Supplemental Guarantor Information

12 Months Ended

Dec. 31, 2013

Condensed Financial Statements [Text Block]



CONDENSED CONSOLIDATING BALANCE SHEETS
As of December 31, 2012
(in thousands)

							Consolidating
					Non-		Entries and
	Parent		Guarantors		Guarantors		Eliminations			Consolidated
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	4,425	$	12,892	$	—		$	17,317
Accounts receivable - affiliates	26,399		38,116		29,177		(93,692		)	—
Accounts receivable - trade	—		78,053		158,376		—			236,429
Inventories	—		159,217		353,848		—			513,065
Prepaid and other current assets	—		13,681		42,509		—			56,190
Total current assets	26,399		293,492		596,802		(93,692		)	823,001

Investment in affiliates	1,728,316		868,063		—		(2,596,379		)	—
Property, plant and equipment	—		523,818		310,089		—			833,907
Deferred income taxes	—		—		6,157		—			6,157
Goodwill	—		293,162		205,099		—			498,261
Notes receivable - affiliate	66,869		22,413		—		(89,282		)	—
Other assets	5,218		65,269		66,102		—			136,589
Total Assets	$	1,826,802	$	2,066,217	$	1,184,249	$	(2,779,353	)	$	2,297,915

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable - affiliate	$	—	$	55,349	$	38,343	$	(93,692	)	$	—
Accounts payable - trade	273		33,126		94,721		—			128,120
Short-term debt	—		171		8,255		—			8,426
Accrued income and other taxes	597		3,948		26,378		—			30,923
Supply chain financing liability	—		—		26,962		—			26,962
Other accrued liabilities	2,178		15,597		33,178		—			50,953
Total current liabilities	3,048		108,191		227,837		(93,692		)	245,384

Long-term debt - affiliate	—		66,869		22,413		(89,282		)	—
Long-term debt - third party	464,183		70,190		1,336		—			535,709
Other long-term obligations	—		86,026		38,979		—			125,005
Deferred income taxes	9,720		6,625		25,621		—			41,966
Stockholders' equity	1,349,851		1,728,316		868,063		(2,596,379		)	1,349,851
Total Liabilities and Stockholders' Equity	$	1,826,802	$	2,066,217	$	1,184,249	$	(2,779,353	)	$	2,297,915



CONDENSED CONSOLIDATING BALANCE SHEETS
As of December 31, 2013
(in thousands)

							Consolidating
					Non-		Entries and
	Parent		Guarantors		Guarantors		Eliminations			Consolidated
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	4,752	$	7,136	$	—		$	11,888
Accounts receivable - affiliates	42,410		28,551		15,824		(86,785		)	—
Accounts receivable - trade	—		48,998		150,568		—			199,566
Inventories	—		174,935		315,479		—			490,414
Prepaid and other current assets	—		22,555		51,235		—			73,790
Total current assets	42,410		279,791		540,242		(86,785		)	775,658

Investment in affiliates	1,709,914		828,012		—		(2,537,926		)	—
Property, plant and equipment	—		540,273		280,712		—			820,985
Deferred income taxes	—		—		10,334		—			10,334
Goodwill	—		293,162		203,648		—			496,810
Notes receivable - affiliate	51,090		7,413		—		(58,503		)	—
Other assets	4,752		53,447		55,862		—			114,061
Total Assets	$	1,808,166	$	2,002,098	$	1,090,798	$	(2,683,214	)	$	2,217,848

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable - affiliate	$	—	$	58,206	$	28,579	$	(86,785	)	$	—
Accounts payable - trade	—		41,971		73,241		—			115,212
Short-term debt	—		165		996		—			1,161
Accrued income and other taxes	2,678		4,736		23,273		—			30,687
Rationalizations	—		1,890		16,531		—			18,421
Supply chain financing liability	—		—		9,455		—			9,455
Other accrued liabilities	2,444		12,404		26,091		—			40,939
Total current liabilities	5,122		119,372		178,166		(86,785		)	215,875

