LISLE, Ill., May 8, 2020
/PRNewswire/ -- SunCoke Energy, Inc. (NYSE: SXC) today
reported results for the first quarter 2020 and provided updates on
the Company COVID-19 response.
"These are unprecedented times as the COVID-19 pandemic has
affected every aspect of our society. SunCoke has taken effective
measures to safeguard the health and safety of our workforce," said
Mike Rippey, President and Chief
Executive Officer of SunCoke Energy, Inc. "As the pandemic
unfolded, our internal COVID-19 task force took proactive steps
implementing policies and procedures to protect our workforce and
contractors which are consistent with guidelines laid out by the
CDC, OSHA and local health and governmental authorities."
Rippey continued, "While COVID-19 had limited impact on SunCoke
in the first quarter, we recognize the challenging economic
environment that exists today. Our customers have dramatically
reduced blast furnace output resulting in lower demand for coke. We
are currently exploring contract restructuring alternatives with
our customers to address short-term market challenges. We value the
strong relationships we have with our customers and look to
flexibly work with them to navigate through the crisis. While our
operations are performing well as evident from our first quarter
results, we have made the decision to withdraw our 2020 guidance to
reflect the potential for near-term supply relief for our
customers. Going forward, we will continue to monitor the rapidly
evolving situation and stand ready to take any necessary and
appropriate action as the need arises."
FIRST QUARTER CONSOLIDATED RESULTS
|
Three Months Ended
March 31,
|
(Dollars in
millions)
|
2020
|
|
2019
|
|
Decrease
|
Revenues
|
$
|
382.7
|
|
|
$
|
391.3
|
|
|
$
|
(8.6)
|
|
Net income
attributable to SXC
|
$
|
4.9
|
|
|
$
|
9.8
|
|
|
$
|
(4.9)
|
|
Adjusted
EBITDA(1)
|
$
|
62.1
|
|
|
$
|
67.3
|
|
|
$
|
(5.2)
|
|
|
(1)
See definition of Adjusted EBITDA and reconciliation elsewhere in
this release.
|
Revenues and Adjusted EBITDA in the first quarter 2020 decreased
$8.6 million and $5.2 million, respectively, compared to the prior
year period, primarily reflecting lower volumes in the Logistics
segment. These decreases were partly offset by higher results
in our Domestic Coke segment, driven by the improved performance at
our Indiana Harbor cokemaking facility.
Net income attributable to SXC decreased $4.9 million from the prior year period, driven
by the operating results discussed above. Net income attributable
to SXC also reflects higher income tax expense, net driven by the
revaluation of certain deferred tax assets due to lower apportioned
state tax rates. This increase in expense was mostly offset by a
$2.9 million gain recognized in
connection with the repurchase of $12.0
million of our 7.5 percent senior notes due 2025 and lower
depreciation expense as compared to the same prior year period.
FIRST QUARTER SEGMENT RESULTS
Domestic Coke
Domestic Coke consists of cokemaking facilities and heat
recovery operations at our Jewell, Indiana Harbor, Haverhill,
Granite City and Middletown plants.
|
Three Months Ended
March 31,
|
(Dollars in
millions, except per ton amounts)
|
2020
|
|
2019
|
|
Increase
|
Revenues
|
$
|
365.2
|
|
|
$
|
359.3
|
|
|
$
|
5.9
|
|
Adjusted
EBITDA(1)
|
$
|
63.4
|
|
|
$
|
58.5
|
|
|
$
|
4.9
|
|
Sales volumes
(thousands of tons)
|
1,064
|
|
|
1,004
|
|
|
60
|
|
Adjusted EBITDA per
ton(2)
|
$
|
59.59
|
|
|
$
|
58.27
|
|
|
$
|
1.32
|
|
|
|
(1)
|
See definition of
Adjusted EBITDA and reconciliation elsewhere in this
release.
|
(2)
|
Reflects Domestic
Coke Adjusted EBITDA divided by Domestic Coke sales
volumes.
|
Revenues increased $5.9 million
primarily due to higher volumes, which increased revenues
$21.9 million, driven by the
performance of the rebuilt ovens at our Indiana Harbor
facility. This increase was mostly offset by the pass through
of lower coal costs.
Adjusted EBITDA increased $4.9
million due to an increase in sales volumes described above,
which increased Adjusted EBITDA $6.3
million. This increase was partially offset by lower
coal cost recovery at our Jewell cokemaking facility during the
current period.
Logistics
Logistics consists of the handling and mixing services of coal
and other aggregates at our Convent Marine Terminal ("CMT"), Lake
Terminal, Kanawha River Terminals ("KRT") and Dismal River Terminal
("DRT").
|
Three Months Ended
March 31,
|
(Dollars in
millions, except per ton amounts)
|
2020
|
|
2019
|
|
Increase
(Decrease)
|
Revenues
|
$
|
9.0
|
|
|
$
|
22.3
|
|
|
$
|
(13.3)
|
|
Intersegment
sales
|
$
|
6.6
|
|
|
$
|
6.5
|
|
|
$
|
0.1
|
|
Adjusted
EBITDA(1)
|
$
|
3.3
|
|
|
$
|
12.7
|
|
|
$
|
(9.4)
|
|
Tons handled
(thousands of tons)
|
4,214
|
|
|
5,784
|
|
|
(1,570)
|
|
|
|
(1)
|
See definition of
Adjusted EBITDA and reconciliation elsewhere in this
release.
|
Revenues and Adjusted EBITDA decreased by $13.3 million and $9.4
million, respectively, driven by lower throughput volumes as
well as lower prices, primarily at the CMT facility. Lower demand
and lower prices continued to impact coal export volumes in the
first quarter.
Brazil Coke
Brazil Coke consists of a cokemaking facility in Vitória,
Brazil, which we operate for an
affiliate of ArcelorMittal.
Revenues and Adjusted EBITDA were $8.5
million and $4.1 million,
respectively, during the first quarter 2020, which was slightly
lower than revenues and Adjusted EBITDA of $9.7 million and $4.5
million, respectively, during the first quarter 2019, driven
by lower sales volumes.
Corporate and Other
Corporate and other expenses, which includes activity from our
legacy coal mining business, was $8.7
million during the first quarter 2020, reasonably consistent
with expenses of $8.4 million during
first quarter 2019.
RELATED COMMUNICATIONS
We will host our quarterly earnings call at 10:30 a.m.
Eastern Time (9:30 a.m. Central Time)
today. The conference call will be webcast live and archived for
replay in the Investors section of www.suncoke.com. Investors
may participate in this call by dialing 1-833-502-0489 in the U.S.
or 1-778-560-2555 if outside the U.S., confirmation code
7773766.
SUNCOKE ENERGY, INC.
SunCoke Energy, Inc. (NYSE: SXC) supplies high-quality coke to
the integrated steel industry under long-term, take-or-pay
contracts that pass through commodity and certain operating costs
to customers. We utilize an innovative heat-recovery
cokemaking technology that captures excess heat for steam or
electrical power generation. Our cokemaking facilities are located
in Illinois, Indiana, Ohio, Virginia and Brazil. We have more than 55 years of
cokemaking experience serving the integrated steel industry. In
addition, we provide export and domestic material handling services
to coke, coal, steel, power and other bulk and liquids customers.
Our logistics terminals have the collective capacity to mix and
transload more than 40 million tons of material each year and are
strategically located to reach Gulf Coast, East Coast, Great Lakes
and international ports. To learn more about SunCoke Energy, Inc.,
visit our website at www.suncoke.com.
DEFINITIONS
- Adjusted EBITDA represents earnings before
interest, taxes, depreciation and amortization ("EBITDA"), adjusted
for any impairments, gain on extinguishment of debt, changes to our
contingent consideration liability related to our acquisition of
CMT, and/or transaction costs incurred as part of the
Simplification Transaction. EBITDA and Adjusted EBITDA do not
represent and should not be considered alternatives to net income
or operating income under accounting principles generally accepted
in the U.S. ("GAAP") and may not be comparable to other similarly
titled measures in other businesses. Management believes Adjusted
EBITDA is an important measure in assessing operating
performance. Adjusted EBITDA provides useful information to
investors because it highlights trends in our business that may not
otherwise be apparent when relying solely on GAAP measures and
because it eliminates items that have less bearing on our operating
performance. EBITDA and Adjusted EBITDA are not measures
calculated in accordance with GAAP, and they should not be
considered a substitute for net income or any other measure of
financial performance presented in accordance with GAAP.
- Adjusted EBITDA attributable to SXC represents
Adjusted EBITDA less Adjusted EBITDA attributable to noncontrolling
interests.
FORWARD-LOOKING STATEMENTS
This press release and related conference call contains
"forward-looking statements" (as defined in Section 27A of the
Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended). Such
forward-looking statements include statements that are not strictly
historical facts, and include, among other things, statements
regarding: our expectations of financial results, condition and
outlook; anticipated effects of the COVID-19 pandemic and
responses thereto, including the pandemic's impact on general
economic and market conditions, as well as on our business, our
customers, our results of operations and financial condition;
anticipated actions to be taken by management to sustain SunCoke
during the economic uncertainty caused by the pandemic and related
business actions; and anticipated actions by governments to contain
the spread of COVID-19 or mitigate the severity thereof.
Forward-looking statements often may be identified by the use of
such words as "believe," "expect," "plan," "project," "intend,"
"anticipate," "estimate," "predict," "potential," "continue,"
"may," "will," "should," or the negative of these terms, or similar
expressions. Forward-looking statements are inherently
uncertain and involve significant known and unknown risks and
uncertainties (many of which are beyond the control of SunCoke)
that could cause actual results to differ materially. Such
risks and uncertainties include, but are not limited to domestic
and international economic, political, business, operational,
competitive, regulatory and/or market factors affecting SunCoke, as
well as uncertainties related to: pending or future litigation,
legislation or regulatory actions; liability for remedial actions
or assessments under existing or future environmental regulations;
gains and losses related to acquisition, disposition or impairment
of assets; recapitalizations; access to, and costs of, capital; the
effects of changes in accounting rules applicable to SunCoke; and
changes in tax, environmental and other laws and regulations
applicable to SunCoke's businesses.
Currently, such risks and uncertainties also include: SunCoke's
ability to manage its business during and after the COVID-19
pandemic; the impact of the COVID-19 pandemic on SunCoke's results
of operations, revenues, earnings and cash flows; SunCoke's ability
to reduce costs and capital spending in response to the COVID-19
pandemic; SunCoke's balance sheet and liquidity throughout and
following the COVID-19 pandemic; SunCoke's prospects for financial
performance and achievement of strategic objectives following the
COVID-19 pandemic; capital allocation strategy following the
COVID-19-related outbreak; and the general impact on our industry
and on the U.S. and global economy resulting from COVID-19,
including actions by domestic and foreign governments and others to
contain the spread, or mitigate the severity, thereof.
Forward-looking statements are not guarantees of future
performance, but are based upon the current knowledge, beliefs and
expectations of SunCoke management, and upon assumptions by SunCoke
concerning future conditions, any or all of which ultimately may
prove to be inaccurate. The reader should not place undue reliance
on these forward-looking statements, which speak only as of the
date of this press release. SunCoke does not intend, and expressly
disclaims any obligation, to update or alter its forward-looking
statements (or associated cautionary language), whether as a result
of new information, future events or otherwise after the date of
this press release except as required by applicable law.
In accordance with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, SunCoke has included in
its filings with the Securities and Exchange Commission cautionary
language identifying important factors (but not necessarily all the
important factors) that could cause actual results to differ
materially from those expressed in any forward-looking statement
made by SunCoke. For information concerning these factors, see
SunCoke's Securities and Exchange Commission filings such as its
annual and quarterly reports and current reports on Form 8-K,
copies of which are available free of charge on SunCoke's website
at www.suncoke.com. All forward-looking statements included in this
press release are expressly qualified in their entirety by such
cautionary statements. Unpredictable or unknown factors not
discussed in this release also could have material adverse effects
on forward- looking statements.
SunCoke Energy,
Inc.
|
Consolidated
Statements of Income
|
(Unaudited)
|
|
|
|
(Dollars and shares in millions,
except per share amounts)
|
Revenues
|
|
|
|
|
Sales and other
operating revenue
|
|
$
|
382.7
|
|
|
$
|
391.3
|
|
Costs and
operating expenses
|
|
|
|
|
Cost of products sold
and operating expenses
|
|
304.4
|
|
|
307.4
|
|
Selling, general and
administrative expenses
|
|
16.2
|
|
|
16.7
|
|
Depreciation and
amortization expense
|
|
34.1
|
|
|
37.2
|
|
Total costs and
operating expenses
|
|
354.7
|
|
|
361.3
|
|
Operating
income
|
|
28.0
|
|
|
30.0
|
|
Interest expense,
net
|
|
14.6
|
|
|
14.8
|
|
Gain on
extinguishment of debt
|
|
(2.9)
|
|
|
—
|
|
Income before income
tax expense
|
|
16.3
|
|
|
15.2
|
|
Income tax
expense
|
|
10.4
|
|
|
3.0
|
|
Net income
|
|
5.9
|
|
|
12.2
|
|
Less: Net income
attributable to noncontrolling interests
|
|
1.0
|
|
|
2.4
|
|
Net income
attributable to SunCoke Energy, Inc.
|
|
$
|
4.9
|
|
|
$
|
9.8
|
|
Earnings attributable
to SunCoke Energy, Inc. per common share:
|
|
|
|
|
Basic
|
|
$
|
0.06
|
|
|
$
|
0.15
|
|
Diluted
|
|
$
|
0.06
|
|
|
$
|
0.15
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
Basic
|
|
83.7
|
|
|
64.9
|
|
Diluted
|
|
83.9
|
|
|
65.3
|
|
SunCoke Energy,
Inc.
|
Consolidated
Balance Sheets
|
|
|
|
March 31,
2020
|
|
December 31,
2019
|
|
|
(Unaudited)
|
|
|
|
|
(Dollars in
millions, except
par value amounts)
|
Assets
|
|
|
|
|
Cash and
cash equivalents
|
|
$
|
235.8
|
|
|
$
|
97.1
|
|
Receivables,
net
|
|
55.4
|
|
|
59.5
|
|
Inventories
|
|
150.1
|
|
|
147.0
|
|
Income tax
receivable
|
|
3.8
|
|
|
2.2
|
|
Other current
assets
|
|
7.0
|
|
|
2.5
|
|
Total current
assets
|
|
452.1
|
|
|
308.3
|
|
Properties, plants
and equipment (net of accumulated depreciation of $936.8 million
and $903.7 million at March 31, 2020 and December 31, 2019,
respectively)
|
|
1,370.0
|
|
|
1,390.2
|
|
Goodwill and other
intangible assets, net
|
|
37.4
|
|
|
38.1
|
|
Deferred charges and
other assets
|
|
16.4
|
|
|
17.2
|
|
Total
assets
|
|
$
|
1,875.9
|
|
|
$
|
1,753.8
|
|
Liabilities and
Equity
|
|
|
|
|
Accounts
payable
|
|
$
|
110.0
|
|
|
$
|
142.4
|
|
Accrued
liabilities
|
|
41.9
|
|
|
47.3
|
|
Current portion of
financing obligation
|
|
3.0
|
|
|
2.9
|
|
Interest
payable
|
|
14.1
|
|
|
2.2
|
|
Total current
liabilities
|
|
169.0
|
|
|
194.8
|
|
Long-term debt and
financing obligation
|
|
924.8
|
|
|
780.0
|
|
Accrual for black
lung benefits
|
|
51.2
|
|
|
50.5
|
|
Retirement benefit
liabilities
|
|
24.0
|
|
|
24.5
|
|
Deferred income
taxes
|
|
158.7
|
|
|
147.6
|
|
Asset retirement
obligations
|
|
14.6
|
|
|
14.4
|
|
Other deferred
credits and liabilities
|
|
21.6
|
|
|
23.6
|
|
Total
liabilities
|
|
1,363.9
|
|
|
1,235.4
|
|
Equity
|
|
|
|
|
Preferred stock,
$0.01 par value. Authorized 50,000,000 shares; no issued shares at
both March 31, 2020 and December 31, 2019
|
|
—
|
|
|
—
|
|
Common stock, $0.01
par value. Authorized 300,000,000 shares; issued 98,165,658 and
98,047,389 shares at March 31, 2020 and December 31, 2019,
respectively
|
|
1.0
|
|
|
1.0
|
|
Treasury stock,
15,404,482 and 13,783,182 shares at March 31, 2020 and
December 31, 2019, respectively
|
|
(184.0)
|
|
|
(177.0)
|
|
Additional paid-in
capital
|
|
712.9
|
|
|
712.1
|
|
Accumulated other
comprehensive loss
|
|
(15.5)
|
|
|
(14.4)
|
|
Retained
deficit
|
|
(30.2)
|
|
|
(30.1)
|
|
Total SunCoke Energy,
Inc. stockholders' equity
|
|
484.2
|
|
|
491.6
|
|
Noncontrolling
interest
|
|
27.8
|
|
|
26.8
|
|
Total
equity
|
|
512.0
|
|
|
518.4
|
|
Total liabilities and
equity
|
|
$
|
1,875.9
|
|
|
$
|
1,753.8
|
|
SunCoke Energy,
Inc.
|
Consolidated
Statements of Cash Flows
|
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
Cash Flows from
Operating Activities:
|
|
|
|
|
Net income
|
|
$
|
5.9
|
|
|
$
|
12.2
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization expense
|
|
34.1
|
|
|
37.2
|
|
Deferred income tax
expense (benefit)
|
|
11.1
|
|
|
(0.4)
|
|
Payments in excess of
expense for postretirement plan benefits
|
|
(0.5)
|
|
|
(0.6)
|
|
Share-based
compensation expense
|
|
1.1
|
|
|
0.9
|
|
Gain on
extinguishment of debt
|
|
(2.9)
|
|
|
—
|
|
Changes in working
capital pertaining to operating activities:
|
|
|
|
|
Receivables
|
|
4.1
|
|
|
(10.9)
|
|
Inventories
|
|
(3.1)
|
|
|
(40.3)
|
|
Accounts
payable
|
|
(22.8)
|
|
|
29.9
|
|
Accrued
liabilities
|
|
(5.3)
|
|
|
0.1
|
|
Interest
payable
|
|
11.9
|
|
|
13.2
|
|
Income
taxes
|
|
(1.6)
|
|
|
1.9
|
|
Other
|
|
(5.2)
|
|
|
(7.9)
|
|
Net cash provided by
operating activities
|
|
26.8
|
|
|
35.3
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
Capital
expenditures
|
|
(22.8)
|
|
|
(20.9)
|
|
Net cash used in
investing activities
|
|
(22.8)
|
|
|
(20.9)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
Repayment of
long-term debt
|
|
(8.9)
|
|
|
(0.3)
|
|
Proceeds from
revolving credit facility
|
|
247.2
|
|
|
60.7
|
|
Repayment of
revolving credit facility
|
|
(90.5)
|
|
|
(65.7)
|
|
Repayment of
financing obligation
|
|
(0.7)
|
|
|
(0.7)
|
|
Shares
repurchased
|
|
(7.0)
|
|
|
—
|
|
Dividends
paid
|
|
(5.0)
|
|
|
—
|
|
Cash distribution to
noncontrolling interests
|
|
—
|
|
|
(7.1)
|
|
Other financing
activities
|
|
(0.4)
|
|
|
(3.1)
|
|
Net cash provided by
(used in) financing activities
|
|
134.7
|
|
|
(16.2)
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
138.7
|
|
|
(1.8)
|
|
Cash and cash
equivalents at beginning of period
|
|
97.1
|
|
|
145.7
|
|
Cash and cash
equivalents at end of period
|
|
$
|
235.8
|
|
|
$
|
143.9
|
|
Supplemental
Disclosure of Cash Flow Information
|
|
|
|
|
Interest paid, net of
capitalized interest of zero and $1.2 million,
respectively
|
|
$
|
1.6
|
|
|
$
|
0.9
|
|
Income taxes
paid
|
|
$
|
0.9
|
|
|
$
|
1.0
|
|
SunCoke Energy,
Inc.
