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Guarantor Information (Tables) | 3 Months Ended
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Mar. 31, 2015
Consolidating Financials [Abstract] |
Condensed Consolidating Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
As of December 31, 2014
(in thousands)
|  |  |  |  |  |  |  | Consolidating |  |
|  |  |  |  |  | Non- |  | Entries and |  |
|  | Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 5,503 |  |  | $ | 12,047 |  |  | $ | — |  |  | $ | 17,550 |
Accounts receivable - affiliates |  | 40,474 |  |  | 35,618 |  |  | 40,185 |  |  | (116,277 | ) |  | — |
Accounts receivable - trade |  | — |  |  | 45,861 |  |  | 117,058 |  |  | — |  |  | 162,919 |
Inventories |  | — |  |  | 148,080 |  |  | 234,823 |  |  | — |  |  | 382,903 |
Prepaid and other current assets |  | — |  |  | 17,336 |  |  | 64,287 |  |  | — |  |  | 81,623 |
Total current assets |  | 40,474 |  |  | 252,398 |  |  | 468,400 |  |  | (116,277 | ) |  | 644,995 |
Investment in affiliates |  | 1,414,278 |  |  | 762,251 |  |  | — |  |  | (2,176,529 | ) |  | — |
Property, plant and equipment |  | — |  |  | 431,602 |  |  | 222,438 |  |  | — |  |  | 654,040 |
Deferred income taxes |  | — |  |  | — |  |  | 16,819 |  |  | — |  |  | 16,819 |
Goodwill |  | — |  |  | 217,099 |  |  | 203,030 |  |  | — |  |  | 420,129 |
Notes receivable - affiliate |  | 35,722 |  |  | 7,413 |  |  | — |  |  | (43,135 | ) |  | — |
Other assets |  | 4,110 |  |  | 45,617 |  |  | 48,095 |  |  | — |  |  | 97,822 |
Total Assets |  | $ | 1,494,584 |  |  | $ | 1,716,380 |  |  | $ | 958,782 |  |  | $ | (2,335,941 | ) |  | $ | 1,833,805 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable - affiliate |  | $ | — |  |  | $ | 80,659 |  |  | $ | 35,618 |  |  | $ | (116,277 | ) |  | $ | — |
Accounts payable - trade |  | 47 |  |  | 35,435 |  |  | 50,927 |  |  | — |  |  | 86,409 |
Short-term debt |  | 187,973 |  |  | 131 |  |  | — |  |  | — |  |  | 188,104 |
Accrued income and other taxes |  | 344 |  |  | 3,380 |  |  | 20,782 |  |  | — |  |  | 24,506 |
Rationalizations |  | — |  |  | 7,538 |  |  | 2,025 |  |  | — |  |  | 9,563 |
Supply chain financing liability |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other accrued liabilities |  | 2,444 |  |  | 15,252 |  |  | 25,623 |  |  | — |  |  | 43,319 |
Total current liabilities |  | 190,808 |  |  | 142,395 |  |  | 134,975 |  |  | (116,277 | ) |  | 351,901 |
Long-term debt - affiliate |  | — |  |  | 35,722 |  |  | 7,413 |  |  | (43,135 | ) |  | — |
Long-term debt - third party |  | 300,000 |  |  | 40,393 |  |  | 1,222 |  |  | — |  |  | 341,615 |
Other long-term obligations |  | — |  |  | 77,724 |  |  | 29,842 |  |  | — |  |  | 107,566 |
Deferred income taxes |  | — |  |  | 5,118 |  |  | 23,079 |  |  | — |  |  | 28,197 |
Stockholders' equity |  | 1,003,776 |  |  | 1,415,028 |  |  | 762,251 |  |  | (2,176,529 | ) |  | 1,004,526 |
Total Liabilities and Stockholders' Equity |  | $ | 1,494,584 |  |  | $ | 1,716,380 |  |  | $ | 958,782 |  |  | $ | (2,335,941 | ) |  | $ | 1,833,805 |
