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Guarantor Information (Tables) | 3 Months Ended
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Mar. 31, 2017
Consolidating Financials [Abstract] |
Condensed Consolidating Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
As of December 31, 2016
(in thousands)
|  |  |  |  |  |  |  | Consolidating |  |
|  |  |  |  |  | Non- |  | Entries and |  |
|  | Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 636 |  |  | $ | 10,974 |  |  | $ | — |  |  | $ | 11,610 |
Accounts receivable - affiliates |  | 51,592 |  |  | 3,624 |  |  | 19,643 |  |  | (74,859 | ) |  | — |
Accounts receivable - trade |  | — |  |  | 7,518 |  |  | 73,050 |  |  | — |  |  | 80,568 |
Inventories |  | — |  |  | 44,563 |  |  | 111,548 |  |  | — |  |  | 156,111 |
Prepaid and other current assets |  | 1,350 |  |  | 4,853 |  |  | 15,462 |  |  | — |  |  | 21,665 |
Current assets of discontinued operations |  | — |  |  | 51,160 |  |  | 14,296 |  |  | (4,477 | ) |  | 60,979 |
Total current assets |  | 52,942 |  |  | 112,354 |  |  | 244,973 |  |  | (79,336 | ) |  | 330,933 |
Investment in affiliates |  | 844,379 |  |  | 601,597 |  |  | — |  |  | (1,445,976 | ) |  | — |
Property, plant and equipment |  | — |  |  | 191,503 |  |  | 317,352 |  |  | — |  |  | 508,855 |
Deferred income taxes |  | — |  |  | — |  |  | 19,803 |  |  | — |  |  | 19,803 |
Goodwill |  | — |  |  | 70,399 |  |  | 100,718 |  |  | — |  |  | 171,117 |
Notes receivable - affiliate |  | — |  |  | 49,003 |  |  | — |  |  | (49,003 | ) |  | — |
Other assets |  | — |  |  | 70,767 |  |  | 70,801 |  |  | — |  |  | 141,568 |
Long-term assets of discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Assets |  | $ | 897,321 |  |  | $ | 1,095,623 |  |  | $ | 753,647 |  |  | $ | (1,574,315 | ) |  | $ | 1,172,276 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable - affiliate |  | $ | 806 |  |  | $ | 71,243 |  |  | $ | 2,810 |  |  | $ | (74,859 | ) |  | $ | — |
Accounts payable - trade |  | 964 |  |  | 8,033 |  |  | 38,666 |  |  | — |  |  | 47,663 |
Short-term debt |  | — |  |  | 3,062 |  |  | 5,790 |  |  | — |  |  | 8,852 |
Accrued income and other taxes |  | — |  |  | 2,095 |  |  | 3,161 |  |  | — |  |  | 5,256 |
Other accrued liabilities |  | 2,444 |  |  | 12,205 |  |  | 15,945 |  |  | — |  |  | 30,594 |
Short-term liabilities of discontinued operations |  | — |  |  | 20,381 |  |  | 4,138 |  |  | (4,477 | ) |  | 20,042 |
Total current liabilities |  | 4,214 |  |  | 117,019 |  |  | 70,510 |  |  | (79,336 | ) |  | 112,407 |
Long-term debt - affiliate |  | 41,590 |  |  | — |  |  | 7,413 |  |  | (49,003 | ) |  | — |
Long-term debt - third party |  | 274,132 |  |  | 81,695 |  |  | 753 |  |  | — |  |  | 356,580 |
Other long-term obligations |  | — |  |  | 50,943 |  |  | 31,205 |  |  | — |  |  | 82,148 |
Deferred income taxes |  | — |  |  | 909 |  |  | 41,997 |  |  | — |  |  | 42,906 |
Long-term liabilities of discontinued operations |  | — |  |  | 678 |  |  | 172 |  |  | — |  |  | 850 |
Stockholders' equity |  | 577,385 |  |  | 844,379 |  |  | 601,597 |  |  | (1,445,976 | ) |  | 577,385 |
