Condensed consolidating financial information (Tables)

9 Months Ended

Sep. 30, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statements of Comprehensive Income (Loss)



Condensed Consolidating Statements of Comprehensive Income (Loss)
For the three months ended September 30, 2017
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	138,212		$	161,023		$	—		$	299,235
Other customers	—			101,382			28			—			101,410
Total net sales	—			239,594			161,051			—			400,645
Cost of goods sold	—			220,723			138,520			—			359,243
Gross profit	—			18,871			22,531			—			41,402
Selling, general and administrative expenses	13,684			—			310			—			13,994
Ravenswood (gains) losses	—			—			(5,500		)	—			(5,500		)
Other operating expense - net	—			—			437			—			437
Operating income (loss)	(13,684		)	18,871			27,284			—			32,471
Interest expense	(5,105		)	(392		)	(45		)	—			(5,542		)
Intercompany interest	8,909			2,214			(11,123		)	—			—
Interest income	183			—			239			—			422
Net (loss) on forward and derivative contracts	—			(3,853		)	(35		)	—			(3,888		)
Other income (expense) - net	—			(56		)	483			—			427
Income (loss) before income taxes and equity in earnings of joint ventures	(9,697		)	16,784			16,803			—			23,890
Income tax (expense) benefit	(3		)	—			(3,318		)	—			(3,321		)
Income (loss) before equity in earnings of joint ventures	(9,700		)	16,784			13,485			—			20,569
Equity in earnings (loss) of joint ventures	30,483			1,369			214			(31,852		)	214
Net income	$	20,783		$	18,153		$	13,699		$	(31,852	)	$	20,783
Other comprehensive income (loss) before income tax effect	1,429			982			337			(1,319		)	1,429
Income tax effect	(382		)	—			9			(9		)	(382		)
Other comprehensive income (loss)	1,047			982			346			(1,328		)	1,047
Total comprehensive income (loss)	$	21,830		$	19,135		$	14,045		$	(33,180	)	$	21,830



Condensed Consolidating Statements of Comprehensive Income (Loss)
For the three months ended September 30, 2016
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	170,947		$	152,449		$	(22,285	)	$	301,111
Other customers	—			32,795			11			(267		)	32,539
Total net sales	—			203,742			152,460			(22,552		)	333,650
Cost of goods sold	—			231,082			141,957			(21,777		)	351,262
Gross profit (loss)	—			(27,340		)	10,503			(775		)	(17,612		)
Selling, general and administrative expenses	9,517			—			216			—			9,733
Ravenswood (gains) losses	—			—			26,830			—			26,830
Other operating expense - net	—			—			878			—			878
Operating income (loss)	(9,517		)	(27,340		)	(17,421		)	(775		)	(55,053		)
Interest expense	(5,101		)	(385		)	(45		)	—			(5,531		)
Intercompany interest	9,947			2,059			(12,006		)	—			—
Interest income	33			—			157			—			190
Net gain on forward and derivative contracts	—			1,275			—			—			1,275
Other income (expense) - net	48			14			(219		)	—			(157		)
Loss before income taxes and equity in earnings of joint ventures	(4,590		)	(24,377		)	(29,534		)	(775		)	(59,276		)
Income tax (expense) benefit	(877		)	—			1,725			—			848
Loss before equity in earnings of joint ventures	(5,467		)	(24,377		)	(27,809		)	(775		)	(58,428		)
Equity in earnings (loss) of joint ventures	(52,806		)	—			155			52,806			155
Net loss	$	(58,273	)	$	(24,377	)	$	(27,654	)	$	52,031		$	(58,273	)
Other comprehensive income (loss) before income tax effect	1,206			777			303			(1,080		)	1,206
Income tax effect	(382		)	—			8			(8		)	(382		)
Other comprehensive income (loss)	824			777			311			(1,088		)	824
Total comprehensive income (loss)	$	(57,449	)	$	(23,600	)	$	(27,343	)	$	50,943		$	(57,449	)



Condensed Consolidating Statements of Comprehensive Income (Loss)
For the nine months ended September 30, 2017
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	404,130		$	471,949		$	—		$	876,079
Other customers	—			279,061			93			—			279,154
Total net sales	—			683,191			472,042			—			1,155,233
Cost of goods sold	—			655,027			419,493			—			1,074,520
Gross profit	—			28,164			52,549			—			80,713
Selling, general and administrative expenses	32,798			—			1,250			—			34,048
Ravenswood (gains) losses	—			—			(5,500		)	—			(5,500		)
Other operating expense - net	—			—			1,590			—			1,590
Operating income (loss)	(32,798		)	28,164			55,209			—			50,575
Interest expense	(15,288		)	(1,153		)	(133		)	—			(16,574		)
Intercompany interest	27,104			6,442			(33,546		)				—
Interest income	312			(1		)	624			—			935
Net loss on forward and derivative contracts	—			(17,056		)	(12		)	—			(17,068		)
Other income (expense) - net	677			105			(1,847		)	—			(1,065		)
Income (loss) before income taxes and equity in earnings of joint ventures	(19,993		)	16,501			20,295			—			16,803
Income tax (expense) benefit	1,097			—			(5,562		)	—			(4,465		)
Income (loss) before equity in earnings of joint ventures	(18,896		)	16,501			14,733			—			12,338
Equity in earnings of joint ventures	31,671			3,889			437			(35,560		)	437
Net income (loss)	$	12,775		$	20,390		$	15,170		$	(35,560	)	$	12,775
Other comprehensive income (loss) before income tax effect	3,073			821			1,166			(1,987		)	3,073
Income tax effect	(1,145		)	—			28			(28		)	(1,145		)
Other comprehensive income (loss)	1,928			821			1,194			(2,015		)	1,928
Total comprehensive income (loss)	$	14,703		$	21,211		$	16,364		$	(37,575	)	$	14,703



