XML 45 R27.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Quarterly Results of Operations (Unaudited) | 12 Months Ended
--- | ---
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results of Operations (Unaudited) | Note 20. Quarterly Results of Operations (Unaudited) The effect of the revision discussed within Note 1 to the 2017 and 2016 previously issued unaudited quarterly financial results is as follows (in thousands, except per share data). The 2017 quarterly revisions will be affected in connection with the future 2018 unaudited interim condensed consolidated financial statement filings on Form 10-Q. The effect of recasting the prior periods for the PBC discontinued operations as described in Note 2 is also reflected below. The following summarizes the unaudited quarterly results of operations for the fourth quarter ended December 31, 2017.
Fourth Quarter 2017 |  |  |  |
Net sales |  | $ | 156,135 |
Cost of sales (exclusive of depreciation and amortization) |  |  | 118,814 |
Income (loss) from continuing operations |  |  | 53,325 |
Income from discontinued operations, net of tax |  |  | (2,507 | )
Net income (loss) |  |  | 50,818 |
Comprehensive income (loss) |  |  | 51,885 |
Basic income (loss) from continuing operations per share |  | $ | 1.93 |
Basic net income (loss) per share |  | $ | 1.84 |
Diluted income (loss) from continuing operations per share |  | $ | 1.91 |
Diluted net income (loss) per share |  | $ | 1.82 |
The effect of recasting the prior periods for the PBC discontinued operations as described in Note 2 is also reflected below.
|  | As Originally Reported |  |  | Adjustment |  |  | Discontinued Operations |  |  | As Revised |
Third Quarter 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 148,156 |  |  | $ | — |  |  |  |  |  |  | $ | 148,156 |
Cost of sales (exclusive of depreciation and amortization) |  |  | 110,836 |  |  |  | 436 |  |  |  |  |  |  |  | 111,272 |
Income (loss) from continuing operations |  |  | (2,930 | ) |  |  | (550 | ) |  |  |  |  |  |  | (3,480 | )
Income from discontinued operations, net of tax |  |  | 135,825 |  |  |  | (6,384 | ) |  |  |  |  |  |  | 129,441 |
Net income (loss) |  |  | 132,895 |  |  |  | (6,934 | ) |  |  |  |  |  |  | 125,961 |
Comprehensive income (loss) |  |  | 129,735 |  |  |  | (6,606 | ) |  |  |  |  |  |  | 123,129 |
Basic income (loss) from continuing operations per share |  | $ | (0.11 | ) |  | $ | (0.02 | ) |  |  |  |  |  | $ | (0.13 | )
Basic net income (loss) per share |  | $ | 4.82 |  |  | $ | (0.25 | ) |  |  |  |  |  | $ | 4.57 |
Diluted income (loss) from continuing operations per share |  | $ | (0.11 | ) |  | $ | (0.02 | ) |  |  |  |  |  | $ | (0.13 | )
Diluted net income (loss) per share |  | $ | 4.82 |  |  | $ | (0.25 | ) |  |  |  |  |  | $ | 4.57 |
Second Quarter 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 225,875 |  |  | $ | — |  |  | $ | (67,928 | ) |  | $ | 157,947 |
Cost of sales (exclusive of depreciation and amortization) |  |  | 166,040 |  |  |  | — |  |  |  | (51,526 | ) |  |  | 114,514 |
Income (loss) from continuing operations |  |  | (21,529 | ) |  |  | 391 |  |  |  | (5,236 | ) |  |  | (26,374 | )
Income from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | 5,236 |  |  |  | 5,236 |
Net income (loss) |  |  | (21,529 | ) |  |  | 391 |  |  |  |  |  |  |  | (21,138 | )
Comprehensive income (loss) |  |  | (12,289 | ) |  |  | 662 |  |  |  |  |  |  |  | (11,627 | )
Basic income (loss) from continuing operations per share |  | $ | (0.78 | ) |  | $ | 0.01 |  |  | $ | (0.19 | ) |  | $ | (0.96 | )
