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Koppers Holdings Inc. – ‘10-Q’ for 3/31/14 – ‘R18’

On:  Wednesday, 5/7/14, at 4:59pm ET   ·   For:  3/31/14   ·   Accession #:  1193125-14-187665   ·   File #:  1-32737

Previous ‘10-Q’:  ‘10-Q’ on 11/7/13 for 9/30/13   ·   Next:  ‘10-Q’ on 8/7/14 for 6/30/14   ·   Latest:  ‘10-Q’ on 11/3/23 for 9/30/23

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/07/14  Koppers Holdings Inc.             10-Q        3/31/14  100:13M                                    Donnelley … Solutions/FA

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    863K 
 2: EX-3.1      Articles of Incorporation/Organization or Bylaws    HTML     37K 
 3: EX-3.2      Articles of Incorporation/Organization or Bylaws    HTML     84K 
 4: EX-10.89    Material Contract                                   HTML     79K 
 5: EX-10.90    Material Contract                                   HTML     34K 
 6: EX-12.1     Statement re: Computation of Ratios                 HTML     53K 
 7: EX-31.1     Certification -- §302 - SOA'02                      HTML     35K 
 8: EX-31.2     Certification -- §302 - SOA'02                      HTML     35K 
 9: EX-32.1     Certification -- §906 - SOA'02                      HTML     30K 
69: R1          Document and Entity Information                     HTML     49K 
56: R2          Condensed Consolidated Statement of Comprehensive   HTML    121K 
                Income                                                           
67: R3          Condensed Consolidated Statement of Comprehensive   HTML     33K 
                Income (Parenthetical)                                           
72: R4          Condensed Consolidated Balance Sheet                HTML    149K 
91: R5          Condensed Consolidated Balance Sheet                HTML     51K 
                (Parenthetical)                                                  
58: R6          Condensed Consolidated Statement of Cash Flows      HTML    122K 
66: R7          Basis of Presentation and New Accounting Standards  HTML     38K 
51: R8          Dividends                                           HTML     32K 
41: R9          Plant Closures and Discontinued Operations          HTML     62K 
92: R10         Business Acquisitions                               HTML     40K 
74: R11         Fair Value Measurements                             HTML     49K 
73: R12         Comprehensive Income and Equity                     HTML     71K 
79: R13         Earnings per Common Share                           HTML     47K 
80: R14         Stock-based Compensation                            HTML     87K 
77: R15         Segment Information                                 HTML     72K 
81: R16         Income Taxes                                        HTML     39K 
68: R17         Inventories                                         HTML     41K 
70: R18         Property, Plant and Equipment                       HTML     46K 
76: R19         Pensions and Postretirement Benefit Plans           HTML     45K 
100: R20         Debt                                                HTML     56K  
87: R21         Asset Retirement Obligations                        HTML     40K 
62: R22         Deferred Revenue from Extended Product Warranty     HTML     38K 
                Liabilities                                                      
75: R23         Commitments and Contingent Liabilities              HTML     72K 
64: R24         Subsidiary Guarantor Information for Koppers Inc.   HTML    331K 
                Senior Notes                                                     
32: R25         Subsidiary Guarantor Information for Shelf          HTML    374K 
                Registration                                                     
88: R26         Related Party Transactions                          HTML     34K 
95: R27         Plant Closures and Discontinued Operations          HTML     55K 
                (Tables)                                                         
46: R28         Fair Value Measurements (Tables)                    HTML     44K 
45: R29         Comprehensive Income and Equity (Tables)            HTML     67K 
49: R30         Earnings per Common Share (Tables)                  HTML     45K 
50: R31         Stock-based Compensation (Tables)                   HTML     86K 
52: R32         Segment Information (Tables)                        HTML     63K 
24: R33         Inventories (Tables)                                HTML     40K 
85: R34         Property, Plant and Equipment (Tables)              HTML     41K 
60: R35         Pensions and Postretirement Benefit Plans (Tables)  HTML     42K 
63: R36         Debt (Tables)                                       HTML     50K 
36: R37         Asset Retirement Obligations (Tables)               HTML     40K 
99: R38         Deferred Revenue from Extended Product Warranty     HTML     38K 
                Liabilities (Tables)                                             
16: R39         Commitments and Contingent Liabilities (Tables)     HTML     40K 
53: R40         Subsidiary Guarantor Information for Koppers Inc.   HTML    316K 
                Senior Notes (Tables)                                            
90: R41         Subsidiary Guarantor Information for Shelf          HTML    361K 
                Registration (Tables)                                            
34: R42         Dividends - Additional Information (Detail)         HTML     39K 
44: R43         Plant Closures and Discontinued Operations -        HTML     46K 
                Additional Information (Detail)                                  
48: R44         Plant Closure and Discontinued Operations -         HTML     52K 
                Summary of Restructuring Activities and Related                  
                Reserves (Detail)                                                
57: R45         Business Acquisitions - Additional Information      HTML     52K 
                (Detail)                                                         
23: R46         Fair Value of Financial Instruments - Schedule of   HTML     41K 
                Company's Financial Instruments (Detail)                         
40: R47         Comprehensive Income and Equity - Schedule of       HTML     57K 
                Comprehensive Income (Detail)                                    
18: R48         Comprehensive Income and Equity - Schedule of       HTML     35K 
                Comprehensive Income (Parenthetical) (Detail)                    
89: R49         Comprehensive Income and Equity - Schedule of       HTML     57K 
