☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Western Australia, Australia
(State or Other Jurisdiction of Incorporation or Organization) |
98-1026700
(I.R.S. Employer Identification Number) |
263 Tresser Boulevard, Suite 1100
Stamford, Connecticut 06901 |
1 Brodie Hall Drive
Technology Park Bentley, Australia 6102 |
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
Page
|
PART I – FINANCIAL INFORMATION
|
|
Item 1. Financial Statements (Unaudited)
|
3 |
42 | |
53 | |
Item 4. Controls and Procedures
|
54 |
PART II – OTHER INFORMATION
|
|
Item 1. Legal Proceedings
|
55 |
Item 1A. Risk Factors
|
56 |
56 | |
Item 3. Defaults Upon Senior Securities
|
56 |
Item 4. Mine Safety Disclosures
|
56 |
Item 5. Other Information
|
56 |
Item 6. Exhibits
|
57 |
58 |
|
Page
No. |
4
|
|
5
|
|
6
|
|
7
|
|
8
|
|
9
|
Three Months
Ended September 30,
|
Nine Months
Ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net sales
|
$
|
575
|
$
|
429
|
$
|
1,577
|
$
|
1,337
|
||||||||
Cost of goods sold
|
536
|
361
|
1,479
|
1,184
|
||||||||||||
Gross profit
|
39
|
68
|
98
|
153
|
||||||||||||
Selling, general and administrative expenses
|
(55
|
)
|
(47
|
)
|
(171
|
)
|
(138
|
)
|
||||||||
Restructuring expense
|
(5
|
)
|
(10
|
)
|
(7
|
)
|
(10
|
)
|
||||||||
Income (loss) from operations
|
(21
|
)
|
11
|
(80
|
)
|
5
|
||||||||||
Interest and debt expense, net
|
(45
|
)
|
(34
|
)
|
(131
|
)
|
(101
|
)
|
||||||||
Net loss on liquidation of non-operating subsidiaries
|
—
|
(35
|
)
|
—
|
(35
|
)
|
||||||||||
Loss on extinguishment of debt
|
—
|
—
|
—
|
(8
|
)
|
|||||||||||
Other income, net
|
23
|
9
|
22
|
12
|
||||||||||||
Loss before income taxes
|
(43
|
)
|
(49
|
)
|
(189
|
)
|
(127
|
)
|
||||||||
Income tax provision
|
(11
|
)
|
(41
|
)
|
(29
|
)
|
(15
|
)
|
||||||||
Net loss
|
(54
|
)
|
(90
|
)
|
(218
|
)
|
(142
|
)
|
||||||||
Net income attributable to noncontrolling interest
|
6
|
3
|
10
|
9
|
||||||||||||
Net loss attributable to Tronox Limited
|
$
|
(60
|
)
|
$
|
(93
|
)
|
$
|
(228
|
)
|
$
|
(151
|
)
|
||||
Loss per share, basic and diluted
|
$
|
(0.52
|
)
|
$
|
(0.82
|
)
|
$
|
(1.97
|
)
|
$
|
(1.33
|
)
|
||||
Weighted average shares outstanding, basic and diluted (in thousands)
|
115,642
|
114,530
|
115,529
|
114,026
|
Three Months
Ended September 30,
|
Nine Months
Ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net loss
|
$
|
(54
|
)
|
$
|
(90
|
)
|
$
|
(218
|
)
|
$
|
(142
|
)
|
||||
Other comprehensive income (loss):
|
||||||||||||||||
Foreign currency translation adjustments
|
(135
|
)
|
(47
|
)
|
(187
|
)
|
(68
|
)
|
||||||||
Retirement and postretirement plans, net of taxes of less than $1 million in each of the three and nine months ended September 30, 2015 and 2014
|
1
|
—
|
3
|
3
|
||||||||||||
Other comprehensive loss
|
(134
|
)
|
(47
|
)
|
(184
|
)
|
(65
|
)
|
||||||||
Total comprehensive loss
|
(188
|
)
|
(137
|
)
|
(402
|
)
|
(207
|
)
|
||||||||
Comprehensive income (loss) attributable to noncontrolling interest:
|
||||||||||||||||
Net income
|
6
|
3
|
10
|
9
|
||||||||||||
Foreign currency translation adjustments
|
(35
|
)
|
(18
|
)
|
(49
|
)
|
(24
|
)
|
||||||||
Comprehensive loss attributable to noncontrolling interest
|
(29
|
)
|
(15
|
)
|
(39
|
)
|
(15
|
)
|
||||||||
Comprehensive loss attributable to Tronox Limited
|
$
|
(159
|
)
|
$
|
(122
|
)
|
$
|
(363
|
)
|
$
|
(192
|
)
|
September 30,
2015
|
December 31,
2014
|
|||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$
|
145
|
$
|
1,276
|
||||
Restricted cash
|
4
|
3
|
||||||
Accounts receivable, net of allowance for doubtful accounts
|
453
|
277
|
||||||
Inventories, net
|
715
|
770
|
||||||
Prepaid and other assets
|
62
|
42
|
||||||
Deferred tax assets
|
6
|
13
|
||||||
Total current assets
|
1,385
|
2,381
|
||||||
Noncurrent Assets
|
||||||||
Property, plant and equipment, net
|
1,903
|
1,227
|
||||||
Mineral leaseholds, net
|
1,661
|
1,058
|
||||||
Intangible assets, net
|
252
|
272
|
||||||
Inventories, net
|
17
|
57
|
||||||
Long-term deferred tax assets
|
6
|
9
|
||||||
Other long-term assets
|
72
|
61
|
||||||
Total assets
|
$
|
5,296
|
$
|
5,065
|
||||
LIABILITIES AND EQUITY
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$
|
179
|
$
|
160
|
||||
Accrued liabilities
|
141
|
147
|
||||||
Short-term debt
|
150
|
—
|
||||||
Long-term debt due within one year
|
16
|
18
|
||||||
Income taxes payable
|
29
|
32
|
||||||
Deferred tax liabilities
|
6
|
9
|
||||||
Total current liabilities
|
521
|
366
|
||||||
Noncurrent Liabilities
|
||||||||
Long-term debt
|
2,961
|
2,375
|
||||||
Pension and postretirement healthcare benefits
|
160
|
172
|
||||||
Asset retirement obligations
|
76
|
85
|
||||||
Long-term deferred tax liabilities
|
162
|
204
|
||||||
Other long-term liabilities
|
100
|
75
|
||||||
Total liabilities
|
3,980
|
3,277
|
||||||
Contingencies and Commitments
|
||||||||
Shareholders’ Equity
|
||||||||
Tronox Limited Class A ordinary shares, par value $0.01 — 65,519,623 shares issued and 64,499,978 share outstanding at September 30, 2015 and 65,152,145 shares issued and 63,968,616 shares outstanding at December 31, 2014
|
1
|
1
|
||||||
Tronox Limited Class B ordinary shares, par value $0.01 — 51,154,280 shares issued and outstanding at September 30, 2015 and December 31, 2014
|
—
|
—
|
||||||
Capital in excess of par value
|
1,495
|
1,476
|
||||||
Retained earnings
|
212
|
529
|
||||||
Accumulated other comprehensive loss
|
(531
|
)
|
(396
|
)
|
||||
Total shareholders’ equity
|
1,177
|
1,610
|
||||||
Noncontrolling interest
|
139
|
178
|
||||||
Total equity
|
1,316
|
1,788
|
||||||
Total liabilities and equity
|
$
|
5,296
|
$
|
5,065
|
Nine Months
Ended September 30,
|
||||||||
2015
|
2014
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net loss
|
$
|
(218
|
)
|
$
|
(142
|
)
|
||
Adjustments to reconcile net loss to net cash provided by operating activities:
|
||||||||
Depreciation, depletion and amortization
|
222
|
225
|
||||||
Deferred income taxes
|
(4
|
)
|
(13
|
)
|
||||
Share-based compensation expense
|
17
|
17
|
||||||
Amortization of deferred debt issuance costs and discount on debt
|
8
|
7
|
||||||
Pension and postretirement healthcare benefit expense
|
4
|
4
|
||||||
Net loss on liquidation of non-operating subsidiaries
|
—
|
35
|
||||||
Loss on extinguishment of debt
|
—
|
8
|
||||||
Other noncash items affecting net loss
|
(4
|
)
|
4
|
|||||
Contributions to employee pension and postretirement plans
|
(16
|
)
|
(15
|
)
|
||||
Changes in assets and liabilities:
|
||||||||
(Increase) decrease in accounts receivable
|
(36
|
)
|
(4
|
)
|
||||
(Increase) decrease in inventories
|
90
|
(42
|
)
|
|||||
(Increase) decrease in prepaid and other assets
|
4
|
2
|
||||||
Increase (decrease) in accounts payable and accrued liabilities
|
(35
|
)
|
(12
|
)
|
||||
Increase (decrease) in taxes payable
|
12
|
18
|
||||||
Other, net
|
1
|
(3
|
)
|
|||||
Cash provided by operating activities
|
45
|
89
|
||||||
Cash Flows from Investing Activities:
|
||||||||
Capital expenditures
|
(141
|
)
|
(106
|
)
|
||||
Acquisition of business
|
(1,653
|
)
|
—
|
|||||
Cash used in investing activities
|
(1,794
|
)
|
(106
|
)
|
||||
Cash Flows from Financing Activities:
|
||||||||
Repayments of debt
|
(13
|
)
|
(16
|
)
|
||||
Proceeds from debt
|
750
|
—
|
||||||
Debt issuance costs
|
(15
|
)
|
(2
|
)
|
||||
Dividends paid
|
(88
|
)
|
(87
|
)
|
||||
Proceeds from the exercise of warrants and options
|
3
|
5
|
||||||
Cash provided by (used in) financing activities
|
637
|
(100
|
)
|
|||||
Effects of exchange rate changes on cash and cash equivalents
|
(19
|
)
|
(16
|
)
|
||||
Net decrease in cash and cash equivalents
|
(1,131
|
)
|
(133
|
)
|
||||
Cash and cash equivalents at beginning of period
|
1,276
|
1,475
|
||||||
Cash and cash equivalents at end of period
|
$
|
145
|
$
|
1,342
|
|
Tronox
Limited Class A Ordinary Shares |
Tronox
Limited Class B Ordinary Shares |
Capital in
Excess of par Value |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Total
Shareholders’ Equity |
Non-controlling
Interest |
Total
Equity |
||||||||||||||||||||||||
Balance at January 1, 2015
|
$
|
1
|
$
|
—
|
$
|
1,476
|
$
|
529
|
$
|
(396
|
)
|
$
|
1,610
|
$
|
178
|
$
|
1,788
|
|||||||||||||||
Net income (loss)
|
—
|
—
|
—
|
(228
|
)
|
—
|
(228
|
)
|
10
|
(218
|
)
|
|||||||||||||||||||||
Other comprehensive loss
|
—
|
—
|
—
|
—
|
(135
|
)
|
(135
|
)
|
(49
|
)
|
(184
|
)
|
||||||||||||||||||||
Share-based compensation
