Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 01, 2017 | Jun. 30, 2016 | |
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, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | Q4 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 100 | ||
Entity Public Float | $ 0 | ||
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, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Inventories | $ 156,111 | $ 218,130 | |
Prepaid expenses and other current assets | 21,665 | 21,150 | |
Property, plant and equipment | 585,704 | 571,329 | |
Net property, plant and equipment | [1] | 508,855 | 551,163 |
Deferred income taxes | 15,300 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
Long-term debt | 356,580 | 362,455 | |
Other long-term obligations | 82,148 | 94,318 | |
Deferred income taxes | 42,900 | 57,400 | |
Successor [Member] | |||
ASSETS | |||
Cash and cash equivalents | 11,610 | 6,927 | |
Accounts and notes receivable, net of allowance for doubtful accounts of $244 as of December 31, 2015 and $326 as of December 31, 2016 | 80,568 | 82,390 | |
Inventories | 156,111 | 218,130 | |
Prepaid expenses and other current assets | 21,665 | 21,150 | |
Current assets of discontinued operations | 60,979 | 98,281 | |
Total current assets | 330,933 | 426,878 | |
Property, plant and equipment | 585,704 | 571,329 | |
Less: accumulated depreciation | 76,849 | 20,166 | |
Net property, plant and equipment | 508,855 | 551,163 | |
Deferred income taxes | 19,803 | 15,326 | |
Goodwill | 171,117 | 172,059 | |
Other assets | 141,568 | 152,614 | |
Long-term assets of discontinued operations | 0 | 103,975 | |
Total assets | 1,172,276 | 1,422,015 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
Accounts payable | 47,663 | 40,147 | |
Short-term debt | 8,852 | 4,772 | |
Accrued income and other taxes | 5,256 | 5,933 | |
Rationalizations | 75 | 1,195 | |
Other accrued liabilities | 30,519 | 20,987 | |
Current liabilities of discontinued operations | 20,042 | 23,082 | |
Total current liabilities | 112,407 | 96,116 | |
Long-term debt | 356,580 | 362,455 | |
Other long-term obligations | 82,148 | 94,318 | |
Deferred income taxes | 42,906 | 57,430 | |
Long-term liabilities of discontinued operations | 850 | 1,167 | |
Commitments and Contingencies – Notes 11 and 13 | |||
Stockholders’ equity: | |||
Preferred stock, par value $.01, 10,000,000 shares authorized, none issued | 0 | 0 | |
Common stock, par value $.01, 225,000,000 shares authorized, 100 shares authorized and issued as of December 31, 2015 and 2016 | 0 | 0 | |
Additional paid – in capital | 854,337 | 854,337 | |
Accumulated other comprehensive loss | (7,558) | (10,257) | |
Accumulated deficit | (269,394) | (33,551) | |
Total stockholders’ equity | 577,385 | 810,529 | |
Total liabilities and stockholders’ equity | $ 1,172,276 | $ 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, 2016 | Dec. 31, 2015 |
Accounts and notes receivable, allowance for doubt accounts | $ 326 | $ 244 |
Predecessor [Member] | ||
Accounts and notes receivable, allowance for doubt accounts | $ 300 | |
Preferred stock, par value | $ 0.01 | |
Preferred stock, shares authorized | 100,000,000 | |
Preferred stock, shares issued | 0 | |
Common stock, par value | $ 0.01 | |
Common stock, shares authorized | 225,000,000 | |
Common stock, shares issued | 100 | |
Successor [Member] | ||
Accounts and notes receivable, allowance for doubt accounts | $ 326 | |
Preferred stock, par value | $ 0.01 | |
Preferred stock, shares authorized | 100,000,000 | |
Preferred stock, shares issued | 0 | |
Common stock, par value | $ 0.01 | |
Common stock, shares authorized | 225,000,000 | |
Common stock, shares issued | 100 |
Consolidated Statements Of 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, 2016 | Dec. 31, 2014 | |
Net sales | $ 437,963,000 | $ 825,145,000 | ||
Net income (loss) | $ (235,843,000) | |||
Diluted loss per common share: | ||||
Weighted average common shares outstanding | 137,152,430 | |||
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||
Net income (loss) | $ (235,843,000) | |||
Predecessor [Member] | ||||
Net sales | $ 193,133,000 | $ 339,907,000 | 825,145,000 | |
Cost of sales | 180,845,000 | 305,001,000 | 757,156,000 | |
Additions to lower of cost or market reserve | 0 | 0 | ||
Gross profit (loss) | 12,288,000 | 34,906,000 | 67,989,000 | |
Research and development | 1,083,000 | 3,377,000 | 9,738,000 | |
Selling and administrative expenses | 23,485,000 | 64,383,000 | 94,629,000 | |
Impairment of long-lived assets and goodwill | 35,381,000 | 75,650,000 | ||
Rationalizations | 283,000 | 14,000 | 7,946,000 | |
Operating loss | (12,563,000) | (68,249,000) | (119,974,000) | |
Other expense (income), net | (813,000) | 1,421,000 | 2,920,000 | |
Interest expense | 26,211,000 | 35,736,000 | ||
Interest income | (6,000) | (363,000) | (320,000) | |
Loss from continuing operations before provision for income taxes | (21,743,000) | (95,518,000) | 116,421,000 | (158,310,000) |
(Benefit) provision for income taxes | 6,882,000 | 6,452,000 | (7,552,000) | (5,790,000) |
Net loss from continuing operations | (101,970,000) | (152,520,000) | ||
Loss from discontinued operations, net of tax | (18,679,000) | (132,856,000) | ||
Net income (loss) | (33,551,000) | $ (120,649,000) | 235,843,000 | $ (285,376,000) |
Basic loss per common share: | ||||
Net loss per share | $ (0.88) | $ (2.10) | ||
Weighted average common shares outstanding | 137,152,000 | 136,155,000 | ||
Diluted loss per common share: | ||||
Net loss per share | $ (0.88) | $ (2.10) | ||
Weighted average common shares outstanding | 137,152,000 | 136,155,000 | ||
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||
Net income (loss) | (33,551,000) | $ (120,649,000) | 235,843,000 | $ (285,376,000) |
Foreign currency translation adjustments | (27,936,000) | (33,041,000) | ||
Commodities and foreign currency derivatives and other, net of tax of ($63), ($68) and $21 and ($20), respectively | 1,262,000 | (10,859,000) | ||
Other comprehensive (loss)income, net of tax: | (10,257,000) | (26,674,000) | (43,900,000) | |
Comprehensive loss | (43,808,000) | (147,323,000) | $ (329,276,000) | |
Successor [Member] | ||||
Net sales | 193,133,000 | 437,963,000 | ||
Cost of sales | 180,845,000 | 448,016,000 | ||
Additions to lower of cost or market reserve | 0 | 18,974,000 | ||
Gross profit (loss) | 12,288,000 | (29,027,000) | ||
Research and development | 1,083,000 | 2,399,000 | ||
Selling and administrative expenses | 23,485,000 | 57,725,000 | ||
Impairment of long-lived assets and goodwill | 0 | 2,843,000 | ||
Rationalizations | 283,000 | 59,000 | ||
Operating loss | (12,563,000) | (92,053,000) | ||
Other expense (income), net | (813,000) | (2,188,000) | ||
Interest expense | 9,999,000 | 26,914,000 | ||
Interest income | (6,000) | (358,000) | ||
Loss from continuing operations before provision for income taxes | (21,743,000) | (116,421,000) | ||
(Benefit) provision for income taxes | 6,882,000 | (7,552,000) | ||
Net loss from continuing operations | (28,625,000) | (101,970,000) | (108,869,000) | |
Loss from discontinued operations, net of tax | (4,926,000) | (18,679,000) | (126,974,000) | |
Net income (loss) | (33,551,000) | (120,649,000) | (235,843,000) | |
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||
Net income (loss) | (33,551,000) | $ (120,649,000) | (235,843,000) | |
Foreign currency translation adjustments | (10,133,000) | 2,574,000 | ||
Commodities and foreign currency derivatives and other, net of tax of ($63), ($68) and $21 and ($20), respectively | (124,000) | 125,000 | ||
Other comprehensive (loss)income, net of tax: | (10,257,000) | 2,699,000 | ||
Comprehensive loss | $ (43,808,000) | $ (233,144,000) |
Consolidated Statements Of Inc5
Consolidated Statements Of Income And Comprehensive Income OCI Parenthetical - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2016 | Dec. 31, 2014 | |
Predecessor [Member] | ||||
Commodity and foreign currency derivative tax | $ (68) | $ (63) | ||
Successor [Member] | ||||
Commodity and foreign currency derivative tax | $ 21 | $ (20) |
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, 2016 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flow from operating activities: | |||||
Net Loss | $ (235,843) | ||||
Adjustments to reconcile net loss to cash provided by operations: | |||||
Loss on divestiture | $ 0 | ||||
Predecessor [Member] | |||||
Cash flow from operating activities: | |||||
Net Loss | $ (33,551) | $ (120,649) | 235,843 | (285,376) | |
Adjustments to reconcile net loss to cash provided by operations: | |||||
Depreciation and amortization | 45,461 | 119,708 | |||
Impairment of long-lived assets and goodwill | 35,381 | 197,220 | |||
Rationalization related fixed asset write offs | 0 | 926 | |||
Inventory write-downs | 0 | 19,600 | |||
Deferred income taxes | 924 | (16,003) | |||
Post-retirement and pension plan charges | 2,998 | 23,047 | |||
Stock-based compensation | 15,357 | 5,577 | |||
Non-cash interest expense | 14,180 | 15,693 | |||
Loss on divestiture | 0 | ||||
Other charges, net | 102 | 1,441 | |||
Net change in working capital | (45,594) | (56,846) | $ (56,846) | ||
Change in long-term assets and liabilities | (11,025) | (17,776) | |||
Net cash provided by operating activities | 28,323 | 22,815 | 120,903 | ||
Cash flow from investing activities: | |||||
Capital expenditures | (32,301) | (27,858) | (84,981) | ||
Insurance proceeds | 0 | 2,834 | |||
Cash received from divestitures | 0 | 15,889 | 0 | ||
Derivative instrument settlements, net | (8,263) | 377 | (2,025) | ||
Proceeds from the sale of fixed assets | 646 | 1,121 | 5,042 | ||
Other | 0 | 178 | |||
Net cash used in investing activities | (39,918) | (10,471) | (78,952) | ||
Cash flow from financing activities: | |||||
Short-term debt (reductions) borrowings, net | 18,511 | 7,363 | (1,021) | ||
Credit Facility borrowings | 160,000 | 56,000 | 269,000 | ||
Credit Facility reductions | (99,000) | (70,469) | (293,000) | ||
Repayment of Senior Subordinated Notes | (200,000) | 0 | |||
Issuance of preferred shares | 0 | 150,000 | 0 | 0 | |
Principal payments on long-term debt | (89) | (289) | (192) | ||
Supply chain financing | 0 | (9,455) | |||
Proceeds from exercise of stock options | 32 | 2,813 | |||
Purchase of treasury shares | (63) | (894) | |||
Refinancing fees and debt issuance costs | (5,068) | (922) | (3,279) | ||
Other | (3,499) | 951 | |||
Net cash (used in) provided by financing activities | 20,824 | (8,317) | (35,077) | ||
Net change in cash and cash equivalents | 9,229 | 4,027 | 6,874 | ||
Effect of exchange rate changes on cash and cash equivalents | (1,746) | 656 | (1,212) | ||
Cash and cash equivalents at beginning of period | 25,033 | 17,550 | 6,927 | 11,888 | |
Cash and cash equivalents at end of period | 6,927 | 25,033 | 11,610 | 17,550 | 11,888 |
Supplemental disclosures of cash flow information: | |||||
Interest | 10,661 | 21,549 | |||
Income taxes | 5,016 | 10,611 | |||
Non-cash operating, investing and financing activities: | |||||
Common stock issued to savings and pension plan trusts | 1,874 | 4,381 | |||
Decrease (increase) in current assets: | |||||
Accounts and notes receivable, net | 61,008 | 28,466 | |||
Inventories | 1,164 | 77,875 | |||
Prepaid expenses and other current assets | 2,551 | (14,898) | |||
Change in accounts payables and accruals | (18,728) | (25,849) | |||
Rationalizations | (2,677) | (8,732) | |||
Increase in interest payable | 2,276 | (16) | |||
Net change in working capital | (45,594) | $ (56,846) | $ (56,846) | ||
Successor [Member] | |||||
Cash flow from operating activities: | |||||
Net Loss | (33,551) | (120,649) | (235,843) | ||
Adjustments to reconcile net loss to cash provided by operations: | |||||
Depreciation and amortization | 28,618 | 82,891 | |||
Impairment of long-lived assets and goodwill | 0 | 122,750 | |||
Rationalization related fixed asset write offs | 0 | 636 | |||
Inventory write-downs | 0 | 1,770 | |||
Deferred income taxes | 5,368 | (12,062) | |||
Post-retirement and pension plan charges | 2,638 | (698) | |||
Stock-based compensation | 0 | 0 | |||
Non-cash interest expense | 2,351 | 6,551 | |||
Loss on divestiture | 0 | 198 | |||
Other charges, net | (1,934) | (2,641) | |||
Net change in working capital | (26,763) | (68,630) | |||
Change in long-term assets and liabilities | (7,138) | (9,367) | |||
Net cash provided by operating activities | 23,115 | 22,815 | |||
Cash flow from investing activities: | |||||
Capital expenditures | (18,442) | (27,858) | |||
Insurance proceeds | 0 | 0 | |||
Cash received from divestitures | 0 | 15,889 | |||
Derivative instrument settlements, net | 326 | 377 | |||
Proceeds from the sale of fixed assets | 632 | 1,121 | |||
Other | 0 | 0 | |||
Net cash used in investing activities | (17,484) | (10,471) | |||
Cash flow from financing activities: | |||||
Short-term debt (reductions) borrowings, net | (15,504) | 7,363 | |||
Credit Facility borrowings | 62,000 | 56,000 | |||
Credit Facility reductions | (68,000) | (70,469) | |||
Repayment of Senior Subordinated Notes | 0 | 0 | |||
Issuance of preferred shares | 1,385 | ||||
Principal payments on long-term debt | (183) | (289) | |||
Supply chain financing | 0 | 0 | |||
Proceeds from exercise of stock options | 0 | 0 | |||
Purchase of treasury shares | 0 | 0 | |||
Refinancing fees and debt issuance costs | 0 | (922) | |||
Other | (1,385) | 0 | |||
Net cash (used in) provided by financing activities | (23,072) | (8,317) | |||
Net change in cash and cash equivalents | (17,441) | 4,027 | |||
Effect of exchange rate changes on cash and cash equivalents | (665) | 656 | |||
Cash and cash equivalents at beginning of period | 25,033 | 6,927 | |||
Cash and cash equivalents at end of period | 6,927 | $ 25,033 | 11,610 | ||
Supplemental disclosures of cash flow information: | |||||
Interest | 10,880 | 23,578 | |||
Income taxes | 1,646 | 3,329 | |||
Non-cash operating, investing and financing activities: | |||||
Common stock issued to savings and pension plan trusts | 0 | 0 | |||
Decrease (increase) in current assets: | |||||
Accounts and notes receivable, net | (9,524) | 3,432 | |||
Inventories | 47,853 | 53,548 | |||
Prepaid expenses and other current assets | 15,935 | (1,424) | |||
Change in accounts payables and accruals | (21,503) | 15,757 | |||
Rationalizations | (3,756) | (2,758) | |||
Increase in interest payable | (2,242) | 75 | |||
Net change in working capital | $ (26,763) | $ (68,630) |
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, 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 | $ 0 | (1,765) | 7,379 | |||
Stock-based compensation, shares | Predecessor [Member] | (322) | ||||||
Common stock issued to savings and pension plan trusts | Predecessor [Member] | 4,623 | $ 6 | 4,381 | 236 | |||
Common stock issued to savings and pension plan trusts, shares | Predecessor [Member] | 574,973 | ||||||
Sale of common stock under stock options | Predecessor [Member] | 2,816 | $ 3 | 2,813 | ||||
Sale of common stock under stock options, 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) | (120,649) | |||||
Net income (loss) | Successor [Member] | (120,649) | ||||||
Other comprehensive income: | |||||||
Unrealized losses on securities, net of tax | Predecessor [Member] | 1,262 | 1,262 | |||||
Foreign currency translation adjustments | Predecessor [Member] | (27,936) | (27,936) | |||||
Total other comprehensive income (loss) | Predecessor [Member] | (26,674) | (26,674) | |||||
Stock-based compensation | Predecessor [Member] | 15,296 | (16,530) | 31,826 | ||||
Stock-based compensation, shares | Predecessor [Member] | (2,331) | ||||||
Common stock issued to savings and pension plan trusts | Predecessor [Member] | 32 | $ 0 | 32 | ||||
Common stock issued to savings and pension plan trusts, shares | Predecessor [Member] | 7,450 | ||||||
Brookfield preferred share issuance | (145,205) | $ 0 | (145,205) | 0 | 0 | 0 | 0 |
Shares issued in lieu of cash for incentive compensation | Predecessor [Member] | 2,674 | $ 4 | 1,874 | 796 | |||
Shares issued in lieu of cash for incentive compensation, shares | Predecessor [Member] | 423,273 | ||||||
Balance (Predecessor [Member]) at Aug. 14, 2015 | 1,020,410 | $ 1,532 | 1,956,461 | (363,198) | (366,400) | (207,985) | 0 |
Balance (Successor [Member]) at Aug. 14, 2015 | 0 | $ 0 | 0 | 0 | 0 | 0 | $ 0 |
Balance, shares (Predecessor [Member]) at Aug. 14, 2015 | 153,249,403 | ||||||
Balance, shares (Successor [Member]) at Aug. 14, 2015 | 0 | ||||||
Comprehensive income (loss): | |||||||
Net income (loss) | Predecessor [Member] | (33,551) | ||||||
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 (Predecessor [Member]) at Dec. 31, 2015 | 810,529 | ||||||
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) | Predecessor [Member] | 235,843 | ||||||
Net income (loss) | Successor [Member] | (235,843) | ||||||
Net income (loss) | (235,843) | ||||||
Other comprehensive income: | |||||||
Unrealized losses on securities, net of tax | Successor [Member] | 125 | 125 | |||||
Foreign currency translation adjustments | Successor [Member] | 2,574 | 2,574 | |||||
Total other comprehensive income (loss) | Successor [Member] | 2,699 | 2,699 | |||||
Balance (Successor [Member]) at Dec. 31, 2016 | $ 577,385 | $ 0 | $ 854,337 | $ (7,558) | $ (269,394) | $ 0 | |
Balance, shares (Successor [Member]) at Dec. 31, 2016 | 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, 2016 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||
Unrealized losses on securities, net of tax | $ 21 | $ (68) | $ (20) | $ (63) |
Business And Summary Of Signifi
Business And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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: On February 26, 2016, the Company announced it plans to realign its two business segments. Industrial Materials will now be comprised of graphite electrodes and needle coke products. Engineered Solutions will now be comprised of advanced graphite materials, advanced composite materials, advanced electronic technologies, and refractory products. Refractory products was previously included in the Industrial Materials business segment. Advanced materials products will now be a part of the business segment where these products are produced. This realignment of the business segments will allow the Company to better direct its resources and simplify its operations. The Industrial Materials business segment will continue to focus on being the lowest cost producer providing the best quality of graphite electrodes in a very challenging market. The Engineered Solutions business segment will continue to leverage the intellectual property of carbon and graphite material science to innovate and commercialize advanced technologies and new products in high growth markets. The Company also announced that it was reviewing strategic alternatives for its Engineered Solutions business segment, as newly defined. During the 2 nd quarter 2016, the ES segment met the criteria of held-for-sale and because the contemplated divestiture represented a major strategic shift, we reclassified it as discontinued operations. All amounts within the financial statements and footnotes represent continuing operations, unless otherwise noted. Summary of Significant Accounting Policies The Consolidated Financial Statements include the financial statements of GrafTech International Ltd. and its wholly-owned subsidiaries. All 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. 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 $79.3 million for 2014 . Depreciation expense was $26.7 million for the period January 1 through August 14, 2015 and $18.8 million for the period August 15 through December 31, 2015. Depreciation expense was $63.4 million in 2016. Accounts Receivable Trade accounts receivable primarily arise from sales of goods to customers and distributors in the normal course of business. Allowance for Doubtful Accounts Considerable judgment is required in assessing the likelihood of collection 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 and record them as a contra-liability against our debt. As of December 31, 2015 we had no capitalized bank fees and $0.7 million of capitalized bank fees as of December 31, 2016. 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 $2.1 million in the period January 1 through August 14, 2015, none in the period August 15 through December 31, 2015 , and $0.2 million in 2016 , respectively. 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 loss 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. 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 when calculating inventoriable costs. Additional information with respect to benefits plans is set forth in Note 12, “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 $10.4 million in 2014 , $6.5 million in 2015 , and $8.3 million in 2016 . The accrued liability relating to environmental remediation was $5.0 million as of December 31, 2015 and $5.2 million as of December 31, 2016 . 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. 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 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 its 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 implied 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 6 “ 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 2015 , costs deferred 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. We deferred no additional amounts in 2016 and amortization of deferred costs totaled $7.0 million . 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 inventory valuation, 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. Discontinued Operations and Assets Held for Sale When Management commits to a plan to sell assets or asset groups and a sale is probable, we reclassify those assets or asset groups into "Assets Held for Sale". Upon reclassification to assets held for sale, we evaluate the book value of the disposal groups against their fair value less costs to sell and as a result may impair the assets / asset groups. As and if new information becomes available on the fair value of the assets/asset groups , we may adjust accordingly the impairment. Once the assets of a business have been classified as held for sale, we evaluate if the divestiture represents a strategic shift in operations and if so, we exclude the results of this business from continuing operations. All results are reported as gain or loss from discontinued operations, net of tax. During the second quarter of 2016, our Engineered Solutions business qualified as discontinued operations and as such, all its results have been excluded from continuing operations. See Note 3 "Discontinued Operations and Related Assets Held for Sale". Reclassification Certain amounts previously reported have been reclassified to conform to the current year presentation. 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 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 adjustment of intangibles and depreciation expense based on the fair value of the Company's property, plant and equipment that had previously been carried at historical cost less accumulated depreciation. Therefore, the Company's financial information prior to the 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 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. 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. In April, 2015, the FASB issued ASU 2015-03, 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 adopted ASU 2015-03 in the first quarter of 2016. We had no capitalized bank fees as of December 31, 2015 and $0.7 million of capitalized bank fees as of December 31, 2016 included within long-term debt. 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. During the fourth quarter of 2016, we completed the initial evaluation of the new standard and the related assessment and review of a representative sample of existing revenue contracts with our customers. We determined, on a preliminary basis, that although the timing and pattern of revenue recognition may change, the amount of revenue recognized during the year should remain substantially the same. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Under this new guidance, a company will now recognize most leases on its balance sheet as lease liabilities with corresponding right-of-use assets. This ASU is effective for fiscal years beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of this standard on its financial position, results of operations or cash flows. In January 2017, the FASB issued ASU No. 2017-04 Intangibles-Goodwill and Other (Topic 350). This guidance was issued to simplify the accounting for goodwill impairment. The guidance removes the second step of the goodwill impairment test, which requires that a hypothetical purchase price allocation be performed to determine the amount of impairment, if any. Under this new guidance, a goodwill impairment charge will be based on the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance will become effective on a prospective basis for the Company on January 1, 2020 with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. |
Preferred Share Issuance and Me
Preferred Share Issuance and Merger | 12 Months Ended |
Dec. 31, 2016 | |
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 allocation of purchase price using estimates of the fair values and useful lives of assets acquired and liabilities assumed based on the best available information determined with the assistance of independent valuations, quoted market prices and management estimates. The following table summarizes the fair values of the identifiable assets acquired and liabilities assumed at the acquisition date: Net identifiable assets acquired Cash $ 25,032 Accounts receivable 94,298 Inventories 344,765 Property, plant and equipment 650,405 Intangible assets 155,700 Deferred tax assets 41,606 Prepaid and other current assets 49,716 Other non-current assets 8,428 Accounts payable (68,005 ) Short-term debt (18,779 ) Other accrued liabilities (53,252 ) Long-term debt (367,811 ) Other long-term liabilities (101,648 ) Deferred tax liabilities (79,235 ) Net identifiable assets acquired $ 681,220 Goodwill $ 173,117 Net assets acquired $ 854,337 Goodwill: Goodwill of approximately $173.1 million was recognized for the acquisition and is calculated as the excess of the consideration transferred over the net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill was increased by $1.1 million in March 2016, as a result of a decreased inventory valuation of $2.0 million offset by an increase to deferred tax assets of $0.9 million . |
Discontinued Operations and Rel
