Guarantor Information (Tables)

9 Months Ended

Sep. 30, 2017



CONDENSED CONSOLIDATING BALANCE SHEETS
As of December 31, 2016
(in thousands)
							Consolidating
					Non-		Entries and
	Parent		Guarantors		Guarantors		Eliminations			Consolidated
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	636	$	10,974	$	—		$	11,610
Accounts receivable - affiliates	51,592		3,624		19,643		(74,859		)	—
Accounts receivable - trade	—		7,518		73,050		—			80,568
Inventories	—		44,563		111,548		—			156,111
Prepaid and other current assets	1,350		4,853		15,462		—			21,665
Current assets of discontinued operations	—		51,160		14,296		(4,477		)	60,979
Total current assets	52,942		112,354		244,973		(79,336		)	330,933

Investment in affiliates	844,379		601,597		—		(1,445,976		)	—
Property, plant and equipment	—		191,503		317,352		—			508,855
Deferred income taxes	—		—		19,803		—			19,803
Goodwill	—		70,399		100,718		—			171,117
Notes receivable - affiliate	—		49,003		—		(49,003		)	—
Other assets	—		70,767		70,801		—			141,568
Total Assets	$	897,321	$	1,095,623	$	753,647	$	(1,574,315	)	$	1,172,276

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable - affiliate	$	806	$	71,243	$	2,810	$	(74,859	)	$	—
Accounts payable - trade	964		8,033		38,666		—			47,663
Short-term debt	—		3,062		5,790		—			8,852
Accrued income and other taxes	—		2,095		3,161		—			5,256
Other accrued liabilities	2,444		12,205		15,945		—			30,594
Short-term liabilities of discontinued operations	—		20,381		4,138		(4,477		)	20,042
Total current liabilities	4,214		117,019		70,510		(79,336		)	112,407

Long-term debt - affiliate	41,590		—		7,413		(49,003		)	—
Long-term debt - third party	274,132		81,695		753		—			356,580
Other long-term obligations	—		50,943		31,205		—			82,148
Deferred income taxes	—		909		41,997		—			42,906
Long-term liabilities of discontinued operations	—		678		172		—			850
Stockholders' equity	577,385		844,379		601,597		(1,445,976		)	577,385
Total Liabilities and Stockholders' Equity	$	897,321	$	1,095,623	$	753,647	$	(1,574,315	)	$	1,172,276



CONDENSED CONSOLIDATING BALANCE SHEETS
As of September 30, 2017
(in thousands)
								Consolidating
					Non-			Entries and
	Parent		Guarantors		Guarantors			Eliminations				Consolidated
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	1,117	$	15,259		$	—			$	16,376
Accounts receivable - affiliates	51,592		9,022		25,510			(86,124		)		—
Accounts receivable - trade	—		9,262		70,870			—				80,132
Inventories	—		41,118		123,450							164,568
Prepaid and other current assets	555		3,641		15,782			—				19,978
Current assets of discontinued operations	—		10,083		5,447			(155		)		15,375
Total current assets	52,147		74,243		256,318			(86,279		)		296,429

Investment in affiliates	839,335		592,304		—			(1,431,639		)		—
Property, plant and equipment	—		179,635		329,829			—				509,464
Deferred income taxes	—		—		19,220			—				19,220
Goodwill	—		70,399		100,718			—				171,117
Notes receivable - affiliate			61,006		—			(61,006		)		—
Other assets	—		61,554		62,224			—				123,778
Total Assets	$	891,482	$	1,039,141	$	768,309		$	(1,578,924	)		$	1,120,008

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable - affiliate	$	825	$	77,103	$	8,196		$	(86,124	)		$	—
Accounts payable - trade	—		10,392		47,984			—				58,376
Short-term debt	—		4,334		8,948			—				13,282
Accrued income and other taxes	—		1,686		6,445			—				8,131
Other accrued liabilities	7,225		9,350		17,452			—				34,027
Liabilities of discontinued operations	—		8,805		3,307			(155		)		11,957
Total current liabilities	8,050		111,670		92,332			(86,279		)		125,773