|
—
|
—
|
16
|
—
|
—
|
16
|
—
|
16
|
||||||||||||||||||||||||
Class A and Class B share dividends
|
—
|
—
|
—
|
(89
|
)
|
—
|
(89
|
)
|
—
|
(89
|
)
|
|||||||||||||||||||||
Warrants and options exercised
|
—
|
—
|
3
|
—
|
—
|
3
|
—
|
3
|
||||||||||||||||||||||||
Balance at September 30, 2015
|
$
|
1
|
$
|
—
|
$
|
1,495
|
$
|
212
|
$
|
(531
|
)
|
$
|
1,177
|
$
|
139
|
$
|
1,316
|
Valuation
|
||||
Consideration:
|
||||
Purchase price
|
$
|
1,650
|
||
Fair Value of Assets Acquired and Liabilities Assumed:
|
||||
Current Assets:
|
||||
Accounts receivable
|
$
|
147
|
||
Inventories
|
48
|
|||
Prepaid and other assets
|
32
|
|||
Total Current Assets
|
227
|
|||
Property, plant and equipment (1)
|
767
|
|||
Mineral leaseholds (2)
|
738
|
|||
Non-compete agreement
|
1
|
|||
Other long-term assets
|
3
|
|||
Total Assets
|
$
|
1,736
|
||
Current Liabilities:
|
||||
Accounts payable
|
46
|
|||
Accrued liabilities
|
28
|
|||
Total Current Liabilities
|
74
|
|||
Noncurrent Liabilities:
|
||||
Other
|
12
|
|||
Total Liabilities
|
86
|
|||
Net Assets
|
$
|
1,650
|
(1) | The fair value of property, plant and equipment was determined using the cost approach, which estimates the replacement cost of each asset using current prices and labor costs, less estimates for physical, functional and technological obsolescence, based on the estimated useful life ranging from 5 to 38 years. |
(2) | The fair value of mineral rights was determined using the Discounted Cash Flow (“DCF” ) method, which was based upon the present value of the estimated future cash flows for the expected life of the asset taking into account the relative risk of achieving those cash flows and the time value of money. A discount rate of 10.4% was used taking into account the risks associated with such assets. |
|
For the period
April 1, 2015
through
September 30,
2015
|
|||
Net sales
|
$
|
403
|
||
Income from operations
|
$
|
46
|
||
Net income
|
$
|
35
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net sales
|
$
|
575
|
$
|
626
|
$
|
1,772
|
$
|
1,914
|
||||||||
Income (loss) from operations
|
$
|
(19
|
)
|
$
|
36
|
$
|
(29
|
)
|
$
|
41
|
||||||
Net income (loss)
|
$
|
(52
|
)
|
$
|
(77
|
)
|
$
|
(171
|
)
|
$
|
(149
|
)
|
||||
Income (loss) per share, basic and diluted
|
$
|
(0.45
|
)
|
$
|
(0.67
|
)
|
$
|
(1.48
|
)
|
$
|
(1.31
|
)
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Income tax provision
|
$
|
(11
|
)
|
$
|
(41
|
)
|
$
|
(29
|
)
|
$
|
(15
|
)
|
||||
Loss before income taxes
|
$
|
(43
|
)
|
$
|
(49
|
)
|
$
|
(189
|
)
|
$
|
(127
|
)
|
||||
Effective tax rate
|
(26
|
)%
|
(84
|
)%
|
(15
|
)%
|
(12
|
)%
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Numerator – Basic and Diluted:
|
||||||||||||||||
Net loss
|
$
|
(54
|
)
|
$
|
(90
|
)
|
$
|
(218
|
)
|
$
|
(142
|
)
|
||||
Less: Net income attributable to noncontrolling interest
|
6
|
3
|
10
|
9
|
||||||||||||
Undistributed net loss
|
(60
|
)
|
(93
|
)
|
(228
|
)
|
(151
|
)
|
||||||||
Percentage allocated to ordinary shares (1)
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
||||||||
Loss available to ordinary shares
|
$
|
(60
|
)
|
$
|
(93
|
)
|
$
|
(228
|
)
|
$
|
(151
|
)
|
||||
Denominator – Basic and Diluted:
|
||||||||||||||||
Weighted-average ordinary shares (in thousands)
|
115,642
|
114,530
|
115,529
|
114,026
|
||||||||||||
Loss per Ordinary Share (2):
|
||||||||||||||||
Basic and diluted loss per ordinary share
|
$
|
(0.52
|
)
|
$
|
(0.82
|
)
|
$
|
(1.97
|
)
|
$
|
(1.33
|
)
|
(1)
|
Our participating securities do not have a contractual obligation to share in losses; therefore, when we have a net loss, none of the loss is allocated to participating securities. Consequently, for the three and nine months ended September 30, 2015 and 2014, the two-class method did not have an effect on our loss per ordinary share calculation, and as such, dividends paid during the year did not impact this calculation.
|
(2)
|
Loss per ordinary share amounts were calculated from exact, not rounded income (loss) and share information.
|
|
September 30, 2015
|
September 30, 2014
|
||||||||||||||
|
Shares
|
Average
Exercise Price |
Shares
|
Average
Exercise Price |
||||||||||||
Options
|
2,245,145
|
$
|
21.13
|
2,691,444
|
$
|
21.12
|
||||||||||
Series A Warrants (1)
|
1,306,665
|
$
|
10.35
|
1,273,399
|
$
|
11.17
|
||||||||||
Series B Warrants (1)
|
1,769,035
|
$
|
11.42
|
1,858,353
|
$
|
12.33
|
||||||||||
Restricted share units
|
1,505,081
|
$
|
23.04
|
978,035
|
$
|
22.10
|
(1)
|
Series A Warrants and Series B Warrants were converted into Class A Shares at September 30, 2015 and 2014 using a rate of 5.46 and 5.26, respectively. See Note 15.
|
|
September 30,
|
December 31,
|
||||||
|
2015
|
2014
|
||||||
Trade receivables
|
$
|
436
|
$
|
272
|
||||
Other
|
19
|
6
|
||||||
Subtotal
|
455
|
278
|
||||||
Allowance for doubtful accounts
|
(2
|
)
|
(1
|
)
|
||||
Accounts receivable, net of allowance for doubtful accounts
|
$
|
453
|
$
|
277
|
|
September 30,
|
December 31,
|
||||||
|
2015
|
2014
|
||||||
Raw materials
|
$
|
252
|
$
|
329
|
||||
Work-in-process
|
41
|
77
|
||||||
Finished goods, net
|
323
|
303
|
||||||
Materials and supplies, net (1)
|
116
|
118
|
||||||
Total
|
732
|
827
|
||||||
Less: Inventories, net – non-current
|
(17
|
)
|
(57
|
)
|
||||
Inventories, net - current
|
$
|
715
|
$
|
770
|
(1) | Consists of processing chemicals, maintenance supplies, and spare parts, which will be consumed directly and indirectly in the production of our products. |
September 30,
|
December 31,
|
|||||||
2015
|
2014
|
|||||||
Land and land improvements
|
$
|
109
|
$
|
80
|
||||
Buildings
|
208
|
187
|
||||||
Machinery and equipment
|
1,842
|
1,225
|
||||||
Construction-in-progress
|
265
|
149
|
||||||
Other
|
36
|
35
|
||||||
Subtotal
|
2,460
|
1,676
|
||||||
Less accumulated depreciation and amortization
|
(557
|
)
|
(449
|
)
|
||||
Property, plant and equipment, net
|
$
|
1,903
|
$
|
1,227
|
September 30,
|
December 31,
|
|||||||
2015
|
2014
|
|||||||
Mineral leaseholds
|
$
|
1,992
|
$
|
1,336
|
||||
Less accumulated depletion
|
(331
|
)
|
(278
|
)
|
||||
Mineral leaseholds, net
|
$
|
1,661
|
$
|
1,058
|
September 30, 2015
|
December 31, 2014
|
|||||||||||||||||||||||
Gross
Cost |
Accumulated
Amortization |
Net Carrying
Amount |
Gross
Cost |
Accumulated
Amortization |
Net Carrying
Amount |
|||||||||||||||||||
Customer relationships
|
$
|
294
|
$
|
(93
|
)
|
$
|
201
|
$
|
294
|
$
|
(79
|
)
|
$
|
215
|
||||||||||
TiO2 technology
|
32
|
(8
|
)
|
24
|
32
|
(6
|
)
|
26
|
||||||||||||||||
Internal-use software
|
39
|
(13
|
)
|
26
|
39
|
(10
|
)
|
29
|
||||||||||||||||
Other
|
9
|
(8
|
)
|
1
|
9
|
(7
|
)
|
2
|
||||||||||||||||
Intangible assets, net
|
$
|
374
|
$
|
(122
|
)
|
$
|
252
|
$
|
374
|
$
|
(102
|
)
|
$
|
272
|
September 30,
|
December 31,
|
|||||||
2015
|
2014
|
|||||||
Employee-related costs and benefits
|
$
|
75
|
$
|
62
|
||||
Sales rebates
|
26
|
19
|
||||||
Interest
|
10
|
22
|
||||||
Taxes other than income taxes
|
9
|
37
|
||||||
Professional fees and other
|
21
|
7
|
||||||
Accrued liabilities
|
$
|
141
|
$
|
147
|
|
September 30,
2015
|
December 31,
2014 |
||||||
UBS Revolver
|
$
|
150
|
$
|
—
|
||||
Short-term debt (1)
|
$
|
150
|
$
|
—
|
(1) | Average effective interest rate of 3.35% during the nine months ended September 30, 2015. |
|
Original
Principal |
Annual
Interest Rate |
Maturity
Date |
September 30
2015
|
December 31,
2014 |
||||||||||||
Term Loan, net of unamortized discount (1)
|
$
|
1,500
|
Variable
|
3/19/2020
|
$
|
1,458
|
$
|
1,468
|
|||||||||
Senior Notes due 2020
|
$
|
900
|
6.375
|
%
|
8/15/2020
|
900
|
900
|
||||||||||
Senior Notes due 2022
|
$
|
600
|
7.50
|
%
|
3/15/2022
|
600
|
—
|
||||||||||
Co-generation Unit Financing Arrangement
|
$
|
16
|
6.50
|
%
|
2/1/2016
|
1
|
3
|
||||||||||
Lease financing
|
|
18
|
22
|
||||||||||||||
|
|||||||||||||||||
Total borrowings
|
|
2,977
|
2,393
|
||||||||||||||
Less: Long-term debt due within one year
|
|
(16
|
)
|
(18
|
)
|
||||||||||||
|
|||||||||||||||||
Long-term debt
|
|
$
|
2,961
|
$
|
2,375
|
(1) | Average effective interest rate of 4.6% during both the nine months ended September 30, 2015 and 2014. |
|
Total
Borrowings |
|||
2015
|
$
|
4
|
||
2016
|
16
|
|||
2017
|
16
|
|||
2018
|
16
|
|||
2019
|
16
|
|||
Thereafter
|
2,915
|
|||
Total
|
2,983
|
|||
Remaining accretion associated with the Term Loan
|
(6
|
)
|
||
Total borrowings
|
$
|
2,977