Total Liabilities and Stockholders' Equity |  | $ | 897,321 |  |  | $ | 1,095,623 |  |  | $ | 753,647 |  |  | $ | (1,574,315 | ) |  | $ | 1,172,276 |
CONDENSED CONSOLIDATING BALANCE SHEETS
As of March 31, 2017
(in thousands)
|  |  |  |  |  |  |  | Consolidating |  |
|  |  |  |  |  | Non- |  | Entries and |  |
|  | Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 663 |  |  | $ | 17,818 |  |  | $ | — |  |  | $ | 18,481 |
Accounts receivable - affiliates |  | 51,592 |  |  | 10,104 |  |  | 17,484 |  |  | (79,180 | ) |  | — |
Accounts receivable - trade |  | — |  |  | 6,775 |  |  | 67,884 |  |  | — |  |  | 74,659 |
Inventories |  | — |  |  | 44,198 |  |  | 115,195 |  |  |  |  |  | 159,393 |
Prepaid and other current assets |  | 1,440 |  |  | 4,260 |  |  | 16,736 |  |  | — |  |  | 22,436 |
Current assets of discontinued operations |  | — |  |  | 43,380 |  |  | 13,579 |  |  | (3,147 | ) |  | 53,812 |
Total current assets |  | 53,032 |  |  | 109,380 |  |  | 248,696 |  |  | (82,327 | ) |  | 328,781 |
Investment in affiliates |  | 829,921 |  |  | 596,259 |  |  | — |  |  | (1,426,180 | ) |  | — |
Property, plant and equipment |  | — |  |  | 187,936 |  |  | 316,869 |  |  | — |  |  | 504,805 |
Deferred income taxes |  | — |  |  | — |  |  | 20,315 |  |  | — |  |  | 20,315 |
Goodwill |  | — |  |  | 70,399 |  |  | 100,718 |  |  | — |  |  | 171,117 |
Notes receivable - affiliate |  |  |  |  | 49,380 |  |  | — |  |  | (49,380 | ) |  | — |
Other assets |  | — |  |  | 67,706 |  |  | 70,903 |  |  | — |  |  | 138,609 |
Total Assets |  | $ | 882,953 |  |  | $ | 1,081,060 |  |  | $ | 757,501 |  |  | $ | (1,557,887 | ) |  | $ | 1,163,627 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable - affiliate |  | $ | 1,184 |  |  | $ | 68,734 |  |  | $ | 9,262 |  |  | $ | (79,180 | ) |  | $ | — |
Accounts payable - trade |  | 964 |  |  | 8,372 |  |  | 35,382 |  |  | — |  |  | 44,718 |
Short-term debt |  | — |  |  | 4,362 |  |  | 5,994 |  |  | — |  |  | 10,356 |
Accrued income and other taxes |  | — |  |  | 1,097 |  |  | 4,812 |  |  | — |  |  | 5,909 |
Other accrued liabilities |  | 7,225 |  |  | 8,930 |  |  | 17,562 |  |  | — |  |  | 33,717 |
Liabilities of discontinued operations |  | — |  |  | 16,137 |  |  | 4,326 |  |  | (3,147 | ) |  | 17,316 |
Total current liabilities |  | 9,373 |  |  | 107,632 |  |  | 77,338 |  |  | (82,327 | ) |  | 112,016 |
Long-term debt - affiliate |  | 41,967 |  |  | — |  |  | 7,413 |  |  | (49,380 | ) |  | — |
Long-term debt - third party |  | 275,732 |  |  | 92,737 |  |  | 777 |  |  | — |  |  | 369,246 |
Other long-term obligations |  | — |  |  | 48,869 |  |  | 32,299 |  |  | — |  |  | 81,168 |
Deferred income taxes |  | — |  |  | 1,037 |  |  | 43,239 |  |  | — |  |  | 44,276 |
Long-term liabilities of discontinued operations |  | — |  |  | 864 |  |  | 176 |  | — |  | — |  | — |  | 1,040 |
Stockholders' equity |  | 555,881 |  |  | 829,921 |  |  | 596,259 |  |  | (1,426,180 | ) |  | 555,881 |
Total Liabilities and Stockholders' Equity |  | $ | 882,953 |  |  | $ | 1,081,060 |  |  | $ | 757,501 |  |  | $ | (1,557,887 | ) |  | $ | 1,163,627 |