Long-term debt - affiliate	53,593		—		7,413			(61,006		)		—
Long-term debt - third party	278,959		40,595		876			—				320,430
Other long-term obligations	—		45,882		33,094			—				78,976
Deferred income taxes	—		1,283		42,085			—				43,368
Long-term liabilities of discontinued operations	—		376		205		—	—			—	581
Stockholders' equity	550,880		839,335		592,304			(1,431,639		)		550,880
Total Liabilities and Stockholders' Equity	$	891,482	$	1,039,141	$	768,309		$	(1,578,924	)		$	1,120,008

Condensed Income Statement



CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the Three months ended September 30, 2016
(in thousands)
										Consolidating
							Non-			Entries and
	Parent			Guarantors			Guarantors			Eliminations				Consolidated

Sales - affiliates	$	—		$	16,334		$	10,078		$	(26,412	)		$	—
Sales - third party	—			21,891			89,699			—				111,590
Net sales	—			38,225			99,777			(26,412		)		111,590
Cost of sales	—			36,886			103,128			(26,412		)		113,602
Additions to lower cost or market inventory reserve	—			1,915			2,983			—				4,898
Gross loss	—			(576		)	(6,334		)	—				(6,910		)

Research and development	—			526			—			—				526
Selling and administrative expenses	—			3,906			8,309			—				12,215
Operating loss	—			(5,008		)	(14,643		)	—				(19,651		)

Other expense (income), net	—			287			(854		)	—				(567		)
Interest expense - affiliate	268			—			—			(268		)		—
Interest expense - third party	6,362			473			129			—				6,964
Interest income - affiliate	—			(268		)	—			268				—
Interest income - third party	—			—			(158		)	—				(158		)
Loss from continuing operations before provision for income taxes	(6,630		)	(5,500		)	(13,760		)	—			`	(25,890		)

Provision for income taxes	—			123			(1,912		)	—				(1,789		)
Equity in loss from continuing operations of subsidiary	(17,471		)	(11,848		)	—			29,319				—
Net loss from continuing operations	(24,101		)	(17,471		)	(11,848		)	29,319				(24,101		)

Income from discontinued operations, net of tax	—			958			176			—				1,134
Equity in income from discontinued operations	1,134			176			—			(1,310		)		—
Net income from discontinued operations	1,134			1,134			176			(1,310		)		1,134

Net loss	$	(22,967	)	$	(16,337	)	$	(11,672	)	$	28,009			$	(22,967	)


Statements of Comprehensive Income (Loss)

Net loss	$	(22,967	)	$	(16,337	)	$	(11,672	)	$	28,009			$	(22,967	)
Other comprehensive income	2,418			2,418			2,418			(4,836		)		2,418
Comprehensive loss	$	(20,549	)	$	(13,919	)	$	(9,254	)	$	23,173			$	(20,549	)



CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Three months ended September 30, 2017
(in thousands)
										Consolidating
							Non-			Entries and
	Parent			Guarantors			Guarantors			Eliminations				Consolidated

Sales - affiliates	$	—		$	23,063		$	22,665		$	(45,728	)		$	—
Sales - third party	—			32,617			104,628			—				137,245
Net sales	—			55,680			127,293			(45,728		)		137,245
Cost of sales	—			58,380			107,768			(45,728		)		120,420
Additions to lower of cost or market inventory reserve	—			—			264			—				264
Gross (loss) profit	—			(2,700		)	19,261			—				16,561

Research and development	—			1,338			—			—				1,338
Selling and administrative expenses	—			3,471			9,851			—				13,322
Operating (loss) income	—			(7,509		)	9,410			—				1,901

Other expense (income), net	1			229			(873		)	—				(643		)
Interest expense - affiliate	916			—			—			(916		)		—
Interest expense - third party	6,399			1,264			129			—				7,792
Interest income - affiliate	—			(916		)				916				—
Interest income - third party	—			—			(58		)	—				(58		)
(Loss) income from continuing operations before provision for income taxes	(7,316		)	(8,086		)	10,212			—			`	(5,190		)

(Benefit from) provision for income taxes	—			(524		)	2,487			—				1,963
Equity in income from continuing operations of subsidiary	163			7,725			—			(7,888		)		—
Net (loss) income from continuing operations	(7,153		)	163			7,725			(7,888		)		(7,153		)

Income (loss) income from discontinued operations, net of tax	—			7,637			(4,403		)	—				3,234
Equity in income (loss) from discontinued operations	3,234			(4,403		)	—			1,169				—
Net income (loss) from discontinued operations	3,234			3,234			(4,403		)	1,169				3,234

Net (loss) income	$	(3,919	)	$	3,397		$	3,322		$	(6,719	)		$	(3,919	)


Statements of Comprehensive Income (Loss)

Net (loss) income	$	(3,919	)	$	3,397		$	3,322		$	(6,719	)		$	(3,919	)
Other comprehensive income	7,546			7,546			7,546			(15,092		)		7,546
Comprehensive income	$	3,627		$	10,943		$	10,868		$	(21,811	)		$	3,627



CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the Nine Months Ended September 30, 2016
(in thousands)
										Consolidating
							Non-			Entries and
	Parent			Guarantors			Guarantors			Eliminations				Consolidated

Sales - affiliates	$	—		$	95,471		$	45,802		$	(141,273	)		$	—
Sales - third party	—			64,534			257,996			—				322,530
Net sales	—			160,005			303,798			(141,273		)		322,530
Cost of sales	—			142,299			330,271			(141,273		)		331,297
Additions to lower cost or market inventory reserve	—			5,697			13,826			—				19,523
Gross profit (loss)	—			12,009			(40,299		)	—				(28,290		)

Research and development	—			1,964			—			—				1,964
Selling and administrative expenses	—			13,695			25,735			—				39,430
Operating (loss) income	—			(3,650		)	(66,034		)	—				(69,684		)

Other expense (income), net	6			1,029			(2,563		)	—				(1,528		)
Interest expense - affiliate	702			—			—			(702		)		—
Interest expense - third party	19,059			527			274			—				19,860
Interest income - affiliate	—			(702		)	—			702				—
Interest income - third party	—			—			(169		)	—				(169		)
Income (Loss) from continuing operations before provision for income taxes	(19,767		)	(4,504		)	(63,576		)	—			`	(87,847		)

Provision for (benefit from) income taxes	—			378			(8,053		)	—				(7,675		)
Equity in loss from continuing operations of subsidiary	(60,405		)	(55,523		)	—			115,928				—
Net loss from continuing operations	(80,172		)	(60,405		)	(55,523		)	115,928				(80,172		)

Loss from discontinued operations, net of tax	—			(104,372		)	(3,196		)	—				(107,568		)
Equity in loss from discontinued operations	(107,568		)	(3,196		)	—			110,764				—
Net loss from discontinued operations	(107,568		)	(107,568		)	(3,196		)	110,764				(107,568		)

Net loss	$	(187,740	)	$	(167,973	)	$	(58,719	)	$	226,692			$	(187,740	)


Statements of Comprehensive Income (Loss)

Net loss	$	(187,740	)	$	(167,973	)	$	(58,719	)	$	226,692			$	(187,740	)
Other comprehensive income	14,119			14,119			14,119			(28,238		)		14,119
Comprehensive loss	$	(173,621	)	$	(153,854	)	$	(44,600	)	$	198,454			$	(173,621	)



CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Nine Months Ended September 30, 2017
(in thousands)
										Consolidating
							Non-			Entries and
	Parent			Guarantors			Guarantors			Eliminations				Consolidated

Sales - affiliates	$	—		$	69,860		$	47,373		$	(117,233	)		$	—
Sales - third party	—			76,980			281,318			—				358,298
Net sales	—			146,840			328,691			(117,233		)		358,298
Cost of sales	—			150,164			296,269			(117,233		)		329,200
Additions to lower of cost or market inventory reserve	—			934			839			—				1,773
Gross (loss) profit	—			(4,258		)	31,583			—				27,325

Research and development	—			3,110			—			—				3,110
Selling and administrative expenses	—			10,740			26,460			—				37,200
Operating (loss) profit	—			(18,108		)	5,123			—				(12,985		)

Other expense (income), net	7			665			2,938			—				3,610
Interest expense - affiliate	2,363			—			—			(2,363		)		—
Interest expense - third party	19,170			3,739			331			—				23,240
Interest income - affiliate	—			(2,363		)	—			2,363				—
Interest income - third party	—			—			(320		)	—				(320		)
(Loss) income from continuing operations before provision for income taxes	(21,540		)	(20,149		)	2,174			—			`	(39,515		)