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Interest on debt
|
$
|
43
|
$
|
30
|
$
|
117
|
$
|
93
|
||||||||
Amortization of deferred debt issuance costs and discounts on debt
|
3
|
2
|
8
|
7
|
||||||||||||
Bridge Facility
|
—
|
—
|
8
|
—
|
||||||||||||
Other
|
1
|
2
|
3
|
3
|
||||||||||||
Capitalized interest
|
(2
|
)
|
—
|
(5
|
)
|
(2
|
)
|
|||||||||
Total interest and debt expense, net
|
$
|
45
|
$
|
34
|
$
|
131
|
$
|
101
|
Three Months
Ended September 30,
|
Nine Months
Ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Beginning balance
|
$
|
88
|
$
|
100
|
$
|
90
|
$
|
96
|
||||||||
Additions
|
1
|
4
|
2
|
5
|
||||||||||||
Accretion expense
|
1
|
—
|
4
|
3
|
||||||||||||
Remeasurement/translation
|
(7
|
)
|
(6
|
)
|
(12
|
)
|
(4
|
)
|
||||||||
Changes in estimates, including cost and timing of cash flows
|
(1
|
)
|
(2
|
)
|
—
|
(1
|
)
|
|||||||||
Settlements/payments
|
—
|
(1
|
)
|
(2
|
)
|
(4
|
)
|
|||||||||
Ending balance
|
$
|
82
|
$
|
95
|
$
|
82
|
$
|
95
|
||||||||
Current portion included in accrued liabilities
|
$
|
6
|
$
|
6
|
$
|
6
|
$
|
6
|
||||||||
Noncurrent portion
|
$
|
76
|
$
|
89
|
$
|
76
|
$
|
89
|
Class A Shares:
|
||||
Balance at January 1, 2015
|
63,968,616
|
|||
Shares issued for share-based compensation
|
381,340
|
|||
Shares issued upon warrants exercised
|
8,549
|
|||
Shares issued upon options exercised
|
141,473
|
|||
Balance at September 30, 2015
|
64,499,978
|
|||
Class B Shares:
|
||||
Balance at January 1, 2015
|
51,154,280
|
|||
Balance at September 30, 2015
|
51,154,280
|
|
Three Months
Ended March 31,
2015
|
Three Months
Ended June 30,
2015
|
Three Months
Ended September 30,
2015
|
|||||||||
Dividend per share
|
$
|
0.25
|
$
|
0.25
|
$
|
0.25
|
||||||
Total dividend
|
$
|
29
|
$
|
30
|
$
|
30
|
||||||
Record date (close of business)
|
March 9
|
May 18
|
August 19
|
|
Cumulative
Translation Adjustment |
Pension
Liability Adjustment |
Total
|
|||||||||
Balance, January 1, 2015
|
$
|
(279
|
)
|
$
|
(117
|
)
|
$
|
(396
|
)
|
|||
Other comprehensive income (loss)
|
(38
|
)
|
2
|
(36
|
)
|
|||||||
Balance, June 30, 2015
|
$
|
(317
|
)
|
$
|
(115
|
)
|
$
|
(432
|
)
|
|||
Other comprehensive income (loss)
|
(100
|
)
|
1
|
(99
|
)
|
|||||||
Balance, September 30, 2015
|
$
|
(417
|
)
|
$
|
(114
|
)
|
$
|
(531
|
)
|
|
Cumulative
Translation Adjustment |
Pension
Liability Adjustment |
Total
|
|||||||||
Balance, January 1, 2014
|
$
|
(215
|
)
|
$
|
(69
|
)
|
$
|
(284
|
)
|
|||
Other comprehensive loss
|
(15
|
)
|
3
|
(12
|
)
|
|||||||
Balance, June 30, 2014
|
(230
|
)
|
(66
|
)
|
(296
|
)
|
||||||
Other comprehensive income
|
(64
|
)
|
—
|
(64
|
)
|
|||||||
Amounts reclassified from accumulated other comprehensive loss
|
35
|
—
|
35
|
|||||||||
Balance, September 30, 2014
|
$
|
(259
|
)
|
$
|
(66
|
)
|
$
|
(325
|
)
|
|
2015
|
2014
|
||||||
Balance, January 1
|
$
|
178
|
$
|
199
|
||||
Net income attributable to noncontrolling interest
|
4
|
6
|
||||||
Effect of exchange rate changes
|
(14
|
)
|
(6
|
)
|
||||
Balance, June 30
|
$
|
168
|
199
|
|||||
Net income attributable to noncontrolling interest
|
6
|
3
|
||||||
Effect of exchange rate changes
|
(35
|
)
|
(18
|
)
|
||||
Balance, September 30
|
$
|
139
|
$
|
184
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Restricted shares and restricted share units
|
$
|
2
|
$
|
3
|
$
|
11
|
$
|
10
|
||||||||
Options
|
1
|
2
|
4
|
6
|
||||||||||||
T-Bucks Employee Participation Plan
|
1
|
1
|
2
|
2
|
||||||||||||
Long-term incentive plan
|
—
|
—
|
—
|
(1
|
)
|
|||||||||||
Total share-based compensation expense
|
$
|
4
|
$
|
6
|
$
|
17
|
$
|
17
|
Number of
Shares |
Weighted Average
Grant Date Fair Value |
|||||||
Outstanding, January 1, 2015
|
635,295
|
$
|
22.82
|
|||||
Granted
|
66,108
|
22.60
|
||||||
Vested
|
(175,506
|
)
|
22.10
|
|||||
Forfeited
|
(54,486
|
)
|
27.53
|
|||||
Outstanding, September 30, 2015
|
471,411
|
$
|
22.52
|
|||||
Expected to vest, September 30, 2015
|
470,021
|
$
|
22.52
|
Number of
Shares |
Weighted Average
Grant Date Fair Value |
|||||||
Outstanding, January 1, 2015
|
875,776
|
$
|
22.17
|
|||||
Granted
|
948,487
|
23.47
|
||||||
Vested
|
(263,626
|
)
|
21.69
|
|||||
Forfeited
|
(55,556
|
)
|
22.91
|
|||||
Outstanding, September 30, 2015
|
1,505,081
|
$
|
23.04
|
|||||
Expected to vest, September 30, 2015
|
1,464,423
|
$
|
23.03
|
Number of
Options |
Weighted
Average Exercise Price |
Weighted
Average Contractual Life (years) |
Intrinsic
Value |
|||||||||||||
Outstanding, January 1, 2015
|
2,560,875
|
$
|
21.14
|
7.88
|
$
|
8
|
||||||||||
Granted
|
2,380
|
22.69
|
||||||||||||||
Exercised
|
(141,473
|
)
|
19.37
|
|||||||||||||
Forfeited
|
(58,659
|
)
|
21.89
|
|||||||||||||
Expired
|
(117,978
|
)
|
22.99
|
|||||||||||||
Outstanding, September 30, 2015
|
2,245,145
|
$
|
21.13
|
7.49
|
$
|
—
|
||||||||||
Expected to vest, September 30, 2015
|
908,291
|
$
|
20.79
|
7.96
|
$
|
—
|
||||||||||
Exercisable, September 30, 2015
|
1,324,033
|
$
|
21.37
|
7.17
|
$
|
—
|
January 5,
2015 |
||||
Number of options granted
|
2,380
|
|||
Fair market value and exercise price
|
$
|
22.69
|
||
Risk-free interest rate
|
1.83
|
%
|
||
Expected dividend yield
|
4.41
|
%
|
||
Expected volatility
|
48
|
%
|
||
Maturity (years)
|
10
|
|||
Expected term (years)
|
6
|
|||
Per-unit fair value of options granted
|
$
|
7.04
|
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Net periodic cost:
|
||||||||||||||||
Service cost
|
$
|
—
|
$
|
1
|
$
|
—
|
$
|
4
|
||||||||
Interest cost
|
4
|
5
|
15
|
16
|
||||||||||||
Expected return on plan assets
|
(5
|
)
|
(6
|
)
|
(17
|
)
|
(18
|
)
|
||||||||
Net amortization of actuarial loss and prior service credit
|
1
|
—
|
3
|
—
|
||||||||||||
Total net periodic cost
|
$
|
—
|
$
|
—
|
$
|
1
|
$
|
2
|
· | exploration, mining, and beneficiation of mineral sands deposits |
· | production of titanium feedstock (including chloride slag, slag fines, and rutile), pig iron, and zircon |
· | production and marketing of TiO2 |
· | electrolytic manganese dioxide manufacturing and marketing |
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
TiO2 segment
|
$
|
380
|
$
|
429
|
$
|
1,174
|
$
|
1,337
|
||||||||
Alkali segment
|
195
|
—
|
403
|
—
|
||||||||||||
Net sales
|
$
|
575
|
$
|
429
|
$
|
1,577
|
$
|
1,337
|
||||||||
TiO2 segment
|
$
|
(26
|
)
|
$
|
35
|
$
|
(58
|
)
|
$
|
61
|
||||||
Alkali segment
|
21
|
—
|
46
|
—
|
||||||||||||
Corporate
|
(16
|
)
|
(24
|
)
|
(68
|
)
|
(56
|
)
|
||||||||
Income (loss) from operations
|
(21
|
)
|
11
|
(80
|
)
|
5
|
||||||||||
Interest and debt expense, net
|
(45
|
)
|
(34
|
)
|
(131
|
)
|
(101
|
)
|
||||||||
Net loss on liquidation of non-operating subsidiaries
|
—
|
(35
|
)
|
—
|
(35
|
)
|
||||||||||
Loss on extinguishment of debt
|
—
|
—
|
—
|
(8
|
)
|
|||||||||||
Other income, net
|
23
|
9
|
22
|
12
|
||||||||||||
Loss before income taxes
|
(43
|
)
|
(49
|
)
|
(189
|
)
|
(127
|
)
|
||||||||
Income tax provision
|
(11
|
)
|
(41
|
)
|
(29
|
)
|
(15
|
)
|
||||||||
Net loss
|
$
|
(54
|
)
|
$
|
(90
|
)
|
$
|
(218
|
)
|
$
|
(142
|
)
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
U.S. operations
|
$
|
359
|
$
|
199
|
$
|
891
|
$
|
582
|
||||||||
International operations:
|
||||||||||||||||
Australia
|
104
|
111
|
285
|
320
|
||||||||||||
South Africa
|
71
|
69
|
252
|
253
|
||||||||||||
The Netherlands
|
41
|
50
|
149
|
182
|
||||||||||||
Total
|
$
|
575
|
$
|
429
|
$
|
1,577
|
$
|
1,337
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Pigment
|
$
|
244
|
$
|
296
|
$
|
756
|
$
|
915
|
||||||||
Alkali
|
195
|
—
|
403
|
—
|
||||||||||||
Titanium feedstock and co-products
|
103
|
101
|
333
|
339
|
||||||||||||
Electrolytic
|
33
|
32
|
85
|
83
|
||||||||||||
Total
|
$
|
575
|
$
|
429
|
$
|
1,577
|
$
|
1,337
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
TiO2 segment
|
$
|
39
|
$
|
39
|
$
|
127
|
$
|
105
|
||||||||
Alkali segment
|
9
|
—
|
13
|
—
|
||||||||||||
Corporate
|
—
|
—
|
1
|
1
|
||||||||||||
Total
|
$
|
48
|
$
|
39
|
$
|
141
|
$
|
106
|
September 30,
|
December 31,
|
|||||||
2015
|
2014
|
|||||||
TiO2 segment
|
$
|
3,438
|
$
|
3,821
|
||||
Alkali segment
|
1,739
|
—
|
||||||
Corporate
|
119
|
1,244
|
||||||
Total
|
$
|
5,296
|
$
|
5,065
|
• | Sale or other disposition of such Guarantor Subsidiary’s capital stock or all or substantially all of its assets and all of the indenture obligations (other than contingent obligations) of such Subsidiary Guarantor in respect of all other indebtedness of the Subsidiary Guarantors terminate upon the consummation of such transaction; |