Discontinued Operations and Related Assets Held for Sale | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Related Assets Held for Sale | Discontinued Operations and Related Assets Held for Sale On February 26, 2016, the Company announced that it had initiated a strategic review of its Engineered Solutions business segment to better direct its resources and simplify its operations. Any potential sale of assets was prohibited by the Revolving Facility without approval of the requisite lenders thereunder. On April 27, 2016, GrafTech and certain of its subsidiaries entered into an amendment to the Revolving Facility (see Note 7 "Debt and Liquidity") which, among other things, permits the sale of assets with the restriction that the proceeds be utilized to pay down revolver borrowings. As of June 30, 2016, the Engineered Solutions segment qualified for reporting as discontinued operations as we expect the divestiture to be complete within 12 months of the qualification. During the second quarter of 2016, we evaluated the fair value of the Engineered Solutions business segment utilizing the market approach (Level 3 measure). As a result, we incurred an impairment charge to our Engineered Solutions business segment of $105.6 million to align the carrying value with estimated fair value. The analysis was updated as of December 31, 2016 , resulting in an additional impairment charge of $14.3 million . The estimate reflects Management’s view of the manner in which the Engineered Solutions business will be divested, including assumptions as to if and how it will be split, given the lines of business and asset groups that constitute the Engineered Solutions segment. Amongst other things, the split into groups influences the computation of the impairment charge. These assumptions and estimates are subject to change until divestiture is completed and may be adjusted in the quarter that the information becomes available. On November 30, 2016, we completed the sale of our Fiber Materials Inc. business, which was a business line within our former Engineered Solutions business. The sale resulted in cash proceeds of $15.9 million and a loss of $0.2 million . We have the ability to realize up to $8.5 million of additional proceeds based on the earnings of the Fiber Materials business over the 24 months following the transaction. We have elected to record this contingent consideration as it is realized and as such it is not part of the gain recognized thus far on the transaction. The following tables summarize the results of the Engineered Solutions business segment, reclassified as discontinued operations: For the Year Ended December 31, 2014 For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 For the Year Ended December 31, 2016 (dollars in thousands) Net sales $ 260,160 $ 98,024 $ 55,608 $ 115,336 Cost of sales 235,901 94,817 49,068 98,440 Gross profit 24,259 3,207 6,540 16,896 Research and development 5,107 2,179 1,265 3,145 Selling and administrative expenses 29,550 16,764 8,627 19,220 Rationalizations 3,679 4,492 791 (405 ) Impairment 121,570 — — 119,907 Operating loss (135,647 ) (20,228 ) (4,143 ) (124,971 ) Other expense (income) (485 ) (90 ) (135 ) (66 ) Interest expense 1,320 907 918 3,258 Loss from discontinued operations before income taxes (136,482 ) (21,045 ) (4,926 ) (128,163 ) Benefit for income taxes on discontinued operations (3,626 ) (2,366 ) — (1,189 ) Loss from discontinued operations $ (132,856 ) $ (18,679 ) $ (4,926 ) $ (126,974 ) During 2014, GrafTech impaired certain long-lived assets and announced exiting the isomolded product line within our AGM product group resulting in the above impairment and rationalization charges. The significant components of our Statements of Cash Flows for discontinued operations held for sale are as follows: For the Year Ended December 31, 2014 For the Period January 1 Through August 14, 2015 For the Period August 15 Through September 30, 2015 For the Year Ended December 31, 2016 (dollars in thousands) Depreciation and amortization $ 21,780 $ 7,988 $ 4,194 $ 5,277 Impairment 121,570 — — 119,907 Deferred income taxes (3,626 ) (2,366 ) — (1,189 ) Cash received from divestitures — — — 15,889 Capital expenditures 24,018 10,104 4,447 4,713 Credit Facility reductions — — — (15,889 ) The following table summarizes the carrying value of the assets and liabilities of discontinued operations as of December 31, 2015 and December 31, 2016 . As of December 31, 2015 As of (dollars in thousands) Assets of discontinued operations: Accounts receivable $ 20,425 $ 17,094 Inventories 77,332 71,816 Prepaid expenses and other current assets 524 320 Net property plant and equipment 86,369 79,048 Other assets 17,606 12,608 Total assets of discontinued operations prior to impairment 202,256 180,886 Impairment of assets held for sale — (119,907 ) Total assets of discontinued operations $ 202,256 $ 60,979 Liabilities of discontinued operations: Accounts payable $ 9,331 $ 7,253 Accrued income and other taxes 3,113 2,326 Other accrued liabilities 10,638 10,463 Total current liabilities of discontinued operations 23,082 20,042 Other long-term obligations 1,167 850 Total liabilities of discontinued operations $ 24,249 $ 20,892 |
Rationalizations (Notes)
Rationalizations (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Rationalizations | Rationalizations Throughout 2013, 2014 and 2015 the Company undertook rationalization plans in order to streamline its organization and lower its production costs. 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. On July 29, 2014, we announced additional rationalization initiatives to increase profitability, reduce cost and improve global competitiveness in our former Engineered Solutions segment, which impacted our Corporate, R&D and other. 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. These initiatives were substantially complete as of December 31, 2016 . The rationalization liability as of December 31, 2016 was $0.1 million consisting of the plan described below and severance payouts related to prior rationalization plans. In June of 2016, we further impaired assets related to our South African facility within discontinued operations by $0.6 million to reflect a decline in market value. In December 2016, we further impaired assets related to our facility in Brazil within continuing operations by $2.8 million to reflect a decline in market value. The following tables illustrate the impacts of these rationalization initiatives on our results of operations for 2014, 2015 and 2016. For the Year Ended December 31, 2014 (Predecessor) Industrial Materials Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 22,388 $ — $ 22,388 Inventory loss 941 — 941 Fixed asset write-offs and other 5,552 — 5,552 Recorded in Research and Development Accelerated depreciation — 2,312 2,312 Recorded in Selling and General Administrative Accelerated depreciation — 608 608 Other 89 515 604 Recorded in Rationalizations Severance and related costs 5,040 2,425 7,465 Contract terminations 469 11 480 Total 2014 rationalization and related charges $ 34,479 $ 5,871 $ 40,350 For the Period January 1 Through August 14, 2015 (Predecessor) Industrial Materials Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 432 $ 940 1,372 Inventory loss (33 ) — (33 ) Fixed asset write-offs and other 1,715 — 1,715 Recorded in Selling and General Administrative Other 400 954 1,354 Recorded in Rationalizations Severance and related costs 157 (168 ) (11 ) Contract terminations 25 — 25 Total $ 2,696 $ 1,726 $ 4,422 For the Period August 15 Through December 31, 2015 (Successor) Industrial Materials Segment Corporate, R&D and Other Total Recorded in Cost of Sales Inventory loss $ (649 ) $ — $ (649 ) Fixed asset write-offs and other 329 — 329 Recorded in Selling and General Administrative Other 135 290 425 Recorded in Rationalizations Severance and related costs 154 71 225 Contract terminations 59 — 59 Total $ 28 $ 361 $ 389 For the Year Ended December 31, 2016 (Successor) Industrial Materials Segment Corporate, R&D and Other Total Recorded in Cost of Sales Fixed asset write-offs and other $ 636 $ — $ 636 Recorded in Selling and General Administrative Other 1,258 412 1,670 Recorded in Rationalizations Severance and related costs (52 ) 111 59 Total $ 1,842 $ 523 $ 2,365 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Reporting | Segment Reporting We previously operated two reportable business segments, Industrial Materials and Engineered Solutions. In the first quarter of 2016, the Company reorganized its businesses and moved the Refractory product line from the Industrial Materials segment to the Engineered Solutions segment. Additionally, advanced materials products will now be a part of the business segment where these products are produced. All prior period amounts have been recast to reflect this change. During the second quarter of 2016 the Company decided to sell the businesses that comprised our Engineered Solutions segment to focus our Industrial Materials segment. As such, the Engineered Solutions business qualified as held for sale status and as such the related results have been excluded from continuing operations. See Note 3 "Discontinued Operations and Assets Held for Sale" for significant components of the results of our Engineered Solutions segment. Our Industrial Materials segment manufactures and delivers high quality graphite electrodes and needle coke products. Electrodes are key components of the conductive power systems used to produce steel and other non-ferrous metals. Needle coke, a crystalline form of carbon derived from decant oil, is the key ingredient in, and is used primarily in, the production of graphite electrodes. 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, 2014 For the Period January 1 For the Period August 15 Through December 31, 2015 For the Year Ended December 31, 2016 (Dollars in thousands) Net sales to external customers: Industrial Materials $ 825,145 $ 339,907 $ 193,133 $ 437,963 Segment operating income (loss): Industrial Materials $ (51,300 ) $ (24,900 ) $ (2,529 ) $ (63,827 ) Corporate, R&D and Other expenses (68,674 ) (43,349 ) (10,034 ) (28,226 ) Total segment operating income (loss) $ (119,974 ) $ (68,249 ) $ (12,563 ) $ (92,053 ) Reconciliation of segment operating income (loss) to loss from continuing operations before provision for income taxes: Other expense (income), net $ 2,920 $ 1,421 $ (813 ) $ (2,188 ) Interest expense 35,736 26,211 9,999 26,914 Interest income (320 ) (363 ) (6 ) (358 ) Loss before provision for income taxes $ (158,310 ) $ (95,518 ) $ (21,743 ) $ (116,421 ) Industrial Materials' operating loss for the year ended December 31, 2016 included $19.0 million of lower of cost or market inventory write-downs. 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. 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 $1.7 million of rationalization and related costs. Operating loss for the year ended December 31, 2014 includes a $76.1 million goodwill impairment charge in Industrial Materials. 2014 Operating loss also includes rationalization related charges of $34.5 million in Industrial Materials 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 and $6.3 million in Corporate, R&D and Other expenses. Corporate, R&D and Other expenses includes $2.4 million of fees associated with proxy contest costs in 2014. Assets are managed based on geographic location because certain continuing and discontinued operations 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. All assets are assigned to our Industrial Materials segment as all of our operations exist to support that business. The following tables summarize information as to our operations in different geographic areas. 2014 2015 2016 (Dollars in thousands) Net sales:* U.S. $ 195,264 $ 107,517 $ 74,526 Americas 165,761 132,917 116,944 Asia Pacific 80,832 37,509 41,302 Europe, Middle East, Africa 383,288 255,097 205,191 Total $ 825,145 $ 533,040 $ 437,963 * Net Sales were not impacted by purchase price accounting adjustments. At December 31, 2015 2016 (Dollars in thousands) Long-lived assets (a): U.S. and Canada $ 209,634 $ 191,502 Mexico 158,950 151,288 Brazil 8,787 6,100 France 76,535 69,558 Spain 93,049 87,614 South Africa 2,879 2,547 Italy 1,032 10 Switzerland 266 192 Other countries 31 44 Total $ 551,163 $ 508,855 (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, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets We are required to review goodwill and indefinite-lived intangible assets annually for impairment. Goodwill impairment is tested at the reporting unit level 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 determined based on the income approach, using assumptions and estimates from the standpoint of potential market participants. Based on these valuations, the fair value for the needle coke reporting unit was below its carrying value resulting in a step two analysis and consequently a goodwill impairment charge of $76.1 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 assumptions. 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 for our Needle coke reporting unit and tested its 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 a discounted cash-flow (“DCF”) model from a market participant’s perspective. The estimated future cash-flows were updated versus the year-end analysis to reflect the expectation of a longer trough. 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 WACC, which is then qualitatively assessed from the standpoint of potential market participants. Based on the step one analysis described earlier, the fair value of the needle coke reporting unit was below its carrying value, resulting in a step two analysis and consequently the full impairment of the needle coke goodwill, resulting in a charge of $35.4 million . As a result of our acquisition by Brookfield, our goodwill and intangibles were revalued as of August 15, 2015. See Note 2 "Preferred Share Issuance and Merger" for description of the Merger and the results of purchase price accounting. The following tables represents the changes in the carrying value of goodwill and intangibles during the predecessor entity period of January 1, 2015 through August 14, 2015 and the successor entity from August 15, 2015 through December 31, 2016: The changes in the Company’s carrying value of goodwill during the years ended December 31, 2015 and 2016 are as follows: Total Predecessor (Dollars in Thousands) Balance as of December 31, 2014 $ 420,129 Impairment (35,381 ) Currency translation effect (616 ) Balance as of August 14, 2015 $ 384,132 Successor Balance as of August 15, 2015 $ 170,418 Adjustments 1,641 Balance as of December 31, 2015 172,059 Adjustments (See Note 2) 1,058 Goodwill transferred to discontinued operations (2,000 ) Balance as of December 31, 2016 $ 171,117 The following table summarizes acquired intangible assets with determinable useful lives by major category : As of December 31, 2015 As of December 31, 2016 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 22,500 (889 ) 21,611 22,500 (3,235 ) 19,265 Technology and know-how 55,300 (2,900 ) 52,400 55,300 (10,397 ) 44,903 Customer related intangible 64,500 (1,688 ) 62,812 64,500 (6,177 ) 58,323 Total finite-lived intangible assets $ 142,300 $ (5,477 ) $ 136,823 $ 142,300 $ (19,809 ) $ 122,491 Amortization expense of intangible assets in 2014 was $18.4 million . Amortization expense of intangible assets was $10.5 million in the period January 1 through August 14, 2015 and $5.5 million in the period August 15 through December 31, 2015. Amortization expense of intangible assets totaled $14.3 million in 2016. Estimated annual amortization expense for the next five years will approximate $13.6 million in 2017 , $12.9 million in 2018 , $12.2 million in 2019 , $11.4 million in 2020 and $10.7 million in 2021 . |
Debt And Liquidity
Debt And Liquidity | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Debt And Liquidity | Debt and Liquidity The following table presents our long-term debt: As of As of December 31, 2016 (Dollars in thousands) Credit Facility (Revolving Facility and Term Loan Facility) $ 98,000 $ 90,731 Senior Notes 267,827 274,132 Other Debt 1,400 569 Total Debt 367,227 365,432 Less: Short-term Debt (4,772 ) (8,852 ) Long-term Debt $ 362,455 $ 356,580 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 . On April 27, 2016, GrafTech and certain of its subsidiaries entered into an amendment to the Revolving Facility. The size of the Revolving Facility was permanently reduced from $375 million to $225 million . New covenants were also added to the Revolving Facility, including a requirement to make mandatory repayments of outstanding amounts under the Revolving Facility and the Term Loan Facility with the proceeds of any sale of all or any substantial part of the assets included in the Engineered Solutions segment and a requirement to maintain minimum liquidity (consisting of domestic cash, cash equivalents and availability under the Revolving Facility) in excess of $25 million . The covenants were also modified to provide for: the elimination of certain exceptions to the Company’s negative covenants limiting the Company’s ability to make certain investments, sell assets, make restricted payments, incur liens and incur debt; a restriction on the amount of cash and cash equivalents permitted to be held on the balance sheet at any one time without paying down the Revolving Facility and the Term Loan Facility; and changes to the Company’s financial covenants so that until the earlier of March 31, 2019 or the Company has $75 million in trailing twelve month EBITDA (as defined in the Revolving Facility), the Company is required to maintain trailing twelve month EBITDA above certain minimums ranging from ( $40 million ) to $35 million after which the Company’s existing financial covenants under the Revolving Facility will apply. With this amendment, the Company has full access to the $225 million Revolving Facility, subject to the $25 million minimum liquidity requirement. As of December 31, 2016 , the Company had $61.2 million of borrowings on the Revolving Facility and $12.3 million of letters of credit drawn against the Revolving Facility. The $40 million Term Loan Facility was fully drawn on August 11, 2015, in connection with the repayment of the Senior Subordinated Notes. The balance of the Term Loan Facility was $29.5 million as of December 31, 2016 . The interest rate applicable to the Revolving Facility and Term Loan Facility is LIBOR plus a margin ranging from 2.25% to 4.75% (depending on our total senior secured leverage ratio). The borrowers pay a per annum fee ranging from 0.35% to 0.70% (depending on our senior secured leverage ratio) on the undrawn portion of the commitments under the Revolving Facility. 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 will use cash proceeds from the sale of our Engineered Solutions businesses to repay borrowings outstanding under the Revolving Facility and the Term Loan. 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. As of December 31, 2016 , we were in compliance with all financial and other covenants contained in the Revolving Facility, as applicable. 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 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, 2016 | |
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 31,2014 For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 For the year Ended December 31,2016 (Dollars in thousands) Interest incurred on debt $ 20,099 $ 12,066 $ 7,694 $ 20,408 Amortization of discount on Senior Subordinated Notes 12,298 12,027 — — Accretion of fair value adjustment on Senior Notes — — 2,305 6,305 Amortization of debt issuance costs 3,339 2,118 — 201 Total interest expense $ 35,736 $ 26,211 $ 9,999 $ 26,914 Interest rates The Revolving Facility had an effective interest rate of 2.68% and 5.52% as of December 31, 2015 and 2016 , 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 7 "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, 2016 | |
Fair Value Disclosures [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 – The fair value of our debt as of December 31, 2015 , was $273.4 million versus a book value of $367.2 million . As of December 31, 2016 , the fair value was $342.1 million , versus a book value of $365.4 million . The fair values of the Senior Notes and the Revolving Facility were determined using level 1 and level 3 inputs, respectively. Assets held for sale – Assets held for sale values are determined using Level 3 fair value inputs. These represent management's estimate of fair value based upon current quotes from participants in the sales process. Foreign currency derivatives – Foreign currency derivatives are carried at market value using Level 2 inputs. There were no outstanding gains or losses as of December 31 2015 and $0.2 million of outstanding losses as of December 31, 2016 . 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. There were no outstanding gains or losses as of December 31, 2015 and 2016 . Additional fair value information related to our Pension funds' assets can be found in Note 12 "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, 2015 or 2016 . In 2015 and 2016 , we entered into foreign forward currency derivatives as hedges of anticipated cash flows denominated in the Mexican peso, 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, South African rand, euro and Japanese yen. As of December 31, 2015 , we had outstanding Mexican peso, Brazilian real, South African rand, euro, and Japanese yen currency contracts, with aggregate notional amounts of $18.7 million . As of December 31, 2016 , we had outstanding Mexican peso, euro and Japanese yen currency contracts, with aggregate notional amounts of $22.6 million . The foreign currency derivatives outstanding as of December 31, 2016 have a maturity date of January, 27 2017 . Commodity derivative contracts We may 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. We had no outstanding commodity derivative contracts as of December 31, 2016 . 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 $11.8 million and $13.3 million as of December 31, 2015 and December 31, 2016 , respectively. Within our currency translation adjustment portion of other comprehensive income, we recorded a gain of $1.4 million in the year ended December 31, 2015 , and a loss of $1.5 million in the year ended December 31, 2016 , 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, 2015 and 2016 , 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, 2015 (Dollars in Thousands) Derivatives not designated as hedges: Foreign currency derivatives Prepaid and other current assets $ 76 Other current liabilities $ 11 Total fair value $ 76 $ 11 As of December 31, 2016 Derivatives not designated as hedges: Foreign currency derivatives Prepaid and other current assets $ 10 Other current liabilities $ 188 Total fair value $ 10 $ 188 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 2015 and 2016 : Amount of (Gain)/Loss Recognized (EffectivePortion) 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 2016 Derivatives designated as cash flow hedges: (Dollars in Thousands) Foreign currency derivatives, excluding tax of $85, $106, $17 and $32, respectively Revenue/Cost of goods sold Other expense / (income) $ (849 ) $ (1,062 ) $ (172 ) $ (322 ) Commodity forward derivatives, excluding tax of $(120), $(424) and $0 respectively Cost of goods sold $ 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 2016 Derivatives not designated as hedges: (Dollars in thousands) Foreign currency derivatives Cost of goods sold / Other expense / (income) $ 1,020 $ 1,060 $ (560 ) $ 549 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, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplementary Balance Sheet Detail | Supplementary Balance Sheet Detail The following tables present supplementary balance sheet details: At December 31, 2015 2016 (Dollars in thousands) Inventories: Raw materials and supplies $ 66,201 $ 54,469 Work in process 89,453 52,379 Finished goods 62,476 49,263 218,130 156,111 Prepaid expenses and other current assets: Prepaid expenses $ 9,041 $ 6,096 Value added tax and other indirect taxes receivable 10,069 12,984 Other current assets 2,040 2,585 $ 21,150 $ 21,665 Property, plant and equipment: Land and improvements $ 44,052 $ 43,737 Buildings 55,843 55,440 Machinery and equipment and other 431,226 460,892 Construction in progress 40,208 25,635 $ 571,329 $ 585,704 Other accrued liabilities: Payrolls (including incentive programs) $ 4,028 $ 4,802 Employee compensation and benefits 6,199 11,439 Other 10,760 14,278 $ 20,987 $ 30,519 Other long term obligations: Postretirement benefits $ 20,102 $ 19,002 Pension and related benefits 55,364 45,876 Other 18,852 17,270 $ 94,318 $ 82,148 The following table presents an analysis of the allowance for doubtful accounts: 2014 For the Period January 1 through For the Period August 15 through December 31, 2015 2016 (Dollars in thousands) Balance at beginning of year $ 6,262 $ 6,969 $ — $ 244 Additions 3,520 85 244 129 Deductions (2,813 ) (1,177 ) — (47 ) Balance at end of year $ 6,969 $ 5,877 $ 244 $ 326 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2016 | |
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) 2017 $ 2,637 2018 2,158 2019 1,781 2020 1,108 2021 373 After 2021 902 Total lease and rental expenses under non-cancelable operating leases extending one year or more approximated $7.1 million in 2014 , $6.2 million in 2015 and $3.6 million in 2016 . |
Retirement Plans And Postretire
Retirement Plans And Postretirement Benefits | 12 Months Ended |
Dec. 31, 2016 | |
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. 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 for our United Kingdom plan through the purchase of a group annuity contract. The purchase was fully funded with pension plan assets. The components of our consolidated net pension costs are set forth in the following table: Predecessor Successor 2014 For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 U.S. Foreign U.S. Foreign U.S. Foreign (Dollars in thousands) Service cost $ 750 $ 1,107 $ 151 $ 98 $ 386 $ 281 Interest cost 5,983 2,669 854 554 2,200 94 Expected return on assets (5,215 ) (2,516 ) — — (1,885 ) (59 ) Amortization of prior service cost — 2 — (12 ) — — Curtailment gain — (28 ) — — — (675 ) Mark-to-market loss (gain) 18,431 (534 ) — — 716 1,843 Pension costs $ 19,949 $ 700 $ 1,005 $ 640 $ 1,417 $ 1,484 Successor 2016 U.S. Foreign Service cost $ 1,325 $ 698 Interest cost 5,744 243 Expected return on assets (4,940 ) (298 ) Mark-to-market loss (gain) (2,322 ) (220 ) Pension costs $ (193 ) $ 423 The mark-to-market loss in 2015 was caused by changes to the discount rate. The mark-to-market gain in 2016 was the result of better than expected asset returns and favorable change to the mortality tables, partially offset by unfavorable changes to the discount rate. Amounts recognized in other comprehensive income did not represent a significant portion of our total post-retirement cost. 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, 2015 and 2016 are: As of December 31, 2015 As of December 31, 2016 U.S. Foreign U.S. Foreign (Dollars in thousands) Changes in Benefit Obligation: Net benefit obligation at $ 146,790 $ 18,512 $ 142,126 $ 18,271 Service cost 386 281 1,325 698 Interest cost 2,200 94 5,744 243 Participant contributions — 79 — 256 Plan amendments / curtailments — (578 ) — (122 ) Foreign currency exchange changes — (480 ) — (527 ) Actuarial loss (gain) (3,896 ) 377 1,293 (18 ) Benefits paid (3,354 ) (14 ) (10,258 ) (564 ) Net benefit obligation at end of period $ 142,126 $ 18,271 $ 140,230 $ 18,237 Changes in Plan Assets: Fair value of plan assets at beginning of period, August 15, 2015 and January 1, 2016, respectively $ 97,473 $ 12,811 $ 93,897 $ 11,293 Actual return on plan assets (2,727 ) (1,407 ) 8,556 378 Foreign currency exchange rate changes — (346 ) — (346 ) Employer contributions 2,505 170 8,710 854 Participant contributions — 79 — 256 Benefits paid (3,354 ) (14 ) (10,258 ) (564 ) Fair value of plan assets at end of period $ 93,897 $ 11,293 $ 100,905 $ 11,871 Funded status (underfunded): $ (48,229 ) $ (6,978 ) $ (39,325 ) $ (6,366 ) Amounts recognized in accumulated other comprehensive loss: Prior service credit $ — $ (95 ) $ — $ — Amounts recognized in the statement of financial position: Non-current assets $ — $ — $ — $ — Current liabilities (437 ) (253 ) (435 ) (128 ) Non-current liabilities (47,792 ) (6,725 ) (38,890 ) (6,238 ) Net amount recognized $ (48,229 ) $ (6,978 ) $ (39,325 ) $ (6,366 ) The accumulated benefit obligation for all defined benefit pension plans was $158.9 million and $157.0 million at December 31, 2015 and 2016 , 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 9, “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): December 31, 2015 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total U.S. Plan Assets Cash and cash equivalents $ 1,986 $ — $ — $ 1,986 $ 1,502 $ — $ — $ 1,502 Collective trusts — 91,911 — 91,911 — 99,403 — 99,403 Total $ 1,986 $ 91,911 $ — $ 93,897 $ 1,502 $ 99,403 $ — $ 100,905 International Plan Assets Foreign government bonds — 840 — 840 — 729 — 729 Fixed insurance contracts — — 10,453 10,453 — — 11,142 11,142 Total $ — $ 840 $ 10,453 $ 11,293 $ — $ 729 $ 11,142 $ 11,871 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, 2015 and 2016 (dollars in thousands): Fixed Insurance Contracts Balance as of August 15, 2015 (Predecessor) $ 13,336 Gain / contributions / currency impact (2,883 ) Distributions — Balance at December 31, 2015 (Successor) 10,453 Gain / contributions / currency impact 707 Distributions (18 ) Balance at December 31, 2016 (Successor) $ 11,142 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 Key Assumptions As of December 31, 2015 2016 Weighted average assumptions to determine benefit obligations: Discount rate 3.86 % 3.61 % Rate of compensation increase 1.84 % 1.57 % Pension Cost Key Assumptions Weighted average assumptions to determine net cost: Discount rate 3.79 % 3.86 % Expected return on plan assets 3.99 % 4.97 % Rate of compensation increase 2.08 % 1.84 % 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, 2016 , 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, 2015 and 2016 follows: 2015 2016 U.S. Foreign U.S. Foreign (Dollars in thousands) Accumulated benefit obligation $ 142,126 $ 16,749 $ 140,230 $ 16,057 Fair value of plan assets 93,897 11,293 100,905 11,142 Information for our pension plans with a projected benefit obligation in excess of plan assets at December 31, 2015 and 2016 follows: 2015 2016 U.S. Foreign U.S. Foreign (Dollars in thousands) Projected benefit obligation $ 142,126 $ 18,271 $ 140,230 $ 17,415 Fair value of plan assets 93,897 11,293 100,905 11,142 Following is our projected future pension plan cash flow by year: U.S. Foreign (Dollars in thousands) Expected contributions in 2017: Expected employer contributions $ 6,654 $ 561 Expected employee contributions — — Estimated future benefit payments reflecting expected future service for the years ending December 31: 2017 9,259 751 2018 9,247 696 2019 9,218 643 2020 9,256 720 2021 9,278 670 2022-2026 45,917 5,705 Post-Employment 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 Successor For the Period January 1 through August 14, 2015 For the Period August 15 Through December 31, 2015 2014 U.S. Foreign U.S. Foreign U.S. Foreign (Dollars in thousands) Service cost $ 71 $ — $ 9 — $ 5 Interest cost 396 976 223 433 142 289 Amortization of prior service credit — (180 ) — — — — Plan amendment / curtailment — (294 ) — — — — Mark-to-market (gain) loss 1,151 1,456 — — (100 ) (621 ) Post-employment benefits cost (benefit) $ 1,547 $ 2,029 $ 223 $ 442 $ 42 $ (327 ) Successor 2016 U.S. Foreign Service cost $ — $ 4 Interest cost 360 764 Plan amendment / curtailment — (993 ) Mark-to-market (gain) loss (191 ) (225 ) Post-employment benefits cost (benefit) $ 169 $ (450 ) Amounts recognized in other comprehensive income did not represent a significant portion of our total post-retirement cost. 