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Guarantor Information (Tables) | 3 Months Ended
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Mar. 31, 2016
Consolidating Financials [Abstract] |
Condensed Consolidating Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
As of December 31, 2015
(in thousands)
|  |  |  |  |  |  |  | Consolidating |  |
|  |  |  |  |  | Non- |  | Entries and |  |
|  | Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 646 |  |  | $ | 6,281 |  |  | $ | — |  |  | $ | 6,927 |
Accounts receivable - affiliates |  | 51,592 |  |  | 9,362 |  |  | 20,823 |  |  | (81,777 | ) |  | — |
Accounts receivable - trade |  | — |  |  | 20,749 |  |  | 82,066 |  |  | — |  |  | 102,815 |
Inventories |  | — |  |  | 123,340 |  |  | 172,122 |  |  | — |  |  | 295,462 |
Prepaid and other current assets |  | — |  |  | 8,109 |  |  | 13,565 |  |  | — |  |  | 21,674 |
Total current assets |  | 51,592 |  |  | 162,206 |  |  | 294,857 |  |  | (81,777 | ) |  | 426,878 |
Investment in affiliates |  | 1,068,028 |  |  | 668,113 |  |  | — |  |  | (1,736,141 | ) |  | — |
Property, plant and equipment |  | — |  |  | 291,494 |  |  | 346,039 |  |  | — |  |  | 637,533 |
Deferred income taxes |  | — |  |  | — |  |  | 15,327 |  |  | — |  |  | 15,327 |
Goodwill |  | — |  |  | 72,399 |  |  | 99,660 |  |  | — |  |  | 172,059 |
Notes receivable - affiliate |  | — |  |  | 46,074 |  |  | — |  |  | (46,074 | ) |  | — |
Other assets |  | — |  |  | 96,964 |  |  | 73,254 |  |  | — |  |  | 170,218 |
Total Assets |  | $ | 1,119,620 |  |  | $ | 1,337,250 |  |  | $ | 829,137 |  |  | $ | (1,863,992 | ) |  | $ | 1,422,015 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable - affiliate |  | $ | 159 |  |  | $ | 72,418 |  |  | $ | 9,200 |  |  | $ | (81,777 | ) |  | $ | — |
Accounts payable - trade |  | — |  |  | 18,546 |  |  | 30,932 |  |  | — |  |  | 49,478 |
Short-term debt |  | — |  |  | 4,636 |  |  | 136 |  |  | — |  |  | 4,772 |
Accrued income and other taxes |  | — |  |  | 5,864 |  |  | 3,175 |  |  | — |  |  | 9,039 |
Rationalizations |  | — |  |  | 995 |  |  | 2,053 |  |  | — |  |  | 3,048 |
Other accrued liabilities |  | 2,444 |  |  | 11,511 |  |  | 15,824 |  |  | — |  |  | 29,779 |
Total current liabilities |  | 2,603 |  |  | 113,970 |  |  | 61,320 |  |  | (81,777 | ) |  | 96,116 |
Long-term debt - affiliate |  | 38,661 |  |  | — |  |  | 7,413 |  |  | (46,074 | ) |  | — |
Long-term debt - third party |  | 267,827 |  |  | 93,758 |  |  | 870 |  |  | — |  |  | 362,455 |
Other long-term obligations |  | — |  |  | 61,246 |  |  | 34,239 |  |  | — |  |  | 95,485 |
Deferred income taxes |  | — |  |  | 248 |  |  | 57,182 |  |  | — |  |  | 57,430 |
Stockholders' equity |  | 810,529 |  |  | 1,068,028 |  |  | 668,113 |  |  | (1,736,141 | ) |  | 810,529 |
Total Liabilities and Stockholders' Equity |  | $ | 1,119,620 |  |  | $ | 1,337,250 |  |  | $ | 829,137 |  |  | $ | (1,863,992 | ) |  | $ | 1,422,015 |
CONDENSED CONSOLIDATING BALANCE SHEETS
As of March 31, 2016
(in thousands)
|  |  |  |  |  |  |  | Consolidating |  |
|  |  |  |  |  | Non- |  | Entries and |  |
|  | Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 1,177 |  |  | $ | 8,655 |  |  | $ | — |  |  | $ | 9,832 |
Accounts receivable - affiliates |  | 51,592 |  |  | 12,055 |  |  | 22,855 |  |  | (86,502 | ) |  | — |
Accounts receivable - trade |  | — |  |  | 20,260 |  |  | 71,147 |  |  | — |  |  | 91,407 |
Inventories |  | — |  |  | 114,633 |  |  | 167,637 |  |  | — |  |  | 282,270 |
Prepaid and other current assets |  | — |  |  | 7,387 |  |  | 17,591 |  |  | — |  |  | 24,978 |