• | Designation of such Guarantor Subsidiary as an “unrestricted subsidiary” under the indenture; |
• | In the case of certain Guarantor Subsidiaries that incur or guarantee indebtedness under certain credit facilities, upon the release or discharge of such Guarantor Subsidiary’s guarantee or incurrence of indebtedness that resulted in the creation of such guarantee, except a discharge or release as a result of payment under such guarantee; |
• | Legal defeasance, covenant defeasance, or satisfaction and discharge of the indenture obligations; |
• | Payment in full of the aggregate principal amount of all outstanding Senior Notes due 2020 and Senior Notes due 2022 and all other obligations under the indenture; or |
• | Release or discharge of the Guarantor Subsidiary’s guarantee of certain other indebtedness. |
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-
Guarantor Subsidiaries |
|||||||||||||||||||
Net sales
|
$
|
575
|
$
|
(51
|
)
|
$
|
—
|
$
|
—
|
$
|
462
|
$
|
164
|
|||||||||||
Cost of goods sold
|
536
|
(53
|
)
|
—
|
—
|
434
|
155
|
|||||||||||||||||
Gross profit
|
39
|
2
|
—
|
—
|
28
|
9
|
||||||||||||||||||
Selling, general and administrative expenses
|
(55
|
)
|
—
|
—
|
(3
|
)
|
(41
|
)
|
(11
|
)
|
||||||||||||||
Restructuring expenses
|
(5
|
)
|
—
|
—
|
—
|
(5
|
)
|
—
|
||||||||||||||||
Income (loss) from operations
|
(21
|
)
|
2
|
—
|
(3
|
)
|
(18
|
)
|
(2
|
)
|
||||||||||||||
Interest and debt expense, net
|
(45
|
)
|
—
|
(27
|
)
|
—
|
(2
|
)
|
(16
|
)
|
||||||||||||||
Intercompany interest income (expense)
|
—
|
—
|
—
|
86
|
(100
|
)
|
14
|
|||||||||||||||||
Other income (expense), net
|
23
|
—
|
—
|
3
|
5
|
15
|
||||||||||||||||||
Equity in earnings of subsidiary
|
—
|
113
|
—
|
(112
|
)
|
(1
|
)
|
—
|
||||||||||||||||
Income (loss) before income taxes
|
(43
|
)
|
115
|
(27
|
)
|
(26
|
)
|
(116
|
)
|
11
|
||||||||||||||
Income tax benefit (provision)
|
(11
|
)
|
—
|
8
|
(34
|
)
|
17
|
(2
|
)
|
|||||||||||||||
Net income (loss)
|
(54
|
)
|
115
|
(19
|
)
|
(60
|
)
|
(99
|
)
|
9
|
||||||||||||||
Net income attributable to noncontrolling interest
|
6
|
6
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Net income (loss) attributable to Tronox Limited
|
$
|
(60
|
)
|
$
|
109
|
$
|
(19
|
)
|
$
|
(60
|
)
|
$
|
(99
|
)
|
$
|
9
|
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-
Guarantor Subsidiaries |
|||||||||||||||||||
Net sales
|
$
|
1,577
|
$
|
(154
|
)
|
$
|
—
|
$
|
—
|
$
|
1,200
|
$
|
531
|
|||||||||||
Cost of goods sold
|
1,479
|
(146
|
)
|
—
|
—
|
1,117
|
508
|
|||||||||||||||||
Gross profit
|
98
|
(8
|
)
|
—
|
—
|
83
|
23
|
|||||||||||||||||
Selling, general and administrative expenses
|
(171
|
)
|
2
|
(1
|
)
|
1
|
(144
|
)
|
(29
|
)
|
||||||||||||||
Restructuring expenses
|
(7
|
)
|
—
|
—
|
—
|
(7
|
)
|
—
|
||||||||||||||||
Income (loss) from operations
|
(80
|
)
|
(6
|
)
|
(1
|
)
|
1
|
(68
|
)
|
(6
|
)
|
|||||||||||||
Interest and debt expense, net
|
(131
|
)
|
—
|
(77
|
)
|
—
|
(5
|
)
|
(49
|
)
|
||||||||||||||
Intercompany interest income (expense)
|
—
|
—
|
—
|
350
|
(386
|
)
|
36
|
|||||||||||||||||
Other income (expense), net
|
22
|
—
|
|
—
|
4
|
2
|
16
|
|||||||||||||||||
Equity in earnings of subsidiary
|
—
|
480
|
—
|
(449
|
)
|
(31
|
)
|
—
|
||||||||||||||||
Income (loss) before income taxes
|
(189
|
)
|
474
|
(78
|
)
|
(94
|
)
|
(488
|
)
|
(3
|
)
|
|||||||||||||
Income tax benefit (provision)
|
(29
|
)
|
—
|
23
|
(134
|
)
|
84
|
(2
|
)
|
|||||||||||||||
Net income (loss)
|
(218
|
)
|
474
|
(55
|
)
|
(228
|
)
|
(404
|
)
|
(5
|
)
|
|||||||||||||
Net income attributable to noncontrolling interest
|
10
|
10
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Net income (loss) attributable to Tronox Limited
|
$
|
(228
|
)
|
$
|
464
|
$
|
(55
|
)
|
$
|
(228
|
)
|
$
|
(404
|
)
|
$
|
(5
|
)
|
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-
Guarantor Subsidiaries |
|||||||||||||||||||
Net income (loss)
|
$
|
(54
|
)
|
$
|
115
|
$
|
(19
|
)
|
$
|
(60
|
)
|
$
|
(99
|
)
|
$
|
9
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||
Foreign currency translation adjustments
|
(135
|
)
|
234
|
—
|
(100
|
)
|
(135
|
)
|
(134
|
)
|
||||||||||||||
Pension and postretirement plans
|
1
|
(1
|
)
|
—
|
1
|
1
|
—
|
|||||||||||||||||
Other comprehensive income (loss)
|
(134
|
)
|
233
|
—
|
(99
|
)
|
(134
|
)
|
(134
|
)
|
||||||||||||||
Total comprehensive income (loss)
|
(188
|
)
|
348
|
(19
|
)
|
(159
|
)
|
(233
|
)
|
(125
|
)
|
|||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest:
|
||||||||||||||||||||||||
Net income
|
6
|
6
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Foreign currency translation adjustments
|
(35
|
)
|
(35
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest
|
(29
|
)
|
(29
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||||
Comprehensive income (loss) attributable to Tronox Limited
|
$
|
(159
|
)
|
$
|
377
|
$
|
(19
|
)
|
$
|
(159
|
)
|
$
|
(233
|
)
|
$
|
(125
|
)
|
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-
Guarantor Subsidiaries |
|||||||||||||||||||
Net income (loss)
|
$
|
(218
|
)
|
$
|
474
|
$
|
(55
|
)
|
$
|
(228
|
)
|
$
|
(404
|
)
|
$
|
(5
|
)
|
|||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||
Foreign currency translation adjustments
|
(187
|
)
|
327
|
—
|
(138
|
)
|
(189
|
)
|
(187
|
)
|
||||||||||||||
Pension and postretirement plans
|
3
|
(3
|
)
|
—
|
3
|
3
|
—
|
|||||||||||||||||
Other comprehensive income (loss)
|
(184
|
)
|
324
|
—
|
(135
|
)
|
(186
|
)
|
(187
|
)
|
||||||||||||||
Total comprehensive income (loss)
|
(402
|
)
|
798
|
(55
|
)
|
(363
|
)
|
(590
|
)
|
(192
|
)
|
|||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest:
|
||||||||||||||||||||||||
Net income
|
10
|
10
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Foreign currency translation adjustments
|
(49
|
)
|
(49
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest
|
(39
|
)
|
(39
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||||
Comprehensive income (loss) attributable to Tronox Limited
|
$
|
(363
|
)
|
$
|
837
|
$
|
(55
|
)
|
$
|
(363
|
)
|
$
|
(590
|
)
|
$
|
(192
|
)
|
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-
Guarantor Subsidiaries |
|||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
145
|
$
|
—
|
$
|
—
|
$
|
2
|
$
|
73
|
$
|
70
|
||||||||||||
Restricted cash
|
4
|
—
|
—
|
—
|
4
|
—
|
||||||||||||||||||
Accounts receivable
|
453
|
—
|
—
|
1
|
362
|
90
|
||||||||||||||||||
Inventories, net
|
715
|
(19
|
)
|
—
|
—
|
486
|
248
|
|||||||||||||||||
Other current assets
|
68
|
(4,067
|
)
|
649
|
1,308
|
959
|
1,219
|
|||||||||||||||||
Investment in subsidiaries
|
—
|
2,233
|
—
|
(3,041
|
)
|
808
|
—
|
|||||||||||||||||
Property, plant and equipment, net
|
1,903
|
—
|
—
|
—
|
1,409
|
494
|
||||||||||||||||||
Mineral leaseholds, net
|
1,661
|
—
|
—
|
—
|
1,282
|
379
|
||||||||||||||||||
Intercompany loans receivable
|
—
|
(7,029
|
)
|
691
|
5,937
|
73
|
328
|
|||||||||||||||||
Other long-term assets
|
347
|
(2
|
)
|
34
|
—
|
278
|
37
|
|||||||||||||||||
Total assets
|
$
|
5,296
|
$
|
(8,884
|
)
|
$
|
1,374
|
$
|
4,207
|
$
|
5,734
|
$
|
2,865
|
|||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||
Short-term debt
|
$
|
150
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
150
|
$
|
—
|
||||||||||||
Other current liabilities
|
371
|
(4,067
|
)
|
19
|
2,333
|
1,896
|
190
|
|||||||||||||||||
Long-term debt
|
2,961
|
—
|
1,498
|
—
|
—
|
1,463
|
||||||||||||||||||
Intercompany loans payable
|
—
|
(7,029
|
)
|
10
|
694
|
6,255
|
70
|
|||||||||||||||||
Other long-term liabilities
|
498
|
(3
|
)
|
—
|
3
|
296
|
202
|
|||||||||||||||||
Total liabilities
|
3,980
|
(11,099
|
)
|
1,527
|
3,030
|
8,597
|
1,925
|
|||||||||||||||||
Total equity
|
1,316
|
2,215
|
(153
|
)
|
1,177
|
(2,863
|
)
|
940
|
||||||||||||||||
Total liabilities and equity
|
$
|
5,296
|
$
|
(8,884
|
)
|
$
|
1,374
|
$
|
4,207
|
$
|
5,734
|
$
|
2,865
|
|
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-Guarantor
Subsidiaries |
||||||||||||||||||
Cash Flows from Operating Activities:
|
||||||||||||||||||||||||
Net income (loss)
|
$
|
(218
|
)
|
$
|
474
|
$
|
(55
|
)
|
$
|
(228
|
)
|
$
|
(404
|
)
|
$
|
(5
|
)
|
|||||||
Depreciation, depletion and amortization
|
222
|
—
|
—
|
—
|
170
|
52
|
||||||||||||||||||
Other
|
41
|
(474
|
)
|
578
|
234
|
333
|
(630
|
)
|
||||||||||||||||
Cash provided by (used in) operating activities
|
45
