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Guarantor Information (Tables) | 9 Months Ended
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Sep. 30, 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 |  |  | 9,803 |  |  | 19,505 |  |  | (80,900 | ) |  | — |
Accounts receivable - trade |  | — |  |  | 7,599 |  |  | 74,791 |  |  | — |  |  | 82,390 |
Inventories |  | — |  |  | 54,613 |  |  | 163,517 |  |  | — |  |  | 218,130 |
Prepaid and other current assets |  | — |  |  | 7,913 |  |  | 13,244 |  |  | — |  |  | 21,157 |
Current assets of discontinued operations |  | — |  |  | 81,638 |  |  | 17,520 |  |  | (877 | ) |  | 98,281 |
Total current assets |  | 51,592 |  |  | 162,212 |  |  | 294,858 |  |  | (81,777 | ) |  | 426,885 |
Investment in affiliates |  | 1,068,027 |  |  | 668,113 |  |  | — |  |  | (1,736,140 | ) |  | — |
Property, plant and equipment |  | — |  |  | 209,633 |  |  | 341,530 |  |  | — |  |  | 551,163 |
Deferred income taxes |  | — |  |  | — |  |  | 15,326 |  |  | — |  |  | 15,326 |
Goodwill |  | — |  |  | 72,399 |  |  | 99,660 |  |  | — |  |  | 172,059 |
Notes receivable - affiliate |  | — |  |  | 46,074 |  |  | — |  |  | (46,074 | ) |  | — |
Other assets |  | — |  |  | 79,367 |  |  | 73,246 |  |  | — |  |  | 152,613 |
Long-term assets of discontinued operations |  | — |  |  | 99,457 |  |  | 4,518 |  |  | — |  |  | 103,975 |
Total Assets |  | $ | 1,119,619 |  |  | $ | 1,337,255 |  |  | $ | 829,138 |  |  | $ | (1,863,991 | ) |  | $ | 1,422,021 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable - affiliate |  | $ | 159 |  |  | $ | 71,099 |  |  | $ | 9,642 |  |  | $ | (80,900 | ) |  | $ | — |
Accounts payable - trade |  | — |  |  | 11,191 |  |  | 28,956 |  |  | — |  |  | 40,147 |
Short-term debt |  | — |  |  | 4,636 |  |  | 136 |  |  | — |  |  | 4,772 |
Accrued income and other taxes |  | — |  |  | 2,824 |  |  | 3,109 |  |  | — |  |  | 5,933 |
Rationalizations |  | — |  |  | 995 |  |  | 200 |  |  | — |  |  | 1,195 |
Other accrued liabilities |  | 2,444 |  |  | 4,847 |  |  | 13,703 |  |  | — |  |  | 20,994 |
Short-term liabilities of discontinued operations |  | — |  |  | 18,384 |  |  | 5,575 |  |  | (877 | ) |  | 23,082 |
Total current liabilities |  | 2,603 |  |  | 113,976 |  |  | 61,321 |  |  | (81,777 | ) |  | 96,123 |
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 |  | — |  |  | 60,508 |  |  | 33,810 |  |  | — |  |  | 94,318 |
Deferred income taxes |  | — |  |  | 248 |  |  | 57,182 |  |  | — |  |  | 57,430 |
Long-term liabilities of discontinued operations |  | — |  |  | 738 |  |  | 429 |  |  | — |  |  | 1,167 |
Stockholders' equity |  | 810,528 |  |  | 1,068,027 |  |  | 668,113 |  |  | (1,736,140 | ) |  | 810,528 |
Total Liabilities and Stockholders' Equity |  | $ | 1,119,619 |  |  | $ | 1,337,255 |  |  | $ | 829,138 |  |  | $ | (1,863,991 | ) |  | $ | 1,422,021 |
CONDENSED CONSOLIDATING BALANCE SHEETS
As of September 30, 2016
(in thousands)
|  |  |  |  |  |  |  | Consolidating |  |
|  |  |  |  |  | Non- |  | Entries and |  |
|  | Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 1,266 |  |  | $ | 10,881 |  |  | $ | — |  |  | $ | 12,147 |
Accounts receivable - affiliates |  | 51,592 |  |  | 1,729 |  |  | 19,372 |  |  | (72,693 | ) |  | — |
Accounts receivable - trade |  | — |  |  | 7,579 |  |  | 67,034 |  |  | — |  |  | 74,613 |
Inventories |  | — |  |  | 46,972 |  |  | 119,711 |  |  | — |  |  | 166,683 |
Prepaid and other current assets |  | — |  |  | 9,155 |  |  | 13,637 |  |  | — |  |  | 22,792 |
Current assets of discontinued operations |  | — |  |  | 82,738 |  |  | 18,068 |  |  | (5,920 | ) |  | 94,886 |
Total current assets |  | 51,592 |  |  | 149,439 |  |  | 248,703 |  |  | (78,613 | ) |  | 371,121 |
Investment in affiliates |  | 914,173 |  |  | 623,611 |  |  | — |  |  | (1,537,784 | ) |  | — |
