Guarantor Information (Tables)

6 Months Ended

Jun. 30, 2015



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 June 30, 2015
(in thousands)

							Consolidating
					Non-		Entries and
	Parent		Guarantors		Guarantors		Eliminations			Consolidated
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	1,278	$	13,227	$	—		$	14,505
Accounts receivable - affiliates	42,976		29,081		9,230		(81,287		)	—
Accounts receivable - trade	—		30,362		91,324		—			121,686
Inventories	—		145,605		230,028		—			375,633
Prepaid and other current assets	—		17,935		60,017		—			77,952
Total current assets	42,976		224,261		403,826		(81,287		)	589,776

Investment in affiliates	1,331,268		702,677		—		(2,033,945		)	—
Property, plant and equipment	—		424,235		210,436		—			634,671
Deferred income taxes	—		—		17,116		—			17,116
Goodwill	—		181,717		202,715		—			384,432
Notes receivable - affiliate	28,304		7,413		—		(35,717		)	—
Other assets	3,813		40,972		42,194		—			86,979
Total Assets	$	1,406,361	$	1,581,275	$	876,287	$	(2,150,949	)	$	1,712,974

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable - affiliate	$	—	$	52,201	$	29,086	$	(81,287	)	$	—
Accounts payable - trade	—		28,386		43,750		—			72,136
Short-term debt	194,441		2,132		2,642		—			199,215
Accrued income and other taxes	—		4,318		16,094		—			20,412
Rationalizations	—		2,942		4,457		—			7,399
Supply chain financing liability	—		—		—		—			—
Other accrued liabilities	2,444		9,287		19,521		—			31,252
Total current liabilities	196,885		99,266		115,550		(81,287		)	330,414

Long-term debt - affiliate	—		28,304		7,413		(35,717		)	—
Long-term debt - third party	300,000		48,326		1,009		—			349,335
Other long-term obligations	—		68,981		30,531		—			99,512
Deferred income taxes	—		5,130		19,107		—			24,237
Stockholders' equity	909,476		1,331,268		702,677		(2,033,945		)	909,476
Total Liabilities and Stockholders' Equity	$	1,406,361	$	1,581,275	$	876,287	$	(2,150,949	)	$	1,712,974

Condensed Consolidating Statements of Income and Comprehensive Income



CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
For the six months ended June 30, 2014
(in thousands)

										Consolidating
							Non-			Entries and
	Parent			Guarantors			Guarantors			Eliminations				Consolidated

Sales - affiliates	$	—		$	124,316		$	68,571		$	(192,887	)		$	—
Sales - third party	—			221,930			343,045			—				564,975
Net sales	—			346,246			411,616			(192,887		)		564,975
Cost of sales	—			314,476			399,739			(192,887		)		521,328
Gross profit	—			31,770			11,877			—				43,647

Research and development	—			5,673			—			—				5,673
Selling and administrative expenses	—			24,132			37,912			—				62,044
Impairments	—			121,570			—			—				121,570
Rationalizations	—			52			865			—				917
Operating income (loss)	—			(119,657		)	(26,900		)	—				(146,557		)

Other (income) expense, net	—			820			(67		)	—				753
Interest expense - affiliate	—			436			—			(436		)		—
Interest expense - third party	15,955			1,646			553			—				18,154
Interest income - affiliate	(436		)	—			—			436				—
Interest income - third party	—			—			(113		)	—				(113		)
Income (loss) before income taxes	(15,519		)	(122,559		)	(27,273		)	—			`	(165,351		)

Provision for income taxes	(5,587		)	14,399			(7,213		)	—				1,599
Equity in earnings of subsidiary	(157,018		)	(20,060		)	—			177,078				—
Net (loss) income	$	(166,950	)	$	(157,018	)	$	(20,060	)	$	177,078			$	(166,950	)

Statements of Comprehensive Income

Net (loss) income	$	(166,950	)	$	(157,018	)	$	(20,060	)	$	177,078			$	(166,950	)
Other comprehensive income (loss)	2,311			2,311			2,522			(4,833		)		2,311
Comprehensive (loss) income	$	(164,639	)	$	(154,707	)	$	(17,538	)	$	172,245			$	(164,639	)



CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
For the six months ended June 30, 2015
(in thousands)

										Consolidating
							Non-			Entries and
	Parent			Guarantors			Guarantors			Eliminations				Consolidated

Sales - affiliates	$	—		$	103,291		$	42,346		$	(145,637	)		$	—
Sales - third party	—			134,418			237,915			—				372,333
Net sales	—			237,709			280,261			(145,637		)		372,333
Cost of sales	—			219,037			262,231			(145,637		)		335,631
Gross profit	—			18,672			18,030			—				36,702

Research and development	—			4,345			—			—				4,345
Selling and administrative expenses	—			26,836			24,707			—				51,543
Impairments	—			35,381			—			—				35,381
Rationalizations	—			(300		)	4,563			—				4,263
Operating loss	—			(47,590		)	(11,240		)	—				(58,830		)

