x | 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 |
Delaware (State or Other Jurisdiction of Incorporation or Organization) | 51-0653027 (I.R.S. Employer Identification Number) | |
423 West 300 South, Suite 200 Salt Lake City, Utah (Address of principal executive offices) | 84101 (Zip Code) |
Large accelerated filer o | Accelerated filer x | |
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Page | ||
PART II. OTHER INFORMATION | ||
June 30, 2013 | December 31, 2012 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 97,529 | $ | 134,191 | |||
Accounts receivable, net of allowance for doubtful accounts | 229,975 | 259,913 | |||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 88,479 | 98,978 | |||||
Income tax receivable | 8,583 | 6,427 | |||||
Prepaid expenses | 9,289 | 11,022 | |||||
Nuclear decommissioning trust fund investments, current portion | 132,674 | 152,507 | |||||
Deferred costs, current portion | 112,249 | 127,573 | |||||
Other current assets | 4,723 | 3,924 | |||||
Total current assets | 683,501 | 794,535 | |||||
Property, plant and equipment, net | 114,993 | 117,744 | |||||
Goodwill | 305,395 | 308,608 | |||||
Other intangible assets, net | 223,844 | 239,551 | |||||
Nuclear decommissioning trust fund investments | 378,011 | 445,989 | |||||
Restricted cash and decontamination and decommissioning deposits | 315,692 | 316,754 | |||||
Deferred costs | 310,559 | 360,185 | |||||
Other noncurrent assets | 113,058 | 72,096 | |||||
Total assets | $ | 2,445,053 | $ | 2,655,462 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 135,407 | $ | 16,592 | |||
Accounts payable | 107,929 | 144,649 | |||||
Accrued expenses and other current liabilities | 212,571 | 193,546 | |||||
Deferred income taxes | 1,082 | 1,101 | |||||
Facility and equipment decontamination and decommissioning liabilities, current portion | 121,986 | 138,757 | |||||
Unearned revenue, current portion | 132,464 | 150,135 | |||||
Total current liabilities | 711,439 | 644,780 | |||||
Long-term debt, less current portion | 664,653 | 798,577 | |||||
Pension liability | 44,355 | 31,043 | |||||
Facility and equipment decontamination and decommissioning liabilities | 426,984 | 485,447 | |||||
Deferred income taxes | 18,542 | 20,507 | |||||
Unearned revenue, less current portion | 314,547 | 366,710 | |||||
Other noncurrent liabilities | 31,449 | 7,479 | |||||
Total liabilities | 2,211,969 | 2,354,543 | |||||
Commitments and contingencies | — | — | |||||
Stockholders’ equity: | |||||||
Common stock, $0.01 par value, 100 and 1,000,000,000 shares authorized as of June 30, 2013 and December 31, 2012, respectively, and 100 and 90,253,242 shares issued and outstanding as of June 30, 2013 and December 31, 2012, respectively. | — | 903 | |||||
Additional paid-in capital | 519,429 | 511,503 | |||||
Accumulated other comprehensive loss | (31,384 | ) | (21,956 | ) | |||
Accumulated deficit | (255,461 | ) | (190,031 | ) | |||
Total EnergySolutions stockholders’ equity | 232,584 | 300,419 | |||||
Noncontrolling interests | 500 | 500 | |||||
Total equity | 233,084 | 300,919 | |||||
Total liabilities and stockholders’ equity | $ | 2,445,053 | $ | 2,655,462 |
Three Month Period Ended | Six Month Period Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue | $ | 411,038 | $ | 392,621 | $ | 937,246 | $ | 883,313 | |||||||
Cost of revenue | (363,641 | ) | (356,718 | ) | (843,429 | ) | (815,730 | ) | |||||||
Gross profit | 47,397 | 35,903 | 93,817 | 67,583 | |||||||||||
Selling, general and administrative expenses | (69,397 | ) | (34,220 | ) | (101,618 | ) | (67,882 | ) | |||||||
Equity in income (loss) of unconsolidated joint ventures | (98 | ) | 2,406 | 578 | 3,136 | ||||||||||
Income (loss) from operations | (22,098 | ) | 4,089 | (7,223 | ) | 2,837 | |||||||||
Interest expense | (18,798 | ) | (17,495 | ) | (37,443 | ) | (35,186 | ) | |||||||
Other income (expense), net | (13,610 | ) | 15,443 | (11,499 | ) | 33,725 | |||||||||
Income (loss) before income taxes and noncontrolling interests | (54,506 | ) | 2,037 | (56,165 | ) | 1,376 | |||||||||
Income tax benefit (expense) | (2,726 | ) | 3,370 | (9,265 | ) | 3,366 | |||||||||
Net income (loss) | (57,232 | ) | 5,407 | (65,430 | ) | 4,742 | |||||||||
Less: Net income attributable to noncontrolling interests | 2 | 37 | — | 33 | |||||||||||
Net income (loss) attributable to EnergySolutions | $ | (57,230 | ) | $ | 5,444 | $ | (65,430 | ) | $ | 4,775 | |||||
Other comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ | (57,232 | ) | $ | 5,407 | $ | (65,430 | ) | $ | 4,742 | |||||
Foreign currency translation adjustments, net of taxes | (266 | ) | (4,464 | ) | (8,953 | ) | 1,380 | ||||||||
Change in unrecognized actuarial gain (loss) | 3 | (185 | ) | (475 | ) | (32 | ) | ||||||||
Other comprehensive income (loss), net of taxes | (57,495 | ) | 758 | (74,858 | ) | 6,090 | |||||||||
Less: net income attributable to noncontrolling interests | 2 | 37 | — | 33 | |||||||||||
Comprehensive income (loss) attributable to EnergySolutions | $ | (57,493 | ) | $ | 795 | $ | (74,858 | ) | $ | 6,123 |
Common Stock | Additional Paid-in | Accumulated Other Comprehensive | Accumulated | Noncontrolling | Total Stockholders’ | |||||||||||||||||||||
Shares | Amount | Capital | Loss | Deficit | Interests | Equity | ||||||||||||||||||||
Balance at December 31, 2012 | 90,253,242 | $ | 903 | $ | 511,503 | $ | (21,956 | ) | $ | (190,031 | ) | $ | 500 | $ | 300,919 | |||||||||||
Net loss | — | — | — | — | (65,430 | ) | — | (65,430 | ) | |||||||||||||||||
Equity-based compensation | — | — | 3,945 | — | — | — | 3,945 | |||||||||||||||||||
Vesting of restricted stock | 2,206,430 | 22 | (22 | ) | — | — | — | — | ||||||||||||||||||
Minimum tax withholdings on restricted stock awards | (111,107 | ) | (1 | ) | (431 | ) | — | — | — | (432 | ) | |||||||||||||||
Capital contribution from Parent | — | — | 10,852 | — | — | — | 10,852 | |||||||||||||||||||
Common stock repurchased by EnergySolutions and retired | (1,779,520 | ) | (18 | ) | (7,324 | ) | — | — | — | (7,342 | ) | |||||||||||||||
Common stock repurchased by Parent and retired | (90,569,045 | ) | (906 | ) | (374,956 | ) | — | — | — | (375,862 | ) | |||||||||||||||
Issuance of common stock | 100 | — | 375,862 | — | — | — | 375,862 | |||||||||||||||||||
Change in unrecognized actuarial loss | — | — | — | (475 | ) | — | — | (475 | ) | |||||||||||||||||
Foreign currency translation, net of taxes | — | — | — | (8,953 | ) | — | — | (8,953 | ) | |||||||||||||||||
Balance at June 30, 2013 | 100 | $ | — | $ | 519,429 | $ | (31,384 | ) | $ | (255,461 | ) | $ | 500 | $ | 233,084 |
Six Month Period Ended | |||||||
June 30, | |||||||
2013 | 2012 | ||||||
Cash flows from operating activities | |||||||
Net income (loss) | $ | (65,430 | ) | $ | 4,742 | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||
Depreciation, amortization and accretion | 34,949 | 37,732 | |||||
Equity-based compensation expense | 3,945 | 2,722 | |||||
Deferred income taxes | (1,984 | ) | (15,185 | ) | |||
Amortization of debt financing fees and debt discount | 3,349 | 2,454 | |||||
Loss (gain) on disposal of property, plant and equipment | 258 | (363 | ) | ||||
Realized and unrealized loss (gain) on nuclear decommissioning trust fund investments | 2,981 | (34,613 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 18,760 | 4,455 | |||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 8,691 | 20,594 | |||||
Prepaid expenses and other current assets | (1,955 | ) | (307 | ) | |||
Accounts payable | (22,605 | ) | (33,559 | ) | |||
Accrued expenses and other current liabilities | 25,133 | (30,835 | ) | ||||
Unearned revenue | (69,801 | ) | (32,253 | ) | |||
Facility and equipment decontamination and decommissioning liabilities | (88,556 | ) | (68,360 | ) | |||
Restricted cash and decontamination and decommissioning deposits | 1,062 | (671 | ) | ||||
Nuclear decommissioning trust fund | 82,245 | 99,308 | |||||
Deferred costs | 64,950 | 49,114 | |||||
Other noncurrent assets | (38,910 | ) | (34,633 | ) | |||
Other noncurrent liabilities | 40,084 | 27,662 | |||||
Net cash used in operating activities | (2,834 | ) | (1,996 | ) | |||
Cash flows from investing activities | |||||||
Purchase of nuclear decommissioning trust fund investments | (430,211 | ) | (457,279 | ) | |||
Proceeds from sales of nuclear decommissioning trust fund investments | 432,762 | 459,488 | |||||
Purchases of property, plant and equipment | (6,425 | ) | (11,116 | ) | |||
Proceeds from disposition of property, plant and equipment | — | 5,195 | |||||
Net cash used in investing activities | (3,874 | ) | (3,712 | ) | |||
Cash flows from financing activities | |||||||
Repayments of long-term debt | (16,592 | ) | — | ||||
Distributions to noncontrolling interests partners | — | (157 | ) | ||||
Minimum tax withholding on restricted stock awards | (432 | ) | (91 | ) | |||
Repurchase of common stock | (7,342 | ) | — | ||||
Repayments of capital lease obligations | (362 | ) | (313 | ) | |||
Debt financing fees | (3,160 | ) | — | ||||
Net cash used in financing activities | (27,888 | ) | (561 | ) | |||
Effect of exchange rate on cash | (2,066 | ) | 334 | ||||
Net decrease in cash and cash equivalents | (36,662 | ) | (5,935 | ) | |||
Cash and cash equivalents, beginning of period | 134,191 | 77,213 | |||||
Cash and cash equivalents, end of period | $ | 97,529 | $ | 71,278 |
• | Parent and EnergySolutions purchased and retired all of the Company's outstanding common stock as of the Merger Date and paid approximately $383.2 million in cash to the Company's stockholders. Of the total amount paid, EnergySolutions directly purchased 1.8 million shares for $7.3 million from cash on hand. The 1.8 million shares were issued as a result of accelerated vesting of previously issued restricted stock awards due to change in control. |
• | Parent paid $10.9 million of Merger Transaction related costs on behalf of EnergySolutions. Payments made by Parent on the Company's behalf were accounted for as capital contributions. Of the $10.9 million transaction costs, approximately $3.1 million was capitalized as debt issuance costs and the remainder was expensed on the Merger Date and is included in the condensed consolidated statements of operations and comprehensive income (loss) under selling, general and administrative ("SG&A") expenses. |
• | EnergySolutions incurred $32.6 million of Merger Transaction related expenses. These expenses were comprised primarily of employee incentive compensation and related payroll taxes of $21.0 million and professional fees of $11.6 million. These expenses were included in the condensed consolidated statements of operations and comprehensive income (loss) under cost of revenue and SG&A expenses. |
As of June 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Cash | $ | 326 | $ | — | $ | — | $ | 326 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Receivables for securities sold | 5,433 | — | — | 5,433 | 7,422 | — | — | $ | 7,422 | ||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||
Corporate debt securities | 184,538 | 7,659 | (2,597 | ) | 189,600 | 223,662 | 17,940 | (575 | ) | 241,027 | |||||||||||||||||||||
Equity securities | 400 | 25 | — | 425 | 10,117 | 4,249 | (61 | ) | 14,305 | ||||||||||||||||||||||
Direct lending securities | 105,937 | 10,344 | (2,770 | ) | 113,511 | 98,138 | 6,026 | (1,721 | ) | 102,443 | |||||||||||||||||||||
Debt securities issued by states of the U.S. | 23,734 | 1,407 | (122 | ) | 25,019 | 31,306 | 3,806 | — | 35,112 | ||||||||||||||||||||||
Cash and cash equivalents | 28,556 | — | — | 28,556 | 23,686 | — | — | 23,686 | |||||||||||||||||||||||
Commingled funds | — | — | — | — | 4,017 | 527 | — | 4,544 | |||||||||||||||||||||||
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 154,451 | 447 | (7,083 | ) | 147,815 | 166,925 | 3,912 | (880 | ) | 169,957 | |||||||||||||||||||||
Total investments | 497,616 | 19,882 | (12,572 | ) | 504,926 | 557,851 | 36,460 | (3,237 | ) | 591,074 | |||||||||||||||||||||
Net assets held by the NDT fund | $ | 503,375 | $ | 19,882 | $ | (12,572 | ) | 510,685 | $ | 565,273 | $ | 36,460 | $ | (3,237 | ) | 598,496 | |||||||||||||||
Less: current portion | (132,674 | ) | (152,507 | ) | |||||||||||||||||||||||||||
Long-term investments | $ | 378,011 | $ | 445,989 |
As of June 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||
Total Investments at Fair Value | Quoted Prices in Active Markets for Identical Assets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | Total Investments at Fair Value | Quoted Prices in Active Markets for Identical Assets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 (revised) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Cash | $ | 326 | $ | 326 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Receivables for securities sold | 5,433 | 5,433 | — | — | 7,422 | 7,422 | — | — | |||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||
Cash and cash equivalents | 28,556 | 28,556 | — | — | 23,686 | 23,686 | — | — | |||||||||||||||||||||||
Fixed income securities(1) | 362,434 | 132,636 | 229,798 | — | 446,096 | 125,605 | 320,491 | — | |||||||||||||||||||||||
Equity securities(2) | 425 | 425 | — | — | 14,305 | 14,305 | — | — | |||||||||||||||||||||||
Direct lending securities(3) | 113,511 | — | — | 113,511 | 102,443 | — | — | 102,443 | |||||||||||||||||||||||
Units of participation(4) | — | — | — | — | 4,544 | — | 4,544 | — | |||||||||||||||||||||||
Total investments | 504,926 | 161,617 | 229,798 | 113,511 | 591,074 | 163,596 | 325,035 | 102,443 | |||||||||||||||||||||||
Net assets held by the NDT fund | $ | 510,685 | $ | 167,376 | $ | 229,798 | $ | 113,511 | $ | 598,496 | $ | 171,018 | $ | 325,035 | $ | 102,443 |
(1) | For fixed income securities, multiple prices from pricing services are obtained from pricing vendors whenever possible, which enables cross- provider validations in addition to checks for unusual daily movements. A primary price source is identified based on asset type, class or issue for each security. The trustee monitors prices supplied by pricing services and may use a supplemental price source or change the primary price source of a given security if the portfolio managers challenge an assigned price and the trustee determines that another price source is considered to be preferable. U.S. Treasury securities are categorized as Level 1 because they trade in a highly liquid and transparent market. Investments with maturities of three months or less when purchased, including certain short-term fixed income securities, are considered cash equivalents and are also categorized as Level 1. The fair values of fixed income securities, excluding U.S. Treasury securities, are based on evaluated prices that reflect observable market information, such as actual trade information or similar securities, adjusted for observable differences and are categorized in Level 2. |
(2) | With respect to individually held equity securities, the trustee obtains prices from pricing services, whose prices are obtained from direct feeds from market exchanges. The fair values of equity securities held directly by the trust fund are based on quoted prices in active markets and are categorized in Level 1. Equity securities held individually are primarily traded on the New York Stock Exchange and NASDAQ Global Select Market, which contain only actively traded securities due to the volume trading requirements imposed by these national securities exchanges. |