Property, plant and equipment |  | — |  |  | 198,577 |  |  | 334,340 |  |  | — |  |  | 532,917 |
Deferred income taxes |  | — |  |  | — |  |  | 20,324 |  |  | — |  |  | 20,324 |
Goodwill |  | — |  |  | 70,399 |  |  | 100,718 |  |  | — |  |  | 171,117 |
Notes receivable - affiliate |  | — |  |  | 56,235 |  |  | — |  |  | (56,235 | ) |  | — |
Other assets |  | — |  |  | 71,126 |  |  | 72,005 |  |  | — |  |  | 143,131 |
Total Assets |  | $ | 965,765 |  |  | $ | 1,169,387 |  |  | $ | 776,090 |  |  | $ | (1,672,632 | ) |  | $ | 1,238,610 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable - affiliate |  | $ | 269 |  |  | $ | 70,960 |  |  | $ | 1,464 |  |  | $ | (72,693 | ) |  | $ | — |
Accounts payable - trade |  | — |  |  | 8,711 |  |  | 33,271 |  |  | — |  |  | 41,982 |
Short-term debt |  | — |  |  | 5,824 |  |  | 641 |  |  | — |  |  | 6,465 |
Accrued income and other taxes |  | — |  |  | 1,467 |  |  | 4,110 |  |  | — |  |  | 5,577 |
Rationalizations |  | — |  |  | 195 |  |  | 15 |  |  | — |  |  | 210 |
Other accrued liabilities |  | 7,225 |  |  | 5,879 |  |  | 16,365 |  |  | — |  |  | 29,469 |
Liabilities of discontinued operations |  | — |  |  | 15,504 |  |  | 7,369 |  |  | (5,920 | ) |  | 16,953 |
Total current liabilities |  | 7,494 |  |  | 108,540 |  |  | 63,235 |  |  | (78,613 | ) |  | 100,656 |
Long-term debt - affiliate |  | 48,822 |  |  | — |  |  | 7,413 |  |  | (56,235 | ) |  | — |
Long-term debt - third party |  | 272,542 |  |  | 90,656 |  |  | 934 |  |  | — |  |  | 364,132 |
Other long-term obligations |  | — |  |  | 55,091 |  |  | 34,090 |  |  | — |  |  | 89,181 |
Deferred income taxes |  | — |  |  | 249 |  |  | 46,618 |  |  | — |  |  | 46,867 |
Long-term liabilities of discontinued operations |  | — |  |  | 678 |  |  | 189 |  | — |  | — |  | — |  | 867 |
Stockholders' equity |  | 636,907 |  |  | 914,173 |  |  | 623,611 |  |  | (1,537,784 | ) |  | 636,907 |
Total Liabilities and Stockholders' Equity |  | $ | 965,765 |  |  | $ | 1,169,387 |  |  | $ | 776,090 |  |  | $ | (1,672,632 | ) |  | $ | 1,238,610 |
Condensed Consolidating Statements of Income and Comprehensive Income |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the Period January 1 through August 14, 2015 (Predecessor)
(in thousands)
|  |  |  |  |  |  |  | Consolidating |  |
|  |  |  |  |  | Non- |  | Entries and |  |
|  | Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Sales - affiliates |  | $ | — |  |  | $ | 117,366 |  |  | $ | 52,683 |  |  | $ | (170,049 | ) |  | $ | — |
Sales - third party |  | — |  |  | 80,243 |  |  | 259,664 |  |  | — |  |  | 339,907 |
Net sales |  | — |  |  | 197,609 |  |  | 312,347 |  |  | (170,049 | ) |  | 339,907 |
Cost of sales |  | — |  |  | 180,983 |  |  | 294,067 |  |  | (170,049 | ) |  | 305,001 |
Gross profit |  | — |  |  | 16,626 |  |  | 18,280 |  |  | — |  |  | 34,906 |
Research and development |  | — |  |  | 3,377 |  |  | — |  |  | — |  |  | 3,377 |
Selling and administrative expenses |  | 6,750 |  |  | 31,513 |  |  | 26,120 |  |  | — |  |  | 64,383 |
Impairments |  | — |  |  | 35,381 |  |  | — |  |  | — |  |  | 35,381 |
Rationalizations |  | — |  |  | (68 | ) |  | 82 |  |  | — |  |  | 14 |
Operating income (loss) |  | (6,750 | ) |  | (53,577 | ) |  | (7,922 | ) |  | — |  |  | (68,249 | )
Other expense (income), net |  | — |  |  | 889 |  |  | 532 |  |  | — |  |  | 1,421 |
Interest expense - affiliate |  | 3 |  |  | 372 |  |  | — |  |  | (375 | ) |  | — |
Interest expense - third party |  | 24,366 |  |  | 1,574 |  |  | 271 |  |  | — |  |  | 26,211 |
Interest income - affiliate |  | (372 | ) |  | (3 | ) |  | — |  |  | 375 |  |  | — |
Interest income - third party |  | — |  |  | — |  |  | (363 | ) |  | — |  |  | (363 | )
Loss from continuing operations before provision for income taxes |  | (30,747 | ) |  | (56,409 | ) |  | (8,362 | ) |  | — |  | ` | (95,518 | )
Provision for income taxes |  | — |  |  | 384 |  |  | 6,068 |  |  | — |  |  | 6,452 |
