CALGON CARBON Corp

CIK:0000812701|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net sales	$ 619,811	$ 514,246	$ 535,004
Cost of products sold (excluding depreciation and amortization)	430,896	346,398	343,522
Depreciation and amortization	46,667	38,070	35,453
Selling, general and administrative expenses	98,806	99,815	84,810
Research and development expenses	5,416	5,441	6,425
Other operating income	(4,148)
Total costs and expenses	577,637	489,724	470,210
Income from operations	42,174	24,522	64,794
Interest income	49	99	58
Interest expense	(7,842)	(2,385)	(773)
Other income (expense) - net	(818)	(2,163)	(693)
Income before income tax provision	33,563	20,073	63,386
Income tax provision (Note 14)	12,462	6,276	19,923
Net income	21,101	13,797	43,463
Other comprehensive income (loss), net of tax (Note 12)
Foreign currency translation	27,989	(10,956)	(13,013)
Defined benefit pension plans	1,292	(1,899)	(116)
Derivatives	(1,323)	886	(991)
Total other comprehensive income (loss)	27,958	(11,969)	(14,120)
Total comprehensive income	$ 49,059	$ 1,828	$ 29,343
Net income per common share
Basic (in dollars per share)	$ 0.42	$ 0.27	$ 0.84
Diluted (in dollars per share)	0.42	0.27	0.82
Dividends per common share (in dollars per share)	$ 0.20	$ 0.20	$ 0.20
Weighted average shares outstanding
Basic (in shares)	50,470	50,259	51,902
Diluted (in shares)	50,546	51,023	52,709

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
Net income	$ 21,101	$ 13,797	$ 43,463
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	46,667	38,070	35,453
Employee benefit plan provisions	4,084	4,376	2,044
Gain on sale of property, plant and equipment	(4,148)
Stock-based compensation	4,338	4,058	3,761
Deferred income tax (benefit) expense	(9,339)	(5,392)	6,782
Changes in assets and liabilities — net of effects from foreign exchange:
Receivables	(19,358)	(3,665)	(4,751)
Inventories	5,458	3,692	(14,805)
Revenue in excess of billings on uncompleted contracts and other current assets	(3,987)	5,302	53
Accounts payable and other accrued liabilities	16,018	11,247	1,112
Transition tax payable	6,780
Pension contributions	(2,925)	(2,426)	(3,056)
Other items - net	(98)	(87)	(175)
Net cash provided by operating activities	64,591	68,972	69,881
Cash flows from investing activities
Purchase of business - net of cash	(1,234)
Purchase of businesses - net of cash		(153,599)
Capital expenditures	(57,379)	(31,870)	(62,264)
Proceeds from sale of assets	5,106	1,234
Other investing	348
Net cash used in investing activities	(53,159)	(184,235)	(62,264)
Cash flows from financing activities
Japanese working capital loan borrowings — short-term			1,643
Japanese working capital loan repayments — short-term			(2,490)
Credit agreement borrowings — long-term	151,411	328,249	111,400
Credit agreement repayments — long-term	(142,920)	(210,650)	(70,400)
Repayment of Japanese term loan - long-term		(4,002)
Treasury stock purchased	(337)	(8,655)	(35,634)
Common stock dividends paid	(10,189)	(10,138)	(10,430)
Proceeds from the exercise of stock options	407	286	1,095
Other financing	(10,916)	5,709
Net cash (used in) provided by financing activities	(12,544)	100,799	(4,816)
Effect of exchange rate changes on cash and cash equivalents	5,456	(1,181)	(2,305)
Net increase (decrease) increase in cash and cash equivalents	4,344	(15,645)	496
Cash and cash equivalents, beginning of period	37,984	53,629	53,133
Cash and cash equivalents, end of period	$ 42,328	$ 37,984	$ 53,629

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 42,328	$ 37,984
Receivables (net of allowance of $1,820 and $1,416)	133,465	108,056
Revenue recognized in excess of billings on uncompleted contracts	7,601	6,998
Inventories	121,647	125,115
Other current assets	16,154	13,437
Total current assets	321,195	291,590
Property, plant and equipment, net	399,510	366,442
Intangibles, net	44,066	40,543
Goodwill	77,773	66,316
Deferred income taxes	9,515	7,957
Other assets	2,525	2,370
Total assets	854,584	775,218
Current liabilities:
Accounts payable and accrued liabilities	92,852	74,493
Billings in excess of revenue recognized on uncompleted contracts	4,097	4,063
Payroll and benefits payable	20,097	15,458
Accrued income taxes	2,713	1,641
Current portion of long-term debt	5,000	5,000
Total current liabilities	124,759	100,655
Long-term debt	228,500	220,000
Deferred income taxes	17,584	25,624
Accrued pension and other liabilities	59,320	47,796
Total liabilities	430,163	394,075
Commitments and contingencies (Notes 15 and 16)
Stockholders' equity:
Common stock, $.01 par value, 100,000,000 shares authorized, 61,729,948 and 61,531,025 shares issued	617	615
Additional paid-in capital	190,534	185,791
Retained earnings	413,198	402,286
Treasury stock, at cost, 10,804,009 and 10,781,001 shares	(154,287)	(153,950)
Accumulated other comprehensive loss	(25,641)	(53,599)
Total stockholders' equity	424,421	381,143
Total liabilities and stockholders' equity	$ 854,584	$ 775,218