ý | 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 |
for the transition period from to |
Delaware | 27-2496053 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Suite 300 Park Center I | 44131 |
6100 Oak Tree Boulevard | (Zip code) |
Independence, OH | |
(Address of principal executive offices) |
Large Accelerated Filer o | Accelerated Filer o |
Non-Accelerated Filer o | Smaller Reporting Company x |
PART I. FINANCIAL INFORMATION: | |
Item 1. Financial Statements | |
Predecessor | Successor | ||||||
As of December 31, 2014 | As of September 30, 2015 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 17,550 | $ | 13,461 | |||
Accounts and notes receivable, net of allowance for doubtful accounts of $7,471 as of December 31, 2014 and $6,422 as of September 30, 2015 | 162,919 | 111,024 | |||||
Inventories | 382,903 | 322,268 | |||||
Prepaid expenses and other current assets | 81,623 | 66,562 | |||||
Total current assets | 644,995 | 513,315 | |||||
Property, plant and equipment | 1,500,821 | 657,247 | |||||
Less: accumulated depreciation | 846,781 | 6,899 | |||||
Net property, plant and equipment | 654,040 | 650,348 | |||||
Deferred income taxes | 16,819 | 13,846 | |||||
Goodwill | 420,129 | 170,021 | |||||
Other assets | 97,822 | 162,474 | |||||
Total assets | $ | 1,833,805 | $ | 1,510,004 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 86,409 | $ | 61,987 | |||
Short-term debt | 188,104 | 9,600 | |||||
Accrued income and other taxes | 24,506 | 17,750 | |||||
Rationalizations | 9,563 | 5,263 | |||||
Other accrued liabilities | 43,319 | 37,072 | |||||
Total current liabilities | 351,901 | 131,672 | |||||
Long-term debt | 341,615 | 368,589 | |||||
Other long-term obligations | 107,566 | 89,643 | |||||
Deferred income taxes | 28,197 | 79,269 | |||||
Contingencies – Note 12 | |||||||
Stockholders’ equity: | |||||||
Preferred stock, par value $.01, 10,000,000 shares authorized, none issued | — | — | |||||
Common stock, par value $.01, 225,000,000 shares authorized, 152,821,011 shares issued as of December 31, 2014 and 1,000 shares authorized and 1,000 issued as of September 30, 2015 | 1,528 | — | |||||
Additional paid-in capital | 1,825,880 | 854,337 | |||||
Accumulated other comprehensive loss | (336,524 | ) | (6,203 | ) | |||
Accumulated deficit | (245,751 | ) | (7,303 | ) | |||
Less: cost of common stock held in treasury, 15,922,729 shares as of December 31, 2014 and 0 shares as of September 30, 2015 | (239,811 | ) | — | ||||
Less: common stock held in employee benefit and compensation trusts, 80,967 shares as of December 31, 2014 and 0 shares as of September 30, 2015 | (796 | ) | — | ||||
Total stockholders’ equity | 1,004,526 | 840,831 | |||||
Total liabilities and stockholders’ equity | $ | 1,833,805 | $ | 1,510,004 |
Predecessor | Successor | |||||||||||
For the Three Months Ended September 30, 2014 | For the Period July 1, 2015 Through August 14, 2015 | For the Period August 15, 2015 Through September 30, 2015 | ||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
Net sales | $ | 260,458 | $ | 65,598 | $ | 94,591 | ||||||
Cost of sales | 242,814 | 64,187 | 85,600 | |||||||||
Gross profit | 17,644 | 1,411 | 8,991 | |||||||||
Research and development | 2,871 | 1,211 | 660 | |||||||||
Selling and administrative expenses | 26,980 | 29,604 | 9,806 | |||||||||
Rationalizations | 10,844 | 244 | 637 | |||||||||
Operating loss | (23,051 | ) | (29,648 | ) | (2,112 | ) | ||||||
Other expense (income), net | 1,149 | 243 | 678 | |||||||||
Interest expense | 9,069 | 9,002 | 3,701 | |||||||||
Interest income | (144 | ) | (22 | ) | (21 | ) | ||||||
Loss before provision for income taxes | (33,125 | ) | (38,871 | ) | (6,470 | ) | ||||||
Provision for income taxes | 1,818 | 3,353 | 833 | |||||||||
Net loss | $ | (34,943 | ) | $ | (42,224 | ) | $ | (7,303 | ) | |||
Basic loss per common share: | ||||||||||||
Net loss per share | $ | (0.26 | ) | $ | (0.31 | ) | N/A | |||||
Weighted average common shares outstanding | 136,375 | 137,433 | N/A | |||||||||
Diluted loss per common share: | ||||||||||||
Net loss per share | $ | (0.26 | ) | $ | (0.31 | ) | N/A | |||||
Weighted average common shares outstanding | 136,375 | 137,433 | N/A | |||||||||
STATEMENTS OF COMPREHENSIVE LOSS | ||||||||||||
Net loss | $ | (34,943 | ) | $ | (42,224 | ) | $ | (7,303 | ) | |||
Other comprehensive loss: | ||||||||||||
Foreign currency translation adjustments | (22,579 | ) | (5,840 | ) | (5,966 | ) | ||||||
Commodities and foreign currency derivatives and other, net of tax of ($39), $10, $13, respectively | (668 | ) | 375 | (237 | ) | |||||||
Other comprehensive loss, net of tax: | (23,247 | ) | (5,465 | ) | (6,203 | ) | ||||||
Comprehensive loss | $ | (58,190 | ) | $ | (47,689 | ) | $ | (13,506 | ) |
Predecessor | Successor | ||||||||||
For the Nine Months Ended September 30, 2014 | For the Period January 1, 2015 Through August 14, 2015 | For the Period August 15, 2015 Through September 30, 2015 | |||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
Net sales | $ | 825,433 | $ | 437,931 | $ | 94,591 | |||||
Cost of sales | 764,142 | 399,817 | 85,600 | ||||||||
Gross profit | 61,291 | 38,114 | 8,991 | ||||||||
Research and development | 8,544 | 5,556 | 660 | ||||||||
Selling and administrative expenses | 89,024 | 81,147 | 9,806 | ||||||||
Rationalizations | 11,761 | 4,507 | 637 | ||||||||
Impairments | 121,570 | 35,381 | — | ||||||||
Operating loss | (169,608 | ) | (88,477 | ) | (2,112 | ) | |||||
Other expense (income), net | 1,902 | 1,335 | 678 | ||||||||
Interest expense | 27,223 | 27,118 | 3,701 | ||||||||
Interest income | (257 | ) | (367 | ) | (21 | ) | |||||
Loss before provision for income taxes | (198,476 | ) | (116,563 | ) | (6,470 | ) | |||||
Provision for income taxes | 3,417 | 4,086 | 833 | ||||||||
Net loss | $ | (201,893 | ) | $ | (120,649 | ) | $ | (7,303 | ) | ||
Basic loss per common share: | |||||||||||
Net loss per share | $ | (1.48 | ) | $ | (0.88 | ) | N/A | ||||
Weighted average common shares outstanding | 136,007 | 137,152 | N/A | ||||||||
Diluted loss per common share: | |||||||||||
Net loss per share | $ | (1.48 | ) | $ | (0.88 | ) | N/A | ||||
Weighted average common shares outstanding | 136,007 | 137,152 | N/A | ||||||||
STATEMENTS OF COMPREHENSIVE LOSS | |||||||||||
Net loss | $ | (201,893 | ) | $ | (120,649 | ) | $ | (7,303 | ) | ||
Other comprehensive loss: | |||||||||||
Foreign currency translation adjustments | (20,432 | ) | (27,936 | ) | (5,966 | ) | |||||
Commodities and foreign currency derivatives and other, net of tax of ($92), ($68) and $13 respectively | (504 | ) | 1,262 | (237 | ) | ||||||
Other comprehensive loss, net of tax: | (20,936 | ) | (26,674 | ) | (6,203 | ) | |||||
Comprehensive loss | $ | (222,829 | ) | $ | (147,323 | ) | $ | (13,506 | ) |
Predecessor | Successor | ||||||||||
For the Nine Months Ended September 30, 2014 | For the Period January 1, 2015 Through August 14, 2015 | For the Period August 15, 2015 Through September 30, 2015 | |||||||||
Cash flow from operating activities: | |||||||||||
Net loss | $ | (201,893 | ) | $ | (120,649 | ) | $ | (7,303 | ) | ||
Adjustments to reconcile net loss to cash provided by operations: | |||||||||||
Depreciation and amortization | 93,123 | 45,461 | 10,604 | ||||||||
Impairments | 121,570 | 35,381 | — | ||||||||
Inventory write-downs | 18,800 | — | |||||||||
Deferred income tax provision | (4,943 | ) | 924 | 863 | |||||||
Post-retirement and pension plan changes | 4,097 | 2,998 | 486 | ||||||||
Stock-based compensation | 4,009 | 15,357 | — | ||||||||
Interest expense | 11,105 | 14,180 | 786 | ||||||||
Other charges, net | 4,047 | 102 | (492 | ) | |||||||
Increase (decrease) in working capital* | 48,577 | 45,594 | (47 | ) | |||||||
Increase in long-term assets and liabilities | (15,603 | ) | (11,025 | ) | (985 | ) | |||||
Net cash provided by operating activities | 82,889 | 28,323 | 3,912 | ||||||||
Cash flow from investing activities: | |||||||||||
Capital expenditures | (69,314 | ) | (32,301 | ) | (5,239 | ) | |||||
Proceeds from the sale of assets | 4,079 | 646 | 542 | ||||||||
Proceeds from derivative instruments | (573 | ) | (8,263 | ) | 84 | ||||||
Insurance recoveries | 2,834 | — | — | ||||||||
Net cash used in investing activities | (62,974 | ) | (39,918 | ) | (4,613 | ) | |||||
Cash flow from financing activities: | |||||||||||
Short-term debt, net | (17 | ) | 18,511 | (10,180 | ) | ||||||
Revolving Facility borrowings | 229,000 | 160,000 | 22,000 | ||||||||
Revolving Facility reductions | (240,000 | ) | (99,000 | ) | (21,000 | ) | |||||
Repayment of Senior Subordinated Notes | — | (200,000 | ) | — | |||||||
Issuance of Preferred Shares | — | 150,000 | — | ||||||||
Principal payments on long-term debt | (158 | ) | (89 | ) | (12 | ) | |||||
Supply chain financing | (9,455 | ) | — | — | |||||||
Proceeds from exercise of stock options | 2,813 | 32 | — | ||||||||
Purchase of treasury shares | (620 | ) | (63 | ) | |||||||
Revolving Facility refinancing fees | (2,741 | ) | (5,068 | ) | — | ||||||
Other | 1,011 | (3,499 | ) | (1,385 | ) | ||||||
Net cash (used in) provided by financing activities | (20,167 | ) | 20,824 | (10,577 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | (252 | ) | 9,229 | (11,278 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (758 | ) | (1,746 | ) | (294 | ) | |||||
Cash and cash equivalents at beginning of period | 11,888 | 17,550 | 25,033 | ||||||||
Cash and cash equivalents at end of period | $ | 10,878 | $ | 25,033 | $ | 13,461 | |||||
* Net change in working capital due to the following components: | |||||||||||
Accounts and notes receivable, net | $ | 29,693 | $ | 61,008 | $ | (16,927 | ) | ||||
Inventories | 46,424 | 1,164 | 18,436 | ||||||||
Prepaid expenses and other current assets | (15,560 | ) | 2,551 | 3,375 | |||||||
Decrease in accounts payable and accruals | (11,072 | ) | (18,728 | ) | (5,822 | ) | |||||
Rationalizations | (5,671 | ) | (2,677 | ) | (1,642 | ) | |||||
Increase in interest payable | 4,763 | 2,276 | 2,533 | ||||||||
Change in working capital | $ | 48,577 | $ | 45,594 | $ | (47 | ) |
(1) | Organization and Summary of Significant Accounting Policies |
(2) | Preferred Share Issuance and Merger |
Purchase Consideration | |||||||||||
(In thousands except share price) | |||||||||||
# Shares | Unit Price | Amount | |||||||||
Convertible Preferred Equity | |||||||||||
Series A and B | 150 | $ | 1,000.00 | $ | 150,000 | ||||||
Common Equity | |||||||||||
Common Shares | 139,397 | $ | 5.05 | $ | 703,955 | ||||||
Net value of options | $ | 382 | |||||||||
Total | $ | 854,337 |
Net identifiable assets acquired | ||||
Cash | $ | 25,032 | ||
Accounts receivable | 94,298 | |||
Inventories | 346,590 | |||
Property, plant and equipment | 652,371 | |||
Intangible assets | 158,500 | |||
Deferred tax assets | 35,638 | |||
Prepaid and other current assets | 49,716 | |||
Other non-current assets | 8,428 | |||
Accounts payable | (68,005 | ) | ||
Short-term debt | (18,779 | ) | ||
Other accrued liabilities | (52,421 | ) | ||
Long-term debt | (367,811 | ) | ||
Other long-term liabilities | (93,837 | ) | ||
Deferred tax liabilities | (85,801 | ) | ||
Net identifiable assets acquired | $ | 683,919 | ||
Goodwill | $ | 170,418 | ||
Net assets acquired | $ | 854,337 |
(3) | Rationalizations and Impairments |
All Plans | For the Three Months Ended September 30, 2014 (Predecessor) | ||||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Recorded in Cost of Sales | |||||||||||||||||
Accelerated depreciation | $ | 838 | $ | 2,807 | $ | — | $ | 3,645 | |||||||||
Inventory loss | 324 | 2,606 | — | 2,930 | |||||||||||||
Fixed asset write-offs and other | 1,294 | 180 | — | 1,474 | |||||||||||||
Recorded in Research and Development | |||||||||||||||||
Accelerated Depreciation | — | — | 89 | 89 | |||||||||||||
Recorded in Selling and General Administrative | |||||||||||||||||
Other | 20 | — | — | 20 | |||||||||||||
Recorded in Rationalizations | |||||||||||||||||
Severance and related costs | 4,643 | 3,102 | 2,870 | 10,615 | |||||||||||||
Contract terminations | 82 | 146 | — | 228 | |||||||||||||
Total | $ | 7,201 | $ | 8,841 | $ | 2,959 | $ | 19,001 |
All Plans | For the Period July 1, 2015 Through August 14, 2015 (Predecessor) | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Recorded in Cost of Sales | ||||||||||||||||
Accelerated depreciation | $ | — | $ | — | $ | — | $ | — | ||||||||
Inventory loss | 27 | 28 | — | 55 | ||||||||||||
Fixed asset write-offs and other | 59 | 105 | — | 164 | ||||||||||||
Recorded in Research and Development | ||||||||||||||||
Accelerated Depreciation | — | 461 | 164 | 625 | ||||||||||||
Recorded in Selling and General Administrative | ||||||||||||||||
Other | — | — | — | — | ||||||||||||
Recorded in Rationalizations | ||||||||||||||||
Severance and related costs | — | 282 | (39 | ) | 243 | |||||||||||
Contract terminations | — | — | — | — | ||||||||||||
Total | $ | 86 | $ | 876 | $ | 125 | $ | 1,087 |
All Plans | For the Period August 15, 2015 Through September 30, 2015 (Successor) | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Recorded in Cost of Sales | ||||||||||||||||
Accelerated depreciation | $ | — | $ | — | $ | — | $ | — | ||||||||
Inventory loss | 15 | 132 | — | 147 | ||||||||||||
Fixed asset write-offs and other | 15 | 351 | — | 366 | ||||||||||||
Recorded in Research and Development | ||||||||||||||||
Accelerated Depreciation | — | — | — | — | ||||||||||||
Recorded in Selling and General Administrative | ||||||||||||||||
Other | — | 201 | 10 | 211 | ||||||||||||
Recorded in Rationalizations | ||||||||||||||||
Severance and related costs | 156 | 480 | — | 636 | ||||||||||||
Contract terminations | — | — | — | — | ||||||||||||
Total | $ | 186 | $ | 1,164 | $ | 10 | $ | 1,360 |
All Plans | For the Nine Months Ended September 30, 2014 (Predecessor) | ||||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Recorded in Cost of Sales | |||||||||||||||||
Accelerated depreciation | $ | 21,690 | $ | 3,633 | $ | — | $ | 25,323 | |||||||||
Inventory loss | 991 | 13,654 | — | 14,645 | |||||||||||||
Fixed asset write-offs and other | 5,203 | 310 | — | 5,513 | |||||||||||||
Recorded in Research and Development | |||||||||||||||||
Accelerated Depreciation | — | — | 89 | 89 | |||||||||||||
Recorded in Selling and General Administrative | |||||||||||||||||
Other | 98 | — | — | 98 | |||||||||||||
Recorded in Rationalizations | |||||||||||||||||
Severance and related costs | 5,061 | 3,074 | 2,870 | 11,005 | |||||||||||||
Contract terminations | 610 | 146 | — | 756 | |||||||||||||
Total | $ | 33,653 | $ | 20,817 | $ | 2,959 | $ | 57,429 |
All Plans | For the Period January 1 Through August 14, 2015 (Predecessor) | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Recorded in Cost of Sales | ||||||||||||||||
Accelerated depreciation | $ | 432 | $ | — | $ | — | $ | 432 | ||||||||
Inventory loss | (33 | ) | 975 | — | 942 | |||||||||||
Fixed asset write-offs and other | 1,715 | 1,078 | — | 2,793 | ||||||||||||
Recorded in Research and Development | ||||||||||||||||
Accelerated Depreciation | — | — | 940 | 940 | ||||||||||||
Recorded in Selling and General Administrative | ||||||||||||||||
Other | 400 | 755 | 954 | 2,109 | ||||||||||||
Recorded in Rationalizations | ||||||||||||||||
Severance and related costs | 157 | 4,288 | (168 | ) | 4,277 | |||||||||||
Contract terminations | 25 | 204 | — | 229 | ||||||||||||
Total | $ | 2,696 | $ | 7,300 | $ | 1,726 | $ | 11,722 |
All Plans | For the Period August 15 Through September 30, 2015 (Successor) | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Recorded in Cost of Sales | ||||||||||||||||
Accelerated depreciation | $ | — | $ | — | $ | — | $ | — | ||||||||
Inventory loss | 15 | 132 | — | 147 | ||||||||||||
Fixed asset write-offs and other | 15 | 351 | — | 366 | ||||||||||||
Recorded in Research and Development | ||||||||||||||||
Accelerated depreciation | — | — | — | — | ||||||||||||
Recorded in Selling and General Administrative | ||||||||||||||||
Other | — | 201 | 10 | 211 | ||||||||||||
Recorded in Rationalizations | ||||||||||||||||
Severance and related costs | 156 | 480 | — | 636 | ||||||||||||
Contract terminations | — | — | — | — | ||||||||||||
Total | $ | 186 | $ | 1,164 | $ | 10 | $ | 1,360 |
2013 Plans | For the Three Months Ended September 30, 2014 (Predecessor) | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Recorded in Cost of Sales | ||||||||||||||||
Accelerated depreciation | $ | 838 | $ | — | $ | — | $ | 838 | ||||||||
Inventory loss | 324 | — | — | 324 | ||||||||||||
Fixed asset write-offs and other | 1,294 | 6 | — | 1,300 | ||||||||||||
Recorded in Selling and General Administrative | ||||||||||||||||
Other | 20 | — | — | 20 | ||||||||||||
Recorded in Rationalizations | ||||||||||||||||
Severance and related costs | (52 | ) | — | — | (52 | ) | ||||||||||
Contract terminations | 82 | — | — | 82 | ||||||||||||
Total | $ | 2,506 | $ | 6 | $ | — | $ | 2,512 |
2013 Plans | For the Period July 1, 2015 Through August 14, 2015 (Predecessor) | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Recorded in Cost of Sales | ||||||||||||||||
Accelerated depreciation | $ | — | $ | — | $ | — | $ | — | ||||||||
Inventory loss | 27 | — | — | 27 | ||||||||||||
Fixed asset write-offs and other | 59 | 12 | — | 71 | ||||||||||||
Recorded in Selling and General Administrative | ||||||||||||||||
Other | — | — | — | — | ||||||||||||
Recorded in Rationalizations | ||||||||||||||||
Severance and related costs | — | 10 | — | 10 | ||||||||||||
Contract terminations | — | — | — | — | ||||||||||||
Total | $ | 86 | $ | 22 | $ | — | $ | 108 |
2013 Plans | For the Period August 15 Through September 30, 2015 (Successor) | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Recorded in Cost of Sales | ||||||||||||||||
Accelerated depreciation | $ | — | $ | — | $ | — | $ | — | ||||||||
Inventory loss | 15 | — | — | 15 | ||||||||||||
Fixed asset write-offs and other | 15 | — | — | 15 | ||||||||||||
Recorded in Selling and General Administrative | ||||||||||||||||
Other | — | — | — | — | ||||||||||||
Recorded in Rationalizations | ||||||||||||||||
Severance and related costs | 156 | — | — | 156 | ||||||||||||
Contract terminations | — | — | — | — | ||||||||||||
Total | $ | 186 | $ | — | $ | — | $ | 186 |
2013 Plans | For the Nine Months Ended September 30, 2014 (Predecessor) | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Recorded in Cost of Sales | ||||||||||||||||
Accelerated depreciation | $ | 21,690 | $ | 826 | $ | — | $ | 22,516 | ||||||||
Inventory loss | 991 | 491 | — | 1,482 | ||||||||||||
Fixed asset write-offs and other | 5,203 | 131 | — | 5,334 | ||||||||||||
Recorded in Selling and General Administrative | ||||||||||||||||
Other | 99 | — | — | 99 | ||||||||||||
Recorded in Rationalizations | ||||||||||||||||
Severance and related costs | 366 | (28 | ) | — | 338 | |||||||||||
Contract terminations | 609 | — | — | 609 | ||||||||||||
Total | $ | 28,958 | $ | 1,420 | $ | — | $ | 30,378 |
2013 Plans | For the Period January 1, 2015 Through August 14, 2015 (Predecessor) | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Recorded in Cost of Sales | ||||||||||||||||
Accelerated depreciation | $ | 432 | $ | — | $ | — | $ | 432 | ||||||||
Inventory loss | (33 | ) | — | — | (33 | ) | ||||||||||
Fixed asset write-offs and other | 1,715 | 270 | — | 1,985 | ||||||||||||
Recorded in Selling and General Administrative | ||||||||||||||||
Other | — | — | — | — | ||||||||||||
Recorded in Rationalizations | ||||||||||||||||
Severance and related costs | 97 | 156 | — | 253 | ||||||||||||
Contract terminations | 25 | — | — | 25 | ||||||||||||
Total | $ | 2,236 | $ | 426 | $ | — | $ | 2,662 |
2013 Plans | For the Period August 15, 2015 Through September 30, 2015 (Successor) | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Recorded in Cost of Sales | ||||||||||||||||
Accelerated depreciation | $ | — | $ | — | $ | — | $ | — | ||||||||
Inventory loss | 15 | — | — | 15 | ||||||||||||
Fixed asset write-offs and other | 15 | — | — | 15 | ||||||||||||
Recorded in Selling and General Administrative | ||||||||||||||||
Other | — | — | — | — | ||||||||||||
Recorded in Rationalizations | ||||||||||||||||
Severance and related costs | 156 | — | — | 156 | ||||||||||||
Contract terminations | — | — | — | — | ||||||||||||
Total | $ | 186 | $ | — | $ | — | $ | 186 |
2013 Plans | |||
(Dollars in thousands) | |||
Balance as of December 31, 2013 | $ | 18,421 | |
Charges incurred | 613 | ||
Change in estimates | 153 | ||
Payments and settlements | (16,494 | ) | |
Effect of change in currency exchange rates | (1,658 | ) | |
Balance as of December 31, 2014 | 1,035 | ||
Charges incurred | 193 | ||
Change in estimates | 214 | ||
Payments and settlements | (1,057 | ) | |
Effect of change in currency exchange rates | (212 | ) | |
Balance as of September 30, 2015 | $ | 173 |
Predecessor | Successor | ||||||||||||
2014 Engineered Solutions Rationalization | For the Three Months Ended September 30, 2014 | For the Period July 1, 2015 Through August 14, 2015 | For the Period August 15, 2015 Through September 30, 2015 | ||||||||||
Engineered Solutions Segment | |||||||||||||
(Dollars in thousands) | |||||||||||||
Recorded in Cost of Sales | |||||||||||||
Accelerated depreciation | $ | 2,802 | $ | — | $ | — | |||||||
Inventory loss | 2,606 | 28 | 132 | ||||||||||
Fixed asset write-offs and other | 174 | 15 | (267 | ) | |||||||||
Recorded in Rationalizations | — | ||||||||||||
Severance and related costs | 2,537 | 36 | — | ||||||||||
Contract terminations | 74 | — | — | ||||||||||
Total | $ | 8,193 | $ | 79 | $ | (135 | ) |
Predecessor | Successor | |||||||||||
2014 Engineered Solutions Rationalization | For the Nine Months Ended September 30, 2014 | For the Period January 1, 2015 Through August 14, 2015 | For the Period August 15, 2015 Through September 30, 2015 | |||||||||
Engineered Solutions Segment | ||||||||||||
(Dollars in thousands) | ||||||||||||
Recorded in Cost of Sales | ||||||||||||
Accelerated depreciation | $ | 2,802 | $ | — | $ | — | ||||||
Inventory loss | 13,168 | 571 | 132 | |||||||||
Fixed asset write-offs and other | 174 | 372 | (267 | ) | ||||||||
Recorded in Rationalizations | ||||||||||||
Severance and related costs | 2,537 | (713 | ) | — | ||||||||
Contract terminations | 74 | 50 | — | |||||||||
Total | $ | 18,755 | $ | 280 | $ | (135 | ) |
2014 Engineered Solutions Plan | |||
(Dollars in thousands) | |||
Balance as of December 31, 2013 | $ | — | |
Charges incurred | 2,611 | ||
Change in estimates | (40 | ) | |
Payments and settlements | (916 | ) | |
Balance as of December 31, 2014 | 1,655 | ||
Charges incurred | 50 | ||
Change in estimates | (716 | ) | |
Payments and settlements | (979 | ) | |
Balance as of September 30, 2015 | $ | 10 |
2014 Corporate, Research and Development Plan | For the Three Months Ended September 30, 2014 (Predecessor) | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Recorded in Cost of Sales | ||||||||||||||||
Accelerated depreciation | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||
Fixed asset write-offs and other | — | — | — | — | ||||||||||||
Recorded in Research and Development | ||||||||||||||||
Accelerated depreciation | — | — | 89 | 89 | ||||||||||||
Recorded in Selling and General Administrative | ||||||||||||||||
Other | — | — | — | — | ||||||||||||
Recorded in Rationalizations | ||||||||||||||||
Severance and related costs | 4,695 | 565 | 2,870 | 8,130 | ||||||||||||
Contract terminations | — | 74 | — | 74 | ||||||||||||
Total | $ | 4,695 | $ | 644 | $ | 2,959 | $ | 8,298 |
2014 Corporate, Research and Development Plan | For the Period July 1, 2015 Through August 14, 2015 (Predecessor) | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Recorded in Cost of Sales | ||||||||||||||||
Accelerated depreciation | $ | — | $ | — | $ | — | $ | — | ||||||||
Fixed asset write-offs and other | — | — | — | — | ||||||||||||
Recorded in Research and Development | ||||||||||||||||
Accelerated depreciation | — | — | — | — | ||||||||||||
Recorded in Selling and General Administrative | ||||||||||||||||
Other | — | — | 164 | 164 | ||||||||||||
Recorded in Rationalizations | ||||||||||||||||
Severance and related costs | — | — | (39 | ) | (39 | ) | ||||||||||
Contract terminations | — | — | — | — | ||||||||||||
Total | $ | — | $ | — | $ | 125 | $ | 125 |
2014 Corporate, Research and Development Plan | For the Period August 15, 2015 Through September 30, 2015 (Successor) | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Recorded in Cost of Sales | ||||||||||||||||
Accelerated depreciation | $ | — | $ | — | $ | — | $ | — | ||||||||
Fixed asset write-offs and other | — | — | — | — | ||||||||||||
Recorded in Research and Development | ||||||||||||||||
Accelerated depreciation | — | — | — | — | ||||||||||||
Recorded in Selling and General Administrative | ||||||||||||||||
Other | — | — | 10 | 10 | ||||||||||||
Recorded in Rationalizations | ||||||||||||||||
Severance and related costs | — | — | — | — | ||||||||||||
Contract terminations | — | — | — | — | ||||||||||||
Total | $ | — | $ | — | $ | 10 | $ | 10 |
2014 Corporate, Research and Development Plan | For the Nine Months Ended September 30, 2014 (Predecessor) | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Recorded in Cost of Sales | ||||||||||||||||
Accelerated depreciation | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||
Fixed asset write-offs and other | — | — | — | — | ||||||||||||
Recorded in Research and Development | ||||||||||||||||
Accelerated depreciation | — | — | 89 | 89 | ||||||||||||
Recorded in Selling and General Administrative | ||||||||||||||||
Other | — | — | — | — | ||||||||||||
Recorded in Rationalizations | ||||||||||||||||
Severance and related costs | 4,695 | 565 | 2,870 | 8,130 | ||||||||||||
Contract terminations | — | 74 | — | 74 | ||||||||||||
Total | $ | 4,695 | $ | 644 | $ | 2,959 | $ | 8,298 |
2014 Corporate, Research and Development Plan | For the Period January 1 Through August 14, 2015 (Predecessor) | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Recorded in Cost of Sales | ||||||||||||||||
Accelerated depreciation | $ | — | $ | — | $ | — | $ | — | ||||||||
Fixed asset write-offs and other | — | 1 | — | 1 | ||||||||||||
Recorded in Research and Development | ||||||||||||||||
Accelerated depreciation | — | — | 940 | 940 | ||||||||||||
Recorded in Selling and General Administrative | ||||||||||||||||
Other | 400 | — | 954 | 1,354 | ||||||||||||
Recorded in Rationalizations | ||||||||||||||||
Severance and related costs | 60 | 8 | (168 | ) | (100 | ) | ||||||||||
Contract terminations | — | — | — | — | ||||||||||||
Total | $ | 460 | $ | 9 | $ | 1,726 | $ | 2,195 |
2014 Corporate, Research and Development Plan | For the Period August 15 Through September 30, 2015 (Successor) | |||||||||||||||
Industrial Materials Segment | Engineered Solutions Segment | Corp, R&D and Other | Total | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Recorded in Cost of Sales | ||||||||||||||||
Accelerated depreciation | $ | — | $ | — | $ | — | $ | — | ||||||||
Fixed asset write-offs and other | — | — | — | — | ||||||||||||
Recorded in Research and Development | ||||||||||||||||
Accelerated depreciation | — | — | — |