CONDENSED CONSOLIDATING BALANCE SHEETS
As of March 31, 2015
(in thousands)
|  |  |  |  |  |  |  | Consolidating |  |
|  |  |  |  |  | Non- |  | Entries and |  |
|  | Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 1,837 |  |  | $ | 9,124 |  |  | $ | — |  |  | $ | 10,961 |
Accounts receivable - affiliates |  | 41,988 |  |  | 18,786 |  |  | 30,911 |  |  | (91,685 | ) |  | — |
Accounts receivable - trade |  | — |  |  | 36,890 |  |  | 118,218 |  |  | — |  |  | 155,108 |
Inventories |  | — |  |  | 145,506 |  |  | 218,646 |  |  | — |  |  | 364,152 |
Prepaid and other current assets |  | — |  |  | 13,091 |  |  | 57,384 |  |  | — |  |  | 70,475 |
Total current assets |  | 41,988 |  |  | 216,110 |  |  | 434,283 |  |  | (91,685 | ) |  | 600,696 |
Investment in affiliates |  | 1,338,408 |  |  | 735,037 |  |  | — |  |  | (2,073,445 | ) |  | — |
Property, plant and equipment |  | — |  |  | 427,681 |  |  | 205,658 |  |  | — |  |  | 633,339 |
Deferred income taxes |  | — |  |  | — |  |  | 14,819 |  |  | — |  |  | 14,819 |
Goodwill |  | — |  |  | 181,718 |  |  | 202,718 |  |  | — |  |  | 384,436 |
Notes receivable - affiliate |  | 36,817 |  |  | 7,413 |  |  | — |  |  | (44,230 | ) |  | — |
Other assets |  | 3,985 |  |  | 44,190 |  |  | 44,198 |  |  | — |  |  | 92,373 |
Total Assets |  | $ | 1,421,198 |  |  | $ | 1,612,149 |  |  | $ | 901,676 |  |  | $ | (2,209,360 | ) |  | $ | 1,725,663 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable - affiliate |  | $ | — |  |  | $ | 72,904 |  |  | $ | 18,781 |  |  | $ | (91,685 | ) |  | $ | — |
Accounts payable - trade |  | 43 |  |  | 33,527 |  |  | 46,186 |  |  | — |  |  | 79,756 |
Short-term debt |  | 191,179 |  |  | 132 |  |  | 135 |  |  | — |  |  | 191,446 |
Accrued income and other taxes |  | — |  |  | 2,070 |  |  | 15,251 |  |  | — |  |  | 17,321 |
Rationalizations |  | — |  |  | 5,820 |  |  | 2,812 |  |  | — |  |  | 8,632 |
Supply chain financing liability |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other accrued liabilities |  | 7,225 |  |  | 10,930 |  |  | 23,791 |  |  | — |  |  | 41,946 |
Total current liabilities |  | 198,447 |  |  | 125,383 |  |  | 106,956 |  |  | (91,685 | ) |  | 339,101 |
Long-term debt - affiliate |  | — |  |  | 36,817 |  |  | 7,413 |  |  | (44,230 | ) |  | — |
Long-term debt - third party |  | 300,000 |  |  | 35,360 |  |  | 961 |  |  | — |  |  | 336,321 |
Other long-term obligations |  | — |  |  | 71,051 |  |  | 29,932 |  |  | — |  |  | 100,983 |
Deferred income taxes |  | — |  |  | 5,130 |  |  | 21,377 |  |  | — |  |  | 26,507 |
Stockholders' equity |  | 922,751 |  |  | 1,338,408 |  |  | 735,037 |  |  | (2,073,445 | ) |  | 922,751 |
Total Liabilities and Stockholders' Equity |  | $ | 1,421,198 |  |  | $ | 1,612,149 |  |  | $ | 901,676 |  |  | $ | (2,209,360 | ) |  | $ | 1,725,663 |
Condensed Consolidating Statements of Income and Comprehensive Income |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
For the three months ended March 31, 2014
(in thousands)
|  |  |  |  |  |  |  | Consolidating |  |
|  |  |  |  |  | Non- |  | Entries and |  |
|  | Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Sales - affiliates |  | $ | — |  |  | $ | 70,357 |  |  | $ | 35,207 |  |  | $ | (105,564 | ) |  | $ | — |
Sales - third party |  | — |  |  | 111,124 |  |  | 169,667 |  |  | — |  |  | 280,791 |
Net sales |  | — |  |  | 181,481 |  |  | 204,874 |  |  | (105,564 | ) |  | 280,791 |
Cost of sales |  | — |  |  | 157,029 |  |  | 203,632 |  |  | (105,564 | ) |  | 255,097 |
Gross profit |  | — |  |  | 24,452 |  |  | 1,242 |  |  | — |  |  | 25,694 |
Research and development |  | — |  |  | 2,770 |  |  | — |  |  | — |  |  | 2,770 |
Selling and administrative expenses |  | — |  |  | 9,867 |  |  | 20,040 |  |  | — |  |  | 29,907 |
Rationalizations |  | — |  |  | 36 |  |  | 50 |  |  | — |  |  | 86 |
Operating income (loss) |  | — |  |  | 11,779 |  |  | (18,848 | ) |  | — |  |  | (7,069 | )
Other (income) expense, net |  | — |  |  | 824 |  |  | (30 | ) |  | — |  |  | 794 |
Interest expense - affiliate |  | — |  |  | 226 |  |  | — |  |  | (226 | ) |  | — |
Interest expense - third party |  | 7,952 |  |  | 740 |  |  | 307 |  |  | — |  |  | 8,999 |
Interest income - affiliate |  | (226 | ) |  | — |  |  | — |  |  | 226 |  |  | — |
Interest income - third party |  | — |  |  | — |  |  | (58 | ) |  | — |  |  | (58 | )
Income (loss) before income taxes |  | (7,726 | ) |  | 9,989 |  |  | (19,067 | ) |  | — |  | ` | (16,804 | )
Provision for income taxes |  | (2,781 | ) |  | 4,552 |  |  | (7,058 | ) |  | — |  |  | (5,287 | )
Equity in earnings of subsidiary |  | (6,572 | ) |  | (12,009 | ) |  | — |  |  | 18,581 |  |  | — |
Net (loss) income |  | $ | (11,517 | ) |  | $ | (6,572 | ) |  | $ | (12,009 | ) |  | $ | 18,581 |  |  | $ | (11,517 | )
Statements of Comprehensive Income |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (11,517 | ) |  | $ | (6,572 | ) |  | $ | (12,009 | ) |  | $ | 18,581 |  |  | $ | (11,517 | )
Other comprehensive income (loss) |  | 2,072 |  |  | 2,072 |  |  | 2,477 |  |  | (4,549 | ) |  | 2,072 |
Comprehensive (loss) income |  | $ | (9,445 | ) |  | $ | (4,500 | ) |  | $ | (9,532 | ) |  | $ | 14,032 |  |  | $ | (9,445 | )
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended March 31, 2015
(in thousands)
|  |  |  |  |  |  |  | Consolidating |  |
|  |  |  |  |  | Non- |  | Entries and |  |
|  | Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Sales - affiliates |  | $ | — |  |  | $ | 51,184 |  |  | $ | 26,775 |  |  | $ | (77,959 | ) |  | $ | — |
Sales - third party |  | — |  |  | 72,021 |  |  | 135,190 |  |  | — |  |  | 207,211 |
Net sales |  | — |  |  | 123,205 |  |  | 161,965 |  |  | (77,959 | ) |  | 207,211 |
Cost of sales |  | — |  |  | 116,589 |  |  | 147,818 |  |  | (77,959 | ) |  | 186,448 |
Gross profit |  | — |  |  | 6,616 |  |  | 14,147 |  |  | — |  |  | 20,763 |
Research and development |  | — |  |  | 2,431 |  |  | — |  |  | — |  |  | 2,431 |
Selling and administrative expenses |  | — |  |  | 14,441 |  |  | 11,849 |  |  | — |  |  | 26,290 |
Impairments |  | — |  |  | 35,381 |  |  | — |  |  | — |  |  | 35,381 |
Rationalizations |  | — |  |  | 326 |  |  | 2,168 |  |  | — |  |  | 2,494 |
Operating loss |  | — |  |  | (45,963 | ) |  | 130 |  |  | — |  |  | (45,833 | )
Other expense (income), net |  | — |  |  | 309 |  |  | 84 |  |  | — |  |  | 393 |
Interest expense - affiliate |  | — |  |  | 160 |  |  | — |  |  | (160 | ) |  | — |
Interest expense - third party |  | 8,162 |  |  | 665 |  |  | 94 |  |  | — |  |  | 8,921 |
Interest income - affiliate |  | (160 | ) |  | — |  |  | — |  |  | 160 |  |  | — |
Interest income - third party |  | — |  |  | — |  |  | (73 | ) |  | — |  |  | (73 | )
Loss before income taxes |  | (8,002 | ) |  | (47,097 | ) |  | 25 |  |  | — |  | ` | (55,074 | )
(Benefit from) provision for income taxes |  | — |  |  | 351 |  |  | 183 |  |  | — |  |  | 534 |
Equity in losses of subsidiary |  | (47,606 | ) |  | (158 | ) |  | — |  |  | 47,764 |  |  | — |
Net (loss) income |  | $ | (55,608 | ) |  | $ | (47,606 | ) |  | $ | (158 | ) |  | $ | 47,764 |  |  | $ | (55,608 | )
Statements of Comprehensive Income |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (55,608 | ) |  | $ | (47,606 | ) |  | $ | (158 | ) |  | $ | 47,764 |  |  | $ | (55,608 | )
Other comprehensive income (loss) |  | (28,766 | ) |  | (28,766 | ) |  | (28,830 | ) |  | 57,596 |  |  | (28,766 | )
Comprehensive (loss) income |  | $ | (84,374 | ) |  | $ | (76,372 | ) |  | $ | (28,988 | ) |  | $ | 105,360 |  |  | $ | (84,374 | )
Condensed Consolidating Statements of Cash Flows |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the three months ended March 31, 2014
(in thousands)
|  |  |  |  |  |  | Consolidating |  |
|  |  |  |  | Non- |  | Entries and |  |
| Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities: | $ | 496 |  |  | $ | 31,748 |  |  | $ | (10,154 | ) |  | $ | — |  |  | $ | 22,090 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |
(Loans to) repayments from affiliates | (1,355 | ) |  | — |  |  | — |  |  | 1,355 |  |  | — |
Capital expenditures | — |  |  | (16,486 | ) |  | (5,242 | ) |  | — |  |  | (21,728 | )
Proceeds from derivative instruments | — |  |  | (258 | ) |  | (109 | ) |  | — |  |  | (367 | )
Proceeds from sale of fixed assets |  |  | 714 |  |  | 1,181 |  |  |  |  | 1,895 |
Insurance recoveries | — |  |  | — |  |  | 3,057 |  |  | — |  |  | 3,057 |
Net cash (used in) provided by investing activities | (1,355 | ) |  | (16,030 | ) |  | (1,113 | ) |  | 1,355 |  |  | (17,143 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |
Loans from (repayments to) affiliates | — |  |  | 1,355 |  |  | — |  |  | (1,355 | ) |  | — |
Short-term debt borrowings | — |  |  | (11 | ) |  | (983 | ) |  | — |  |  | (994 | )
Revolving Facility borrowings | — |  |  | 30,000 |  |  | 45,000 |  |  | — |  |  | 75,000 |
Revolving Facility reductions | — |  |  | (46,000 | ) |  | (19,000 | ) |  | — |  |  | (65,000 | )
Principal payments on long term debt | — |  |  | (32 | ) |  | (60 | ) |  | — |  |  | (92 | )
Supply chain financing | — |  |  | — |  |  | (9,455 | ) |  | — |  |  | (9,455 | )
Proceeds from exercise of stock options | 82 |  |  | — |  |  | — |  |  | — |  |  | 82 |
