XML 76 R51.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Quarterly Financial Data (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract] |
Schedule of Quarterly Financial Information | Summarized unaudited quarterly financial data for 2015 and 2014 are as follows:
|  | Three months ended |
|  | March 31 |  |  | June 30 |  |  | September 30 |  |  | December 31 |
|  | (In Thousands, Except Per Share Amounts) |
2015 (1) (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 198,798 |  |  | $ | 192,345 |  |  | $ | 163,617 |  |  | $ | 157,021 |
Gross profit (3) |  | $ | 40,761 |  |  | $ | 32,697 |  |  | $ | 11,180 |  |  | $ | 19,070 |
Income (loss) from continuing operations (3) (4) (5) |  | $ | 6,679 |  |  | $ | 420 |  |  | $ | (33,759 | ) |  | $ | (8,047 | )
Net loss from discontinued operations |  |  | 30 |  |  |  | 3 |  |  |  | 4 |  |  |  | 21 |
Net income (loss) |  | $ | 6,649 |  |  | $ | 417 |  |  | $ | (33,763 | ) |  | $ | (8,068 | )
Net income (loss) attributable to common stockholders |  | $ | 6,349 |  |  | $ | 417 |  |  | $ | (33,763 | ) |  | $ | (11,041 | )
Income (loss) per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 0.28 |  |  | $ | 0.02 |  |  | $ | (1.48 | ) |  | $ | (0.48 | )
Net loss from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) |  | $ | 0.28 |  |  | $ | 0.02 |  |  | $ | (1.48 | ) |  | $ | (0.48 | )
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 0.28 |  |  | $ | 0.02 |  |  | $ | (1.48 | ) |  | $ | (0.48 | )
Net loss from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) |  | $ | 0.28 |  |  | $ | 0.02 |  |  | $ | (1.48 | ) |  | $ | (0.48 | )
2014 (1) (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 185,382 |  |  | $ | 210,746 |  |  | $ | 177,860 |  |  | $ | 187,258 |
Gross profit (3) |  | $ | 47,433 |  |  | $ | 47,445 |  |  | $ | 22,942 |  |  | $ | 30,054 |
Income (loss) from continuing operations (3) (4) (5) |  | $ | 11,643 |  |  | $ | 11,134 |  |  | $ | (3,772 | ) |  | $ | 718 |
Net loss from discontinued operations |  |  | 2 |  |  |  | 21 |  |  |  | 5 |  |  |  | 61 |
Net income (loss) |  | $ | 11,641 |  |  | $ | 11,113 |  |  | $ | (3,777 | ) |  | $ | 657 |
Net income (loss) attributable to common stockholders |  | $ | 11,341 |  |  | $ | 11,113 |  |  | $ | (3,777 | ) |  | $ | 657 |
Income (loss) per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 0.50 |  |  | $ | 0.49 |  |  | $ | (0.17 | ) |  | $ | 0.03 |
Net loss from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) |  | $ | 0.50 |  |  | $ | 0.49 |  |  | $ | (0.17 | ) |  | $ | 0.03 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 0.49 |  |  | $ | 0.47 |  |  | $ | (0.17 | ) |  | $ | 0.03 |
Net loss from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) |  | $ | 0.49 |  |  | $ | 0.47 |  |  | $ | (0.17 | ) |  | $ | 0.03 |
LSB Industries, Inc. Supplementary Financial Data Quarterly Financial Data (Unaudited)
(1) | As discussed in Note 1 to Consolidated Financial Statements, prior periods have been adjusted relating to certain shipping and handling costs in our Chemical Business segment. The following table reconciles net sales and gross profit as previously reported (these adjustments did not impact income (loss) from continuing operation:
|  | Three months ended |
|  | March 31 |  |  | June 30 |  |  | September 30 |  |  | December 31 |
|  | (In Thousands) |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As previously reported |  | $ | 193,858 |  |  | $ | 182,659 |  |  | $ | 157,685 |  |  | N/A |
Adjustments |  | $ | 4,940 |  |  | $ | 9,686 |  |  | $ | 5,932 |  |  |  |  |
As adjusted |  | $ | 198,798 |  |  | $ | 192,345 |  |  | $ | 163,617 |  |  |  |  |
2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As previously reported |  | $ | 178,525 |  |  | $ | 201,662 |  |  | $ | 171,046 |  |  | $ | 181,277 |
