XML 93 R26.htm IDEA: XBRL DOCUMENT v2.4.1.9
GUARANTOR INFORMATION
12 Months Ended
Dec. 31, 2014
GUARANTOR INFORMATION  
GUARANTOR INFORMATION

 

18. GUARANTOR INFORMATION

Axiall Corporation is primarily a holding company for its 100 percent and majority owned subsidiaries. Payment obligations under the indentures for the 4.875 Notes issued by Axiall Corporation, the 4.625 Notes issued by Eagle Spinco, Inc. ("Spinco") and the Term Loan Credit Agreement under which Spinco is the borrower, as described in Note 8 of the Notes to the Consolidated Financial Statements, are guaranteed by each of Axiall Corporation's 100 percent owned domestic subsidiaries (including Spinco in the case of the 4.875 Notes), other than certain excluded subsidiaries. Axiall Corporation is also a guarantor under the 4.625 Notes issued by Spinco, and the Term Loan Credit Agreement.

As of December 31, 2014, payment obligations under the indenture for the 4.875 Notes issued by Axiall Corporation are guaranteed by Axiall Holdco, Inc., Axiall, LLC, Georgia Gulf Lake Charles, LLC, Royal Mouldings Limited, Royal Window and Door Profiles Plant 13 Inc., Royal Window and Door Profiles Plant 14 Inc., Exterior Portfolio, LLC, Plastic Trends, Inc., Royal Group Sales (USA) Limited, Rome Delaware Corporation, Royal Plastics Group (U.S.A.) Limited, PHH Monomers, LLC, Eagle Holdco 3 LLC, Eagle US 2 LLC, Axiall Ohio, Inc., Eagle Natrium LLC, and Eagle Pipeline, Inc. (collectively, the "Guarantor Subsidiaries") and Spinco. As of December 31, 2014, payment obligations under the indenture for the 4.625 percent Notes issued by Spinco are guaranteed by Axiall Corporation and each of the Guarantor Subsidiaries.

Each of Spinco and the Guarantor Subsidiaries is a direct or indirect 100 percent owned subsidiary of Axiall Corporation. The guarantees made by each of Axiall Corporation, Spinco and the other Guarantor Subsidiaries are full, unconditional and joint and several. Except as disclosed in Note 8 of the Notes to the Consolidated Financial Statements, there are no restrictions on the ability of Axiall Corporation, Spinco or any other Guarantor Subsidiary to obtain funds from any of its direct or indirect 100 percent owned subsidiaries through dividends, loans or advances as a result of the issuance of the 4.625 Notes or the 4.875 Notes. Separate financial statements and other disclosures with respect to Spinco or the Guarantor Subsidiaries have not been provided as management believes the following information is sufficient. Investments in subsidiaries in the guarantor financial statements reflect investments in 100 percent owned entities within Axiall under the equity accounting method. This presentation of Spinco, the Guarantor Subsidiaries and the non-guarantor subsidiaries of Axiall Corporation (the "Non-Guarantor Subsidiaries") is not included to present the Company's financial condition, results of operations or cash flows for any purpose other than to comply with the specific requirements for subsidiary issuer and subsidiary guarantor reporting.

The following tables present (i) guarantor condensed consolidating balance sheets as of December 31, 2014 and 2013, (ii) guarantor condensed consolidating statements of operations and comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012, and (iii) guarantor condensed consolidating statements of cash flows for the years ended December 31, 2014, 2013 and 2012, of each of Axiall Corporation (as parent issuer), Spinco (as subsidiary issuer), the Guarantor Subsidiaries (excluding Spinco), the Guarantor Subsidiaries (including Spinco and which also includes entries necessary to eliminate Spinco's investment in such Guarantor Subsidiaries and other intercompany account balances) and the Non-Guarantor Subsidiaries. The Company acquired PHH Monomers, LLC, Eagle Holdco 3 LLC, Eagle US 2 LLC, Axiall Ohio, Inc., Eagle Natrium LLC, and Eagle Pipeline, Inc. (the "Eagle Guarantors") and Spinco in connection with the consummation of the Transactions on January 28, 2013. Accordingly, the Eagle Guarantors are included in the Guarantor Subsidiary column of the following guarantor condensed consolidating balance sheet, as of December 31, 2014 and 2013, the guarantor statement of operations and comprehensive income (loss) for the years ended December 31, 2014 and 2013 and the guarantor condensed consolidating statement of cash flows for the years ended December 31, 2014 and 2013. The Eagle Guarantors are not included in the guarantor financial information below for the year ended December 31, 2012 and, accordingly, the guarantor financial information for that period may be of limited relevance.