|
—
|
523
|
6
|
99
|
(583
|
)
|
|||||||||||||||||
Cash Flows from Investing Activities:
|
||||||||||||||||||||||||
Capital expenditures
|
(141
|
)
|
—
|
—
|
—
|
(44
|
)
|
(97
|
)
|
|||||||||||||||
Acquisition of business
|
(1,653
|
)
|
—
|
—
|
—
|
(1,653
|
)
|
—
|
||||||||||||||||
Investment in subsidiaries
|
—
|
1,526
|
—
|
(1,526
|
)
|
—
|
—
|
|||||||||||||||||
Return of capital from subsidiaries
|
—
|
(24
|
)
|
—
|
24
|
—
|
—
|
|||||||||||||||||
Collections of intercompany loans
|
—
|
(724
|
)
|
79
|
25
|
43
|
577
|
|||||||||||||||||
Intercompany loans
|
—
|
1,386
|
(589
|
)
|
(3
|
)
|
(237
|
)
|
(557
|
)
|
||||||||||||||
Cash provided by (used in) investing activities
|
(1,794
|
)
|
2,164
|
(510
|
)
|
(1,480
|
)
|
(1,891
|
)
|
(77
|
)
|
|||||||||||||
Cash Flows from Financing Activities:
|
||||||||||||||||||||||||
Repayments of debt
|
(13
|
)
|
—
|
—
|
—
|
(2
|
)
|
(11
|
)
|
|||||||||||||||
Repayments of intercompany loans
|
—
|
724
|
—
|
(102
|
)
|
(601
|
)
|
(21
|
)
|
|||||||||||||||
Proceeds from debt
|
750
|
—
|
—
|
—
|
150
|
600
|
||||||||||||||||||
Proceeds from intercompany loans
|
—
|
(1,386
|
)
|
—
|
1,380
|
3
|
3
|
|||||||||||||||||
Contribution from parent
|
—
|
(1,526
|
)
|
—
|
—
|
1,526
|
—
|
|||||||||||||||||
Return of capital to parent
|
—
|
24
|
—
|
—
|
(24
|
)
|
—
|
|||||||||||||||||
Debt issuance costs
|
(15
|
)
|
—
|
(13
|
)
|
—
|
(2
|
)
|
—
|
|||||||||||||||
Dividends paid
|
(88
|
)
|
—
|
—
|
(88
|
)
|
—
|
—
|
||||||||||||||||
Proceeds from the exercise of warrants and options
|
3
|
—
|
—
|
3
|
—
|
—
|
||||||||||||||||||
Cash provided by (used in) financing activities
|
637
|
(2,164
|
)
|
(13
|
)
|
1,193
|
1,050
|
571
|
||||||||||||||||
Effects of exchange rate changes on cash and cash equivalents
|
(19
|
)
|
—
|
—
|
—
|
—
|
(19
|
)
|
||||||||||||||||
Net increase (decrease) in cash and cash equivalents
|
(1,131
|
)
|
—
|
—
|
(281
|
)
|
(742
|
)
|
(108
|
)
|
||||||||||||||
Cash and cash equivalents at beginning of period
|
$
|
1,276
|
$
|
—
|
$
|
—
|
$
|
283
|
$
|
815
|
$
|
178
|
||||||||||||
Cash and cash equivalents at end of period
|
$
|
145
|
$
|
—
|
$
|
—
|
$
|
2
|
$
|
73
|
$
|
70
|
|
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-
Guarantor Subsidiaries |
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
1,276
|
$
|
—
|
$
|
—
|
$
|
283
|
$
|
815
|
$
|
178
|
||||||||||||
Restricted cash
|
3
|
—
|
—
|
—
|
3
|
—
|
||||||||||||||||||
Accounts receivable | 277 |
—
|
—
|
—
|
188 | 89 | ||||||||||||||||||
Inventories, net
|
770
|
(13
|
)
|
—
|
—
|
448
|
335
|
|||||||||||||||||
Other current assets
|
55
|
(2,857
|
)
|
35
|
973
|
719
|
1,185
|
|||||||||||||||||
Investment in subsidiaries
|
—
|
2,934
|
—
|
(3,961
|
)
|
1,027
|
—
|
|||||||||||||||||
Property, plant and equipment, net
|
1,227
|
—
|
—
|
—
|
696
|
531
|
||||||||||||||||||
Mineral leaseholds, net
|
1,058
|
—
|
—
|
—
|
599
|
459
|
||||||||||||||||||
Intercompany loans receivable
|
—
|
(7,130
|
)
|
773
|
5,937
|
92
|
328
|
|||||||||||||||||
Other long-term assets
|
399
|
—
|
23
|
(1
|
)
|
331
|
46
|
|||||||||||||||||
Total assets
|
$
|
5,065
|
$
|
(7,066
|
)
|
$
|
831
|
$
|
3,231
|
$
|
4,918
|
$
|
3,151
|
|||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||
Total current liabilities
|
$
|
366
|
$
|
(2,857
|
)
|
$
|
22
|
$
|
846
|
$
|
2,152
|
$
|
203
|
|||||||||||
Long-term debt
|
2,375
|
—
|
898
|
—
|
—
|
1,477
|
||||||||||||||||||
Intercompany loans payable
|
—
|
(7,130
|
)
|
9
|
774
|
6,257
|
90
|
|||||||||||||||||
Other long-term liabilities
|
536
|
—
|
—
|
1
|
284
|
251
|
||||||||||||||||||
Total liabilities
|
3,277
|
(9,987
|
)
|
929
|
1,621
|
8,693
|
2,021
|
|||||||||||||||||
Total equity
|
1,788
|
2,921
|
(98
|
)
|
1,610
|
(3,775
|
)
|
1,130
|
||||||||||||||||
Total liabilities and equity
|
$
|
5,065
|
$
|
(7,066
|
)
|
$
|
831
|
$
|
3,231
|
$
|
4,918
|
$
|
3,151
|
• | In the unaudited guarantor condensed consolidating financial statements previously issued, two subsidiaries which were incorrectly classified as “Non-guarantor subsidiaries” have been reclassified to “Guarantor Subsidiaries” in the revised unaudited guarantor condensed consolidating financial statements. |
• | Certain amounts within the guarantor condensed consolidating statements of comprehensive income (loss) were revised to primarily reflect the proportionate share of cumulative translation adjustments between the Parent Company and Eliminations columns. |
|
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-
Guarantor Subsidiaries |
||||||||||||||||||
Net sales
|
$
|
429
|
$
|
(58
|
)
|
$
|
—
|
$
|
—
|
$
|
322
|
$
|
165
|
|||||||||||
Cost of goods sold
|
361
|
(51
|
)
|
—
|
—
|
269
|
143
|
|||||||||||||||||
Gross profit
|
68
|
(7
|
)
|
—
|
—
|
53
|
22
|
|||||||||||||||||
Selling, general and administrative expenses
|
(47
|
)
|
—
|
—
|
(2
|
)
|
(36
|
)
|
(9
|
)
|
||||||||||||||
Restructuring expense
|
(10
|
)
|
—
|
—
|
—
|
(9
|
)
|
(1
|
)
|
|||||||||||||||
Income (loss) from operations
|
11
|
(7
|
)
|
—
|
(2
|
)
|
8
|
12
|
||||||||||||||||
Interest and debt expense, net
|
(34
|
)
|
—
|
(15
|
)
|
—
|
(1
|
)
|
(18
|
)
|
||||||||||||||
Intercompany interest income (expense)
|
—
|
—
|
—
|
137
|
(144
|
)
|
7
|
|||||||||||||||||
Net loss on liquidation of non-operating subsidiaries
|
(35
|
)
|
—
|
—
|
—
|
(33
|
)
|
(2
|
)
|
|||||||||||||||
Other income (expense)
|
9
|
(3
|
)
|
—
|
—
|
3
|
9
|
|||||||||||||||||
Equity in earnings of subsidiary
|
—
|
181
|
—
|
(186
|
)
|
5
|
—
|
|||||||||||||||||
Income (loss) before income taxes
|
(49
|
)
|
171
|
(15
|
)
|
(51
|
)
|
(162
|
)
|
8
|
||||||||||||||
Income tax benefit (provision)
|
(41
|
)
|
—
|
5
|
(42
|
)
|
26
|
(30
|
)
|
|||||||||||||||
Net income (loss)
|
(90
|
)
|
171
|
(10
|
)
|
(93
|
)
|
(136
|
)
|
(22
|
)
|
|||||||||||||
Net income attributable to noncontrolling interest
|
3
|
3
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Net income (loss) attributable to Tronox Limited
|
$
|
(93
|
)
|
$
|
168
|
$
|
(10
|
)
|
$
|
(93
|
)
|
$
|
(136
|
)
|
$
|
(22
|
)
|
|
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-
Guarantor Subsidiaries |
||||||||||||||||||
Net sales
|
$
|
429
|
$
|
(61
|
)
|
$
|
—
|
$
|
—
|
$
|
325
|
$
|
165
|
|||||||||||
Cost of goods sold
|
361
|
(51
|
)
|
—
|
—
|
269
|
143
|
|||||||||||||||||
Gross profit
|
68
|
(10
|
)
|
—
|
—
|
56
|
22
|
|||||||||||||||||
Selling, general and administrative expenses
|
(47
|
)
|
3
|
—
|
(3
|
)
|
(35
|
)
|
(12
|
)
|
||||||||||||||
Restructuring expense
|
(10
|
)
|
—
|
—
|
—
|
(9
|
)
|
(1
|
)
|
|||||||||||||||
Income (loss) from operations
|
11
|
(7
|
)
|
—
|
(3
|
)
|
12
|
9
|
||||||||||||||||
Interest and debt expense, net
|
(34
|
)
|
—
|
(15
|
)
|
—
|
(1
|
)
|
(18
|
)
|
||||||||||||||
Intercompany interest income (expense)
|
—
|
—
|
—
|
137
|
(145
|
)
|
8
|
|||||||||||||||||
Net loss on liquidation of non-operating subsidiaries
|
(35
|
)
|
—
|
—
|
—
|
(33
|
)
|
(2
|
)
|
|||||||||||||||
Other income (expense)
|
9
|
(3
|
)
|
—
|
—
|
—
|
12
|
|||||||||||||||||
Equity in earnings of subsidiary
|
—
|
179
|
—
|
(185
|
)
|
6
|
—
|
|||||||||||||||||
Income (loss) before income taxes
|
(49
|
)
|
169
|
(15
|
)
|
(51
|
)
|
(161
|
)
|
9
|
||||||||||||||
Income tax benefit (provision)
|
(41
|
)
|
—
|
4
|
(42
|
)
|
27
|
(30
|
)
|
|||||||||||||||
Net income (loss)
|
(90
|
)
|
169
|
(11
|
)
|
(93
|
)
|
(134
|
)
|
(21
|
)
|
|||||||||||||
Net income attributable to noncontrolling interest
|
3
|
3
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Net income (loss) attributable to Tronox Limited
|
$
|
(93
|
)
|
$
|
166
|
$
|
(11
|
)
|
$
|
(93
|
)
|
$
|
(134
|
)
|
$
|
(21
|
)
|
|
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-
Guarantor Subsidiaries |
||||||||||||||||||
Net sales
|
$
|
1,337
|
$
|
(177
|
)
|
$
|
—
|
$
|
—
|
$
|
936
|
$
|
578
|
|||||||||||
Cost of goods sold
|
1,184
|
(203
|
)
|
—
|
—
|
858
|
529
|
|||||||||||||||||
Gross profit
|
153
|
26
|
—
|
—
|
78
|
49
|
||||||||||||||||||
Selling, general and administrative expenses
|
(138
|
)
|
2
|
—
|
(7
|
)
|
(102
|
)
|
(31
|
)
|
||||||||||||||
Restructuring expense
|
(10
|
)
|
—
|
—
|
—
|
(9
|
)
|
(1
|
)
|
|||||||||||||||
Income (loss) from operations
|
5
|
28
|
—
|
(7
|
)
|
(33
|
)
|
17
|
||||||||||||||||
Interest and debt expense, net
|
(101
|
)
|
—
|
(45
|
)
|
—
|
(3
|
)
|
(53
|
)
|
||||||||||||||
Intercompany interest income (expense)
|
—
|
—
|
—
|
410
|
(433
|
)
|
23
|
|||||||||||||||||
Net loss on liquidation of non-operating subsidiaries