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 As of December 31, 2015 As of December 31, 2016 U.S. Foreign U.S. Foreign (Dollars in thousands) Changes in Benefit Obligation: Net benefit obligation at beginning of period, August 15, 2015 and January 1, 2016, respectively $ 11,395 $ 13,457 $ 10,859 $ 11,296 Service cost — 5 — 4 Interest cost 142 289 360 764 Foreign currency exchange rates — (1,489 ) — 709 Actuarial loss (gain) (100 ) (621 ) (191 ) (225 ) Gross benefits paid (578 ) (345 ) (853 ) (855 ) Plan amendment — — — (993 ) Net benefit obligation at end of period $ 10,859 $ 11,296 $ 10,175 $ 10,700 Changes in Plan Assets: Fair value of plan assets at beginning of period $ — $ — $ — $ — Employer contributions 578 345 853 855 Gross benefits paid (578 ) (345 ) (853 ) (855 ) Fair value of plan assets at end of period $ — $ — $ — $ — Funded status: $ (10,859 ) $ (11,296 ) $ (10,175 ) $ (10,700 ) Amounts recognized in accumulated other comprehensive loss: Prior service credit $ — $ — $ — $ — Amounts recognized in the statement of financial position: Current liabilities $ (1,298 ) $ (755 ) $ (1,134 ) $ (738 ) Non-current liabilities (9,561 ) (10,541 ) (9,041 ) (9,962 ) Net amount recognized $ (10,859 ) $ (11,296 ) $ (10,175 ) $ (10,700 ) 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 2015 2016 Weighted average assumptions to determine benefit obligations: Discount rate 5.10 % 4.80 % Health care cost trend on covered charges: Initial 6.67 % 6.80 % Ultimate 6.48 % 5.96 % Years to ultimate 2 8 Postretirement Benefit Costs 2015 2016 Weighted average assumptions to determine net cost: Discount rate 4.91 % 5.10 % Health care cost trend on covered charges: Initial 6.55 % 6.67 % Ultimate 6.18 % 6.48 % Years to ultimate 0 1 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, 2016 : 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 $ 2 $ 75 $ (2 ) $ (63 ) Effect on benefit obligations $ 67 $ 599 $ (63 ) $ (507 ) 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 2017: Expected employer contributions $ 1,134 $ 738 Expected employee contributions — — Estimated future benefit payments reflecting expected future service for the years ending December 31: 2017 1,134 738 2018 1,065 742 2019 984 747 2020 898 754 2021 809 761 2020-2024 2,975 3,931 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 2014 , and part of 2015 , we contributed on behalf of each participating employee, in units of a fund that invested 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 581,006 shares in 2014 , resulting in an expense of $4.4 million ; 321,107 shares in 2015 , resulting in an expense of $1.4 million . During 2015 we changed our method of funding the plan to cash contributions. We contributed $2.5 million to our Savings Plan in 2016 . |
Management Compensation And Inc
Management Compensation And Incentive Plans | 12 Months Ended |
Dec. 31, 2016 | |
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 2014 , 2015 and 2016 , 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, 2016 , 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, 2016 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, 2015 and 2015. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Loss Contingency [Abstract] | |
Contingencies | Contingencies Legal Proceedings We are involved in various investigations, lawsuits, claims, demands, environmental compliance programs and other legal proceedings arising out of or incidental to the conduct of our business. While it is not possible to determine the ultimate disposition of each of these matters, we do not believe that their ultimate disposition will have a material adverse effect on our financial position, results of operations or cash flows. 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 vigorously defend such action. 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 2015 and 2016 are as follows: (Dollars in Thousands) Balance as of December 31, 2014 $ 520 Product warranty charges/adjustments 346 Payments and settlements (69 ) Balance as of August 14, 2015 $ 797 Balance as of August 15, 2015 $ 797 Product warranty charges/adjustments (324 ) Payments and settlements (85 ) Balance as of December 31, 2015 $ 388 Product warranty charges/adjustments 1,285 Payments and settlements (704 ) Balance as of December 31, 2016 $ 969 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
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, 2014 For the Period January 1 Through August 14, 2015 For the Period August 15 For the Year Ended (Dollars in thousands) U.S. $ (127,707 ) $ (84,599 ) $ (16,827 ) $ (44,971 ) Non-U.S. (30,603 ) (10,919 ) (4,916 ) (71,450 ) $ (158,310 ) $ (95,518 ) $ (21,743 ) $ (116,421 ) Income tax expense (benefit) consists of the following: Predecessor Successor For the Year Ended December 31, 2014 For the Period January 1 Through August 14, 2015 For the Period August 15 For the Year Ended (Dollars in thousands) U.S income taxes: Current $ (1,261 ) $ (20 ) $ (52 ) $ (878 ) Deferred (537 ) 403 686 1,152 (1,798 ) 383 634 274 Non-U.S. income taxes: Current 11,474 5,547 1,566 5,389 Deferred (15,466 ) 522 4,682 (13,215 ) (3,992 ) 6,069 6,248 (7,826 ) Total income tax benefit $ (5,790 ) $ 6,452 $ 6,882 $ (7,552 ) 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, 2014 For the Period January 1 Through August 14, 2015 For the Period August 15 For the Year Ended (Dollars in thousands) Tax at statutory U.S. federal rate $ (55,409 ) $ (33,431 ) $ (7,610 ) $ (40,747 ) U.S. valuation allowance, net 26,175 21,532 7,355 35,091 State taxes, net of federal tax benefit (4,387 ) (2,005 ) (697 ) (2,324 ) U.S. tax return adjustments to estimated taxes (368 ) — — — Resolution of uncertain tax positions (513 ) 71 64 (513 ) Adjustment for foreign income taxed at different rates 10,408 11,136 7,120 12,738 U.S. tax credits (1,000 ) — — — Non-U.S. tax exemptions, holidays and credits — (691 ) 228 (175 ) Goodwill impairment 17,161 8,026 — — Capital loss expiration 2,422 — — — Investment in subsidiary impairment deduction — — — (10,111 ) Other (279 ) 1,814 422 (1,511 ) Total income tax (benefit) expense $ (5,790 ) $ 6,452 $ 6,882 $ (7,552 ) The Company has been granted a tax holiday in Brazil, which expires in 2024. 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, 2015 , and December 31, 2016 are set forth in the following table: As of December 31, 2015 2016 (Dollars in thousands) Deferred tax assets: Fixed assets $ 10,128 $ 41,677 Postretirement and other employee benefits 34,713 32,275 Foreign tax credit and other carryforwards 115,163 153,169 Capitalized research and experimental costs 21,592 18,146 Environmental reserves 4,273 4,237 Inventory 12,719 15,227 Original issue discount — 6,461 Long-term contract option amortization 2,138 2,074 Provision for rationalization charges 5,967 7,498 Other 1,005 3,391 Total gross deferred tax assets 207,698 284,155 Less: valuation allowance (165,539 ) (244,841 ) Total deferred tax assets 42,159 39,314 Deferred tax liabilities: Fixed assets $ 64,278 $ 47,346 Debt discount amortization / Deferred financing fees 7,666 6,544 Inventory 4,985 3,482 Goodwill and acquired intangibles 2,686 2,295 Other 4,647 2,751 Total deferred tax liabilities 84,262 62,418 Net deferred tax (liability) asset $ (42,103 ) $ (23,104 ) 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 non-current deferred tax assets are separately stated as deferred income taxes in the amount of $ 15.3 million as of December 31, 2015 and $ 19.8 million as of December 31, 2016 . Net non-current deferred tax liabilities are separately stated as deferred income taxes in the amount of $ 57.4 million at December 31, 2015 and $ 42.9 million at December 31, 2016 . 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 of 2014. 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. 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. During 2016, an affiliate of Brookfield, our parent company, purchased on the open market in aggregate approximately $53 million of GrafTech’s traded senior notes. This related party transaction generated a gain due to the discount at which the senior note was trading. This gain is taxable to GrafTech in 2016 and generates a deferred tax asset for an original issuance discount of approximately $6.5 million . Valuation allowance activity for the years ended December 31, 2014 , 2015 and 2016 is as follows: Predecessor (Dollars in thousands) Balance as of January 1, 2014 $ 20,411 (Credited) / charged to income 74,157 Translation adjustment (800 ) Changes attributable to movement in underlying assets 1,953 Balance at December 31, 2014 $ 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 Balance as of August 15, 2015 $ 115,449 (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 (Credited) / charged to income 78,469 Translation adjustment 583 Changes attributable to movement in underlying assets 250 Balance as of December 31, 2016 $ 244,841 We have total foreign tax credit carryforwards of $ 19.7 million as of December 31, 2016 , for which a full valuation allowance is recorded. These tax credit carryforwards begin to expire as of March 15, 2017. In addition, we have a federal net operating loss carryforward of $244.6 million and state net operating losses carryforwards of $290.5 million , which can be carried forward from 5 to 20 years. These net operating losses carryforwards generate a deferred tax asset of $95.5 million as of December 31, 2016. We also have U.S. non-net operating loss related deferred tax assets of $100.9 million as of December 31, 2016. 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 $ 34.3 million , which can be carried forward from 7 years to indefinitely. As of December 31, 2016 , we had unrecognized tax benefits of $3.3 million , $ 3.0 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 $ 0.5 million as of December 31, 2014 (a reduction of $0.1 million ), $ 0.7 million as of December 31, 2015 (an increase of $0.2 million) and $ 0.8 million as of December 31, 2016 (an increase of $0.1 million). A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Predecessor (Dollars in thousands) Balance at January 1 $ 7,203 Additions based on tax positions related to the current year 268 Additions for tax positions of prior years 232 Reductions for tax positions of prior years (1,204 ) Lapse of statutes of limitations (1,180 ) Settlements (1,503 ) Foreign currency impact (106 ) Balance at December 31, 2014 $ 3,710 Foreign currency impact (21 ) Balance as of August 14, 2015 $ 3,689 Successor Balance as of August 15, 2015 $ 3,689 Additions for tax positions of prior years 301 Foreign currency impact (69 ) Balance as of December 31, 2015 $ 3,921 Lapse of statutes of limitations (603 ) Foreign currency impact 20 Balance as of December 31, 2016 $ 3,338 It is reasonably possible that a reduction of unrecognized tax benefits of up to $1.0 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 2010. 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 $472.8 million , which are considered to be permanently reinvested as of December 31, 2016. 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, 2016 | |
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 2014 2015 (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 2014 , 1,481,992 shares in 2015 , 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, 2016 | |
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: As of December 31, 2015 As of (Dollars in thousands) Foreign currency translation adjustments $ 10,134 $ 7,560 Commodities and foreign currency derivatives 123 (2 ) Total accumulated comprehensive loss $ 10,257 $ 7,558 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, 2016 | |
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, 2015 and December 31, 2016 and condensed consolidating statements of operations and comprehensive income (loss) for the year ended December 31, 2014 , 2015 and 2016 and condensed consolidating statements of cash flows for 2014 , 2015 and 2016 of the Parent, Guarantors and the Non-Guarantors. CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2015 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 646 $ 6,281 $ — $ 6,927 Accounts receivable - affiliates 51,592 9,803 19,505 (80,900 ) — Accounts receivable - trade — 7,599 74,791 — 82,390 Inventories — 54,613 163,517 — 218,130 Prepaid and other current assets — 7,907 13,243 — 21,150 Current assets of discontinued operations — 81,638 17,520 (877 ) 98,281 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 — 209,633 341,530 — 551,163 Deferred income taxes — — 15,326 — 15,326 Goodwill — 72,399 99,660 — 172,059 Notes receivable - affiliate — 46,074 — (46,074 ) — Other assets — 79,368 73,246 — 152,614 Long-term assets of discontinued operations — 99,457 4,518 — 103,975 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 $ 71,099 $ 9,642 $ (80,900 ) $ — Accounts payable - trade — 11,191 28,956 — 40,147 Short-term debt — 4,636 136 — 4,772 Accrued income and other taxes — 2,824 3,109 — 5,933 Rationalizations — 995 200 — 1,195 Other accrued liabilities 2,444 4,841 13,702 — 20,987 Current liabilities of discontinued operations — 18,384 5,575 (877 ) 23,082 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 — 60,508 33,810 — 94,318 Deferred income taxes — 248 57,182 — 57,430 Long-term liabilities of discontinued operations — 738 429 — 1,167 Stockholders' equity 810,529 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 BALANCE SHEETS As of December 31, 2016 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 636 $ 10,974 $ — $ 11,610 Accounts receivable - affiliates 51,592 3,624 19,643 (74,859 ) — Accounts receivable - trade — 7,518 73,050 — 80,568 Inventories — 44,563 111,548 — 156,111 Prepaid and other current assets 1,350 4,853 15,462 — 21,665 Current assets of discontinued operations — 51,160 14,296 (4,477 ) 60,979 Total current assets 52,942 112,354 244,973 (79,336 ) 330,933 Investment in affiliates 844,379 601,597 — (1,445,976 ) — Property, plant and equipment — 191,503 317,352 — 508,855 Deferred income taxes — — 19,803 — 19,803 Goodwill — 70,399 100,718 — 171,117 Notes receivable - affiliate — 49,003 — (49,003 ) — Other assets — 70,767 70,801 — 141,568 Total Assets $ 897,321 $ 1,095,623 $ 753,647 $ (1,574,315 ) $ 1,172,276 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable - affiliate $ 806 $ 71,243 $ 2,810 $ (74,859 ) $ — Accounts payable - trade 964 8,033 38,666 — 47,663 Short-term debt — 3,062 5,790 — 8,852 Accrued income and other taxes — 2,095 3,161 — 5,256 Rationalizations — 57 18 — 75 Other accrued liabilities 2,444 12,148 15,927 — 30,519 Current liabilities of discontinued operations — 20,381 4,138 (4,477 ) 20,042 Total current liabilities 4,214 117,019 70,510 (79,336 ) 112,407 Long-term debt - affiliate 41,590 — 7,413 (49,003 ) — Long-term debt - third party 274,132 81,695 753 — 356,580 Other long-term obligations — 50,943 31,205 — 82,148 Deferred income taxes — 909 41,997 — 42,906 Long-term liabilities of discontinued operations — 678 172 — 850 Stockholders' equity 577,385 844,379 601,597 (1,445,976 ) 577,385 Total Liabilities and Stockholders' Equity $ 897,321 $ 1,095,623 $ 753,647 $ (1,574,315 ) $ 1,172,276 CONDENSED CONSOLIDATING 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 $ — $ 240,295 $ 142,651 $ (382,946 ) $ — Sales - third party — 203,609 621,536 — 825,145 Net sales — 443,904 764,187 (382,946 ) 825,145 Cost of sales — 403,058 737,044 (382,946 ) 757,156 Gross profit — 40,846 27,143 — 67,989 Research and development — 9,738 — — 9,738 Selling and administrative expenses — 33,108 61,521 — 94,629 Impairments — 75,650 — — 75,650 Rationalizations — 5,431 2,515 — 7,946 Operating loss — (83,081 ) (36,893 ) — (119,974 ) Other expense (income), net — 2,049 871 — 2,920 Interest expense - affiliate — 806 — (806 ) — Interest expense - third party 32,118 2,721 897 — 35,736 Interest income - affiliate (806 ) — — 806 — Interest income - third party — — (320 ) — (320 ) Loss from continuing operations before provision for income taxes (31,312 ) (88,657 ) (38,341 ) — ` (158,310 ) Provision for income taxes 15,443 (17,240 ) (3,993 ) — (5,790 ) Equity in loss from continuing operations of subsidiary (105,765 ) (34,348 ) — 140,113 — Net loss from continuing operations (152,520 ) (105,765 ) (34,348 ) 140,113 (152,520 ) Loss from discontinued operations, net of tax — (126,217 ) (6,639 ) — (132,856 ) Equity in loss from discontinued operations of subsidiary (132,856 ) (6,639 ) — 139,495 — Loss on discontinued operations (132,856 ) (132,856 ) (6,639 ) 139,495 (132,856 ) Net loss (285,376 ) (238,621 ) (40,987 ) 279,608 (285,376 ) Statements of Comprehensive Income (Loss) Net loss $ (285,376 ) $ (238,621 ) $ (40,987 ) $ 279,608 $ (285,376 ) Other comprehensive loss (43,900 ) (43,900 ) (28,650 ) 72,550 (43,900 ) Comprehensive loss $ (329,276 ) $ (282,521 ) $ (69,637 ) $ 352,158 $ (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 $ — $ 117,366 $ 52,683 $ (170,049 ) $ — Sales - third party — 80,243 259,664 — 339,907 Net sales — 197,609 312,347 (170,049 ) 339,907 Cost of sales — 180,983 294,067 (170,049 ) 305,001 Gross profit — 16,626 18,280 — 34,906 Research and development — 3,377 — — 3,377 Selling and administrative expenses 6,750 31,513 26,120 — 64,383 Impairments — 35,381 — — 35,381 Rationalizations — (68 ) 82 — 14 Operating loss (6,750 ) (53,577 ) (7,922 ) — (68,249 ) Other expense (income), net — 889 532 — 1,421 Interest expense - affiliate 3 372 — (375 ) — Interest expense - third party 24,366 1,574 271 — 26,211 Interest income - affiliate (372 ) (3 ) — 375 — Interest income - third party — — (363 ) — (363 ) Loss from continuing operations before provision for income taxes (30,747 ) (56,409 ) (8,362 ) — ` (95,518 ) Provision for income taxes — 384 6,068 — 6,452 Equity in loss from continuing operations of subsidiary (71,223 ) (14,430 ) — 85,653 — Net loss from continuing operations (101,970 ) (71,223 ) (14,430 ) 85,653 (101,970 ) Loss from discontinued operations, net of tax — (13,430 ) (5,249 ) — (18,679 ) Equity in loss from discontinued operations of subsidiary (18,679 ) (5,249 ) — 23,928 — Loss on discontinued operations (18,679 ) (18,679 ) (5,249 ) 23,928 (18,679 ) 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 (26,674 ) (26,674 ) (28,041 ) 54,715 (26,674 ) Comprehensive loss $ (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 $ — $ 48,988 $ 31,898 $ (80,886 ) $ — Sales - third party — 40,279 152,854 — 193,133 Net sales — 89,267 184,752 (80,886 ) 193,133 Cost of sales — 87,683 174,048 (80,886 ) 180,845 Gross profit — 1,584 10,704 — 12,288 Research and development — 1,083 — — 1,083 Selling and administrative expenses — 5,556 17,929 — 23,485 Rationalizations — 70 213 — 283 Operating loss — (5,125 ) (7,438 ) — (12,563 ) Other expense (income), net — 1,286 (2,099 ) — (813 ) Interest expense - affiliate 226 — — (226 ) — Interest expense - third party 9,552 161 286 — 9,999 Interest income - affiliate — (226 ) — 226 — Interest income - third party — — (6 ) — (6 ) Loss from continuing operations before provision for income taxes (9,778 ) (6,346 ) (5,619 ) — ` (21,743 ) Provision for income taxes — 634 6,248 — 6,882 Equity in loss from continuing operations of subsidiary (18,847 ) (11,868 ) — 30,715 — Net loss from continuing operations (28,625 ) (18,848 ) (11,867 ) 30,715 (28,625 ) Loss from discontinued operations, net of tax — (4,154 ) (772 ) — (4,926 ) Equity in loss from discontinued operations of subsidiary (4,926 ) (772 ) — 5,698 — Loss on discontinued operations (4,926 ) (4,926 ) (772 ) 5,698 (4,926 ) Net loss (33,551 ) (23,774 ) (12,639 ) 36,413 (33,551 ) Statements of Comprehensive Income (Loss) Net loss $ (33,551 ) $ (23,774 ) $ (12,639 ) $ 36,413 $ (33,551 ) Other comprehensive loss (10,257 ) (10,257 ) (10,257 ) 20,514 (10,257 ) Comprehensive loss $ (43,808 ) $ (34,031 ) $ (22,896 ) $ 56,927 $ (43,808 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the year ended December 31, 2016 (Successor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 122,164 $ 57,099 $ (179,263 ) $ — Sales - third party — 87,028 350,935 — 437,963 Net sales — 209,192 408,034 (179,263 ) 437,963 Cost of sales — 190,558 436,721 (179,263 ) 448,016 Additions to lower of cost or — 6,822 12,152 — 18,974 Gross profit (loss) — 11,812 (40,839 ) — (29,027 ) Research and development — 2,399 — — 2,399 Selling and administrative expenses — 23,831 33,894 — 57,725 Impairments — — 2,843 — 2,843 Rationalizations — 110 (51 ) — 59 Operating loss — (14,528 ) (77,525 ) — (92,053 ) Other expense (income), net 6 1,492 (3,686 ) — (2,188 ) Interest expense - affiliate 984 — — (984 ) — Interest expense - third party 25,430 1,136 348 — 26,914 Interest income - affiliate — (984 ) — 984 — Interest income - third party — — (358 ) — (358 ) Loss from continuing operations before provision for income taxes (26,420 ) (16,172 ) (73,829 ) — (116,421 ) Provision for income taxes — 274 (7,826 ) — (7,552 ) Equity in loss from continuing operations of subsidiary (82,449 ) (66,003 ) — 148,452 — Net loss from continuing operations (108,869 ) (82,449 ) (66,003 ) 148,452 (108,869 ) Loss from discontinued operations, net of tax (1,918 ) (121,741 ) (3,315 ) — (126,974 ) Equity in loss from discontinued operations of subsidiary (125,056 ) (3,315 ) — 128,371 — Loss on discontinued operations (126,974 ) (125,056 ) (3,315 ) 128,371 (126,974 ) Net loss (235,843 ) (207,505 ) (69,318 ) 276,823 (235,843 ) Statements of Comprehensive Income (Loss) Net loss $ (235,843 ) $ (207,505 ) $ (69,318 ) $ 276,823 $ (235,843 ) Other comprehensive income (loss) 2,699 2,699 2,699 (5,398 ) 2,699 Comprehensive loss $ (233,144 ) $ (204,806 ) $ (66,619 ) $ 271,425 $ (233,144 ) 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 ) — 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 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the year ended December 31, 2016 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by $ (19,032 ) $ 25,527 $ 16,320 $ — $ 22,815 Cash flow from investing activities: Loan repayments from affiliates — (2,067 ) — 2,067 — Capital expenditures — (9,019 ) (18,839 ) — (27,858 ) Payments for derivatives — — 377 — 377 Proceeds from the sale of fixed assets — 462 659 — 1,121 Cash received (disposed) on divestiture 16,173 (284 ) — — 15,889 Net cash provided by (used in) 16,173 (10,908 ) (17,803 ) 2,067 (10,471 ) Cash flow from financing activities: Loans repayments to affiliates 2,067 — — (2,067 ) — Dividends to affiliates 792 (792 ) — Short-term debt borrowings — 1,705 5,658 — 7,363 Revolving Facility borrowings — 51,000 5,000 — 56,000 Revolving Facility reductions — (65,469 ) (5,000 ) — (70,469 ) Principal payments on long term debt — (151 ) (138 ) — (289 ) Refinancing fees and debt issuance costs — (922 ) — — (922 ) Net cash provided by 2,859 (14,629 ) 5,520 (2,067 ) (8,317 ) Net (decrease) increase in cash — (10 ) 4,037 — 4,027 Effect of exchange rate changes — — 656 — 656 Cash and cash equivalents at — 646 6,281 — 6,927 Cash and cash equivalents $ — $ 636 $ 10,974 $ — $ 11,610 |
Business And Summary Of Signi27
Business And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
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: |
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. |
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. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Considerable judgment is required in assessing the likelihood of collection 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 | . |
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 loss 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. |
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 when calculating inventoriable costs. Additional information with respect to benefits plans is set forth in Note 12, “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 $10.4 million in 2014 , $6.5 million in 2015 , and $8.3 million in 2016 . The accrued liability relating to environmental remediation was $5.0 million as of December 31, 2015 and $5.2 million as of December 31, 2016 . 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 | . |
Rationalization | 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 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 its 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 implied 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 6 “ 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 2015 , costs deferred 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. We deferred no additional amounts in 2016 and amortization of deferred costs totaled $7.0 million . |
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 inventory valuation, 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. |
Discontinued Operations and Assets Held for Sale | Discontinued Operations and Assets Held for Sale When Management commits to a plan to sell assets or asset groups and a sale is probable, we reclassify those assets or asset groups into "Assets Held for Sale". Upon reclassification to assets held for sale, we evaluate the book value of the disposal groups against their fair value less costs to sell and as a result may impair the assets / asset groups. As and if new information becomes available on the fair value of the assets/asset groups , we may adjust accordingly the impairment. Once the assets of a business have been classified as held for sale, we evaluate if the divestiture represents a strategic shift in operations and if so, we exclude the results of this business from continuing operations. All results are reported as gain or loss from discontinued operations, net of tax. |
Reclassification | Reclassification Certain amounts previously reported have been reclassified to conform to the current year presentation. |
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 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. 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. In April, 2015, the FASB issued ASU 2015-03, 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 adopted ASU 2015-03 in the first quarter of 2016. We had no capitalized bank fees as of December 31, 2015 and $0.7 million of capitalized bank fees as of December 31, 2016 included within long-term debt. |