Condensed Consolidating Statements of Comprehensive Income (Loss)
For the nine months ended September 30, 2016
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	502,707		$	438,660		$	(69,596	)	$	871,771
Other customers	—			107,725			29			(267		)	107,487
Total net sales	—			610,432			438,689			(69,863		)	979,258
Cost of goods sold	—			653,258			411,651			(69,552		)	995,357
Gross profit (loss)	—			(42,826		)	27,038			(311		)	(16,099		)
Selling, general and administrative expenses	26,077			—			3,226			—			29,303
Ravenswood (gains) losses	—			—			26,830			—			26,830
Other operating expense - net	—			—			2,337			—			2,337
Operating income (loss)	(26,077		)	(42,826		)	(5,355		)	(311		)	(74,569		)
Interest expense	(15,236		)	(1,150		)	(135		)	—			(16,521		)
Intercompany interest	29,222			6,013			(35,235		)	—			—
Interest income	108			9			358			—			475
Net gain on forward and derivative contracts	—			2,998			—			—			2,998
Other income (expense) - net	682			29			(1,173		)	—			(462		)
Loss before income taxes and equity in earnings of joint ventures	(11,301		)	(34,927		)	(41,540		)	(311		)	(88,079		)
Income tax benefit	591			—			2,646			—			3,237
Loss before equity in earnings of joint ventures	(10,710		)	(34,927		)	(38,894		)	(311		)	(84,842		)
Equity in earnings (loss) of joint ventures	(73,241		)	—			891			73,241			891
Net loss	$	(83,951	)	$	(34,927	)	$	(38,003	)	$	72,930		$	(83,951	)
Other comprehensive income before income tax effect	3,618			2,332			910			(3,242		)	3,618
Income tax effect	(1,147		)	—			25			(25		)	(1,147		)
Other comprehensive income (loss)	2,471			2,332			935			(3,267		)	2,471
Total comprehensive income (loss)	$	(81,480	)	$	(32,595	)	$	(37,068	)	$	69,663		$	(81,480	)

Condensed Consolidating Balance Sheet



Condensed Consolidating Balance Sheet
As of September 30, 2017
	The Company		Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries		Consolidating Adjustments			Total Consolidated
Cash & cash equivalents	$	70,752	$	(217	)	$	103,678	$	—		$	174,213
Restricted cash	—		800			48		—			848
Accounts receivable - net	—		40,117			250		—			40,367
Due from affiliates	42		11,806			1		—			11,849
Inventories	180		165,288			96,288		—			261,756
Prepaid and other current assets	5,959		6,176			9,626		—			21,761
Total current assets	76,933		223,970			209,891		—			510,794
Property, plant and equipment - net	17,970		303,708			663,270		—			984,948
Investment in subsidiaries	736,345		55,129			—		(791,474		)	—
Due from affiliates - long term	514,676		379,331			9,430		(903,437		)	—
Other assets	27,834		43,915			27,887		(31,915		)	67,721
TOTAL	$	1,373,758	$	1,006,053		$	910,478	$	(1,726,826	)	$	1,563,463

Accounts payable, trade	$	2,712	$	53,785		$	40,535	$	—		$	97,032
Due to affiliates	785		15,902			6,970		—			23,657
Accrued and other current liabilities	18,965		19,035			18,732		—			56,732
Accrued employee benefits costs	1,933		8,020			491		—			10,444
Industrial revenue bonds	—		7,815			—		—			7,815
Total current liabilities	24,395		104,557			66,728		—			195,680
Senior notes payable	248,036		—			—		—			248,036
Accrued pension benefits costs - less current portion	45,587		19,666			13,497		(31,915		)	46,835
Accrued postretirement benefits costs - less current portion	3,873		122,549			1,670		—			128,092
Due to affiliates - long term	270,878		59,395			573,164		(903,437		)	—
Other liabilities	7,895		32,115			22,084		—			62,094
Deferred taxes	—		2,721			106,911		—			109,632
Total noncurrent liabilities	576,269		236,446			717,326		(935,352		)	594,689
Preferred stock	1		—			—		—			1
Common stock	945		1			59		(60		)	945
Other shareholders' equity	772,148		665,049			126,365		(791,414		)	772,148
Total shareholders' equity	773,094		665,050			126,424		(791,474		)	773,094
TOTAL	$	1,373,758	$	1,006,053		$	910,478	$	(1,726,826	)	$	1,563,463