Basic net income (loss) per share |  | $ | (0.78 | ) |  | $ | 0.01 |  |  |  |  |  |  | $ | (0.77 | )
Diluted income (loss) from continuing operations per share |  | $ | (0.78 | ) |  | $ | 0.01 |  |  | $ | (0.19 | ) |  | $ | (0.96 | )
Diluted net income (loss) per share |  | $ | (0.78 | ) |  | $ | 0.01 |  |  |  |  |  |  | $ | (0.77 | )
First Quarter 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 226,314 |  |  | $ | — |  |  | $ | (68,759 | ) |  | $ | 157,555 |
Cost of sales (exclusive of depreciation and amortization) |  |  | 166,954 |  |  |  | 485 |  |  |  | (52,959 | ) |  |  | 114,480 |
Income (loss) from continuing operations |  |  | 7,407 |  |  |  | 4 |  |  |  | (5,518 | ) |  |  | 1,893 |
Income from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | 5,518 |  |  |  | 5,518 |
Net income (loss) |  |  | 7,407 |  |  |  | 4 |  |  |  |  |  |  |  | 7,411 |
Comprehensive income (loss) |  |  | 12,113 |  |  |  | 403 |  |  |  |  |  |  |  | 12,516 |
Basic income (loss) from continuing operations per share |  | $ | 0.27 |  |  | $ | 0.00 |  |  | $ | (0.20 | ) |  | $ | 0.07 |
Basic net income (loss) per share |  | $ | 0.27 |  |  | $ | 0.00 |  |  |  |  |  |  | $ | 0.27 |
Diluted income (loss) from continuing operations per share |  | $ | 0.27 |  |  | $ | 0.00 |  |  | $ | (0.20 | ) |  | $ | 0.07 |
Diluted net income (loss) per share |  | $ | 0.27 |  |  | $ | 0.00 |  |  |  |  |  |  | $ | 0.27 |
|  | As Originally Reported |  |  | Adjustment |  |  | Discontinued Operations |  |  | As Revised |
Fourth Quarter 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 202,029 |  |  | $ | — |  |  | $ | (60,385 | ) |  | $ | 141,644 |
Cost of sales (exclusive of depreciation and amortization) |  |  | 151,936 |  |  |  | 466 |  |  |  | (47,597 | ) |  |  | 104,805 |
Income (loss) from continuing operations |  |  | 3,063 |  |  |  | (1,512 | ) |  |  | (3,737 | ) |  |  | (2,186 | )
Income from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | 3,737 |  |  |  | 3,737 |
Net income (loss) |  |  | 3,063 |  |  |  | (1,512 | ) |  |  |  |  |  |  | 1,551 |
Comprehensive income (loss) |  |  | (10,212 | ) |  |  | (90 | ) |  |  |  |  |  |  | (10,302 | )
Basic income (loss) from continuing operations per share |  | $ | 0.11 |  |  | $ | (0.06 | ) |  | $ | (0.14 | ) |  | $ | (0.08 | )
Basic net income (loss) per share |  | $ | 0.11 |  |  | $ | (0.06 | ) |  |  |  |  |  | $ | 0.06 |
Diluted income (loss) from continuing operations per share |  | $ | 0.11 |  |  | $ | (0.06 | ) |  | $ | (0.14 | ) |  | $ | (0.08 | )
Diluted net income (loss) per share |  | $ | 0.11 |  |  | $ | (0.06 | ) |  |  |  |  |  | $ | 0.06 |
Third Quarter 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 204,961 |  |  | $ | — |  |  | $ | (58,247 | ) |  | $ | 146,714 |
Cost of sales (exclusive of depreciation and amortization) |  |  | 152,538 |  |  |  | 91 |  |  |  | (45,353 | ) |  |  | 107,276 |
Income (loss) from continuing operations |  |  | 4,147 |  |  |  | 419 |  |  |  | (3,622 | ) |  |  | 944 |
Income from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | 3,622 |  |  |  | 3,622 |
Net income (loss) |  |  | 4,147 |  |  |  | 419 |  |  |  |  |  |  |  | 4,566 |
Comprehensive income (loss) |  |  | 8,740 |  |  |  | (2,938 | ) |  |  |  |  |  |  | 5,802 |
Basic income (loss) from continuing operations per share |  | $ | 0.15 |  |  | $ | 0.02 |  |  | $ | (0.13 | ) |  | $ | 0.03 |
Basic net income (loss) per share |  | $ | 0.15 |  |  | $ | 0.02 |  |  |  |  |  |  | $ | 0.17 |
Diluted income (loss) from continuing operations per share |  | $ | 0.15 |  |  | $ | 0.02 |  |  | $ | (0.13 | ) |  | $ | 0.03 |