(3) | Direct lending securities are investments in managed funds that invest in private companies for long-term capital appreciation. The fair value of these securities is determined using either an enterprise value model or a bond valuation model. The enterprise value model develops valuation estimates based on valuations of comparable public companies, recent sales of private and public companies, discounting the forecasted cash flows of the portfolio company, estimating the liquidation or collateral value of the portfolio company or its assets, considering offers from third parties to buy the portfolio company, its historical and projected financial results, as well as other factors that may impact value. Significant judgment is required in the applications of discounts or premiums applied to the prices of comparable companies for factors such as size, marketability and relative performance. Under the bond valuation model, expected future cash flows are discounted using a discount rate. The discount rate is composed of a market based rate for similar credits in the public market and an internal credit rate based on the underlying risk of the credit. Investments in direct lending funds are categorized as Level 3 because the fair value of these securities is based largely on inputs that are unobservable and also utilize complex valuation models. Investments in direct lending securities typically cannot be redeemed until maturity of the term loan. |
(4) | Units of participation, which are similar to mutual funds, are maintained by investment companies and hold certain investments in accordance with stated fund objectives. The fair values of short-term commingled funds held within the trust funds, which generally hold short-term fixed income securities and are not subject to restrictions regarding the purchase or sale of shares, are derived from observable prices. Units of participation are categorized as Level 2 because the fair value of these securities is based primarily on observable prices of the underlying securities. |
Direct Lending Securities | June 30, 2013 | December 31, 2012 | |||||
Beginning balance | $ | 102,443 | $ | 61,998 | |||
Purchases and issuances | 26,033 | 82,285 | |||||
Sales, dispositions and settlements | (18,338 | ) | (39,706 | ) | |||
Realized gains and losses | 104 | (2,940 | ) | ||||
Change in unrealized gains and losses | 3,269 | 806 | |||||
Ending balance | $ | 113,511 | $ | 102,443 |
As of | As of | ||||||
June 30, 2013 | December 31, 2012 | ||||||
Current assets | $ | 52,338 | $ | 49,979 | |||
Current liabilities | 27,499 | 25,127 |
For The Three Month | For The Six Month | ||||||||||||||
Period Ended | Period Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue | $ | 32,241 | $ | 47,234 | $ | 58,747 | $ | 70,953 | |||||||
Gross profit | 570 | 6,234 | 3,136 | 8,317 | |||||||||||
Net income | 413 | 6,195 | 2,688 | 8,104 | |||||||||||
Net income (loss) attributable to EnergySolutions | (98 | ) | 2,406 | 578 | 3,136 |
As of June 30, 2013 | As of December 31, 2012 | ||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Weighted Average Remaining Useful Life | Gross Carrying Amount | Accumulated Amortization | Weighted Average Remaining Useful Life | ||||||||||||||
Permits | $ | 243,067 | $ | (81,337 | ) | 16.3 years | $ | 243,130 | $ | (76,406 | ) | 16.9 years | |||||||
Customer relationships | 154,890 | (96,885 | ) | 5.1 years | 161,429 | (93,552 | ) | 5.6 years | |||||||||||
Technology and other | 15,490 | (11,381 | ) | 2.6 years | 15,490 | (10,540 | ) | 3.1 years | |||||||||||
Total amortizable intangibles | $ | 413,447 | $ | (189,603 | ) | 13.1 years | $ | 420,049 | $ | (180,498 | ) | 13.4 years |
June 30, 2013 | December 31, 2012 | ||||||
Term loan facilities due through 2016(1) | $ | 510,407 | $ | 527,000 | |||
Term loan unamortized discount | (7,461 | ) | (8,741 | ) | |||
Senior notes, 10.75% due through 2018 | 300,000 | 300,000 | |||||
Senior notes unamortized discount | (2,886 | ) | (3,090 | ) | |||
Revolving credit facility | — | — | |||||
Total debt | 800,060 | 815,169 | |||||
Less: current portion | (135,407 | ) | (16,592 | ) | |||
Total long-term debt | $ | 664,653 | $ | 798,577 |
(1) | The variable interest rate on borrowings under our senior secured credit facility was 6.75% as of June 30, 2013 and 6.25% as of December 31, 2012. |
Period | Redemption Price | |
2014 | 105.375 | % |
2015 | 102.688 | % |
2016 and thereafter | 100.000 | % |
June 30, 2013 | December 31, 2012 | ||||||
Facilities and equipment ARO—Zion Station | $ | 479,102 | $ | 553,302 | |||
Facilities and equipment ARO—Clive, UT | 29,758 | 29,300 | |||||
Facilities and equipment ARO—other | 35,307 | 35,757 | |||||
Total facilities and equipment ARO | 544,167 | 618,359 | |||||
Barnwell Closure | 4,803 | 5,845 | |||||
548,970 | 624,204 | ||||||
Less: current portion | (121,986 | ) | (138,757 | ) | |||
$ | 426,984 | $ | 485,447 |
June 30, 2013 | December 31, 2012 | ||||||
Beginning Balance as of January 1 | $ | 618,359 | $ | 750,649 | |||
Liabilities incurred | 238 | 187 | |||||
Liabilities settled | (87,586 | ) | (159,776 | ) | |||
Accretion expense | 13,156 | 30,017 | |||||
ARO estimate adjustments | — | (2,718 | ) | ||||
Ending liability | $ | 544,167 | $ | 618,359 |
June 30, 2013 | December 31, 2012 | ||||||
Zion Station plant—restricted cash(1)(2) | $ | 200,000 | $ | 200,000 | |||
Clive, Utah facility—restricted cash(2) | 97,633 | 85,606 | |||||
Tennessee facilities—escrow account(3) | 5,569 | 13,363 | |||||
Barnwell, South Carolina facility—trust fund | 4,804 | 5,845 | |||||
Others—restricted cash | 637 | 662 |
(1) | In connection with the execution of the Exelon Agreements, and in fulfillment of NRC regulations, we secured a $200.0 million letter of credit facility to further support the D&D activities at Zion Station. This letter of credit is cash-collateralized with proceeds obtained from our senior secured credit facility. |
(2) | Letters of credit issued against our deposit restricted cash account are 101% cash collateralized pursuant to our senior secured credit facility. |
(3) | To fund our obligation to clean and remediate our Tennessee facilities and equipment, we have also purchased insurance policies. |
As of and for the Three Month Period ended June 30, 2013 | ||||||||||||||||||||||
Government | Global Commercial Group | Corporate Unallocated | ||||||||||||||||||||
Group | CS | LP&D | International | Items | Consolidated | |||||||||||||||||
Revenue from external customers(1)(2) | $ | 44,136 | $ | 43,172 | $ | 56,533 | $ | 267,197 | — | $ | 411,038 | |||||||||||
Income (loss) from operations(2)(3) | 2,973 | 3,892 | 17,912 | 2,189 | (49,064 | ) | (22,098 | ) | ||||||||||||||
Depreciation, amortization and accretion expense(4) | 934 | 6,939 | 6,570 | 1,971 | 1,135 | 17,549 | ||||||||||||||||
Purchases of property, plant and equipment | 43 | 110 | 3,055 | 26 | 20 | 3,254 |
As of and for the Three Month Period ended June 30, 2012 | ||||||||||||||||||||||
Government | Global Commercial Group | Corporate Unallocated | ||||||||||||||||||||
Group | CS | LP&D | International | Items | Consolidated | |||||||||||||||||
Revenue from external customers(1)(2) | $ | 38,383 | $ | 39,522 | $ | 48,972 | $ | 265,744 | — | $ | 392,621 | |||||||||||
Income (loss) from operations(2)(3) | 7,160 | 1,798 | 9,249 | 7,341 | (21,459 | ) | 4,089 | |||||||||||||||
Depreciation, amortization and accretion expense(4) | 1,118 | 7,936 | 6,368 | 1,980 | 1,313 | 18,715 | ||||||||||||||||
Purchases of property, plant and equipment | — | 1,302 | 1,898 | 288 | 647 | 4,135 |
As of and for the Six Month Period ended June 30, 2013 | |||||||||||||||||||||||
Government | Global Commercial Group | Corporate Unallocated | |||||||||||||||||||||
Group | CS | LP&D | International | Items | Consolidated | ||||||||||||||||||
Revenue from external customers(1)(2) | $ | 87,683 | $ | 84,084 | $ | 99,947 | $ | 665,532 | $ | — | $ | 937,246 | |||||||||||
Income (loss) from operations(2)(3) | 7,384 | 6,055 | 24,884 | 22,977 | (68,523 | ) | (7,223 | ) | |||||||||||||||
Depreciation, amortization and accretion expense(4) | 1,867 | 13,879 | 13,066 | 3,957 | 2,180 | 34,949 | |||||||||||||||||
Goodwill | 73,594 | 90,129 | 89,548 | 52,124 | — | 305,395 | |||||||||||||||||
Other long-lived assets(5) | 14,058 | 16,954 | 259,274 | 42,500 | 6,051 | 338,837 | |||||||||||||||||
Purchases of property, plant and equipment | 43 | 169 | 5,906 | 26 | 281 | 6,425 | |||||||||||||||||
Total assets(6) | 150,741 | 1,262,480 | 509,259 | 463,601 | 58,972 | 2,445,053 |
As of and for the Six Month Period ended June 30, 2012 | |||||||||||||||||||||||
Government | Global Commercial Group | Corporate Unallocated | |||||||||||||||||||||
Group | CS | LP&D | International | Items | Consolidated | ||||||||||||||||||
Revenue from external customers(1)(2) | $ | 80,772 | $ | 80,479 | $ | 93,361 | $ | 628,701 | $ | — | $ | 883,313 | |||||||||||
Income (loss) from operations(2)(3) | 2,790 | 2,704 | 11,802 | 26,288 | (40,747 | ) | 2,837 | ||||||||||||||||
Depreciation, amortization and accretion expense(4) | 2,445 | 15,837 | 13,003 | 3,854 | 2,593 | 37,732 | |||||||||||||||||
Goodwill | 73,594 | 90,129 | 89,548 | 53,614 | — | 306,885 | |||||||||||||||||
Other long-lived assets(5) | 19,127 | 23,980 | 264,888 | 52,083 | 16,301 | 376,379 | |||||||||||||||||
Purchases of property, plant and equipment | 2 | 3,939 | 5,460 | 761 | 954 | 11,116 | |||||||||||||||||
Total assets(6) | 168,427 | 1,511,568 | 547,699 | 578,269 | 90,797 | 2,896,760 |
(1) | We eliminate intersegment revenue in consolidation. Intersegment revenue for the three month periods ended June 30, 2013, and 2012 was $4.6 million and $5.9 million, respectively. Intersegment revenue for the six month periods ended June 30, 2013, and 2012 was $10.1 million and $13.3 million, respectively. Revenue by segment represent revenue earned based on third-party billings to customers. |
(2) | Results of our operations for services provided to our customers in Canada, Asia and Europe are included in our are included in our International division. |
(3) | For the three month period ended June 30, 2013, we recorded a $0.1 million loss from our unconsolidated joint ventures of which $0.6 million loss is attributable to our LP&D operations and $0.5 million income is attributable to the Government Group. For the three month period ended June 30, 2012, we recorded $2.4 million of income from our unconsolidated joint ventures of which $0.1 loss is attributable to LP&D operations and $2.3 million income is attributable to the Government group. For the six month period ended June 30, 2013, we recorded a $0.6 million income from our unconsolidated joint ventures of which 0.8 million loss is attributable to our LP&D operations and $1.4 million income is attributable to the Government Group. For the six month period ended June 30, 2012, we recorded $3.1 million of income from our unconsolidated joint ventures of which $54,282 loss is attributable to LP&D operations and $3.1 million income is attributable to the Government Group. |
(4) | Depreciation, amortization and accretion expenses ("DA&A") are included in cost of revenue and SG&A expenses in the accompanying condensed consolidated statements of operations and comprehensive income (loss). DA&A expenses included in cost of revenue for the three month periods ended June 30, 2013, and 2012 were $12.3 million and $13.1 million, respectively. DA&A expenses included in cost of revenue for the six month periods ended June 30, 2013, and 2012 were $24.4 million and $26.6 million, respectively. DA&A expenses included in SG&A for the three month periods ended June 30, 2013, and 2012 were $5.2 million and $5.6 million, respectively. DA&A expenses included in SG&A for the six month periods ended June 30, 2013, and 2012 were $10.5 million and $11.1 million, respectively. |
(5) | Other long-lived assets include property, plant and equipment and other intangible assets. |
(6) | Corporate unallocated assets relate primarily to income tax receivables, deferred tax assets, deferred financing costs, prepaid expenses, and property, plant and equipment that benefit the entire Company and cash. |
For The Three Month | For The Six Month | ||||||||||||||
Period ended June 30, | Period ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Service cost | $ | 14,056 | $ | 14,054 | $ | 28,273 | $ | 27,997 | |||||||
Interest cost | 38,290 | 39,788 | 77,016 | 79,259 | |||||||||||
Expected return on plan assets | (44,780 | ) | (42,955 | ) | (90,071 | ) | (85,569 | ) | |||||||
Net actuarial loss | 77 | 119 | 154 | 237 | |||||||||||
$ | 7,643 | $ | 11,006 | $ | 15,372 | $ | 21,924 |
June 30, 2013 | December 31, 2012 | ||||||
Beginning liability | $ | 5,695 | $ | 32,659 | |||
Additions | 55,555 | — | |||||
Payments | (7,610 | ) | (27,888 | ) | |||
Effect of exchange rate | 1,376 | 924 | |||||
Ending liability | 55,016 | 5,695 | |||||
Less current portion | (28,208 | ) | — | ||||
$ | 26,808 | $ | 5,695 |
Energy Solutions, Inc. | Energy Solutions, LLC | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenue | $ | — | $ | 17,380 | $ | 94,508 | $ | 314,997 | $ | (15,847 | ) | $ | 411,038 | ||||||||||
Cost of revenue | — | (4,004 | ) | (76,823 | ) | (298,661 | ) | 15,847 | (363,641 | ) | |||||||||||||
Gross profit | — | 13,376 | 17,685 | 16,336 | — | 47,397 | |||||||||||||||||
Selling, general and administrative expenses | — | (49,483 | ) | (13,715 | ) | (6,199 | ) | — | (69,397 | ) | |||||||||||||
Equity in income of unconsolidated joint ventures | — | — | (98 | ) | — | — | (98 | ) | |||||||||||||||
Operating income (loss) | — | (36,107 | ) | 3,872 | 10,137 | — | (22,098 | ) | |||||||||||||||
Interest expense | — | (15,159 | ) | — | (3,639 | ) | — | (18,798 | ) | ||||||||||||||
Income (loss) from subsidiaries | (56,228 | ) | (879 | ) | — | — | 57,107 | — | |||||||||||||||
Other, net | — | (4,083 | ) | 3 | (9,530 | ) | — | (13,610 | ) | ||||||||||||||
Income (loss) before income taxes | (56,228 | ) | (56,228 | ) | 3,875 | (3,032 | ) | 57,107 | (54,506 | ) | |||||||||||||
Provision for income taxes | (1,002 | ) | — | — | (1,724 | ) | — | (2,726 | ) | ||||||||||||||
Net income (loss) | (57,230 | ) | (56,228 | ) | 3,875 | (4,756 | ) | 57,107 | (57,232 | ) | |||||||||||||
Less: net income attributable to noncontrolling interests | — | — | — | 2 | — | 2 | |||||||||||||||||
Net income (loss) attributable to EnergySolutions | $ | (57,230 | ) | $ | (56,228 | ) | $ | 3,875 | $ | (4,754 | ) | $ | 57,107 | $ | (57,230 | ) | |||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Net income (loss) | (57,230 | ) | (56,228 | ) | 3,875 | (4,756 | ) | 57,107 | (57,232 | ) | |||||||||||||
Foreign currency translation adjustments, net of taxes | — | — | — | (266 | ) | — | (266 | ) | |||||||||||||||
Change in unrecognized actuarial loss | — | — | — | 3 | — | 3 | |||||||||||||||||
Other comprehensive income (loss) | (57,230 | ) | (56,228 | ) | 3,875 | (5,019 | ) | 57,107 | (57,495 | ) | |||||||||||||
Less: net income attributable to noncontrolling interests | — | — | — | 2 | — | 2 | |||||||||||||||||
Comprehensive income (loss) attributable to EnergySolutions | $ | (57,230 | ) | $ | (56,228 | ) | $ | 3,875 | $ | (5,017 | ) | $ | 57,107 | $ | (57,493 | ) |
Energy Solutions, Inc. | Energy Solutions, LLC | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenue | $ | — | $ | 28,655 | $ | 191,403 | $ | 746,049 | $ | (28,861 | ) | $ | 937,246 | ||||||||||
Cost of revenue | — | (11,199 | ) | (156,900 | ) | (704,191 | ) | 28,861 | (843,429 | ) | |||||||||||||
Gross profit | — | 17,456 | 34,503 | 41,858 | — | 93,817 | |||||||||||||||||
Selling, general and administrative expenses | — | (66,975 | ) | (23,690 | ) | (10,953 | ) | — | (101,618 | ) | |||||||||||||
Equity in income of unconsolidated joint ventures | — | — | 578 | — | — | 578 | |||||||||||||||||
Operating income (loss) | — | (49,519 | ) | 11,391 | 30,905 | — | (7,223 | ) | |||||||||||||||
Interest expense | — | (30,349 | ) | — | (7,094 | ) | — | (37,443 | ) | ||||||||||||||
Income (loss) from subsidiaries | (62,464 | ) | 23,893 | — | — | 38,571 | — | ||||||||||||||||
Other, net | — | (6,489 | ) | 166 | (5,176 | ) | — | (11,499 | ) | ||||||||||||||
Income (loss) before income taxes | (62,464 | ) | (62,464 | ) | 11,557 | 18,635 | 38,571 | (56,165 | ) | ||||||||||||||
Provision for income taxes | (2,966 | ) | — | — | (6,299 | ) | — | (9,265 | ) | ||||||||||||||
Net income (loss) | (65,430 | ) | (62,464 | ) | 11,557 | 12,336 | 38,571 | (65,430 | ) | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||
Net income (loss) attributable to EnergySolutions | $ | (65,430 | ) | $ | (62,464 | ) | $ | 11,557 | $ | 12,336 | $ | 38,571 | $ | (65,430 | ) | ||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Net income (loss) | (65,430 | ) | (62,464 | ) | 11,557 | 12,336 | 38,571 | (65,430 | ) | ||||||||||||||
Foreign currency translation adjustments, net of taxes | — | — | — | (8,953 | ) | — | (8,953 | ) | |||||||||||||||
Change in unrecognized actuarial loss | — | — | — | (475 | ) | — | (475 | ) | |||||||||||||||
Other comprehensive income (loss) | (65,430 | ) | (62,464 | ) | 11,557 | 2,908 | 38,571 | (74,858 | ) | ||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||
Comprehensive income (loss) attributable to EnergySolutions | $ | (65,430 | ) | $ | (62,464 | ) | $ | 11,557 | $ | 2,908 | $ | 38,571 | $ | (74,858 | ) |
Energy Solutions, Inc. | Energy Solutions, LLC | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenue | $ | — | $ | 13,240 | $ | 91,682 | $ | 292,116 | $ | (4,417 | ) | $ | 392,621 | ||||||||||
Cost of revenue | — | (8,757 | ) | (70,538 | ) | (281,840 | ) | 4,417 | (356,718 | ) | |||||||||||||
Gross profit | — | 4,483 | 21,144 | 10,276 | — | 35,903 | |||||||||||||||||
Selling, general and administrative expenses | — | (23,133 | ) | (5,950 | ) | (5,137 | ) | — | (34,220 | ) | |||||||||||||
Equity in income of unconsolidated joint ventures | — | — | 2,406 | — | — | 2,406 | |||||||||||||||||
Operating income (loss) | — | (18,650 | ) | 17,600 | 5,139 | — | 4,089 | ||||||||||||||||
Interest expense | — | (14,234 | ) | — | (3,261 | ) | — | (17,495 | ) | ||||||||||||||
Income (loss) from subsidiaries | 346 | 33,145 | — | — | (33,491 | ) | — | ||||||||||||||||
Other, net | — | 85 | 1,255 | 14,103 | — | 15,443 | |||||||||||||||||
Income (loss) before income taxes | 346 | 346 | 18,855 | 15,981 | (33,491 | ) | 2,037 | ||||||||||||||||
Benefit from (provision for) income taxes | 5,098 | — | — | (1,728 | ) | — | 3,370 | ||||||||||||||||
Net income (loss) | 5,444 | 346 | 18,855 | 14,253 | (33,491 | ) | 5,407 | ||||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | — | 37 | — | 37 | |||||||||||||||||
Net income (loss) attributable to EnergySolutions | $ | 5,444 | $ | 346 | $ | 18,855 | $ | 14,290 | $ | (33,491 | ) | $ | 5,444 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Net income (loss) | 5,444 | 346 | 18,855 | 14,253 | (33,491 | ) | 5,407 | ||||||||||||||||
Foreign currency translation adjustments, net of taxes | — | (4,464 | ) | — | (4,464 | ) | 4,464 | (4,464 | ) | ||||||||||||||
Change in unrecognized actuarial gain | — | (185 | ) | — | (185 | ) | 185 | (185 | ) | ||||||||||||||
Other comprehensive income (loss) | 5,444 | (4,303 | ) | 18,855 | 9,604 | (28,842 | ) | 758 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | — | 37 | — | 37 | |||||||||||||||||
Comprehensive income (loss) attributable to EnergySolutions | $ | 5,444 | $ | (4,303 | ) | $ | 18,855 | $ | 9,641 | $ | (28,842 | ) | $ | 795 |
Energy Solutions, Inc. | Energy Solutions, LLC | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenue | $ | — | $ | 24,795 | $ | 187,478 | $ | 690,208 | $ | (19,168 | ) | $ | 883,313 | ||||||||||
Cost of revenue | — | (17,628 | ) | (160,511 | ) | (656,759 | ) | 19,168 | (815,730 | ) | |||||||||||||
Gross profit | — | 7,167 | 26,967 | 33,449 | — | 67,583 | |||||||||||||||||
Selling, general and administrative expenses | — | (45,138 | ) | (13,169 | ) | (9,575 | ) | — | (67,882 | ) | |||||||||||||
Equity in income of unconsolidated joint ventures | — | — | 3,136 | — | — | 3,136 | |||||||||||||||||
Operating income (loss) | — | (37,971 | ) | 16,934 | 23,874 | — | 2,837 | ||||||||||||||||
Interest expense | — | (28,487 | ) | — | (6,699 | ) | — | (35,186 | ) | ||||||||||||||
Income (loss) from subsidiaries | (5,023 | ) | 61,260 | — | — | (56,237 | ) | — | |||||||||||||||
Other, net | — | 175 | 1,244 | 32,306 | — | 33,725 | |||||||||||||||||
Income (loss) before income taxes | (5,023 | ) | (5,023 | ) | 18,178 | 49,481 | (56,237 | ) | 1,376 | ||||||||||||||
Benefit from (provision for) income taxes | 9,798 | — | — | (6,432 | ) | — | 3,366 | ||||||||||||||||
Net income (loss) | 4,775 | (5,023 | ) | 18,178 | 43,049 | (56,237 | ) | 4,742 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | — | 33 | — | 33 | |||||||||||||||||
Net income (loss) attributable to EnergySolutions | $ | 4,775 | $ | (5,023 | ) | $ | 18,178 | $ | 43,082 | $ | (56,237 | ) | $ | 4,775 | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Net income (loss) | 4,775 | (5,023 | ) | 18,178 | 43,049 | (56,237 | ) | 4,742 | |||||||||||||||
Foreign currency translation adjustments, net of taxes | — | 1,380 | — | 1,380 | (1,380 | ) | 1,380 | ||||||||||||||||
Change in unrecognized actuarial gain | — | (32 | ) | — | (32 | ) | 32 | (32 | ) | ||||||||||||||
Other comprehensive income (loss) | 4,775 | (3,675 | ) | 18,178 | 44,397 | (57,585 | ) | 6,090 | |||||||||||||||
Less: net income attributable to noncontrolling interests | — | — | — | 33 | — | 33 | |||||||||||||||||
Comprehensive income (loss) attributable to EnergySolutions | $ | 4,775 | $ | (3,675 | ) | $ | 18,178 | $ | 44,430 | $ | (57,585 | ) | $ | 6,123 |
Energy Solutions, Inc. | Energy Solutions, LLC | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Total current assets | $ | 8,583 | $ | 48,230 | $ | 97,114 | $ | 530,825 | $ | (1,251 | ) | $ | 683,501 | ||||||||||
Property, plant and equipment, net | — | 55,491 | 57,341 | 2,161 | — | 114,993 | |||||||||||||||||
Goodwill | — | 29,765 | 223,506 | 52,124 | — | 305,395 | |||||||||||||||||
Intangibles, net | — | 157,345 | 24,655 | 41,844 | — | 223,844 | |||||||||||||||||
Restricted cash | — | 110,463 | 4,826 | 200,403 | — | 315,692 | |||||||||||||||||
Nuclear decommissioning trust fund | — | — | — | 378,011 | — | 378,011 | |||||||||||||||||
Long-term deferred costs less current portion | — | — | — | 310,559 | — | 310,559 | |||||||||||||||||
Investment in subsidiaries | (81,445 | ) | 630,272 | — | — | (548,827 | ) | — | |||||||||||||||
Intercompany receivable | 306,880 | — | 132,167 | 7,141 | (446,188 | ) | — | ||||||||||||||||
Other long term assets | — | 13,197 | 13,371 | 86,490 | — | 113,058 | |||||||||||||||||
TOTAL ASSETS | $ | 234,018 | $ | 1,044,763 | $ | 552,980 | $ | 1,609,558 | $ | (996,266 | ) | $ | 2,445,053 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||||
Intercompany loan payable | $ | — | $ | 425,879 | $ | — | $ | — | $ | (425,879 | ) | $ | — | ||||||||||
Intercompany payable | — | 3,959 | 20,309 | (24,268 | ) | — | |||||||||||||||||
Total current liabilities | — | 198,173 | 50,192 | 460,366 | 2,708 | 711,439 | |||||||||||||||||
Long-term debt, less current portion | — | 467,510 | — | 197,143 | — | 664,653 | |||||||||||||||||
Facility and equipment decontamination and decommissioning liabilities, current portion | — | 31,598 | 38,253 | 357,133 | — | 426,984 | |||||||||||||||||
Unearned revenue, less current portion | — | 0 | — | 314,547 | — | 314,547 | |||||||||||||||||
Other liabilities, net | 1,434 | 3,048 | 1,060 | 88,804 | — | 94,346 | |||||||||||||||||
Equity | 232,584 | (81,445 | ) | 459,516 | 170,756 | (548,827 | ) | 232,584 | |||||||||||||||
Noncontrolling interests | — | — | — | 500 | — | 500 | |||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 234,018 | $ | 1,044,763 | $ | 552,980 | $ | 1,609,558 | $ | (996,266 | ) | $ | 2,445,053 |
Energy Solutions, Inc. | Energy Solutions, LLC | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Total current assets | $ | 6,423 | $ | 128,479 | $ | 115,603 | $ | 545,483 | $ | (1,453 | ) | $ | 794,535 | ||||||||||
Property, plant and equipment, net | — | 60,657 | 54,112 | 2,975 | — | 117,744 | |||||||||||||||||
Goodwill | — | 29,765 | 223,506 | 55,337 | — | 308,608 | |||||||||||||||||
Intangibles, net | — | 160,198 | 31,186 | 48,167 | — | 239,551 | |||||||||||||||||
Restricted cash | — | 110,471 | 5,867 | 200,416 | — | 316,754 | |||||||||||||||||
Nuclear decommissioning trust fund | — | — | — | 445,989 | — | 445,989 | |||||||||||||||||
Long-term deferred costs less current portion | — | — | — | 360,185 | — | 360,185 | |||||||||||||||||
Investment in subsidiaries | (9,554 | ) | 616,038 | — | — | (606,484 | ) | — | |||||||||||||||
Intercompany receivable | 303,550 | — | 108,032 | 1,302 | (412,884 | ) | — | ||||||||||||||||
Other long term assets | — | 10,884 | 16,450 | 44,762 | — | 72,096 | |||||||||||||||||
TOTAL ASSETS | $ | 300,419 | $ | 1,116,492 | $ | 554,756 | $ | 1,704,616 | $ | (1,020,821 | ) | $ | 2,655,462 | ||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||
Intercompany loan payable | $ | — | $ | 401,015 | $ | — | $ | — | $ | (401,015 | ) | $ | — | ||||||||||
Intercompany payable | — | — | 1,441 | 11,869 | (13,310 | ) | — | ||||||||||||||||
Total current liabilities | — | 88,815 | 67,198 | 488,779 | (12 | ) | 644,780 | ||||||||||||||||
Long-term debt, less current portion | — | 601,836 | — | 196,741 | — | 798,577 | |||||||||||||||||
Facility and equipment decontamination and decommissioning liabilities, current portion | — | 31,206 | 39,358 | 414,883 | — | 485,447 | |||||||||||||||||
Unearned revenue, less current portion | — | 0 | — | 366,710 | — | 366,710 | |||||||||||||||||
Other liabilities, net | — | 3,174 | 1,051 | 54,804 | — | 59,029 | |||||||||||||||||
Stockholders’ equity | 300,419 | (9,554 | ) | 445,708 | 170,330 | (606,484 | ) | 300,419 | |||||||||||||||
Noncontrolling interests | — | — | — | 500 | — | 500 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 300,419 | $ | 1,116,492 | $ | 554,756 | $ | 1,704,616 | $ | (1,020,821 | ) | $ | 2,655,462 |
Energy Solutions, Inc. | Energy Solutions, LLC | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Cash flow from operating activities | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (71,639 | ) | $ | (53,803 | ) | $ | 34,290 | $ | 39,100 | $ | 49,218 | $ | (2,834 | ) | ||||||||
Cash flow from investing activities | |||||||||||||||||||||||
Purchases of property, plant and equipment | — | (618 | ) | (5,746 | ) | (61 | ) | — | (6,425 | ) | |||||||||||||
Purchase of investments in nuclear decommissioning trust fund | — | — | — | (430,211 | ) | — | (430,211 | ) | |||||||||||||||
Proceeds from sales of nuclear decommissioning trust fund investments | — | — | — | 432,762 | — | 432,762 | |||||||||||||||||
Net cash provided by (used in) investing activities | — | (618 | ) | (5,746 | ) | 2,490 | — | (3,874 | ) | ||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Intercompany loan receivable | 7,522 | — | (29,973 | ) | — | 22,451 | — | ||||||||||||||||
Intercompany loan payable | 15,526 | (1,514 | ) | — | (14,012 | ) | — | ||||||||||||||||
Investment in subsidiary | 71,891 | (14,234 | ) | — | — | (57,657 | ) | — | |||||||||||||||
Repayments of long term debt | — | (16,592 | ) | — | — | — | (16,592 | ) | |||||||||||||||
Debt financing fess | — | (1,960 | ) | — | (1,200 | ) | — | (3,160 | ) | ||||||||||||||
Minimum tax withholding on restricted stock awards | (432 | ) | — | — | — | — | (432 | ) | |||||||||||||||
Repurchase of common stock | (7,342 | ) | (7,342 | ) | |||||||||||||||||||
Repayments of capital lease obligations | — | (362 | ) | — | — | — | (362 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | 71,639 | (17,622 | ) | (31,487 | ) | (1,200 | ) | (49,218 | ) | (27,888 | ) | ||||||||||||
Effect of exchange rate on cash | — | — | — | (2,066 | ) | — | (2,066 | ) | |||||||||||||||
Net increase in cash and cash equivalents | — | (72,043 | ) | (2,943 | ) | 38,324 | — | (36,662 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | — | 93,080 | 3,371 | 37,740 | — | 134,191 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 21,037 | $ | 428 | $ | 76,064 | $ | — | $ | 97,529 |
Energy Solutions, Inc. | Energy Solutions, LLC | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Cash flow from operating activities | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (3,594 | ) | $ | 15,825 | $ | 23,893 | $ | 344 | $ | (38,464 | ) | $ | (1,996 | ) | ||||||||
Cash flow from investing activities | |||||||||||||||||||||||
Purchases of property, plant and equipment | — | (3,880 | ) | (4,481 | ) | (2,755 | ) | — | (11,116 | ) | |||||||||||||
Purchase of investments in nuclear decommissioning trust fund | — | — | — | (457,279 | ) | — | (457,279 | ) | |||||||||||||||
Proceeds from sales of nuclear decommissioning trust fund investments | — | — | — | 459,488 | — | 459,488 | |||||||||||||||||
Proceeds from disposition of property, plant and equipment | — | — | 5,195 | — | — | 5,195 | |||||||||||||||||
Net cash provided by (used in) investing activities | — | (3,880 | ) | 714 | (546 | ) | — | (3,712 | ) | ||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Intercompany loan receivable | (1,337 | ) | 44,232 | (30,729 | ) | — | (12,166 | ) | — | ||||||||||||||
Intercompany loan payable | — | 1,337 | — | — | (1,337 | ) | — | ||||||||||||||||
Investment in subsidiary | 3,674 | (58,499 | ) | — | — | 54,825 | — | ||||||||||||||||
Dividend: minority interest | — | — | — | (157 | ) | — | (157 | ) | |||||||||||||||
Minimum tax withholding on restricted stock awards | (91 | ) | — | — | — | — | (91 | ) | |||||||||||||||
Repayments of capital lease obligations | — | (313 | ) | — | — | — | (313 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | 2,246 | (13,243 | ) | (30,729 | ) | (157 | ) | 41,322 | (561 | ) | |||||||||||||
Effect of exchange rate on cash | 1,348 | 1,348 | (19 | ) | 429 | (2,772 | ) | 334 | |||||||||||||||
Net increase in cash and cash equivalents | — | 50 | (6,141 | ) | 70 | 86 | (5,935 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 694 | — | 76,519 | — | 77,213 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 744 | $ | (6,141 | ) | $ | 76,589 | $ | 86 | $ | 71,278 |
• | Parent and EnergySolutions purchased and retired all of the Company's outstanding common stock as of the Merger Date and paid approximately $383.2 million in cash to the Company's stockholders. Of the total amount paid, EnergySolutions directly purchased 1.8 million shares for $7.3 million from cash on hand. The 1.8 million shares were issued as a result of accelerated vesting of previously issued restricted stock awards due to change in control. |
• | Parent paid $10.9 million of Merger Transaction related costs on behalf of EnergySolutions. Payments made by Parent on the Company's behalf were accounted for as capital contributions. Of the $10.9 million transaction costs, approximately $3.1 million was capitalized as debt issuance costs and the remainder was expensed on the Merger Date and is included in the condensed consolidated statements of operations and comprehensive income (loss) under selling, general and administrative ("SG&A") expenses. |
• | EnergySolutions incurred $32.6 million of Merger Transaction related expenses. These expenses were comprised primarily of employee incentive compensation and related payroll taxes of $21.0 million and professional fees of $11.6 million. These expenses were included in the condensed consolidated statements of operations and comprehensive income (loss) under cost of revenue and SG&A expenses. |
Three Month Period | Six Month Period | ||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue: | |||||||||||||||
Government Group | $ | 44,136 | $ | 38,383 | $ | 87,683 | $ | 80,772 | |||||||
Global Commercial Group | |||||||||||||||
Commercial Services | 43,172 | 39,522 | 84,084 | 80,479 | |||||||||||
LP&D | 56,533 | 48,972 | 99,947 | 93,361 | |||||||||||
International | 267,197 | 265,744 | 665,532 | 628,701 | |||||||||||
Total revenue | 411,038 | 392,621 | 937,246 | 883,313 | |||||||||||
Cost of revenue: | |||||||||||||||
Government Group | (37,422 | ) | (30,752 | ) | (75,076 | ) | (74,427 | ) | |||||||