(Benefit from) provision for income taxes	—			(270		)	3,519			—				3,249
Equity in loss from continuing operations of subsidiary	(21,224		)	(1,345		)	—			22,569				—
Net loss from continuing operations	(42,764		)	(21,224		)	(1,345		)	22,569				(42,764		)

Income (loss) from discontinued operations, net of tax	77			(143		)	(4,816		)	—				(4,882		)
Equity in loss from discontinued operations	(4,959		)	(4,816		)	—			9,775				—
Net loss from discontinued operations	(4,882		)	(4,959		)	(4,816		)	9,775				(4,882		)

Net loss	$	(47,646	)	$	(26,183	)	$	(6,161	)	$	32,344			$	(47,646	)


Statements of Comprehensive Income (Loss)

Net loss	$	(47,646	)	$	(26,183	)	$	(6,161	)	$	32,344			$	(47,646	)
Other comprehensive income	21,141			21,141			21,141			(42,282		)		21,141
Comprehensive (loss) income	$	(26,505	)	$	(5,042	)	$	14,980		$	(9,938	)		$	(26,505	)

Condensed Cash Flow Statement



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2016
(in thousands)
										Consolidating
							Non-			Entries and
	Parent			Guarantors			Guarantors			Eliminations			Consolidated
Net cash (used in) provided by operating activities:	$	(9,568	)	$	19,207		$	19,092		$	—		$	28,731

Cash flow from investing activities:
(Loans to) repayments from affiliates	—			(9,568		)	—			9,568			—
Capital expenditures	—			(7,453		)	(14,804		)	—			(22,257		)
Other	—			—			(1,171		)	—			(1,171		)
Proceeds from sale of fixed assets	—			458			227			—			685
Net cash (used in) provided by investing activities	—			(16,563		)	(15,748		)	9,568			(22,743		)

Cash flow from financing activities:
Loans from (Repayments to) affiliates	9,568			—			—			(9,568		)	—
Short-term debt, net	—			3			500			—			503
Revolving Facility borrowings	—			35,000			5,000			—			40,000
Revolving Facility reductions	—			(36,000		)	(5,000		)	—			(41,000		)
Principal payments on long term debt	—			(104		)	—			—			(104		)
Revolver facility refinancing	—			(922		)	—			—			(922		)
Net cash provided by (used in) financing activities	9,568			(2,023		)	500			(9,568		)	(1,523		)

Net change in cash and cash equivalents	—			621			3,844			—			4,465
Effect of exchange rate changes on cash and cash equivalents	—			—			755			—			755
Cash and cash equivalents at beginning of period	—			646			6,281			—			6,927
Cash and cash equivalents at end of period	$	—		$	1,267		$	10,880		$	—		$	12,147



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2017
(in thousands)
										Consolidating
							Non-			Entries and
	Parent			Guarantors			Guarantors			Eliminations			Consolidated
Net cash (used in) provided by operating activities:	$	(9,660	)	$	25,784		$	42,076		$	(24,619	)	$	33,581

Cash flow from investing activities:
Loans to affiliates	—			(9,660		)	—			9,660			—
Capital expenditures	—			(2,835		)	(20,193		)	—			(23,028		)
Proceeds from sale of assets	—			433			3,605			—			4,038
Proceeds from divestitures	—			26,818			—			—			26,818
Net cash provided by (used in) investing activities	—			14,756			(16,588		)	9,660			7,828

Cash flow from financing activities:
Loans from affiliates	9,660			—			—			(9,660		)	—
Dividends to affiliates	—			—			(24,619		)	24,619			—
Short-term debt, net	—			2,803			3,142			—			5,945
Revolving Facility borrowings	—			35,000			—			—			35,000
Revolving Facility reductions	—			(77,755		)	—			—			(77,755		)
Principal payments on long term debt	—			(107		)	—			—			(107		)
Net cash provided by (used in) financing activities	9,660			(40,059		)	(21,477		)	14,959			(36,917		)

Net change in cash and cash equivalents	—			481			4,011			—			4,492
Effect of exchange rate changes on cash and cash equivalents	—			—			274			—			274
Cash and cash equivalents at beginning of period	—			636			10,974			—			11,610
Cash and cash equivalents at end of period	$	—		$	1,117		$	15,259		$	—		$	16,376