses | 32,115,000 | ||||
Impairment of long-lived assets and goodwill | 0 | ||||
Rationalizations | 1,075,000 | ||||
Operating loss | (16,709,000) | ||||
Other (income) expense, net | (943,000) | ||||
Interest expense - affiliate | 0 | ||||
Interest expense - third party | 10,916,000 | ||||
Interest income - affiliate | 0 | ||||
Interest income | (11,000) | ||||
Loss before income taxes | (26,671,000) | ||||
(Benefit) provision for income taxes | 6,880,000 | ||||
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | 0 | ||||
Net income (loss) | (33,551,000) | ||||
Statements of Comprehensive Income | |||||
Net income (loss) | (33,551,000) | ||||
Other comprehensive loss, net of tax: | (10,257,000) | ||||
Comprehensive loss | (43,808,000) | ||||
Successor [Member] | Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | 0 | ||||
Sales - third party | 0 | ||||
Net sales | 0 | ||||
Cost of sales | 0 | ||||
Gross profit | 0 | ||||
Research and development | 0 | ||||
Selling and administrative expenses | 0 | ||||
Rationalizations | 0 | ||||
Operating loss | 0 | ||||
Other (income) expense, net | 0 | ||||
Interest expense - affiliate | 226,000 | ||||
Interest expense - third party | 9,552,000 | ||||
Interest income - affiliate | 0 | ||||
Interest income | 0 | ||||
Loss before income taxes | (9,778,000) | ||||
(Benefit) provision for income taxes | 0 | ||||
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | (23,773,000) | ||||
Net income (loss) | (33,551,000) | ||||
Statements of Comprehensive Income | |||||
Net income (loss) | (33,551,000) | ||||
Other comprehensive loss, net of tax: | (10,257,000) | ||||
Comprehensive loss | (43,808,000) | ||||
Successor [Member] | Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | 51,262,000 | ||||
Sales - third party | 86,053,000 | ||||
Net sales | 137,315,000 | ||||
Cost of sales | 132,610,000 | ||||
Gross profit | 4,705,000 | ||||
Research and development | 2,348,000 | ||||
Selling and administrative expenses | 10,775,000 | ||||
Rationalizations | 71,000 | ||||
Operating loss | (8,489,000) | ||||
Other (income) expense, net | 1,166,000 | ||||
Interest expense - affiliate | 0 | ||||
Interest expense - third party | 1,079,000 | ||||
Interest income - affiliate | (226,000) | ||||
Interest income | (5,000) | ||||
Loss before income taxes | (10,503,000) | ||||
(Benefit) provision for income taxes | 634,000 | ||||
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | (12,636,000) | ||||
Net income (loss) | (23,773,000) | ||||
Statements of Comprehensive Income | |||||
Net income (loss) | (23,773,000) | ||||
Other comprehensive loss, net of tax: | (10,257,000) | ||||
Comprehensive loss | (34,030,000) | ||||
Successor [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | 32,611,000 | ||||
Sales - third party | 162,688,000 | ||||
Net sales | 195,299,000 | ||||
Cost of sales | 181,175,000 | ||||
Gross profit | 14,124,000 | ||||
Research and development | 0 | ||||
Selling and administrative expenses | 21,340,000 | ||||
Rationalizations | 1,004,000 | ||||
Operating loss | (8,220,000) | ||||
Other (income) expense, net | (2,109,000) | ||||
Interest expense - affiliate | 0 | ||||
Interest expense - third party | 285,000 | ||||
Interest income - affiliate | 0 | ||||
Interest income | (6,000) | ||||
Loss before income taxes | (6,390,000) | ||||
(Benefit) provision for income taxes | 6,246,000 | ||||
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | 0 | ||||
Net income (loss) | (12,636,000) | ||||
Statements of Comprehensive Income | |||||
Net income (loss) | (12,636,000) | ||||
Other comprehensive loss, net of tax: | (10,257,000) | ||||
Comprehensive loss | (22,893,000) | ||||
Successor [Member] | Consolidating Entries and Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | (83,873,000) | ||||
Sales - third party | 0 | ||||
Net sales | (83,873,000) | ||||
Cost of sales | (83,873,000) | ||||
Gross profit | 0 | ||||
Research and development | 0 | ||||
Selling and administrative expenses | 0 | ||||
Rationalizations | 0 | ||||
Operating loss | 0 | ||||
Other (income) expense, net | 0 | ||||
Interest expense - affiliate | (226,000) | ||||
Interest expense - third party | 0 | ||||
Interest income - affiliate | 226,000 | ||||
Interest income | 0 | ||||
Loss before income taxes | 0 | ||||
(Benefit) provision for income taxes | 0 | ||||
Equity in earnings of, and gain recorded on acquisition of, non-consolidated affiliate | 36,409,000 | ||||
Net income (loss) | 36,409,000 | ||||
Statements of Comprehensive Income | |||||
Net income (loss) | 36,409,000 | ||||