Long-term debt - affiliate	—		51,090		7,413		(58,503		)	—
Long-term debt - third party	475,675		50,525		15,393		—			541,593
Other long-term obligations	—		66,590		31,357		—			97,947
Deferred income taxes	6,620		4,607		30,457		—			41,684
Stockholders' equity	1,320,749		1,709,914		828,012		(2,537,926		)	1,320,749
Total Liabilities and Stockholders' Equity	$	1,808,166	$	2,002,098	$	1,090,798	$	(2,683,214	)	$	2,217,848



CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
For the year ended December 31, 2011
(in thousands)

										Consolidating
							Non-			Entries and
	Parent			Guarantors			Guarantors			Eliminations				Consolidated

Sales - affiliates	$	—		$	130,304		$	165,397		$	(295,701	)		$	—
Sales - third party	—			556,675			763,509			—				1,320,184
Net sales	—			686,979			928,906			(295,701		)		1,320,184
Cost of sales	—			545,334			746,005			(295,701		)		995,638
Gross profit	—			141,645			182,901			—				324,546
Research and development	—			13,797			179			—				13,976
Selling and administrative expenses	6			64,969			79,586			—				144,561
Operating income	(6		)	62,879			103,136			—				166,009

Other expense (income), net	40			5,568			(773		)	—				4,835
Interest expense - affiliate	4,631			9,221			—			(13,852		)		—
Interest expense - third party	10,038			5,678			2,591			—				18,307
Interest income - affiliate	—			(4,631		)	(9,221		)	13,852				—
Interest income - third party	—			—			(424		)	—				(424		)
(Loss) income before income taxes	(14,715		)	47,043			110,963			—			`	143,291

(Benefit) provision for income taxes	(5,751		)	(23,801		)	19,659			—				(9,893		)
Equity in earnings of subsidiary	162,148			91,304			—			(253,452		)		—
Net income	$	153,184		$	162,148		$	91,304		$	(253,452	)		$	153,184

Statements of Comprehensive Income

Net income	$	153,184		$	162,148		$	91,304		$	(253,452	)		$	153,184
Other comprehensive income:
Foreign currency translation	(32,202		)	—			(32,202		)	32,202				(32,202		)
Commodities and foreign currency derivatives	6,023			3,761			2,262			(6,023		)		6,023
Other comprehensive (loss) income	(26,179		)	3,761			(29,940		)	26,179				(26,179		)
Comprehensive income (loss)	$	127,005		$	165,909		$	61,364		$	(227,273	)		$	127,005



CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
For the year ended December 31, 2012
(in thousands)

										Consolidating
							Non-			Entries and
	Parent			Guarantors			Guarantors			Eliminations				Consolidated

Sales - affiliates	$	—		$	194,345		$	216,859		$	(411,204	)		$	—
Sales - third party	—			566,024			682,240			—				1,248,264
Net sales	—			760,369			899,099			(411,204		)		1,248,264
Cost of sales	—			638,419			705,245			(411,204		)		932,460
Gross profit	—			121,950			193,854			—				315,804
Research and development	—			13,796			—			—				13,796
Selling and administrative expenses	—			61,442			84,098			—				145,540
Operating income	—			46,712			109,756			—				156,468

Other expense (income), net	—			(2,133		)	1,128			—				(1,005		)
Interest expense - affiliate	3,766			59			586			(4,411		)		—
Interest expense - third party	12,992			7,977			2,278			—				23,247
Interest income - affiliate	(59		)	(4,352		)	—			4,411				—
Interest income - third party	—			—			(261		)	—				(261		)
(Loss) income before income taxes	(16,699		)	45,161			106,025			—			`	134,487

(Benefit) provision for income taxes	(5,972		)	3,981			18,837			—				16,846
Equity in earnings of subsidiary	128,368			87,188			—			(215,556		)		—
Net income	$	117,641		$	128,368		$	87,188		$	(215,556	)		$	117,641

Statements of Comprehensive Income

Net income	$	117,641		$	128,368		$	87,188		$	(215,556	)		$	117,641
Other comprehensive income:
Foreign currency translation	(9,929		)	—			(9,929		)	9,929				(9,929		)
Commodities and foreign currency derivatives	(8,812		)	(4,452		)	(4,360		)	8,812				(8,812		)
Other comprehensive (loss) income	(18,741		)	(4,452		)	(14,289		)	18,741				(18,741		)
Comprehensive income (loss)	$	98,900		$	123,916		$	72,899		$	(196,815	)		$	98,900



CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
For the year ended December 31, 2013
(in thousands)

										Consolidating
							Non-			Entries and
	Parent			Guarantors			Guarantors			Eliminations				Consolidated

Sales - affiliates	$	—		$	220,354		$	149,251		$	(369,605	)		$	—
Sales - third party	—			469,033			697,641			—				1,166,674
Net sales	—			689,387			846,892			(369,605		)		1,166,674
Cost of sales	—			584,819			812,394			(369,605		)		1,027,608
Gross profit	—			104,568			34,498			—				139,066
Research and development	—			10,437			—			—				10,437
Selling and administrative expenses	—			40,548			70,495			—				111,043
Rationalizations	—			2,732			17,424			—				20,156
Operating income	—			50,851			(53,421		)	—				(2,570		)

Other expense (income), net	—			(176		)	1,874			—				1,698
Interest expense - affiliate	—			1,364			670			(2,034		)		—
Interest expense - third party	31,294			3,029			1,714			—				36,037
Interest income - affiliate	(1,233		)	(670		)	(131		)	2,034				—
Interest income - third party	—			—			(203		)	—				(203		)
(Loss) income before income taxes	(30,061		)	47,304			(57,345		)	—			`	(40,102		)

(Benefit) provision for income taxes	(10,659		)	9,111			(11,295		)	—				(12,843		)
Equity in earnings of subsidiary	(7,857		)	(46,050		)	—			53,907				—
Net income	$	(27,259	)	$	(7,857	)	$	(46,050	)	$	53,907			$	(27,259	)

Statements of Comprehensive Income

Net income	$	(27,259	)	$	(7,857	)	$	(46,050	)	$	53,907			$	(27,259	)
Other comprehensive income:
Foreign currency translation	(13,981		)	—			(13,981		)	13,981				(13,981		)
Commodities and foreign currency derivatives and other	2,035			872			1,163			(2,035		)		2,035
Other comprehensive income (loss)	(11,946		)	872			(12,818		)	11,946				(11,946		)
Comprehensive (loss) income	$	(39,205	)	$	(6,985	)	$	(58,868	)	$	65,853			$	(39,205	)



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2011
(in thousands)
										Consolidating
							Non-			Entries and
	Parent			Guarantors			Guarantors			Eliminations			Consolidated
Net cash provided by (used in) operating activities:	$	130,522		$	99,596		$	(153,521	)	$	—		$	76,597

Cash flow from investing activities:
Loan repayments from affiliates	—			75,459			152,972			(228,431		)	—
Capital expenditures	—			(100,648		)	(55,968		)	—			(156,616		)
(Payments on) proceeds from derivatives	—			13,265			1,147			—			14,412
Cash paid for acquisition	(20,510		)	—			—			—			(20,510		)
Other	—			—			748			—			748
Net cash provided by (used in) investing activities	(20,510		)	(11,924		)	98,899			(228,431		)	(161,966		)

Cash flow from financing activities:
(Repayments to) loans from affiliates	(79,788		)	(152,972		)	4,329			228,431			—
Short-term debt borrowings	—			7,510			6,506			—			14,016
Revolving Facility borrowings	—			444,000			140,000			—			584,000
Revolving Facility reductions	—			(382,000		)	(100,000		)	—			(482,000		)
Principal payments on long term debt	—			(168		)	(54		)	—			(222		)
Supply chain financing	—			—			4,970			—			4,970
Proceeds from exercise of stock options	2,028			—			—			—			2,028
Purchase of treasury shares	(30,940		)	—			—			—			(30,940		)
Revolver facility financing cost	—			(4,904		)	(84		)	—			(4,988		)
Other	(946		)	—			(457		)	—			(1,403		)
Net cash (used in) provided by financing activities	(109,646		)	(88,534		)	55,210			228,431			85,461

Net (decrease) increase in cash and cash equivalents	366			(862		)	588			—			92
Effect of exchange rate changes on cash and cash equivalents	—			—			(759		)	—			(759		)
Cash and cash equivalents at beginning of period	—			4,365			8,731			—			13,096
Cash and cash equivalents at end of period	$	366		$	3,503		$	8,560		$	—		$	12,429