|
(35
|
)
|
—
|
—
|
—
|
(33
|
)
|
(2
|
)
|
|||||||||||||||
Loss on extinguishment of debt
|
(8
|
)
|
—
|
—
|
—
|
(2
|
)
|
(6
|
)
|
|||||||||||||||
Other income (expense)
|
12
|
29
|
—
|
—
|
—
|
(17
|
)
|
|||||||||||||||||
Equity in earnings of subsidiary
|
—
|
453
|
—
|
(431
|
)
|
(22
|
)
|
—
|
||||||||||||||||
Income (loss) before income taxes
|
(127
|
)
|
510
|
(45
|
)
|
(28
|
)
|
(526
|
)
|
(38
|
)
|
|||||||||||||
Income tax benefit (provision)
|
(15
|
)
|
—
|
14
|
(123
|
)
|
120
|
(26
|
)
|
|||||||||||||||
Net income (loss)
|
(142
|
)
|
510
|
(31
|
)
|
(151
|
)
|
(406
|
)
|
(64
|
)
|
|||||||||||||
Net income attributable to noncontrolling interest
|
9
|
9
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Net income (loss) attributable to Tronox Limited
|
$
|
(151
|
)
|
$
|
501
|
$
|
(31
|
)
|
$
|
(151
|
)
|
$
|
(406
|
)
|
$
|
(64
|
)
|
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-
Guarantor Subsidiaries |
|||||||||||||||||||
Net sales
|
$
|
1,337
|
$
|
(186
|
)
|
$
|
—
|
$
|
—
|
$
|
945
|
$
|
578
|
|||||||||||
Cost of goods sold
|
1,184
|
(203
|
)
|
—
|
—
|
858
|
529
|
|||||||||||||||||
Gross profit
|
153
|
17
|
—
|
—
|
87
|
49
|
||||||||||||||||||
Selling, general and administrative expenses
|
(138
|
)
|
11
|
—
|
(8
|
)
|
(102
|
)
|
(39
|
)
|
||||||||||||||
Restructuring expense
|
(10
|
)
|
—
|
—
|
—
|
(9
|
)
|
(1
|
)
|
|||||||||||||||
Income (loss) from operations
|
5
|
28
|
—
|
(8
|
)
|
(24
|
)
|
9
|
||||||||||||||||
Interest and debt expense, net
|
(101
|
)
|
—
|
(45
|
)
|
—
|
(3
|
)
|
(53
|
)
|
||||||||||||||
Intercompany interest income (expense)
|
—
|
—
|
—
|
410
|
(434
|
)
|
24
|
|||||||||||||||||
Net loss on liquidation of non-operating subsidiaries
|
(35
|
)
|
—
|
—
|
—
|
(33
|
)
|
(2
|
)
|
|||||||||||||||
Loss on extinguishment of debt
|
(8
|
)
|
—
|
—
|
—
|
(2
|
)
|
(6
|
)
|
|||||||||||||||
Other income (expense)
|
12
|
29
|
—
|
—
|
(14
|
)
|
(3
|
)
|
||||||||||||||||
Equity in earnings of subsidiary
|
—
|
448
|
—
|
(430
|
)
|
(18
|
)
|
—
|
||||||||||||||||
Income (loss) before income taxes
|
(127
|
)
|
505
|
(45
|
)
|
(28
|
)
|
(528
|
)
|
(31
|
)
|
|||||||||||||
Income tax benefit (provision)
|
(15
|
)
|
—
|
13
|
(123
|
)
|
122
|
(27
|
)
|
|||||||||||||||
Net income (loss)
|
(142
|
)
|
505
|
(32
|
)
|
(151
|
)
|
(406
|
)
|
(58
|
)
|
|||||||||||||
Net income attributable to noncontrolling interest
|
9
|
9
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Net income (loss) attributable to Tronox Limited
|
$
|
(151
|
)
|
$
|
496
|
$
|
(32
|
)
|
$
|
(151
|
)
|
$
|
(406
|
)
|
$
|
(58
|
)
|
|
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-
Guarantor Subsidiaries |
||||||||||||||||||
Net income (loss)
|
$
|
(90
|
)
|
$
|
171
|
$
|
(10
|
)
|
$
|
(93
|
)
|
$
|
(136
|
)
|
$
|
(22
|
)
|
|||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||
Foreign currency translation adjustments
|
(47
|
)
|
108
|
—
|
(29
|
)
|
(37
|
)
|
(89
|
)
|
||||||||||||||
Pension and postretirement plans
|
—
|
(1
|
)
|
—
|
—
|
—
|
1
|
|||||||||||||||||
Other comprehensive income (loss)
|
(47
|
)
|
107
|
—
|
(29
|
)
|
(37
|
)
|
(88
|
)
|
||||||||||||||
Total comprehensive income (loss)
|
(137
|
)
|
278
|
(10
|
)
|
(122
|
)
|
(173
|
)
|
(110
|
)
|
|||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest:
|
||||||||||||||||||||||||
Net income
|
3
|
3
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Foreign currency translation adjustments
|
(18
|
)
|
(18
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest
|
(15
|
)
|
(15
|
)
|
—
|
—
|
|
—
|
—
|
|||||||||||||||
Comprehensive income (loss) attributable to Tronox Limited
|
$
|
(122
|
)
|
$
|
293
|
$
|
(10
|
)
|
$
|
(122
|
)
|
$
|
(173
|
)
|
$
|
(110
|
)
|
|
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-
Guarantor Subsidiaries |
||||||||||||||||||
Net income (loss)
|
$
|
(90
|
)
|
$
|
169
|
$
|
(11
|
)
|
$
|
(93
|
)
|
$
|
(134
|
)
|
$
|
(21
|
)
|
|||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||
Foreign currency translation adjustments
|
(47
|
)
|
126
|
—
|
(47
|
)
|
(37
|
)
|
(89
|
)
|
||||||||||||||
Other comprehensive income (loss)
|
(47
|
)
|
126
|
—
|
(47
|
)
|
(37
|
)
|
(89
|
)
|
||||||||||||||
Total comprehensive income (loss)
|
(137
|
)
|
295
|
(11
|
)
|
(140
|
)
|
(171
|
)
|
(110
|
)
|
|||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest:
|
||||||||||||||||||||||||
Net income
|
3
|
3
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Foreign currency translation adjustments
|
(18
|
)
|
—
|
—
|
(18
|
)
|
—
|
—
|
||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest
|
(15
|
)
|
3
|
—
|
(18
|
)
|
—
|
—
|
||||||||||||||||
Comprehensive income (loss) attributable to Tronox Limited
|
$
|
(122
|
)
|
$
|
292
|
$
|
(11
|
)
|
$
|
(122
|
)
|
$
|
(171
|
)
|
$
|
(110
|
)
|
|
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-
Guarantor Subsidiaries |
||||||||||||||||||
Net income (loss)
|
$
|
(142
|
)
|
$
|
510
|
$
|
(31
|
)
|
$
|
(151
|
)
|
$
|
(406
|
)
|
$
|
(64
|
)
|
|||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||
Foreign currency translation adjustments
|
(68
|
)
|
141
|
—
|
(44
|
)
|
(59
|
)
|
(106
|
)
|
||||||||||||||
Pension and postretirement plans
|
3
|
(3
|
)
|
—
|
3
|
3
|
—
|
|||||||||||||||||
Other comprehensive income (loss)
|
(65
|
)
|
138
|
—
|
(41
|
)
|
(56
|
)
|
(106
|
)
|
||||||||||||||
Total comprehensive income (loss)
|
(207
|
)
|
648
|
(31
|
)
|
(192
|
)
|
(462
|
)
|
(170
|
)
|
|||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest:
|
||||||||||||||||||||||||
Net income
|
9
|
9
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Foreign currency translation adjustments
|
(24
|
)
|
(24
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest
|
(15
|
)
|
(15
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||||
Comprehensive income (loss) attributable to Tronox Limited
|
$
|
(192
|
)
|
$
|
663
|
$
|
(31
|
)
|
$
|
(192
|
)
|
$
|
(462
|
)
|
$
|
(170
|
)
|
|
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-
Guarantor Subsidiaries |
||||||||||||||||||
Net income (loss)
|
$
|
(142
|
)
|
$
|
505
|
$
|
(32
|
)
|
$
|
(151
|
)
|
$
|
(406
|
)
|
$
|
(58
|
)
|
|||||||
Other comprehensive income (loss):
|
||||||||||||||||||||||||
Foreign currency translation adjustments
|
(68
|
)
|
164
|
—
|
(67
|
)
|
(59
|
)
|
(106
|
)
|
||||||||||||||
Pension and postretirement plans
|
3
|
(1
|
)
|
—
|
2
|
2
|
—
|
|||||||||||||||||
Other comprehensive income (loss)
|
(65
|
)
|
163
|
—
|
(65
|
)
|
(57
|
)
|
(106
|
)
|
||||||||||||||
Total comprehensive income (loss)
|
(207
|
)
|
668
|
(32
|
)
|
(216
|
)
|
(463
|
)
|
(164
|
)
|
|||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest:
|
||||||||||||||||||||||||
Net income
|
9
|
9
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Foreign currency translation adjustments
|
(24
|
)
|
—
|
—
|
(24
|
)
|
—
|
—
|
||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest
|
(15
|
)
|
9
|
—
|
(24
|
)
|
—
|
—
|
||||||||||||||||
Comprehensive income (loss) attributable to Tronox Limited
|
$
|
(192
|
)
|
$
|
659
|
$
|
(32
|
)
|
$
|
(192
|
)
|
$
|
(463
|
)
|
$
|
(164
|
)
|
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-Guarantor
Subsidiaries |
|||||||||||||||||||
Cash Flows from Operating Activities:
|
||||||||||||||||||||||||
Net income (loss)
|
$
|
(142
|
)
|
$
|
510
|
$
|
(31
|
)
|
$
|
(151
|
)
|
$
|
(406
|
)
|
$
|
(64
|
)
|
|||||||
Depreciation, depletion and amortization
|
225
|
—
|
—
|
—
|
163
|
62
|
||||||||||||||||||
Other
|
6
|
(510
|
)
|
(20
|
)
|
135
|
285
|
116
|
||||||||||||||||
Cash provided by (used in) operating activities
|
89
|
—
|
(51
|
)
|
(16
|
)
|
42
|
114
|
||||||||||||||||
Cash Flows from Investing Activities:
|
||||||||||||||||||||||||
Capital expenditures
|
(106
|
)
|
—
|
—
|
—
|
(54
|
)
|
(52
|
)
|
|||||||||||||||
Collections of intercompany debt
|
—
|
(51
|
)
|
51
|
—
|
—
|
—
|
|||||||||||||||||
Cash provided by (used in) investing activities
|
(106
|
)
|
(51
|
)
|
51
|
—
|
(54
|
)
|
(52
|
)
|
||||||||||||||
Cash Flows from Financing Activities:
|
||||||||||||||||||||||||
Repayments of debt
|
(16
|
)
|
—
|
—
|
—
|
(2
|
)
|
(14
|
)
|
|||||||||||||||
Repayments of intercompany debt
|
—
|
51
|
—
|
(51
|
)
|
—
|
—
|
|||||||||||||||||
Debt issuance costs
|
(2
|
)
|
—
|
—
|
—
|
—
|
(2
|
)
|
||||||||||||||||
Dividends paid
|
(87
|
)
|
—
|
—
|
(87
|
)
|
—
|
—
|
||||||||||||||||
Proceeds from the exercise of warrants and options
|
5
|
—
|
—
|
5
|
—
|
—
|
||||||||||||||||||