Condensed Income Statement |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the Three Months Ended March 31, 2016
(in thousands)
|  |  |  |  |  |  |  | Consolidating |  |
|  |  |  |  |  | Non- |  | Entries and |  |
|  | Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Sales - affiliates |  | $ | — |  |  | $ | 40,899 |  |  | $ | 19,643 |  |  | $ | (60,542 | ) |  | $ | — |
Sales - third party |  | — |  |  | 20,820 |  |  | 74,756 |  |  | — |  |  | 95,576 |
Net sales |  | — |  |  | 61,719 |  |  | 94,399 |  |  | (60,542 | ) |  | 95,576 |
Cost of sales |  | — |  |  | 61,602 |  |  | 95,954 |  |  | (60,542 | ) |  | 97,014 |
Additions to lower cost or market inventory reserve |  | — |  |  | 2,073 |  |  | 9,464 |  |  | — |  |  | 11,537 |
Gross profit (loss) |  | — |  |  | (1,956 | ) |  | (11,019 | ) |  | — |  |  | (12,975 | )
Research and development |  | — |  |  | 651 |  |  | — |  |  | — |  |  | 651 |
Selling and administrative expenses |  | — |  |  | 6,074 |  |  | 7,720 |  |  | — |  |  | 13,794 |
Operating (loss) income |  | — |  |  | (8,681 | ) |  | (18,739 | ) |  | — |  |  | (27,420 | )
Other expense (income), net |  | 6 |  |  | 270 |  |  | (39 | ) |  | — |  |  | 237 |
Interest expense - affiliate |  | 198 |  |  | — |  |  | — |  |  | (198 | ) |  | — |
Interest expense - third party |  | 6,344 |  |  | 41 |  |  | 75 |  |  | — |  |  | 6,460 |
Interest income - affiliate |  | — |  |  | (198 | ) |  | — |  |  | 198 |  |  | — |
Interest income - third party |  | — |  |  | — |  |  | (12 | ) |  | — |  |  | (12 | )
Income (Loss) from continuing operations before provision for income taxes |  | (6,548 | ) |  | (8,794 | ) |  | (18,763 | ) |  | — |  | ` | (34,105 | )
Provision for income taxes |  | — |  |  | 17 |  |  | (312 | ) |  | — |  |  | (295 | )
Equity in loss from continuing operations of subsidiary |  | (27,262 | ) |  | (18,451 | ) |  | — |  |  | 45,713 |  |  | — |
Net loss from continuing operations |  | (33,810 | ) |  | (27,262 | ) |  | (18,451 | ) |  | 45,713 |  |  | (33,810 | )
Loss from discontinued operations, net of tax |  | — |  |  | (1,578 | ) |  | (987 | ) |  | — |  |  | (2,565 | )
Equity in loss from discontinued operations of subsidiary |  | (2,565 | ) |  | (987 | ) |  | — |  |  | 3,552 |  |  | — |
Net loss from discontinued operations |  | (2,565 | ) |  | (2,565 | ) |  | (987 | ) |  | 3,552 |  |  | (2,565 | )
Net loss |  | $ | (36,375 | ) |  | $ | (29,827 | ) |  | $ | (19,438 | ) |  | $ | 49,265 |  |  | $ | (36,375 | )
Statements of Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (36,375 | ) |  | $ | (29,827 | ) |  | $ | (19,438 | ) |  | $ | 49,265 |  |  | $ | (36,375 | )
Other comprehensive income |  | 12,637 |  |  | 12,637 |  |  | 12,637 |  |  | (25,274 | ) |  | 12,637 |
Comprehensive loss |  | $ | (23,738 | ) |  | $ | (17,190 | ) |  | $ | (6,801 | ) |  | $ | 23,991 |  |  | $ | (23,738 | )
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the Three Months Ended March 31, 2017
(in thousands)
|  |  |  |  |  |  |  | Consolidating |  |
|  |  |  |  |  | Non- |  | Entries and |  |