Diluted net income (loss) per share |  | $ | 0.15 |  |  | $ | 0.02 |  |  |  |  |  |  | $ | 0.17 |
Second Quarter 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 214,272 |  |  | $ | — |  |  | $ | (65,157 | ) |  | $ | 149,115 |
Cost of sales (exclusive of depreciation and amortization) |  |  | 156,794 |  |  |  | 114 |  |  |  | (49,580 | ) |  |  | 107,328 |
Income (loss) from continuing operations |  |  | 2,031 |  |  |  | (172 | ) |  |  | (4,326 | ) |  |  | (2,467 | )
Income from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | 4,326 |  |  |  | 4,326 |
Net income (loss) |  |  | 2,031 |  |  |  | (172 | ) |  |  |  |  |  |  | 1,859 |
Comprehensive income (loss) |  |  | (973 | ) |  |  | (1,879 | ) |  |  |  |  |  |  | (2,852 | )
Basic income (loss) from continuing operations per share |  | $ | 0.08 |  |  | $ | (0.01 | ) |  | $ | (0.16 | ) |  | $ | (0.09 | )
Basic net income (loss) per share |  | $ | 0.08 |  |  | $ | (0.01 | ) |  |  |  |  |  | $ | 0.07 |
Diluted income (loss) from continuing operations per share |  | $ | 0.07 |  |  | $ | (0.01 | ) |  | $ | (0.16 | ) |  | $ | (0.09 | )
Diluted net income (loss) per share |  | $ | 0.07 |  |  | $ | (0.01 | ) |  |  |  |  |  | $ | 0.07 |
First Quarter 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 212,226 |  |  | $ | — |  |  | $ | (64,745 | ) |  | $ | 147,481 |
Cost of sales (exclusive of depreciation and amortization) |  |  | 159,754 |  |  |  | 144 |  |  |  | (50,464 | ) |  |  | 109,434 |
Income (loss) from continuing operations |  |  | (1,299 | ) |  |  | (14 | ) |  |  | (4,468 | ) |  |  | (5,781 | )
Income from discontinued operations, net of tax |  |  | — |  |  |  | — |  |  |  | 4,468 |  |  |  | 4,468 |
Net income (loss) |  |  | (1,299 | ) |  |  | (14 | ) |  |  |  |  |  |  | (1,313 | )
Comprehensive income (loss) |  |  | 4,418 |  |  |  | 884 |  |  |  |  |  |  |  | 5,302 |
Basic income (loss) from continuing operations per share |  | $ | (0.05 | ) |  | $ | (0.00 | ) |  | $ | (0.17 | ) |  | $ | (0.22 | )
Basic net income (loss) per share |  | $ | (0.05 | ) |  | $ | (0.00 | ) |  |  |  |  |  | $ | (0.05 | )
Diluted income (loss) from continuing operations per share |  | $ | (0.05 | ) |  | $ | (0.00 | ) |  | $ | (0.17 | ) |  | $ | (0.22 | )
Diluted net income (loss) per share |  | $ | (0.05 | ) |  | $ | (0.00 | ) |  |  |  |  |  | $ | (0.05 | )
The fourth quarter of 2017 was impacted by acquisition related costs of $0.2 million pre-tax, and $0.1 million after-tax related to the Vandalia acquisition. The fourth quarter of 2017 includes $0.5 million of net loss attributable to the operations of the Vandalia business after the acquisition date of October 2, 2017. We recognized an estimated after-taxgain on sale of the PBC Business of $129.4 million in the third quarter of 2017. Working capital adjustments and revisions of $1.5 million after taxes reduced the gain and were recorded in discontinued operations in the fourth quarter of 2017, resulting in a final gain of $127.7 million. The second quarter of 2017 includes $39.6 million loss on extinguishment of debt and write-offs of unamortized debt issuance costs incurred in connection with the April 3, 2017, redemption of Senior Notes and amendment of our credit facility as disclosed in Note 12. The fourth quarter of 2017 includes an additional $2.4 million of loss on extinguishment of debt and write-offs of unamortized debt issuance costs incurred in connection with the November 24, 2017, amendment of the credit facility to reduce interest rates as disclosed in Note 12.

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration