Document and Entity Information
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3 Months Ended | |
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Mar. 31, 2015
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Apr. 28, 2015
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Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2015 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | U.S. Silica Holdings, Inc. | |
Entity Central Index Key | 0001524741 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 53,391,504 |
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This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Condensed Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | |
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Mar. 31, 2015
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Mar. 31, 2014
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Income Statement [Abstract] | ||
Sales | $ 203,958 | $ 180,095 |
Cost of goods sold (excluding depreciation, depletion and amortization) | 138,653 | 126,770 |
Operating expenses | ||
Selling, general and administrative | 26,961 | 15,445 |
Depreciation, depletion and amortization | 13,243 | 9,589 |
Total operating expenses | 40,204 | 25,034 |
Operating income | 25,101 | 28,291 |
Other (expense) income | ||
Interest expense | (6,836) | (3,808) |
Other income, net, including interest income | 11 | 38 |
Total other (expenses) income | (6,825) | (3,770) |
Income before income taxes | 18,276 | 24,521 |
Income tax expense | (3,453) | (6,150) |
Net income | $ 14,823 | $ 18,371 |
Earnings per share: | ||
Basic (in usd per share) | $ 0.28 | $ 0.34 |
Diluted (in usd per share) | $ 0.27 | $ 0.34 |
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Condensed Consolidated Statements of Comprehensive Income (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
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Mar. 31, 2015
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Mar. 31, 2014
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 14,823 | $ 18,371 |
Other comprehensive income: | ||
Unrealized gain (loss) on derivatives (net of tax of $2 and $(12) for the three months ended March 31, 2015 and 2014, respectively) | 3 | (19) |
Unrealized gain (loss) on investments (net of tax of $22 and $19 for the three months ended March 31, 2015 and 2014, respectively) | 35 | 29 |
Pension and other post-retirement benefits liability adjustment (net of tax of $(235) and $95 for the three months ended March 31, 2015 and 2014, respectively) | (379) | 149 |
Comprehensive income | $ 14,482 | $ 18,530 |
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Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
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Mar. 31, 2015
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Mar. 31, 2014
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Statement of Comprehensive Income [Abstract] | ||
Unrealized gain (loss) on derivatives (net of tax of $2 and $(12) for the three months ended March 31, 2015 and 2014, respectively) | $ 2 | $ (12) |
Unrealized gain (loss) on investments (net of tax of $22 and $19 for the three months ended March 31, 2015 and 2014, respectively) | 22 | 19 |
Pension and other post-retirement benefits liability adjustment (net of tax of $(235) and $95 for the three months ended March 31, 2015 and 2014, respectively) | $ (235) | $ 95 |
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Condensed Consolidated Statements of Stockholders' Equity (USD $)
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Total
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Common Stock
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Treasury Stock
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Additional Paid-In Capital
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Retained Earnings (Deficit)
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Accumulated Other Comprehensive Income (Loss)
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Balance at December 31, 2014 at Dec. 31, 2014 | $ 403,816,000 | $ 539,000 | $ (542,000) | $ 191,086,000 | $ 232,551,000 | $ (19,818,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 14,823,000 | 14,823,000 | ||||
Unrealized loss on derivatives | 3,000 | 3,000 | ||||
Unrealized loss on short-term investments | 35,000 | 35,000 | ||||
Pension and postretirement liability | (379,000) | (379,000) | ||||
Cash dividend declared ($0.125 per share) | (6,691,000) | (6,691,000) | ||||
Common stock-based compensation plans activity: | 2,090,000 | 2,090,000 | ||||
Equity-based compensation | 6,000 | 6,000 | ||||
Unrealized loss on short-term investments | 43,000 | 85,000 | (42,000) | |||
Pension and postretirement liability | (443,000) | 1,000 | (444,000) | |||
Repurchase of common stock | (15,255,000) | (15,255,000) | ||||
Balance at March 31, 2015 at Mar. 31, 2015 | $ 398,048,000 | $ 540,000 | $ (16,156,000) | $ 193,140,000 | $ 240,683,000 | $ (20,159,000) |
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Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $)
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Mar. 31, 2015
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Statement of Stockholders' Equity [Abstract] | |
Common stock cash dividend declared, per share | $ 0.125 |
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Summary of Significant Accounting Policies
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3 Months Ended |
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Mar. 31, 2015
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Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation The accompanying Condensed Consolidated Financial Statements (the “Financial Statements”) of U.S. Silica Holdings, Inc. (“Holdings,” and together with its subsidiaries “we,” “us” or the “Company”) included in this Quarterly Report on Form 10-Q , have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission (“SEC”). They do not contain certain information included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014; therefore, the interim Condensed Consolidated Financial Statements should be read in conjunction with that Annual Report on Form 10-K. In the opinion of management, all adjustments necessary for a fair presentation of the Financial Statements have been included. Such adjustments are of a normal, recurring nature. We have reclassified certain immaterial amounts in the prior years’ assets section of the consolidated balance sheets and operating activities section of the consolidated statement of cash flows to conform to the current year presentation. These reclassifications had no effect on previously reported total assets and net cash flows from operations. In order to make this report easier to read, we refer throughout to (i) our Condensed Consolidated Balance Sheets as our “Balance Sheets,” (ii) our Condensed Consolidated Statements of Operations as our “Income Statements,” and (iii) our Condensed Consolidated Statements of Cash Flows as our “Cash Flows.” Unaudited Interim Financial Statements The accompanying Balance Sheet as of March 31, 2015; the Income Statements for the three months ended March 31, 2015 and 2014; the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2015 and 2014; the Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2015; the Cash Flows for the three months ended March 31, 2015 and 2014; and other information disclosed in the related notes are unaudited. The Balance Sheet as of December 31, 2014 was derived from our audited consolidated financial statements as included in our 2014 Annual Report. Use of Estimates and Assumptions The preparation of the Financial Statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations; environmental, reclamation and closure obligations; estimates of recoverable minerals; estimates of allowance for doubtful accounts; estimates of fair value for certain reporting units and asset impairments (including impairments of goodwill and other long-lived assets); write-downs of inventory to net realizable value; equity-based compensation expense; post-employment, post-retirement and other employee benefit liabilities; valuation allowances for deferred tax assets; reserves for contingencies and litigation; and the fair value and accounting treatment of financial instruments including derivative instruments. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. Recently Issued Accounting Pronouncements In April 2015, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update, Interest-Imputation of Interest, which simplifies presentation of debt issuance costs. The new standard requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The new standard will be effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. We have elected to adopt the standard early and have presented debt issuance costs as a direct deduction from the carrying amount of debt on our Balance Sheets as of March 31, 2015 and December 31, 2014. |
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Earnings Per Share
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Earnings Per Share | NOTE B—EARNINGS PER SHARE Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is computed similarly to basic income per common share except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. In accordance with the applicable accounting guidance for calculating earnings per share, we did not include in our calculation of diluted earnings per share for the applicable periods stock options where the exercise prices were greater than the average market prices.