|  | Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Sales - affiliates |  | $ | — |  |  | $ | 25,344 |  |  | $ | 12,085 |  |  | $ | (37,429 | ) |  | $ | — |
Sales - third party |  | — |  |  | 21,881 |  |  | 82,858 |  |  | — |  |  | 104,739 |
Net sales |  | — |  |  | 47,225 |  |  | 94,943 |  |  | (37,429 | ) |  | 104,739 |
Cost of sales |  | — |  |  | 46,470 |  |  | 93,316 |  |  | (37,429 | ) |  | 102,357 |
Additions to lower of cost or market inventory reserve |  | — |  |  | 725 |  |  | 572 |  |  | — |  |  | 1,297 |
Gross profit |  | — |  |  | 30 |  |  | 1,055 |  |  | — |  |  | 1,085 |
Research and development |  | — |  |  | 829 |  |  | — |  |  | — |  |  | 829 |
Selling and administrative expenses |  | — |  |  | 3,299 |  |  | 8,384 |  |  | — |  |  | 11,683 |
Operating (loss) |  | — |  |  | (4,098 | ) |  | (7,329 | ) |  | — |  |  | (11,427 | )
Other expense (income), net |  | 7 |  |  | 215 |  |  | 2,845 |  |  | — |  |  | 3,067 |
Interest expense - affiliate |  | 659 |  |  | — |  |  | — |  |  | (659 | ) |  | — |
Interest expense - third party |  | 6,380 |  |  | 1,052 |  |  | 114 |  |  | — |  |  | 7,546 |
Interest income - affiliate |  | — |  |  | (659 | ) |  | — |  |  | 659 |  |  | — |
Interest income - third party |  | — |  |  | — |  |  | (123 | ) |  | — |  |  | (123 | )
Loss from continuing operations before provision for income taxes |  | (7,046 | ) |  | (4,706 | ) |  | (10,165 | ) |  | — |  | ` | (21,917 | )
Provision for income taxes |  | — |  |  | 131 |  |  | 230 |  |  | — |  |  | 361 |
Equity in loss from continuing operations of subsidiary |  | (15,232 | ) |  | (10,395 | ) |  | — |  |  | 25,627 |  |  | — |
Net loss from continuing operations |  | (22,278 | ) |  | (15,232 | ) |  | (10,395 | ) |  | 25,627 |  |  | (22,278 | )
(Loss) income from discontinued operations, net of tax |  | — |  |  | (4,142 | ) |  | 76 |  |  | — |  |  | (4,066 | )
Equity in (loss) income from discontinued operations of subsidiary |  | (4,066 | ) |  | 76 |  |  | — |  |  | 3,990 |  |  | — |
Net (loss) income from discontinued operations |  | (4,066 | ) |  | (4,066 | ) |  | 76 |  |  | 3,990 |  |  | (4,066 | )
Net loss |  | $ | (26,344 | ) |  | $ | (19,298 | ) |  | $ | (10,319 | ) |  | $ | 29,617 |  |  | $ | (26,344 | )
Statements of Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (26,344 | ) |  | $ | (19,298 | ) |  | $ | (10,319 | ) |  | $ | 29,617 |  |  | $ | (26,344 | )
Other comprehensive income |  | 4,840 |  |  | 4,840 |  |  | 4,840 |  |  | (9,680 | ) |  | 4,840 |
Comprehensive loss |  | $ | (21,504 | ) |  | $ | (14,458 | ) |  | $ | (5,479 | ) |  | $ | 19,937 |  |  | $ | (21,504 | )
Condensed Cash Flow Statement |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2016
(in thousands)
|  |  |  |  |  |  | Consolidating |  |
|  |  |  |  | Non- |  | Entries and |  |
| Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities: | $ | (6 | ) |  | $ | 8,007 |  |  | $ | 1,723 |  |  | $ | — |  |  | $ | 9,724 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |
(Loans to) repayments from affiliates | — |  |  | (6 | ) |  | — |  |  | 6 |  |  | — |