Global Commercial Group | |||||||||||||||
Commercial Services | (37,350 | ) | (34,335 | ) | (74,059 | ) | (73,753 | ) | |||||||
LP&D | (34,121 | ) | (37,947 | ) | (67,723 | ) | (77,392 | ) | |||||||
International | (254,748 | ) | (253,684 | ) | (626,571 | ) | (590,158 | ) | |||||||
Total cost of revenue(1) | (363,641 | ) | (356,718 | ) | (843,429 | ) | (815,730 | ) | |||||||
Gross profit: | |||||||||||||||
Government Group | 6,714 | 7,631 | 12,607 | 6,345 | |||||||||||
Global Commercial Group | |||||||||||||||
Commercial Services | 5,822 | 5,187 | 10,025 | 6,726 | |||||||||||
LP&D | 22,412 | 11,025 | 32,224 | 15,969 | |||||||||||
International | 12,449 | 12,060 | 38,961 | 38,543 | |||||||||||
Total gross profit | 47,397 | 35,903 | 93,817 | 67,583 | |||||||||||
Selling, general and administrative expenses: | |||||||||||||||
Segment SG&A | (20,333 | ) | (12,761 | ) | (33,095 | ) | (27,135 | ) | |||||||
Corporate SG&A | (49,064 | ) | (21,459 | ) | (68,523 | ) | (40,747 | ) | |||||||
Total segment selling, general and administrative expenses(1) | (69,397 | ) | (34,220 | ) | (101,618 | ) | (67,882 | ) | |||||||
Equity in income (loss) of unconsolidated joint ventures(2) | (98 | ) | 2,406 | 578 | 3,136 | ||||||||||
Total income (loss) from operations | (22,098 | ) | 4,089 | (7,223 | ) | 2,837 | |||||||||
Interest expense | (18,798 | ) | (17,495 | ) | (37,443 | ) | (35,186 | ) | |||||||
Other income (expense), net | (13,610 | ) | 15,443 | (11,499 | ) | 33,725 | |||||||||
Income (loss) before income taxes and noncontrolling interests | (54,506 | ) | 2,037 | (56,165 | ) | 1,376 | |||||||||
Income tax benefit (expense) | (2,726 | ) | 3,370 | (9,265 | ) | 3,366 | |||||||||
Net income (loss) | (57,232 | ) | 5,407 | (65,430 | ) | 4,742 | |||||||||
Less: Net income attributable to noncontrolling interests | 2 | 37 | — | 33 | |||||||||||
Net income (loss) attributable to EnergySolutions | $ | (57,230 | ) | $ | 5,444 | $ | (65,430 | ) | $ | 4,775 |
(1) | Depreciation, amortization and accretion expenses ("DA&A") are included in cost of revenue and SG&A expenses in the accompanying condensed consolidated statements of operations and comprehensive income (loss). DA&A expenses included in cost of revenue for the three month periods ended June 30, 2013, and 2012 were $12.3 million and $13.1 million, respectively. DA&A expenses included in cost of revenue for the six month periods ended June 30, 2013, and 2012 were $24.4 million and $26.6 million, respectively. DA&A expenses included in SG&A for the three month periods ended June 30, 2013, and 2012 were $5.2 |
(2) | For the three month period ended June 30, 2013, we recorded a $0.1 million loss from our unconsolidated joint ventures of which $0.6 million loss is attributable to our LP&D operations and $0.5 million income is attributable to the Government Group. For the three month period ended June 30, 2012, we recorded $2.406 million of income from our unconsolidated joint ventures of which $0.1 loss is attributable to LP&D operations and $2.3 million income is attributable to the Government Group. For the six month period ended June 30, 2013, we recorded a $0.578 million income from our unconsolidated joint ventures of which 0.8 million loss is attributable to our LP&D operations and $1.4 million income is attributable to the Government Group. For the six month period ended June 30, 2012, we recorded $3.1 million of income from our unconsolidated joint ventures of which $54,282 loss is attributable to LP&D operations and $3.1 million income is attributable to the Government Group. |
Period | Redemption Price | |
2014 | 105.375 | % |
2015 | 102.688 | % |
2016 and thereafter | 100.000 | % |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Program | |||||||||
April 1, 2013 — April 30, 2013 | — | $ | — | — | — | ||||||||
May 1, 2013 — May 31, 2013 | 1,779,712 | $ | 4.15 | — | — | ||||||||
June 1, 2013 — June 30, 2013 | — | — | — | — |
(1) | Includes the repurchase of 1,779,520 shares issued in connection with the acceleration of vesting of restricted stock awards previously issued and 192 shares canceled as payment for minimum statutory withholding taxes upon the vesting of restricted stock issued pursuant to the EnergySolutions, Inc. 2007 Equity Incentive Plan. |
Exhibit No. | Exhibit Description | |
10.1 | Amended and Restated Employment Agreement, dated as of June 13, 2013, by and between Rockwell Acquisition Corp. and David J. Lockwood. | |
10.2 | Employment Agreement, dated as of June 13, 2013, by and between EnergySolutions, Inc. and Greg Wood. | |
10.3 | Form of Employment Agreement by and between EnergySolutions, Inc. and each of its group presidents. | |
31.1 | Certification of Chief Executive Officer Pursuant to Rule 13a-14(a). | |
31.2 | Certification of Chief Financial Officer Pursuant to Rule 13a-14(a). | |
32.1 | Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS * | XBRL Instance Document. | |
101.SCH * | XBRL Taxonomy Extension Schema. | |
101.CAL * | XBRL Taxonomy Extension Calculation Linkbase. | |
101.DEF * | XBRL Taxonomy Extension Definition Linkbase. | |
101.LAB * | XBRL Taxonomy Extension Label Linkbase. | |
101.PRE * | XBRL Taxonomy Extension Presentation Linkbase. |
* | XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, and is otherwise not subject to liability under these sections. |
ENERGYSOLUTIONS, INC. | |
By: | /s/ GREGORY S. WOOD |
Gregory S. Wood | |
Executive Vice President and | |
Chief Financial Officer |
Exhibit No. | Exhibit Description | |
10.1 | Amended and Restated Employment Agreement, dated as of June 13, 2013, by and between Rockwell Acquisition Corp. and David J. Lockwood. | |
10.2 | Employment Agreement, dated as of June 13, 2013, by and between EnergySolutions, Inc. and Greg Wood. | |
10.3 | Form of Employment Agreement by and between EnergySolutions, Inc. and each of its group presidents. | |
31.1 | Certification of Chief Executive Officer Pursuant to Rule 13a-14(a). | |
31.2 | Certification of Chief Financial Officer Pursuant to Rule 13a-14(a). | |
32.1 | Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS * | XBRL Instance Document. | |
101.SCH * | XBRL Taxonomy Extension Schema. | |
101.CAL * | XBRL Taxonomy Extension Calculation Linkbase. | |
101.DEF * | XBRL Taxonomy Extension Definition Linkbase. | |
101.LAB * | XBRL Taxonomy Extension Label Linkbase. | |
101.PRE * | XBRL Taxonomy Extension Presentation Linkbase. |
* | XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, and is otherwise not subject to liability under these sections. |
(a) | “2013 Bonus” shall have the meaning set forth in Section 5(b). |
(b) | “Accounting Firm” shall mean a nationally recognized certified public accounting firm as may be acceptable to both the Company and the Executive. |
(c) | “Affiliate” shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such Person where “control” shall have the meaning given such term under Rule 405 of the Securities Act of 1933, as amended from time to time. |
(d) | “Agreement” shall have the meaning set forth in the preamble hereto. |
(e) | “Annual Base Salary” shall have the meaning set forth in Section 5(a). |
(f) | “Annual Bonus” shall have the meaning set forth in Section 5(c). |
(g) | “Board” shall mean the Board of Directors of the Company. |
(h) | “Business” shall mean (1) the storage, transport or processing of nuclear waste, (2) back-end nuclear services, (3) nuclear plant decommissioning, or (4) wastewater treatment products or technology. |
(i) | “Cause” shall mean (1) a material breach by the Executive of the duties and responsibilities of the Executive or any material written policies or directives of the Company or its subsidiaries or Affiliates (other than as a result of incapacity due to physical or mental illness) which is willful, reckless or intentional; (2) the Executive's conviction of, or plea of nolo contendere to, any felony; (3) the Executive engages in a fraudulent or dishonest act that causes material damage to the property, business or reputation of the Company or its subsidiaries or Affiliates, as determined in good faith by the Board; (4) the Executive engages in habitual insobriety or the use of illegal drugs or substances; or (5) the Executive commits a material breach of the Executive's fiduciary duties to the Company or its subsidiaries or Affiliates, as determined in good faith by the Board. The Company must notify Executive of any event constituting Cause within 90 calendar days following the Company's knowledge of its existence or such event shall not constitute Cause under this Agreement; provided, however, that in all cases the Executive may cure (to the extent curable) any such event within 30 calendar days after receipt from the Company of such notice and such event shall not constitute Cause to the extent so cured. |
(j) | “Change in Control” shall mean a change in beneficial ownership or control of the Parent effected through a transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Parent, the Principal Stockholders (as such term is defined in the Stockholders Agreement), or any of their respective Affiliates, or any employee benefit plan maintained by the Parent or any of its subsidiaries), directly or indirectly acquires (a) beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Parent possessing more than fifty percent (50%) of the total combined voting power of the Parent's securities outstanding immediately after such acquisition or (b) all or substantially all of assets of Parent or the Company, in the aggregate. |
(k) | “Closing Payment” shall have the meaning set forth in Section 3. |
(l) | “Code” shall mean the Internal Revenue Code of 1986, as amended. |
(m) | “Committee” shall mean the Compensation Committee of the Board, or if no such committee exists, the Board. |
(n) | “Common Stock” shall mean the common stock of the Parent, par value $0.01 per share. |
(o) | “Company” shall, except as otherwise provided in Section 9(i), have the meaning set forth in the preamble hereto. |
(p) | “Date of Termination” shall mean (i) if the Executive's employment is terminated due to the Executive's death, the date of the Executive's death; (ii) if the Executive's employment is terminated due to the Executive's Disability, the date determined pursuant to Section 6(a)(ii), or (iii) if the Executive's employment is terminated pursuant to Section 6(a)(iii)-(vi), either the date indicated in the Notice of Termination or the date specified by the Company pursuant to Section 6(b), whichever is earlier. |
(q) | “Employment Period” shall mean the period of the Executive's employment by the Company. |
(r) | “Deferred Cash Payment” shall have the meaning set forth in Section 8. |
(s) | “Disability” shall have that meaning set forth in Section 22(e)(3) of the Code. |
(t) | “Effective Date” shall have the meaning set forth in Section 2(a). |
(u) | “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. |
(v) | “Executive” shall have the meaning set forth in the preamble hereto. |
(w) | “Good Reason” shall mean (1) the material diminution of any of the Executive's duties, responsibilities or authority without the Executive's prior written consent; (2) the assignment to Executive of duties materially inconsistent with the Executive's position without the Executive's prior written consent; (3) any material reduction in Executive's Annual Base Salary without the Executive's prior written consent unless all other executives who are parties to agreements similar to this Agreement also agree to a comparable reduction in their base salaries; or (4) unless agreed to in writing by the Executive, a relocation of the Executive's principal place of business to a Company facility more than 50 miles away from the Executive's principal place of business as of the date of this Agreement. The Executive must notify the Company of any event that constitutes Good Reason within 90 calendar days following the Executive's knowledge of its existence or such event shall not constitute Good Reason under this Agreement; provided, however, that in all cases the Company may cure (to the extent curable) any such event within 30 calendar days after receipt from the Executive of such notice and such event shall not constitute Good Reason to the extent so cured. Good Reason shall cease to exist with respect to an event or condition one year following the initial existence of such event or condition (but if the Executive does not claim Good Reason as a result of an event or condition within such period, the Executive will not be deemed to have waived the right to claim Good Reason upon the existence or occurrence of a subsequent (or similar) event or condition). |
(x) | “Initial Option” shall have the meaning set forth in Section 5(d). |
(y) | “Long-Term Incentive Bonus Plan” shall have the meaning set forth in Section 5(f). |
(z) | “Merger” shall have the meaning set forth in the recitals hereto. |
(aa) | “Merger Agreement” shall have the meaning set forth in the recitals hereto. |
(ab) | “Merger Sub” shall have the meaning set forth in the recitals hereto. |
(ac) | “Noncompetition Restricted Period” shall mean the period from the Effective Date through the one (1) year anniversary of the Date of Termination. |
(ad) | “Nonsolicitation Restricted Period” shall mean the period from the Effective Date through the two (2) year anniversary of the Date of Termination. |
(ae) | “Notice of Termination” shall have the meaning set forth in Section 6(b). |
(af) | “Option” shall have the meaning set forth in Section 5(d). |
(ag) | “Parent” shall have the meaning set forth in the recitals hereto. |
(ah) | “Performance Targets” shall have the meaning set forth in Section 5(b). |
(ai) | “Person” shall mean any individual, natural person, corporation (including any non-profit corporation), general partnership, limited partnership, limited liability partnership, joint venture, estate, trust, company (including any company limited by shares, limited liability company or joint stock company), incorporated or unincorporated association, governmental authority, firm, society or other enterprise, organization or other entity of any nature. |
(aj) | “Principal Stockholders” shall have the meaning set forth in the Stockholders Agreement. |
(ak) | “Privately Held Company” shall mean a company that does not have a class of securities registered pursuant to Section 12(b) or 12(g) of the Exchange Act. |
(al) | “Proprietary Information” shall have the meaning set forth in Section 9(c). |
(am) | “Restricted Shares” shall mean any shares of Common Stock purchased by the Executive pursuant to Section 5(e). |
(an) | “Section 409A” shall mean Section 409A of the Code and the Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. |
(ao) | “Stockholders Agreement” shall mean that certain Stockholders Agreement of Rockwell Holdco, Inc., to be entered into as of May 24, 2013, by and among the Parent, the Executive and certain other Persons, attached hereto as Exhibit A, as it may be amended from time to time. |
(ap) | “Subscription Agreement” shall mean that certain Subscription Agreement, to be entered into as of May 24, 2013, by and between the Executive and the Parent. |
(aq) | “Supplemental Option” shall have the meaning set forth in Section 5(d). |
(ar) | “Taxes” shall mean all federal, state, and local income and employment taxes to which a payment to Executive may be subject, computed based on maximum applicable tax brackets and assuming treatment of such payment as ordinary income, but shall not include any excise taxes under Section 4999 of the Code or any other excise or penalty taxes. All determinations regarding Taxes, including the amounts thereof and the assumptions utilized in arriving at such determinations, shall be made by the Accounting Firm. |
(as) | “Vesting Date” shall have the meaning set forth in Section 8(b). |
(a) | “2013 Bonus” shall have the meaning set forth in Section 4(b). |
(b) | “Affiliate” shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such Person where “control” shall have the meaning given such term under Rule 405 of the Securities Act of 1933, as amended from time to time. |
(c) | “Agreement” shall have the meaning set forth in the preamble hereto. |
(d) | “Annual Base Salary” shall have the meaning set forth in Section 4(a). |
(e) | “Annual Bonus” shall have the meaning set forth in Section 4(c). |
(f) | “Board” shall mean the Board of Directors of the Company. |
(g) | “Business” shall mean (1) the storage, transport or processing of nuclear waste, (2) back-end nuclear services, (3) nuclear plant decommissioning, or (4) wastewater treatment products or technology. |
(h) | “Cause” shall mean (1) a material breach by the Executive of the duties and responsibilities of the Executive or any material written policies or directives of the Company or its subsidiaries or Affiliates (other than as a result of incapacity due to physical or mental illness) which is willful, reckless or intentional; (2) the Executive's conviction of, or plea of nolo contendere to, any felony; (3) the Executive engages in a fraudulent or dishonest act that causes material damage to the property, business or reputation of the Company or its subsidiaries or Affiliates, as determined in good faith by the Board; (4) the Executive engages in habitual insobriety or the use of illegal drugs or substances; or (5) the Executive commits a material breach of the Executive's fiduciary duties to the Company or its subsidiaries or Affiliates, as determined in good faith by the Board. The Company must notify Executive of any event constituting Cause within 90 calendar days following the Company's knowledge of its existence or such event shall not constitute Cause under this Agreement; provided, however, that in all cases the Executive may cure (to the extent curable) any such event within 30 calendar days after receipt from the Company of such notice and such event shall not constitute Cause to the extent so cured. |
(i) | “Change in Control” shall mean a change in beneficial ownership or control of the Parent effected through a transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Parent, the Principal Stockholders (as such term is defined in the Stockholders Agreement), or any of their respective Affiliates, or any employee benefit plan maintained by the Parent or any of its subsidiaries), directly or indirectly acquires (a) beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Parent possessing more than fifty percent (50%) of the total combined voting power of the Parent's securities outstanding immediately after such acquisition or (b) all or substantially all of assets of Parent or the Company, in the aggregate. |
(j) | “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. |
(k) | “Code” shall mean the Internal Revenue Code of 1986, as amended. |
(l) | “Committee” shall mean the Compensation Committee of the Board, or if no such committee exists, the Board. |
(m) | “Common Stock” shall mean the common stock of the Parent, par value $0.01 per share. |
(n) | “Company” shall, except as otherwise provided in Section 8(i), have the meaning set forth in the preamble hereto. |
(o) | “Date of Termination” shall mean (i) if the Executive's employment is terminated due to the Executive's death, the date of the Executive's death; (ii) if the Executive's employment is terminated due to the Executive's Disability, the date determined pursuant to Section 5(a)(ii), or (iii) if the Executive's employment is terminated pursuant to Section 5(a)(iii)-(vi), either the date indicated in the Notice of Termination or the date specified by the Company pursuant to Section 5(b), whichever is earlier. |
(p) | “Disability” shall have that meaning set forth in Section 22(e)(3) of the Code. |
(q) | “Employment Period” shall mean the period of the Executive's employment by the Company. |
(u) | “Good Reason” shall mean (1) the material diminution of any of the Executive's duties, responsibilities or authority without the Executive's prior written consent; (2) the assignment to Executive of duties materially inconsistent with the Executive's position without the Executive's prior written consent; (3) any material reduction in Executive's Annual Base Salary without the Executive's prior written consent unless all other executives who are parties to agreements similar to this Agreement also agree to a comparable reduction in their base salaries; or (4) unless agreed to in writing by the Executive, a relocation of the Executive's principal place of business to a Company facility more than 50 miles away from the Executive's principal place of business as of the date of this Agreement. The Executive must notify the Company of any event that constitutes Good Reason within 90 calendar days following the Executive's knowledge of its existence or such event shall not constitute Good Reason under this Agreement; provided, however, that in all cases the Company may cure (to the extent curable) any such event within 30 calendar days after receipt from the Executive of such notice and such event shall not constitute Good Reason to the extent so cured. Good Reason shall cease to exist with respect to an event or condition one year following the initial existence of such event or condition (but if the Executive does not claim Good Reason as a result of an event or condition within such period, the Executive will not be deemed to have waived the right to claim Good Reason upon the existence or occurrence of a subsequent (or similar) event or condition). |
(v) | “Initial Option” shall have the meaning set forth in Section 4(d). |
(a) | “2013 Bonus” shall have the meaning set forth in Section 4(b). |
(b) | “Affiliate” shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such Person where “control” shall have the meaning given such term under Rule 405 of the Securities Act of 1933, as amended from time to time. |
(c) | “Agreement” shall have the meaning set forth in the preamble hereto. |
(d) | “Annual Base Salary” shall have the meaning set forth in Section 4(a). |
(e) | “Annual Bonus” shall have the meaning set forth in Section 4(c). |
(f) | “Board” shall mean the Board of Directors of the Company. |
(g) | “Business” shall mean (1) the storage, transport or processing of nuclear waste, (2) back-end nuclear services, (3) nuclear plant decommissioning, or (4) wastewater treatment products or technology. |
(h) | “Cause” shall mean (1) a material breach by the Executive of the duties and responsibilities of the Executive or any material written policies or directives of the Company or its subsidiaries or Affiliates (other than as a result of incapacity due to physical or mental illness) which is willful, reckless or intentional; (2) the Executive's conviction of, or plea of nolo contendere to, any felony; (3) the Executive engages in a fraudulent or dishonest act that causes material damage to the property, business or reputation of the Company or its subsidiaries or Affiliates, as determined in good faith by the Board; (4) the Executive engages in habitual insobriety or the use of illegal drugs or substances; or (5) the Executive commits a material breach of the Executive's fiduciary duties to the Company or its subsidiaries or Affiliates, as determined in good faith by the Board. The Company must notify Executive of any event constituting Cause within 90 calendar days following the Company's knowledge of its existence or such event shall not constitute Cause under this Agreement; provided, however, that in all cases the Executive may cure (to the extent curable) any such event within 30 calendar days after receipt from the Company of such notice and such event shall not constitute Cause to the extent so cured. |
(i) | “Change in Control” shall mean a change in beneficial ownership or control of the Parent effected through a transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Parent, the Principal Stockholders (as such term is defined in the Stockholders Agreement), or any of their respective Affiliates, or any employee benefit plan maintained by the Parent or any of its subsidiaries), directly or indirectly acquires (a) beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Parent possessing more than fifty percent (50%) of the total combined voting power of the Parent's securities outstanding immediately after such acquisition or (b) all or substantially all of assets of Parent or the Company, in the aggregate. |
(j) | “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. |
(k) | “Code” shall mean the Internal Revenue Code of 1986, as amended. |
(l) | “Committee” shall mean the Compensation Committee of the Board, or if no such committee exists, the Board. |
(m) | “Common Stock” shall mean the common stock of the Parent, par value $0.01 per share. |
(n) | “Company” shall, except as otherwise provided in Section 7(i), have the meaning set forth in the preamble hereto. |
(o) | “Date of Termination” shall mean (i) if the Executive's employment is terminated due to the Executive's death, the date of the Executive's death; (ii) if the Executive's employment is terminated due to the Executive's Disability, the date determined pursuant to Section 5(a)(ii), or (iii) if the Executive's employment is terminated pursuant to Section 5(a)(iii)-(vi), either the date indicated in the Notice of Termination or the date specified by the Company pursuant to Section 5(b), whichever is earlier. |
(p) | “Disability” shall have that meaning set forth in Section 22(e)(3) of the Code. |
(q) | “Employment Period” shall mean the period of the Executive's employment by the Company. |
(r) | “Effective Date” shall have the meaning set forth in the preamble hereto. |
(s) | “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. |
(t) | “Executive” shall have the meaning set forth in the preamble hereto. |
(u) | “Good Reason” shall mean (1) the material diminution of any of the Executive's duties, responsibilities or authority without the Executive's prior written consent; (2) the assignment to Executive of duties materially inconsistent with the Executive's position without the Executive's prior written consent; (3) any material reduction in Executive's Annual Base Salary without the Executive's prior written consent unless all other executives who are parties to agreements similar to this Agreement also agree to a comparable reduction in their base salaries; or (4) unless agreed to in writing by the Executive, a relocation of the Executive's principal place of business to a Company facility more than 50 miles away from the Executive's principal place of business as of the date of this Agreement. The Executive must notify the Company of any event that constitutes Good Reason within 90 calendar days following the Executive's knowledge of its existence or such event shall not constitute Good Reason under this Agreement; provided, however, that in all cases the Company may cure (to the extent curable) any such event within 30 calendar days after receipt from the Executive of such notice and such event shall not constitute Good Reason to the extent so cured. Good Reason shall cease to exist with respect to an event or condition one year following the initial existence of such event or condition (but if the Executive does not claim Good Reason as a result of an event or condition within such period, the Executive will not be deemed to have waived the right to claim Good Reason upon the existence or occurrence of a subsequent (or similar) event or condition). |
(v) | “Initial Option” shall have the meaning set forth in Section 4(d). |
(w) | “Long-Term Incentive Bonus Plan” shall have the meaning set forth in Section 4(e). |
(x) | “Merger” shall have the meaning set forth in the recitals hereto. |
(y) | “Merger Agreement” shall have the meaning set forth in the recitals hereto. |
(z) | “Merger Sub” shall have the meaning set forth in the recitals hereto. |
(aa) | “Noncompetition Restricted Period” shall mean the period from the Effective Date through the one (1) year anniversary of the Date of Termination. |
(ab) | “Nonsolicitation Restricted Period” shall mean the period from the Effective Date through the two (2) year anniversary of the Date of Termination. |
(ac) | “Notice of Termination” shall have the meaning set forth in Section 5(b). |
(ad) | “Option” shall have the meaning set forth in Section 4(d). |
(ae) | “Parent” shall have the meaning set forth in the recitals hereto. |
(af) | “Performance Targets” shall have the meaning set forth in Section 4(b). |
(ag) | “Person” shall mean any individual, natural person, corporation (including any non-profit corporation), general partnership, limited partnership, limited liability partnership, joint venture, estate, trust, company (including any company limited by shares, limited liability company or joint stock company), incorporated or unincorporated association, governmental authority, firm, society or other enterprise, organization or other entity of any nature. |
(ah) | “Principal Stockholders” shall have the meaning set forth in the Stockholders Agreement. |
(ai) | “Privately Held Company” shall mean a company that does not have a class of securities registered pursuant to Section 12(b) or 12(g) of the Exchange Act. |
(aj) | “Proprietary Information” shall have the meaning set forth in Section 7(c). |
(ak) | “Pro Rata Bonus” as to any fiscal year of the Company in which the Executive's employment with the Company is terminated, shall mean an amount equal to the product of the number of calendar days which the Executive was employed by the Company during such fiscal year, divided by 365, multiplied by the Executive's Annual Bonus, determined as if the Executive had been employed for the entire year in which the termination occurs and based upon the Company's and the Executive's actual performance for such year. |
(al) | “Section 409A” shall mean Section 409A of the Code and the Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. |
(am) | “Severance Payment” shall have the meaning set forth in Section 6(b). |
(an) | “Stockholders Agreement” shall mean that certain Stockholders Agreement of Rockwell Holdco, Inc., to be entered into as of May 24, 2013, by and among the Parent, the Executive and certain other Persons, attached hereto as Exhibit A, as it may be amended from time to time. |
(ao) | “Supplemental Option” shall have the meaning set forth in Section 4(d). |
(ap) | “Welfare Benefit Amount” shall mean an amount equal to the monthly cost of maintaining medical, dental, disability and life insurance coverages for the Executive (and the Executive's spouse and eligible dependents), in each case as in effect immediately prior to the Date of Termination (under a group health insurance plan of the Company for purposes of COBRA to the extent such coverages are available via COBRA); provided, however, that the Company shall have the right to cease making payments in respect of the Welfare Benefit Amount upon or at any time following the date the Executive has commenced new employment and has thereby become eligible for comparable benefits. |
1. | I, David J. Lockwood, certify that: |
2. | I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2013 of EnergySolutions, Inc; |
3. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
4. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
5. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
6. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
By: | /s/ DAVID J. LOCKWOOD | |
David J. Lockwood, | ||
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2013 of EnergySolutions, Inc; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
By: | /s/ GREGORY S. WOOD | |
Gregory S. Wood | ||
Executive Vice President and | ||
Chief Financial Officer |
August 14, 2013 | By: | /s/ DAVID J. LOCKWOOD |
David J. Lockwood | ||
President and Chief Executive Officer | ||