The weighted-average stock options (in thousands) that are antidilutive and are therefore excluded from the calculation of diluted earnings per common share are:
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Capital Structure and Accumulated Comprehensive Income
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Structure and Accumulated Comprehensive Income | NOTE C—CAPITAL STRUCTURE AND ACCUMULATED COMPREHENSIVE INCOME Common Stock Our Amended and Restated Certificate of Incorporation, authorizes up to 500,000,000 shares of common stock, par value of $0.01. Subject to the rights of holders of any series of preferred stock, all of the voting power of the stockholders of Holdings shall be vested in the holders of the common stock. There were 53,374,963 shares of common stock issued and outstanding at March 31, 2015. As of March 31, 2014, there were 53,733,092 shares issued and outstanding. In 2015, our Board of Directors declared quarterly cash dividends as follows:
All dividends were paid as scheduled. Any determination to pay dividends and other distributions in cash, stock, or property by Holdings in the future will be at the discretion of our Board of Directors and will be dependent on then-existing conditions, including our business conditions, our financial condition, results of operations, liquidity, capital requirements, contractual restrictions including restrictive covenants contained in our debt agreements, and other factors. Additionally, because we are a holding company, our ability to pay dividends on our common stock may be limited by restrictions on the ability of our subsidiaries to pay dividends or make distributions to us, including restrictions under the terms of the agreements governing our indebtedness. Preferred Stock Our Amended and Restated Certificate of Incorporation authorizes our Board of Directors to issue up to 10,000,000 shares, in the aggregate, of preferred stock, par value of $0.01 in one or more series, to fix the powers, preferences and other rights of such series, and any qualifications, limitations or restrictions thereof, including the dividend rate, conversion rights, voting rights, redemption rights and liquidation preference, and to fix the number of shares to be included in any such series, without any further vote or action by our stockholders. There are no shares of preferred stock issued or outstanding at March 31, 2015 and 2014. At present, we have no plans to issue any preferred stock. Share Repurchase Program We are authorized by our Board of Directors to repurchase shares of our outstanding common stock from time to time on the open market or in privately negotiated transactions. As of March 31, 2015, we are authorized to repurchase up to $50 million of our common stock through December 11, 2015. Stock repurchases, if any, will be funded using our available liquidity. The timing and amount of stock repurchases will depend on a variety of factors, including the market conditions as well as corporate and regulatory considerations. Under our share repurchase program, as of March 31, 2015, we have repurchased 706,093 shares of our common stock at an average price of $23.83 and are authorized to repurchase up to an additional $33.2 million of our common stock. Accumulated Other Comprehensive Income Accumulated other comprehensive income (loss) consists of fair value adjustments associated with cash flow hedges and accumulated adjustments for net experience losses and prior service cost related to employee benefit plans. The following table presents the changes in accumulated other comprehensive income by component during the three months ended March 31, 2015:
Amounts reclassed from accumulated other comprehensive income (loss) related to cash flow hedges category are included in interest expense in our Income Statements and amounts reclassed related to pension and other post-retirement benefits liability category are included in the computation of net periodic pension costs, respectively, at their before tax amounts. |
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Business Combination
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | NOTE D—BUSINESS COMBINATIONS On July 31, 2014, we completed our acquisition of Cadre Services, Inc. ("Cadre"), a regional sand mining company based in Voca, Texas, for approximately $98.3 million in cash. The acquisition of Cadre resulted in goodwill of approximately $0.2 million, none of which is deductible for tax purposes. This amount represents the residual amount of the total purchase price after allocation to the assets acquired and liabilities assumed. The table below represents the tangible and identifiable intangible assets and liabilities based on management’s assessment of the acquisition date fair value of the assets acquired and liabilities assumed:
The value of acquired intangible assets and the related estimated useful lives consist of the following:
Pro Forma Adjusted Summary The results of Cadre’s operations have been included in the consolidated financial statements subsequent to the acquisition date. The following unaudited pro forma consolidated financial information reflects the results of operations as if the Cadre acquisition had occurred on January 1, 2014, after giving effect to certain purchase accounting adjustments. This information does not purport to be indicative of the actual results that would have occurred if the acquisition had actually been completed on the date indicated, nor is it necessarily indicative of the future operating results or the financial position of the combined company:
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Accounts Receivable
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | NOTE E—ACCOUNTS RECEIVABLE At March 31, 2015 and December 31, 2014, accounts receivable consisted of the following:
Changes in our allowance for doubtful accounts during the three months ended March 31, 2015 are as follows:
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Inventories
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Inventories | NOTE F—INVENTORIES At March 31, 2015 and December 31, 2014, inventories consisted of the following:
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Property, Plant and Mine Development
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Mine Development | NOTE G—PROPERTY, PLANT AND MINE DEVELOPMENT At March 31, 2015 and December 31, 2014, property, plant and mine development consisted of the following:
The amount of interest costs capitalized in property, plant and equipment was $42 and $201 for the three months ended March 31, 2015 and 2014, respectively. |
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Debt
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Debt | NOTE H—DEBT At March 31, 2015 and December 31, 2014, debt consisted of the following:
Revolving Line-of-Credit We have a $50 million revolving line-of-credit (the “Revolver”), with zero drawn and $3.1 million allocated for letters of credit as of March 31, 2015, leaving $46.9 million available under the Revolver. Debt Maturities At March 31, 2015, contractual maturities of long-term debt are as follows:
