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TimkenSteel Corp. – ‘10-Q’ for 6/30/22 – ‘R11’

On:  Thursday, 8/4/22, at 4:27pm ET   ·   For:  6/30/22   ·   Accession #:  950170-22-14785   ·   File #:  1-36313

Previous ‘10-Q’:  ‘10-Q’ on 5/4/22 for 3/31/22   ·   Next:  ‘10-Q’ on 11/3/22 for 9/30/22   ·   Latest:  ‘10-Q’ on 11/2/23 for 9/30/23

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

 8/04/22  TimkenSteel Corp.                 10-Q        6/30/22   71:11M                                    Donnelley … Solutions/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   3.02M 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     26K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     26K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     23K 
10: R1          Document and Entity Information                     HTML     72K 
11: R2          Consolidated Statements of Operations (Unaudited)   HTML     89K 
12: R3          Consolidated Statements of Comprehensive Income     HTML     46K 
                (Loss) (Unaudited)                                               
13: R4          Consolidated Statements of Comprehensive Income     HTML     22K 
                (Loss) (Unaudited) (Parenthetical)                               
14: R5          Consolidated Balance Sheets (Unaudited)             HTML    139K 
15: R6          Consolidated Balance Sheets (Unaudited)             HTML     34K 
                (Parenthetical)                                                  
16: R7          Consolidated Statements of Shareholder's Equity     HTML    111K 
                (Unaudited)                                                      
17: R8          Consolidated Statements of Cash Flows (Unaudited)   HTML     99K 
18: R9          Consolidated Statements of Cash Flows (Unaudited)   HTML     29K 
                (Parenthetical)                                                  
19: R10         Basis of Presentation                               HTML     26K 
20: R11         Recent Accounting Pronouncements                    HTML     41K 
21: R12         Revenue Recognition                                 HTML    117K 
22: R13         Restructuring Charges                               HTML     51K 
23: R14         Disposition of Non-Core Assets                      HTML     32K 
24: R15         Other (Income) Expense, Net                         HTML     88K 
25: R16         Income Tax Provision                                HTML     58K 
26: R17         Earnings (Loss) Per Share                           HTML    129K 
27: R18         Inventories                                         HTML     53K 
28: R19         Financing Arrangements                              HTML    161K 
29: R20         Retirement and Postretirement Plans                 HTML    415K 
30: R21         Stock-Based Compensation                            HTML     32K 
31: R22         Accumulated Other Comprehensive Income (Loss)       HTML    106K 
32: R23         Contingencies                                       HTML     26K 
33: R24         Recent Accounting Pronouncements (Policies)         HTML     30K 
34: R25         Revenue Recognition (Tables)                        HTML    111K 
35: R26         Restructuring Charges (Tables)                      HTML     42K 
36: R27         Other (Income) Expense, Net (Tables)                HTML     76K 
37: R28         Income Tax Provision (Tables)                       HTML     46K 
38: R29         Earnings (Loss) Per Share (Tables)                  HTML    114K 
39: R30         Inventories (Tables)                                HTML     53K 
40: R31         Financing Arrangements (Tables)                     HTML    131K 
41: R32         Retirement and Postretirement Plans (Tables)        HTML    397K 
42: R33         Accumulated Other Comprehensive Income (Loss)       HTML    104K 
                (Tables)                                                         
43: R34         Basis of Presentation - Narrative (Details)         HTML     22K 
44: R35         Recent Accounting Pronouncements - Narrative        HTML     44K 
                (Details)                                                        
45: R36         Revenue Recognition (Details)                       HTML     44K 
46: R37         Revenue Recognition - Narrative (Details)           HTML     21K 
47: R38         Restructuring Charges - Narrative (Details)         HTML     25K 
48: R39         Restructuring Charges - Summary of Restructuring    HTML     28K 
                Reserve (Details)                                                
49: R40         Disposition of Non-Core Assets (Details)            HTML     53K 
50: R41         Other (Income) Expense, Net (Details)               HTML     32K 
51: R42         Other (Income) Expense, Net - Narrative (Details)   HTML     27K 
52: R43         Income Tax Provision - Schedule of (Benefit)        HTML     26K 
                Provision for Income Taxes (Details)                             
53: R44         Income Tax Provision - Narrative (Details)          HTML     31K 
54: R45         Earnings (Loss) Per Share - Additional Information  HTML     39K 
                (Details)                                                        
55: R46         Earnings (Loss) Per Share - Schedule of Earnings    HTML     59K 
                Per Share (Details)                                              
56: R47         Inventories - Schedule of Inventory (Details)       HTML     35K 
57: R48         Financing Arrangements - Summary of Current and     HTML     30K 
                Non-current Debt (Details)                                       
58: R49         Financing Arrangements - Narrative (Details)        HTML    108K 
59: R50         Financing Arrangements - Schedule of Convertible    HTML     31K 
                Debt (Details)                                                   
60: R51         Financing Arrangements - Schedule of Interest       HTML     30K 
                Expense (Details)                                                
61: R52         Financing Arrangements - Schedule Components of     HTML     28K 
                Interest Expense (Details)                                       
62: R53         Retirement and Postretirement Plans - Narrative     HTML     41K 
                (Details)                                                        
63: R54         Retirement and Postretirement Plans - Components    HTML     63K 
                of Net Periodic Benefit Cost (Details)                           
64: R55         Stock-Based Compensation - Narrative (Details)      HTML     34K 
65: R56         Accumulated Other Comprehensive Income (Loss) -     HTML     51K 
                Schedule of Accumulated Other Comprehensive Income               
                (Loss) (Details)                                                 
66: R57         Contingencies - Narrative (Details)                 HTML     22K 
69: XML         IDEA XML File -- Filing Summary                      XML    130K 
67: XML         XBRL Instance -- tmst-20220630_htm                   XML   2.72M 
68: EXCEL       IDEA Workbook of Financial Reports                  XLSX    113K 
 6: EX-101.CAL  XBRL Calculations -- tmst-20220630_cal               XML    160K 
 9: EX-101.DEF  XBRL Definitions -- tmst-20220630_def                XML    406K 
 7: EX-101.LAB  XBRL Labels -- tmst-20220630_lab                     XML   1.04M 
 8: EX-101.PRE  XBRL Presentations -- tmst-20220630_pre              XML    724K 
 5: EX-101.SCH  XBRL Schema -- tmst-20220630                         XSD    138K 
70: JSON        XBRL Instance as JSON Data -- MetaLinks              384±   566K 
71: ZIP         XBRL Zipped Folder -- 0000950170-22-014785-xbrl      Zip    607K