Axiall Corporation and Subsidiaries
Guarantor Condensed Consolidating Balance Sheet
December 31, 2014

                                                                                                                                                                                    

(In millions) 

 

Parent
Company
(a)

 

Eagle
Spinco Inc.

 

Guarantor
Subsidiaries
Excluding
Eagle Spinco Inc.

 

Guarantor
Subsidiaries
Including
Eagle Spinco Inc.
(b)

 

Non-
Guarantor
Subsidiaries
(c)

 

Eliminations
(d)

 

Consolidated
(a) + (b) + (c) + (d)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

-

 

$

-

 

$

78.2

 

$

78.2

 

$

88.6

 

$

-

 

$

166.8

 

Receivables, net of allowance for doubtful accounts

 

 

162.8

 

 

-

 

 

509.7

 

 

493.9

 

 

71.4

 

 

(261.1

)

 

467.0

 

Inventories

 

 

-

 

 

-

 

 

257.0

 

 

257.0

 

 

96.7

 

 

-

 

 

353.7

 

Prepaid expenses and other

 

 

0.1

 

 

-

 

 

83.0

 

 

83.0

 

 

6.6

 

 

-

 

 

89.7

 

Deferred income taxes

 

 

3.1

 

 

-

 

 

24.9

 

 

24.9

 

 

-

 

 

-

 

 

28.0

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total current assets

 

 

166.0

 

 

-

 

 

952.8

 

 

937.0

 

 

263.3

 

 

(261.1

)

 

1,105.2

 

Property, plant and equipment, net

 

 

12.0

 

 

-

 

 

1,367.7

 

 

1,367.7

 

 

286.0

 

 

-

 

 

1,665.7

 

Long-term receivables—affiliates

 

 

1,292.9

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(1,292.9

)

 

-

 

Goodwill

 

 

-

 

 

-

 

 

1,493.7

 

 

1,493.7

 

 

247.3

 

 

-

 

 

1,741.0

 

Customer relationships, net

 

 

-

 

 

-

 

 

877.9

 

 

877.9

 

 

146.6

 

 

-

 

 

1,024.5

 

Other intangible assets, net

 

 

-

 

 

-

 

 

67.8

 

 

67.8

 

 

0.3

 

 

-

 

 

68.1

 

Other assets, net

 

 

17.0

 

 

12.4

 

 

31.7

 

 

44.0

 

 

9.4

 

 

(0.6

)

 

69.8

 

Investment in subsidiaries

 

 

1,682.7

 

 

2,831.2

 

 

290.5

 

 

290.5

 

 

-

 

 

(1,973.2

)

 

-  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total assets

 

$

3,170.6

 

$

2,843.6

 

$

5,082.1

 

$

5,078.6

 

$

952.9

 

$

(3,527.8

)

$

5,674.3

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Liabilities and Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

-

 

$

2.8

 

$

-

 

$

2.8

 

$

-

 

$

-

 

$

2.8

 

Accounts payable

 

 

97.2

 

 

178.6

 

 

249.8

 

 

412.5

 

 

46.9

 

 

(261.1

)

 

295.5

 

Interest payable

 

 

3.0

 

 

12.2

 

 

-

 

 

12.2

 

 

-

 

 

-

 

 

15.2

 

Income taxes payable

 

 

-

 

 

-

 

 

0.9

 

 

0.9

 

 

2.2

 

 

-

 

 

3.1

 

Accrued compensation

 

 

-

 

 

-

 

 

25.3

 

 

25.3

 

 

8.3

 

 

-

 

 

33.6

 

Other accrued liabilities

 

 

14.3

 

 

-

 

 

90.3

 

 

90.3

 

 

29.3

 

 

-

 

 

133.9

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total current liabilities

 

 

114.5

 

 

193.6

 

 

366.3

 

 

544.0

 

 

86.7

 

 

(261.1

)

 

484.1

 

Long-term debt excluding current portion of long-term debt

 

 

450.0

 

 

877.8

 

 

-

 

 

877.8

 

 

-

 

 

-

 

 

1,327.8

 

Long-term payables—affiliates

 

 

-

 

 

900.0

 

 

-

 

 

900.0

 

 

392.9

 

 

(1,292.9

)

 

-

 

Lease financing obligation

 

 

-

 

 

-

 

 

-

 

 

-

 

 

94.2

 

 

-

 

 

94.2

 

Deferred income taxes

 

 

10.0

 

 

-

 

 

720.4

 

 

720.4

 

 

37.7

 

 

(0.6

)

 

767.5

 

Pension and other post retirement benefits

 

 

4.4

 

 

-

 

 

235.7

 

 

235.7

 

 

10.4

 

 

-

 

 

250.5

 

Other non-current liabilities

 

 

110.6

 

 

-

 

 

118.7

 

 

118.7

 

 

9.0

 

 

(77.1

)

 

161.2

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total liabilities

 

 

689.5

 

 

1,971.4

 

 

1,441.1

 

 

3,396.6

 

 

630.9

 

 

(1,631.7

)

 

3,085.3

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Axiall stockholders' equity

 

 

2,481.1

 

 

872.2

 

 

3,641.0

 

 

1,682.0

 

 

214.1

 

 

(1,896.1

)

 

2,481.1

 

Noncontrolling interest

 

 

-

 

 

-

 

 

-

 

 

-

 

 

107.9

 

 

-

 

 

107.9

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total equity

 

 

2,481.1

 

 

872.2

 

 

3,641.0

 

 

1,682.0

 

 

322.0

 

 

(1,896.1

)

 

2,589.0

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total liabilities and equity

 

$

3,170.6

 

$

2,843.6

 

$

5,082.1

 

$

5,078.6

 

$

952.9

 

$

(3,527.8

)

$

5,674.3

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  


Axiall Corporation and Subsidiaries
Guarantor Condensed Consolidating Balance Sheet
December 31, 2013

                                                                                                                                                                                    

(In millions) 

 

Parent
Company
(a)

 

Eagle
Spinco Inc.

 

Guarantor
Subsidiaries
Excluding
Eagle
Spinco Inc.

 

Guarantor
Subsidiaries
Including
Eagle
Spinco Inc.
(b)

 

Non-
Guarantor
Subsidiaries
(c)

 

Eliminations
(d)

 

Consolidated
(a) + (b) + (c) + (d)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

-

 

$

-

 

$

76.9

 

$

76.9

 

$

89.6

 

$

-

 

$

166.5

 

Receivables, net of allowance for doubtful accounts

 

 

162.5

 

 

-

 

 

482.2

 

 

478.7

 

 

73.3

 

 

(165.7

)

 

548.8

 

Inventories

 

 

-

 

 

-

 

 

310.5

 

 

310.5

 

 

93.1

 

 

-

 

 

403.6

 

Prepaid expenses and other

 

 

1.3

 

 

-

 

 

26.1

 

 

26.1

 

 

4.2

 

 

-

 

 

31.6

 

Deferred income taxes

 

 

-

 

 

-

 

 

20.5

 

 

20.5

 

 

0.2

 

 

(2.7

)

 

18.0

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total current assets

 

 

163.8

 

 

-

 

 

916.2

 

 

912.7

 

 

260.4

 

 

(168.4

)

 

1,168.5

 

Property, plant and equipment, net

 

 

9.8

 

 

-

 

 

1,325.6

 

 

1,325.6

 

 

323.3

 

 

-

 

 

1,658.7

 

Long-term receivables—affiliates

 

 

1,328.6

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(1,328.6

)

 

-

 

Goodwill

 

 

-

 

 

-

 

 

1,496.6

 

 

1,496.6

 

 

266.6

 

 

-

 

 

1,763.2

 

Customer relationships, net

 

 

-

 

 

-

 

 

935.2

 

 

935.2

 

 

166.6

 

 

-

 

 

1,101.8

 

Other intangible assets, net

 

 

-

 

 

-

 

 

72.9

 

 

72.9

 

 

-

 

 

-

 

 

72.9

 

Other assets, net

 

 

12.2

 

 

13.2

 

 

71.7

 

 

84.9

 

 

15.0

 

 

-

 

 

112.1

 

Investment in subsidiaries

 

 

1,747.7

 

 

2,950.8

 

 

312.9

 

 

312.9

 

 

-

 

 

(2,060.6

)

 

-  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total assets

 

$

3,262.1

 

$

2,964.0

 

$

5,131.1

 

$

5,140.8

 

$

1,031.9

 

$

(3,557.6

)

$

5,877.2

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Liabilities and Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

-

 

$

2.8

 

$

-

 

$

2.8

 

$

-

 

$

-

 

$

2.8

 