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2012
(in thousands)
										Consolidating
							Non-			Entries and
	Parent			Guarantors			Guarantors			Eliminations			Consolidated
Net cash provided by (used in) operating activities:	$	44,361		$	85,973		$	23,066		$	(52,000	)	$	101,400

Cash flow from investing activities:
Loan repayments from affiliates	(66,869		)	158,985			—			(92,116		)	—
Capital expenditures	—			(91,183		)	(36,545		)	—			(127,728		)
(Payments on) proceeds from derivatives	—			3,166			4,406			—			7,572
Other	—			—			194			—			194
Net cash provided by (used in) investing activities	(66,869		)	70,968			(31,945		)	(92,116		)	(119,962		)

Cash flow from financing activities:
Loans repayments to affiliates	(169,656		)	66,869			10,671			92,116			—
Dividends to affiliates	—			(52,000		)	—			52,000			—
Short-term debt borrowings	—			(7,493		)	1,755			—			(5,738		)
Revolving Facility borrowings	—			292,000			133,000			—			425,000
Revolving Facility reductions	—			(454,500		)	(133,000		)	—			(587,500		)
Proceeds from long term debt	300,000			—			—			—			300,000
Principal payments on long term debt	—			(171		)	(54		)	—			(225		)
Supply chain financing	—			—			(2,967		)	—			(2,967		)
Proceeds from exercise of stock options	157			—			—			—			157
Purchase of treasury shares	(103,445		)	—			—			—			(103,445		)
Refinancing fees and debt issuance costs	(5,018		)	(724		)	(643		)	—			(6,385		)
Other	104			—			5,111			—			5,215
Net cash (used in) provided by financing activities	22,142			(156,019		)	13,873			144,116			24,112

Net (decrease) increase in cash and cash equivalents	(366		)	922			4,994			—			5,550
Effect of exchange rate changes on cash and cash equivalents	—			—			(662		)	—			(662		)
Cash and cash equivalents at beginning of period	366			3,503			8,560			—			12,429
Cash and cash equivalents at end of period	$	—		$	4,425		$	12,892		$	—		$	17,317



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2013
(in thousands)
										Consolidating
							Non-			Entries and
	Parent			Guarantors			Guarantors			Eliminations			Consolidated
Net cash (used in) provided by operating activities:	$	(13,718	)	$	72,111		$	58,444		$	—		$	116,837

Cash flow from investing activities:
Loan repayments from affiliates	15,578			15,000			—			(30,578		)	—
Capital expenditures	—			(52,278		)	(34,066		)	—			(86,344		)
Insurance recoveries	—			—			1,500			—			1,500
Proceeds from derivatives (payments on)	—			437			(323		)	—			114
Other	—			322			607			—			929
Net cash provided by (used in) investing activities	15,578			(36,519		)	(32,282		)	(30,578		)	(83,801		)

Cash flow from financing activities:
Loans repayments to affiliates	—			(15,578		)	(15,000		)	30,578			—
Short-term debt borrowings	—			(6		)	(7,259		)	—			(7,265		)
Revolving Facility borrowings	—			75,000			91,000			—			166,000
Revolving Facility reductions	—			(94,500		)	(77,000		)	—			(171,500		)
Principal payments on long term debt	—			(166		)	(59		)	—			(225		)
Supply chain financing	—			—			(17,508		)	—			(17,508		)
Proceeds from exercise of stock options	448			—			—			—			448
Purchase of treasury shares	(1,825		)	—			—			—			(1,825		)
Refinancing fees and debt issuance costs	(483		)	(15		)	(62		)	—			(560		)
Other	—			—			(5,210		)	—			(5,210		)
Net cash (used in) provided by financing activities	(1,860		)	(35,265		)	(31,098		)	30,578			(37,645		)

Net increase (decrease) in cash and cash equivalents	—			327			(4,936		)	—			(4,609		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(820		)	—			(820		)
Cash and cash equivalents at beginning of period	—			4,425			12,892			—			17,317
Cash and cash equivalents at end of period	$	—		$	4,752		$	7,136		$	—		$	11,888