Company Quick10K Filing
Koppers
Price29.65 EPS2
Shares21 P/E14
MCap624 P/FCF11
Net Debt930 EBIT105
TEV1,553 TEV/EBIT15
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-22
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-02-19
8-K 2020-08-25 Regulation FD, Exhibits
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-07-27 Earnings, Exhibits
8-K 2020-06-17
8-K 2020-05-20
8-K 2020-05-06
8-K 2020-04-27
8-K 2020-02-27
8-K 2020-02-26
8-K 2020-02-18
8-K 2020-02-18
8-K 2020-01-01
8-K 2019-11-07
8-K 2019-08-08
8-K 2019-05-03
8-K 2019-03-01
8-K 2018-11-27
8-K 2018-11-08
8-K 2018-10-11
8-K 2018-09-10
8-K 2018-08-09
8-K 2018-05-03
8-K 2018-04-10
8-K 2018-02-27

KOP 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 kop-ex311_6.htm
EX-31.2 kop-ex312_7.htm
EX-32.1 kop-ex321_8.htm

Koppers Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.61.30.90.60.2-0.12012201420172020
Assets, Equity
0.50.40.30.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.50.30.1-0.1-0.3-0.52012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

Commission file number 1-32737

KOPPERS HOLDINGS INC.

(Exact name of registrant as specified in its charter)

 

Pennsylvania

20-1878963

(State of incorporation)

(IRS Employer Identification No.)

436 Seventh Avenue

Pittsburgh, Pennsylvania 15219

(Address of principal executive offices)

(412) 227-2001

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act.

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

KOP

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer  Accelerated filer  Non-accelerated filer  Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

Common Stock, par value $0.01 per share, outstanding at July 31, 2020 amounted to 21,045,727 shares.

1


PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

KOPPERS HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(Dollars in millions, except per share amounts)

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

Net sales

 

$

436.6

 

 

$

443.8

 

 

$

838.5

 

 

$

820.7

 

Cost of sales

 

 

334.7

 

 

 

351.1

 

 

 

675.0

 

 

 

652.9

 

Depreciation and amortization

 

 

13.3

 

 

 

12.5

 

 

 

26.8

 

 

 

26.1

 

Impairment and restructuring charges

 

 

4.1

 

 

 

3.8

 

 

 

3.9

 

 

 

4.1

 

Selling, general and administrative expenses

 

 

34.8

 

 

 

38.3

 

 

 

69.5

 

 

 

75.2

 

Operating profit

 

 

49.7

 

 

 

38.1

 

 

 

63.3

 

 

 

62.4

 

Other income (loss), net

 

 

0.5

 

 

 

(0.1

)

 

 

1.0

 

 

 

0.4

 

Interest expense

 

 

12.8

 

 

 

15.7

 

 

 

26.8

 

 

 

32.0

 

Income from continuing operations before income

   taxes

 

 

37.4

 

 

 

22.3

 

 

 

37.5

 

 

 

30.8

 

Income tax provision

 

 

8.0

 

 

 

8.0

 

 

 

6.2

 

 

 

6.8

 

Income from continuing operations

 

 

29.4

 

 

 

14.3

 

 

 

31.3

 

 

 

24.0

 

Income (loss) from discontinued operations, net of

   tax benefit (expense) of $0.2, $0.0, $1.0, and $(1.1)

 

 

0.0

 

 

 

0.1

 

 

 

(4.4

)

 

 

2.8

 

Net income

 

 

29.4

 

 

 

14.4

 

 

 

26.9

 

 

 

26.8

 

Net income (loss) attributable to noncontrolling

   interests

 

 

0.2

 

 

 

(0.3

)

 

 

(0.9

)

 

 

0.6

 

Net income attributable to Koppers

 

$

29.2

 

 

$

14.7

 

 

$

27.8

 

 

$

26.2

 

Earnings (loss) per common share attributable to

   Koppers common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.40

 

 

$

0.70

 

 

$

1.50

 

 

$

1.17

 

Discontinued operations

 

 

(0.01

)

 

 

0.02

 

 

 

(0.17

)

 

 

0.10

 

Earnings per basic common share

 

$

1.39

 

 

$

0.72

 

 

$

1.33

 

 

$

1.27

 

Diluted -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.40

 

 

$

0.68

 

 

$

1.49

 

 

$

1.15

 

Discontinued operations

 

 

(0.01

)

 

 

0.02

 

 

 

(0.17

)

 

 

0.10

 

Earnings per diluted common share

 

$

1.39

 

 

$

0.70

 

 

$

1.32

 

 

$

1.25

 

Comprehensive income

 

$

73.7

 

 

$

9.6

 

 

$

22.8

 

 

$

30.3

 

Comprehensive income (loss) attributable to

   noncontrolling interests

 

 

0.2

 

 

 

(0.6

)

 

 

(1.0

)

 

 

0.6

 

Comprehensive income attributable to Koppers

 

$

73.5

 

 

$

10.2

 

 

$

23.8

 

 

$

29.7

 

Weighted average shares outstanding (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

21,001

 

 

 

20,662

 

 

 

20,927

 

 

 

20,619

 

Diluted

 

 

21,068

 

 

 

21,044

 

 

 

21,084

 

 

 

20,949

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


KOPPERS HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 

June 30,

2020

 

 

December 31,

2019

 

(Dollars in millions, except per share amounts)

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

33.0

 

 

$

32.3

 

Accounts receivable, net of allowance of $2.5 and $2.6

 

 

189.2

 

 

 

161.7

 

Income tax receivable

 

 

3.6

 

 

 

1.1

 

Inventories, net

 

 

261.1

 

 

 

288.5

 

Assets of discontinued operations held for sale

 

 

68.1

 

 

 

17.1

 

Other current assets

 

 

18.1

 

 

 

18.8

 

Total current assets

 

 

573.1

 

 

 

519.5

 

Property, plant and equipment, net

 

 

369.3

 

 

 

358.8

 

Operating lease right-of-use assets

 

 

102.7

 

 

 

112.3

 

Goodwill

 

 

294.4

 

 

 

296.1

 

Intangible assets, net

 

 

157.8

 

 

 

168.4

 

Deferred tax assets

 

 

25.9

 

 

 

23.7

 

Non-current assets of discontinued operations held for sale

 

 

0.0

 

 

 

59.3

 

Other assets

 

 

32.6

 

 

 

26.5

 

Total assets

 

$

1,555.8

 

 

$

1,564.6

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

131.1

 

 

$

162.8

 

Accrued liabilities

 

 

96.1

 

 

 

89.3

 

Current operating lease liabilities

 

 

21.0

 

 

 

22.0

 

Current maturities of long-term debt

 

 

10.2

 

 

 

10.2

 

Liabilities of discontinued operations held for sale

 

 

34.4

 

 

 

11.9

 

Total current liabilities

 

 

292.8

 

 

 

296.2

 

Long-term debt

 

 

896.9

 

 

 

891.0

 

Accrued postretirement benefits

 

 

46.4

 

 

 

46.6

 

Deferred tax liabilities

 

 

6.7

 

 

 

6.8

 

Operating lease liabilities

 

 

83.1

 

 

 

91.5

 

Non-current liabilities of discontinued operations held for sale

 

 

0.0

 

 

 

25.1

 

Other long-term liabilities

 

 

43.6

 

 

 

48.7

 

Total liabilities

 

 

1,369.5

 

 

 

1,405.9

 

Commitments and contingent liabilities (Note 18)

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Senior Convertible Preferred Stock, $0.01 par value per share; 10,000,000

   shares authorized; no shares issued

 

 

0.0

 

 

 

0.0

 

Common Stock, $0.01 par value per share; 80,000,000 shares authorized;

   23,620,402 and 23,321,087 shares issued

 

 

0.2

 

 

 

0.2

 

Additional paid-in capital

 

 

228.0

 

 

 

221.9

 

Retained earnings

 

 

121.6

 

 

 

93.8

 

Accumulated other comprehensive loss

 

 

(81.8

)

 

 

(77.7

)

Treasury stock, at cost, 2,574,675 and 2,515,925 shares

 

 

(92.1

)

 

 

(90.9

)

Total Koppers shareholders’ equity

 

 

175.9

 

 

 

147.3

 

Noncontrolling interests

 

 

10.4

 

 

 

11.4

 

Total equity

 

 

186.3

 

 

 

158.7

 

Total liabilities and equity

 

$

1,555.8

 

 

$

1,564.6

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


KOPPERS HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

 

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

(Dollars in millions)

 

(Unaudited)

 

 

(Unaudited)

 

Cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

26.9

 

 

$

26.8

 

Adjustments to reconcile net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

27.3

 

 

 

28.0

 

Stock-based compensation

 

 

5.5

 

 

 

5.9

 

Change in derivative liability

 

 

(0.3

)

 

 

(1.3

)

Non-cash interest expense

 

 

1.3

 

 

 

1.2

 

Loss on disposal of assets and investment

 

 

0.0

 

 

 

0.3

 

Insurance proceeds

 

 

0.0

 

 

 

(3.0

)

Deferred income taxes

 

 

(4.7

)

 

 

0.4

 

Change in other liabilities

 

 

0.8

 

 

 

(4.3

)

Other - net

 

 

1.0

 

 

 

(1.1

)

Changes in working capital:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(31.7

)

 

 

(25.4

)

Inventories

 

 

28.8

 

 

 

5.9

 

Accounts payable

 

 

(34.3

)

 

 

(30.5

)

Accrued liabilities

 

 

(0.2

)

 

 

(6.0

)

Other working capital

 

 

1.8

 

 

 

4.5

 

Net cash provided by operating activities

 

 

22.2

 

 

 

1.4

 

Cash (used in) provided by investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(26.5

)

 

 

(18.5

)

Insurance proceeds received

 

 

0.0

 

 

 

3.0

 

Net cash provided by divestitures and asset sales

 

 

0.1

 

 

 

0.5

 

Net cash used in investing activities

 

 

(26.4

)

 

 

(15.0

)

Cash provided by (used in) financing activities:

 

 

 

 

 

 

 

 

Net increase in credit facility borrowings

 

 

9.9

 

 

 

35.0

 

Repayments of long-term debt

 

 

(5.1

)

 

 

(18.7

)

Issuances of Common Stock

 

 

0.5

 

 

 

0.6

 

Repurchases of Common Stock

 

 

(1.2

)

 

 

(0.9

)

Payment of debt issuance costs

 

 

(0.2

)

 

 

(0.9

)

Net cash provided by financing activities

 

 

3.9

 

 

 

15.1

 

Effect of exchange rate changes on cash

 

 

0.8

 

 

 

0.0

 

Change in cash and cash equivalents of discontinued operations held for sale

 

 

0.2

 

 

 

(0.8

)

Net increase in cash and cash equivalents

 

 

0.7

 

 

 

0.7

 

Cash and cash equivalents at beginning of period

 

 

32.3

 

 

 

37.4

 

Cash and cash equivalents at end of period

 

$

33.0

 

 

$

38.1

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

Operating cash outflow from operating leases

 

$

15.1

 

 

$

15.3

 

Supplemental disclosure of non-cash investing and financing activities:

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

1.7

 

 

$

16.5

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Non-cash investing activities

 

 

 

 

 

 

 

 

Accrued capital expenditures

 

$

2.3

 

 

$

4.8

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4


KOPPERS HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements and related disclosures have been prepared in accordance with accounting principles generally accepted in the United States applicable to interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of Koppers Holdings Inc.’s and its subsidiaries’ (“Koppers”, “Koppers Holdings”, the “Company”, “we” or “us”) financial position and interim results as of and for the periods presented have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Because our business is seasonal, results for interim periods are not necessarily indicative of those that may be expected for a full year. The Condensed Consolidated Balance Sheet as of December 31, 2019 has been summarized from the audited balance sheet contained in the Annual Report on Form 10-K as of and for the year ended December 31, 2019. Certain prior period amounts in the consolidated financial statements and notes to the consolidated financial statements have been reclassified to conform to the current period’s presentation as a result of reporting discontinued operations. See Note 4 – “Discontinued Operations.” 

The financial information included herein should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2019.

COVID-19 Assessment

In March 2020, the World Health Organization categorized the current coronavirus disease (“COVID-19”) as a pandemic. COVID-19 continues to spread throughout the United States and other countries across the world, and the duration and severity of its effects are currently unknown. While we expect the effects of the pandemic to continue to negatively impact our results of operations, cash flows and financial position, the current level of uncertainty over the economic and operational impacts of COVID-19 means the related financial impact cannot be reasonably estimated at this time. Our condensed consolidated financial statements presented herein reflect certain estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of such assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented.

Such estimates and assumptions affect, among other things, our goodwill, long-lived asset and identifiable intangible asset valuation; inventory valuation; assessment of the annual effective tax rate; valuation of deferred income taxes; the allowance for doubtful accounts; and measurement of cash incentive plans. In consideration of COVID-19, we evaluated our financial position and determined that a goodwill impairment evaluation triggering event did not occur during the three months ended June 30, 2020 and, therefore, an interim review of impairment was not required. Events and changes in circumstances arising after June 30, 2020, including those resulting from the impacts of COVID-19, will be reflected in management’s estimates for future periods.

2. New Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes.” ASU 2019-12 is meant to simplify accounting for income taxes by removing certain exceptions to the principles in Topic 740 and amends existing guidance to facilitate consistent application. We adopted the standard as of January 1, 2020 and there was no material impact on our financial statements.

In August 2018, the FASB issued ASU 2018-14, “Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans,” which amends ASC 715-20, Compensation – Retirement Benefits – Defined Benefit Plans. The ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The disclosure requirements to be removed include the amounts in accumulated other comprehensive income expected to be recognized in net periodic benefit costs over the next fiscal year and the effect of a one percentage point change in assumed health care cost trend rates on the aggregate service cost and benefit obligation for postretirement health care benefits. The new disclosure requirements include an explanation of significant gains and losses related to changes in benefit obligations. This guidance is effective for fiscal years ending after December 15, 2020.


5


In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses. The update is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. We adopted the standard as of January 1, 2020 and there was no material impact on our financial statements.

 

3. Plant Closures and Divestitures

Over the past six years, we have been restructuring our Carbon Materials and Chemicals (“CMC”) segment in order to concentrate our facilities in regions where we believe we hold key competitive advantages to better serve our global customers. These closure activities include:

 

 

In February 2020, we entered into a definitive agreement to sell Koppers (Jiangsu) Carbon Chemical Company Limited (“KJCC”) to Fangda Carbon New Material Co., Ltd and C-Chem Co., Ltd., a subsidiary of Nippon Steel Chemical & Material Co., Ltd. Refer to “Note 4 – Discontinued Operations” for more details.

 

The cessation of naphthalene refining activities at our Follansbee, West Virginia coal tar distillation facility in the fourth quarter of 2018 subsequent to the commissioning of a new naphthalene refining plant in Stickney, Illinois. In August 2019, we ceased remaining production activities at the plant.

 

In September 2018, we sold our UK-based specialty chemicals business

 

In November 2016, we sold our 30-percent interest in Tangshan Kailuan Koppers Carbon Chemical Company Limited (“TKK”) located in the Hebei Province in China.

 

In July 2016, we discontinued coal tar distillation activities at our CMC plant located in Clairton, Pennsylvania. In October 2018, we sold the facility and as part of the transaction, we transferred cash to the buyer and the buyer assumed decommissioning, demolition and site restoration responsibilities.

 

In March 2016, we discontinued production at our 60-percent owned CMC plant located in Tangshan, China.

 

In February 2016, we ceased coal tar distillation and specialty pitch operations at both of our United Kingdom CMC facilities. In July 2016, we sold substantially all of our CMC tar distillation properties and assets in the United Kingdom.

 

In April 2014, we ceased coal tar distillation activities at our CMC facility located in Uithoorn, the Netherlands.

 

Other closure and divestiture activity relates to our Railroad Utility Products and Services (“RUPS”) segment. These activities include:

 

 

In June 2020, we announced the closure of a crosstie treating plant located in Denver, Colorado and we have targeted the third quarter of 2020 for discontinuing activities at this location and, as such, we recorded charges of $2.9 million for asset retirement obligations and $1.3 million for fixed asset write-offs and severance in the three months ended June 30, 2020.

 

In August 2019, we sold our utility pole treatment plant located in Blackstone, Virginia.

In August 2015, we closed a crosstie treating plant located in Green Spring, West Virginia.

 

In July 2015, we sold the assets of our 50 percent interest in KSA Limited Partnership, a concrete crosstie manufacturer.

In addition, in 2011, we ceased carbon black production at our CMC facility located in Kurnell, Australia. Costs associated with this closure are included in income (loss) from discontinued operations on the Condensed Consolidated Statement of Operations and Comprehensive Income.

Details of the restructuring activities and related reserves are as follows:

 

 

 

Severance and

employee benefits

 

 

Asset

Retirement

 

 

Other

 

 

Total

 

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reserve at December 31, 2018

 

$

1.7

 

 

$

3.6

 

 

$

2.8

 

 

$

8.1

 

Accrual

 

 

0.0

 

 

 

3.4

 

 

 

3.0

 

 

 

6.4

 

Cost charged against assets

 

 

0.0

 

 

 

0.0

 

 

 

(3.0

)

 

 

(3.0

)

Reversal of accrued charges

 

 

(0.3

)

 

 

(0.1

)

 

 

0.0

 

 

 

(0.4

)

Cash paid

 

 

(0.5

)

 

 

(6.2

)

 

 

(0.3

)

 

 

(7.0

)

Currency translation

 

 

0.0

 

 

 

0.0

 

 

 

(0.1

)