Our senior secured credit facility is secured by substantially all of our assets and a pledge of the equity interests in certain of our subsidiaries. The facility contains covenants that, among other things, govern our ability to create, incur or assume indebtedness and liens, to make acquisitions or investments, to pay dividends and to sell assets. The facility also requires us to maintain a consolidated total net leverage ratio of no more than 3.75:1.00 as of the last day of any fiscal quarter whenever usage of the Revolver (other than certain undrawn letters of credit) exceeds 25% of the Revolver commitment. As of March 31, 2015, we are in compliance with all covenants in accordance with our senior secured credit facility. |
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Asset Retirement Obligations
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Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations | NOTE I—ASSET RETIREMENT OBLIGATIONS Mine reclamation costs, or future remediation costs for inactive mines, are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing care, maintenance and monitoring costs. Changes in estimates at inactive mines are reflected in earnings in the period an estimate is revised. As of March 31, 2015 and December 31, 2014, we had recorded a liability of $11.5 million and $11.3 million in other long-term obligations related to our asset retirement obligation. Changes in the asset retirement obligation during the three months ended March 31, 2015 and the year ended December 31, 2014, respectively, are as follows:
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Fair Value Accounting
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Accounting | NOTE J—FAIR VALUE ACCOUNTING Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities, quote prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. Cash equivalents Due to the short-term maturity, we believe our cash equivalent instruments at March 31, 2015 and December 31, 2014 approximate their reported carrying values. Short-Term Investments In general, the fair value of our short-term investments is based on quoted prices for similar assets in active markets, or for identical assets or similar assets in markets in which there were fewer transactions (Level 2). Money market mutual funds are based on calculated net asset value and are reported in Level 1. Variable rate demand obligations underwritten and remarketed by a financial institution are priced at par value. Long-Term Debt, including current maturities We believe that the fair values of our long-term debt, including current maturities, approximates their carrying values based on their effective interest rates compared to current market rates. Derivative Instruments The estimated fair value of our derivative assets (interest rate caps) are recorded at each reporting period and are based upon widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative contract. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. We also incorporate credit valuation adjustments to appropriately reflect both our nonperformance risk as well as that of the respective counterparty in the fair value measurements. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default of ourselves and our counterparties. However, as of March 31, 2015, we have assessed that the impact of the credit valuation adjustments on the overall valuation of our derivative positions is not significant. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. In accordance with the fair value hierarchy, the following table presents the fair value as of March 31, 2015 of those assets that we measure at fair value on a recurring basis:
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Short-Term Investments
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | NOTE K—SHORT-TERM INVESTMENTS We have segregated funds into designated accounts with investment brokers who manage our short-term investment portfolio. Those funds are held on an available-for-sale basis and are therefore reported at fair value on the balance sheet. The following table summarizes our available-for-sale short-term investments as of March 31, 2015:
As of March 31, 2015, we considered the declines in market value of our short-term investment portfolio to be temporary in nature and did not consider any of our investments other-than-temporarily impaired. We typically invest in highly-rated securities, and our investment policy generally limits the amount of credit exposure to any one issuer. The policy requires investments generally to be investment grade, with the primary objective of minimizing the potential risk of principal loss. Fair values were determined for each individual security in the investment portfolio. When evaluating an investment for other-than-temporary impairment, we review factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates, and our intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s cost basis. As of March 31, 2015, we did not recognize any impairment charges. |
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Commitments and Contingencies
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | NOTE L—COMMITMENTS AND CONTINGENCIES Future Minimum Annual Commitments at March 31, 2015:
Operating Leases We are obligated under certain operating leases for railroad cars, office space, mining property, mining/processing equipment and transportation and other equipment. Certain operating lease agreements include options to purchase the equipment for fair market value at the end of the original lease term. In general, the above leases include renewal options and provide that we pay for all utilities, insurance, taxes and maintenance. Expense related to operating leases and rental agreements totaled approximately $10.0 million and $7.1 million for the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, we have no obligations under a capital lease. Minimum Purchase Commitments We enter into service agreements with our transload service providers and transportation service providers. Some of these agreements require us to purchase a minimum amount of services over a specific period of time. Any inability to meet these minimum contract requirements requires us to pay a shortfall fee, which is based on the difference between the minimum amount contracted for and the actual amount purchased. Other Commitments and Contingencies Our operating subsidiary, U.S. Silica Company (“U.S. Silica”), has been named as a defendant in various product liability claims alleging silica exposure causing silicosis. During the three months ended March 31, 2015, no new claims were brought against U.S. Silica. As of March 31, 2015, there were 75 active silica-related products liability claims pending in which U.S. Silica is a defendant. Although the outcomes of these claims cannot be predicted with certainty, in the opinion of management, it is not reasonably possible that the ultimate resolution of these matters will have a material adverse effect on our financial position or results of operations that exceeds the accrual amounts. For periods prior to 1986, U.S. Silica had numerous insurance policies and an indemnity from a former owner that covered silicosis claims. In the fourth quarter of 2012, U.S. Silica settled all rights under the indemnity and its underlying insurance. The settlement was received during the first quarter of 2013. As a result of the settlement, the indemnity and related policies are no longer available to U.S. Silica and U.S. Silica will not seek reimbursement for any defense costs or claim payments. Other insurance policies, however, continue to remain available to U.S. Silica. We have recorded estimated liabilities for these claims in other long-term obligations as well as estimated recoveries under the indemnity agreement and an estimate of future recoveries under insurance in other assets on our consolidated balance sheets. As of both March 31, 2015, and December 31, 2014 other non-current assets included $311 for insurance for third-party products liability claims and other long-term obligations included $1.6 million in third-party products claims liability. Additionally, we recently received an unfavorable ruling in an arbitration proceeding as a result of exiting a toll manufacturing contract. The amount of the ruling was approximately $7.6 million, which was fully accrued as selling, general and administrative expense in our Income Statement for the three months ended March 31, 2015. We have filed an appeal with the arbitration panel in this matter and intend to vigorously pursue all other legal actions available to us. |
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Income Taxes
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Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE M—INCOME TAXES For interim period reporting, we record income taxes using an estimated annual effective tax rate based upon projected annual income, forecasted permanent tax differences, discrete items and statutory rates in states in which we operate. At the end of each interim period, we update the estimated annual effective tax rate, and if the estimated tax rate changes based on new information, we make a cumulative adjustment in the period. We record the tax effect of an unusual or infrequently occurring item in the interim period in which it occurs as a discrete item of tax. In the three months ended March 31, 2015, we recorded a discrete tax benefit of $2.9 million, which relates to the accrual of approximately $7.6 million as described in Note L - Commitments and Contingencies. The effective tax rates were 19% and 25% for the three months ended March 31, 2015 and March 31, 2014, respectively. The tax rate for the three months ending March 31, 2015 would have been 25% without the discrete tax benefit. Historically, our actual effective tax rates have been lower than the statutory effective rate primarily due to the benefit received from statutory percentage depletion allowances. The deduction for statutory percentage depletion does not necessarily change proportionately to changes in income before income taxes. |
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Pension and Post-Retirement Benefits
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Pension and Post-Retirement Benefits | NOTE N—PENSION AND POST-RETIREMENT BENEFITS We maintain a single-employer noncontributory defined benefit pension plan covering certain employees. Net pension benefit cost recognized for the three months ended March 31, 2015 and 2014 are as follows:
In addition, we provide defined benefit post-retirement health care and life insurance benefits to some employees. Net periodic post-retirement benefit cost recognized for the three months ended March 31, 2015 and 2014 are as follows:
For the three months ended March 31, 2015, we made no contributions to the qualified pension plan and made $0.8 million in contributions during the three months ended March 31, 2014. Total expected employer funding contributions during the fiscal year ending December 31, 2015 are $1.7 million for the pension plan and $1.7 million for the post-retirement medical and life plan. |
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Obligations under Guarantees
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Guarantees [Abstract] | |
Obligations Under Guarantees | NOTE O—OBLIGATIONS UNDER GUARANTEES We have indemnified Travelers Casualty and Surety Company of America (“Travelers”) against any loss Travelers may incur in the event that holders of surety bonds, issued on behalf of us by Travelers, execute the bonds. As of March 31, 2015, Travelers had $8.5 million in bonds outstanding for us. The majority of these bonds, $8.2 million, relate to reclamation requirements issued by various governmental authorities. Reclamation bonds remain outstanding until the mining area is reclaimed and the authority issues a formal release. The remaining bonds relate to such indefinite purposes as licenses, permits, and tax collection. U.S. Silica is the contingent guarantor of Kanawha Rail Corporation’s (“KRC”) obligations as lessee of 199 covered hopper railroad cars, which are used by U.S. Silica to ship sand to its customers. KRC’s obligation as lessee includes paying monthly rent of $66 thousand until June 30, 2015, maintaining the cars, paying for any cars damaged or destroyed, and indemnifying all other parties to the lease transaction against liabilities including any loss of certain tax benefits. By separate agreement between U.S. Silica and KRC, KRC may, upon the occurrence of certain events, assign the lease obligations to U.S. Silica, but none of these events have occurred. |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | NOTE P—SEGMENT REPORTING Our business is organized into two reportable segments, Oil & Gas Proppants and Industrial & Specialty Products, based on end markets. The reportable segments are consistent with how management views the markets that we serve and the financial information reviewed by the chief operating decision maker. We manage our Oil & Gas Proppants and Industrial & Specialty Products businesses as components of an enterprise for which separate information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. An operating segment’s performance is primarily evaluated based on segment contribution margin, which excludes certain corporate costs not associated with the operations of the segment. These corporate costs are separately stated below and include costs that are related to functional areas such as operations management, corporate purchasing, accounting, treasury, information technology, legal and human resources. We believe that segment contribution margin, as defined above, is an appropriate measure for evaluating the operating performance of our segments. However, this measure should be considered in addition to, not a substitute for, or superior to, income from operations or other measures of financial performance prepared in accordance with generally accepted accounting principles. The other accounting policies of each of the two reporting segments are the same as those in Note A - Summary of Significant Accounting Policies of our Financial Statements. In the Oil & Gas Proppants segment, we serve the oil and gas recovery market by providing fracturing sand, or “frac sand,” which is pumped down oil and natural gas wells to prop open rock fissures and increase the flow rate of oil and natural gas from the wells. The Industrial & Specialty Products segment consists of over 250 products and materials used in a variety of industries including, container glass, fiberglass, specialty glass, flat glass, building products, fillers and extenders, foundry products, chemicals, recreation products and filtration products. The following table presents sales and segment contribution margin for the reporting segments and other operating results not allocated to the reported segments for the three months ended March 31, 2015 and 2014:
Asset information, including capital expenditures and depreciation, depletion, and amortization, by segment is not included in reports used by management in its monitoring of performance and, therefore, is not reported by segment. Goodwill of $68.6 million has been allocated to these segments with $47.9 million assigned to Oil & Gas Proppants and $20.7 million to Industrial & Specialty Products. |
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Subsequent Events
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Mar. 31, 2015
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Subsequent Events [Abstract] | |
Subsequent Events | NOTE Q—SUBSEQUENT EVENTS On April 3, 2015 we paid a cash dividend of $0.125 per share to common stockholders of record on March 16, 2015, which had been declared by our Board of Directors on February 12, 2015. |
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Summary of Significant Accounting Policies (Policies)
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Mar. 31, 2015
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Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying Condensed Consolidated Financial Statements (the “Financial Statements”) of U.S. Silica Holdings, Inc. (“Holdings,” and together with its subsidiaries “we,” “us” or the “Company”) included in this Quarterly Report on Form 10-Q , have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission (“SEC”). They do not contain certain information included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014; therefore, the interim Condensed Consolidated Financial Statements should be read in conjunction with that Annual Report on Form 10-K. In the opinion of management, all adjustments necessary for a fair presentation of the Financial Statements have been included. Such adjustments are of a normal, recurring nature. We have reclassified certain immaterial amounts in the prior years’ assets section of the consolidated balance sheets and operating activities section of the consolidated statement of cash flows to conform to the current year presentation. These reclassifications had no effect on previously reported total assets and net cash flows from operations. In order to make this report easier to read, we refer throughout to (i) our Condensed Consolidated Balance Sheets as our “Balance Sheets,” (ii) our Condensed Consolidated Statements of Operations as our “Income Statements,” and (iii) our Condensed Consolidated Statements of Cash Flows as our “Cash Flows.” |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The accompanying Balance Sheet as of March 31, 2015; the Income Statements for the three months ended March 31, 2015 and 2014; the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2015 and 2014; the Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2015; the Cash Flows for the three months ended March 31, 2015 and 2014; and other information disclosed in the related notes are unaudited. The Balance Sheet as of December 31, 2014 was derived from our audited consolidated financial statements as included in our 2014 Annual Report. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of the Financial Statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations; environmental, reclamation and closure obligations; estimates of recoverable minerals; estimates of allowance for doubtful accounts; estimates of fair value for certain reporting units and asset impairments (including impairments of goodwill and other long-lived assets); write-downs of inventory to net realizable value; equity-based compensation expense; post-employment, post-retirement and other employee benefit liabilities; valuation allowances for deferred tax assets; reserves for contingencies and litigation; and the fair value and accounting treatment of financial instruments including derivative instruments. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In April 2015, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update, Interest-Imputation of Interest, which simplifies presentation of debt issuance costs. The new standard requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The new standard will be effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. We have elected to adopt the standard early and have presented debt issuance costs as a direct deduction from the carrying amount of debt on our Balance Sheets as of March 31, 2015 and December 31, 2014. |
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Earnings Per Share (Tables)
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Earnings Per Share | Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is computed similarly to basic income per common share except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. In accordance with the applicable accounting guidance for calculating earnings per share, we did not include in our calculation of diluted earnings per share for the applicable periods stock options where the exercise prices were greater than the average market prices.
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The weighted-average stock options (in thousands) that are antidilutive and are therefore excluded from the calculation of diluted earnings per common share are:
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Capital Structure and Accumulated Comprehensive Income (Tables)
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Mar. 31, 2015
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Cash Dividends | In 2015, our Board of Directors declared quarterly cash dividends as follows:
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Changes in Accumulated Other Comprehensive Income | The following table presents the changes in accumulated other comprehensive income by component during the three months ended March 31, 2015:
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Business Combination (Tables)
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Mar. 31, 2015
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Purchase Price Allocation | The table below represents the tangible and identifiable intangible assets and liabilities based on management’s assessment of the acquisition date fair value of the assets acquired and liabilities assumed:
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Schedule of Intangible Assets Acquired as Part of Business Combination | The value of acquired intangible assets and the related estimated useful lives consist of the following:
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Schedule of Pro Forma Financial Information | The following unaudited pro forma consolidated financial information reflects the results of operations as if the Cadre acquisition had occurred on January 1, 2014, after giving effect to certain purchase accounting adjustments. This information does not purport to be indicative of the actual results that would have occurred if the acquisition had actually been completed on the date indicated, nor is it necessarily indicative of the future operating results or the financial position of the combined company:
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Accounts Receivable (Tables)
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable | At March 31, 2015 and December 31, 2014, accounts receivable consisted of the following:
Changes in our allowance for doubtful accounts during the three months ended March 31, 2015 are as follows:
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Inventories (Tables)
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | At March 31, 2015 and December 31, 2014, inventories consisted of the following:
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Property, Plant and Mine Development (Tables)
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Mine Development | At March 31, 2015 and December 31, 2014, property, plant and mine development consisted of the following:
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Debt (Tables)
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | At March 31, 2015 and December 31, 2014, debt consisted of the following:
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Schedule of Contractual Maturities of Debt | At March 31, 2015, contractual maturities of long-term debt are as follows:
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Asset Retirement Obligations (Tables)
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Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Asset Retirement Obligation | Changes in the asset retirement obligation during the three months ended March 31, 2015 and the year ended December 31, 2014, respectively, are as follows:
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Fair Value Accounting (Tables)
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Measure at Fair Value on Recurring Basis | In accordance with the fair value hierarchy, the following table presents the fair value as of March 31, 2015 of those assets that we measure at fair value on a recurring basis:
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Short-Term Investments (Tables)
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Available-for-Sale Short-Term Investments | The following table summarizes our available-for-sale short-term investments as of March 31, 2015:
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Commitments and Contingencies (Tables)
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Annual Commitments | Future Minimum Annual Commitments at March 31, 2015:
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Pension and Post-Retirement Benefits (Tables)
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Summarizes Information about Pension and Post-Retirement Benefit Plans | We maintain a single-employer noncontributory defined benefit pension plan covering certain employees. Net pension benefit cost recognized for the three months ended March 31, 2015 and 2014 are as follows:
In addition, we provide defined benefit post-retirement health care and life insurance benefits to some employees. Net periodic post-retirement benefit cost recognized for the three months ended March 31, 2015 and 2014 are as follows:
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Segment Reporting (Tables)
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Presentation of Sales and Segment Contribution Margin for Reporting Segments and Other Operating Results | The following table presents sales and segment contribution margin for the reporting segments and other operating results not allocated to the reported segments for the three months ended March 31, 2015 and 2014:
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Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
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Mar. 31, 2015
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Mar. 31, 2014
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Earnings Per Share [Abstract] | ||
Net income | $ 14,823 | $ 18,371 |
Less: net income allocated to outstanding restricted stockholders | (46) | (42) |
Net income allocated to common stockholders | $ 14,777 | $ 18,329 |
Weighted-average common stock | ||
Outstanding (in shares) | 53,416 | 53,505 |
Outstanding assuming dilution (in shares) | 53,869 | 54,054 |
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Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) (Employee Stock Options)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
|
Employee Stock Options
|
||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted-average outstanding stock options excluded | 306 | 0 |
X | ||||||||||
- Definition
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- Details
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Capital Structure and Accumulated Comprehensive Income (Detail) (USD $)
|
3 Months Ended | |
---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
|
Capital Structure And Accumulated Comprehensive Income (Loss) | ||
Common stock outstanding (shares) | 53,374,963 | 53,733,092 |
Preferred stock issued (shares) | 0 | 0 |
Preferred stock outstanding (shares) | 0 | 0 |
Authorization to repurchase common stock | $ 50,000,000 | |
Repurchase of common stock (shares) | 706,093 | |
Average price per common share of repurchase common stock (in USD per share) | $ 23.83 | |
Remaining authorized repurchase of common stock amount | $ 33,200,000 | |
Common Stock
|
||
Capital Structure And Accumulated Comprehensive Income (Loss) | ||
Common stock authorized (shares) | 500,000,000 | |
Common stock, par value | $ 0.01 | |
Common stock issued (shares) | 53,374,963 | 53,733,092 |
Preferred Stock
|
||
Capital Structure And Accumulated Comprehensive Income (Loss) | ||
Preferred stock authorized (shares) | 10,000,000 | |
Preferred stock, par value | $ 0.01 |
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Capital Structure and Accumulated Comprehensive Income - Schedule of Quarterly Cash Dividends (Details) (USD $)
|
3 Months Ended | |
---|---|---|
Mar. 31, 2015
|
Feb. 12, 2015
|
|
Equity [Abstract] | ||
Dividends per common share | $ 0.125 | |
Declaration date | Feb. 12, 2015 | |
Record date | Mar. 16, 2015 | |
Payable date | Apr. 03, 2015 |
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Business Combination (Details) (USD $)
|
0 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2015
|
Dec. 31, 2014
|
Jul. 31, 2014
Cadre Services, Inc.
|
Jul. 31, 2014
Cadre Services, Inc.
|
|
Business Acquisition | ||||
Total purchase price | $ 98,300,000 | |||
Goodwill | 68,647,000 | 68,647,000 | 244,000 | |
Goodwill expected to be tax deductible | $ 0 |
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Business Combination - Schedule of Purchase Price Allocation (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2015
|
Dec. 31, 2014
|
Jul. 31, 2014
Cadre Services, Inc.
|
Jul. 31, 2014
Customer Relationships
Cadre Services, Inc.
|
Jul. 31, 2014
Trade Names
Cadre Services, Inc.
|
---|---|---|---|---|---|
Business Acquisition | |||||
Accounts receivable | $ 6,898 | ||||
Inventory | 2,534 | ||||
Other current assets | 174 | ||||
Fixed assets | 73,138 | ||||
Deferred tax assets (net) | 13,966 | ||||
Accounts payable, accrued expenses and other liabilities | (4,389) | ||||
Net tangible assets acquired | 92,321 | ||||
Total intangible assets | 5,752 | 1,274 | 4,478 | ||
Goodwill | 68,647 | 68,647 | 244 | ||
Purchase price, net of cash acquired | $ 98,317 |
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- Definition
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Tangible Assets No definition available.
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Business Combination - Schedule of Intangible Assets Acquired as Part of Business Combination (Details) (Cadre Services, Inc., USD $)
In Thousands, unless otherwise specified |
0 Months Ended | |
---|---|---|
Jul. 31, 2014
|
Jul. 31, 2014
|
|
Business Acquisition | ||
Total intangible assets | $ 5,752 | $ 5,752 |
Customer Relationships
|
||
Business Acquisition | ||
Estimated Useful Lives | 15 years | |
Total intangible assets | 1,274 | |
Trade Names
|
||
Business Acquisition | ||
Total intangible assets | $ 4,478 | $ 4,478 |
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Business Combination - Schedule of Pro Forma Financial Information (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended |
---|---|
Mar. 31, 2014
|
|
Business Combinations [Abstract] | |
Sales | $ 188,509 |
Net income | $ 18,417 |
Basic earnings per share (in usd per share) | $ 0.34 |
Diluted earnings per share (in usd per share) | $ 0.34 |
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Accounts Receivable - Schedule of Accounts Receivable (Detail) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2015
|
Dec. 31, 2014
|
---|---|---|
Receivables [Abstract] | ||
Trade receivables | $ 107,308 | $ 128,498 |
Less: Allowance for doubtful accounts | (13,611) | (10,429) |
Net trade receivables | 93,697 | 118,069 |
Other receivables | 2,658 | 2,812 |
Total accounts receivable | $ 96,355 | $ 120,881 |
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Accounts Receivable - Allowance for Doubtful Accounts (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended |
---|---|
Mar. 31, 2015
|
|
Allowance for Doubtful Accounts Receivable | |
Beginning balance | $ 10,429 |
Bad debt provision | 3,183 |
Write-offs | (1) |
Ending balance | $ 13,611 |
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Inventories - Schedule of Inventories (Detail) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2015
|
Dec. 31, 2014
|
---|---|---|
Inventory Disclosure [Abstract] | ||
Supplies | $ 18,059 | $ 17,528 |
Raw materials and work in process | 9,446 | 12,562 |
Finished goods | 37,530 | 36,622 |
Total inventories | $ 65,035 | $ 66,712 |
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- Definition
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Property, Plant and Mine Development (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
|
Property, Plant and Equipment [Abstract] | ||
Interest costs capitalized in property, plant and equipment | $ 42 | $ 201 |
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Debt (Detail) (USD $)
|
3 Months Ended |
---|---|
Mar. 31, 2015
|
|
Short-term Debt | |
Credit facility consolidated total net leverage ratio | 0.0375 |
Net leverage ratio, credit facility threshold (percentage) | 25.00% |
Revolving Line-of-Credit
|
|
Short-term Debt | |
Available borrowing base | $ 50,000,000 |
Amount drawn from borrowing base | 0 |
Amount available for general corporate use under this revolving credit agreement | 46,900,000 |
Letter of Credit
|
|
Short-term Debt | |
Amount allocated for letters of credit | $ 3,100,000 |
X | ||||||||||
- Definition
Consolidated leverage ratio maximum. No definition available.
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- Definition
Line of credit available for general corporate use. No definition available.
|
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- Definition
Line of credit facility revolving credit amount withdrawn. No definition available.
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- Definition
Percentage of lender commitment under revolver for maximum consolidated leverage ratio threshold. No definition available.
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Debt - Schedule of Debt (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2015
|
Dec. 31, 2014
|
|
Line of Credit Facility | ||
Less: Unamortized debt issuance cost | $ (6,923) | $ (7,211) |
Total debt | 494,194 | 495,086 |
Less: current portion | (3,321) | (3,329) |
Total long-term portion of debt | 490,873 | 491,757 |
Revolving Line-of-Credit
|
||
Line of Credit Facility | ||
Total debt | 0 | 0 |
Credit facility, maturity date | Jul. 23, 2018 | |
Credit facility, interest rate | 4.75% | 4.75% |
Term Loan Facility
|
||
Line of Credit Facility | ||
Less: Unamortized original issue discount | (1,983) | (2,078) |
Total debt | $ 503,100 | $ 504,375 |
Credit facility, maturity date | Jul. 23, 2020 | |
Minimum | Term Loan Facility
|
||
Line of Credit Facility | ||
Credit facility, interest rate | 4.00% | 4.00% |
Maximum | Term Loan Facility
|
||
Line of Credit Facility | ||
Credit facility, interest rate | 5.25% | 5.25% |
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Debt - Schedule of Contractual Maturities of Debt (Detail) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2015
|
---|---|
Debt Disclosure [Abstract] | |
2015 | $ 3,825 |
2016 | 5,100 |
2017 | 5,100 |
2018 | 5,100 |
2019 | 5,100 |
Thereafter | 478,875 |
Total debt | $ 503,100 |
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Asset Retirement Obligations (Detail) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2015
|
Dec. 31, 2014
|
Dec. 31, 2013
|
---|---|---|---|
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset Retirement Obligation | $ 11,470 | $ 11,283 | $ 9,378 |
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- Definition
No authoritative reference available. No definition available.
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- Details
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Asset Retirement Obligations - Schedule of Changes in Asset Retirement Obligation (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2015
|
Dec. 31, 2014
|
|
Asset Retirement Obligation Disclosure [Abstract] | ||
Beginning balance | $ 11,283 | $ 9,378 |
Payments | 0 | (782) |
Accretion | 187 | 676 |
Additions and revisions of prior estimates | 0 | 2,011 |
Ending balance | $ 11,470 | $ 11,283 |
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Fair Value Accounting - Schedule of Measure at Fair Value on Recurring Basis (Detail) (Measured at Fair Value on Recurring Basis, USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2015
|
---|---|
Defined Benefit Plan Disclosure | |
Short-term investments | $ 75,253 |
Interest rate derivatives | 0 |
Net asset | 75,253 |
Level 1
|
|
Defined Benefit Plan Disclosure | |
Short-term investments | 995 |
Interest rate derivatives | 0 |
Net asset | 995 |
Level 2
|
|
Defined Benefit Plan Disclosure | |
Short-term investments | 74,258 |
Interest rate derivatives | 0 |
Net asset | $ 74,258 |
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No authoritative reference available. No definition available.
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No authoritative reference available. No definition available.
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Short-Term Investments (Detail) (USD $)
|
3 Months Ended |
---|---|
Mar. 31, 2015
|
|
Investments, Debt and Equity Securities [Abstract] | |
Impairment charges | $ 0 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Commitments and Contingencies (Detail) (USD $)
|
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2015
claim
|
Mar. 31, 2014
|
Dec. 31, 2014
|
|
Insurance [Abstract] | |||
Expenses related to operating leases and rental agreements | $ 10,000,000 | $ 7,100,000 | |
Capital lease obligations | 0 | ||
New claims filed | 0 | ||
Number of active products liability claims outstanding | 75 | ||
Third party products claims liability under insurance in other assets | 311,000 | 311,000 | |
Third party products claims liability under insurance in other long-term obligations | 1,600,000 | 1,600,000 | |
Selling, General and Administrative Expense
|
|||
Loss Contingencies | |||
Litigation settlement expense | $ 7,600,000 |
X | ||||||||||
- Definition
Number of products liability claims. No definition available.
|
X | ||||||||||
- Definition
Third-party products claims liability under insurance in other assets. No definition available.
|
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No authoritative reference available. No definition available.
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Commitments and Contingencies - Schedule of Future Minimum Annual Commitments (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2015
|
---|---|
Operating Leases | |
2015 | $ 31,851 |
2016 | 45,069 |
2017 | 42,675 |
2018 | 41,026 |
2019 | 34,485 |
Thereafter | 103,523 |
Total future lease commitments | 298,629 |
Minimum Purchase Commitments | |
2015 | 29,917 |
2016 | 30,464 |
2017 | 19,871 |
2018 | 15,754 |
2019 | 10,000 |
Thereafter | 16,356 |
Total future purchase commitments | $ 122,362 |
X | ||||||||||
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No authoritative reference available. No definition available.
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Income Taxes (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
|
Loss Contingencies | ||
Discrete tax benefit related to unfavorable ruling | $ 2.9 | |
Effective income tax rate | 19.00% | 25.00% |
Effective income tax rate without discrete tax benefit | 0.25 | |
Selling, General and Administrative Expense
|
||
Loss Contingencies | ||
Litigation settlement expense | $ 7.6 |
X | ||||||||||
- Definition
Effective Income Tax Rate Reconciliation, Percent, Without (Expense) Benefit of Litigation Ruling No definition available.
|
X | ||||||||||
- Definition
Income Tax Expense (Benefit), Continuing Operations, (Expense) Benefit Related to Litigation Ruling No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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No authoritative reference available. No definition available.
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- Details
|
Pension and Post-Retirement Benefits (Detail) (USD $)
|
3 Months Ended | |
---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
|
Pension Benefits
|
||
Defined Benefit Plan Disclosure | ||
Contributions to plan by employer | $ 0 | $ 800,000 |
Expected contributions in current fiscal year | 1,700,000 | |
Post-retirement Benefits
|
||
Defined Benefit Plan Disclosure | ||
Expected contributions in current fiscal year | $ 1,700,000 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Pension and Post-Retirement Benefits - Summarizes Information about Pension and Post-Retirement Benefit Plans (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
|
Pension Benefits
|
||
Defined Benefit Plan Disclosure | ||
Service cost | $ 324 | $ 269 |
Interest cost | 1,203 | 1,143 |
Expected return on plan assets | (1,375) | (1,255) |
Net amortization and deferral | 666 | 238 |
Net pension benefit costs | 818 | 395 |
Post-retirement Benefits
|
||
Defined Benefit Plan Disclosure | ||
Service cost | 44 | 45 |
Interest cost | 277 | 257 |
Expected return on plan assets | (1) | (1) |
Net amortization and deferral | 96 | 0 |
Net pension benefit costs | $ 416 | $ 301 |
X | ||||||||||
- Definition
Defined benefit plan amortization and deferrals net. No definition available.
|
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Obligations Under Guarantees (Detail) (USD $)
|
3 Months Ended |
---|---|
Mar. 31, 2015
railroad_car
|
|
Travelers Casualty and Surety Company | Surety Bonds
|
|
Loss Contingencies | |
Surety bonds outstanding | $ 8,500,000 |
Travelers Casualty and Surety Company | Reclamation Bonds
|
|
Loss Contingencies | |
Bonds related to reclamation requirements | 8,200,000 |
Kanawha Rail Corporation | Leased Railroad Hopper Cars
|
|
Loss Contingencies | |
Number of railroad cars | 199 |
Payment of monthly rent | $ 66,000 |
X | ||||||||||
- Definition
Number of railroad cars. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Segment Reporting (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2015
Product
Segment
|
Dec. 31, 2014
|
|
Segment Reporting Information | ||
Number of reportable segments | 2 | |
Number of products in Industrial & Specialty segment (over 260) | 250 | |
Goodwill | $ 68,647 | $ 68,647 |
Industrial & Specialty Products segment description | Over 250 products and materials used in a variety of industries including, container glass, fiberglass, specialty glass, flat glass, building products, fillers and extenders, foundry products, chemicals, recreation products and filtration products. | |
Oil & Gas Proppants
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Segment Reporting Information | ||
Goodwill | 47,900 | |
Industrial & Specialty Products
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Segment Reporting Information | ||
Goodwill | $ 20,700 |
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Segment Reporting - Presentation of Sales and Segment Contribution Margin for Reporting Segments and Other Operating Results (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
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Mar. 31, 2015
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Mar. 31, 2014
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Segment Reporting Information | ||
Total Sales | $ 203,958 | $ 180,095 |
Total segment contribution margin | 67,651 | 54,815 |
Operating activities excluded from segment cost of goods sold | (2,346) | (1,490) |
Selling, general and administrative | (26,961) | (15,445) |
Depreciation, depletion and amortization | (13,243) | (9,589) |
Interest expense | (6,836) | (3,808) |
Other income, net, including interest income | 11 | 38 |
Income before income taxes | 18,276 | 24,521 |
Operating Segments | Oil & Gas Proppants
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Segment Reporting Information | ||
Total Sales | 148,753 | 130,584 |
Total segment contribution margin | 52,195 | 41,628 |
Operating Segments | Industrial & Specialty Products
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Segment Reporting Information | ||
Total Sales | 55,205 | 49,511 |
Total segment contribution margin | $ 15,456 | $ 13,187 |
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Operating activities excluded from segment cost of goods sold. No definition available.
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Segment reporting information contribution margin. No definition available.
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Subsequent Events (Details) (USD $)
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3 Months Ended | 0 Months Ended |
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Mar. 31, 2015
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Apr. 03, 2015
Subsequent Event
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Subsequent Event | ||
Dividends, Common Stock, Cash | $ 6,691,000 | $ 0.125 |
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