Condensed Consolidating Balance Sheet
As of December 31, 2016
	The Company		Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries		Consolidating Adjustments			Total Consolidated
Cash & cash equivalents	$	36,670	$	(255	)	$	95,988	$	—		$	132,403
Restricted cash	—		794			256		—			1,050
Accounts receivable - net	167		11,883			382		—			12,432
Due from affiliates	42		16,606			3		—			16,651
Inventories	180		146,689			86,694		—			233,563
Prepaid and other current assets	6,838		5,699			9,673		—			22,210
Assets held for sale	—		—			22,313		—			22,313
Total current assets	43,897		181,416			215,309		—			440,622
Property, plant and equipment - net	12,311		328,069			685,905		—			1,026,285
Investment in subsidiaries	702,659		51,240			—		(753,899		)	—
Due from affiliates - long term	529,873		346,893			1,792		(878,558		)	—
Other assets	28,215		49,331			27,596		(31,722		)	73,420
TOTAL	$	1,316,955	$	956,949		$	930,602	$	(1,664,179	)	$	1,540,327

Accounts payable, trade	$	6,125	$	52,921		$	35,914	$	—		$	94,960
Due to affiliates	417		9,641			5,310		—			15,368
Accrued and other current liabilities	11,950		17,744			20,406		—			50,100
Accrued employee benefits costs	1,932		8,317			668		—			10,917
Industrial revenue bonds	—		7,815			—		—			7,815
Total current liabilities	20,424		96,438			62,298		—			179,160
Senior notes payable	247,699		—			—		—			247,699
Accrued pension benefits costs - less current portion	46,390		20,167			14,658		(31,722		)	49,493
Accrued postretirement benefits costs - less current portion	4,380		120,242			1,733		—			126,355
Other liabilities	4,160		30,920			36,946		—			72,026
Due to affiliates - long term	237,247		42,609			598,702		(878,558		)	—
Deferred taxes	—		2,735			106,204		—			108,939
Total noncurrent liabilities	539,876		216,673			758,243		(910,280		)	604,512
Preferred stock	1		—			—		—			1
Common stock	944		1			59		(60		)	944
Other shareholders' equity	755,710		643,837			110,002		(753,839		)	755,710
Total shareholders' equity	756,655		643,838			110,061		(753,899		)	756,655
TOTAL	$	1,316,955	$	956,949		$	930,602	$	(1,664,179	)	$	1,540,327

Condensed Consolidating Statement of Cash Flows



Condensed Consolidating Statement of Cash Flows
For the nine months ended September 30, 2017
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	(25,306	)	$	14,298		$	61,675		$	—		$	50,667
Purchase of property, plant and equipment	(8,773		)	(5,880		)	(8,937		)	—			(23,590		)
Proceeds from sale of property, plant and equipment	—			831			13,621			—			14,452
Intercompany transactions	34,249			(25,996		)	(7,639		)	(614		)	—
Net cash provided by (used in) investing activities	25,476			(31,045		)	(2,955		)	(614		)	(9,138		)
Borrowings under revolving credit facilities	1,022			—			—			—			1,022
Repayments under revolving credit facilities	(1,022		)	—			—			—			(1,022		)
Issuance of common stock	281			—			—			—			281
Intercompany transactions	33,631			16,785			(51,030		)	614			—
Net cash provided by (used in) financing activities	33,912			16,785			(51,030		)	614			281
CHANGE IN CASH AND CASH EQUIVALENTS	34,082			38			7,690			—			41,810
Cash and cash equivalents, beginning of period	36,670			(255		)	95,988			—			132,403
Cash and cash equivalents, end of period	$	70,752		$	(217	)	$	103,678		$	—		$	174,213



Condensed Consolidating Statement of Cash Flows
For the nine months ended September 30, 2016
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	(20,816	)	$	23,045		$	(2,887	)	$	15,985		$	15,327
Purchase of property, plant and equipment	—			(4,252		)	(8,875		)	—			(13,127		)
Net cash used in investing activities	—			(4,252		)	(8,875		)	—			(13,127		)
Borrowings under revolving credit facilities	900			—			—			—			900
Repayments under revolving credit facilities	(900		)	—			—			—			(900		)
Intercompany transactions	—			(15,271		)	31,256			(15,985		)	—
Net cash provided by (used in) financing activities	—			(15,271		)	31,256			(15,985		)	—
CHANGE IN CASH AND CASH EQUIVALENTS	(20,816		)	3,522			19,494			—			2,200
Cash and cash equivalents, beginning of period	58,421			(3,647		)	60,619			—			115,393
Cash and cash equivalents, end of period	$	37,605		$	(125	)	$	80,113		$	—		$	117,593