‘R11’   —   Recent Accounting Pronouncements

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.22.2
Recent Accounting Pronouncements
 6 Months Ended
Accounting Policies [Abstract]  
Recent Accounting Pronouncements

Note 2 - Recent Accounting Pronouncements

Adoption of New Accounting Standards

The Company did not adopt any Accounting Standard Updates (“ASU”) in the second quarter of 2022. Additionally, there are no current ASUs issued, but not adopted, that are expected to have an impact on the Company.

As of January 1, 2021, the Company early adopted ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), using the modified retrospective method of transition. The standard simplifies the accounting for convertible instruments, as well as the diluted net income per share calculation. The standard also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception.

Upon adoption of ASU 2020-06 as of January 1, 2021, all outstanding Convertible Notes were fully classified as a liability, there was no longer a separate equity component and the Convertible Notes no longer have a debt discount that is amortized. This resulted in a decrease of $10.6 million to additional paid-in capital and an increase of $1.1 million and $5.3 million to current convertible notes, net and non-current convertible notes, net, respectively, on the Consolidated Balance Sheets as of January 1, 2021. Additionally, retained deficit was reduced by $4.2 million in the Consolidated Balance Sheets as of January 1, 2021 to remove amortization expense recognized in prior periods. The adoption of this standard did not have an effect on the Company’s cash flows, liquidity, or the methodology used for the earnings per share calculation. Refer to “Note 10 – Financing Arrangements” for additional information on the Convertible Notes.

Legislation related to the COVID-19 Pandemic

Due to a provision in the Coronavirus Aid, Relief, and Economic Security ("CARES") Act, the Company was able to defer the employer share of Social Security payroll taxes for a specified time during 2020. During the year ended December 31, 2020, the Company deferred $6.4 million in cash payments and recorded reserves for such deferred payroll taxes in salaries, wages and benefits on the Consolidated Balance Sheets, to be paid in two equal installments. The first installment in the amount of $3.2 million was paid during the fourth quarter of 2021. The second installment is due on December 31, 2022.

The CARES Act also provided for an employee retention credit (“Employee Retention Credit”), which is a refundable tax credit against certain employment taxes. The Company qualified for the tax credit in the second and third quarters of 2020 and accrued a benefit of $2.3 million in the fourth quarter of 2020 related to the Employee Retention Credit in other (income) expense, net on the Consolidated Statements of Operations. The Company filed for this credit in the second quarter of 2021 and received a portion of the proceeds from the Internal Revenue Service ("IRS") in the amount of $0.5 million during the fourth quarter of 2021. The Company received the remaining $1.8 million of cash proceeds in the first quarter of 2022.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
12/31/22
Filed on:8/4/228-K
For Period end:6/30/224
1/1/213
12/31/2010-K,  4
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Filing Submission 0000950170-22-014785   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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