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Quarterly Financial Data | 12 Months Ended
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Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Data | Supplementary Information Quarterly Financial Data (unaudited) Summarized unaudited quarterly financial data for 2015 and 2014 are as follows. Previously reported quarterly amounts have been revised to reflect the retrospective application of the classification of the Climate Control Business as a discontinued operation. See Note – 2 Discontinued Operations for additional information.
|  | Three months ended |
|  | March 31 |  |  | June 30 |  |  | September 30 |  |  | December 31 |
|  | (In Thousands, Except Per Share Amounts) |
2015 (1) (2) (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 133,600 |  |  | $ | 125,503 |  |  | $ | 88,567 |  |  | $ | 90,025 |
Gross profit (loss) (4) |  | $ | 20,799 |  |  | $ | 12,616 |  |  | $ | (11,798 | ) |  | $ | (1,569 | )
Income (loss) from continuing operations (4) (5) (6) |  | $ | 4,237 |  |  | $ | (2,874 | ) |  | $ | (36,421 | ) |  | $ | (11,088 | )
Income from discontinued operations, including taxes |  |  | 2,412 |  |  |  | 3,291 |  |  |  | 2,658 |  |  |  | 3,020 |
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 |  | $ | 0.17 |  |  | $ | (0.13 | ) |  | $ | (1.60 | ) |  | $ | (0.61 | )
Income from discontinued operations, including taxes |  |  | 0.11 |  |  |  | 0.15 |  |  |  | 0.12 |  |  |  | 0.13 |
Net income (loss) |  | $ | 0.28 |  |  | $ | 0.02 |  |  | $ | (1.48 | ) |  | $ | (0.48 | )
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 0.17 |  |  | $ | (0.13 | ) |  | $ | (1.60 | ) |  | $ | (0.61 | )
Income from discontinued operations, including taxes |  |  | 0.11 |  |  |  | 0.15 |  |  |  | 0.12 |  |  |  | 0.13 |
Net income (loss) |  | $ | 0.28 |  |  | $ | 0.02 |  |  | $ | (1.48 | ) |  | $ | (0.48 | )
2014 (1) (2) (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 125,033 |  |  | $ | 147,995 |  |  | $ | 104,375 |  |  | $ | 118,485 |
Gross profit (loss) (4) |  | $ | 28,177 |  |  | $ | 28,950 |  |  | $ | (912 | ) |  | $ | 9,250 |
Income (loss) from continuing operations (4) (5) (6) |  | $ | 8,851 |  |  | $ | 8,110 |  |  | $ | (9,157 | ) |  | $ | (2,717 | )
Income from discontinued operations, including taxes |  |  | 2,790 |  |  |  | 3,003 |  |  |  | 5,380 |  |  |  | 3,374 |
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 |  | $ | 0.38 |  |  | $ | 0.36 |  |  | $ | (0.41 | ) |  | $ | (0.12 | )
Income from discontinued operations, including taxes |  |  | 0.12 |  |  |  | 0.13 |  |  |  | 0.24 |  |  |  | 0.15 |
Net income (loss) |  | $ | 0.50 |  |  | $ | 0.49 |  |  | $ | (0.17 | ) |  | $ | 0.03 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 0.37 |  |  | $ | 0.34 |  |  | $ | (0.41 | ) |  | $ | (0.12 | )
Income from discontinued operations, including taxes |  |  | 0.12 |  |  |  | 0.13 |  |  |  | 0.24 |  |  |  | 0.15 |
Net income (loss) |  | $ | 0.49 |  |  | $ | 0.47 |  |  | $ | (0.17 | ) |  | $ | 0.03 |
(1) | As discussed in Note - 1 to Consolidated Financial Statements contained in this exhibit, prior periods have been adjusted relating to certain shipping and handling costs. The following table in footnote (2) reconciles net sales and gross profit as previously reported (these adjustments did not impact income (loss) from continuing operations).