Capital expenditures | — |  |  | (3,828 | ) |  | (4,586 | ) |  | — |  |  | (8,414 | )
Other | — |  |  | — |  |  | (253 | ) |  | — |  |  | (253 | )
Proceeds from sale of fixed assets | — |  |  | 391 |  |  | 13 |  |  | — |  |  | 404 |
Net cash (used in) provided by investing activities | — |  |  | (3,443 | ) |  | (4,826 | ) |  | 6 |  |  | (8,263 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |
Loans from (Repayments to) affiliates | 6 |  |  | — |  |  | — |  |  | (6 | ) |  | — |
Short-term debt, net | — |  |  | 1 |  |  | 5,000 |  |  | — |  |  | 5,001 |
Revolving Facility borrowings | — |  |  | 19,000 |  |  | — |  |  | — |  |  | 19,000 |
Revolving Facility reductions | — |  |  | (23,000 | ) |  | — |  |  | — |  |  | (23,000 | )
Principal payments on long term debt | — |  |  | (34 | ) |  | — |  |  | — |  |  | (34 | )
Net cash provided by (used in) financing activities | 6 |  |  | (4,033 | ) |  | 5,000 |  |  | (6 | ) |  | 967 |
Net change in cash and cash equivalents | — |  |  | 531 |  |  | 1,897 |  |  | — |  |  | 2,428 |
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | 477 |  |  | — |  |  | 477 |
Cash and cash equivalents at beginning of period | — |  |  | 646 |  |  | 6,281 |  |  | — |  |  | 6,927 |
Cash and cash equivalents at end of period | $ | — |  |  | $ | 1,177 |  |  | $ | 8,655 |  |  | $ | — |  |  | $ | 9,832 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2017
(in thousands)
|  |  |  |  |  |  | Consolidating |  |
|  |  |  |  | Non- |  | Entries and |  |
| Parent |  | Guarantors |  | Guarantors |  | Eliminations |  | Consolidated
Net cash (used in) provided by operating activities: | $ | (96 | ) |  | $ | (11,077 | ) |  | $ | 12,990 |  |  | $ | — |  |  | $ | 1,817 |
Cash flow from investing activities: |  |  |  |  |  |  |  |  |
Loans to affiliates | — |  |  | (96 | ) |  | — |  |  | 96 |  |  | — |
Capital expenditures | — |  |  | (1,069 | ) |  | (6,927 | ) |  | — |  |  | (7,996 | )
Proceeds from sale of assets | — |  |  | 4 |  |  | 364 |  |  | — |  |  | 368 |
Net cash (used in) provided by investing activities | — |  |  | (1,161 | ) |  | (6,563 | ) |  | 96 |  |  | (7,628 | )
Cash flow from financing activities: |  |  |  |  |  |  |  |  |
Loans from affiliates | 96 |  |  | — |  |  | — |  |  | (96 | ) |  | — |
Short-term debt, net | — |  |  | (699 | ) |  | 201 |  |  | — |  |  | (498 | )
Revolving Facility borrowings | — |  |  | 13,000 |  |  | — |  |  | — |  |  | 13,000 |
Principal payments on long term debt | — |  |  | (36 | ) |  | — |  |  | — |  |  | (36 | )
Net cash provided by (used in) financing activities | 96 |  |  | 12,265 |  |  | 201 |  |  | (96 | ) |  | 12,466 |
Net change in cash and cash equivalents | — |  |  | 27 |  |  | 6,628 |  |  | — |  |  | 6,655 |
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | 216 |  |  | — |  |  | 216 |
Cash and cash equivalents at beginning of period | — |  |  | 636 |  |  | 10,974 |  |  | — |  |  | 11,610 |
Cash and cash equivalents at end of period | $ | — |  |  | $ | 663 |  |  | $ | 17,818 |  |  | $ | — |  |  | $ | 18,481 |

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