Total current assets |  | 51,592 |  |  | 155,512 |  |  | 287,885 |  |  | (86,502 | ) |  | 408,487 |
Investment in affiliates |  | 1,050,838 |  |  | 656,876 |  |  | — |  |  | (1,707,714 | ) |  | — |
Property, plant and equipment |  | — |  |  | 286,386 |  |  | 350,576 |  |  | — |  |  | 636,962 |
Deferred income taxes |  | — |  |  | — |  |  | 17,151 |  |  | — |  |  | 17,151 |
Goodwill |  | — |  |  | 72,399 |  |  | 100,718 |  |  | — |  |  | 173,117 |
Notes receivable - affiliate |  | — |  |  | 46,239 |  |  | — |  |  | (46,239 | ) |  | — |
Other assets |  | — |  |  | 92,017 |  |  | 72,806 |  |  | — |  |  | 164,823 |
Total Assets |  | $ | 1,102,430 |  |  | $ | 1,309,429 |  |  | $ | 829,136 |  |  | $ | (1,840,455 | ) |  | $ | 1,400,540 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable - affiliate |  | $ | 198 |  |  | $ | 74,453 |  |  | $ | 11,851 |  |  | $ | (86,502 | ) |  | $ | — |
Accounts payable - trade |  | — |  |  | 13,859 |  |  | 33,387 |  |  | — |  |  | 47,246 |
Short-term debt |  | — |  |  | 4,636 |  |  | 5,143 |  |  | — |  |  | 9,779 |
Accrued income and other taxes |  | — |  |  | 3,045 |  |  | 1,567 |  |  | — |  |  | 4,612 |
Rationalizations |  | — |  |  | 638 |  |  | 1,175 |  |  | — |  |  | 1,813 |
Other accrued liabilities |  | 7,225 |  |  | 12,268 |  |  | 17,457 |  |  | — |  |  | 36,950 |
Total current liabilities |  | 7,423 |  |  | 108,899 |  |  | 70,580 |  |  | (86,502 | ) |  | 100,400 |
Long-term debt - affiliate |  | 38,826 |  |  | — |  |  | 7,413 |  |  | (46,239 | ) |  | — |
Long-term debt - third party |  | 269,390 |  |  | 89,723 |  |  | 925 |  |  | — |  |  | 360,038 |
Other long-term obligations |  | — |  |  | 59,720 |  |  | 35,131 |  |  | — |  |  | 94,851 |
Deferred income taxes |  | — |  |  | 249 |  |  | 58,211 |  |  | — |  |  | 58,460 |
Stockholders' equity |  | 786,791 |  |  | 1,050,838 |  |  | 656,876 |  |  | (1,707,714 | ) |  | 786,791 |
Total Liabilities and Stockholders' Equity |  | $ | 1,102,430 |  |  | $ | 1,309,429 |  |  | $ | 829,136 |  |  | $ | (1,840,455 | ) |  | $ | 1,400,540 |
Condensed Consolidating Statements of Income and Comprehensive Income |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
For the Three Months ended March 31, 2015 (Predecessor)
(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) income |  | — |  |  | (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) income before income taxes |  | (8,002 | ) |  | (47,097 | ) |  | 25 |  |  | — |  | ` | (55,074 | )
Provision for income taxes |  | — |  |  | 351 |  |  | 183 |  |  | — |  |  | 534 |
Equity in loss 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 (loss) income |  | (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, 2015 (Predecessor)
(in thousands)
|  |  |  |  |  |  | Consolidating |  |
|  |  |  |  | Non- |  | Entries and |  |
| Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities: | $ | 1,136 |  |  | $ | 17,731 |  |  | $ | 3,851 |  |  | $ | — |  |  | $ | 22,718 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |
Repayments from (loans to) affiliates | (1,095 | ) |  | — |  |  | — |  |  | 1,095 |  |  | — |
Capital expenditures | — |  |  | (8,777 | ) |  | (4,824 | ) |  | — |  |  | (13,601 | )
Payments for derivative instruments | — |  |  | (6,776 | ) |  | (827 | ) |  | — |  |  | (7,603 | )
Proceeds from sale of fixed assets | — |  |  | 394 |  |  | 127 |  |  |  |  | 521 |
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) loans from 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 | )
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 change 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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