LSB Industries, Inc. Supplementary Financial Data Quarterly Financial Data (Unaudited)
(2) | As discussed in Notes 1 and 2 to Consolidated Financial Statements contained in this exhibit, previously reported amounts have been adjusted to reclassify our Climate Control Business as discontinued operations.
|  | 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 |  |  | $ | 157,021 |
Adjustments (1) |  | $ | 4,940 |  |  | $ | 9,686 |  |  | $ | 5,932 |  |  | $ | — |
Adjustments (2) |  | $ | (65,198 | ) |  | $ | (66,842 | ) |  | $ | (75,050 | ) |  | $ | (66,996 | )
As adjusted |  | $ | 133,600 |  |  | $ | 125,503 |  |  | $ | 88,567 |  |  | $ | 90,025 |
2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As previously reported |  | $ | 178,525 |  |  | $ | 201,662 |  |  | $ | 171,046 |  |  | $ | 181,277 |
Adjustments (1) |  | $ | 6,857 |  |  | $ | 9,084 |  |  | $ | 6,814 |  |  | $ | 5,981 |
Adjustments (2) |  | $ | (60,349 | ) |  | $ | (62,751 | ) |  | $ | (73,485 | ) |  | $ | (68,773 | )
As adjusted |  | $ | 125,033 |  |  | $ | 147,995 |  |  | $ | 104,375 |  |  | $ | 118,485 |
Gross profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As previously reported |  | $ | 42,359 |  |  | $ | 34,882 |  |  | $ | 13,279 |  |  | $ | 19,070 |
Adjustments (1) |  | $ | (1,598 | ) |  | $ | (2,185 | ) |  | $ | (2,099 | ) |  | $ | — |
Adjustments (2) |  | $ | (19,962 | ) |  | $ | (20,081 | ) |  | $ | (22,978 | ) |  | $ | (20,639 | )
As adjusted |  | $ | 20,799 |  |  | $ | 12,616 |  |  | $ | (11,798 | ) |  | $ | (1,569 | )
2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As previously reported |  | $ | 48,722 |  |  | $ | 48,869 |  |  | $ | 24,386 |  |  | $ | 31,378 |
Adjustments (1) |  | $ | (1,289 | ) |  | $ | (1,424 | ) |  | $ | (1,444 | ) |  | $ | (1,324 | )
Adjustments (2) |  | $ | (19,256 | ) |  | $ | (18,495 | ) |  | $ | (23,854 | ) |  | $ | (20,804 | )
As adjusted |  | $ | 28,177 |  |  | $ | 28,950 |  |  | $ | (912 | ) |  | $ | 9,250 |
Income (loss) from discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As previously reported |  | $ | (30 | ) |  | $ | (3 | ) |  | $ | (4 | ) |  | $ | (21 | )
Adjustments (2) |  | $ | 2,442 |  |  | $ | 3,294 |  |  | $ | 2,662 |  |  | $ | 3,041 |
As adjusted |  | $ | 2,412 |  |  | $ | 3,291 |  |  | $ | 2,658 |  |  | $ | 3,020 |
2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As previously reported |  | $ | (2 | ) |  | $ | (21 | ) |  | $ | (5 | ) |  | $ | (61 | )
Adjustments (2) |  | $ | 2,792 |  |  | $ | 3,024 |  |  | $ | 5,385 |  |  | $ | 3,435 |
As adjusted |  | $ | 2,790 |  |  | $ | 3,003 |  |  | $ | 5,380 |  |  | $ | 3,374 |
(3) | We have 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)
(4) | 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 |  | $ | (1,829 | ) |  | $ | 185 |  |  | $ | (1,014 | ) |  | $ | (718 | )
2014 |  | $ | 2,216 |  |  | $ | (105 | ) |  | $ | (214 | ) |  | $ | (2,844 | )
Turnaround costs: (A) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 |  | $ | (152 | ) |  | $ | — |  |  | $ | (2,101 | ) |  | $ | (55 | )
2014 |  | $ | (330 | ) |  | $ | (840 | ) |  | $ | (5,215 | ) |  | $ | (105 | )
(5) | The following income items impacted income (loss) from continuing operations:
Property insurance recoveries: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2014 |  | $ | 5,147 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(6) | 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 |  | $ | 3,397 |  |  | $ | 2,229 |  |  | $ | 872 |  |  | $ | 873 |
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.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305 Reference 2: 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 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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