                Change in Equity (Detail)                                        
33: R50         Earnings Per Common Share - Schedule of Basic and   HTML     67K 
                Diluted Earnings Per Common Share (Detail)                       
86: R51         Stock-Based Compensation - Additional Information   HTML     53K 
                (Detail)                                                         
37: R52         Stock-Based Compensation - Summary of Performance   HTML     43K 
                Stock Units (Detail)                                             
54: R53         Stock-Based Compensation - Summary of Status and    HTML     62K 
                Activity of Non-Vested Stock Awards (Detail)                     
17: R54         Stock-Based Compensation - Stock Options Fair       HTML     51K 
                Value Assumptions (Detail)                                       
21: R55         Stock-Based Compensation - Summary of Status and    HTML     62K 
                Activity of Stock Options (Detail)                               
47: R56         Stock-Based Compensation - Schedule of Stock-Based  HTML     37K 
                Compensation Expense Recognized (Detail)                         
27: R57         Segment Information - Additional Information        HTML     31K 
                (Detail)                                                         
93: R58         Segment Information - Summary of Results of         HTML     50K 
                Segment Operations (Detail)                                      
59: R59         Segment Information - Summary of Results of         HTML     37K 
                Segment Operations (Parenthetical) (Detail)                      
78: R60         Segment Information - Summary of Tangible and       HTML     40K 
                Intangible Assets by Segment (Detail)                            
39: R61         Income Taxes - Additional Information (Detail)      HTML     63K 
42: R62         Inventories - Components of Inventories (Detail)    HTML     45K 
84: R63         Property, Plant and Equipment - Property, Plant     HTML     42K 
                and Equipment (Detail)                                           
82: R64         Property, Plant and Equipment - Additional          HTML     48K 
                Information (Detail)                                             
61: R65         Pensions and Post-retirement Benefit Plans -        HTML     31K 
                Additional Information (Detail)                                  
83: R66         Pensions and Post-retirement Benefit Plans -        HTML     54K 
                Components of Net Periodic Benefit Cost for                      
                Pension Plans and Other Benefit Plans (Detail)                   
38: R67         Debt - Schedule of Long-Term Debt Instruments       HTML     55K 
                (Detail)                                                         
65: R68         Debt - Additional Information (Detail)              HTML     82K 
94: R69         Asset Retirement Obligations - Schedule of Changes  HTML     43K 
                in Asset Retirement Obligation (Detail)                          
20: R70         Deferred Revenue from Extended Product Warranty     HTML     36K 
                Liabilities - Deferred Revenue from Extended                     
                Product Warranty Liabilities (Detail)                            
31: R71         Commitments and Contingent Liabilities -            HTML     82K 
                Additional Information (Detail)                                  
55: R72         Commitments and Contingent Liabilities - Changes    HTML     44K 
                in Accrued Liability for Environmental Matters                   
                (Detail)                                                         
26: R73         Subsidiary Guarantor Information for Koppers Inc.   HTML     44K 
                Senior Notes - Additional Information (Detail)                   
98: R74         Subsidiary Guarantor Information for Koppers Inc.   HTML     79K 
                Senior Notes - Condensed Consolidating Statement                 
                of Comprehensive Income (Detail)                                 
35: R75         Subsidiary Guarantor Information for Koppers Inc.   HTML    179K 
                Senior Notes - Condensed Consolidating Balance                   
                Sheet (Detail)                                                   
28: R76         Subsidiary Guarantor Information for Koppers Inc.   HTML    110K 
                Senior Notes - Condensed Consolidating Statement                 
                of Cash Flows (Detail)                                           
30: R77         Subsidiary Guarantor Information for Shelf          HTML     43K 
                Registration - Additional Information (Detail)                   
22: R78         Subsidiary Guarantor Information for Shelf          HTML    106K 
                Registration - Condensed Consolidating Statement                 
                of Comprehensive Income (Detail)                                 
25: R79         Subsidiary Guarantor Information for Shelf          HTML    190K 
                Registration - Condensed Consolidating Balance                   
                Sheet (Detail)                                                   
71: R80         Subsidiary Guarantor Information for Shelf          HTML    118K 
                Registration - Condensed Consolidating Statement                 
                of Cash Flows (Detail)                                           
29: R81         Related Party Transactions - Additional             HTML     38K 
                Information (Detail)                                             
97: XML         IDEA XML File -- Filing Summary                      XML    152K 
19: EXCEL       IDEA Workbook of Financial Reports                  XLSX    323K 
43: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS   2.50M 
10: EX-101.INS  XBRL Instance -- kop-20140331                        XML   3.72M 
12: EX-101.CAL  XBRL Calculations -- kop-20140331_cal                XML    276K 
13: EX-101.DEF  XBRL Definitions -- kop-20140331_def                 XML    692K 
14: EX-101.LAB  XBRL Labels -- kop-20140331_lab                      XML   1.29M 
15: EX-101.PRE  XBRL Presentations -- kop-20140331_pre               XML   1.09M 
11: EX-101.SCH  XBRL Schema -- kop-20140331                          XSD    207K 
96: ZIP         XBRL Zipped Folder -- 0001193125-14-187665-xbrl      Zip    214K