Purchase of treasury shares | (141 | ) |  | — |  |  | — |  |  | — |  |  | (141 | )
Other | 918 |  |  | — |  |  | — |  |  | — |  |  | 918 |
Net cash provided by (used in) financing activities | 859 |  |  | (14,688 | ) |  | 15,502 |  |  | (1,355 | ) |  | 318 |
Net increase in cash and cash equivalents | — |  |  | 1,030 |  |  | 4,235 |  |  | — |  |  | 5,265 |
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | 171 |  |  | — |  |  | 171 |
Cash and cash equivalents at beginning of period | — |  |  | 4,752 |  |  | 7,136 |  |  | — |  |  | 11,888 |
Cash and cash equivalents at end of period | $ | — |  |  | $ | 5,782 |  |  | $ | 11,542 |  |  | $ | — |  |  | $ | 17,324 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the three months ended March 31, 2015
(in thousands)
|  |  |  |  |  |  | Consolidating |  |
|  |  |  |  | Non- |  | Entries and |  |
| Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities: | $ | 1,136 |  |  | $ | 17,731 |  |  | $ | 3,851 |  |  | $ | — |  |  | $ | 22,718 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |
Repayments from affiliates | (1,095 | ) |  | — |  |  | — |  |  | 1,095 |  |  | — |
Capital expenditures | — |  |  | (8,777 | ) |  | (4,824 | ) |  | — |  |  | (13,601 | )
Payments for (proceeds from) derivatives | — |  |  | (6,776 | ) |  | (827 | ) |  | — |  |  | (7,603 | )
Proceeds from sale of assets | — |  |  | 394 |  |  | 127 |  |  | — |  |  | 521 |
Insurance recoveries | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net cash provided by (used in) investing activities | (1,095 | ) |  | (15,159 | ) |  | (5,524 | ) |  | 1,095 |  |  | (20,683 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |
Repayments to affiliates | — |  |  | 1,095 |  |  | — |  |  | (1,095 | ) |  | — |
Short-term debt borrowings | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Revolving Facility borrowings | — |  |  | 27,000 |  |  | — |  |  | — |  |  | 27,000 |
Revolving Facility reductions | — |  |  | (32,000 | ) |  | — |  |  | — |  |  | (32,000 | )
Principal payments on long term debt | — |  |  | (33 | ) |  | — |  |  | — |  |  | (33 | )
Supply chain financing | — |  |  | — |  |  | — |  |  | — |  |  | — |
Proceeds from exercise of stock options | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchase of treasury shares | (41 | ) |  | — |  |  | — |  |  | — |  |  | (41 | )
Revolver facility refinancing | — |  |  | (2,247 | ) |  | — |  |  | — |  |  | (2,247 | )
Other | — |  |  | (54 | ) |  | — |  |  | — |  |  | (54 | )
Net cash provided by (used in) financing activities | (41 | ) |  | (6,238 | ) |  | — |  |  | (1,095 | ) |  | (7,374 | )
Net increase in cash and cash equivalents | — |  |  | (3,666 | ) |  | (1,673 | ) |  | — |  |  | (5,339 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | (1,250 | ) |  | — |  |  | (1,250 | )
Cash and cash equivalents at beginning of period | — |  |  | 5,503 |  |  | 12,047 |  |  | — |  |  | 17,550 |
Cash and cash equivalents at end of period | $ | — |  |  | $ | 1,837 |  |  | $ | 9,124 |  |  | $ | — |  |  | $ | 10,961 |

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