Cash provided by (used in) financing activities
|
(100
|
)
|
51
|
—
|
(133
|
)
|
(2
|
)
|
(16
|
)
|
||||||||||||||
Effects of exchange rate changes on cash and cash equivalents
|
(16
|
)
|
—
|
—
|
—
|
—
|
(16
|
)
|
||||||||||||||||
Net increase (decrease) in cash and cash equivalents
|
(133
|
)
|
—
|
—
|
(149
|
)
|
(14
|
)
|
30
|
|||||||||||||||
Cash and cash equivalents at beginning of period
|
$
|
1,475
|
$
|
—
|
$
|
—
|
$
|
179
|
$
|
1,091
|
$
|
205
|
||||||||||||
Cash and cash equivalents at end of period
|
$
|
1,342
|
$
|
—
|
$
|
—
|
$
|
30
|
$
|
1,077
|
$
|
235
|
Consolidated
|
Eliminations
|
Tronox
Finance LLC |
Parent
Company |
Guarantor
Subsidiaries |
Non-Guarantor
Subsidiaries |
|||||||||||||||||||
Cash Flows from Operating Activities:
|
||||||||||||||||||||||||
Net income (loss)
|
$
|
(142
|
)
|
$
|
505
|
$
|
(32
|
)
|
$
|
(151
|
)
|
$
|
(406
|
)
|
$
|
(58
|
)
|
|||||||
Depreciation, depletion and amortization
|
225
|
—
|
—
|
—
|
163
|
62
|
||||||||||||||||||
Other
|
6
|
(482
|
)
|
(19
|
)
|
207
|
370
|
(70
|
)
|
|||||||||||||||
Cash provided by (used in) operating activities
|
89
|
23
|
(51
|
)
|
56
|
127
|
(66
|
)
|
||||||||||||||||
Cash Flows from Investing Activities:
|
||||||||||||||||||||||||
Capital expenditures
|
(106
|
)
|
—
|
—
|
—
|
(54
|
)
|
(52
|
)
|
|||||||||||||||
Collections of intercompany debt
|
—
|
(51
|
)
|
51
|
—
|
—
|
—
|
|||||||||||||||||
Cash provided by (used in) investing activities
|
(106
|
)
|
(51
|
)
|
51
|
—
|
(54
|
)
|
(52
|
)
|
||||||||||||||
Cash Flows from Financing Activities:
|
||||||||||||||||||||||||
Repayments of debt
|
(16
|
)
|
—
|
—
|
—
|
(2
|
)
|
(14
|
)
|
|||||||||||||||
Repayments of intercompany debt
|
—
|
51
|
—
|
(51
|
)
|
—
|
—
|
|||||||||||||||||
Debt issuance costs
|
(2
|
)
|
—
|
—
|
—
|
—
|
(2
|
)
|
||||||||||||||||
Dividends paid
|
(87
|
)
|
—
|
—
|
(87
|
)
|
—
|
—
|
||||||||||||||||
Proceeds from the exercise of warrants and options
|
5
|
—
|
—
|
5
|
—
|
—
|
||||||||||||||||||
Cash provided by (used in) financing activities
|
(100
|
)
|
51
|
—
|
(133
|
)
|
(2
|
)
|
(16
|
)
|
||||||||||||||
Effects of exchange rate changes on cash and cash equivalents
|
(16
|
)
|
(23
|
)
|
—
|
(73
|
)
|
(37
|
)
|
117
|
||||||||||||||
Net increase (decrease) in cash and cash equivalents
|
(133
|
)
|
—
|
—
|
(150
|
)
|
34
|
(17
|
)
|
|||||||||||||||
Cash and cash equivalents at beginning of period
|
$
|
1,478
|
$
|
—
|
$
|
—
|
$
|
179
|
$
|
374
|
$
|
925
|
||||||||||||
Cash and cash equivalents at end of period
|
$
|
1,345
|
$
|
—
|
$
|
—
|
$
|
29
|
$
|
408
|
$
|
908
|
· | exploration, mining, and beneficiation of mineral sands deposits |
· | production of titanium feedstock (including chloride slag, slag fines, and rutile), pig iron, and zircon |
· | production and marketing of TiO2 |
· | electrolytic manganese dioxide manufacturing and marketing, which is primarily focused on advanced battery materials, specialty boron products, and sodium chlorate |
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||
2015
|
2014
|
Variance
|
2015
|
2014
|
Variance
|
|||||||||||||||||||
(Millions of U.S. dollars)
|
||||||||||||||||||||||||
Net sales
|
$
|
575
|
$
|
429
|
$
|
146
|
$
|
1,577
|
$
|
1,337
|
$
|
240
|
||||||||||||
Cost of goods sold
|
536
|
361
|
175
|
1,479
|
1,184
|
295
|
||||||||||||||||||
Gross profit
|
39
|
68
|
(29
|
)
|
98
|
153
|
(55
|
)
|
||||||||||||||||
Selling, general and administrative expenses
|
(55
|
)
|
(47
|
)
|
(8
|
)
|
(171
|
)
|
(138
|
)
|
(33
|
)
|
||||||||||||
Restructuring expenses
|
(5
|
)
|
(10
|
)
|
5
|
(7
|
)
|
(10
|
)
|
3
|
||||||||||||||
Income (loss) from operations
|
(21
|
)
|
11
|
(32
|
)
|
(80
|
)
|
5
|
(85
|
)
|
||||||||||||||
Interest and debt expense, net
|
(45
|
)
|
(34
|
)
|
(11
|
)
|
(131
|
)
|
(101
|
)
|
(30
|
)
|
||||||||||||
Net loss on liquidation of non-operating subsidiaries
|
—
|
(35
|
)
|
35
|
—
|
(35
|
)
|
35
|
||||||||||||||||
Loss on extinguishment of debt
|
—
|
—
|
—
|
—
|
(8
|
)
|
8
|
|||||||||||||||||
Other income, net
|
23
|
9
|
14
|
22
|
12
|
10
|
||||||||||||||||||
Loss before income taxes
|
(43
|
)
|
(49
|
)
|
6
|
(189
|
)
|
(127
|
)
|
(62
|
)
|
|||||||||||||
Income tax provision
|
(11
|
)
|
(41
|
)
|
30
|
(29
|
)
|
(15
|
)
|
(14
|
)
|
|||||||||||||
Net loss
|
$
|
(54
|
)
|
$
|
(90
|
)
|
$
|
36
|
$
|
(218
|
)
|
$
|
(142
|
)
|
$
|
(76
|
)
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||
2015
|
2014
|
Variance
|
2015
|
2014
|
Variance
|
|||||||||||||||||||
(Millions of U.S. dollars)
|
||||||||||||||||||||||||
TiO2 segment
|
$
|
380
|
$
|
429
|
$
|
(49
|
)
|
$
|
1,174
|
$
|
1,337
|
$
|
(163
|
)
|
||||||||||
Alkali segment
|
195
|
—
|
195
|
403
|
—
|
403
|
||||||||||||||||||
Net Sales
|
$
|
575
|
$
|
429
|
$
|
146
|
$
|
1,577
|
$
|
1,337
|
$
|
240
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
|
2015
|
2014
|
Change
|
2015
|
2014
|
Variance
|
||||||||||||||||||
|
(Millions of U.S. dollars)
|
|||||||||||||||||||||||
TiO2 segment
|
$
|
(26
|
)
|
$
|
35
|
$
|
(61
|
)
|
$
|
(58
|
)
|
$
|
61
|
$
|
(119
|
)
|
||||||||
Alkali segment
|
21
|
—
|
21
|
46
|
—
|
46
|
||||||||||||||||||
Corporate
|
(16
|
)
|
(24
|
)
|
8
|
(68
|
)
|
(56
|
)
|
(12
|
)
|
|||||||||||||
Income (loss) from operations
|
(21
|
)
|
11
|
$
|
(32
|
)
|
(80
|
)
|
5
|
$
|
(85
|
)
|
||||||||||||
Interest and debt expense
|
(45
|
)
|
(34
|
)
|
(131
|
)
|
(101
|
)
|
||||||||||||||||
Net loss on liquidation of non-operating subsidiaries
|
—
|
(35
|
)
|
—
|
(35
|
)
|
||||||||||||||||||
Loss on extinguishment of debt
|
—
|
—
|
—
|
(8
|
)
|
|||||||||||||||||||
Other income, net
|
23
|
9
|
22
|
12
|
||||||||||||||||||||
Loss before income taxes
|
(43
|
)
|
(49
|
)
|
(189
|
)
|
(127
|
)
|
||||||||||||||||
Income tax provision
|
(11
|
)
|
(41
|
)
|
(29
|
)
|
(15
|
)
|
||||||||||||||||
Net loss
|
$
|
(54
|
)
|
$
|
(90
|
)
|
$
|
(218
|
)
|
$
|
(142
|
)
|
Three Months
Ended March 31,
2015
|
Three Months
Ended June 30,
2015
|
Three Months
Ended September 30,
2015
|
||||||||||
Dividend per share
|
$
|
0.25
|
$
|
0.25
|
$
|
0.25
|
||||||
Total dividend
|
$
|
29
|
$
|
30
|
$
|
30
|
||||||
Record date (close of business)
|
March 9
|
May 18
|
August 19
|
September 30,
2015
|
December 31,
2014 |
|||||||
UBS Revolver
|
$
|
150
|
$
|
—
|
||||
Short-term debt (1)
|
$
|
150
|
$
|
—
|
(1)
|
Average effective interest rate of 3.35% during the nine months ended September 30, 2015.
|
Original
Principal |
Annual
Interest Rate |
Maturity
Date |
September 30
2015
|
December 31,
2014 |
|||||||||||||
Term Loan, net of unamortized discount (1)
|
$
|
1,500
|
Variable
|
3/19/2020
|
$
|
1,458
|
$
|
1,468
|
|||||||||
Senior Notes due 2020
|
$
|
900
|
6.375
|
%
|
8/15/2020
|
900
|
900
|
||||||||||
Senior Notes due 2022
|
$
|
600
|
7.50
|
%
|
3/15/2022
|
600
|
—
|
||||||||||
Co-generation Unit Financing Arrangement
|
$
|
16
|
6.50
|
%
|
2/1/2016
|
1
|
3
|
||||||||||
Lease financing
|
|
18
|
22
|
||||||||||||||
|
|||||||||||||||||
Total borrowings
|
|
2,977
|
2,393
|
||||||||||||||
Less: Long-term debt due within one year
|
|
(16
|
)
|
(18
|
)
|
||||||||||||
|
|||||||||||||||||
Long-term debt
|
|
$
|
2,961
|
$
|
2,375
|
(1)
|
Average effective interest rate of 4.6% during both the nine months ended September 30, 2015 and 2014.
|
Nine Months Ended September 30,
|
||||||||
2015
|
2014
|
|||||||
(Millions of U.S. dollars)
|
||||||||
Net cash provided by operating activities
|
$
|
45
|
$
|
89
|
||||
Net cash used in investing activities
|
(1,794
|
)
|
(106
|
)
|
||||
Net cash provided by (used in) financing activities
|
637
|
(100
|
)
|
|||||
Effect of exchange rate changes on cash
|
(19
|
)
|
(16
|
)
|
||||
Net decrease in cash and cash equivalents
|
$
|
(1,131
|
)
|
$
|
(133
|
)
|
Contractual Obligation
Payments Due by Year (3)(4) |
||||||||||||||||||||
Total
|
Less than
1 year |
1-3
years |
3-5
years |
More than
5 years |
||||||||||||||||
(Millions of U.S. dollars)
|
||||||||||||||||||||
Long-term debt and lease financing (including interest) (1)
|
$
|
4,005
|
$
|
332
|
$
|
365
|
$
|
1,712
|
$
|
1,596
|
||||||||||
Purchase obligations (2)
|
728
|
151
|
194
|
122
|
261
|
|||||||||||||||
Operating leases
|
179
|
33
|
45
|
27
|
74
|
|||||||||||||||
Asset retirement obligations
|
82
|
6
|
5
|
5
|
66
|
|||||||||||||||
Total
|
$
|
4,994
|
$
|
522
|
$
|
609
|
$
|
1,866
|
$
|
1,997
|
(1)
|
We calculated the Term Loan interest at a base rate of 1% plus a margin of 3.25%. See Note 12 of Notes to our unaudited Condensed Consolidated Financial Statements.