‘R18’   —   Property, Plant and Equipment

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v2.4.0.8
Property, Plant and Equipment
 3 Months Ended
Property Plant And Equipment [Abstract]  
Property, Plant and Equipment

12. Property, Plant and Equipment

Property, plant and equipment as of March 31, 2014 and December 31, 2013 are summarized in the table below:

 

     

March 31,

2014

     

December 31,

2013

  
(Dollars in millions)              

Land

    $ 9.6       $ 9.1   

Buildings

      31.1         30.6   

Machinery and equipment

      624.0         608.1   
                   
     664.7         647.8   

Less accumulated depreciation

      462.2         450.8   
                   

Net

    $ 202.5       $ 197.0   
                   

 

Impairment – Impairment charges for the three months ended March 31, 2014 were $4.7 million ($2.8 million, net of non-controlling interest) and were related to the Carbon Material and Chemicals’ plant in Tangshan, China. This impairment charge was calculated using a probability-weighted discounted cash flow model.

The impairment of the Company’s 60-percent owned plant in Tangshan, China is due to the forced closure of a neighboring metallurgical coke facility. In October 2013, the Company was informed by the Tangshan Municipal People’s Government (“Tangshan Government”) of its intention to close the two coke batteries owned and operated by the Tangshan Iron and Steel Group Co., Ltd (“TISCO”) in Tangshan, China. The Tangshan Government has ordered the closure of these coke batteries in an effort to improve the air quality in the Tangshan area. The Company was notified in March 2014 by TISCO that all coke batteries would cease production no later than the end of June 2014.

The Company’s 60-percent owned subsidiary, Koppers (China) Carbon & Chemical Company Limited (“KCCC”) is located near to TISCO’s coke facililty and relies on its operations for a significant portion of raw material supply, utilities and other shared services. Closure of the TISCO coke batteries directly impacts KCCC’s ability to operate its coal tar distillation plant and the Company has determined that it is unable to continue coal tar distillation activities at the site once TISCO ceases production activities at the adjacent facility. The Company is continuing to evaluate its options, which include transitioning to a new location or entering into other strategic partnerships with other unrelated coal tar distillation companies.

The closure of KCCC’s coal tar distillation facility would have a material adverse effect on the Company’s business, financial condition, cash flow and results of operations. For the most recent year ended December 31, 2013, KCCC contributed operating profit of approximately $3.3 million after deducting profit attributable to non-controlling interests and excluding asset impairment charges. As of March 31, 2014, the remaining net book value of fixed assets subject to impairment was $2.5 million. This amount will be reflected in depreciation expense over the next four months on an accelerated basis reflecting management’s estimate of the remaining useful life of the assets.

The Company believes it would be able to continue fulfilling current domestic Chinese customers and its export commitments with capacity at Koppers (Jiangsu) Carbon Chemical Company Limited, which is scheduled for production start-up in mid-2014, its other 30-percent owned Chinese company and other commercial relationships in China. However, the Company’s margin on export sales may be negatively affected as a result of these actions.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:5/7/144
For Period end:3/31/14
12/31/1310-K,  5,  5/A,  ARS,  CORRESP
 List all Filings 
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Filing Submission 0001193125-14-187665   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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