August 14, 2013 | By: | /s/ GREGORY S. WOOD |
Gregory S. Wood | ||
Executive Vice President and Chief Financial Officer |
Facility and Equipment Decontamination and Decommissioning
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Jun. 30, 2013
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Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Facility and Equipment Decontamination and Decommissioning | Facility and Equipment Decontamination and Decommissioning We recognize AROs when we have a legal obligation to perform D&D and removal activities upon retirement of an asset. The fair value of an ARO liability is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made, and is added to the carrying amount of the associated asset, which is then depreciated over the remaining useful life of the asset, in the case of all our AROs except the Zion Station ARO. The ARO established in connection with the Zion Station project differs somewhat from our traditional AROs. The assets acquired in the Zion Station transaction have no fair value, no future useful life and are in a shut-down, non-operating state. As a result, the ARO established in connection with the Zion Station project is not accompanied by a related depreciable asset. Changes to the ARO liability due to accretion expense and changes in cost estimates are recorded in cost of revenue in our consolidated statements of operations and comprehensive income (loss). Also, since we perform most of the work related to the Zion Station ARO with internal resources, we recognized an ARO gain for the difference between our actual costs incurred and the recorded ARO which includes an element of profit. Due to the nature of this contract and the purpose of the license stewardship initiative, we have presented this gain in cost of revenue rather than as a credit to operating expense, as we would with our other AROs. Our ARO is based on a cost estimate for a third party to perform the D&D work. This estimate is inflated, using an inflation rate, to the expected time at which the D&D activity will occur, and then discounted back, using our credit adjusted risk free rate, to the present value. Subsequent to the initial measurement, the ARO is adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligations. Our facility and equipment D&D liabilities consist of the following (in thousands):
The following is a rollforward of our facilities and equipment ARO liabilities (in thousands):
For certain of our D&D obligations, we are required to deposit cash relating to our D&D obligation in the form of a restricted cash account, a deposit in escrow, or in a trust fund. D&D deposits consist principally of: (i) funds held in trust for completion of various site clean-up projects and (ii) funds deposited in connection with landfill closure, post-closure and remediation obligations. Although we are required to provide assurance to satisfy some of our D&D obligations in the form of insurance policies, restricted cash accounts, escrows or trust funds, these assurance mechanisms do not extinguish our D&D liabilities. D&D deposits and restricted cash are included in non-current assets in the accompanying condensed consolidated balance sheets. The following table presents a summary of the D&D cash deposits available exclusively to fund closure and post-closure obligations related to our ARO liabilities (in thousands):
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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $)
In Thousands, unless otherwise specified |
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Jun. 30, 2012
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Jun. 30, 2012
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Revenue | $ 411,038 | [1],[2] | $ 392,621 | [1],[2] | $ 937,246 | [1],[2] | $ 883,313 | [1],[2] | ||||||
Cost of revenue | (363,641) | (356,718) | (843,429) | (815,730) | ||||||||||
Gross profit | 47,397 | 35,903 | 93,817 | 67,583 | ||||||||||
Selling, general and administrative expenses | (69,397) | (34,220) | (101,618) | (67,882) | ||||||||||
Equity in income (loss) of unconsolidated joint ventures | (98) | 2,406 | 578 | 3,136 | ||||||||||
Income (loss) from operations | (22,098) | [2],[3] | 4,089 | [2],[3] | (7,223) | [2],[3] | 2,837 | [2],[3] | ||||||
Interest expense | (18,798) | (17,495) | (37,443) | (35,186) | ||||||||||
Other income (expense), net | (13,610) | 15,443 | (11,499) | 33,725 | ||||||||||
Income (loss) before income taxes and noncontrolling interests | (54,506) | 2,037 | (56,165) | 1,376 | ||||||||||
Income tax benefit (expense) | (2,726) | 3,370 | (9,265) | 3,366 | ||||||||||
Net income (loss) | (57,232) | 5,407 | (65,430) | 4,742 | ||||||||||
Less: Net income attributable to noncontrolling interests | 2 | 37 | 0 | 33 | ||||||||||
Net income (loss) attributable to EnergySolutions | (57,230) | 5,444 | (65,430) | 4,775 | ||||||||||
Other comprehensive income (loss): | ||||||||||||||
Net income (loss) | (57,232) | 5,407 | (65,430) | 4,742 | ||||||||||
Foreign currency translation adjustments, net of taxes | (266) | (4,464) | (8,953) | 1,380 | ||||||||||
Change in unrecognized actuarial gain (loss) | 3 | (185) | (475) | (32) | ||||||||||
Other comprehensive income (loss), net of taxes | (57,495) | 758 | (74,858) | 6,090 | ||||||||||
Less: net income attributable to noncontrolling interests | 2 | 37 | 0 | 33 | ||||||||||
Comprehensive income (loss) attributable to EnergySolutions | $ (57,493) | $ 795 | $ (74,858) | $ 6,123 | ||||||||||
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Recent Accounting Pronouncements
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Jun. 30, 2013
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Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements Issued New accounting pronouncements implemented by the company during the six months ended June 30, 2013 or requiring implementation in future periods are discussed below or elsewhere in the notes, where appropriate. In July 2013, the FASB issued guidance related to presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance eliminates diversity in practice for presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is available to reduce the taxable income or tax payable that would result from disallowance of a tax position. This guidance is effective for interim and annual reporting periods beginning after December 15, 2013 and should be applied prospectively to all unrecognized tax benefits that exist at the effective date. The Company intends to adopt this guidance at the beginning of its first quarter of fiscal year 2014, and is currently evaluating the impact on its financial statements and disclosures. In March 2013, the FASB issued guidance related to foreign currency matters. The standard update addresses the accounting for the release of cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a business unit or a group of assets that do not produce a profit within a foreign entity. Under such circumstances, a parent company is required to release any related currency adjustments to earnings. The currency adjustment is released into earnings only if the sale or transfer results in a complete or substantially complete liquidation of the foreign entity in question. The standard update is effective for interim and annual reporting periods beginning after December 15, 2013. We do not expect that the adoption of this guidance will have a material impact on the Company’s financial position, results of operations or cash flows. In February 2013, the FASB issued an update to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. The amendments in the update did not change the current requirements for reporting net income or other comprehensive income in financial statements. The new amendments require an organization to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. Additionally, for other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP to provide additional detail about those amounts. The amendments are effective for reporting periods beginning after December 15, 2012. The adoption of this did not have a material impact on the Company’s financial position, results of operations or cash flows. |
Guarantor and Non-Guarantor Financial Information
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Guarantor and Non-Guarantor Financial Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor and Non-Guarantor Financial Information | Guarantor and Non-Guarantor Financial Information The 2018 senior notes were issued by EnergySolutions, Inc., the parent company, and EnergySolutions, LLC (together with EnergySolutions, Inc., the "Issuers"). The senior notes are jointly and severally guaranteed on a full and unconditional basis by each of the EnergySolutions, Inc.’s current and future domestic 100% owned subsidiaries that are guarantors under the senior secured credit facility, other than ZionSolutions LLC, which was established for the purpose of the Company’s license stewardship initiative, as well as up to five other special purpose subsidiaries that may be established for similar license stewardship projects, and certain other non-operating or immaterial subsidiaries. Presented below is the condensed consolidating financial information of the issuers, our subsidiaries that are guarantors (the "Guarantor Subsidiaries"), and our subsidiaries that are not guarantors (the "Non-Guarantor Subsidiaries"). The condensed consolidating financial information reflects the investments of EnergySolutions, Inc. in the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries using the equity method of accounting. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For The Three Month Period ended June 30, 2013 (in thousands)
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For The Six Month Period ended June 30, 2013 (in thousands)
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For The Three Month Period ended June 30, 2012 (in thousands)
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For The Six Month Period ended June 30, 2012 (in thousands)
CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2013 (in thousands)
CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2012 (in thousands)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW For The Six Month Period ended June 30, 2013 (in thousands)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW For The Six Month Period ended June 30, 2012 (in thousands)
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Equity-Based Compensation
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation | Equity-Based Compensation On May 22, 2013, the board of directors and stockholders of Parent approved the Stock Option Plan of Rockwell Holdco, Inc. (the "Rockwell Plan"), pursuant to which stock options may be granted to the employees, consultants, non-employee directors of Parent or its subsidiaries. Under the Rockwell Plan, 36,087 shares of Parent common stock have been reserved for issuance. Any option granted under the Rockwell Plan will be subject to terms and conditions contained in a written stock option agreement, and any shares of Parent common stock received upon exercise of an option under the Rockwell Plan will be subject to Parent’s Stockholders Agreement. The board of directors of Parent administers the Rockwell Plan and may amend, suspend or terminate the Rockwell Plan at any time. As of June 30, 2013, 34,867 options had been issued under the Rockwell Plan. Our estimates of fair value for the stock options was made using the Black‑Scholes model based upon the fair value of the stock price on the date of grant, volatility of 72.2%, risk-free interest rate of 1.39% per year and expected life of 6.5 years. We are currently using the simplified method to calculate expected holding periods, which is based on the average term of the options and the weighted‑average graded vesting period because we do not have sufficient exercise history to calculate an expected holding period. The risk-free rate is based on the U.S. Treasury rate for the expected life at the time of grant. We recognize equity based compensation expense over the instruments' vesting periods based on the instruments' fair values on the measurement date, in SG&A expenses in the consolidated statements of operations and comprehensive income (loss). We recorded $0.4 million stock based compensation expense related to stock option grants issued for each of the three and six month periods ended June 30, 2013, respectively. As of June 30, 2013, we had $22.5 million of unrecognized compensation expense related to outstanding stock options, which will be recognized over a weighted-average period of 4.9 years. On May 24, 2013, as a result of the completion of the Merger, a change in control occurred that resulted in immediate vesting of all outstanding share based awards. The acceleration in vesting resulted from a preexisting change in control provision included in the terms of the awards issued under the former plans. Payments to grant holders due to the change in control provision were approximately $21.0 million as of June 30, 2013. For the six month periods ended June 30, 2013 and 2012, we recorded stock based compensation expense related to former plans of $3.5 million and $2.7 million, respectively. For the three month periods ended June 30, 2013 and 2012, we recorded equity-based compensation expense related to our former plans of $3.0 million and $2.1 million, respectively. As of June 30, 2013 and December 31, 2012, we had recorded liabilities of $9.9 million and $2.5 million, respectively, related to phantom stock awards to be settled in cash, which are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. For the three and six month periods ended June 30, 2013, we recorded $18.2 million and $19.8 million, respectively, of compensation expense related to these awards. For the three and six month periods ended June 30, 2012, we recorded $0.2 million and $0.9 million, respectively, of compensation expense related to these awards. Compensation expense related to phantom stock awards has been fully recognized as of June 30, 2013. |
Income Taxes (Details) (USD $)
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3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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|
Income Tax Disclosure [Abstract] | |||||
Income tax expense (benefit) | $ 2,726,000 | $ (3,370,000) | $ 9,265,000 | $ (3,366,000) | |
Effective income tax rate (as a percent) | 16.50% | (238.90%) | |||
Benefit from losses available to offset tax expense | 0 | ||||
Statutory federal income tax rate (as a percent) | 35.00% | 35.00% | |||
Benefit recorded related to research and development tax credit | 0 | ||||
Income taxes payment | 12,200,000 | 13,100,000 | |||
Gross unrecognized tax benefits | 100,000 | 100,000 | 100,000 | ||
Uncertain tax positions previously recorded were reversed due to expiration of statue of limitations for certain taxable periods in the U.S. | $ 1,100,000 |
Trust Fund Investments (Details) (USD $)
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3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||
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Jun. 30, 2013
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Dec. 31, 2012
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Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2013
NDT fund
|
Jun. 30, 2012
NDT fund
|
Jun. 30, 2013
NDT fund
|
Jun. 30, 2012
NDT fund
|
Dec. 31, 2012
NDT fund
|
Jun. 30, 2013
NDT fund
Corporate debt securities
|
Dec. 31, 2012
NDT fund
Corporate debt securities
|
Jun. 30, 2013
NDT fund
Equity securities
|
Dec. 31, 2012
NDT fund
Equity securities
|
Jun. 30, 2013
NDT fund
Direct lending securities
|
Dec. 31, 2012
NDT fund
Direct lending securities
|
Jun. 30, 2013
NDT fund
Debt securities issued by states of the U.S.
|
Dec. 31, 2012
NDT fund
Debt securities issued by states of the U.S.
|
Jun. 30, 2013
NDT fund
Cash and cash equivalents
|
Dec. 31, 2012
NDT fund
Cash and cash equivalents
|
Dec. 31, 2012
NDT fund
Commingled funds
|
Jun. 30, 2013
NDT fund
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies
|
Dec. 31, 2012
NDT fund
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies
|
Jun. 30, 2013
NDT fund
Estimated fair value
|
Dec. 31, 2012
NDT fund
Estimated fair value
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Assets | ||||||||||||||||||||||||
Cash | $ 97,529,000 | $ 134,191,000 | $ 71,278,000 | $ 77,213,000 | $ 326,000 | $ 326,000 | ||||||||||||||||||
Cash, estimated fair value | 326,000 | |||||||||||||||||||||||
Receivables for securities sold | 5,433,000 | 5,433,000 | 7,422,000 | 5,433,000 | 7,422,000 | |||||||||||||||||||
Investments | ||||||||||||||||||||||||
Investments, amortized cost | 497,616,000 | 497,616,000 | 557,851,000 | 184,538,000 | 223,662,000 | 400,000 | 10,117,000 | 105,937,000 | 98,138,000 | 23,734,000 | 31,306,000 | 28,556,000 | 23,686,000 | 4,017,000 | 154,451,000 | 166,925,000 | ||||||||
Investments, gross unrealized gains | 19,882,000 | 19,882,000 | 36,460,000 | 7,659,000 | 17,940,000 | 25,000 | 4,249,000 | 10,344,000 | 6,026,000 | 1,407,000 | 3,806,000 | 527,000 | 447,000 | 3,912,000 | ||||||||||
Investments, gross unrealized losses | (12,572,000) | (12,572,000) | (3,237,000) | (2,597,000) | (575,000) | 0 | (61,000) | (2,770,000) | (1,721,000) | (122,000) | (7,083,000) | (880,000) | ||||||||||||
Investments, estimated fair value | 504,926,000 | 504,926,000 | 591,074,000 | 189,600,000 | 241,027,000 | 425,000 | 14,305,000 | 113,511,000 | 102,443,000 | 25,019,000 | 35,112,000 | 28,556,000 | 23,686,000 | 4,544,000 | 147,815,000 | 169,957,000 | ||||||||
Net assets held by the NDT fund, amortized cost | 503,375,000 | 503,375,000 | 565,273,000 | |||||||||||||||||||||
Net assets held by the NDT fund, gross unrealized gains | 19,882,000 | 19,882,000 | 36,460,000 | |||||||||||||||||||||
Net assets held by the NDT fund, gross unrealized losses | (12,572,000) | (12,572,000) | (3,237,000) | |||||||||||||||||||||
Net assets held by the NDT fund | 510,685,000 | 510,685,000 | 598,496,000 | |||||||||||||||||||||
Less: current portion | (132,674,000) | (152,507,000) | (132,674,000) | (132,674,000) | (152,507,000) | |||||||||||||||||||
Nuclear decommissioning trust fund investments | 378,011,000 | 445,989,000 | 378,011,000 | 378,011,000 | 445,989,000 | |||||||||||||||||||
Additional disclosures | ||||||||||||||||||||||||
Withdrawal from the NDT fund | 82,200,000 | 158,300,000 | ||||||||||||||||||||||
Unrealized (losses) gains resulting from adjustments to the fair value of the NDT fund investments | (19,900,000) | 900,000 | (25,900,000) | 6,900,000 | ||||||||||||||||||||
Realized gains related to sales of investments, dividends and interest payments received from investments held by the NDT fund | $ 11,600,000 | $ 14,200,000 | $ 22,900,000 | $ 27,700,000 |
Joint Ventures (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial information for unconsolidated joint ventures | The table below presents unaudited financial information, for our unconsolidated joint ventures (in thousands):
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Fair Value Measurements (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the NDT fund investments measured at fair value | The following table presents the NDT fund investments measured at fair value (in thousands):
_____________________________
Management determines the value of Level 3 investments by considering third party valuations and have concluded that quantitative information about significant unobservable inputs used in valuing these investments is not reasonably available. This includes information regarding the sensitivity of the fair values to changes in the unobservable inputs. We obtain annual valuations from the fund managers and gain an understanding of the inputs and assumptions used in preparing the valuations. We also conclude on the reasonableness of the fair value of these investments. We obtain quarterly reports from the fund managers and review for consistency and reasonableness with regards to the valuations of these investments that were analyzed at the most recent year-end.
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Schedule of the rollforward for Level 3 assets and liabilities measured at fair value on a recurring basis | The following table presents the rollforward for Level 3 assets and liabilities measured at fair value on a recurring basis (in thousands):
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Facility and Equipment Decontamination and Decommissioning (Details) (USD $)
|
6 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
|||||||||
Facility and Equipment Decontamination and Decommissioning | ||||||||||
Facility and equipment decontamination and decommissioning liabilities | $ 548,970,000 | $ 624,204,000 | ||||||||
Facility and equipment decontamination and decommissioning liabilities, current portion | (121,986,000) | (138,757,000) | ||||||||
Facility and equipment decontamination and decommissioning liabilities | 426,984,000 | 485,447,000 | ||||||||
Reconciliation of facility and equipment ARO | ||||||||||
Beginning balance | 618,359,000 | 750,649,000 | ||||||||
Liabilities incurred | 238,000 | 187,000 | ||||||||
Liabilities settled | (87,586,000) | (159,776,000) | ||||||||
Accretion expense | (13,156,000) | (30,017,000) | ||||||||
ARO estimate adjustments | 0 | (2,718,000) | ||||||||
Ending liability | 544,167,000 | 618,359,000 | ||||||||
Zion Station
|
||||||||||
Reconciliation of facility and equipment ARO | ||||||||||
Non-current restricted cash | 200,000,000 | [1],[2] | 200,000,000 | [1],[2] | ||||||
Letter of credit facility to further support D&D activities | 200,000,000.0 | |||||||||
Clive, UT
|
||||||||||
Reconciliation of facility and equipment ARO | ||||||||||
Non-current restricted cash | 97,633,000 | [1] | 85,606,000 | [1] | ||||||
Percent of cash collateralized letters of credit | 101.00% | |||||||||
Other
|
||||||||||
Reconciliation of facility and equipment ARO | ||||||||||
Non-current restricted cash | 637,000 | 662,000 | ||||||||
Barnwell Closure
|
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Reconciliation of facility and equipment ARO | ||||||||||
Escrow account | 5,569,000 | [3] | 13,363,000 | [3] | ||||||
Barnwell
|
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Reconciliation of facility and equipment ARO | ||||||||||
Trust fund account | 4,804,000 | 5,845,000 | ||||||||
Facilities and equipment ARO
|
||||||||||
Facility and Equipment Decontamination and Decommissioning | ||||||||||
Facility and equipment decontamination and decommissioning liabilities | 544,167,000 | 618,359,000 | ||||||||
Facilities and equipment ARO | Zion Station
|
||||||||||
Facility and Equipment Decontamination and Decommissioning | ||||||||||
Facility and equipment decontamination and decommissioning liabilities | 479,102,000 | 553,302,000 | ||||||||
Facilities and equipment ARO | Clive, UT
|
||||||||||
Facility and Equipment Decontamination and Decommissioning | ||||||||||
Facility and equipment decontamination and decommissioning liabilities | 29,758,000 | 29,300,000 | ||||||||
Facilities and equipment ARO | Other
|
||||||||||
Facility and Equipment Decontamination and Decommissioning | ||||||||||
Facility and equipment decontamination and decommissioning liabilities | 35,307,000 | 35,757,000 | ||||||||
Closure | Barnwell
|
||||||||||
Facility and Equipment Decontamination and Decommissioning | ||||||||||
Facility and equipment decontamination and decommissioning liabilities | $ 4,803,000 | $ 5,845,000 | ||||||||
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Guarantor and Non-Guarantor Financial Information (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Guarantor and Non-Guarantor Financial Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Operations | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For The Three Month Period ended June 30, 2013 (in thousands)
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For The Six Month Period ended June 30, 2013 (in thousands)
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For The Three Month Period ended June 30, 2012 (in thousands)
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For The Six Month Period ended June 30, 2012 (in thousands)
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Schedule of Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2013 (in thousands)
CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2012 (in thousands)
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Schedule of Condensed Cash Flow Statement | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW For The Six Month Period ended June 30, 2013 (in thousands)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW For The Six Month Period ended June 30, 2012 (in thousands)
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Fair Value Measurements (Details 2) (NDT fund, USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets | ||||||||||||
Receivables for securities sold | $ 5,433 | $ 7,422 | ||||||||||
Total Investments at Fair Value
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Assets | ||||||||||||
Cash | 326 | |||||||||||
Receivables for securities sold | 5,433 | 7,422 | ||||||||||
Investments | 504,926 | 591,074 | ||||||||||
Net assets held by the NDT fund | 510,685 | 598,496 | ||||||||||
Total Investments at Fair Value | Cash and cash equivalents
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Assets | ||||||||||||
Investments | 28,556 | 23,686 | ||||||||||
Total Investments at Fair Value | Fixed income securities
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Assets | ||||||||||||
Investments | 362,434 | [1] | 446,096 | [1] | ||||||||
Total Investments at Fair Value | Equity securities
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Assets | ||||||||||||
Investments | 425 | [2] | 14,305 | [2] | ||||||||
Total Investments at Fair Value | Direct lending securities
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Assets | ||||||||||||
Investments | 113,511 | [3] | 102,443 | [3] | ||||||||
Total Investments at Fair Value | Unit of participation
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Assets | ||||||||||||
Investments | 4,544 | [4] | ||||||||||
Quoted Prices in Active Markets for Identical Assets Level 1
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Assets | ||||||||||||
Cash | 326 | |||||||||||
Receivables for securities sold | 5,433 | 7,422 | ||||||||||
Investments | 161,617 | 163,596 | ||||||||||
Net assets held by the NDT fund | 167,376 | 171,018 | ||||||||||
Quoted Prices in Active Markets for Identical Assets Level 1 | Cash and cash equivalents
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Assets | ||||||||||||
Investments | 28,556 | 23,686 | ||||||||||
Quoted Prices in Active Markets for Identical Assets Level 1 | Fixed income securities
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Assets | ||||||||||||
Investments | 132,636 | [1] | 125,605 | [1] | ||||||||
Quoted Prices in Active Markets for Identical Assets Level 1 | Equity securities
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Assets | ||||||||||||
Investments | 425 | [2] | 14,305 | [2] | ||||||||
Significant Other Observable Inputs Level 2
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Assets | ||||||||||||
Investments | 229,798 | 325,035 | ||||||||||
Net assets held by the NDT fund | 229,798 | 325,035 | ||||||||||
Significant Other Observable Inputs Level 2 | Fixed income securities
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Assets | ||||||||||||
Investments | 229,798 | [1] | 320,491 | [1] | ||||||||
Significant Other Observable Inputs Level 2 | Unit of participation
|
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Assets | ||||||||||||
Investments | 4,544 | [4] | ||||||||||
Significant Unobservable Inputs Level 3
|
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Assets | ||||||||||||
Investments | 113,511 | 102,443 | ||||||||||
Net assets held by the NDT fund | 113,511 | 102,443 | ||||||||||
Significant Unobservable Inputs Level 3 | Direct lending securities
|
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Assets | ||||||||||||
Investments | $ 113,511 | [3] | $ 102,443 | [3] | ||||||||
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Segment Reporting and Business Concentrations (Details) (USD $)
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3 Months Ended | 6 Months Ended | |||||||||||||||||||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
group
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Jun. 30, 2012
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Dec. 31, 2012
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Segment Reporting and Business Concentrations | |||||||||||||||||||||
Number of major operating groups | 2 | ||||||||||||||||||||
Revenue from external customers | $ 411,038,000 | [1],[2] | $ 392,621,000 | [1],[2] | $ 937,246,000 | [1],[2] | $ 883,313,000 | [1],[2] | |||||||||||||
Income (loss) from operations | (22,098,000) | [2],[3] | 4,089,000 | [2],[3] | (7,223,000) | [2],[3] | 2,837,000 | [2],[3] | |||||||||||||
Depreciation, amortization and accretion expense | 17,549,000 | [4] | 18,715,000 | [4] | 34,949,000 | [4] | 37,732,000 | [4] | |||||||||||||
Goodwill | 305,395,000 | 306,885,000 | 305,395,000 | 306,885,000 | 308,608,000 | ||||||||||||||||
Other long-lived assets | 338,837,000 | [5] | 376,379,000 | [5] | 338,837,000 | [5] | 376,379,000 | [5] | |||||||||||||
Purchases of property, plant and equipment | 3,254,000 | 4,135,000 | 6,425,000 | 11,116,000 | |||||||||||||||||
Total assets | 2,445,053,000 | [6] | 2,896,760,000 | [6] | 2,445,053,000 | [6] | 2,896,760,000 | [6] | 2,655,462,000 | ||||||||||||
Income (loss) from unconsolidated joint ventures | (98,000) | 2,406,000 | 578,000 | 3,136,000 | |||||||||||||||||
Government Group
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Segment Reporting and Business Concentrations | |||||||||||||||||||||
Revenue from external customers | 44,136,000 | [1],[2] | 38,383,000 | [1],[2] | 87,683,000 | [1],[2] | 80,772,000 | [1],[2] | |||||||||||||
Income (loss) from operations | 2,973,000 | [2],[3] | 7,160,000 | [2],[3] | 7,384,000 | [2],[3] | 2,790,000 | [2],[3] | |||||||||||||
Depreciation, amortization and accretion expense | 934,000 | [4] | 1,118,000 | [4] | 1,867,000 | [4] | 2,445,000 | [4] | |||||||||||||
Goodwill | 73,594,000 | 73,594,000 | 73,594,000 | 73,594,000 | |||||||||||||||||
Other long-lived assets | 14,058,000 | [5] | 19,127,000 | [5] | 14,058,000 | [5] | 19,127,000 | [5] | |||||||||||||
Purchases of property, plant and equipment | 43,000 | 0 | 43,000 | 2,000 | |||||||||||||||||
Total assets | 150,741,000 | [6] | 168,427,000 | [6] | 150,741,000 | [6] | 168,427,000 | [6] | |||||||||||||
Income (loss) from unconsolidated joint ventures | 500,000 | 2,300,000 | 1,400,000 | 3,100,000 | |||||||||||||||||
CS
|
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Segment Reporting and Business Concentrations | |||||||||||||||||||||
Revenue from external customers | 43,172,000 | [1],[2] | 39,522,000 | [1],[2] | 84,084,000 | [1],[2] | 80,479,000 | [1],[2] | |||||||||||||
Income (loss) from operations | 3,892,000 | [2],[3] | 1,798,000 | [2],[3] | 6,055,000 | [2],[3] | 2,704,000 | [2],[3] | |||||||||||||
Depreciation, amortization and accretion expense | 6,939,000 | [4] | 7,936,000 | [4] | 13,879,000 | [4] | 15,837,000 | [4] | |||||||||||||
Goodwill | 90,129,000 | 90,129,000 | 90,129,000 | 90,129,000 | |||||||||||||||||
Other long-lived assets | 16,954,000 | [5] | 23,980,000 | [5] | 16,954,000 | [5] | 23,980,000 | [5] | |||||||||||||
Purchases of property, plant and equipment | 110,000 | 1,302,000 | 169,000 | 3,939,000 | |||||||||||||||||
Total assets | 1,262,480,000 | [6] | 1,511,568,000 | [6] | 1,262,480,000 | [6] | 1,511,568,000 | [6] | |||||||||||||
LP&D
|
|||||||||||||||||||||
Segment Reporting and Business Concentrations | |||||||||||||||||||||
Revenue from external customers | 56,533,000 | [1],[2] | 48,972,000 | [1],[2] | 99,947,000 | [1],[2] | 93,361,000 | [1],[2] | |||||||||||||
Income (loss) from operations | 17,912,000 | [2],[3] | 9,249,000 | [2],[3] | 24,884,000 | [2],[3] | 11,802,000 | [2],[3] | |||||||||||||
Depreciation, amortization and accretion expense | 6,570,000 | [4] | 6,368,000 | [4] | 13,066,000 | [4] | 13,003,000 | [4] | |||||||||||||
Goodwill | 89,548,000 | 89,548,000 | 89,548,000 | 89,548,000 | |||||||||||||||||