Other expense (income), net	—			732			360			—				1,092
Interest expense - affiliate	—			305			—			(305		)		—
Interest expense - third party	16,382			1,523			211			—				18,116
Interest income - affiliate	(305		)	—			—			305				—
Interest income - third party	—			(5		)	(341		)	—				(346		)
Loss before income taxes	(16,077		)	(50,145		)	(11,470		)	—			`	(77,692		)

(Benefit from) provision for income taxes	—			(3,691		)	4,424			—				733
Equity in losses of subsidiary	(62,348		)	(15,894		)	—			78,242				—
Net (loss) income	$	(78,425	)	$	(62,348	)	$	(15,894	)	$	78,242			$	(78,425	)

Statements of Comprehensive Income

Net (loss) income	$	(78,425	)	$	(62,348	)	$	(15,894	)	$	78,242			$	(78,425	)
Other comprehensive income (loss)	(21,209		)	(21,209		)	(22,207		)	43,416				(21,209		)
Comprehensive (loss) income	$	(99,634	)	$	(83,557	)	$	(38,101	)	$	121,658			$	(99,634	)

Condensed Consolidating Statements of Cash Flows



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2014
(in thousands)
										Consolidating
							Non-			Entries and
	Parent			Guarantors			Guarantors			Eliminations			Consolidated
Net cash provided by (used in) operating activities:	$	(11,480	)	$	33,155		$	34,225		$	—		$	55,900

Cash flow from investing activities:
(Loans to) repayments from affiliates	8,184			—			—			(8,184		)	—
Capital expenditures	—			(31,882		)	(14,582		)	—			(46,464		)
Proceeds from derivative instruments	—			74			(268		)	—			(194		)
Proceeds from sale of fixed assets				—			2,523						2,523
Insurance recoveries	—			—			2,834			—			2,834
Net cash (used in) provided by investing activities	8,184			(31,808		)	(9,493		)	(8,184		)	(41,301		)

Cash flow from financing activities:
Loans from (repayments to) affiliates	—			(8,184		)	—			8,184			—
Short-term debt borrowings	—			(23		)	(996		)	—			(1,019		)
Revolving Facility borrowings	—			131,000			78,000			—			209,000
Revolving Facility reductions	—			(124,000		)	(81,000		)	—			(205,000		)
Principal payments on long term debt	—			(66		)	(60		)	—			(126		)
Supply chain financing	—			—			(9,455		)	—			(9,455		)
Proceeds from exercise of stock options	2,813			—			—			—			2,813
Purchase of treasury shares	(435		)	—			—			—			(435		)
Revolver facility refinancing	—			(2,320		)	(316		)	—			(2,636		)
Other	918			—			—			—			918
Net cash provided by (used in) financing activities	3,296			(3,593		)	(13,827		)	8,184			(5,940		)

Net increase in cash and cash equivalents	—			(2,246		)	10,905			—			8,659
Effect of exchange rate changes on cash and cash equivalents	—			—			181			—			181
Cash and cash equivalents at beginning of period	—			4,752			7,136			—			11,888
Cash and cash equivalents at end of period	$	—		$	2,506		$	18,222		$	—		$	20,728



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2015
(in thousands)
										Consolidating
							Non-			Entries and
	Parent			Guarantors			Guarantors			Eliminations			Consolidated
Net cash (used in) provided by operating activities:	$	(7,355	)	$	22,992		$	36,293		$	(27,710	)	$	24,220

Cash flow from investing activities:
Repayments from affiliates	7,418			—			—			(7,418		)	—
Capital expenditures	—			(16,994		)	(8,626		)	—			(25,620		)
Payments for (proceeds from) derivatives	—			397			241			—			638
Proceeds from sale of assets	—			(7,595		)	(209		)	—			(7,804		)
Insurance recoveries	—			—			—			—			—
Net cash provided by (used in) investing activities	7,418			(24,192		)	(8,594		)	(7,418		)	(32,786		)

Cash flow from financing activities:
Repayments to affiliates	—			(7,418		)	—			7,418			—
Dividends to affiliates	—			—			(27,710		)	27,710
Short-term debt borrowings	—			2,001			2,505			—			4,506
Revolving Facility borrowings	—			62,000			12,000			—			74,000
Revolving Facility reductions	—			(54,000		)	(12,000		)	—			(66,000		)
Principal payments on long term debt	—			(67		)	—			—			(67		)
Supply chain financing	—			—			—			—			—
Proceeds from exercise of stock options	—			—			—			—			—
Purchase of treasury shares	(63		)	—			—			—			(63		)
Revolver facility refinancing	—			(2,691		)	(31		)	—			(2,722		)
Other	—			(2,850		)	—			—			(2,850		)
Net cash provided by (used in) financing activities	(63		)	(3,025		)	(25,236		)	35,128			6,804

Net increase in cash and cash equivalents	—			(4,225		)	2,463			—			(1,762		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(1,283		)	—			(1,283		)
Cash and cash equivalents at beginning of period	—			5,503			12,047			—			17,550
Cash and cash equivalents at end of period	$	—		$	1,278		$	13,227		$	—		$	14,505