Business And Summary Of Signi28
Business And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 29
Preferred Share Issuance and Merger (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable | The computation of the fair value of the total consideration at the date of acquisition follows: Purchase Consideration (In thousands except share price) # Shares Unit Price Amount Convertible Preferred Equity Series A and B 150 $ 1,000.00 $ 150,000 Common Equity Common Shares 139,397 $ 5.05 $ 703,955 Net value of options $ 382 Total $ 854,337 |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the fair values of the identifiable assets acquired and liabilities assumed at the acquisition date: Net identifiable assets acquired Cash $ 25,032 Accounts receivable 94,298 Inventories 344,765 Property, plant and equipment 650,405 Intangible assets 155,700 Deferred tax assets 41,606 Prepaid and other current assets 49,716 Other non-current assets 8,428 Accounts payable (68,005 ) Short-term debt (18,779 ) Other accrued liabilities (53,252 ) Long-term debt (367,811 ) Other long-term liabilities (101,648 ) Deferred tax liabilities (79,235 ) Net identifiable assets acquired $ 681,220 Goodwill $ 173,117 Net assets acquired $ 854,337 |
Discontinued Operations and R30
Discontinued Operations and Related Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following tables summarize the results of the Engineered Solutions business segment, reclassified as discontinued operations: For the Year Ended December 31, 2014 For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 For the Year Ended December 31, 2016 (dollars in thousands) Net sales $ 260,160 $ 98,024 $ 55,608 $ 115,336 Cost of sales 235,901 94,817 49,068 98,440 Gross profit 24,259 3,207 6,540 16,896 Research and development 5,107 2,179 1,265 3,145 Selling and administrative expenses 29,550 16,764 8,627 19,220 Rationalizations 3,679 4,492 791 (405 ) Impairment 121,570 — — 119,907 Operating loss (135,647 ) (20,228 ) (4,143 ) (124,971 ) Other expense (income) (485 ) (90 ) (135 ) (66 ) Interest expense 1,320 907 918 3,258 Loss from discontinued operations before income taxes (136,482 ) (21,045 ) (4,926 ) (128,163 ) Benefit for income taxes on discontinued operations (3,626 ) (2,366 ) — (1,189 ) Loss from discontinued operations $ (132,856 ) $ (18,679 ) $ (4,926 ) $ (126,974 ) During 2014, GrafTech impaired certain long-lived assets and announced exiting the isomolded product line within our AGM product group resulting in the above impairment and rationalization charges. The significant components of our Statements of Cash Flows for discontinued operations held for sale are as follows: For the Year Ended December 31, 2014 For the Period January 1 Through August 14, 2015 For the Period August 15 Through September 30, 2015 For the Year Ended December 31, 2016 (dollars in thousands) Depreciation and amortization $ 21,780 $ 7,988 $ 4,194 $ 5,277 Impairment 121,570 — — 119,907 Deferred income taxes (3,626 ) (2,366 ) — (1,189 ) Cash received from divestitures — — — 15,889 Capital expenditures 24,018 10,104 4,447 4,713 Credit Facility reductions — — — (15,889 ) The following table summarizes the carrying value of the assets and liabilities of discontinued operations as of December 31, 2015 and December 31, 2016 . As of December 31, 2015 As of (dollars in thousands) Assets of discontinued operations: Accounts receivable $ 20,425 $ 17,094 Inventories 77,332 71,816 Prepaid expenses and other current assets 524 320 Net property plant and equipment 86,369 79,048 Other assets 17,606 12,608 Total assets of discontinued operations prior to impairment 202,256 180,886 Impairment of assets held for sale — (119,907 ) Total assets of discontinued operations $ 202,256 $ 60,979 Liabilities of discontinued operations: Accounts payable $ 9,331 $ 7,253 Accrued income and other taxes 3,113 2,326 Other accrued liabilities 10,638 10,463 Total current liabilities of discontinued operations 23,082 20,042 Other long-term obligations 1,167 850 Total liabilities of discontinued operations $ 24,249 $ 20,892 |
Rationalizations (Tables)
Rationalizations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following tables illustrate the impacts of these rationalization initiatives on our results of operations for 2014, 2015 and 2016. For the Year Ended December 31, 2014 (Predecessor) Industrial Materials Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 22,388 $ — $ 22,388 Inventory loss 941 — 941 Fixed asset write-offs and other 5,552 — 5,552 Recorded in Research and Development Accelerated depreciation — 2,312 2,312 Recorded in Selling and General Administrative Accelerated depreciation — 608 608 Other 89 515 604 Recorded in Rationalizations Severance and related costs 5,040 2,425 7,465 Contract terminations 469 11 480 Total 2014 rationalization and related charges $ 34,479 $ 5,871 $ 40,350 For the Period January 1 Through August 14, 2015 (Predecessor) Industrial Materials Segment Corporate, R&D and Other Total (Dollars in thousands) Recorded in Cost of Sales Accelerated depreciation $ 432 $ 940 1,372 Inventory loss (33 ) — (33 ) Fixed asset write-offs and other 1,715 — 1,715 Recorded in Selling and General Administrative Other 400 954 1,354 Recorded in Rationalizations Severance and related costs 157 (168 ) (11 ) Contract terminations 25 — 25 Total $ 2,696 $ 1,726 $ 4,422 For the Period August 15 Through December 31, 2015 (Successor) Industrial Materials Segment Corporate, R&D and Other Total Recorded in Cost of Sales Inventory loss $ (649 ) $ — $ (649 ) Fixed asset write-offs and other 329 — 329 Recorded in Selling and General Administrative Other 135 290 425 Recorded in Rationalizations Severance and related costs 154 71 225 Contract terminations 59 — 59 Total $ 28 $ 361 $ 389 For the Year Ended December 31, 2016 (Successor) Industrial Materials Segment Corporate, R&D and Other Total Recorded in Cost of Sales Fixed asset write-offs and other $ 636 $ — $ 636 Recorded in Selling and General Administrative Other 1,258 412 1,670 Recorded in Rationalizations Severance and related costs (52 ) 111 59 Total $ 1,842 $ 523 $ 2,365 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2014 For the Period January 1 For the Period August 15 Through December 31, 2015 For the Year Ended December 31, 2016 (Dollars in thousands) Net sales to external customers: Industrial Materials $ 825,145 $ 339,907 $ 193,133 $ 437,963 Segment operating income (loss): Industrial Materials $ (51,300 ) $ (24,900 ) $ (2,529 ) $ (63,827 ) Corporate, R&D and Other expenses (68,674 ) (43,349 ) (10,034 ) (28,226 ) Total segment operating income (loss) $ (119,974 ) $ (68,249 ) $ (12,563 ) $ (92,053 ) Reconciliation of segment operating income (loss) to loss from continuing operations before provision for income taxes: Other expense (income), net $ 2,920 $ 1,421 $ (813 ) $ (2,188 ) Interest expense 35,736 26,211 9,999 26,914 Interest income (320 ) (363 ) (6 ) (358 ) Loss before provision for income taxes $ (158,310 ) $ (95,518 ) $ (21,743 ) $ (116,421 ) |
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. 2014 2015 2016 (Dollars in thousands) Net sales:* U.S. $ 195,264 $ 107,517 $ 74,526 Americas 165,761 132,917 116,944 Asia Pacific 80,832 37,509 41,302 Europe, Middle East, Africa 383,288 255,097 205,191 Total $ 825,145 $ 533,040 $ 437,963 * 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, 2015 2016 (Dollars in thousands) Long-lived assets (a): U.S. and Canada $ 209,634 $ 191,502 Mexico 158,950 151,288 Brazil 8,787 6,100 France 76,535 69,558 Spain 93,049 87,614 South Africa 2,879 2,547 Italy 1,032 10 Switzerland 266 192 Other countries 31 44 Total $ 551,163 $ 508,855 (a) Long-lived assets represent fixed assets, net of accumulated depreciation. |
Goodwill And Other Intangible33
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2015 and 2016 are as follows: Total Predecessor (Dollars in Thousands) Balance as of December 31, 2014 $ 420,129 Impairment (35,381 ) Currency translation effect (616 ) Balance as of August 14, 2015 $ 384,132 Successor Balance as of August 15, 2015 $ 170,418 Adjustments 1,641 Balance as of December 31, 2015 172,059 Adjustments (See Note 2) 1,058 Goodwill transferred to discontinued operations (2,000 ) Balance as of December 31, 2016 $ 171,117 |
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 : As of December 31, 2015 As of December 31, 2016 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 22,500 (889 ) 21,611 22,500 (3,235 ) 19,265 Technology and know-how 55,300 (2,900 ) 52,400 55,300 (10,397 ) 44,903 Customer related intangible 64,500 (1,688 ) 62,812 64,500 (6,177 ) 58,323 Total finite-lived intangible assets $ 142,300 $ (5,477 ) $ 136,823 $ 142,300 $ (19,809 ) $ 122,491 |
Debt And Liquidity (Tables)
Debt And Liquidity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 (Dollars in thousands) Credit Facility (Revolving Facility and Term Loan Facility) $ 98,000 $ 90,731 Senior Notes 267,827 274,132 Other Debt 1,400 569 Total Debt 367,227 365,432 Less: Short-term Debt (4,772 ) (8,852 ) Long-term Debt $ 362,455 $ 356,580 |
Interest Expense (Tables)
Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 31,2014 For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 For the year Ended December 31,2016 (Dollars in thousands) Interest incurred on debt $ 20,099 $ 12,066 $ 7,694 $ 20,408 Amortization of discount on Senior Subordinated Notes 12,298 12,027 — — Accretion of fair value adjustment on Senior Notes — — 2,305 6,305 Amortization of debt issuance costs 3,339 2,118 — 201 Total interest expense $ 35,736 $ 26,211 $ 9,999 $ 26,914 |
Fair Value Measurements And D36
Fair Value Measurements And Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
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, 2015 (Dollars in Thousands) Derivatives not designated as hedges: Foreign currency derivatives Prepaid and other current assets $ 76 Other current liabilities $ 11 Total fair value $ 76 $ 11 As of December 31, 2016 Derivatives not designated as hedges: Foreign currency derivatives Prepaid and other current assets $ 10 Other current liabilities $ 188 Total fair value $ 10 $ 188 |
Schedule Of Realized (Gains) Losses On Derivatives Recognized In Statement Of Operations | Amount of (Gain)/Loss Recognized (EffectivePortion) 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 2016 Derivatives designated as cash flow hedges: (Dollars in Thousands) Foreign currency derivatives, excluding tax of $85, $106, $17 and $32, respectively Revenue/Cost of goods sold Other expense / (income) $ (849 ) $ (1,062 ) $ (172 ) $ (322 ) Commodity forward derivatives, excluding tax of $(120), $(424) and $0 respectively Cost of goods sold $ 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 2016 Derivatives not designated as hedges: (Dollars in thousands) Foreign currency derivatives Cost of goods sold / Other expense / (income) $ 1,020 $ 1,060 $ (560 ) $ 549 |
Supplementary Balance Sheet D37
Supplementary Balance Sheet Detail (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule Of Amounts Recognized In Balance Sheet | The following tables present supplementary balance sheet details: At December 31, 2015 2016 (Dollars in thousands) Inventories: Raw materials and supplies $ 66,201 $ 54,469 Work in process 89,453 52,379 Finished goods 62,476 49,263 218,130 156,111 Prepaid expenses and other current assets: Prepaid expenses $ 9,041 $ 6,096 Value added tax and other indirect taxes receivable 10,069 12,984 Other current assets 2,040 2,585 $ 21,150 $ 21,665 Property, plant and equipment: Land and improvements $ 44,052 $ 43,737 Buildings 55,843 55,440 Machinery and equipment and other 431,226 460,892 Construction in progress 40,208 25,635 $ 571,329 $ 585,704 Other accrued liabilities: Payrolls (including incentive programs) $ 4,028 $ 4,802 Employee compensation and benefits 6,199 11,439 Other 10,760 14,278 $ 20,987 $ 30,519 Other long term obligations: Postretirement benefits $ 20,102 $ 19,002 Pension and related benefits 55,364 45,876 Other 18,852 17,270 $ 94,318 $ 82,148 |
Schedule Of Analysis Of The Allowance For Doubtful Accounts | The following table presents an analysis of the allowance for doubtful accounts: 2014 For the Period January 1 through For the Period August 15 through December 31, 2015 2016 (Dollars in thousands) Balance at beginning of year $ 6,262 $ 6,969 $ — $ 244 Additions 3,520 85 244 129 Deductions (2,813 ) (1,177 ) — (47 ) Balance at end of year $ 6,969 $ 5,877 $ 244 $ 326 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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) 2017 $ 2,637 2018 2,158 2019 1,781 2020 1,108 2021 373 After 2021 902 |
Retirement Plans And Postreti39
Retirement Plans And Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Successor 2014 For the Period January 1 Through August 14, 2015 For the Period August 15 Through December 31, 2015 U.S. Foreign U.S. Foreign U.S. Foreign (Dollars in thousands) Service cost $ 750 $ 1,107 $ 151 $ 98 $ 386 $ 281 Interest cost 5,983 2,669 854 554 2,200 94 Expected return on assets (5,215 ) (2,516 ) — — (1,885 ) (59 ) Amortization of prior service cost — 2 — (12 ) — — Curtailment gain — (28 ) — — — (675 ) Mark-to-market loss (gain) 18,431 (534 ) — — 716 1,843 Pension costs $ 19,949 $ 700 $ 1,005 $ 640 $ 1,417 $ 1,484 |
Amounts Recognized In Other Comprehensive Income Retirement Plans | The mark-to-market loss in 2015 was caused by changes to the discount rate. The mark-to-market gain in 2016 was the result of better than expected asset returns and favorable change to the mortality tables, partially offset by unfavorable changes to the discount rate. |
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, 2015 and 2016 are: As of December 31, 2015 As of December 31, 2016 U.S. Foreign U.S. Foreign (Dollars in thousands) Changes in Benefit Obligation: Net benefit obligation at $ 146,790 $ 18,512 $ 142,126 $ 18,271 Service cost 386 281 1,325 698 Interest cost 2,200 94 5,744 243 Participant contributions — 79 — 256 Plan amendments / curtailments — (578 ) — (122 ) Foreign currency exchange changes — (480 ) — (527 ) Actuarial loss (gain) (3,896 ) 377 1,293 (18 ) Benefits paid (3,354 ) (14 ) (10,258 ) (564 ) Net benefit obligation at end of period $ 142,126 $ 18,271 $ 140,230 $ 18,237 Changes in Plan Assets: Fair value of plan assets at beginning of period, August 15, 2015 and January 1, 2016, respectively $ 97,473 $ 12,811 $ 93,897 $ 11,293 Actual return on plan assets (2,727 ) (1,407 ) 8,556 378 Foreign currency exchange rate changes — (346 ) — (346 ) Employer contributions 2,505 170 8,710 854 Participant contributions — 79 — 256 Benefits paid (3,354 ) (14 ) (10,258 ) (564 ) Fair value of plan assets at end of period $ 93,897 $ 11,293 $ 100,905 $ 11,871 Funded status (underfunded): $ (48,229 ) $ (6,978 ) $ (39,325 ) $ (6,366 ) Amounts recognized in accumulated other comprehensive loss: Prior service credit $ — $ (95 ) $ — $ — Amounts recognized in the statement of financial position: Non-current assets $ — $ — $ — $ — Current liabilities (437 ) (253 ) (435 ) (128 ) Non-current liabilities (47,792 ) (6,725 ) (38,890 ) (6,238 ) Net amount recognized $ (48,229 ) $ (6,978 ) $ (39,325 ) $ (6,366 ) |
Fair Asset Values Of Plan Assets | The fair value of the plan assets by category is summarized below (dollars in thousands): December 31, 2015 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total U.S. Plan Assets Cash and cash equivalents $ 1,986 $ — $ — $ 1,986 $ 1,502 $ — $ — $ 1,502 Collective trusts — 91,911 — 91,911 — 99,403 — 99,403 Total $ 1,986 $ 91,911 $ — $ 93,897 $ 1,502 $ 99,403 $ — $ 100,905 International Plan Assets Foreign government bonds — 840 — 840 — 729 — 729 Fixed insurance contracts — — 10,453 10,453 — — 11,142 11,142 Total $ — $ 840 $ 10,453 $ 11,293 $ — $ 729 $ 11,142 $ 11,871 |
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, 2015 and 2016 (dollars in thousands): Fixed Insurance Contracts Balance as of August 15, 2015 (Predecessor) $ 13,336 Gain / contributions / currency impact (2,883 ) Distributions — Balance at December 31, 2015 (Successor) 10,453 Gain / contributions / currency impact 707 Distributions (18 ) Balance at December 31, 2016 (Successor) $ 11,142 |
Retirement Plan Weighted Average Asset Allocations | The following table presents our retirement plan weighted average asset allocations at December 31, 2016 , 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 | Information for our pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2015 and 2016 follows: 2015 2016 U.S. Foreign U.S. Foreign (Dollars in thousands) Accumulated benefit obligation $ 142,126 $ 16,749 $ 140,230 $ 16,057 Fair value of plan assets 93,897 11,293 100,905 11,142 |
Pension Plans With Projected Benefit Obligation In Excess Of Plan Assets | Information for our pension plans with a projected benefit obligation in excess of plan assets at December 31, 2015 and 2016 follows: 2015 2016 U.S. Foreign U.S. Foreign (Dollars in thousands) Projected benefit obligation $ 142,126 $ 18,271 $ 140,230 $ 17,415 Fair value of plan assets 93,897 11,293 100,905 11,142 |
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 2017: Expected employer contributions $ 6,654 $ 561 Expected employee contributions — — Estimated future benefit payments reflecting expected future service for the years ending December 31: 2017 9,259 751 2018 9,247 696 2019 9,218 643 2020 9,256 720 2021 9,278 670 2022-2026 45,917 5,705 |
Components Of Net Postretirement Costs | The components of our consolidated net postretirement costs are set forth in the following table: Predecessor Successor For the Period January 1 through August 14, 2015 For the Period August 15 Through December 31, 2015 2014 U.S. Foreign U.S. Foreign U.S. Foreign (Dollars in thousands) Service cost $ 71 $ — $ 9 — $ 5 Interest cost 396 976 223 433 142 289 Amortization of prior service credit — (180 ) — — — — Plan amendment / curtailment — (294 ) — — — — Mark-to-market (gain) loss 1,151 1,456 — — (100 ) (621 ) Post-employment benefits cost (benefit) $ 1,547 $ 2,029 $ 223 $ 442 $ 42 $ (327 ) |
Recognized In Other Comprehensive Income Postretirement Benefit Plans | |
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 As of December 31, 2015 As of December 31, 2016 U.S. Foreign U.S. Foreign (Dollars in thousands) Changes in Benefit Obligation: Net benefit obligation at beginning of period, August 15, 2015 and January 1, 2016, respectively $ 11,395 $ 13,457 $ 10,859 $ 11,296 Service cost — 5 — 4 Interest cost 142 289 360 764 Foreign currency exchange rates — (1,489 ) — 709 Actuarial loss (gain) (100 ) (621 ) (191 ) (225 ) Gross benefits paid (578 ) (345 ) (853 ) (855 ) Plan amendment — — — (993 ) Net benefit obligation at end of period $ 10,859 $ 11,296 $ 10,175 $ 10,700 Changes in Plan Assets: Fair value of plan assets at beginning of period $ — $ — $ — $ — Employer contributions 578 345 853 855 Gross benefits paid (578 ) (345 ) (853 ) (855 ) Fair value of plan assets at end of period $ — $ — $ — $ — Funded status: $ (10,859 ) $ (11,296 ) $ (10,175 ) $ (10,700 ) Amounts recognized in accumulated other comprehensive loss: Prior service credit $ — $ — $ — $ — Amounts recognized in the statement of financial position: Current liabilities $ (1,298 ) $ (755 ) $ (1,134 ) $ (738 ) Non-current liabilities (9,561 ) (10,541 ) (9,041 ) (9,962 ) Net amount recognized $ (10,859 ) $ (11,296 ) $ (10,175 ) $ (10,700 ) |
Assumptions Used To Determine Net Pension Costs And Projected Benefit Obligations | Assumptions used to determine net pension costs and projected benefit obligations are: Pension Benefit Obligations Key Assumptions As of December 31, 2015 2016 Weighted average assumptions to determine benefit obligations: Discount rate 3.86 % 3.61 % Rate of compensation increase 1.84 % 1.57 % Pension Cost Key Assumptions Weighted average assumptions to determine net cost: Discount rate 3.79 % 3.86 % Expected return on plan assets 3.99 % 4.97 % Rate of compensation increase 2.08 % 1.84 % Assumptions used to determine net postretirement benefit costs and postretirement projected benefit obligation are set forth in the following table: Postretirement Benefit Obligations 2015 2016 Weighted average assumptions to determine benefit obligations: Discount rate 5.10 % 4.80 % Health care cost trend on covered charges: Initial 6.67 % 6.80 % Ultimate 6.48 % 5.96 % Years to ultimate 2 8 Postretirement Benefit Costs 2015 2016 Weighted average assumptions to determine net cost: Discount rate 4.91 % 5.10 % Health care cost trend on covered charges: Initial 6.55 % 6.67 % Ultimate 6.18 % 6.48 % Years to ultimate 0 1 |
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, 2016 : 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 $ 2 $ 75 $ (2 ) $ (63 ) Effect on benefit obligations $ 67 $ 599 $ (63 ) $ (507 ) |
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 2017: Expected employer contributions $ 1,134 $ 738 Expected employee contributions — — Estimated future benefit payments reflecting expected future service for the years ending December 31: 2017 1,134 738 2018 1,065 742 2019 984 747 2020 898 754 2021 809 761 2020-2024 2,975 3,931 |
Management Compensation And I40
Management Compensation And Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 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, 2016 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, 2016 | |
Loss Contingency [Abstract] | |
Schedule Of Product Warranties Accrual | Claims accrued but not yet paid and the related activity within the reserve for 2015 and 2016 are as follows: (Dollars in Thousands) Balance as of December 31, 2014 $ 520 Product warranty charges/adjustments 346 Payments and settlements (69 ) Balance as of August 14, 2015 $ 797 Balance as of August 15, 2015 $ 797 Product warranty charges/adjustments (324 ) Payments and settlements (85 ) Balance as of December 31, 2015 $ 388 Product warranty charges/adjustments 1,285 Payments and settlements (704 ) Balance as of December 31, 2016 $ 969 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2014 For the Period January 1 Through August 14, 2015 For the Period August 15 For the Year Ended (Dollars in thousands) U.S. $ (127,707 ) $ (84,599 ) $ (16,827 ) $ (44,971 ) Non-U.S. (30,603 ) (10,919 ) (4,916 ) (71,450 ) $ (158,310 ) $ (95,518 ) $ (21,743 ) $ (116,421 ) |
Schedule Of Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following: Predecessor Successor For the Year Ended December 31, 2014 For the Period January 1 Through August 14, 2015 For the Period August 15 For the Year Ended (Dollars in thousands) U.S income taxes: Current $ (1,261 ) $ (20 ) $ (52 ) $ (878 ) Deferred (537 ) 403 686 1,152 (1,798 ) 383 634 274 Non-U.S. income taxes: Current 11,474 5,547 1,566 5,389 Deferred (15,466 ) 522 4,682 (13,215 ) (3,992 ) 6,069 6,248 (7,826 ) Total income tax benefit $ (5,790 ) $ 6,452 $ 6,882 $ (7,552 ) |
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, 2014 For the Period January 1 Through August 14, 2015 For the Period August 15 For the Year Ended (Dollars in thousands) Tax at statutory U.S. federal rate $ (55,409 ) $ (33,431 ) $ (7,610 ) $ (40,747 ) U.S. valuation allowance, net 26,175 21,532 7,355 35,091 State taxes, net of federal tax benefit (4,387 ) (2,005 ) (697 ) (2,324 ) U.S. tax return adjustments to estimated taxes (368 ) — — — Resolution of uncertain tax positions (513 ) 71 64 (513 ) Adjustment for foreign income taxed at different rates 10,408 11,136 7,120 12,738 U.S. tax credits (1,000 ) — — — Non-U.S. tax exemptions, holidays and credits — (691 ) 228 (175 ) Goodwill impairment 17,161 8,026 — — Capital loss expiration 2,422 — — — Investment in subsidiary impairment deduction — — — (10,111 ) Other (279 ) 1,814 422 (1,511 ) Total income tax (benefit) expense $ (5,790 ) $ 6,452 $ 6,882 $ (7,552 ) |
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, 2015 , and December 31, 2016 are set forth in the following table: As of December 31, 2015 2016 (Dollars in thousands) Deferred tax assets: Fixed assets $ 10,128 $ 41,677 Postretirement and other employee benefits 34,713 32,275 Foreign tax credit and other carryforwards 115,163 153,169 Capitalized research and experimental costs 21,592 18,146 Environmental reserves 4,273 4,237 Inventory 12,719 15,227 Original issue discount — 6,461 Long-term contract option amortization 2,138 2,074 Provision for rationalization charges 5,967 7,498 Other 1,005 3,391 Total gross deferred tax assets 207,698 284,155 Less: valuation allowance (165,539 ) (244,841 ) Total deferred tax assets 42,159 39,314 Deferred tax liabilities: Fixed assets $ 64,278 $ 47,346 Debt discount amortization / Deferred financing fees 7,666 6,544 Inventory 4,985 3,482 Goodwill and acquired intangibles 2,686 2,295 Other 4,647 2,751 Total deferred tax liabilities 84,262 62,418 Net deferred tax (liability) asset $ (42,103 ) $ (23,104 ) |
Schedule Of Valuation Allowance Activity | Valuation allowance activity for the years ended December 31, 2014 , 2015 and 2016 is as follows: Predecessor (Dollars in thousands) Balance as of January 1, 2014 $ 20,411 (Credited) / charged to income 74,157 Translation adjustment (800 ) Changes attributable to movement in underlying assets 1,953 Balance at December 31, 2014 $ 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 Balance as of August 15, 2015 $ 115,449 (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 (Credited) / charged to income 78,469 Translation adjustment 583 Changes attributable to movement in underlying assets 250 Balance as of December 31, 2016 $ 244,841 |
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: Predecessor (Dollars in thousands) Balance at January 1 $ 7,203 Additions based on tax positions related to the current year 268 Additions for tax positions of prior years 232 Reductions for tax positions of prior years (1,204 ) Lapse of statutes of limitations (1,180 ) Settlements (1,503 ) Foreign currency impact (106 ) Balance at December 31, 2014 $ 3,710 Foreign currency impact (21 ) Balance as of August 14, 2015 $ 3,689 Successor Balance as of August 15, 2015 $ 3,689 Additions for tax positions of prior years 301 Foreign currency impact (69 ) Balance as of December 31, 2015 $ 3,921 Lapse of statutes of limitations (603 ) Foreign currency impact 20 Balance as of December 31, 2016 $ 3,338 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2014 2015 (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 Comprehensi44
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: As of December 31, 2015 As of (Dollars in thousands) Foreign currency translation adjustments $ 10,134 $ 7,560 Commodities and foreign currency derivatives 123 (2 ) Total accumulated comprehensive loss $ 10,257 $ 7,558 |
Guarantor Information (Tables)
Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Consolidating Financials [Abstract] | |