Equity in loss from continuing operations of subsidiary |  | (71,223 | ) |  | (14,430 | ) |  | — |  |  | 85,653 |  |  | — |
Net (loss) income from continuing operations |  | (101,970 | ) |  | (71,223 | ) |  | (14,430 | ) |  | 85,653 |  |  | (101,970 | )
Loss from discontinued operations, net of tax |  | — |  |  | (13,430 | ) |  | (5,249 | ) |  | — |  |  | (18,679 | )
Equity in loss from discontinued operations of subsidiary |  | (18,679 | ) |  | (5,249 | ) |  | — |  |  | 23,928 |  |  | — |
Net (loss) income from discontinued operations |  | (18,679 | ) |  | (18,679 | ) |  | (5,249 | ) |  | 23,928 |  |  | (18,679 | )
Net loss |  | $ | (120,649 | ) |  | $ | (89,902 | ) |  | $ | (19,679 | ) |  | $ | 109,581 |  |  | $ | (120,649 | )
Statements of Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (120,649 | ) |  | $ | (89,902 | ) |  | $ | (19,679 | ) |  | $ | 109,581 |  |  | $ | (120,649 | )
Other comprehensive loss |  | (26,674 | ) |  | (26,674 | ) |  | (28,041 | ) |  | 54,715 |  |  | (26,674 | )
Comprehensive loss |  | $ | (147,323 | ) |  | $ | (116,576 | ) |  | $ | (47,720 | ) |  | $ | 164,296 |  |  | $ | (147,323 | )
Condensed Consolidating Statements of Cash Flows |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the Period January 1 through August 14, 2015 (Predecessor)
(in thousands)
|  |  |  |  |  |  | Consolidating |  |
|  |  |  |  | Non- |  | Entries and |  |
| Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities: | $ | (4,017 | ) |  | $ | 34,418 |  |  | $ | 25,632 |  |  | $ | (27,710 | ) |  | $ | 28,323 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |
Repayments from (loans to) affiliates | 36,204 |  |  | (21,343 | ) |  | — |  |  | (14,861 | ) |  | — |
Capital expenditures | — |  |  | (20,572 | ) |  | (11,729 | ) |  | — |  |  | (32,301 | )
Payments for derivative instruments | — |  |  | (7,595 | ) |  | (668 | ) |  | — |  |  | (8,263 | )
Proceeds from sale of fixed assets | — |  |  | 397 |  |  | 249 |  |  | — |  |  | 646 |
Net cash provided by (used in) investing activities | 36,204 |  |  | (49,113 | ) |  | (12,148 | ) |  | (14,861 | ) |  | (39,918 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |
Loans from (Repayments to) affiliates | 21,343 |  |  | (36,204 | ) |  | — |  |  | 14,861 |  |  | — |
Dividends to affiliates | — |  |  | — |  |  | (27,710 | ) |  | 27,710 |  |  | — |
Short-term debt, net | — |  |  | 14,002 |  |  | 4,509 |  |  | — |  |  | 18,511 |
Revolving Facility borrowings | — |  |  | 126,000 |  |  | 34,000 |  |  | — |  |  | 160,000 |
Revolving Facility reductions | — |  |  | (87,000 | ) |  | (12,000 | ) |  | — |  |  | (99,000 | )
Repayment of Senior Subordinated Notes | (200,000 | ) |  | — |  |  | — |  |  | — |  |  | (200,000 | )
Issuance of Preferred Shares | 150,000 |  |  | — |  |  | — |  |  | — |  |  | 150,000 |
Principal payments on long term debt | — |  |  | (89 | ) |  | — |  |  | — |  |  | (89 | )
Proceeds from exercise of stock options | 32 |  |  | — |  |  | — |  |  | — |  |  | 32 |
Purchase of treasury shares | (63 | ) |  | — |  |  | — |  |  | — |  |  | (63 | )
Revolver facility refinancing | — |  |  | (5,037 | ) |  | (31 | ) |  | — |  |  | (5,068 | )
Other | (3,499 | ) |  | — |  |  | — |  |  | — |  |  | (3,499 | )
Net cash (used in) provided by financing activities | (32,187 | ) |  | 11,672 |  |  | (1,232 | ) |  | 42,571 |  |  | 20,824 |
Net change in cash and cash equivalents | — |  |  | (3,023 | ) |  | 12,252 |  |  | — |  |  | 9,229 |
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | (1,746 | ) |  | — |  |  | (1,746 | )
Cash and cash equivalents at beginning of period | — |  |  | 5,503 |  |  | 12,047 |  |  | — |  |  | 17,550 |
Cash and cash equivalents at end of period | $ | — |  |  | $ | 2,480 |  |  | $ | 22,553 |  |  | $ | — |  |  | $ | 25,033 |

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