Other comprehensive loss, net of tax: | 20,514,000 | ||||
Comprehensive loss | $ 56,923,000 |
Guarantor Information (Conde111
Guarantor Information (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Predecessor [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | $ 28,323 | $ 120,903 | $ 116,837 | |
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | 0 | 0 | 0 | |
Capital expenditures | (32,301) | (84,981) | (86,344) | |
Insurance recoveries | 2,834 | 1,500 | ||
Derivative instrument settlements, net | (8,263) | (2,025) | 114 | |
Proceeds from the sale of fixed assets | 646 | 5,042 | 0 | |
Other | 0 | 178 | 929 | |
Net cash used in investing activities | (39,918) | (78,952) | (83,801) | |
Loans from (repayments to) affiliates | 0 | 0 | 0 | |
Short-term debt borrowings | 18,511 | (1,021) | (7,265) | |
Revolving Facility borrowings | 160,000 | 269,000 | 166,000 | |
Revolving Facility reductions | (99,000) | (293,000) | (171,500) | |
Repayment of Senior Subordinated Notes | (200,000) | 0 | 0 | |
Issuance of preferred shares | 150,000 | 0 | 0 | |
Principal payments on long term debt | (89) | (192) | (225) | |
Supply chain financing | 0 | (9,455) | (17,508) | |
Proceeds from exercise of stock options | 32 | 2,813 | 448 | |
Purchase of treasury shares | (63) | (894) | (1,825) | |
Refinancing fees and debt issuance costs | (5,068) | (3,279) | (560) | |
Other | (3,499) | 951 | (5,210) | |
Net cash (used in) provided by financing activities | 20,824 | (35,077) | (37,645) | |
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 9,229 | 6,874 | (4,609) | |
Effect of exchange rate changes on cash and cash equivalents | (1,746) | (1,212) | (820) | |
Cash and cash equivalents at beginning of period | $ 25,033 | 17,550 | 11,888 | 17,317 |
Cash and cash equivalents at end of period | 25,033 | 17,550 | 11,888 | |
Predecessor [Member] | Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | (4,017) | (9,474) | (13,718) | |
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | 36,204 | 6,604 | 15,578 | |
Capital expenditures | 0 | 0 | 0 | |
Insurance recoveries | 0 | 0 | ||
Derivative instrument settlements, net | 0 | 0 | 0 | |
Proceeds from the sale of fixed assets | 0 | 0 | ||
Other | 0 | 0 | ||
Net cash used in investing activities | 36,204 | 6,604 | 15,578 | |
Loans from (repayments to) affiliates | 21,343 | 0 | 0 | |
Dividends to affiliates | 0 | |||
Short-term debt borrowings | 0 | 0 | 0 | |
Revolving Facility borrowings | 0 | 0 | 0 | |
Revolving Facility reductions | 0 | 0 | 0 | |
Repayment of Senior Subordinated Notes | (200,000) | |||
Issuance of preferred shares | 150,000 | |||
Principal payments on long term debt | 0 | 0 | 0 | |
Supply chain financing | 0 | 0 | ||
Proceeds from exercise of stock options | 32 | 2,813 | 448 | |
Purchase of treasury shares | (63) | (894) | (1,825) | |
Refinancing fees and debt issuance costs | 0 | 0 | (483) | |
Other | (3,499) | 951 | 0 | |
Net cash (used in) provided by financing activities | (32,187) | 2,870 | (1,860) | |
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 0 | 0 | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 | 0 | |
Predecessor [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | 34,418 | 79,864 | 72,111 | |
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | (21,343) | 0 | 15,000 | |
Capital expenditures | (20,572) | (58,926) | (52,278) | |
Insurance recoveries | 0 | 0 | ||
Derivative instrument settlements, net | (7,595) | (2,195) | 437 | |
Proceeds from the sale of fixed assets | 397 | 1,700 | ||
Other | 0 | 322 | ||
Net cash used in investing activities | (49,113) | (59,421) | (36,519) | |
Loans from (repayments to) affiliates | (36,204) | (6,604) | (15,578) | |
Dividends to affiliates | 0 | |||
Short-term debt borrowings | 14,002 | (34) | (6) | |
Revolving Facility borrowings | 126,000 | 183,000 | 75,000 | |
Revolving Facility reductions | (87,000) | (193,000) | (94,500) | |
Repayment of Senior Subordinated Notes | 0 | |||
Issuance of preferred shares | 0 | |||
Principal payments on long term debt | (89) | (132) | (166) | |
Supply chain financing | 0 | 0 | ||
Proceeds from exercise of stock options | 0 | 0 | 0 | |
Purchase of treasury shares | 0 | 0 | 0 | |
Refinancing fees and debt issuance costs | (5,037) | (2,922) | (15) | |
Other | 0 | 0 | 0 | |
Net cash (used in) provided by financing activities | 11,672 | (19,692) | (35,265) | |
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (3,023) | 751 | 327 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents at beginning of period | 2,480 | 5,503 | 4,752 | 4,425 |
Cash and cash equivalents at end of period | 2,480 | 5,503 | 4,752 | |
Predecessor [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | 25,632 | 50,513 | 58,444 | |
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | 0 | 0 | 0 | |
Capital expenditures | (11,729) | (26,055) | (34,066) | |
Insurance recoveries | 2,834 | 1,500 | ||
Derivative instrument settlements, net | (668) | 170 | (323) | |
Proceeds from the sale of fixed assets | 249 | 3,342 | ||
Other | 178 | 607 | ||
Net cash used in investing activities | (12,148) | (19,531) | (32,282) | |
Loans from (repayments to) affiliates | 0 | 0 | (15,000) | |
Dividends to affiliates | (27,710) | |||
Short-term debt borrowings | 4,509 | (987) | (7,259) | |
Revolving Facility borrowings | 34,000 | 86,000 | 91,000 | |
Revolving Facility reductions | (12,000) | (100,000) | (77,000) | |
Repayment of Senior Subordinated Notes | 0 | |||
Issuance of preferred shares | 0 | |||
Principal payments on long term debt | 0 | (60) | (59) | |
Supply chain financing | (9,455) | (17,508) | ||
Proceeds from exercise of stock options | 0 | 0 | 0 | |
Purchase of treasury shares | 0 | 0 | 0 | |
Refinancing fees and debt issuance costs | (31) | (357) | (62) | |
Other | 0 | 0 | (5,210) | |
Net cash (used in) provided by financing activities | (1,232) | (24,859) | (31,098) | |
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 12,252 | 6,123 | (4,936) | |
Effect of exchange rate changes on cash and cash equivalents | (1,746) | (1,212) | (820) | |
Cash and cash equivalents at beginning of period | 22,553 | 12,047 | 7,136 | 12,892 |
Cash and cash equivalents at end of period | 22,553 | 12,047 | 7,136 | |
Predecessor [Member] | Consolidating Entries and Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | (27,710) | 0 | 0 | |
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | (14,861) | (6,604) | (30,578) | |
Capital expenditures | 0 | 0 | 0 | |
Insurance recoveries | 0 | 0 | ||
Derivative instrument settlements, net | 0 | 0 | 0 | |
Proceeds from the sale of fixed assets | 0 | |||
Other | 0 | 0 | ||
Net cash used in investing activities | (14,861) | (6,604) | (30,578) | |
Loans from (repayments to) affiliates | 14,861 | 6,604 | 30,578 | |
Dividends to affiliates | 27,710 | |||
Short-term debt borrowings | 0 | 0 | 0 | |
Revolving Facility borrowings | 0 | 0 | 0 | |
Revolving Facility reductions | 0 | 0 | 0 | |
Repayment of Senior Subordinated Notes | 0 | |||
Issuance of preferred shares | 0 | |||
Principal payments on long term debt | 0 | 0 | 0 | |
Supply chain financing | 0 | 0 | ||
Proceeds from exercise of stock options | 0 | 0 | 0 | |
Purchase of treasury shares | 0 | 0 | 0 | |
Refinancing fees and debt issuance costs | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | |
Net cash (used in) provided by financing activities | 42,571 | 6,604 | 30,578 | |
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 0 | 0 | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 0 | $ 0 | $ 0 | |
Successor [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | 23,115 | |||
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | 0 | |||
Capital expenditures | (18,442) | |||
Insurance recoveries | 0 | |||
Derivative instrument settlements, net | 326 | |||
Proceeds from the sale of fixed assets | 632 | |||
Other | 0 | |||
Net cash used in investing activities | (17,484) | |||
Loans from (repayments to) affiliates | 0 | |||
Short-term debt borrowings | (15,504) | |||
Revolving Facility borrowings | 62,000 | |||
Revolving Facility reductions | (68,000) | |||
Repayment of Senior Subordinated Notes | 0 | |||
Issuance of preferred shares | (1,385) | |||
Principal payments on long term debt | (183) | |||
Supply chain financing | 0 | |||
Proceeds from exercise of stock options | 0 | |||
Purchase of treasury shares | 0 | |||
Refinancing fees and debt issuance costs | 0 | |||
Other | (1,385) | |||
Net cash (used in) provided by financing activities | (23,072) | |||
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (17,441) | |||
Effect of exchange rate changes on cash and cash equivalents | (665) | |||
Cash and cash equivalents at beginning of period | 25,033 | |||
Cash and cash equivalents at end of period | 6,927 | 25,033 | ||
Successor [Member] | Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | (15,930) | |||
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | 0 | |||
Capital expenditures | 0 | |||
Derivative instrument settlements, net | 0 | |||
Proceeds from the sale of fixed assets | 0 | |||
Net cash used in investing activities | 0 | |||
Loans from (repayments to) affiliates | 17,315 | |||
Dividends to affiliates | 0 | |||
Short-term debt borrowings | 0 | |||
Revolving Facility borrowings | 0 | |||
Revolving Facility reductions | 0 | |||
Issuance of preferred shares | (1,385) | |||
Principal payments on long term debt | 0 | |||
Net cash (used in) provided by financing activities | 15,930 | |||
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 0 | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | |||
Cash and cash equivalents at beginning of period | 0 | |||
Cash and cash equivalents at end of period | 0 | 0 | ||
Successor [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | 18,471 | |||
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | (17,315) | |||
Capital expenditures | (8,438) | |||
Derivative instrument settlements, net | 0 | |||
Proceeds from the sale of fixed assets | 492 | |||
Net cash used in investing activities | (25,261) | |||
Loans from (repayments to) affiliates | 0 | |||
Dividends to affiliates | 0 | |||
Short-term debt borrowings | (10,998) | |||
Revolving Facility borrowings | 52,000 | |||
Revolving Facility reductions | (36,000) | |||
Issuance of preferred shares | 0 | |||
Principal payments on long term debt | (46) | |||
Net cash (used in) provided by financing activities | 4,956 | |||
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (1,834) | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | |||
Cash and cash equivalents at beginning of period | 2,480 | |||
Cash and cash equivalents at end of period | 646 | 2,480 | ||
Successor [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | 20,574 | |||
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | 0 | |||
Capital expenditures | (10,004) | |||
Derivative instrument settlements, net | 326 | |||
Proceeds from the sale of fixed assets | 140 | |||
Net cash used in investing activities | (9,538) | |||
Loans from (repayments to) affiliates | 0 | |||
Dividends to affiliates | 0 | |||
Short-term debt borrowings | (4,506) | |||
Revolving Facility borrowings | 10,000 | |||
Revolving Facility reductions | (32,000) | |||
Issuance of preferred shares | 0 | |||
Principal payments on long term debt | (137) | |||
Net cash (used in) provided by financing activities | (26,643) | |||
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (15,607) | |||
Effect of exchange rate changes on cash and cash equivalents | (665) | |||
Cash and cash equivalents at beginning of period | 22,553 | |||
Cash and cash equivalents at end of period | 6,281 | 22,553 | ||
Successor [Member] | Consolidating Entries and Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | 0 | |||
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | 17,315 | |||
Capital expenditures | 0 | |||
Derivative instrument settlements, net | 0 | |||
Proceeds from the sale of fixed assets | 0 | |||
Net cash used in investing activities | 17,315 | |||
Loans from (repayments to) affiliates | (17,315) | |||
Dividends to affiliates | 0 | |||
Short-term debt borrowings | 0 | |||
Revolving Facility borrowings | 0 | |||
Revolving Facility reductions | 0 | |||
Issuance of preferred shares | 0 | |||
Principal payments on long term debt | 0 | |||
Net cash (used in) provided by financing activities | (17,315) | |||
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 0 | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | |||
Cash and cash equivalents at beginning of period | 0 | |||
Cash and cash equivalents at end of period | $ 0 | $ 0 |
Subsequent Event (Narrative) (D
Subsequent Event (Narrative) (Details) $ in Millions | Feb. 26, 2016segment | Dec. 31, 2015USD ($) |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Number of business segments | segment | 2 | |
Engineered Solutions [Member] | ||
Subsequent Event [Line Items] | ||
Pro forma sales | $ | $ 152 | |
Sales Revenue, Net [Member] | Pro Forma [Member] | Engineered Solutions [Member] | ||
Subsequent Event [Line Items] | ||
Percent of total sales | 22.00% |
Supply Chain Financing Suppl113
Supply Chain Financing Supply Chain Financing (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Supply Chain Financing [Abstract] | ||
Maximum amount owing to financing party | $ 49,300 | |
Supply chain financing liability | $ 0 |
Other Expense (Income), Net (De
Other Expense (Income), Net (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Nonoperating Income (Expense) [Abstract] | ||
Currency losses (gains) | $ 2.2 | $ 1.5 |
Insurance reimbursements | $ 4 | |
Gain (Loss) Related to Litigation Settlement | $ 2 |