Schedule of Condensed Balance Sheet [Table Text Block] | CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2015 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 646 $ 6,281 $ — $ 6,927 Accounts receivable - affiliates 51,592 9,803 19,505 (80,900 ) — Accounts receivable - trade — 7,599 74,791 — 82,390 Inventories — 54,613 163,517 — 218,130 Prepaid and other current assets — 7,907 13,243 — 21,150 Current assets of discontinued operations — 81,638 17,520 (877 ) 98,281 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 — 209,633 341,530 — 551,163 Deferred income taxes — — 15,326 — 15,326 Goodwill — 72,399 99,660 — 172,059 Notes receivable - affiliate — 46,074 — (46,074 ) — Other assets — 79,368 73,246 — 152,614 Long-term assets of discontinued operations — 99,457 4,518 — 103,975 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 $ 71,099 $ 9,642 $ (80,900 ) $ — Accounts payable - trade — 11,191 28,956 — 40,147 Short-term debt — 4,636 136 — 4,772 Accrued income and other taxes — 2,824 3,109 — 5,933 Rationalizations — 995 200 — 1,195 Other accrued liabilities 2,444 4,841 13,702 — 20,987 Current liabilities of discontinued operations — 18,384 5,575 (877 ) 23,082 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 — 60,508 33,810 — 94,318 Deferred income taxes — 248 57,182 — 57,430 Long-term liabilities of discontinued operations — 738 429 — 1,167 Stockholders' equity 810,529 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 BALANCE SHEETS As of December 31, 2016 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ — $ 636 $ 10,974 $ — $ 11,610 Accounts receivable - affiliates 51,592 3,624 19,643 (74,859 ) — Accounts receivable - trade — 7,518 73,050 — 80,568 Inventories — 44,563 111,548 — 156,111 Prepaid and other current assets 1,350 4,853 15,462 — 21,665 Current assets of discontinued operations — 51,160 14,296 (4,477 ) 60,979 Total current assets 52,942 112,354 244,973 (79,336 ) 330,933 Investment in affiliates 844,379 601,597 — (1,445,976 ) — Property, plant and equipment — 191,503 317,352 — 508,855 Deferred income taxes — — 19,803 — 19,803 Goodwill — 70,399 100,718 — 171,117 Notes receivable - affiliate — 49,003 — (49,003 ) — Other assets — 70,767 70,801 — 141,568 Total Assets $ 897,321 $ 1,095,623 $ 753,647 $ (1,574,315 ) $ 1,172,276 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable - affiliate $ 806 $ 71,243 $ 2,810 $ (74,859 ) $ — Accounts payable - trade 964 8,033 38,666 — 47,663 Short-term debt — 3,062 5,790 — 8,852 Accrued income and other taxes — 2,095 3,161 — 5,256 Rationalizations — 57 18 — 75 Other accrued liabilities 2,444 12,148 15,927 — 30,519 Current liabilities of discontinued operations — 20,381 4,138 (4,477 ) 20,042 Total current liabilities 4,214 117,019 70,510 (79,336 ) 112,407 Long-term debt - affiliate 41,590 — 7,413 (49,003 ) — Long-term debt - third party 274,132 81,695 753 — 356,580 Other long-term obligations — 50,943 31,205 — 82,148 Deferred income taxes — 909 41,997 — 42,906 Long-term liabilities of discontinued operations — 678 172 — 850 Stockholders' equity 577,385 844,379 601,597 (1,445,976 ) 577,385 Total Liabilities and Stockholders' Equity $ 897,321 $ 1,095,623 $ 753,647 $ (1,574,315 ) $ 1,172,276 |
Schedule of Condensed Income Statement [Table Text Block] | 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 $ — $ 240,295 $ 142,651 $ (382,946 ) $ — Sales - third party — 203,609 621,536 — 825,145 Net sales — 443,904 764,187 (382,946 ) 825,145 Cost of sales — 403,058 737,044 (382,946 ) 757,156 Gross profit — 40,846 27,143 — 67,989 Research and development — 9,738 — — 9,738 Selling and administrative expenses — 33,108 61,521 — 94,629 Impairments — 75,650 — — 75,650 Rationalizations — 5,431 2,515 — 7,946 Operating loss — (83,081 ) (36,893 ) — (119,974 ) Other expense (income), net — 2,049 871 — 2,920 Interest expense - affiliate — 806 — (806 ) — Interest expense - third party 32,118 2,721 897 — 35,736 Interest income - affiliate (806 ) — — 806 — Interest income - third party — — (320 ) — (320 ) Loss from continuing operations before provision for income taxes (31,312 ) (88,657 ) (38,341 ) — ` (158,310 ) Provision for income taxes 15,443 (17,240 ) (3,993 ) — (5,790 ) Equity in loss from continuing operations of subsidiary (105,765 ) (34,348 ) — 140,113 — Net loss from continuing operations (152,520 ) (105,765 ) (34,348 ) 140,113 (152,520 ) Loss from discontinued operations, net of tax — (126,217 ) (6,639 ) — (132,856 ) Equity in loss from discontinued operations of subsidiary (132,856 ) (6,639 ) — 139,495 — Loss on discontinued operations (132,856 ) (132,856 ) (6,639 ) 139,495 (132,856 ) Net loss (285,376 ) (238,621 ) (40,987 ) 279,608 (285,376 ) Statements of Comprehensive Income (Loss) Net loss $ (285,376 ) $ (238,621 ) $ (40,987 ) $ 279,608 $ (285,376 ) Other comprehensive loss (43,900 ) (43,900 ) (28,650 ) 72,550 (43,900 ) Comprehensive loss $ (329,276 ) $ (282,521 ) $ (69,637 ) $ 352,158 $ (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 $ — $ 117,366 $ 52,683 $ (170,049 ) $ — Sales - third party — 80,243 259,664 — 339,907 Net sales — 197,609 312,347 (170,049 ) 339,907 Cost of sales — 180,983 294,067 (170,049 ) 305,001 Gross profit — 16,626 18,280 — 34,906 Research and development — 3,377 — — 3,377 Selling and administrative expenses 6,750 31,513 26,120 — 64,383 Impairments — 35,381 — — 35,381 Rationalizations — (68 ) 82 — 14 Operating loss (6,750 ) (53,577 ) (7,922 ) — (68,249 ) Other expense (income), net — 889 532 — 1,421 Interest expense - affiliate 3 372 — (375 ) — Interest expense - third party 24,366 1,574 271 — 26,211 Interest income - affiliate (372 ) (3 ) — 375 — Interest income - third party — — (363 ) — (363 ) Loss from continuing operations before provision for income taxes (30,747 ) (56,409 ) (8,362 ) — ` (95,518 ) Provision for income taxes — 384 6,068 — 6,452 Equity in loss from continuing operations of subsidiary (71,223 ) (14,430 ) — 85,653 — Net loss from continuing operations (101,970 ) (71,223 ) (14,430 ) 85,653 (101,970 ) Loss from discontinued operations, net of tax — (13,430 ) (5,249 ) — (18,679 ) Equity in loss from discontinued operations of subsidiary (18,679 ) (5,249 ) — 23,928 — Loss on discontinued operations (18,679 ) (18,679 ) (5,249 ) 23,928 (18,679 ) 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 (26,674 ) (26,674 ) (28,041 ) 54,715 (26,674 ) Comprehensive loss $ (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 $ — $ 48,988 $ 31,898 $ (80,886 ) $ — Sales - third party — 40,279 152,854 — 193,133 Net sales — 89,267 184,752 (80,886 ) 193,133 Cost of sales — 87,683 174,048 (80,886 ) 180,845 Gross profit — 1,584 10,704 — 12,288 Research and development — 1,083 — — 1,083 Selling and administrative expenses — 5,556 17,929 — 23,485 Rationalizations — 70 213 — 283 Operating loss — (5,125 ) (7,438 ) — (12,563 ) Other expense (income), net — 1,286 (2,099 ) — (813 ) Interest expense - affiliate 226 — — (226 ) — Interest expense - third party 9,552 161 286 — 9,999 Interest income - affiliate — (226 ) — 226 — Interest income - third party — — (6 ) — (6 ) Loss from continuing operations before provision for income taxes (9,778 ) (6,346 ) (5,619 ) — ` (21,743 ) Provision for income taxes — 634 6,248 — 6,882 Equity in loss from continuing operations of subsidiary (18,847 ) (11,868 ) — 30,715 — Net loss from continuing operations (28,625 ) (18,848 ) (11,867 ) 30,715 (28,625 ) Loss from discontinued operations, net of tax — (4,154 ) (772 ) — (4,926 ) Equity in loss from discontinued operations of subsidiary (4,926 ) (772 ) — 5,698 — Loss on discontinued operations (4,926 ) (4,926 ) (772 ) 5,698 (4,926 ) Net loss (33,551 ) (23,774 ) (12,639 ) 36,413 (33,551 ) Statements of Comprehensive Income (Loss) Net loss $ (33,551 ) $ (23,774 ) $ (12,639 ) $ 36,413 $ (33,551 ) Other comprehensive loss (10,257 ) (10,257 ) (10,257 ) 20,514 (10,257 ) Comprehensive loss $ (43,808 ) $ (34,031 ) $ (22,896 ) $ 56,927 $ (43,808 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the year ended December 31, 2016 (Successor) (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Sales - affiliates $ — $ 122,164 $ 57,099 $ (179,263 ) $ — Sales - third party — 87,028 350,935 — 437,963 Net sales — 209,192 408,034 (179,263 ) 437,963 Cost of sales — 190,558 436,721 (179,263 ) 448,016 Additions to lower of cost or — 6,822 12,152 — 18,974 Gross profit (loss) — 11,812 (40,839 ) — (29,027 ) Research and development — 2,399 — — 2,399 Selling and administrative expenses — 23,831 33,894 — 57,725 Impairments — — 2,843 — 2,843 Rationalizations — 110 (51 ) — 59 Operating loss — (14,528 ) (77,525 ) — (92,053 ) Other expense (income), net 6 1,492 (3,686 ) — (2,188 ) Interest expense - affiliate 984 — — (984 ) — Interest expense - third party 25,430 1,136 348 — 26,914 Interest income - affiliate — (984 ) — 984 — Interest income - third party — — (358 ) — (358 ) Loss from continuing operations before provision for income taxes (26,420 ) (16,172 ) (73,829 ) — (116,421 ) Provision for income taxes — 274 (7,826 ) — (7,552 ) Equity in loss from continuing operations of subsidiary (82,449 ) (66,003 ) — 148,452 — Net loss from continuing operations (108,869 ) (82,449 ) (66,003 ) 148,452 (108,869 ) Loss from discontinued operations, net of tax (1,918 ) (121,741 ) (3,315 ) — (126,974 ) Equity in loss from discontinued operations of subsidiary (125,056 ) (3,315 ) — 128,371 — Loss on discontinued operations (126,974 ) (125,056 ) (3,315 ) 128,371 (126,974 ) Net loss (235,843 ) (207,505 ) (69,318 ) 276,823 (235,843 ) Statements of Comprehensive Income (Loss) Net loss $ (235,843 ) $ (207,505 ) $ (69,318 ) $ 276,823 $ (235,843 ) Other comprehensive income (loss) 2,699 2,699 2,699 (5,398 ) 2,699 Comprehensive loss $ (233,144 ) $ (204,806 ) $ (66,619 ) $ 271,425 $ (233,144 ) |
Schedule of Condensed Cash Flow Statement [Table Text Block] | 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 ) — 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 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the year ended December 31, 2016 (in thousands) Consolidating Non- Entries and Parent Guarantors Guarantors Eliminations Consolidated Net cash (used in) provided by $ (19,032 ) $ 25,527 $ 16,320 $ — $ 22,815 Cash flow from investing activities: Loan repayments from affiliates — (2,067 ) — 2,067 — Capital expenditures — (9,019 ) (18,839 ) — (27,858 ) Payments for derivatives — — 377 — 377 Proceeds from the sale of fixed assets — 462 659 — 1,121 Cash received (disposed) on divestiture 16,173 (284 ) — — 15,889 Net cash provided by (used in) 16,173 (10,908 ) (17,803 ) 2,067 (10,471 ) Cash flow from financing activities: Loans repayments to affiliates 2,067 — — (2,067 ) — Dividends to affiliates 792 (792 ) — Short-term debt borrowings — 1,705 5,658 — 7,363 Revolving Facility borrowings — 51,000 5,000 — 56,000 Revolving Facility reductions — (65,469 ) (5,000 ) — (70,469 ) Principal payments on long term debt — (151 ) (138 ) — (289 ) Refinancing fees and debt issuance costs — (922 ) — — (922 ) Net cash provided by 2,859 (14,629 ) 5,520 (2,067 ) (8,317 ) Net (decrease) increase in cash — (10 ) 4,037 — 4,027 Effect of exchange rate changes — — 656 — 656 Cash and cash equivalents at — 646 6,281 — 6,927 Cash and cash equivalents $ — $ 636 $ 10,974 $ — $ 11,610 |
Business And Summary Of Signi46
Business And Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business And Summary Of Significant Accounting Policies [Line Items] | |||||
Depreciation expense | $ 18,800,000 | $ 26,700,000 | $ 63,400,000 | $ 79,300,000 | |
Environmental remediation, compliance and management expenses | 8,300,000 | $ 6,500,000 | $ 10,400,000 | ||
Accrued liability relating to environmental remediation | 5,200,000 | 5,000,000 | |||
Deferred costs | 9,900,000 | 0 | 9,900,000 | ||
Amortized costs | 2,100,000 | $ 4,300,000 | $ 7,000,000 | ||
New Accounting Pronouncement, Early Adoption, Effect [Member] | |||||
Business And Summary Of Significant Accounting Policies [Line Items] | |||||
Reclassification of deferred tax assets | 10,700,000 | 10,700,000 | |||
Reclassification of deferred tax liabilities | $ 23,300,000 | $ 23,300,000 |
Business And Summary Of Signi47
Business And Summary Of Significant Accounting Policies (Ranges Of Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 25 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Machinery And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Machinery And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Furniture And Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Furniture And Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Business And Summary Of Signi48
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, 2016 | |
Trade Name [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Trade Name [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 10 years |
Technological Know-How [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Technological Know-How [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 9 years |
Customer Related Intangible [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Customer Related Intangible [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 14 years |
Preferred Share Issuance and 49
Preferred Share Issuance and Merger (Narrative) (Details) - USD ($) | Aug. 11, 2015 | May 18, 2015 | Mar. 31, 2016 | Dec. 31, 2016 | May 17, 2015 |
Business Acquisition [Line Items] | |||||
Max Reimbursement to Acquiror | $ 500,000 | ||||
Common stock, par value | $ 0.01 | ||||
Goodwill, purchase accounting adjustments | $ 1,100,000 | ||||
Purchase price adjustment, inventory | $ 2,000,000 | ||||
purchase price adjustment, deferred taxes | $ 900,000 | ||||
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 50
Preferred Share Issuance and Merger (Purchase Consideration) (Details) - BCP IV GrafTech Holdings LP [Member] - USD ($) | Aug. 11, 2015 | May 18, 2015 |
Business Acquisition [Line Items] | ||
Amount | $ 854,337,000 | |
Convertible Preferred Stock [Member] | ||
Business Acquisition [Line Items] | ||
Number of Shares | 150,000 | |
Unit Price | $ 1,000,000 | |
Amount | $ 150,000,000 | $ 150,000,000 |
Common Stock [Member] | ||
Business Acquisition [Line Items] | ||
Number of Shares | 139,397,000 | |
Unit Price | $ 5,050 | |
Amount | $ 703,955,000 | |
Stock Options [Member] | ||
Business Acquisition [Line Items] | ||
Amount | $ 382,000 |
Preferred Share Issuance and 51
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 | 344,765 |
Property, plant and equipment | 650,405 |
Intangible assets | 155,700 |
Deferred tax assets | 41,606 |
Prepaid and other current assets | 49,716 |
Other non-current assets | 8,428 |
Accounts payable | (68,005) |
Short-term debt | (18,779) |
Other accrued liabilities | (53,252) |
Long-term debt | (367,811) |
Other long-term liabilities | (101,648) |
Deferred tax liabilities | (79,235) |
Net identifiable assets acquired | 681,220 |
Goodwill | 173,117 |
Net assets acquired | $ 854,337 |
Discontinued Operations and R52
Discontinued Operations and Related Assets Held for Sale (Details) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Aug. 14, 2015 | Dec. 31, 2016 | Dec. 31, 2014 | Nov. 30, 2016 | |
Non-current Liabilities | |||||||
Loss on divestiture | $ 0 | ||||||
Successor [Member] | |||||||
Non-current assets | |||||||
Total assets of discontinued operations prior to impairment | $ 103,975 | $ 0 | $ 0 | ||||
Current Liabilities | |||||||
Total current liabilities of discontinued operations | 23,082 | 20,042 | 20,042 | ||||
Non-current Liabilities | |||||||
Other long-term obligations | 850 | 850 | |||||
Cash received from divestitures | 0 | 15,889 | |||||
Loss on divestiture | 0 | 198 | |||||
Engineered Solutions [Member] | Discontinued Operations, Held-for-sale [Member] | |||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||
Net sales | 55,608 | $ 98,024 | 115,336 | 260,160 | |||
Cost of sales | 49,068 | 94,817 | 98,440 | 235,901 | |||
Gross profit | 6,540 | 3,207 | 16,896 | 24,259 | |||
Research and development | 1,265 | 2,179 | 3,145 | 5,107 | |||
Selling and administrative expenses | 8,627 | 16,764 | 19,220 | 29,550 | |||
Rationalizations | 791 | 4,492 | (405) | 3,679 | |||
Impairment | $ 105,600 | 0 | 14,300 | 0 | 119,907 | 121,570 | |
Operating loss | (4,143) | (20,228) | (124,971) | (135,647) | |||
Other expense (income) | (135) | (90) | (66) | (485) | |||
Interest expense | 918 | 907 | 3,258 | 1,320 | |||
Loss from discontinued operations before income taxes | (4,926) | (21,045) | (128,163) | (136,482) | |||
Benefit for income taxes on discontinued operations | 0 | (2,366) | (1,189) | (3,626) | |||
Loss from discontinued operations | (4,926) | (18,679) | (126,974) | (132,856) | |||
Discontinued Operation, Alternative Cash Flow Information | |||||||
Depreciation and amortization | 4,194 | 7,988 | 5,277 | 21,780 | |||
Capital expenditures | 4,447 | $ 10,104 | 4,713 | $ 24,018 | |||
Current assets | |||||||
Accounts receivable | 20,425 | 17,094 | 17,094 | ||||
Inventories | 77,332 | 71,816 | 71,816 | ||||
Prepaid expenses and other current assets | 524 | 320 | 320 | ||||
Non-current assets | |||||||
Net property plant and equipment | 86,369 | 79,048 | 79,048 | ||||
Other assets | 17,606 | 12,608 | 12,608 | ||||
Total assets of discontinued operations prior to impairment | 202,256 | 180,886 | 180,886 | ||||
Impairment of assets held for sale | 0 | (119,907) | (119,907) | ||||
Disposal Group, Including Discontinued Operation, Assets | 202,256 | 60,979 | 60,979 | ||||
Current Liabilities | |||||||
Accounts payable | 9,331 | 7,253 | 7,253 | ||||
Accrued income and other taxes | 3,113 | 2,326 | 2,326 | ||||
Other accrued liabilities | 10,638 | 10,463 | 10,463 | ||||
Total current liabilities of discontinued operations | 23,082 | 20,042 | 20,042 | ||||
Non-current Liabilities | |||||||
Other long-term obligations | 1,167 | 850 | 850 | ||||
Total liabilities of discontinued operations | $ 24,249 | $ 20,892 | $ 20,892 | ||||
Fiber Materials Inc. [Member] | |||||||
Non-current Liabilities | |||||||
Potential earnings in disposed entity | $ 8,500 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | May 18, 2015 | |
Business Acquisition [Line Items] | ||
Goodwill, purchase accounting adjustments | $ 1,100 | |
purchase price adjustment, deferred taxes | $ 900 | |
BCP IV GrafTech Holdings LP [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | $ 173,117 |
Rationalizations Rationalizatio
Rationalizations Rationalization Text (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 5 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2016 | |
South African Facility | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment of Long-Lived Assets Held-for-use | $ 600 | |||
2014 Corporate and Research & Development Rationalization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Percent of positions eliminated | 25.00% | |||
Successor [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Rationalizations | $ 1,195 | $ 75 | ||
Impairment of Long-Lived Assets Held-for-use | 0 | 2,843 | ||
Restructuring costs | $ 389 | $ 2,365 |
Rationalizations Rationalizat55
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, 2016 | Dec. 31, 2014 | |
Predecessor [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 4,422 | $ 40,350 | ||
Predecessor [Member] | Recorded in Cost of Sales | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 1,372 | 22,388 | ||
Inventory loss | (33) | 941 | ||
Fixed asset write-offs and other | 1,715 | 5,552 | ||
Predecessor [Member] | Recorded in Research and Development | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 2,312 | |||
Predecessor [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 608 | |||
Other (recorded in Cost of sales) | 1,354 | 604 | ||
Predecessor [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance and related charges (recorded in Rationalizations) | (11) | 7,465 | ||
Contract terminations and other (recorded in Rationalizations) | 25 | 480 | ||
Predecessor [Member] | Industrial Materials [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 2,696 | 34,479 | ||
Predecessor [Member] | Industrial Materials [Member] | Recorded in Cost of Sales | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 432 | 22,388 | ||
Inventory loss | (33) | 941 | ||
Fixed asset write-offs and other | 1,715 | 5,552 | ||
Predecessor [Member] | Industrial Materials [Member] | Recorded in Research and Development | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 0 | |||
Predecessor [Member] | Industrial Materials [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 0 | |||
Other (recorded in Cost of sales) | 400 | 89 | ||
Predecessor [Member] | Industrial Materials [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance and related charges (recorded in Rationalizations) | 157 | 5,040 | ||
Contract terminations and other (recorded in Rationalizations) | 25 | 469 | ||
Predecessor [Member] | Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 1,726 | 5,871 | ||
Predecessor [Member] | Corporate and Other [Member] | Recorded in Cost of Sales | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 940 | 0 | ||
Inventory loss | 0 | 0 | ||
Fixed asset write-offs and other | 0 | 0 | ||
Predecessor [Member] | Corporate and Other [Member] | Recorded in Research and Development | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 2,312 | |||
Predecessor [Member] | Corporate and Other [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation | 608 | |||
Other (recorded in Cost of sales) | 954 | 515 | ||
Predecessor [Member] | Corporate and Other [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance and related charges (recorded in Rationalizations) | (168) | 2,425 | ||
Contract terminations and other (recorded in Rationalizations) | $ 0 | $ 11 | ||
Successor [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 389 | $ 2,365 | ||
Successor [Member] | Recorded in Cost of Sales | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Inventory loss | (649) | |||
Fixed asset write-offs and other | 329 | 636 | ||
Successor [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other (recorded in Cost of sales) | 425 | 1,670 | ||
Successor [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance and related charges (recorded in Rationalizations) | 225 | 59 | ||
Contract terminations and other (recorded in Rationalizations) | 59 | |||
Successor [Member] | Industrial Materials [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 28 | 1,842 | ||
Successor [Member] | Industrial Materials [Member] | Recorded in Cost of Sales | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Inventory loss | (649) | |||
Fixed asset write-offs and other | 329 | 636 | ||
Successor [Member] | Industrial Materials [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other (recorded in Cost of sales) | 135 | 1,258 | ||
Successor [Member] | Industrial Materials [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance and related charges (recorded in Rationalizations) | 154 | (52) | ||
Contract terminations and other (recorded in Rationalizations) | 59 | |||
Successor [Member] | Corporate and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 361 | 523 | ||
Successor [Member] | Corporate and Other [Member] | Recorded in Cost of Sales | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Inventory loss | 0 | |||
Fixed asset write-offs and other | 0 | 0 | ||
Successor [Member] | Corporate and Other [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other (recorded in Cost of sales) | 290 | 412 | ||
Successor [Member] | Corporate and Other [Member] | Rationalizations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance and related charges (recorded in Rationalizations) | 71 | $ 111 | ||
Contract terminations and other (recorded in Rationalizations) | $ 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, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Reportable Segments | segment | 2 | ||||
Net sales | $ 437,963 | $ 533,040 | $ 825,145 | ||
Industrial Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Additions to lower of cost or market reserve | 19,000 | ||||
Other expense (income), net | $ 2,700 | 34,500 | |||
Preferred Stock Issuance Expense | 3,200 | ||||
Mark To Market Adjustment | 3,500 | ||||
Impairment of long-lived assets and goodwill | 35,400 | 76,100 | |||
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other expense (income), net | 6,300 | ||||
Preferred Stock Issuance Expense | 19,400 | ||||
Mark To Market Adjustment | (6,300) | ||||
Proxy Context Costs | 2,400 | ||||
Predecessor [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Additions to lower of cost or market reserve | 0 | 0 | |||
Net sales | $ 193,133 | 339,907 | 825,145 | ||
Total segment operating income (loss) | (12,563) | (68,249) | (119,974) | ||
Other expense (income), net | (813) | 1,421 | 2,920 | ||
Interest expense | 26,211 | 35,736 | |||
Interest income | (6) | (363) | (320) | ||
Loss before income taxes | (21,743) | (95,518) | 116,421 | (158,310) | |
Inventory write-downs | 0 | 19,600 | |||
Restructuring Costs | 4,422 | 40,350 | |||
Impairment of long-lived assets and goodwill | 35,381 | 75,650 | |||
Predecessor [Member] | Industrial Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 193,133 | 339,907 | 825,145 | ||
Total segment operating income (loss) | (2,529) | (24,900) | (51,300) | ||
Restructuring Costs | 2,696 | 34,479 | |||
Predecessor [Member] | Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total segment operating income (loss) | (10,034) | (43,349) | (68,674) | ||
Restructuring Costs | $ 1,726 | $ 5,871 | |||
Successor [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Additions to lower of cost or market reserve | 0 | 18,974 | |||
Net sales | 193,133 | 437,963 | |||
Total segment operating income (loss) | (12,563) | (92,053) | |||
Other expense (income), net | (813) | (2,188) | |||
Interest expense | 9,999 | 26,914 | |||
Interest income | (6) | (358) | |||
Loss before income taxes | (21,743) | (116,421) | |||
Inventory write-downs | 0 | 1,770 | |||
Restructuring Costs | 389 | 2,365 | |||
Impairment of long-lived assets and goodwill | 0 | 2,843 | |||
Successor [Member] | Industrial Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 437,963 | ||||
Total segment operating income (loss) | (63,827) | ||||
Restructuring Costs | 28 | 1,842 | |||
Successor [Member] | Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total segment operating income (loss) | (28,226) | ||||
Restructuring Costs | $ 361 | $ 523 |
Segment Reporting Revenue from
Segment Reporting Revenue from External Customers by Products and Services (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue from External Customer [Line Items] | |||
Revenue, Net | $ 437,963 | $ 533,040 | $ 825,145 |
U.S. | |||
Revenue from External Customer [Line Items] | |||
Revenue, Net | 74,526 | 107,517 | 195,264 |
Americas | |||
Revenue from External Customer [Line Items] | |||
Revenue, Net | 116,944 | 132,917 | 165,761 |
Asia Pacific | |||
Revenue from External Customer [Line Items] | |||
Revenue, Net | 41,302 | 37,509 | 80,832 |
Europe, Middle East, Africa | |||
Revenue from External Customer [Line Items] | |||
Revenue, Net | $ 205,191 | $ 255,097 | $ 383,288 |
Segment Reporting Summary Of In
Segment Reporting Summary Of Information Of Long-Lived Assets In Different Geographic Areas (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | $ 508,855 | $ 551,163 |
Mexico | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | 191,502 | 209,634 |
Mexico | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | 151,288 | 158,950 |
Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | 6,100 | 8,787 |
France | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | 69,558 | 76,535 |
Spain | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | 87,614 | 93,049 |
South Africa | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | 2,547 | 2,879 |
Italy | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | 10 | 1,032 |
Switzerland | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | 192 | 266 |
Other countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | $ 44 | $ 31 |
[1] | Long-lived assets represent fixed assets, net of accumulated depreciation. |
Goodwill And Other Intangible59
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||||||
Amortization expense of intangible assets | $ 5.5 | $ 10.5 | $ 14.3 | $ 18.4 | ||
Future Amortization Expense, 2017 | 13.6 | |||||
Future Amortization Expense, 2018 | 12.9 | |||||
Future Amortization Expense, 2019 | 12.2 | |||||
Future Amortization Expense, 2020 | 11.4 | |||||
Future Amortization Expense, 2021 | $ 10.7 | |||||
Needle Coke [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, Impairment Loss | $ 35.4 | $ 76.1 | ||||
Percentage Decrease in Market Prices | 18.00% | |||||
Fair Value Inputs, Discount Rate | 10.50% |
Goodwill And Other Intangible60
Goodwill And Other Intangible Assets (Schedule Of Changes In The Carrying Value Of Goodwill) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor [Member] | ||||
Goodwill [Roll Forward] | ||||
Balance | $ 384,132 | $ 420,129 | $ 172,059 | $ 420,129 |
Impairment | (35,381) | |||
Currency translation effect | (616) | |||
Balance | 172,059 | $ 384,132 | 172,059 | |
Successor [Member] | ||||
Goodwill [Roll Forward] | ||||
Balance | 172,059 | |||
Adjustments | 1,641 | 1,058 | ||
Goodwill, Transfers | (2,000) | |||
Balance | $ 172,059 | $ 171,117 | $ 172,059 |
Goodwill And Other Intangible61
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets With Determinable Useful Lives By Major Category) (Details) - Predecessor [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 14, 2015 |
Goodwill [Line Items] | |||
Gross Carrying Amount | $ 142,300 | $ 142,300 | |
Accumulated Amortization | (5,477) | (19,809) | |
Net Carrying Amount | 136,823 | $ 122,491 | |
Trade Name [Member] | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | $ 22,500 | 22,500 | |
Accumulated Amortization | (3,235) | (889) | |
Net Carrying Amount | 19,265 | 21,611 | |
Technological Know-How [Member] | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | 55,300 | 55,300 | |
Accumulated Amortization | (10,397) | (2,900) | |
Net Carrying Amount | 44,903 | 52,400 | |
Customer Related Intangible [Member] | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | 64,500 | 64,500 | |
Accumulated Amortization | (6,177) | (1,688) | |
Net Carrying Amount | $ 58,323 | $ 62,812 |
Debt And Liquidity (Schedule Of
Debt And Liquidity (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total | $ 365,432 | $ 367,227 |
Less: Short-term Debt | (8,852) | |
Long-term debt | 356,580 | 362,455 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total | 274,132 | 267,827 |
Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total | 569 | 1,400 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving Facility | $ 90,731 | $ 98,000 |
Debt And Liquidity (Revolving F
Debt And Liquidity (Revolving Faciltity) (Details) - USD ($) | Feb. 27, 2015 | Dec. 31, 2016 | Apr. 27, 2016 | Aug. 11, 2015 | Jul. 28, 2015 | Apr. 23, 2014 |
Debt Instrument [Line Items] | ||||||
Minimum Liquidity | $ 25,000,000 | |||||
12 Month Trailing EBITDA | $ 75,000,000 | |||||
12 Month Trailing EBITDA Minimum (Low End) | 40,000,000 | |||||
12 Month Trailing EBITDA Minimum (High End) | 35,000,000 | |||||
Revolving Credit Facility Balance | 61,200,000 | |||||
Letters of Credit Outstanding, Amount | 12,300,000 | |||||
Term Loan Balance | $ 29,500,000 | $ 40,000,000 | ||||
Revolving Credit Facility [Member] | Amended and Restated Credit Agreement February 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | |||||
Revolving Credit Facility [Member] | Amended and Restated Credit Agreement July 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 225,000,000 | $ 375,000,000 | ||||
Term Loan Facility [Member] | Amended and Restated Credit Agreement February 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | |||||
Term Loan Facility [Member] | Amended and Restated Credit Agreement July 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | |||||
Minimum [Member] | Amended and Restated Credit Agreement February 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Amended and Restated Credit Agreement February 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||
Maximum [Member] | Amended and Restated Credit Agreement February 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.70% | |||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Amended and Restated Credit Agreement February 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% |
Debt And Liquidity Debt And Liq
Debt And Liquidity Debt And Liquidity (Senior Notes) (Details) - Senior Notes [Member] - USD ($) | Dec. 31, 2016 | 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 (Senior Subo
Debt And Liquidity (Senior Subordinated Notes) (Details) - USD ($) | Nov. 30, 2010 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Subordinated Borrowing, Interest Rate | 7.00% | |
Senior Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Notes Issued | $ 200,000,000 | |
Subordinated Borrowing, Interest Rate | 7.00% |
Interest Expense (Details)
Interest Expense (Details) - USD ($) $ in Thousands | Aug. 11, 2015 | Dec. 31, 2015 | Jun. 30, 2015 | Aug. 14, 2015 | Dec. 31, 2016 | Dec. 31, 2014 | Nov. 20, 2012 |
Debt Instrument [Line Items] | |||||||
Effective interest rate, revolving credit facility | 2.68% | 5.52% | |||||
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 | $ 12,066 | $ 20,099 | |||||
Amortization of discount on Senior Subordinated Notes | 12,027 | 12,298 | |||||
Accretion of fair value adjustment on Senior Notes | 0 | 0 | |||||
Amortization of debt issuance costs | 2,118 | 3,339 | |||||
Total interest expense | $ 26,211 | $ 35,736 | |||||
Successor [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest incurred on debt | $ 7,694 | $ 20,408 | |||||
Amortization of discount on Senior Subordinated Notes | 0 | 0 | |||||
Accretion of fair value adjustment on Senior Notes | 2,305 | 6,305 | |||||
Amortization of debt issuance costs | 0 | 201 | |||||
Total interest expense | $ 9,999 | $ 26,914 |
Fair Value Measurements And D67
Fair Value Measurements And Derivative Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | ||
Fair value of long-term debt | $ 342,100,000 | $ 273,400,000 |
Other Long-term Debt, Current | 365,400,000 | 367,200,000 |
Unrealized loss on foreign currency derivatives | 200,000 | 0 |
Commodity derivative contracts, unrealized gain | 0 | 0 |
Hedging Instruments, Non-derivative, Assets | 13,300,000 | 11,800,000 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 1,500,000 | 1,400,000 |
Foreign Currency Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amounts of foreign currency derivatives | $ 22,600,000 | $ 18,700,000 |
Minimum [Member] | Foreign Currency Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative maturities | January, 27 2017 |
Fair Value Measurements And D68
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, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 10 | $ 76 |
Derivative Liability, Fair Value, Gross Liability | 188 | 11 |
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 | 10 | 76 |
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 | $ 188 | $ 11 |
Fair Value Measurements And D69
Fair Value Measurements And Derivative Instruments (Schedule Of Realized (Gains) Losses On Derivatives Recognized In Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Aug. 14, 2015 | Dec. 31, 2016 | Dec. 31, 2014 | |
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) | $ (322) | $ (849) | ||
Derivative, Gain (Loss) on Derivative, Tax | 17 | 106 | 32 | 85 | ||
Designated as Hedging Instrument [Member] | Derivatives Designated As Cash Flow Hedges [Member] | Commodity Forward Derivatives [Member] | Recorded in Cost of Sales | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Amount of (Gain)/Loss Recognized | $ 0 | $ 328 | 1,161 | 0 | ||
Derivative, Gain (Loss) on Derivative, Tax | $ 0 | $ (120) | (424) | 0 | ||
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 | $ 549 | $ 1,020 |
Supplementary Balance Sheet D70
Supplementary Balance Sheet Detail (Schedule Of Amounts Recognized In Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials and supplies | $ 54,469 | $ 66,201 |
Work in process | 52,379 | 89,453 |
Finished goods | 49,263 | 62,476 |
Inventories | 156,111 | 218,130 |
Prepaid expenses | 6,096 | 9,041 |
Value added tax and other indirect taxes receivable | 12,984 | 10,069 |
Other current assets | 2,585 | 2,040 |
Prepaid Expense and Other Assets, Current | 21,665 | 21,150 |
Land and improvements | 43,737 | 44,052 |
Buildings | 55,440 | 55,843 |
Machinery and equipment and other | 460,892 | 431,226 |
Construction in progress | 25,635 | 40,208 |
Property, plant and equipment | 585,704 | 571,329 |
Payrolls (including incentive programs) | 4,802 | 4,028 |
Employee compensation and benefits | 11,439 | 6,199 |
Other | 14,278 | 10,760 |
Accrued liabilities, net | 30,519 | 20,987 |
Postretirement benefits | 19,002 | 20,102 |
Pension and related benefits | 45,876 | 55,364 |
Other | 17,270 | 18,852 |
Other long - term obligations | $ 82,148 | $ 94,318 |
Supplementary Balance Sheet D71
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, 2016 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Balance at beginning of year | $ 5,877 | $ 6,969 | $ 244 | $ 6,262 |
Additions | 244 | 85 | 129 | 3,520 |
Deductions | 0 | (1,177) | (47) | (2,813) |
Balance at end of year | $ 244 | $ 5,877 | $ 326 | $ 6,969 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | |||
Total lease and rental expenses under non-cancelable operating leases | $ 3.6 | $ 6.2 | $ 7.1 |
Commitments (Schedule Of Lease
Commitments (Schedule Of Lease Commitments Under Non-Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 2,637 |
2,018 | 2,158 |
2,019 | 1,781 |
2,020 | 1,108 |
2,021 | 373 |
After 2,021 | $ 902 |
Retirement Plans And Postreti74
Retirement Plans And Postretirement Benefits (Narrative) (Details) $ in Thousands | Mar. 27, 2015USD ($) | Jun. 30, 2015USD ($)shares | Aug. 14, 2015USD ($) | Dec. 31, 2016USD ($)years | Dec. 31, 2013USD ($)shares | Dec. 31, 2015USD ($) |
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 | |||||
Projected benefit obligations settled | $ 62,000 | |||||
Defined benefit plan, accumulated benefit obligation | $ 157,000 | $ 158,900 | ||||
Employer contributions | $ 4,300 | |||||
Gross benefits paid | 5,300 | |||||
Employee retirement age, years | years | 65 | |||||
Assets of trust approximately | $ 700 | 800 | ||||
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 | ||||
Stock issued during period, value, employee benefit plan | $ 1,400 | $ 4,400 | ||||
Pension and other postretirement benefit contributions | $ 2,500 | |||||
Fixed Income Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Investment plan percentage | 100.00% | |||||
Successor [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 11,871 | |||||
U.S. [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 100,905 | 93,897 | ||||
U.S. [Member] | Equity Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Investment plan percentage | 20.00% | |||||
U.S. [Member] | Fixed Income Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Investment plan percentage | 80.00% | |||||
U.S. [Member] | Successor [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Employer contributions | $ 8,710 | |||||
Gross benefits paid | 10,258 | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 100,905 | 93,897 | ||||
U.S. [Member] | Successor [Member] | Postretirement Benefit Costs [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Employer contributions | 1,600 | 853 | ||||
Gross benefits paid | $ 1,600 | 853 | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||||
Trust | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 800 | 400 | ||||
Foreign [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 11,871 | 11,293 | ||||
Foreign [Member] | Successor [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Employer contributions | 854 | |||||
Gross benefits paid | 564 | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 11,293 | |||||
Foreign [Member] | Successor [Member] | Postretirement Benefit Costs [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Employer contributions | 855 | |||||
Gross benefits paid | 855 | |||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 | ||||
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% |
Retirement Plans And Postreti75
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, 2016 | Dec. 31, 2014 | |
Predecessor [Member] | U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 386 | $ 151 | $ 750 | |
Interest cost | 2,200 | 854 | 5,983 | |
Expected return on assets | 0 | (5,215) | ||
Amortization of prior service cost | 0 | 0 | ||
Curtailment gain | 0 | 0 | ||
Mark-to-market loss (gain) | 0 | 18,431 | ||
Net Cost | 1,005 | 19,949 | ||
Predecessor [Member] | Foreign [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 281 | 98 | 1,107 | |
Interest cost | 94 | 554 | 2,669 | |
Expected return on assets | 0 | (2,516) | ||
Amortization of prior service cost | (12) | 2 | ||
Curtailment gain | 0 | (28) | ||
Mark-to-market loss (gain) | 0 | (534) | ||
Net Cost | $ 640 | $ 700 | ||
Successor [Member] | U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 386 | $ 1,325 | ||
Interest cost | 2,200 | 5,744 | ||
Expected return on assets | (1,885) | (4,940) | ||
Amortization of prior service cost | 0 | |||
Curtailment gain | 0 | |||
Mark-to-market loss (gain) | 716 | (2,322) | ||
Net Cost | 1,417 | (193) | ||
Successor [Member] | Foreign [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 281 | 698 | ||
Interest cost | 94 | 243 | ||
Expected return on assets | (59) | (298) | ||
Amortization of prior service cost | 0 | |||
Curtailment gain | (675) | |||
Mark-to-market loss (gain) | 1,843 | (220) | ||
Net Cost | $ 1,484 | $ 423 |
Retirement Plans And Postreti76
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, 2016 | Dec. 31, 2014 | |
Changes in Benefit Obligation: | ||||
Gross benefits paid | $ (5,300) | |||
Changes in Plan Assets: | ||||
Employer contributions | 4,300 | |||
Gross benefits paid | (5,300) | |||
U.S. [Member] | ||||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | $ 93,897 | |||
Fair value of plan assets at end of year | $ 93,897 | 100,905 | ||
Foreign [Member] | ||||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 11,293 | |||
Fair value of plan assets at end of year | 11,293 | 11,871 | ||
Predecessor [Member] | ||||
Changes in Plan Assets: | ||||
Funded status (underfunded): | (6,978) | |||
Predecessor [Member] | U.S. [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 146,790 | 142,126 | ||
Service cost | 386 | 151 | $ 750 | |
Interest cost | 2,200 | 854 | 5,983 | |
Participant contributions | 0 | |||
Plan amendments / curtailments | 0 | |||
Foreign currency exchange rates | 0 | |||
Actuarial loss (gain) | (3,896) | |||
Gross benefits paid | (3,354) | |||
Net benefit obligation at end of year | 142,126 | 146,790 | ||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 97,473 | 93,897 | ||
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 | 97,473 | ||
Funded status (underfunded): | (48,229) | |||
Prior service credit | 0 | |||
Non-current assets | 0 | |||
Current liabilities | (437) | |||
Non-current liabilities | (47,792) | |||
Net amount recognized | (48,229) | |||
Predecessor [Member] | U.S. [Member] | Postretirement Benefit Costs [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 11,395 | 10,859 | ||
Service cost | 0 | 0 | ||
Interest cost | 142 | 223 | 396 | |
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 | 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 | ||
Funded status (underfunded): | (10,859) | |||
Prior service credit | 0 | |||
Current liabilities | (1,298) | |||
Non-current liabilities | (9,561) | |||
Net amount recognized | (10,859) | |||
Predecessor [Member] | Foreign [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 18,512 | 18,271 | ||
Service cost | 281 | 98 | 1,107 | |
Interest cost | 94 | 554 | 2,669 | |
Participant contributions | 79 | |||
Plan amendments / curtailments | (578) | |||
Foreign currency exchange rates | (480) | |||
Actuarial loss (gain) | 377 | |||
Gross benefits paid | (14) | |||
Net benefit obligation at end of year | 18,271 | 18,512 | ||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 12,811 | 11,293 | ||
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 | 11,293 | 12,811 | ||
Prior service credit | (95) | |||
Non-current assets | 0 | |||
Current liabilities | (253) | |||
Non-current liabilities | (6,725) | |||
Net amount recognized | (6,978) | |||
Predecessor [Member] | Foreign [Member] | Postretirement Benefit Costs [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 13,457 | 11,296 | ||
Service cost | 5 | 9 | 71 | |
Interest cost | 289 | 433 | $ 976 | |
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 | 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 | ||
Funded status (underfunded): | (11,296) | |||
Prior service credit | 0 | |||
Current liabilities | (755) | |||
Non-current liabilities | (10,541) | |||
Net amount recognized | (11,296) | |||
Successor [Member] | ||||
Changes in Plan Assets: | ||||
Fair value of plan assets at end of year | 11,871 | |||
Funded status (underfunded): | (6,366) | |||
Successor [Member] | U.S. [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 142,126 | |||
Service cost | 386 | 1,325 | ||
Interest cost | 2,200 | 5,744 | ||
Participant contributions | 0 | |||
Plan amendments / curtailments | 0 | |||
Foreign currency exchange rates | 0 | |||
Actuarial loss (gain) | 1,293 | |||
Gross benefits paid | (10,258) | |||
Net benefit obligation at end of year | 142,126 | 140,230 | ||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 93,897 | |||
Actual return on plan assets | 8,556 | |||
Foreign currency exchange rate changes | 0 | |||
Employer contributions | 8,710 | |||
Participant contributions | 0 | |||
Gross benefits paid | (10,258) | |||
Fair value of plan assets at end of year | 93,897 | 100,905 | ||
Funded status (underfunded): | (39,325) | |||
Prior service credit | 0 | |||
Non-current assets | 0 | |||
Current liabilities | (435) | |||
Non-current liabilities | (38,890) | |||
Net amount recognized | (39,325) | |||
Successor [Member] | U.S. [Member] | Postretirement Benefit Costs [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 10,859 | |||
Service cost | 0 | 0 | ||
Interest cost | 142 | 360 | ||
Foreign currency exchange rates | 0 | |||
Actuarial loss (gain) | (191) | |||
Gross benefits paid | (1,600) | (853) | ||
Plan amendment | 0 | |||
Net benefit obligation at end of year | 10,859 | 10,175 | ||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 0 | |||
Employer contributions | 1,600 | 853 | ||
Gross benefits paid | $ (1,600) | (853) | ||
Fair value of plan assets at end of year | 0 | 0 | ||
Funded status (underfunded): | (10,175) | |||
Prior service credit | 0 | |||
Current liabilities | (1,134) | |||
Non-current liabilities | (9,041) | |||
Net amount recognized | (10,175) | |||
Successor [Member] | Foreign [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 18,271 | |||
Service cost | 281 | 698 | ||
Interest cost | 94 | 243 | ||
Participant contributions | 256 | |||
Plan amendments / curtailments | (122) | |||
Foreign currency exchange rates | (527) | |||
Actuarial loss (gain) | (18) | |||
Gross benefits paid | (564) | |||
Net benefit obligation at end of year | 18,271 | 18,237 | ||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 11,293 | |||
Actual return on plan assets | 378 | |||
Foreign currency exchange rate changes | (346) | |||
Employer contributions | 854 | |||
Participant contributions | 256 | |||
Gross benefits paid | (564) | |||
Fair value of plan assets at end of year | 11,293 | |||
Prior service credit | 0 | |||
Non-current assets | 0 | |||
Current liabilities | (128) | |||
Non-current liabilities | (6,238) | |||
Net amount recognized | (6,366) | |||
Successor [Member] | Foreign [Member] | Postretirement Benefit Costs [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 11,296 | |||
Service cost | 5 | 4 | ||
Interest cost | 289 | 764 | ||
Foreign currency exchange rates | 709 | |||
Actuarial loss (gain) | (225) | |||
Gross benefits paid | (855) | |||
Plan amendment | 993 | |||
Net benefit obligation at end of year | 11,296 | 10,700 | ||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 0 | |||
Employer contributions | 855 | |||
Gross benefits paid | (855) | |||
Fair value of plan assets at end of year | $ 0 | 0 | ||
Funded status (underfunded): | (10,700) | |||
Prior service credit | 0 | |||
Current liabilities | (738) | |||
Non-current liabilities | (9,962) | |||
Net amount recognized | $ (10,700) |
Retirement Plans And Postreti77
Retirement Plans And Postretirement Benefits (Fair Asset Values Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 100,905 | $ 93,897 |
U.S. [Member] | Cash And Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,502 | 1,986 |
U.S. [Member] | Collective Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 99,403 | 91,911 |
U.S. [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,502 | 1,986 |
U.S. [Member] | Level 1 [Member] | Cash And Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,502 | 1,986 |
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 | 99,403 | 91,911 |
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 | 99,403 | 91,911 |
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 | 11,871 | 11,293 |
Foreign [Member] | Foreign Government Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 729 | 840 |
Foreign [Member] | Fixed Insurance Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11,142 | 10,453 |
Foreign [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
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 | 729 | 840 |
Foreign [Member] | Level 2 [Member] | Foreign Government Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 729 | 840 |
Foreign [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11,142 | 10,453 |
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] | Fixed Insurance Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 11,142 | $ 10,453 |
Retirement Plans And Postreti78
Retirement Plans And Postretirement Benefits (Fair Value Hierarchy, Assets At Fair Value) (Details) - Retirement Plans [Member] - Fixed Insurance Contracts [Member] - Level 3 [Member] - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
Changes in Plan Assets: | ||
Beginning Balance | $ 13,336 | $ 10,453 |
Gain / contributions / currency impact | (2,883) | 707 |
Distributions | 0 | (18) |
Ending Balance | $ 10,453 | $ 11,142 |
Retirement Plans And Postreti79
Retirement Plans And Postretirement Benefits (Assumptions Used To Determine Net Pension Costs And Projected Benefit Obligations) (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted average assumptions to determine benefit obligations: | |||
Discount rate | 3.61% | 3.86% | |
Rate of compensation increase | 1.57% | 1.84% | |
Weighted average assumptions to determine net cost: | |||
Discount rate | 3.79% | 3.86% | |
Expected return on plan assets | 3.99% | 4.97% | |
Rate of compensation increase | 2.08% | 1.84% |
Retirement Plans And Postreti80
Retirement Plans And Postretirement Benefits (Retirement Plan Weighted Average Asset Allocations) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
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 Postreti81
Retirement Plans And Postretirement Benefits (Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Predecessor [Member] | U.S. [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ||
Accumulated benefit obligation | $ 142,126 | |
Fair value of plan assets | 93,897 | |
Predecessor [Member] | Foreign [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ||
Accumulated benefit obligation | 16,749 | |
Fair value of plan assets | $ 11,293 | |
Successor [Member] | U.S. [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ||
Accumulated benefit obligation | $ 140,230 | |
Fair value of plan assets | 100,905 | |
Successor [Member] | Foreign [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ||
Accumulated benefit obligation | 16,057 | |
Fair value of plan assets | $ 11,142 |
Retirement Plans And Postreti82
Retirement Plans And Postretirement Benefits (Pension Plans With Projected Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Predecessor [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 142,126 | |
Fair value of plan assets | 93,897 | |
Predecessor [Member] | Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 18,271 | |
Fair value of plan assets | $ 11,293 | |
Successor [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 140,230 | |
Fair value of plan assets | 100,905 | |
Successor [Member] | Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 17,415 | |
Fair value of plan assets | $ 11,142 |
Retirement Plans And Postreti83
Retirement Plans And Postretirement Benefits (Projected Future Pension Plan Cash Flow By Year) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | $ 6,654 |
Expected employee contributions | 0 |
2,017 | 9,259 |
2,018 | 9,247 |
2,019 | 9,218 |
2,020 | 9,256 |
2,021 | 9,278 |
2022-2026 | 45,917 |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | 561 |
Expected employee contributions | 0 |
2,017 | 751 |
2,018 | 696 |
2,019 | 643 |
2,020 | 720 |
2,021 | 670 |
2022-2026 | $ 5,705 |
Retirement Plans And Postreti84
Retirement Plans And Postretirement Benefits (Components Of Net Postretirement Costs) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2016 | Dec. 31, 2014 | |
Predecessor [Member] | U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 386 | $ 151 | $ 750 | |
Interest cost | 2,200 | 854 | 5,983 | |
Amortization of prior service (credit) cost | 0 | 0 | ||
Mark-to-market loss (gain) loss | 0 | 18,431 | ||
Net Cost | 1,005 | 19,949 | ||
Predecessor [Member] | Foreign [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 281 | 98 | 1,107 | |
Interest cost | 94 | 554 | 2,669 | |
Amortization of prior service (credit) cost | (12) | 2 | ||
Mark-to-market loss (gain) loss | 0 | (534) | ||
Net Cost | 640 | 700 | ||
Successor [Member] | U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 386 | $ 1,325 | ||
Interest cost | 2,200 | 5,744 | ||
Amortization of prior service (credit) cost | 0 | |||
Mark-to-market loss (gain) loss | 716 | (2,322) | ||
Net Cost | 1,417 | (193) | ||
Successor [Member] | Foreign [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 281 | 698 | ||
Interest cost | 94 | 243 | ||
Amortization of prior service (credit) cost | 0 | |||
Mark-to-market loss (gain) loss | 1,843 | (220) | ||
Net Cost | 1,484 | 423 | ||
Postretirement Benefit Costs [Member] | Predecessor [Member] | U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | ||
Interest cost | 142 | 223 | 396 | |
Amortization of prior service (credit) cost | 0 | 0 | ||
Plan amendment / curtailment | 0 | 0 | ||
Mark-to-market loss (gain) loss | 0 | 1,151 | ||
Net Cost | 223 | 1,547 | ||
Postretirement Benefit Costs [Member] | Predecessor [Member] | Foreign [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 5 | 9 | 71 | |
Interest cost | 289 | 433 | 976 | |
Amortization of prior service (credit) cost | 0 | (180) | ||
Plan amendment / curtailment | 0 | (294) | ||
Mark-to-market loss (gain) loss | 0 | 1,456 | ||
Net Cost | $ 442 | $ 2,029 | ||
Postretirement Benefit Costs [Member] | Successor [Member] | U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | ||
Interest cost | 142 | 360 | ||
Amortization of prior service (credit) cost | 0 | |||
Plan amendment / curtailment | 0 | 0 | ||
Mark-to-market loss (gain) loss | (100) | (191) | ||
Net Cost | 42 | 169 | ||
Postretirement Benefit Costs [Member] | Successor [Member] | Foreign [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 5 | 4 | ||
Interest cost | 289 | 764 | ||
Amortization of prior service (credit) cost | 0 | |||
Plan amendment / curtailment | 0 | (993) | ||
Mark-to-market loss (gain) loss | (621) | (225) | ||
Net Cost | $ (327) | $ (450) |
Retirement Plans And Postreti85
Retirement Plans And Postretirement Benefits (Fair Value Of Assets Of, And The Funded Status Of, Postretirement Plans) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2016 | Dec. 31, 2014 | |
Changes in Benefit Obligation: | ||||
Gross benefits paid | $ (5,300) | |||
Changes in Plan Assets: | ||||
Employer contributions | 4,300 | |||
Gross benefits paid | (5,300) | |||
U.S. [Member] | ||||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | $ 93,897 | |||
Fair value of plan assets at end of year | $ 93,897 | 100,905 | ||
Foreign [Member] | ||||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 11,293 | |||
Fair value of plan assets at end of year | 11,293 | 11,871 | ||
Predecessor [Member] | ||||
Changes in Plan Assets: | ||||
Funded status: | (6,978) | |||
Predecessor [Member] | U.S. [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 146,790 | 142,126 | ||
Service cost | 386 | 151 | $ 750 | |
Interest cost | 2,200 | 854 | 5,983 | |
Foreign currency exchange rates | 0 | |||
Actuarial loss (gain) | (3,896) | |||
Gross benefits paid | (3,354) | |||
Net benefit obligation at end of year | 142,126 | 146,790 | ||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 97,473 | 93,897 | ||
Employer contributions | 2,505 | |||
Gross benefits paid | (3,354) | |||
Fair value of plan assets at end of year | 93,897 | 97,473 | ||
Funded status: | (48,229) | |||
Prior service credit | 0 | |||
Current liabilities | (437) | |||
Non-current liabilities | (47,792) | |||
Net amount recognized | (48,229) | |||
Predecessor [Member] | Foreign [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 18,512 | 18,271 | ||
Service cost | 281 | 98 | 1,107 | |
Interest cost | 94 | 554 | 2,669 | |
Foreign currency exchange rates | (480) | |||
Actuarial loss (gain) | 377 | |||
Gross benefits paid | (14) | |||
Net benefit obligation at end of year | 18,271 | 18,512 | ||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 12,811 | 11,293 | ||
Employer contributions | 170 | |||
Gross benefits paid | (14) | |||
Fair value of plan assets at end of year | 11,293 | 12,811 | ||
Prior service credit | (95) | |||
Current liabilities | (253) | |||
Non-current liabilities | (6,725) | |||
Net amount recognized | (6,978) | |||
Successor [Member] | ||||
Changes in Plan Assets: | ||||
Fair value of plan assets at end of year | 11,871 | |||
Funded status: | (6,366) | |||
Successor [Member] | U.S. [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 142,126 | |||
Service cost | 386 | 1,325 | ||
Interest cost | 2,200 | 5,744 | ||
Foreign currency exchange rates | 0 | |||
Actuarial loss (gain) | 1,293 | |||
Gross benefits paid | (10,258) | |||
Net benefit obligation at end of year | 142,126 | 140,230 | ||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 93,897 | |||
Employer contributions | 8,710 | |||
Gross benefits paid | (10,258) | |||
Fair value of plan assets at end of year | 93,897 | 100,905 | ||
Funded status: | (39,325) | |||
Prior service credit | 0 | |||
Current liabilities | (435) | |||
Non-current liabilities | (38,890) | |||
Net amount recognized | (39,325) | |||
Successor [Member] | Foreign [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 18,271 | |||
Service cost | 281 | 698 | ||
Interest cost | 94 | 243 | ||
Foreign currency exchange rates | (527) | |||
Actuarial loss (gain) | (18) | |||
Gross benefits paid | (564) | |||
Net benefit obligation at end of year | 18,271 | 18,237 | ||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 11,293 | |||
Employer contributions | 854 | |||
Gross benefits paid | (564) | |||
Fair value of plan assets at end of year | 11,293 | |||
Prior service credit | 0 | |||
Current liabilities | (128) | |||
Non-current liabilities | (6,238) | |||
Net amount recognized | (6,366) | |||
Postretirement Benefit Costs [Member] | Predecessor [Member] | U.S. [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 11,395 | 10,859 | ||
Service cost | 0 | 0 | ||
Interest cost | 142 | 223 | 396 | |
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 | 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 | ||
Funded status: | (10,859) | |||
Prior service credit | 0 | |||
Current liabilities | (1,298) | |||
Non-current liabilities | (9,561) | |||
Net amount recognized | (10,859) | |||
Postretirement Benefit Costs [Member] | Predecessor [Member] | Foreign [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 13,457 | 11,296 | ||
Service cost | 5 | 9 | 71 | |
Interest cost | 289 | 433 | $ 976 | |
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 | 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 | ||
Funded status: | (11,296) | |||
Prior service credit | 0 | |||
Current liabilities | (755) | |||
Non-current liabilities | (10,541) | |||
Net amount recognized | (11,296) | |||
Postretirement Benefit Costs [Member] | Successor [Member] | U.S. [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 10,859 | |||
Service cost | 0 | 0 | ||
Interest cost | 142 | 360 | ||
Foreign currency exchange rates | 0 | |||
Actuarial loss (gain) | (191) | |||
Gross benefits paid | (1,600) | (853) | ||
Plan amendment | 0 | |||
Net benefit obligation at end of year | 10,859 | 10,175 | ||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 0 | |||
Employer contributions | 1,600 | 853 | ||
Gross benefits paid | $ (1,600) | (853) | ||
Fair value of plan assets at end of year | 0 | 0 | ||
Funded status: | (10,175) | |||
Prior service credit | 0 | |||
Current liabilities | (1,134) | |||
Non-current liabilities | (9,041) | |||
Net amount recognized | (10,175) | |||
Postretirement Benefit Costs [Member] | Successor [Member] | Foreign [Member] | ||||
Changes in Benefit Obligation: | ||||
Net benefit obligation at beginning of year | 11,296 | |||
Service cost | 5 | 4 | ||
Interest cost | 289 | 764 | ||
Foreign currency exchange rates | 709 | |||
Actuarial loss (gain) | (225) | |||
Gross benefits paid | (855) | |||
Plan amendment | (993) | |||
Net benefit obligation at end of year | 11,296 | 10,700 | ||
Changes in Plan Assets: | ||||
Fair value of plan assets at beginning of year | 0 | |||
Employer contributions | 855 | |||
Gross benefits paid | (855) | |||
Fair value of plan assets at end of year | $ 0 | 0 | ||
Funded status: | (10,700) | |||
Prior service credit | 0 | |||
Current liabilities | (738) | |||
Non-current liabilities | (9,962) | |||
Net amount recognized | $ (10,700) |
Retirement Plans And Postreti86
Retirement Plans And Postretirement Benefits (Net Postretirement Benefit Costs And Postretirement Projected Benefit Obligation) (Details) | 5 Months Ended | 6 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.86% | 3.61% | |
Discount rate | 3.79% | 3.86% | |
Postretirement Benefit Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.10% | 4.80% | |
Health care cost trend on covered charges, Initial | 6.67% | 6.80% | |
Health care cost trend on covered charges, Ultimate | 6.48% | 5.96% | |
Health care cost trend on covered charges, Years to ultimate | 2 years | 8 years | |
Postretirement Benefit Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.91% | 5.10% | |
Health care cost trend on covered charges, Initial | 6.55% | 6.67% | |
Health care cost trend on covered charges, Ultimate | 6.18% | 6.48% | |
Health care cost trend on covered charges, Years to ultimate | 0 years | 1 year |
Retirement Plans And Postreti87
Retirement Plans And Postretirement Benefits (One-Percentage Point Change In Assumed Health Care Cost Trend Rates) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
One Percentage Point Increase, Effect on total service cost and interest cost components | $ 2 |
One Percentage Point Increase, Effect on benefit obligations | 67 |
One Percentage Point Decrease, Effect on total service cost and interest cost components | (2) |
One Percentage Point Decrease, Effect on benefit obligations | (63) |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
One Percentage Point Increase, Effect on total service cost and interest cost components | 75 |
One Percentage Point Increase, Effect on benefit obligations | 599 |
One Percentage Point Decrease, Effect on total service cost and interest cost components | (63) |
One Percentage Point Decrease, Effect on benefit obligations | $ (507) |
Retirement Plans And Postreti88
Retirement Plans And Postretirement Benefits (Projected Future Postretirement Cash Flow By Year) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | $ 6,654 |
Expected employee contributions | 0 |
2,017 | 9,259 |
2,018 | 9,247 |
2,019 | 9,218 |
2,020 | 9,256 |
2,021 | 9,278 |
2022-2026 | 45,917 |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | 561 |
Expected employee contributions | 0 |
2,017 | 751 |
2,018 | 696 |
2,019 | 643 |
2,020 | 720 |
2,021 | 670 |
2022-2026 | 5,705 |
Postretirement Benefit Costs [Member] | U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | 1,134 |
Expected employee contributions | 0 |
2,017 | 1,134 |
2,018 | 1,065 |
2,019 | 984 |
2,020 | 898 |
2,021 | 809 |
2022-2026 | 2,975 |
Postretirement Benefit Costs [Member] | Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | 738 |
Expected employee contributions | 0 |
2,017 | 738 |
2,018 | 742 |
2,019 | 747 |
2,020 | 754 |
2,021 | 761 |
2022-2026 | $ 3,931 |
Management Compensation And I89
Management Compensation And Incentive Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 11, 2015 | Jun. 30, 2015 | Aug. 14, 2015 | Dec. 31, 2016 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Accelerated charge | $ 12.7 | ||||
Stock-based compensation expense | $ 15.3 | $ 7.7 | |||
Selling And Administrative Expense [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 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 I90
Management Compensation And Incentive Plans (Restricted Stock And Performance Share Awards Activity) (Details) - Restricted Stock And Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2016$ / 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 I91
Management Compensation And Incentive Plans (Stock Option Activity Under The Plans) (Details) - Stock Options [Member] | 12 Months Ended |
Dec. 31, 2016$ / 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) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2016 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Beginning balance | $ 797 | $ 520 | $ 388 |
Product warranty adjustments | (324) | 346 | 1,285 |
Payments and settlements | (85) | (69) | (704) |
Ending balance | $ 388 | $ 797 | $ 969 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | 24 Months Ended | |||
Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2015 | Aug. 15, 2015 | |
Income Tax Examination [Line Items] | ||||||
U.S. federal income tax rate | 35.00% | 35.00% | 35.00% | |||
Net non-current deferred tax assets | $ 15,300 | |||||
Net non-current deferred tax liabilities | $ 42,900 | 57,400 | ||||
Non-cash charge | 73,400 | |||||
Deferred Tax Assets, Operating Loss Carryforwards | 95,500 | |||||
Unrecognized tax benefits | 3,300 | |||||
Unrecognized tax benefits that would have a favorable impact on effective tax rate | 3,000 | |||||
Accrued interest and penalties | 700 | $ 500 | $ 500 | 800 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 100 | |||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 1,000 | |||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount | $ 472,800 | |||||
Foreign Country [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Total foreign tax credit carryforwards | 19,700 | |||||
Tax credit carryforwards, years | 7 years | |||||
Operating loss carryforwards | 34,300 | |||||
Domestic Tax Authority [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 100,900 | |||||
Operating loss carryforwards | 244,600 | |||||
State [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Operating loss carryforwards | 290,500 | |||||
Successor [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Net non-current deferred tax assets | 19,803 | 15,326 | ||||
Net non-current deferred tax liabilities | 42,906 | 57,430 | ||||
Total foreign tax credit carryforwards | 153,169 | |||||
Unrecognized tax benefits | 3,338 | $ 3,921 | $ 3,689 | |||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 603 |
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, 2016 | Dec. 31, 2014 | |
Predecessor [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
U.S. | $ (16,827) | $ (84,599) | $ (127,707) | |
Non-U.S. | (4,916) | (10,919) | (30,603) | |
Loss from continuing operations before provision for income taxes | (21,743) | $ (95,518) | $ 116,421 | $ (158,310) |
Successor [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
U.S. | (44,971) | |||
Non-U.S. | (71,450) | |||
Loss from continuing operations before provision for income taxes | $ (21,743) | $ (116,421) |
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, 2016 | Dec. 31, 2014 | |
Predecessor [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
U.S. income taxes, Current | $ (52) | $ (20) | $ (1,261) | |
U.S. income taxes, Deferred | 686 | 403 | (537) | |
U.S. income taxes, Total | 634 | 383 | (1,798) | |
Non-U.S. income taxes, Current | 1,566 | 5,547 | 11,474 | |
Non-U.S. income taxes, Deferred | 4,682 | 522 | (15,466) | |
Non-U.S. income taxes, Total | 6,248 | 6,069 | (3,992) | |
Total income tax (benefit) expense | 6,882 | $ 6,452 | $ (7,552) | $ (5,790) |
Successor [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
U.S. income taxes, Current | (878) | |||
U.S. income taxes, Deferred | 1,152 | |||
U.S. income taxes, Total | 274 | |||
Non-U.S. income taxes, Current | 5,389 | |||
Non-U.S. income taxes, Deferred | (13,215) | |||
Non-U.S. income taxes, Total | (7,826) | |||
Total income tax (benefit) expense | $ 6,882 | $ (7,552) |
Income Taxes (Schedule Of Inc96
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, 2016 | Dec. 31, 2014 | |
Predecessor [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax at statutory U.S. federal rate | $ (7,610) | $ (33,431) | $ (55,409) | |
U.S. valuation allowance, net | 7,355 | 21,532 | 26,175 | |
State taxes, net of federal tax benefit | (697) | (2,005) | (4,387) | |
U.S. tax return adjustments to estimated taxes | 0 | 0 | (368) | |
Resolution of uncertain tax positions | 64 | 71 | (513) | |
Adjustment for foreign income taxed at different rates | 7,120 | 11,136 | 10,408 | |
U.S. tax credits | 0 | 0 | (1,000) | |
Non-U.S. tax exemptions, holidays and credits | 228 | (691) | 0 | |
Goodwill impairment | 0 | 8,026 | 17,161 | |
Capital loss expiration | 0 | 0 | 2,422 | |
Investment in subsidiary impairment deduction | 0 | 0 | 0 | |
Other | 422 | 1,814 | (279) | |
Total income tax (benefit) expense | 6,882 | $ 6,452 | $ (7,552) | $ (5,790) |
Successor [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax at statutory U.S. federal rate | (40,747) | |||
U.S. valuation allowance, net | 35,091 | |||
State taxes, net of federal tax benefit | (2,324) | |||
U.S. tax return adjustments to estimated taxes | 0 | |||
Resolution of uncertain tax positions | (513) | |||
Adjustment for foreign income taxed at different rates | 12,738 | |||
U.S. tax credits | 0 | |||
Non-U.S. tax exemptions, holidays and credits | (175) | |||
Goodwill impairment | 0 | |||
Capital loss expiration | 0 | |||
Investment in subsidiary impairment deduction | (10,111) | |||
Other | (1,511) | |||
Total income tax (benefit) expense | $ 6,882 | $ (7,552) |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Predecessor [Member] | ||
Deferred tax assets: | ||
Fixed assets | $ 10,128 | |
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 | 12,719 | |
Original issue discount | 0 | |
Long-term contract option amortization | 2,138 | |
Provision for rationalization charges | 5,967 | |
Other | 1,005 | |
Total gross deferred tax assets | 207,698 | |
Less: valuation allowance | (165,539) | |
Total deferred tax assets | 42,159 | |
Deferred tax liabilities: | ||
Fixed assets | 64,278 | |
Debt discount amortization / Deferred financing fees | 7,666 | |
Inventory | 4,985 | |
Goodwill and acquired intangibles | 2,686 | |
Other | 4,647 | |
Total deferred tax liabilities | 84,262 | |
Total deferred tax liabilities | $ (42,103) | |
Successor [Member] | ||
Deferred tax assets: | ||
Fixed assets | $ 41,677 | |
Postretirement and other employee benefits | 32,275 | |
Foreign tax credit and other carryforwards | 153,169 | |
Capitalized research and experimental costs | 18,146 | |
Environmental reserves | 4,237 | |
Inventory | 15,227 | |
Original issue discount | 6,461 | |
Long-term contract option amortization | 2,074 | |
Provision for rationalization charges | 7,498 | |
Other | 3,391 | |
Total gross deferred tax assets | 284,155 | |
Less: valuation allowance | (244,841) | |
Total deferred tax assets | 39,314 | |
Deferred tax liabilities: | ||
Fixed assets | 47,346 | |
Debt discount amortization / Deferred financing fees | 6,544 | |
Inventory | 3,482 | |
Goodwill and acquired intangibles | 2,295 | |
Other | 2,751 | |
Total deferred tax liabilities | 62,418 | |
Total deferred tax liabilities | $ (23,104) |
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, 2016 | Dec. 31, 2014 | |
Predecessor [Member] | ||||
Valuation Allowance [Line Items] | ||||
Balance at beginning of year | $ 115,449 | $ 95,721 | $ 20,411 | |
(Credited) / charged to income | 29,363 | 74,157 | ||
Translation adjustment | (1,467) | (800) | ||
Changes attributable to movement in underlying assets | (8,168) | 1,953 | ||
Balance at end of year | $ 115,449 | $ 95,721 | ||
Successor [Member] | ||||
Valuation Allowance [Line Items] | ||||
Balance at beginning of year | $ 165,539 | |||
(Credited) / charged to income | 6,780 | 78,469 | ||
Translation adjustment | (101) | 583 | ||
Changes attributable to movement in underlying assets | 43,411 | 250 | ||
Balance at end of year | $ 165,539 | $ 244,841 |
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, 2016 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Balance at December 31 | $ 3,300 | |||
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 | |
Additions based on tax positions related to the current year | 268 | |||
Additions for tax positions of prior years | 232 | |||
Reductions for tax positions of prior years | (1,204) | |||
Lapse of statutes of limitations | (1,180) | |||
Settlements | (1,503) | |||
Foreign currency impact | 21 | (106) | ||
Balance at December 31 | $ 3,689 | $ 3,710 | ||
Successor [Member] | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Balance at January 1 | 3,921 | |||
Additions for tax positions of prior years | 301 | |||
Lapse of statutes of limitations | (603) | |||
Foreign currency impact | 69 | (20) | ||
Balance at December 31 | $ 3,921 | $ 3,338 |
Earnings Per Share - Basic and
Earnings Per Share - Basic and Diluted (Details) - shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding | 136,155,295 | 135,067,278 | |
Add: Effect of stock options and restricted stock | 0 | 0 | |
Weighted average common shares outstanding for diluted calculation | 136,155,295 | 137,152,430 | 135,067,278 |
Earnings Per Share Treasury Sha
Earnings Per Share Treasury Share Buyback (Details) - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | 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 Comprehens102
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss) (Details) - Successor [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 14, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Foreign currency translation adjustments | $ 7,560 | $ 10,134 | |
Commodities and foreign currency derivatives | (2) | 123 | |
Total accumulated comprehensive loss | $ 7,558 | $ 10,257 | $ 10,257 |
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, 2016 | Dec. 31, 2015 | Aug. 15, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
ASSETS | |||||||
Inventories | $ 156,111 | $ 218,130 | |||||
Net property, plant and equipment | [1] | 508,855 | 551,163 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Long-term debt - third party | 356,580 | 362,455 | |||||
Other long-term obligations | 82,148 | 94,318 | |||||
Deferred income taxes | 42,900 | 57,400 | |||||
Predecessor [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 11,610 | 6,927 | $ 25,033 | $ 17,550 | $ 11,888 | ||
Accounts receivable - affiliates | 0 | ||||||
Accounts receivable - trade | 82,390 | ||||||
Inventories | 218,130 | ||||||
Prepaid expenses and other current assets | 21,150 | ||||||
Current assets of discontinued operations | 98,281 | ||||||
Total current assets | 426,878 | ||||||
Investment in affiliates | 0 | ||||||
Net property, plant and equipment | 551,163 | ||||||
Deferred income taxes | 15,326 | ||||||
Goodwill | 172,059 | 384,132 | 420,129 | ||||
Notes receivable - affiliate | 0 | ||||||
Other assets | 152,614 | ||||||
Long-term assets of discontinued operations | 103,975 | ||||||
Total assets | 1,422,015 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | 0 | ||||||
Accounts payable - trade | 40,147 | ||||||
Short-term debt | 4,772 | ||||||
Accrued income and other taxes | 5,933 | ||||||
Rationalizations | 1,195 | ||||||
Other accrued liabilities | 20,987 | ||||||
Current liabilities of discontinued operations | 23,082 | ||||||
Total current liabilities | 96,116 | ||||||
Long-term debt - affiliate | 0 | ||||||
Long-term debt - third party | 362,455 | ||||||
Other long-term obligations | 94,318 | ||||||
Deferred income taxes | 57,430 | ||||||
Other long-term obligations | 1,167 | ||||||
Total stockholders’ equity | 810,529 | 1,020,410 | 1,004,526 | 1,320,749 | |||
Total liabilities and stockholders’ equity | 1,422,015 | ||||||
Predecessor [Member] | Consolidating Entries and Eliminations [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | ||
Accounts receivable - affiliates | (80,900) | ||||||
Accounts receivable - trade | 0 | ||||||
Inventories | 0 | ||||||
Prepaid expenses and other current assets | 0 | ||||||
Current assets of discontinued operations | (877) | ||||||
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 | ||||||
Long-term assets of discontinued operations | 0 | ||||||
Total assets | (1,863,992) | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | (80,900) | ||||||
Accounts payable - trade | 0 | ||||||
Short-term debt | 0 | ||||||
Accrued income and other taxes | 0 | ||||||
Rationalizations | 0 | ||||||
Other accrued liabilities | 0 | ||||||
Current liabilities of discontinued operations | (877) | ||||||
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 | ||||||
Other long-term obligations | 0 | ||||||
Total stockholders’ equity | (1,736,141) | ||||||
Total liabilities and stockholders’ equity | (1,863,992) | ||||||
Predecessor [Member] | Parent Company [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | ||
Accounts receivable - affiliates | 51,592 | ||||||
Accounts receivable - trade | 0 | ||||||
Inventories | 0 | ||||||
Prepaid expenses and other current assets | 0 | ||||||
Current assets of discontinued operations | 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 | ||||||
Long-term assets of discontinued operations | 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 | ||||||
Current liabilities of discontinued operations | 0 | ||||||
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 | ||||||
Other long-term obligations | 0 | ||||||
Total stockholders’ equity | 810,529 | ||||||
Total liabilities and stockholders’ equity | 1,119,620 | ||||||
Predecessor [Member] | Guarantor Subsidiaries [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 636 | 646 | 2,480 | 5,503 | 4,752 | ||
Accounts receivable - affiliates | 9,803 | ||||||
Accounts receivable - trade | 7,599 | ||||||
Inventories | 54,613 | ||||||
Prepaid expenses and other current assets | 7,907 | ||||||
Current assets of discontinued operations | 81,638 | ||||||
Total current assets | 162,206 | ||||||
Investment in affiliates | 668,113 | ||||||
Net property, plant and equipment | 209,633 | ||||||
Deferred income taxes | 0 | ||||||
Goodwill | 72,399 | ||||||
Notes receivable - affiliate | 46,074 | ||||||
Other assets | 79,368 | ||||||
Long-term assets of discontinued operations | 99,457 | ||||||
Total assets | 1,337,250 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | 71,099 | ||||||
Accounts payable - trade | 11,191 | ||||||
Short-term debt | 4,636 | ||||||
Accrued income and other taxes | 2,824 | ||||||
Rationalizations | 995 | ||||||
Other accrued liabilities | 4,841 | ||||||
Current liabilities of discontinued operations | 18,384 | ||||||
Total current liabilities | 113,970 | ||||||
Long-term debt - affiliate | 0 | ||||||
Long-term debt - third party | 93,758 | ||||||
Other long-term obligations | 60,508 | ||||||
Deferred income taxes | 248 | ||||||
Other long-term obligations | 738 | ||||||
Total stockholders’ equity | 1,068,028 | ||||||
Total liabilities and stockholders’ equity | 1,337,250 | ||||||
Predecessor [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 10,974 | 6,281 | 22,553 | $ 12,047 | $ 7,136 | ||
Accounts receivable - affiliates | 19,505 | ||||||
Accounts receivable - trade | 74,791 | ||||||
Inventories | 163,517 | ||||||
Prepaid expenses and other current assets | 13,243 | ||||||
Current assets of discontinued operations | 17,520 | ||||||
Total current assets | 294,857 | ||||||
Investment in affiliates | 0 | ||||||
Net property, plant and equipment | 341,530 | ||||||
Deferred income taxes | 15,326 | ||||||
Goodwill | 99,660 | ||||||
Notes receivable - affiliate | 0 | ||||||
Other assets | 73,246 | ||||||
Long-term assets of discontinued operations | 4,518 | ||||||
Total assets | 829,137 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | 9,642 | ||||||
Accounts payable - trade | 28,956 | ||||||
Short-term debt | 136 | ||||||
Accrued income and other taxes | 3,109 | ||||||
Rationalizations | 200 | ||||||
Other accrued liabilities | 13,702 | ||||||
Current liabilities of discontinued operations | 5,575 | ||||||
Total current liabilities | 61,320 | ||||||
Long-term debt - affiliate | 7,413 | ||||||
Long-term debt - third party | 870 | ||||||
Other long-term obligations | 33,810 | ||||||
Deferred income taxes | 57,182 | ||||||
Other long-term obligations | 429 | ||||||
Total stockholders’ equity | 668,113 | ||||||
Total liabilities and stockholders’ equity | 829,137 | ||||||
Successor [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 11,610 | 6,927 | 25,033 | ||||
Accounts receivable - affiliates | 0 | ||||||
Accounts receivable - trade | 80,568 | ||||||
Inventories | 156,111 | 218,130 | |||||
Prepaid expenses and other current assets | 21,665 | ||||||
Current assets of discontinued operations | 60,979 | 98,281 | |||||
Total current assets | 330,933 | 426,878 | |||||
Investment in affiliates | 0 | ||||||
Net property, plant and equipment | 508,855 | 551,163 | |||||
Deferred income taxes | 19,803 | ||||||
Goodwill | 171,117 | 172,059 | $ 170,418 | ||||
Notes receivable - affiliate | 0 | ||||||
Other assets | 141,568 | 152,614 | |||||
Long-term assets of discontinued operations | 0 | 103,975 | |||||
Total assets | 1,172,276 | 1,422,015 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | 0 | ||||||
Accounts payable - trade | 47,663 | 40,147 | |||||
Short-term debt | 8,852 | 4,772 | |||||
Accrued income and other taxes | 5,256 | 5,933 | |||||
Rationalizations | 75 | 1,195 | |||||
Other accrued liabilities | 30,519 | 20,987 | |||||
Current liabilities of discontinued operations | 20,042 | 23,082 | |||||
Total current liabilities | 112,407 | 96,116 | |||||
Long-term debt - affiliate | 0 | ||||||
Long-term debt - third party | 356,580 | 362,455 | |||||
Other long-term obligations | 82,148 | 94,318 | |||||
Deferred income taxes | 42,906 | 57,430 | |||||
Other long-term obligations | 850 | ||||||
Total stockholders’ equity | 577,385 | 810,529 | 0 | ||||
Total liabilities and stockholders’ equity | 1,172,276 | 1,422,015 | |||||
Successor [Member] | Consolidating Entries and Eliminations [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 0 | 0 | 0 | ||||
Accounts receivable - affiliates | (74,859) | ||||||
Accounts receivable - trade | 0 | ||||||
Inventories | 0 | ||||||
Prepaid expenses and other current assets | 0 | ||||||
Current assets of discontinued operations | (4,477) | ||||||
Total current assets | (79,336) | ||||||
Investment in affiliates | (1,445,976) | ||||||
Net property, plant and equipment | 0 | ||||||
Deferred income taxes | 0 | ||||||
Goodwill | 0 | ||||||
Notes receivable - affiliate | (49,003) | ||||||
Other assets | 0 | ||||||
Total assets | (1,574,315) | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | (74,859) | ||||||
Accounts payable - trade | 0 | ||||||
Short-term debt | 0 | ||||||
Accrued income and other taxes | 0 | ||||||
Rationalizations | 0 | ||||||
Other accrued liabilities | 0 | ||||||
Current liabilities of discontinued operations | (4,477) | ||||||
Total current liabilities | (79,336) | ||||||
Long-term debt - affiliate | (49,003) | ||||||
Long-term debt - third party | 0 | ||||||
Other long-term obligations | 0 | ||||||
Deferred income taxes | 0 | ||||||
Other long-term obligations | 0 | ||||||
Total stockholders’ equity | (1,445,976) | ||||||
Total liabilities and stockholders’ equity | (1,574,315) | ||||||
Successor [Member] | Parent Company [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 0 | 0 | 0 | ||||
Accounts receivable - affiliates | 51,592 | ||||||
Accounts receivable - trade | 0 | ||||||
Inventories | 0 | ||||||
Prepaid expenses and other current assets | 1,350 | ||||||
Current assets of discontinued operations | 0 | ||||||
Total current assets | 52,942 | ||||||
Investment in affiliates | 844,379 | ||||||
Net property, plant and equipment | 0 | ||||||
Deferred income taxes | 0 | ||||||
Goodwill | 0 | ||||||
Notes receivable - affiliate | 0 | ||||||
Other assets | 0 | ||||||
Total assets | 897,321 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | 806 | ||||||
Accounts payable - trade | 964 | ||||||
Short-term debt | 0 | ||||||
Accrued income and other taxes | 0 | ||||||
Rationalizations | 0 | ||||||
Other accrued liabilities | 2,444 | ||||||
Current liabilities of discontinued operations | 0 | ||||||
Total current liabilities | 4,214 | ||||||
Long-term debt - affiliate | 41,590 | ||||||
Long-term debt - third party | 274,132 | ||||||
Other long-term obligations | 0 | ||||||
Deferred income taxes | 0 | ||||||
Other long-term obligations | 0 | ||||||
Total stockholders’ equity | 577,385 | ||||||
Total liabilities and stockholders’ equity | 897,321 | ||||||
Successor [Member] | Guarantor Subsidiaries [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 636 | 646 | 2,480 | ||||
Accounts receivable - affiliates | 3,624 | ||||||
Accounts receivable - trade | 7,518 | ||||||
Inventories | 44,563 | ||||||
Prepaid expenses and other current assets | 4,853 | ||||||
Current assets of discontinued operations | 51,160 | ||||||
Total current assets | 112,354 | ||||||
Investment in affiliates | 601,597 | ||||||
Net property, plant and equipment | 191,503 | ||||||
Deferred income taxes | 0 | ||||||
Goodwill | 70,399 | ||||||
Notes receivable - affiliate | 49,003 | ||||||
Other assets | 70,767 | ||||||
Total assets | 1,095,623 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | 71,243 | ||||||
Accounts payable - trade | 8,033 | ||||||
Short-term debt | 3,062 | ||||||
Accrued income and other taxes | 2,095 | ||||||
Rationalizations | 57 | ||||||
Other accrued liabilities | 12,148 | ||||||
Current liabilities of discontinued operations | 20,381 | ||||||
Total current liabilities | 117,019 | ||||||
Long-term debt - affiliate | 0 | ||||||
Long-term debt - third party | 81,695 | ||||||
Other long-term obligations | 50,943 | ||||||
Deferred income taxes | 909 | ||||||
Other long-term obligations | 678 | ||||||
Total stockholders’ equity | 844,379 | ||||||
Total liabilities and stockholders’ equity | 1,095,623 | ||||||
Successor [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
ASSETS | |||||||
Cash and cash equivalents | 10,974 | $ 6,281 | $ 22,553 | ||||
Accounts receivable - affiliates | 19,643 | ||||||
Accounts receivable - trade | 73,050 | ||||||
Inventories | 111,548 | ||||||
Prepaid expenses and other current assets | 15,462 | ||||||
Current assets of discontinued operations | 14,296 | ||||||
Total current assets | 244,973 | ||||||
Investment in affiliates | 0 | ||||||
Net property, plant and equipment | 317,352 | ||||||
Deferred income taxes | 19,803 | ||||||
Goodwill | 100,718 | ||||||
Notes receivable - affiliate | 0 | ||||||
Other assets | 70,801 | ||||||
Total assets | 753,647 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Accounts payable - affiliate | 2,810 | ||||||
Accounts payable - trade | 38,666 | ||||||
Short-term debt | 5,790 | ||||||
Accrued income and other taxes | 3,161 | ||||||
Rationalizations | 18 | ||||||
Other accrued liabilities | 15,927 | ||||||
Current liabilities of discontinued operations | 4,138 | ||||||
Total current liabilities | 70,510 | ||||||
Long-term debt - affiliate | 7,413 | ||||||
Long-term debt - third party | 753 | ||||||
Other long-term obligations | 31,205 | ||||||
Deferred income taxes | 41,997 | ||||||
Other long-term obligations | 172 | ||||||
Total stockholders’ equity | 601,597 | ||||||
Total liabilities and stockholders’ equity | $ 753,647 | ||||||
[1] | Long-lived assets represent fixed assets, net of accumulated depreciation. |
Guarantor Information (Conde105
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | $ 437,963,000 | $ 533,040,000 | $ 825,145,000 | ||
Net income (loss) | (235,843,000) | ||||
Statements of Comprehensive Income | |||||
Net income (loss) | (235,843,000) | ||||
Predecessor [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | $ 0 | $ 0 | 0 | ||
Sales - third party | 193,133,000 | 339,907,000 | 825,145,000 | ||
Net sales | 193,133,000 | 339,907,000 | 825,145,000 | ||
Cost of sales | 180,845,000 | 305,001,000 | 757,156,000 | ||
Additions to lower of cost or market reserve | 0 | 0 | |||
Gross profit (loss) | 12,288,000 | 34,906,000 | 67,989,000 | ||
Research and development | 1,083,000 | 3,377,000 | 9,738,000 | ||
Selling and administrative expenses | 23,485,000 | 64,383,000 | 94,629,000 | ||
Impairment of long-lived assets and goodwill | 35,381,000 | 75,650,000 | |||
Rationalizations | 283,000 | 14,000 | 7,946,000 | ||
Operating loss | (12,563,000) | (68,249,000) | (119,974,000) | ||
Other (income) expense, net | (813,000) | 1,421,000 | 2,920,000 | ||
Interest expense - affiliate | 0 | 0 | 0 | ||
Interest expense - third party | 9,999,000 | 26,211,000 | 35,736,000 | ||
Interest income - affiliate | 0 | 0 | 0 | ||
Interest income | (6,000) | (363,000) | (320,000) | ||
Loss from continuing operations before provision for income taxes | (21,743,000) | (95,518,000) | 116,421,000 | (158,310,000) | |
(Benefit) provision for income taxes | 6,882,000 | 6,452,000 | (7,552,000) | (5,790,000) | |
Equity in loss from continuing operations of subsidiary | 0 | 0 | 0 | ||
Net loss from continuing operations | (101,970,000) | (152,520,000) | |||
Loss from discontinued operations, net of tax | (132,856,000) | ||||
Equity in loss from discontinued operations of subsidiary | 0 | ||||
Loss from discontinued operations, net of tax | (18,679,000) | (132,856,000) | |||
Net income (loss) | (33,551,000) | (120,649,000) | 235,843,000 | (285,376,000) | |
Statements of Comprehensive Income | |||||
Net income (loss) | (33,551,000) | (120,649,000) | 235,843,000 | (285,376,000) | |
Other comprehensive income (loss) | (10,257,000) | (26,674,000) | (43,900,000) | ||
Comprehensive loss | (43,808,000) | (147,323,000) | (329,276,000) | ||
Predecessor [Member] | Consolidating Entries and Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | (80,886,000) | (170,049,000) | (382,946,000) | ||
Sales - third party | 0 | 0 | 0 | ||
Net sales | (80,886,000) | (170,049,000) | (382,946,000) | ||
Cost of sales | (80,886,000) | (170,049,000) | (382,946,000) | ||
Gross profit (loss) | 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 | (226,000) | (375,000) | (806,000) | ||
Interest expense - third party | 0 | 0 | 0 | ||
Interest income - affiliate | 226,000 | 375,000 | 806,000 | ||
Interest income | 0 | 0 | 0 | ||
Loss from continuing operations before provision for income taxes | 0 | 0 | 0 | 0 | |
(Benefit) provision for income taxes | 0 | 0 | 0 | 0 | |
Equity in loss from continuing operations of subsidiary | 30,715,000 | 85,653,000 | 140,113,000 | ||
Net loss from continuing operations | 140,113,000 | ||||
Loss from discontinued operations, net of tax | 0 | ||||
Equity in loss from discontinued operations of subsidiary | 139,495,000 | ||||
Loss from discontinued operations, net of tax | 139,495,000 | ||||
Net income (loss) | 36,413,000 | 109,581,000 | (276,823,000) | 279,608,000 | |
Statements of Comprehensive Income | |||||
Net income (loss) | 36,413,000 | 109,581,000 | (276,823,000) | 279,608,000 | |
Other comprehensive income (loss) | 20,514,000 | 54,715,000 | 72,550,000 | ||
Comprehensive loss | 56,927,000 | 164,296,000 | 352,158,000 | ||
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 (loss) | 0 | 0 | 0 | ||
Research and development | 0 | 0 | 0 | ||
Selling and administrative expenses | 0 | 6,750,000 | 0 | ||
Impairment of long-lived assets and goodwill | 0 | 0 | |||
Rationalizations | 0 | 0 | 0 | ||
Operating loss | 0 | (6,750,000) | 0 | ||
Other (income) expense, net | 0 | 0 | 0 | ||
Interest expense - affiliate | 226,000 | 3,000 | 0 | ||
Interest expense - third party | 9,552,000 | 24,366,000 | 32,118,000 | ||
Interest income - affiliate | 0 | (372,000) | (806,000) | ||
Interest income | 0 | 0 | 0 | ||
Loss from continuing operations before provision for income taxes | (9,778,000) | (30,747,000) | 26,420,000 | (31,312,000) | |
(Benefit) provision for income taxes | 0 | 0 | 0 | 15,443,000 | |
Equity in loss from continuing operations of subsidiary | (18,847,000) | (71,223,000) | (105,765,000) | ||
Net loss from continuing operations | (152,520,000) | ||||
Loss from discontinued operations, net of tax | 0 | ||||
Equity in loss from discontinued operations of subsidiary | (132,856,000) | ||||
Loss from discontinued operations, net of tax | (132,856,000) | ||||
Net income (loss) | (33,551,000) | (120,649,000) | 235,843,000 | (285,376,000) | |
Statements of Comprehensive Income | |||||
Net income (loss) | (33,551,000) | (120,649,000) | 235,843,000 | (285,376,000) | |
Other comprehensive income (loss) | (10,257,000) | (26,674,000) | (43,900,000) | ||
Comprehensive loss | (43,808,000) | (147,323,000) | (329,276,000) | ||
Predecessor [Member] | Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | 48,988,000 | 117,366,000 | 240,295,000 | ||
Sales - third party | 40,279,000 | 80,243,000 | 203,609,000 | ||
Net sales | 89,267,000 | 197,609,000 | 443,904,000 | ||
Cost of sales | 87,683,000 | 180,983,000 | 403,058,000 | ||
Gross profit (loss) | 1,584,000 | 16,626,000 | 40,846,000 | ||
Research and development | 1,083,000 | 3,377,000 | 9,738,000 | ||
Selling and administrative expenses | 5,556,000 | 31,513,000 | 33,108,000 | ||
Impairment of long-lived assets and goodwill | 35,381,000 | 75,650,000 | |||
Rationalizations | 70,000 | (68,000) | 5,431,000 | ||
Operating loss | (5,125,000) | (53,577,000) | (83,081,000) | ||
Other (income) expense, net | 1,286,000 | 889,000 | 2,049,000 | ||
Interest expense - affiliate | 0 | 372,000 | 806,000 | ||
Interest expense - third party | 161,000 | 1,574,000 | 2,721,000 | ||
Interest income - affiliate | (226,000) | (3,000) | 0 | ||
Interest income | 0 | 0 | 0 | ||
Loss from continuing operations before provision for income taxes | (6,346,000) | (56,409,000) | 16,172,000 | (88,657,000) | |
(Benefit) provision for income taxes | 634,000 | 384,000 | 274,000 | (17,240,000) | |
Equity in loss from continuing operations of subsidiary | (11,868,000) | (14,430,000) | (34,348,000) | ||
Net loss from continuing operations | (105,765,000) | ||||
Loss from discontinued operations, net of tax | (126,217,000) | ||||
Equity in loss from discontinued operations of subsidiary | (6,639,000) | ||||
Loss from discontinued operations, net of tax | (132,856,000) | ||||
Net income (loss) | (23,774,000) | (89,902,000) | 207,505,000 | (238,621,000) | |
Statements of Comprehensive Income | |||||
Net income (loss) | (23,774,000) | (89,902,000) | 207,505,000 | (238,621,000) | |
Other comprehensive income (loss) | (10,257,000) | (26,674,000) | (43,900,000) | ||
Comprehensive loss | (34,031,000) | (116,576,000) | (282,521,000) | ||
Predecessor [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | 31,898,000 | 52,683,000 | 142,651,000 | ||
Sales - third party | 152,854,000 | 259,664,000 | 621,536,000 | ||
Net sales | 184,752,000 | 312,347,000 | 764,187,000 | ||
Cost of sales | 174,048,000 | 294,067,000 | 737,044,000 | ||
Gross profit (loss) | 10,704,000 | 18,280,000 | 27,143,000 | ||
Research and development | 0 | 0 | 0 | ||
Selling and administrative expenses | 17,929,000 | 26,120,000 | 61,521,000 | ||
Impairment of long-lived assets and goodwill | 0 | 0 | |||
Rationalizations | 213,000 | 82,000 | 2,515,000 | ||
Operating loss | (7,438,000) | (7,922,000) | (36,893,000) | ||
Other (income) expense, net | (2,099,000) | 532,000 | 871,000 | ||
Interest expense - affiliate | 0 | 0 | 0 | ||
Interest expense - third party | 286,000 | 271,000 | 897,000 | ||
Interest income - affiliate | 0 | 0 | 0 | ||
Interest income | (6,000) | (363,000) | (320,000) | ||
Loss from continuing operations before provision for income taxes | (5,619,000) | (8,362,000) | 73,829,000 | (38,341,000) | |
(Benefit) provision for income taxes | 6,248,000 | 6,068,000 | (7,826,000) | (3,993,000) | |
Equity in loss from continuing operations of subsidiary | 0 | 0 | 0 | ||
Net loss from continuing operations | (34,348,000) | ||||
Loss from discontinued operations, net of tax | (6,639,000) | ||||
Equity in loss from discontinued operations of subsidiary | 0 | ||||
Loss from discontinued operations, net of tax | (6,639,000) | ||||
Net income (loss) | (12,639,000) | (19,679,000) | 69,318,000 | (40,987,000) | |
Statements of Comprehensive Income | |||||
Net income (loss) | (12,639,000) | (19,679,000) | 69,318,000 | (40,987,000) | |
Other comprehensive income (loss) | (10,257,000) | (28,041,000) | (28,650,000) | ||
Comprehensive loss | (22,896,000) | (47,720,000) | $ (69,637,000) | ||
Successor [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | 0 | ||||
Sales - third party | 437,963,000 | ||||
Net sales | 193,133,000 | 437,963,000 | |||
Cost of sales | 180,845,000 | 448,016,000 | |||
Additions to lower of cost or market reserve | 0 | 18,974,000 | |||
Gross profit (loss) | 12,288,000 | (29,027,000) | |||
Research and development | 1,083,000 | 2,399,000 | |||
Selling and administrative expenses | 23,485,000 | 57,725,000 | |||
Impairment of long-lived assets and goodwill | 0 | 2,843,000 | |||
Rationalizations | 283,000 | 59,000 | |||
Operating loss | (12,563,000) | (92,053,000) | |||
Other (income) expense, net | (813,000) | (2,188,000) | |||
Interest expense - affiliate | 0 | ||||
Interest expense - third party | 26,914,000 | ||||
Interest income - affiliate | 0 | ||||
Interest income | (6,000) | (358,000) | |||
Loss from continuing operations before provision for income taxes | (21,743,000) | (116,421,000) | |||
(Benefit) provision for income taxes | 6,882,000 | (7,552,000) | |||
Equity in loss from continuing operations of subsidiary | 0 | ||||
Net loss from continuing operations | (28,625,000) | (101,970,000) | (108,869,000) | ||
Loss from discontinued operations, net of tax | (4,926,000) | (18,679,000) | (126,974,000) | ||
Equity in loss from discontinued operations of subsidiary | 0 | 0 | 0 | ||
Loss from discontinued operations, net of tax | (4,926,000) | (18,679,000) | (126,974,000) | ||
Net income (loss) | (33,551,000) | (120,649,000) | (235,843,000) | ||
Statements of Comprehensive Income | |||||
Net income (loss) | (33,551,000) | (120,649,000) | (235,843,000) | ||
Other comprehensive income (loss) | (10,257,000) | 2,699,000 | |||
Comprehensive loss | (43,808,000) | (233,144,000) | |||
Successor [Member] | Consolidating Entries and Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | (179,263,000) | ||||
Sales - third party | 0 | ||||
Net sales | (179,263,000) | ||||
Cost of sales | (179,263,000) | ||||
Additions to lower of cost or market reserve | 0 | ||||
Gross profit (loss) | 0 | ||||
Research and development | 0 | ||||
Selling and administrative expenses | 0 | ||||
Impairment of long-lived assets and goodwill | 0 | ||||
Rationalizations | 0 | ||||
Operating loss | 0 | ||||
Other (income) expense, net | 0 | ||||
Interest expense - affiliate | (984,000) | ||||
Interest expense - third party | 0 | ||||
Interest income - affiliate | 984,000 | ||||
Interest income | 0 | ||||
Equity in loss from continuing operations of subsidiary | 148,452,000 | ||||
Net loss from continuing operations | 30,715,000 | 85,653,000 | 148,452,000 | ||
Loss from discontinued operations, net of tax | 0 | 0 | 0 | ||
Equity in loss from discontinued operations of subsidiary | 5,698,000 | 23,928,000 | 128,371,000 | ||
Loss from discontinued operations, net of tax | 5,698,000 | 23,928,000 | 128,371,000 | ||
Net income (loss) | 36,413,000 | 109,581,000 | 276,823,000 | ||
Statements of Comprehensive Income | |||||
Net income (loss) | 36,413,000 | 109,581,000 | 276,823,000 | ||
Other comprehensive income (loss) | (5,398,000) | ||||
Comprehensive loss | 271,425,000 | ||||
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 | ||||
Additions to lower of cost or market reserve | 0 | ||||
Gross profit (loss) | 0 | ||||
Research and development | 0 | ||||
Selling and administrative expenses | 0 | ||||
Impairment of long-lived assets and goodwill | 0 | ||||
Rationalizations | 0 | ||||
Operating loss | 0 | ||||
Other (income) expense, net | 6,000 | ||||
Interest expense - affiliate | 984,000 | ||||
Interest expense - third party | 25,430,000 | ||||
Interest income - affiliate | 0 | ||||
Interest income | 0 | ||||
Equity in loss from continuing operations of subsidiary | (82,449,000) | ||||
Net loss from continuing operations | (28,625,000) | (101,970,000) | (108,869,000) | ||
Loss from discontinued operations, net of tax | 0 | 0 | (1,918,000) | ||
Equity in loss from discontinued operations of subsidiary | (4,926,000) | (18,679,000) | (125,056,000) | ||
Loss from discontinued operations, net of tax | (4,926,000) | (18,679,000) | (126,974,000) | ||
Net income (loss) | (33,551,000) | (120,649,000) | (235,843,000) | ||
Statements of Comprehensive Income | |||||
Net income (loss) | (33,551,000) | (120,649,000) | (235,843,000) | ||
Other comprehensive income (loss) | 2,699,000 | ||||
Comprehensive loss | (233,144,000) | ||||
Successor [Member] | Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | 122,164,000 | ||||
Sales - third party | 87,028,000 | ||||
Net sales | 209,192,000 | ||||
Cost of sales | 190,558,000 | ||||
Additions to lower of cost or market reserve | 6,822,000 | ||||
Gross profit (loss) | 11,812,000 | ||||
Research and development | 2,399,000 | ||||
Selling and administrative expenses | 23,831,000 | ||||
Impairment of long-lived assets and goodwill | 0 | ||||
Rationalizations | 110,000 | ||||
Operating loss | (14,528,000) | ||||
Other (income) expense, net | 1,492,000 | ||||
Interest expense - affiliate | 0 | ||||
Interest expense - third party | 1,136,000 | ||||
Interest income - affiliate | (984,000) | ||||
Interest income | 0 | ||||
Equity in loss from continuing operations of subsidiary | (66,003,000) | ||||
Net loss from continuing operations | (18,848,000) | (71,223,000) | (82,449,000) | ||
Loss from discontinued operations, net of tax | (4,154,000) | (13,430,000) | (121,741,000) | ||
Equity in loss from discontinued operations of subsidiary | (772,000) | (5,249,000) | (3,315,000) | ||
Loss from discontinued operations, net of tax | (4,926,000) | (18,679,000) | (125,056,000) | ||
Net income (loss) | (23,774,000) | (89,902,000) | (207,505,000) | ||
Statements of Comprehensive Income | |||||
Net income (loss) | (23,774,000) | (89,902,000) | (207,505,000) | ||
Other comprehensive income (loss) | 2,699,000 | ||||
Comprehensive loss | (204,806,000) | ||||
Successor [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Sales - affiliates | 57,099,000 | ||||
Sales - third party | 350,935,000 | ||||
Net sales | 408,034,000 | ||||
Cost of sales | 436,721,000 | ||||
Additions to lower of cost or market reserve | 12,152,000 | ||||
Gross profit (loss) | (40,839,000) | ||||
Research and development | 0 | ||||
Selling and administrative expenses | 33,894,000 | ||||
Impairment of long-lived assets and goodwill | 2,843,000 | ||||
Rationalizations | (51,000) | ||||
Operating loss | (77,525,000) | ||||
Other (income) expense, net | (3,686,000) | ||||
Interest expense - affiliate | 0 | ||||
Interest expense - third party | 348,000 | ||||
Interest income - affiliate | 0 | ||||
Interest income | (358,000) | ||||
Equity in loss from continuing operations of subsidiary | 0 | ||||
Net loss from continuing operations | (11,867,000) | (14,430,000) | (66,003,000) | ||
Loss from discontinued operations, net of tax | (772,000) | (5,249,000) | (3,315,000) | ||
Equity in loss from discontinued operations of subsidiary | 0 | 0 | 0 | ||
Loss from discontinued operations, net of tax | (772,000) | (5,249,000) | (3,315,000) | ||
Net income (loss) | (12,639,000) | (19,679,000) | (69,318,000) | ||
Statements of Comprehensive Income | |||||
Net income (loss) | $ (12,639,000) | $ (19,679,000) | (69,318,000) | ||
Other comprehensive income (loss) | 2,699,000 | ||||
Comprehensive loss | $ (66,619,000) |
Guarantor Information (Conde106
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, 2016 | Dec. 31, 2014 | |
Successor [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | $ 23,115 | $ 22,815 | ||
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | 0 | |||
Capital expenditures | (18,442) | (27,858) | ||
Insurance proceeds | 0 | 0 | ||
Derivative instrument settlements, net | 326 | 377 | ||
Proceeds from the sale of fixed assets | 632 | 1,121 | ||
Cash received from divestitures | 0 | 15,889 | ||
Other | 0 | 0 | ||
Net cash used in investing activities | (17,484) | (10,471) | ||
Loans from (repayments to) affiliates | 0 | |||
Short-term debt borrowings | (15,504) | 7,363 | ||
Credit Facility borrowings | 62,000 | 56,000 | ||
Revolving Facility reductions | (68,000) | (70,469) | ||
Repayment of Senior Subordinated Notes | 0 | 0 | ||
Issuance of preferred shares | (1,385) | |||
Principal payments on long term debt | (183) | (289) | ||
Supply chain financing | 0 | 0 | ||
Proceeds from exercise of stock options | 0 | 0 | ||
Purchase of treasury shares | 0 | 0 | ||
Refinancing fees and debt issuance costs | 0 | (922) | ||
Other | (1,385) | 0 | ||
Net cash (used in) provided by financing activities | (23,072) | (8,317) | ||
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (17,441) | 4,027 | ||
Effect of exchange rate changes on cash and cash equivalents | (665) | 656 | ||
Cash and cash equivalents at beginning of period | 25,033 | 6,927 | ||
Cash and cash equivalents at end of period | 6,927 | $ 25,033 | 11,610 | |
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) | |||
Short-term debt borrowings | 0 | |||
Credit 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 | 0 | ||
Cash and cash equivalents at end of period | 0 | 0 | 0 | |
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 | |||
Short-term debt borrowings | 0 | |||
Credit 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 | 0 | ||
Cash and cash equivalents at end of period | 0 | 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 | |||
Short-term debt borrowings | (10,998) | |||
Credit 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 | 646 | ||
Cash and cash equivalents at end of period | 646 | 2,480 | 636 | |
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 | |||
Short-term debt borrowings | (4,506) | |||
Credit 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 | 6,281 | ||
Cash and cash equivalents at end of period | 6,281 | 22,553 | 10,974 | |
Predecessor [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | 28,323 | 22,815 | $ 120,903 | |
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | 0 | 0 | 0 | |
Capital expenditures | (32,301) | (27,858) | (84,981) | |
Insurance proceeds | 0 | 2,834 | ||
Derivative instrument settlements, net | (8,263) | 377 | (2,025) | |
Proceeds from the sale of fixed assets | 646 | 1,121 | 5,042 | |
Cash received from divestitures | 0 | 15,889 | 0 | |
Other | 0 | 178 | ||
Net cash used in investing activities | (39,918) | (10,471) | (78,952) | |
Loans from (repayments to) affiliates | 0 | 0 | 0 | |
Short-term debt borrowings | 18,511 | 7,363 | (1,021) | |
Credit Facility borrowings | 160,000 | 56,000 | 269,000 | |
Revolving Facility reductions | (99,000) | (70,469) | (293,000) | |
Repayment of Senior Subordinated Notes | (200,000) | 0 | ||
Issuance of preferred shares | 0 | (150,000) | 0 | 0 |
Principal payments on long term debt | (89) | (289) | (192) | |
Supply chain financing | 0 | (9,455) | ||
Proceeds from exercise of stock options | 32 | 2,813 | ||
Purchase of treasury shares | (63) | (894) | ||
Refinancing fees and debt issuance costs | (5,068) | (922) | (3,279) | |
Other | (3,499) | 951 | ||
Net cash (used in) provided by financing activities | 20,824 | (8,317) | (35,077) | |
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 9,229 | 4,027 | 6,874 | |
Effect of exchange rate changes on cash and cash equivalents | (1,746) | 656 | (1,212) | |
Cash and cash equivalents at beginning of period | 25,033 | 17,550 | 6,927 | 11,888 |
Cash and cash equivalents at end of period | 6,927 | 25,033 | 11,610 | 17,550 |
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) | 2,067 | (6,604) | |
Capital expenditures | 0 | 0 | 0 | |
Insurance proceeds | 0 | |||
Derivative instrument settlements, net | 0 | 0 | 0 | |
Proceeds from the sale of fixed assets | 0 | 0 | 0 | |
Cash received from divestitures | 0 | |||
Other | 0 | |||
Net cash used in investing activities | (14,861) | 2,067 | (6,604) | |
Loans from (repayments to) affiliates | 14,861 | (2,067) | 6,604 | |
Dividends to affiliates | 27,710 | |||
Short-term debt borrowings | 0 | 0 | 0 | |
Credit 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 | |||
Proceeds from exercise of stock options | 0 | 0 | ||
Purchase of treasury shares | 0 | 0 | ||
Refinancing fees and debt issuance costs | 0 | 0 | 0 | |
Other | 0 | 0 | ||
Net cash (used in) provided by financing activities | 42,571 | (2,067) | 6,604 | |
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 | 0 |
Predecessor [Member] | Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | (4,017) | (19,032) | (9,474) | |
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | 36,204 | 0 | 6,604 | |
Capital expenditures | 0 | 0 | 0 | |
Insurance proceeds | 0 | |||
Derivative instrument settlements, net | 0 | 0 | 0 | |
Proceeds from the sale of fixed assets | 0 | 0 | 0 | |
Cash received from divestitures | 16,173 | |||
Other | 0 | |||
Net cash used in investing activities | 36,204 | 16,173 | 6,604 | |
Loans from (repayments to) affiliates | 21,343 | 2,067 | 0 | |
Dividends to affiliates | 0 | |||
Short-term debt borrowings | 0 | 0 | 0 | |
Credit 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 | |||
Proceeds from exercise of stock options | 32 | 2,813 | ||
Purchase of treasury shares | (63) | (894) | ||
Refinancing fees and debt issuance costs | 0 | 0 | 0 | |
Other | (3,499) | 951 | ||
Net cash (used in) provided by financing activities | (32,187) | 2,859 | 2,870 | |
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 | 0 |
Predecessor [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | 34,418 | 25,527 | 79,864 | |
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | (21,343) | (2,067) | 0 | |
Capital expenditures | (20,572) | (9,019) | (58,926) | |
Insurance proceeds | 0 | |||
Derivative instrument settlements, net | (7,595) | 0 | (2,195) | |
Proceeds from the sale of fixed assets | 397 | 462 | 1,700 | |
Cash received from divestitures | (284) | |||
Other | 0 | |||
Net cash used in investing activities | (49,113) | (10,908) | (59,421) | |
Loans from (repayments to) affiliates | (36,204) | 0 | (6,604) | |
Dividends to affiliates | 0 | |||
Short-term debt borrowings | 14,002 | 1,705 | (34) | |
Credit Facility borrowings | 126,000 | 51,000 | 183,000 | |
Revolving Facility reductions | (87,000) | (65,469) | (193,000) | |
Repayment of Senior Subordinated Notes | 0 | |||
Issuance of preferred shares | 0 | |||
Principal payments on long term debt | (89) | (151) | (132) | |
Supply chain financing | 0 | |||
Proceeds from exercise of stock options | 0 | 0 | ||
Purchase of treasury shares | 0 | 0 | ||
Refinancing fees and debt issuance costs | (5,037) | (922) | (2,922) | |
Other | 0 | 0 | ||
Net cash (used in) provided by financing activities | 11,672 | (14,629) | (19,692) | |
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (3,023) | (10) | 751 | |
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 | 646 | 4,752 |
Cash and cash equivalents at end of period | 646 | 2,480 | 636 | 5,503 |
Predecessor [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in) provided by operating activities | 25,632 | 16,320 | 50,513 | |
Cash flow from investing activities: | ||||
(Loans to) repayments from affiliates | 0 | 0 | 0 | |
Capital expenditures | (11,729) | (18,839) | (26,055) | |
Insurance proceeds | 2,834 | |||
Derivative instrument settlements, net | (668) | 377 | 170 | |
Proceeds from the sale of fixed assets | 249 | 659 | 3,342 | |
Cash received from divestitures | 0 | |||
Other | 178 | |||
Net cash used in investing activities | (12,148) | (17,803) | (19,531) | |
Loans from (repayments to) affiliates | 0 | 0 | 0 | |
Dividends to affiliates | (27,710) | |||
Short-term debt borrowings | 4,509 | 5,658 | (987) | |
Credit Facility borrowings | 34,000 | 5,000 | 86,000 | |
Revolving Facility reductions | (12,000) | (5,000) | (100,000) | |
Repayment of Senior Subordinated Notes | 0 | |||
Issuance of preferred shares | 0 | |||
Principal payments on long term debt | 0 | (138) | (60) | |
Supply chain financing | (9,455) | |||
Proceeds from exercise of stock options | 0 | 0 | ||
Purchase of treasury shares | 0 | 0 | ||
Refinancing fees and debt issuance costs | (31) | 0 | (357) | |
Other | 0 | 0 | ||
Net cash (used in) provided by financing activities | (1,232) | 5,520 | (24,859) | |
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 12,252 | 4,037 | 6,123 | |
Effect of exchange rate changes on cash and cash equivalents | (1,746) | 656 | (1,212) | |
Cash and cash equivalents at beginning of period | 22,553 | 12,047 | 6,281 | 7,136 |
Cash and cash equivalents at end of period | $ 6,281 | $ 22,553 | $ 10,974 | $ 12,047 |