Accounts payable

 

 

16.8

 

 

119.6

 

 

319.6

 

 

435.7

 

 

26.9

 

 

(165.7

)

 

313.7

 

Interest payable

 

 

3.1

 

 

12.3

 

 

-

 

 

12.3

 

 

-

 

 

-

 

 

15.4

 

Income taxes payable

 

 

-

 

 

-

 

 

12.2

 

 

12.2

 

 

4.9

 

 

-

 

 

17.1

 

Accrued compensation

 

 

0.5

 

 

-

 

 

49.6

 

 

49.6

 

 

11.4

 

 

-

 

 

61.5

 

Other accrued current liabilities

 

 

12.9

 

 

-

 

 

86.5

 

 

86.5

 

 

35.9

 

 

(2.7

)

 

132.6

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total current liabilities

 

 

33.3

 

 

134.7

 

 

467.9

 

 

599.1

 

 

79.1

 

 

(168.4

)

 

543.1

 

Long-term debt excluding current portion of long-term debt

 

 

450.0

 

 

880.0

 

 

-

 

 

880.0

 

 

-

 

 

-

 

 

1,330.0

 

Lease financing obligation

 

 

-

 

 

-

 

 

-

 

 

-

 

 

104.7

 

 

-

 

 

104.7

 

Long-term payables—affiliates

 

 

-

 

 

900.0

 

 

-

 

 

900.0

 

 

428.6

 

 

(1,328.6

)

 

-

 

Deferred income taxes

 

 

31.0

 

 

-

 

 

790.9

 

 

790.9

 

 

43.6

 

 

-

 

 

865.5

 

Pension and other post retirement benefits

 

 

13.7

 

 

-

 

 

107.0

 

 

107.0

 

 

9.1

 

 

-

 

 

129.8

 

Other non-current liabilities

 

 

125.2

 

 

-

 

 

116.4

 

 

116.4

 

 

20.9

 

 

(86.7

)

 

175.8

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total liabilities

 

 

653.2

 

 

1,914.7

 

 

1,482.2

 

 

3,393.4

 

 

686.0

 

 

(1,583.7

)

 

3,148.9

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Axiall stockholders' equity

 

 

2,608.9

 

 

1,049.3

 

 

3,648.9

 

 

1,747.4

 

 

226.5

 

 

(1,973.9

)

 

2,608.9

 

Noncontrolling interest

 

 

-

 

 

-

 

 

-

 

 

-

 

 

119.4

 

 

-

 

 

119.4

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total equity

 

 

2,608.9

 

 

1,049.3

 

 

3,648.9

 

 

1,747.4

 

 

345.9

 

 

(1,973.9

)

 

2,728.3

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total liabilities and equity

 

$

3,262.1

 

$

2,964.0

 

$

5,131.1

 

$

5,140.8

 

$

1,031.9

 

$

(3,557.6

)

$

5,877.2

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Axiall Corporation and Subsidiaries
Guarantor Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
Year Ended December 31, 2014

                                                                                                                                                                                    

(In millions) 

 

Parent
Company
(a)

 

Eagle
Spinco Inc.

 

Guarantor
Subsidiaries
Excluding
Eagle Spinco Inc.

 

Guarantor
Subsidiaries
Including
Eagle Spinco Inc.
(b)

 

Non-
Guarantor
Subsidiaries
(c)

 

Eliminations
(d)

 

Consolidated
(a) + (b) + (c) + (d)

 

Net sales

 

$

-

 

$

-

 

$

4,036.3

 

$

4,036.3

 

$

762.7

 

$

(230.3

)

$

4,568.7

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

-

 

 

-

 

 

3,658.1

 

 

3,658.1

 

 

640.3

 

 

(230.3

)

 

4,068.1

 

Selling, general and administrative expenses

 

 

45.5

 

 

-

 

 

188.6

 

 

188.6

 

 

76.4

 

 

-

 

 

310.5

 

Transaction-related costs and other, net

 

 

15.4

 

 

-

 

 

15.2

 

 

15.2

 

 

7.8

 

 

-

 

 

38.4

 

Long-lived asset impairment charges, net

 

 

-

 

 

-

 

 

17.5

 

 

17.5

 

 

0.1

 

 

-

 

 

17.6

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total operating costs and expenses

 

 

60.9

 

 

-

 

 

3,879.4

 

 

3,879.4

 

 

724.6

 

 

(230.3

)

 

4,434.6

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Operating income (loss)

 

 

(60.9

)

 

-

 

 

156.9

 

 

156.9

 

 

38.1

 

 

-

 

 

134.1

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

31.1

 

 

(87.4

)

 

1.9

 

 

(85.5

)

 

(21.4

)

 

-

 

 

(75.8

)

Foreign exchange loss

 

 

-

 

 

-

 

 

(0.5

)

 

(0.5

)

 

(0.1

)

 

-

 

 

(0.6

)

Equity in income (loss) of subsidiaries

 

 

55.7

 

 

(19.3

)

 

11.7

 

 

11.7

 

 

-

 

 

(67.4

)

 

-  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income (loss) before income taxes

 

 

25.9

 

 

(106.7

)

 

170.0

 

 

82.6

 

 

16.6

 

 

(67.4

)

 

57.7

 

Provision for (benefit from) income taxes

 

 

(20.4

)

 

(29.9

)

 

59.6

 

 

29.7

 

 

(1.8

)

 

-

 

 

7.5

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Consolidated net income (loss)

 

 

46.3

 

 

(76.8

)

 

110.4

 

 

52.9

 

 

18.4

 

 

(67.4

)

 

50.2

 

Less net income attributable to noncontrolling interest

 

 

-

 

 

-

 

 

-

 

 

-

 

 

3.9

 

 

-

 

 

3.9

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss) attributable to Axiall

 

$

46.3

 

$

(76.8

)

$

110.4

 

$

52.9

 

$

14.5

 

$

(67.4

)

$

46.3

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive income (loss) attributable to Axiall

 

$

(93.7

)

$

(193.1

)

$

(50.4

)

$

(107.9

)

$

(0.9

)

$

108.8

 

$

(93.7

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Axiall Corporation and Subsidiaries
Guarantor Condensed Consolidating Statement of Operations and Comprehensive Income
Year Ended December 31, 2013

                                                                                                                                                                                    

(In millions) 

 

Parent
Company
(a)

 

Eagle
Spinco Inc.

 

Guarantor
Subsidiaries
Excluding
Eagle Spinco Inc.

 

Guarantor
Subsidiaries
Including
Eagle Spinco Inc.
(b)

 

Non-
Guarantor
Subsidiaries
(c)

 

Eliminations
(d)

 

Consolidated
(a) + (b) + (c) + (d)

 

Net sales

 

$

-

 

$

-

 

$

4,125.1

 

$

4,125.1

 

$

734.4

 

$

(193.5

)

$

4,666.0

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

-

 

 

-

 

 

3,520.8

 

 

3,520.8

 

 

597.2

 

 

(193.5

)

 

3,924.5

 

Selling, general and administrative expenses

 

 

41.3

 

 

-

 

 

181.4

 

 

181.4

 

 

76.4

 

 

-

 

 

299.1

 

Transaction related costs and other, net

 

 

34.4

 

 

-

 

 

(2.3

)

 

(2.3

)

 

3.5

 

 

-

 

 

35.6

 

Long-lived asset impairment charges, net

 

 

7.5

 

 

-

 

 

25.5

 

 

25.5

 

 

3.0

 

 

-

 

 

36.0

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total operating costs and expenses

 

 

83.2

 

 

-

 

 

3,725.4

 

 

3,725.4

 

 

680.1

 

 

(193.5

)

 

4,295.2

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Operating income (loss)

 

 

(83.2

)

 

-

 

 

399.7

 

 

399.7

 

 

54.3

 

 

-

 

 

370.8

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

(45.7

)

 

(45.8

)

 

37.7

 

 

(8.1

)

 

(22.8

)

 

-

 

 

(76.6

)

Loss on redemption and other debt costs

 

 

(66.1

)

 

(12.4

)

 

-

 

 

(12.4

)

 

-

 

 

-

 

 

(78.5

)

Gain on acquisition of controlling interest

 

 

-

 

 

-

 

 

25.9

 

 

25.9

 

 

-

 

 

-

 

 

25.9

 

Equity in income of subsidiaries

 

 

293.1

 

 

114.3

 

 

22.6

 

 

22.6

 

 

-

 

 

(315.7

)

 

-  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income before income taxes

 

 

98.1

 

 

56.1

 

 

485.9

 

 

427.7

 

 

31.5

 

 

(315.7

)

 

241.6

 

Provision for (benefit from) income taxes

 

 

(67.2

)

 

(19.7

)

 

157.1

 

 

137.4

 

 

3.4

 

 

-

 

 

73.6

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Consolidated net income

 

 

165.3

 

 

75.8

 

 

328.8

 

 

290.3

 

 

28.1

 

 

(315.7

)

 

168.0

 

Less net income attributable to noncontrolling interest

 

 

-

 

 

-

 

 

-

 

 

-

 

 

2.7

 

 

-

 

 

2.7

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income attributable to Axiall

 

$

165.3

 

$

75.8

 

$

328.8

 

$

290.3

 

$

25.4

 

$

(315.7

)

$

165.3

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive income attributable to Axiall

 

$

253.5

 

$

165.7

 

$

479.3

 

$

429.0

 

$

19.8

 

$

(448.8

)

$

253.5

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Axiall Corporation and Subsidiaries
Guarantor Condensed Consolidating Statement of Operations and Comprehensive Income
Year Ended December 31, 2012

                                                                                                                                                                                    

(In millions) 

 

Parent
Company
(a)

 

Eagle
Spinco Inc.

 

Guarantor
Subsidiaries
Excluding
Eagle Spinco Inc.

 

Guarantor
Subsidiaries
Including
Eagle Spinco Inc.
(b)

 

Non-
Guarantor
Subsidiaries
(c)

 

Eliminations
(d)

 

Consolidated
(a) + (b) + (c) + (d)

 

Net sales

 

$

-

 

$

-

 

$

2,880.8

 

$

2,880.8

 

$

611.1

 

$

(166.1

)

$

3,325.8

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

-

 

 

-

 

 

2,518.0

 

 

2,518.0

 

 

513.5

 

 

(166.1

)

 

2,865.4

 

Selling, general and administrative expenses

 

 

38.1

 

 

-

 

 

94.5

 

 

94.5

 

 

70.9

 

 

-

 

 

203.5

 

Transaction related costs and other, net

 

 

35.8

 

 

-

 

 

2.6

 

 

2.6

 

 

0.5

 

 

-

 

 

38.9

 

Long-lived asset impairment charges

 

 

-

 

 

-

 

 

(0.8

)

 

(0.8

)

 

-

 

 

-

 

 

(0.8

)

Gain on sale of assets

 

 

-

 

 

-

 

 

(19.3

)

 

(19.3

)

 

-

 

 

-

 

 

(19.3

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total operating costs and expenses

 

 

73.9

 

 

-

 

 

2,595.0

 

 

2,595.0

 

 

584.9

 

 

(166.1

)

 

3,087.7

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Operating income (loss)

 

 

(73.9

)

 

-

 

 

285.8

 

 

285.8

 

 

26.2

 

 

-

 

 

238.1

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

(89.9

)

 

-

 

 

56.3

 

 

56.3

 

 

(23.5

)

 

-

 

 

(57.1

)

Loss on redemption and other debt costs

 

 

(2.7

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(2.7

)

Foreign exchange gain (loss)

 

 

0.2

 

 

-

 

 

(0.1

)

 

(0.1

)

 

(0.7

)

 

-

 

 

(0.6

)

Equity in income of subsidiaries

 

 

233.3

 

 

-

 

 

0.7

 

 

0.7

 

 

-

 

 

(234.0

)

 

-  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income before income taxes

 

 

67.0

 

 

-

 

 

342.7

 

 

342.7

 

 

2.0

 

 

(234.0

)

 

177.7

 

Provision for (benefit from) income taxes

 

 

(53.5

)

 

-

 

 

115.2

 

 

115.2

 

 

(4.5

)

 

-

 

 

57.2

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income attributable to Axiall

 

$

120.5

 

$

-

 

$

227.5

 

$

227.5

 

$

6.5

 

$

(234.0

)

$

120.5

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive income attributable to Axiall

 

$

116.8

 

$

-

 

$

219.9

 

$

219.9

 

$

4.1

 

$

(224.0

)

$

116.8

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Axiall Corporation and Subsidiaries
Guarantor Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2014

                                                                                                                                                                                    

(In millions) 

 

Parent
Company
(a)

 

Eagle
Spinco Inc.

 

Guarantor
Subsidiaries
Excluding
Eagle Spinco Inc.

 

Guarantor
Subsidiaries
Including
Eagle Spinco Inc.
(b)

 

Non-
Guarantor
Subsidiaries
(c)

 

Eliminations
(d)

 

Consolidated
(a) + (b) + (c) + (d)

 

 

Net cash provided by operating activities

 

$

68.2

 

$

12.4

 

$

194.4

 

$

197.6

 

$

46.1

 

$

(20.8

)

$

291.1

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(6.8

)

 

-

 

 

(185.1

)

 

(185.1

)

 

(18.6

)

 

-

 

 

(210.5

)

 

Proceeds from the sale of assets and other

 

 

-

 

 

-

 

 

7.7

 

 

7.7

 

 

0.4

 

 

-

 

 

8.1

 

 

Acquisitions, net of cash acquired

 

 

-

 

 

-

 

 

(5.8

)

 

(5.8

)

 

(0.3

)

 

-

 

 

(6.1

)

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net cash used in investing activities

 

 

(6.8

)

 

-

 

 

(183.2

)

 

(183.2

)

 

(18.5

)

 

-

 

 

(208.5

)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings on ABL revolver

 

 

148.9

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

148.9

 

 

Repayments on ABL revolver

 

 

(148.9

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(148.9

)

 

Long-term debt payments

 

 

-

 

 

(2.8

)

 

(0.7

)

 

(3.5

)

 

-

 

 

-

 

 

(3.5

)

 

Fees paid related to financing activities

 

 

(1.8

)

 

(0.4

)

 

-

 

 

(0.4

)

 

-

 

 

-

 

 

(2.2

)

 

Lease financing obligation payment

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(2.3

)

 

-

 

 

(2.3

)

 

Deferred acquisition payments

 

 

(10.0

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(10.0

)

 

Dividends paid

 

 

(45.0

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(45.0

)

 

Distribution to noncontrolling interest

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(7.7

)

 

-

 

 

(7.7

)

 

Excess tax benefits from share-based payment arrangements

 

 

2.3

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

2.3

 

 

Stock compensation plan activity

 

 

(6.9

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(6.9

)

 

Distribution to affiliate

 

 

-

 

 

(9.2

)

 

(9.2

)

 

(9.2

)

 

(11.6

)

 

20.8

 

 

-

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net cash used in financing activities

 

 

(61.4

)

 

(12.4

)

 

(9.9

)

 

(13.1

)

 

(21.6

)

 

20.8

 

 

(75.3

)

 

Effect of exchange rate changes on cash and cash equivalents

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(7.0

)

 

-

 

 

(7.0

)

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net change in cash and cash equivalents

 

 

-

 

 

-

 

 

1.3

 

 

1.3

 

 

(1.0

)

 

-

 

 

0.3

 

 

Cash and cash equivalents at beginning of period

 

 

-

 

 

-

 

 

76.9

 

 

76.9

 

 

89.6

 

 

-

 

 

166.5

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Cash and cash equivalents at end of period

 

$

-

 

$

-

 

$

78.2

 

$

78.2

 

$

88.6

 

$

-

 

$

166.8

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Axiall Corporation and Subsidiaries
Guarantor Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2013

                                                                                                                                                                                    

(In millions) 

 

Parent
Company
(a)

 

Eagle
Spinco Inc.

 

Guarantor
Subsidiaries
Excluding
Eagle Spinco Inc.

 

Guarantor
Subsidiaries
Including
Eagle Spinco Inc.
(b)

 

Non-
Guarantor
Subsidiaries
(c)

 

Eliminations
(d)

 

Consolidated
(a) + (b) + (c) + (d)

 

 

Net cash provided by operating activities

 

$

60.1

 

$

112.0

 

$

94.0

 

$

206.0

 

$

59.6

 

$

-

 

$

325.7

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(8.7

)

 

-

 

 

(163.6

)

 

(163.6

)

 

(23.8

)

 

-

 

 

(196.1

)

 

Proceeds from sale of assets and other

 

 

-

 

 

-

 

 

11.1

 

 

11.1

 

 

0.3

 

 

 

 

 

11.4

 

 

Distribution from affiliate

 

 

15.9

 

 

15.9

 

 

19.9

 

 

19.9

 

 

-

 

 

(35.8

)

 

-

 

 

Acquisitions, net of cash acquired

 

 

21.6

 

 

-

 

 

-

 

 

-

 

 

23.5

 

 

-

 

 

45.1

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net cash provided by (used in) investing activities

 

 

28.8

 

 

15.9

 

 

(132.6

)

 

(132.6

)

 

-

 

 

(35.8

)

 

(139.6

)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of long-term debt

 

 

450.0

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

450.0

 

 

Long-term debt payments

 

 

(450.0

)

 

(81.8

)

 

-

 

 

(81.8

)

 

-

 

 

-

 

 

(531.8

)

 

Make-whole and other fees paid related to financing activities

 

 

(65.9

)

 

(30.2

)

 

-

 

 

(30.2

)

 

(2.0

)

 

-

 

 

(98.1

)

 

Dividends paid

 

 

(22.2

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(22.2

)

 

Distribution to noncontrolling interest

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(13.3

)

 

-

 

 

(13.3

)

 

Excess tax benefits from share based payment arrangements

 

 

0.9

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

0.9

 

 

Stock compensation plan activity

 

 

(1.7

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(1.7

)

 

Distribution to affiliate

 

 

-

 

 

(15.9

)

 

(15.9

)

 

(15.9

)

 

(19.9

)

 

35.8

 

 

-

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net cash used in financing activities

 

 

(88.9

)

 

(127.9

)

 

(15.9

)

 

(127.9

)

 

(35.2

)

 

35.8

 

 

(216.2

)

 

Effect of exchange rate changes on cash and cash equivalents

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(3.7

)

 

-

 

 

(3.7

)

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net change in cash and cash equivalents

 

 

-

 

 

-

 

 

(54.5

)

 

(54.5

)

 

20.7

 

 

-

 

 

(33.8

)

 

Cash and cash equivalents at beginning of period

 

 

-

 

 

-

 

 

131.4

 

 

131.4

 

 

68.9

 

 

-

 

 

200.3

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Cash and cash equivalents at end of period

 

$

-

 

$

-

 

$

76.9

 

$

76.9

 

$

89.6

 

$

-

 

$

166.5

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Axiall Corporation and Subsidiaries
Guarantor Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2012

                                                                                                                                                                                    

(In millions) 

 

Parent
Company
(a)

 

Eagle
Spinco Inc.

 

Guarantor
Subsidiaries
Excluding
Eagle Spinco Inc.

 

Guarantor
Subsidiaries
Including
Eagle Spinco Inc.
(b)

 

Non-
Guarantor
Subsidiaries
(c)

 

Eliminations
(d)

 

Consolidated
(a) + (b) + (c) + (d)

 

 

Net cash provided by operating activities

 

$

62.3

 

$

-

 

$

126.9

 

$

126.9

 

$

42.0

 

$

-

 

$

231.2

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(0.4

)

 

-

 

 

(62.6

)

 

(62.6

)

 

(17.3

)

 

-

 

 

(80.3

)

 

Proceeds from sale of assets and other

 

 

-

 

 

-

 

 

23.5

 

 

23.5

 

 

0.1

 

 

 

 

 

23.6

 

 

Distribution from affiliate

 

 

1.9

 

 

-

 

 

0.2

 

 

0.2

 

 

-

 

 

(2.1

)

 

-

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net cash provided by (used in) investing activities

 

 

1.5

 

 

-

 

 

(38.9

)

 

(38.9

)

 

(17.2

)

 

(2.1

)

 

(56.7

)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings on ABL revolver

 

 

183.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

183.4

 

 

Repayments on ABL revolver

 

 

(183.4

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(183.4

)

 

Long-term debt payments

 

 

(51.5

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(51.5

)

 

Make-whole and other fees paid related to financing activities

 

 

(1.5

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(1.5

)

 

Dividends paid

 

 

(8.3

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(8.3

)

 

Distribution to noncontrolling interest

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(2.1

)

 

2.1

 

 

-

 

 

Excess tax benefits from share based payment arrangements

 

 

2.7

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

2.7

 

 

Stock compensation plan activity

 

 

(5.2

)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(5.2

)

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net cash used in financing activities

 

 

(63.8

)

 

-

 

 

-

 

 

-

 

 

(2.1

)

 

2.1

 

 

(63.8

)

 

Effect of exchange rate changes on cash and cash equivalents

 

 

-

 

 

-

 

 

-

 

 

-

 

 

1.0

 

 

-

 

 

1.0

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net change in cash and cash equivalents

 

 

-

 

 

-

 

 

88.0

 

 

88.0

 

 

23.7

 

 

-

 

 

111.7

 

 

Cash and cash equivalents at beginning of period

 

 

-

 

 

-

 

 

43.4

 

 

43.4

 

 

45.2

 

 

-

 

 

88.6

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Cash and cash equivalents at end of period

 

$

-

 

$

-

 

$

131.4

 

$

131.4

 

$

68.9

 

$

-

 

$

200.3

 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​