Other long-lived assets | 259,274,000 | [5] | 264,888,000 | [5] | 259,274,000 | [5] | 264,888,000 | [5] | |||||||||||||
Purchases of property, plant and equipment | 3,055,000 | 1,898,000 | 5,906,000 | 5,460,000 | |||||||||||||||||
Total assets | 509,259,000 | [6] | 547,699,000 | [6] | 509,259,000 | [6] | 547,699,000 | [6] | |||||||||||||
Income (loss) from unconsolidated joint ventures | (600,000) | (100,000) | (800,000) | (54,282) | |||||||||||||||||
International
|
|||||||||||||||||||||
Segment Reporting and Business Concentrations | |||||||||||||||||||||
Revenue from external customers | 267,197,000 | [1],[2] | 265,744,000 | [1],[2] | 665,532,000 | [1],[2] | 628,701,000 | [1],[2] | |||||||||||||
Income (loss) from operations | 2,189,000 | [2],[3] | 7,341,000 | [2],[3] | 22,977,000 | [2],[3] | 26,288,000 | [2],[3] | |||||||||||||
Depreciation, amortization and accretion expense | 1,971,000 | [4] | 1,980,000 | [4] | 3,957,000 | [4] | 3,854,000 | [4] | |||||||||||||
Goodwill | 52,124,000 | 53,614,000 | 52,124,000 | 53,614,000 | |||||||||||||||||
Other long-lived assets | 42,500,000 | [5] | 52,083,000 | [5] | 42,500,000 | [5] | 52,083,000 | [5] | |||||||||||||
Purchases of property, plant and equipment | 26,000 | 288,000 | 26,000 | 761,000 | |||||||||||||||||
Total assets | 463,601,000 | [6] | 578,269,000 | [6] | 463,601,000 | [6] | 578,269,000 | [6] | |||||||||||||
Corporate Unallocated Items
|
|||||||||||||||||||||
Segment Reporting and Business Concentrations | |||||||||||||||||||||
Revenue from external customers | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | |||||||||||||
Income (loss) from operations | (49,064,000) | [2],[3] | (21,459,000) | [2],[3] | (68,523,000) | [2],[3] | (40,747,000) | [2],[3] | |||||||||||||
Depreciation, amortization and accretion expense | 1,135,000 | [4] | 1,313,000 | [4] | 2,180,000 | [4] | 2,593,000 | [4] | |||||||||||||
Goodwill | 0 | 0 | 0 | 0 | |||||||||||||||||
Other long-lived assets | 6,051,000 | [5] | 16,301,000 | [5] | 6,051,000 | [5] | 16,301,000 | [5] | |||||||||||||
Purchases of property, plant and equipment | 20,000 | 647,000 | 281,000 | 954,000 | |||||||||||||||||
Total assets | 58,972,000 | [6] | 90,797,000 | [6] | 58,972,000 | [6] | 90,797,000 | [6] | |||||||||||||
Intersegment Eliminations
|
|||||||||||||||||||||
Segment Reporting and Business Concentrations | |||||||||||||||||||||
Revenue from external customers | 4,600,000 | 5,900,000 | 10,100,000 | 13,300,000 | |||||||||||||||||
Cost of Revenue [Member]
|
|||||||||||||||||||||
Segment Reporting and Business Concentrations | |||||||||||||||||||||
Depreciation, amortization and accretion expense | 12,300,000 | 13,100,000 | 24,400,000 | 26,600,000 | |||||||||||||||||
Selling, General and Administrative Expenses [Member]
|
|||||||||||||||||||||
Segment Reporting and Business Concentrations | |||||||||||||||||||||
Depreciation, amortization and accretion expense | $ 5,200,000 | $ 5,600,000 | $ 10,500,000 | $ 11,100,000 | |||||||||||||||||
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Segment Reporting and Business Concentrations (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment information | The following table presents our segment information (in thousands):
______________________
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Goodwill (Details) (USD $)
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6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 305,395,000 | $ 306,885,000 | $ 308,608,000 |
Gain (losses) recorded on translation related to goodwill denominated in foreign currencies | $ (3,200,000) | $ 2,200,000 |
Trust Fund Investments (Tables)
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Jun. 30, 2013
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of NDT fund investments | NDT fund investments consisted of the following (in thousands):
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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |||||
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Jun. 30, 2013
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Jun. 30, 2012
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Cash flows from operating activities | ||||||
Net income (loss) | $ (65,430) | $ 4,742 | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||
Depreciation, amortization and accretion | 34,949 | [1] | 37,732 | [1] | ||
Equity-based compensation expense | 3,945 | 2,722 | ||||
Deferred income taxes | (1,984) | (15,185) | ||||
Amortization of debt financing fees and debt discount | 3,349 | 2,454 | ||||
Loss (gain) on disposal of property, plant and equipment | 258 | (363) | ||||
Realized and unrealized loss (gain) on nuclear decommissioning trust fund investments | 2,981 | (34,613) | ||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | 18,760 | 4,455 | ||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 8,691 | 20,594 | ||||
Prepaid expenses and other current assets | (1,955) | (307) | ||||
Accounts payable | (22,605) | (33,559) | ||||
Accrued expenses and other current liabilities | 25,133 | (30,835) | ||||
Unearned revenue | (69,801) | (32,253) | ||||
Facility and equipment decontamination and decommissioning liabilities | (88,556) | (68,360) | ||||
Restricted cash and decontamination and decommissioning deposits | 1,062 | (671) | ||||
Nuclear decommissioning trust fund | 82,245 | 99,308 | ||||
Deferred costs | 64,950 | 49,114 | ||||
Other noncurrent assets | (38,910) | (34,633) | ||||
Other noncurrent liabilities | 40,084 | 27,662 | ||||
Net cash used in operating activities | (2,834) | (1,996) | ||||
Cash flows from investing activities | ||||||
Purchase of nuclear decommissioning trust fund investments | (430,211) | (457,279) | ||||
Proceeds from sales of nuclear decommissioning trust fund investments | 432,762 | 459,488 | ||||
Purchases of property, plant and equipment | (6,425) | (11,116) | ||||
Proceeds from disposition of property, plant and equipment | 0 | 5,195 | ||||
Net cash used in investing activities | (3,874) | (3,712) | ||||
Cash flows from financing activities | ||||||
Repayments of long-term debt | (16,592) | 0 | ||||
Distributions to noncontrolling interests partners | 0 | (157) | ||||
Minimum tax withholding on restricted stock awards | (432) | (91) | ||||
Repurchase of common stock | (7,342) | 0 | ||||
Repayments of capital lease obligations | (362) | (313) | ||||
Debt financing fees | (3,160) | 0 | ||||
Net cash used in financing activities | (27,888) | (561) | ||||
Effect of exchange rate on cash | (2,066) | 334 | ||||
Net decrease in cash and cash equivalents | (36,662) | (5,935) | ||||
Cash and cash equivalents, beginning of period | 134,191 | 77,213 | ||||
Cash and cash equivalents, end of period | $ 97,529 | $ 71,278 | ||||
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Business Combinations
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6 Months Ended | ||||||||||||
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Jun. 30, 2013
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Business Combinations [Abstract] | |||||||||||||
Business Combinations | Business Combinations On January 7, 2013, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Rockwell Holdco, Inc., a Delaware corporation (the "Parent" or "Rockwell") and Rockwell Acquisition Corp., a Delaware corporation and wholly owned subsidiary of Parent ("Merger Sub") established as an acquisition vehicle for the purpose of acquiring the Company. The Merger Agreement was later amended on April 5, 2013. Pursuant to the terms of the Merger Agreement, as amended, on May 24, 2013, (the "Merger Date"), Merger Sub merged with and into the Company, with the Company surviving as a wholly-owned subsidiary of Parent (the "Merger"). Parent is 100% owned by Energy Capital Partners II, LP and its parallel funds ("Energy Capital" or "ECP") a leading private equity firm focused on investing in North America’s energy infrastructure. On the Merger Date, each issued and outstanding share of common stock of the Company (other than shares of Company common stock held in the treasury of the Company or owned by Parent, affiliates of Parent, Merger Sub, a subsidiary of the Company or by stockholders who had validly exercised and perfected their appraisal rights under Delaware law), was converted into the right to receive $4.15 in cash, without interest and subject to any required withholding of taxes. The Company's common stock ceased to be traded on the New York Stock Exchange after close of market on May 24, 2013. The Company continues its operations as a privately-held company. The Company has filed with the Securities and Exchange Commission (the "SEC"), or has had filed on its behalf, a Form 15 and Form 25 to deregister the Company's common stock under Sections 12(b) and (g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), respectively, which deregistration will become effective 90 days after the filing of the applicable form. Further, the Company's reporting obligations under Section 15(d) of the Exchange Act on account of its common stock will be suspended effective January 1, 2014, at which time the Company will no longer file periodic reports with the SEC on account of its common stock, but the Company will continue to have public reporting obligations with the SEC with respect to its 10.75% Senior Notes due 2018, as required by the indenture governing such Senior Notes. Prior to the Merger, under our certificate of incorporation there were 1,000,000,000 shares of common stock authorized and 100,000,000 shares of preferred stock authorized. In connection with the completion of the Merger, all shares of common stock outstanding at the time of the Merger were canceled and our certificate of incorporation was amended and restated to authorize only 100 shares of common stock, all of which are currently outstanding and owned by Parent. There are no shares of preferred stock authorized under our new amended and restated certificate of incorporation. We refer to the May 24, 2013 acquisition of EnergySolutions by Rockwell as the "Merger Transaction". The following events describe the transactions that occurred in connection with the Merger Transaction:
The Merger Transaction was accounted for as a recapitalization, and accordingly, the Company will continue to apply its historical basis of accounting in its stand-alone financial statements after the Merger. This is based on our determination under Financial Accounting Standards Board ("FASB") accounting standards codification Topic 805 - Business Combinations, and SEC Staff Accounting Bulletin (SAB) No. 54, codified as Topic 5J, Push Down Basis of Accounting Required In Certain Limited Circumstances, that while the push down of Parent's basis in EnergySolutions is permissible, it was not required due to the existence of significant outstanding public debt securities at EnergySolutions. |
Trust Fund Investments
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Jun. 30, 2013
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust Fund Investments | Trust Fund Investments The Nuclear Decommissioning Trust ("NDT") fund was established solely to satisfy obligations related to the D&D of the Zion Station. The NDT fund holds investments in marketable debt and equity securities directly and indirectly through commingled funds. Investments in the NDT fund are carried at fair value and are classified as trading securities. We consolidate the NDT fund as a variable interest entity ("VIE"). We have a contractual interest in the NDT fund and this interest is a variable interest due to its exposure to the fluctuations caused by market risk. We are able to control the NDT fund by appointing the trustee and, subject to certain restrictions, we are able to direct the investment policies of the fund. We are the primary beneficiary of the NDT fund as we benefit from positive market returns and bear the risk of market losses. NDT fund investments consisted of the following (in thousands):
Investments held by the NDT fund, net, totaled $510.7 million and $598.5 million as of June 30, 2013 and December 31, 2012, respectively, and are included in current and other long-term assets in the accompanying condensed consolidated balance sheets, depending on the expected timing of usage of funds. We have withdrawn from the NDT fund approximately $82.2 million and $158.3 million, for the six month period ended June 30, 2013 and for the year ended December 31, 2012, respectively, to pay for Zion Station D&D project expenses, estimated trust income taxes and trust management fees. For the six month periods ended June 30, 2013 and 2012, we recorded $25.9 million of unrealized losses and $6.9 million of unrealized gains, respectively, resulting from adjustments to the fair value of the NDT investments. For the three month periods ended June 30, 2013 and 2012, we recorded $19.9 million of unrealized losses and $0.9 million of unrealized gains, respectively, resulting from adjustments to the fair value of the NDT fund investments. For the realized gains related to sales of investments, dividends and interest payments received from investments held by the NDT fund were $22.9 million and $27.7 million, for the six months ended June 30, 2013 and 2012, respectively and $11.6 million and $14.2 million for the three month periods ended June 30, 2013 and 2012, respectively. Both, unrealized and realized gains and losses on the NDT fund investments are included in other income (expense), net, in the condensed consolidated statements of operations and comprehensive income (loss). |
Basis of Presentation
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6 Months Ended |
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Jun. 30, 2013
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Basis of Presentation | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2012 (the "2012 Annual Report"). In the opinion of management, all material adjustments which are of a normal and recurring nature necessary for a fair presentation of the results for the periods presented have been reflected. Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Although these estimates are based on our best knowledge of current events and actions that we may undertake in the future, actual results may be different from these estimates. The results of operations for the three and six months ended June 30, 2013 are not necessarily indicative of the results to be expected for any future period or the full fiscal year. We have majority voting rights for one of our minority-owned joint ventures. Accordingly, we have consolidated its operations in our consolidated financial statements and therefore, we recorded the noncontrolling interests, which reflect the portion of the earnings of operations which are applicable to other noncontrolling partners. Assets from our consolidated joint venture can only be used to settle its own obligations. Additionally, our assets cannot be used to settle the joint ventures’ obligations because this minority owned joint venture does not have recourse to our general credit. |
Fair Value Measurements (Details 3) (Direct lending securities, NDT fund, USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended |
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Jun. 30, 2013
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Dec. 31, 2012
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Direct lending securities | NDT fund
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Rollforward for Level 3 assets and liabilities measured at fair value on a recurring basis | ||
Beginning balance | $ 102,443 | $ 61,998 |
Purchases and issuances | 26,033 | 82,285 |
Sales, dispositions and settlements | (18,338) | (39,706) |
Realized gains and losses | 104 | (2,940) |
Change in unrealized gains and losses | 3,269 | 806 |
Ending balance | $ 113,511 | $ 102,443 |
Other Intangible Assets (Tables)
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Jun. 30, 2013
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other intangible assets | Other intangible assets consisted of the following (in thousands):
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Pension Plans (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of net periodic postretirement benefit costs | Net periodic benefit costs related to the Magnox pension plan consisted of the following (in thousands):
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Basis of Presentation (Details)
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6 Months Ended |
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Jun. 30, 2013
venture
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Basis of Presentation | |
Number of minority-owned joint ventures consolidated | 1 |