|
Segment Financial
and Operating Data
|
|
The following tables
set forth financial and operating data for the three months ended
March 31, 2020 and 2019:
|
|
|
|
Three Months Ended
March 31,
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
(Dollars in
millions, except per ton amounts)
|
Sales and other
operating revenues:
|
|
|
|
|
Domestic
Coke
|
|
$
|
365.2
|
|
|
$
|
359.3
|
|
Brazil
Coke
|
|
8.5
|
|
|
9.7
|
|
Logistics
|
|
9.0
|
|
|
22.3
|
|
Logistics
intersegment sales
|
|
6.6
|
|
|
6.5
|
|
Elimination of
intersegment sales
|
|
(6.6)
|
|
|
(6.5)
|
|
Total sales and other
operating revenues
|
|
$
|
382.7
|
|
|
$
|
391.3
|
|
Adjusted
EBITDA(1):
|
|
|
|
|
Domestic
Coke
|
|
$
|
63.4
|
|
|
$
|
58.5
|
|
Brazil
Coke
|
|
4.1
|
|
|
4.5
|
|
Logistics
|
|
3.3
|
|
|
12.7
|
|
Corporate and
Other(2)
|
|
(8.7)
|
|
|
(8.4)
|
|
Total Adjusted
EBITDA
|
|
$
|
62.1
|
|
|
$
|
67.3
|
|
Coke Operating
Data:
|
|
|
|
|
Domestic Coke
capacity utilization
|
|
101
|
%
|
|
96
|
%
|
Domestic Coke
production volumes (thousands of tons)
|
|
1,069
|
|
|
1,006
|
|
Domestic Coke sales
volumes (thousands of tons)
|
|
1,064
|
|
|
1,004
|
|
Domestic Coke
Adjusted EBITDA per ton(3)
|
|
$
|
59.59
|
|
|
$
|
58.27
|
|
Brazilian Coke
production—operated facility (thousands of tons)
|
|
410
|
|
|
419
|
|
Logistics
Operating Data:
|
|
|
|
|
Tons handled
(thousands of tons)
|
|
4,214
|
|
|
5,784
|
|
|
|
(1)
|
See definition of
Adjusted EBITDA and reconciliation to GAAP elsewhere in this
release.
|
(2)
|
Corporate and Other
includes the activity from our legacy coal mining business, which
contributed Adjusted EBITDA losses of $2.1 million and $1.8 million
during the three months ended March 31, 2020 and 2019,
respectively.
|
(3)
|
Reflects Domestic
Coke Adjusted EBITDA divided by Domestic Coke sales
volumes.
|
SunCoke Energy,
Inc.
|
Reconciliation of
Non-GAAP Information
|
Net Income to
Adjusted EBITDA
|
|
|
|
Three Months Ended
March 31,
|
|
|
2020
|
|
2019
|
|
|
(Dollars in
millions)
|
Net income
attributable to SunCoke Energy, Inc.
|
|
$
|
4.9
|
|
|
$
|
9.8
|
|
Add: Net income
attributable to noncontrolling interests
|
|
1.0
|
|
|
2.4
|
|
Net
income
|
|
$
|
5.9
|
|
|
$
|
12.2
|
|
Add:
|
|
|
|
|
Depreciation and
amortization expense
|
|
34.1
|
|
|
37.2
|
|
Interest expense,
net
|
|
14.6
|
|
|
14.8
|
|
Gain on
extinguishment of debt
|
|
(2.9)
|
|
|
—
|
|
Income tax
expense
|
|
10.4
|
|
|
3.0
|
|
Contingent
consideration adjustments(1)
|
|
—
|
|
|
(0.4)
|
|
Simplification
Transaction costs(2)
|
|
—
|
|
|
0.5
|
|
Adjusted
EBITDA
|
|
62.1
|
|
|
67.3
|
|
Subtract: Adjusted
EBITDA attributable to noncontrolling
interest(3)
|
|
2.0
|
|
|
18.9
|
|
Adjusted EBITDA
attributable to SunCoke Energy, Inc.
|
|
$
|
60.1
|
|
|
$
|
48.4
|
|
|
|
(1)
|
In connection with
the CMT acquisition, the Company entered into a contingent
consideration arrangement that required the Company to make future
payments to the seller based on future volume over a specified
threshold, price and contract renewals. Contingent
consideration adjustments in the first quarter of 2019 were
primarily the result of modifications to the volume forecast. This
liability was written to zero during the third quarter of
2019.
|
(2)
|
Costs expensed by the
Partnership associated with SunCoke's acquisition of all
outstanding Partnership common units not already owned by SunCoke
on June 28, 2019 ("Simplification Transaction").
|
(3)
|
Reflects
noncontrolling interest in Indiana Harbor and the portion of the
Partnership owned by public unitholders prior to the Simplification
Transaction.
|
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SOURCE SunCoke Energy, Inc.