|
(2)
|
Includes obligations to purchase requirements of process chemicals, supplies, utilities and services. We have various purchase commitments for materials, supplies, and services entered into in the ordinary course of business. Included in the purchase commitments table above are contracts which require minimum volume purchases that extend beyond one year or are renewable annually and have been renewed for 2015. Certain contracts allow for changes in minimum required purchase volumes in the event of a temporary or permanent shutdown of a facility. We believe that all of our purchase obligations will be utilized in our normal operations.
|
(3)
|
The table above excludes contingent obligations, as well as any possible payments for uncertain tax positions given the inability to estimate the possible amounts and timing of any such payments.
|
(4)
|
The table above excludes commitments pertaining to our pension and other postretirement obligations.
|
• | Reflect our ongoing business in a manner that allows for meaningful period-to-period comparison and analysis of trends in our business, as they exclude income and expense that are not reflective of ongoing operating results; |
• | Provide useful information in understanding and evaluating our operating results and comparing financial results across periods; |
• | Provide a normalized view of our operating performance by excluding items that are either noncash or non-recurring in nature; |
• | Assist investors in assessing our compliance with financial covenants under our debt instruments; and |
• | Adjusted EBITDA is one of the primary measures management uses for planning and budgeting processes, and to monitor and evaluate financial and operating results. In addition, Adjusted EBITDA is a factor in evaluating management’s performance when determining incentive compensation. |
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net income (loss)
|
$
|
(54
|
)
|
$
|
(90
|
)
|
$
|
(218
|
)
|
$
|
(142
|
)
|
||||
Interest and debt expense, net
|
45
|
34
|
131
|
101
|
||||||||||||
Interest income
|
(1
|
)
|
(4
|
)
|
(5
|
)
|
(10
|
)
|
||||||||
Income tax provision
|
11
|
41
|
29
|
15
|
||||||||||||
Depreciation, depletion and amortization expense
|
82
|
68
|
222
|
225
|
||||||||||||
EBITDA
|
83
|
49
|
159
|
189
|
||||||||||||
Amortization of inventory step-up from purchase accounting
|
—
|
—
|
9
|
—
|
||||||||||||
Adjustment of transfer tax due to 2012 acquisition
|
—
|
—
|
(11
|
)
|
—
|
|||||||||||
Alkali Transaction costs (a)
|
2
|
—
|
29
|
—
|
||||||||||||
Share-based compensation
|
4
|
6
|
17
|
17
|
||||||||||||
Restructuring expense
|
5
|
10
|
7
|
10
|
||||||||||||
Net loss on liquidation of non-operating subsidiaries
|
—
|
35
|
—
|
35
|
||||||||||||
Loss on extinguishment of debt
|
—
|
—
|
—
|
8
|
||||||||||||
Foreign currency remeasurement
|
(20
|
)
|
(4
|
)
|
(16
|
)
|
—
|
|||||||||
Other items (b)
|
7
|
4
|
18
|
13
|
||||||||||||
Adjusted EBITDA
|
$
|
81
|
$
|
100
|
$
|
212
|
$
|
272
|
(a)
|
During 2015, transaction costs consist of costs associated with the acquisition of the Alkali business, including banking, legal and professional fees.
|
(b)
|
Includes noncash pension and postretirement costs, accretion expense, severance expense, and other items.
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
TiO2 segment
|
$
|
58
|
$
|
122
|
$
|
179
|
$
|
330
|
||||||||
Alkali segment
|
41
|
—
|
91
|
—
|
||||||||||||
Corporate
|
(18
|
)
|
(22
|
)
|
(58
|
)
|
(58
|
)
|
||||||||
Adjusted EBITDA
|
$
|
81
|
$
|
100
|
$
|
212
|
$
|
272
|
· | The controls over the information and communication related to our South African operations were improperly designed and not effective. Specifically, information required to execute control activities to completely and accurately record and disclose transactions was not communicated timely to the individuals responsible for executing control activities. The controls over our calculation of accrued royalty expense relating to our mining operations in Namakwa South Africa were improperly designed and not effective. |
· | Additionally, the controls over restricted access and segregation of duties (“SOD”) within our SAP systems were improperly designed and not effective as certain personnel have inappropriate access to execute conflicting transactions. Further, certain personnel have the ability to prepare and post journal entries without an independent review required by someone other than the preparer. Specifically, the controls were not designed to provide reasonable assurance that incompatible access within the system, including the ability to record transactions, was appropriately segregated, impacting the validity, accuracy, and completeness of all key accounts and disclosures. |
Exhibit No.
|
|
Rule 13a-14(a) Certification of Thomas Casey.
|
|
Rule 13a-14(a) Certification of Katherine C. Harper.
|
|
Section 1350 Certification for Thomas Casey.
|
|
Section 1350 Certification for Katherine C. Harper.
|
|
Mine Safety Disclosures.
|
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
TRONOX LIMITED
(Registrant)
|
||
By:
|
/s/ Katherine C. Harper
|
|
Name:
|
Katherine C. Harper
|
|
Title:
|
Senior Vice President and Chief Financial Officer
|
/s/ Thomas Casey
|
|
Thomas Casey
|
|
Chairman and Chief Executive Officer |
/s/ Katherine C. Harper
|
|
Katherine C. Harper
|
|
Senior Vice President and Chief Financial Officer |
/s/ Thomas Casey
|
|
Thomas Casey
|
|
Chairman and Chief Executive Officer |
/s/ Katherine C. Harper
|
|
Katherine C. Harper
|
|
Senior Vice President and Chief Financial Officer |
(A)
|
(B)
|
(C)
|
(D)
|
(E)
|
(F)
|
(G)
|
(H)
|
(I)
|
(J)
|
(K)
|
(L)
|
|||||||||||||||||||||||||||||||||
Mine or
Operating
Name/
MSHA
Identification
Number
|
Section
104 S&S
Citations
(#)
|
Section
104 (b)
Orders
(#)
|
Section
104(d)
Citations
and
Orders
(#)
|
Section
110(b)(2)
Violations
(#)
|
Section
107(a)
Orders
(#)
|
Total Dollar
Value of
MSHA
Assessments
Proposed
($)
|
Total
Number
of
Mining
Related
Fatalities
(#)
|
Received
Notice of
Pattern of
Violations
Under
Section
104(e)
(yes/no)
|
Received
Notice of
Potential to
Have
Pattern
Under
Section
104(e)
(yes/no)
|
Legal
Actions
Pending
as of Last
Day of
Period
(#)
|
Legal
Actions
Initiated
During
Period
(#)
|
Legal
Actions
Resolved
During
Period
(#)
|
||||||||||||||||||||||||||||||||
Tronox -
Alkali at Westvaco
|
9 | 0 | 1 |
0
|
0
|
$
|
999.00
|
0 |
No
|
No
|
3 | 3 |
0
|
|||||||||||||||||||||||||||||||
MSHA I.D.
No.:
48-00512
|
(A) | The total number of violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a coal or other mine safety and health hazard under section 104 of the Mine Act for which the operator received a citation from MSHA. |
(B) | The total number of orders issued under section 104(b) of the Mine Act. |
(C) | The total number of citations and orders for unwarrantable failure of the operator to comply with mandatory health or safety standards under section 104(d) of the Mine Act. |
(D) | The total number of flagrant violations under section 110(b)(2) of the Mine Act. |
(E) | The total number of imminent danger orders issued under section 107(a) of the Mine Act. |
(F) | The total dollar value of proposed assessments from the MSHA under the Mine Act. Only includes assessments proposed on citations issued in the second quarter. Assessments are generally delayed up to 60 days after the close of the inspection. |
(G) | The total number of mining related fatalities. |
(H) | During the quarter ending September 30, 2015, the mine did not receive Notice of Pattern of Violations Under Section 104(e) |
(I) | During the quarter ending September 30, 2015, the mine did not receive Notice of a Potential to have a Pattern of Violations Under Section 104(e) |
(J) | Includes all legal actions before the Federal Mine Safety and Review Commission, together with the Administrative Law Judges thereof, for our operations. |
(K) | All of the legal actions were initiated by us to contest citations, orders or proposed assessments issued by the federal Mine Safety and Health Administration, and if successful, could result in the reduction or dismissal of those citations, orders or assessments. |
(L) | None of the three aforementioned legal actions were resolved during the period. |
Accrued Liabilities (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accrued Liabilities | Accrued liabilities consisted of the following:
|
Accounts Receivable, Net of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2015 |
Sep. 30, 2014 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Dec. 31, 2014 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Subtotal | $ 455 | $ 455 | $ 278 | ||
Allowance for doubtful accounts | (2) | (2) | (1) | ||
Accounts receivable, net of allowance for doubtful accounts | 453 | 453 | 277 | ||
Maximum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Bad debt expense | 1 | $ 1 | 1 | $ 1 | |
Trade Receivables [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Subtotal | 436 | 436 | 272 | ||
Other [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Subtotal | $ 19 | $ 19 | $ 6 |
3\2T+V)ZZM)UBDMR49D;48V
M9F0[*^(=HCQM5D"NILYQ@@\O@DZO4,VR?GR10,VQSF@Y-B+K&4H;LYNM&=F9
MD?AV,./LXD.;H%,[4K,+CNTP4M.K0UIZC ;)J2&A@_2/>/X"^86]D&P0FGC2*K!.E172D(4
M?YMFH>,\3CLLFVG;!#83V$*X2Z/QJ5"T^<@=+PN#(S'3T?8\W.#NP/Q!5"$9
M^O86K=\+B+*XE+O;K*"7(#1C3FL,FS`+@GKUI03;*G%B7^ALFYYM.LQ6]&QV
MF&\+Y)L"^4H@_Z;%+ #)$C=J+>R?,RB<3C2G-\>S['H?':PJV :(J-H!"!+&1VB1LK.2`VN0C*;`?$C.O3<(V1F10FZ0[E/XF^I@)IYFA
M7.QTQ`T*DW03^S17Y3YF0L3X(W*Q&1)ZLU6KDG2?(W7B&S`A8L;D8KLD9)=C
M]83MDO[!+@G;)9G8)>DFQQ?JH#UFPFEF*!=[)9EX)0&'4[\Y=R90"*&1%U/"
M7DDF7DG`X=2W:`,F1,S(`'-LE%PW2G<^]H&*C9+_@U%R;)3D\_]G"20T+BQO_=I,3VH*'/;7#[+\TO(=
M4$L#!!0````(`,$^9D?`K:21H@$``+$#```9````>&PO=V]R:W-H965T06!V+'H^U$O,'=D8>#*&,R
M]ATLNK`7$45^+78/=SF[1J$)
MCB,E]L:/AS=GY]?YP-.=?,"+O!,-/`O;2./(&7VXV70W-:*'8"6[N:6D#?]G
M#A34/B[OPMJ.3VH,/';7#S+_TN(_4$L#!!0````(`,$^9D=@4[NBH0$``+$#
M```9````>&PO=V]R:W-H965T0*/+!S\-[S(>][`'ZX;T1ER1NNN3[@`-:(%
M%R6]
./6?/+TA/7\[OZ2^C657_E!IZ5^-.6MG'%QA$IH>*#L&]J_`%S"P
;H.@
M6>]%F34W\B`J]<]6UF76JL=Z%S2'6F2;CE06`0W#."BSO/+GT^[=8SV?RM>V
MR"OQ6'O-:UEF]9\[48S0/,]FMF%'.(QAPB,<-]&CY01H31RH@P>AD1:+*,,S2D&?+IFEC:
MZE"!M21;SPJ,..F@T1XCU/=@4T`YV>+@5PS71YT92!"NSW;\B1`GNB[1L^1/
MI)F@_?"9.$B60/1+!'(#^)WHH#:DL"VZ_00WU@K'0@
5]([3?C5W_
M!5!+`P04````"`#!/F9'_$M-6_\!``!/!@``&0```'AL+W=O