Adjustments |  | $ | 6,857 |  |  | $ | 9,084 |  |  | $ | 6,814 |  |  | $ | 5,981 |
As adjusted |  | $ | 185,382 |  |  | $ | 210,746 |  |  | $ | 177,860 |  |  | $ | 187,258 |
Gross profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As previously reported |  | $ | 42,359 |  |  | $ | 34,882 |  |  | $ | 13,279 |  |  | N/A |
Adjustments |  | $ | (1,598 | ) |  | $ | (2,185 | ) |  | $ | (2,099 | ) |  |  |  |
As adjusted |  | $ | 40,761 |  |  | $ | 32,697 |  |  | $ | 11,180 |  |  |  |  |
2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As previously reported |  | $ | 48,722 |  |  | $ | 48,869 |  |  | $ | 24,386 |  |  | $ | 31,378 |
Adjustments |  | $ | (1,289 | ) |  | $ | (1,424 | ) |  | $ | (1,444 | ) |  | $ | (1,324 | )
As adjusted |  | $ | 47,433 |  |  | $ | 47,445 |  |  | $ | 22,942 |  |  | $ | 30,054 |
(2) | Our Chemical Business has encountered a number of significant issues that impacted 2015 and 2014, including the impact on production relating to an explosion in one of our nitric acid plants at the El Dorado Facility in May 2012, which replacement construction was completed during 2015, unplanned downtime at the Cherokee Facility, and numerous mechanical issues at the Pryor Facility, all resulting in lost production and significant adverse effect on 2015 and 2014 operating results.
LSB Industries, Inc. Supplementary Financial Data Quarterly Financial Data (Unaudited)
(3) | The following income (expense) items impacted gross profit and income (loss) from continuing operations:
|  | Three months ended |
|  | March 31 |  |  | June 30 |  |  | September 30 |  |  | December 31 |
|  | (In Thousands) |
Business interruption insurance recoveries: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2014 |  | $ | 22,836 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Undesignated commodities contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 |  | $ | (1,978 | ) |  | $ | (70 | ) |  | $ | (1,526 | ) |  | $ | (719 | )
2014 |  | $ | 2,216 |  |  | $ | (105 | ) |  | $ | (214 | ) |  | $ | (3,095 | )
Turnaround costs: (A) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 |  | $ | (152 | ) |  | $ | — |  |  | $ | (2,101 | ) |  | $ | (55 | )
2014 |  | $ | (330 | ) |  | $ | (840 | ) |  | $ | (5,215 | ) |  | $ | (105 | )
(4) | The following income items impacted income (loss) from continuing operations:
Property insurance recoveries: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2014 |  | $ | 5,147 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(5) | The following expense items impacted income (loss) from continuing operations:
Impairment of long lived assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 |  | $ | — |  |  | $ | — |  |  | $ | 39,670 |  |  | $ | 3,518 |
Shareholder related fees and expenses primarily relating to certain activist shareholders' proposals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 |  | $ | 1,679 |  |  | $ | 2,655 |  |  | $ | 113 |  |  | $ | 155 |
2014 |  | $ | 4,200 |  |  | $ | 262 |  |  | $ | 230 |  |  | $ | 151 |
Interest expense, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 |  | $ | 3,398 |  |  | $ | 2,230 |  |  | $ | 877 |  |  | $ | 876 |
2014 |  | $ | 6,708 |  |  | $ | 5,671 |  |  | $ | 5,079 |  |  | $ | 4,141 |
Severance agreements with certain former executives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 |  | $ | — |  |  |  | — |  |  | $ | 1,789 |  |  | $ | 224 |
(A) | Turnaround costs do not include the impact on operating results relating to lost absorption or reduced margins due to the associated plants being shut down.

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306 + Details
Name: | us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration