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PART II.20162015Stock pricesDividendHighLowper shareFirst quarter$—Second quarterThird quarterFourth quarterIssuer Purchases of Common Shares:PeriodTotal number
of shares
purchased (1)Average
price paid
per shareTotal number of shares purchased as part of publicly announced plans or programsMaximum number of shares that may yet be purchased under the plans or programs (2)October 1 - 31, 2016—November 1 - 30, 2016December 1 - 31, 2016TotalPerformance Graph:DateTimkenSteel CorporationS&P MidCap 400 IndexS&P 500 Steel IndexJuly 1, 2014September 30, 2014December 31, 2014March 31, 2015June 30, 2015September 30, 2015December 31, 2015March 31, 2016June 30, 2016September 30, 2016December 31, 2016ITEM 6. SELECTED FINANCIAL DATAYears Ended December 31,(dollars and shares in millions, except per share data)2015 (4)2014 (4)20132012Statement of Operations Data:Net salesNet (loss) income(Loss) earnings per share(1):Basic($2.39)($1.01)DilutedCash dividends declared per shareWeighted average shares outstanding, dilutedBalance Sheet Data:Total assets (2)Long-term debtTotal shareholders’ equity (2)Other Data:Book value per share(3)FINANCIAL CONDITION AND RESULTS OF OPERATIONS2014Light Vehicle53%44%32%Industrial Other (1)26%25%Industrial Machinery8%9%7%Oil & Gas4%13%28%Rail3%Other (2)6%5%100%Increase (Decrease)% Change($236.7)(21.4)%Net sales, excluding surcharges(17.7)%Gross (loss) profit(158.7)%Gross margin(3.1)%4.2%NM(730) bpsSelling, general and administrative expenses(3.4)%Net loss134.4%Average scrap index per ton (30 day lag)(12.3)%Average selling price per ton, including surcharges($157)(11.9)%Shipments (in tons)(10.8)%Melt utilization46.0%49.0%(300) pptInterest Expense$ ChangeCash interest paidAccrued interest on convertible notesAmortization of convertible notes discount and deferred financingTotal Interest ExpenseBenefit for Income TaxesBenefit for income taxes($36.5)($26.7)($9.8)36.7%Effective tax rate25.7%37.2%(1150) bps($568.0)(33.9)%(26.6)%Gross profit(77.0)%12.0%(780) bps(18.5)%(197.6)%Scrap index per ton (30 day lag)(37.6)%($210)(13.7)%(23.5)%72.0%(2300) pptImpairment and Restructuring Charges(Benefit) provision for income taxes($49.3)(218.1%)32.9%430 bpsNet Sales, Excluding SurchargesNet Sales adjusted to exclude surcharges(dollars in millions, tons in thousands)MobileIndustrialEnergyOtherTonsNet SalesLess: SurchargesBase SalesNet Sales / TonBase Sales / TonN/AThe Balance SheetDecember 31,Current AssetsCash and cash equivalentsAccounts receivable, netInventories, netDeferred charges and prepaid expensesOther current assetsTotal Current AssetsOther AssetsPension assetsIntangible assets, netOther non-current assetsTotal Other AssetsLiabilities and Shareholders’ EquityCurrent liabilitiesConvertible notes, netOther long-term debtAccrued pension and postretirement costsDeferred income taxesOther non-current liabilitiesTotal Shareholders’ EquityTotal Liabilities and Shareholders’ EquityCredit AgreementAmended Credit Agreement:Maximum availabilityAmount borrowedLetter of credit obligationsAvailability not borrowedAvailability blockNet availabilityTotal liquidityCash FlowsNet cash provided by operating activitiesNet cash used by investing activitiesNet cash (used) provided by financing activitiesIncrease (decrease) in Cash and Cash Equivalents($16.8)Contractual ObligationsLess than1 Year1-3 Years3-5 YearsMore than5 YearsConvertible notes and other long-term debtInterest paymentsOperating leasesPurchase commitmentsRetirement benefitsINDEX TO CONSOLIDATED FINANCIAL STATEMENTSPAGEReports of Independent Registered Public Accounting FirmConsolidated Statements of Operations for the Years Ended December 31, 2016, 2015 and 2014Consolidated Statements of Comprehensive (Loss) Income for the Years Ended December 31, 2016, 2015 and 2014Consolidated Balance Sheets as of December 31, 2016 and 2015Consolidated Statements of Shareholders’ EquityConsolidated Statements of Cash Flows for the Years Ended December 31, 2016, 2015 and 2014Notes to Consolidated Financial StatementsConsolidated Statements of Operations2015 ADJUSTED2014 ADJUSTED(Dollars in millions, except per share data)Cost of products soldGross (Loss) ProfitImpairment and restructuring chargesOperating (Loss) IncomeInterest expenseOther expense, net(Loss) Income Before Income TaxesNet (Loss) Income($105.5)($45.0)Per Share Data:Basic (loss) earnings per shareDiluted (loss) earnings per shareDividends per shareConsolidated Statements of Comprehensive (Loss) Income(Dollars in millions)Other comprehensive (loss) income, net of tax:Foreign currency translation adjustmentsPension and postretirement liability adjustmentsOther comprehensive (loss) income, net of taxComprehensive (Loss) Income, net of tax($107.0)($45.1)Consolidated Balance SheetsASSETSAccounts receivable, net of allowances (2016 - $2.1 million; 2015 - $1.5 million)Property, Plant and Equipment, NetTotal AssetsLIABILITIES AND SHAREHOLDERS' EQUITYCurrent LiabilitiesAccounts payable, tradeSalaries, wages and benefitsOther current liabilitiesTotal Current LiabilitiesNon-Current LiabilitiesTotal Non-Current LiabilitiesCommitments and contingenciesShareholders' EquityPreferred shares, no par value; authorized 10.0 million shares, none issuedCommon shares, without par value; authorized 200.0 million shares; issued 2016 and 2015 - 45.7 million sharesAdditional paid-in capitalRetained deficitTreasury shares, 2016 and 2015 - 1.5 million, respectivelyAccumulated other comprehensive lossTotal Shareholders' EquityTotal Liabilities and Shareholders' EquityAdditional Paid-in CapitalNet Parent InvestmentRetained Earnings (Deficit)Treasury SharesAccumulated Other Comprehensive LossBalance as of December 31, 2013($0.4)Net income (loss)Pension and postretirement adjustment, net of taxStock-based compensation expenseDividends – $0.28 per shareNet transfer (to)/from Parent and affiliatesReclassification of net parent investment to additional paid-in capitalCumulative effect of change in accounting principle (refer to Note 1)Stock option exercise activityPurchase of treasury sharesShares surrendered for taxesBalance as of December 31, 2014 ADJUSTED($28.9)($34.7)($7.8)Dividends – $0.42 per shareAdjustments to net parent investment and additional paid-in capitalIssuance of treasury sharesBalance as of December 31, 2015 ADJUSTED($92.6)($46.3)($7.9)Equity component of convertible notes, netDeferred tax liability on convertible notesCumulative adjustment for adoption of ASU 2016-09Balance as of December 31, 2016($193.9)($44.9)($9.4)Consolidated Statements of Cash FlowsCASH PROVIDED (USED)Operating ActivitiesAdjustments to reconcile net (loss) income to net cash provided by operating activities:Depreciation and amortizationAmortization of deferred financing fees and debt discountImpairment charges and loss on sale or disposal of assetsPension and postretirement expensePension and postretirement contributionsReimbursement from postretirement plan assetsChanges in operating assets and liabilities:Other accrued expensesOther, netNet Cash Provided by Operating ActivitiesInvesting ActivitiesCapital expendituresProceeds from disposals of property, plant and equipmentNet Cash Used by Investing ActivitiesFinancing ActivitiesCash dividends paid to shareholdersProceeds from exercise of stock optionsCredit agreement repaymentsCredit agreement borrowingsProceeds from issuance of convertible notesDebt issuance costsDividend paid to The Timken CompanyNet transfers from/(to) Parent and affiliatesNet Cash (Used) Provided by Financing ActivitiesEffect of exchange rate changes on cash(Decrease) Increase In Cash and Cash EquivalentsCash and cash equivalents at beginning of periodCash and Cash Equivalents at End of PeriodStatement of OperationsAs ReportedAdjustmentsAdjustedGross ProfitOther expenses, net($72.4)($58.3)($1.63)($1.28)($1.27)Statement of Comprehensive (Loss) Income, net of taxOther comprehensive income (loss), net of taxPension and postretirement adjustmentCorrection of pension and postretirement adjustment (1)Total pension and postretirement liability adjustments, net of tax($38.9)($6.2)Balance SheetCorrection to non-current pension assets (1)Correction to deferred income taxes (1)Total deferred income taxesShareholders’ EquityAdditional paid-in-capital($229.4)Retained earnings (deficit)($61.7)($30.9)Accumulated other comprehensive income($263.8)($3.6)Correction to accumulated other comprehensive loss (1)Total accumulated other comprehensive incomeCash Flows from Operating ActivitiesAdoption of New Accounting StandardsStandardEffective Date2015-05Internal-Use Software: Customer’s Accounting for Fees Paid in a Cloud Computing ArrangementJanuary 1, 20162016-09Stock Compensation: Improvements to Employee Share-Based Payment Accounting - See Note 102015-03Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs - See Note 6InventoriesInventories, net:Manufacturing suppliesRaw materialsWork in processFinished productsSubtotalAllowance for surplus and obsolete inventoryTotal Inventories, netProperty, Plant and EquipmentProperty, Plant and Equipment, net:LandBuildings and improvementsMachinery and equipmentConstruction-in-progressLess allowances for depreciationProperty, Plant and Equipment, netIntangible AssetsDecember 31, 2016December 31, 2015Gross Carrying AmountAccumulated AmortizationNet Carrying AmountIntangible Assets Subject to Amortization:Customer relationshipsTechnology useCapitalized softwareTotal Intangible AssetsYearAmortization Expense20172018201920202021Other Long-Term DebtVariable-rate State of Ohio Water Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.71% as of December 31, 2016)Variable-rate State of Ohio Air Quality Development Revenue Refunding Bonds, maturing on November 1, 2025 (0.70% as of December 31, 2016)Variable-rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1, 2033 (0.70% as of December 31, 2016)Amended Credit Agreement, due 2019 (LIBOR plus applicable spread)Total Other Long-Term DebtForeign Currency Translation AdjustmentsPension and Postretirement Liability AdjustmentsBalance at December 31, 2014($3.9)Other comprehensive (loss) income before reclassifications, before income taxAmounts reclassified from accumulated other comprehensive loss, before income taxIncome tax (expense)Net current period other comprehensive income, net of income taxesBalance at December 31, 2015Net current period other comprehensive (loss) income, net of income taxesBalance at December 31, 2016Postretirement BenefitsPensionPostretirementChange in benefit obligation:Benefit obligation at the beginning of yearService costInterest costActuarial losses (gains)Benefits paidPlan amendmentForeign currency translation adjustmentBenefit obligation at the end of yearChange in plan assets:Fair value of plan assets at the beginning of yearActual return on plan assetsCompany contributions / paymentsFair value of plan assets at end of yearFunded status at end of year($88.6)($19.2)($100.3)($77.4)Non-current assetsNon-current liabilitiesUnrecognized prior service costAssumptions:Discount rate4.17%4.67%4.09%4.51%Future compensation assumption3.09%2.76%n/a4.21%4.05%3.08%Expected long-term return on plan assets6.46%6.98%5.00%Components of net periodic benefit cost:Expected return on plan assetsAmortization of prior service costNet remeasurement losses (gains)Allocated benefit cost from TimkenNet Periodic Benefit Cost($8.4)($7.1)Level 1Level 2Level 3Assets:U.S government and agency securitiesCorporate bondsEquity securitiesMutual fund - equityMutual fund - real estateTotal Assets in the fair value hierarchyAssets measured at net asset value (1)Assets measured at net asset value (1)Benefit Payments:GrossMedicare Part D Subsidy Receipts2022-2026Earnings Per ShareNumerator:Net (loss) income for basic and diluted earnings per shareDenominator:Weighted average shares outstanding, basicDilutive effect of stock-based awards2014
Subsequent to Spinoff2014
Prior to SpinoffWeighted-average fair value per optionRisk-free interest rate1.34%1.47%1.78%1.80%Dividend yield—%1.93%1.22%1.75%Expected stock volatility41.71%47.10%47.00%50.35%Expected life - yearsNumber of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value (millions)Outstanding as of December 31, 2015GrantedExercisedCanceled, forfeited or expiredOutstanding as of December 31, 2016Options expected to vestOptions exercisableWeighted Average Grant Date Fair ValueVestedGeographic InformationNet Sales:United StatesForeignLong-lived Assets:Income Tax Provision($136.2)($82.2)Non-United States(Loss) income from operations before income taxes($142.0)($71.7)Current:FederalState and local($1.1)Deferred:($32.9)($28.7)($10.4)United States and foreign tax (benefit) expense on (loss) incomeTax at the U.S. federal statutory rate($49.7)($25.2)Adjustments:State and local income taxes, net of federal tax benefitForeign earnings taxed at different rates including tax holidaysU.S. domestic manufacturing deductionU.S. research tax creditValuation allowanceOther items, netEffective income tax rateDeferred tax assets:Pension and postretirement benefitsOther employee benefit accrualsTax loss carryforwardsIntangible assetsInventoryState decouplingDeferred tax assets subtotalValuation allowancesDeferred tax assetsDeferred tax liabilities:Depreciation($156.8)($136.3)Convertible debtDeferred tax liabilities subtotalNet deferred tax assets (liabilities)($32.0)Beginning balance, January 1Tax positions related to prior years:ReductionsEnding balance, December 31Environmental MattersBeginning balance, January 1, 2015ExpensesPaymentsEnding balance, December 31, 2015Ending balance, December 31, 2016Restructuring ChargesSUPPLEMENTAL DATAQuarters EndedDecember 31September 30June 30March 31Net (Loss) Income (1)Per Share Data: (2)($1.52)($0.50)($0.15)($0.22)Net Income (1)Basic earnings per share($0.31)($0.55)($0.40)Diluted earnings per shareNet Loss (1)Basic loss per share($0.38)($0.24)Diluted loss per share($0.69)($0.54)ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULESExhibit NumberExhibit Description2.1†Separation and Distribution Agreement, dated as of June 30, 2014, by and between TimkenSteel Corporation and The Timken Company.Amended and Restated Articles of Incorporation of TimkenSteel Corporation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on June 13, 2014, File No. 001-36313).Code of Regulations of TimkenSteel Corporation (incorporated by reference to Exhibit 3.2 of Amendment No. 3 to the Company’s Registration Statement on Form 10 filed on May 15, 2014, File No. 001-36313).Indenture, dated May 31, 2016, by and between the Company and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on May 31, 2016, File No. 001-36313).First Supplemental Indenture, dated May 31, 2016, by and between the Company and U.S. Bank National Association, as Trustee (including Form of Note) (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 31, 2016, File No. 001-36313).10.1†Tax Sharing Agreement, dated as of June 30, 2014, by and between TimkenSteel Corporation and The Timken Company.10.2†Employee Matters Agreement, dated as of June 30, 2014, by and between TimkenSteel Corporation and The Timken Company.10.3†Transition Services Agreement, dated as of June 30, 2014, by and between TimkenSteel Corporation and The Timken Company.10.4†Trademark License Agreement, dated as of June 30, 2014, by and between TimkenSteel Corporation and The Timken Company.10.5†Noncompetition Agreement, dated as of June 30, 2014, by and between TimkenSteel Corporation and The Timken Company.TimkenSteel Corporation Amended and Restated 2014 Equity and Incentive Compensation Plan (incorporated by reference to Exhibit 4.3 to the Company’s Registration Statement on Form S-8 filed on October 28, 2016, Registration No. 333-214297).TimkenSteel Corporation Senior Executive Management Performance Plan (incorporated by reference to Appendix A to the Company’s 2015 Proxy Statement filed on March 19,2015, File No. 001-36313).10.8††TimkenSteel Corporation Annual Performance Award Plan.10.9††Form of Director Indemnification Agreement.10.10††Form of Officer Indemnification Agreement.10.11††Form of Director and Officer Indemnification Agreement.Supplemental Pension Plan of TimkenSteel Corporation (Effective June 30, 2014) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 13, 2014, File No. 001-36313).Form of Amended and Restated Employee Excess Benefits Agreement with TimkenSteel Corporation (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on June 13, 2014, File No. 001-36313).Form of Severance Agreement with TimkenSteel Corporation (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on June 13, 2014, File No. 001-36313).Amended and Restated TimkenSteel Corporation 2014 Deferred Compensation Plan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on May 11, 2015, File No. 001-36313).Amended and Restated TimkenSteel Corporation Director Deferred Compensation Plan (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on May 11, 2015, File No. 001-36313).Schedule II-Valuation and Qualifying AccountsAllowance for uncollectible accounts:Balance at Beginning of PeriodAdditions:Charged to Costs and Expenses (1)Deductions (2)Balance at End of PeriodAllowance for surplus and obsolete inventory:Charged to Costs and Expenses (3)Deductions (4)Valuation allowance on deferred tax assets:Charged to Costs and Expenses (5)Charged to Other Accounts (6)Deductions (7)COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGESYear Ended December 31,2015 Adjusted2014 Adjusted2011Income (loss) before income taxesPlus:Fixed chargesAmortization of capitalized interestLess:Interest capitalizedEarnings (loss)Interest (A)Amortization of deferred financing costsInterest portion of rental expenseFixed ChargesRatio of Earnings to Fixed Charges(B)Subsidiaries of the RegistrantNameState or sovereign power under laws of which organizedPercentage of voting securities owned directly or indirectly by CompanyEDC, Inc.Ohio100.0%TimkenSteel Material Services, LLCDelawareTSB Metal Recycling LLCInternationalTimkenSteel UK LimitedEnglandTimkenSteel de Mexico S. de R.L. de C.V.MexicoTimkenSteel (Shanghai) Corporation LimitedChinaCONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMRegistration Statement (Form S-8 No. 333-214297) pertaining to the TimkenSteel Corporation 2014 Equity and Incentive Compensation Plan;Registration Statement (Form S-8 No. 333-197076) pertaining to the TimkenSteel Corporation Savings Plan for Certain Bargaining Employees;Registration Statement (Form S-8 No. 333-197077) pertaining to the TimkenSteel Corporation Savings and Investment Pension Plan;Registration Statement (Form S-8 No. 333-197078) pertaining to the TimkenSteel Corporation 2014 Equity and Incentive Compensation Plan;Registration Statement (Form S-8 No. 333-197079) pertaining to the TimkenSteel Corporation Voluntary Investment Pension Plan; andRegistration Statement (Form S-3 No. 333-208930) of TimkenSteel CorporationKNOW ALL MEN BY THESE PRESENTS,/s/ Joseph A. CarrabbaJoseph A. Carrabba, DirectorDated: February 16, 2017/s/ Phillip R. CoxPhillip R. Cox, DirectorKNOW ALL MEN BY THESE PRESENTS/s/ Diane C. CreelDiane C. Creel, Director/s/ Terry L. DunlapTerry L. Dunlap, Director/s/ Randall H. EdwardsRandall H. Edwards, Director/s/ Donald T. MisheffDonald T. Misheff, Director/s/ John P. ReillyJohn P. Reilly, Director/s/ Ronald A. RiceRonald A. Rice, Director/s/ Randall A. WotringRandall A. Wotring, DirectorTimkensteel CorpDate:March 16, 2017/s/ Ward J. Timken, Jr.Ward J. Timken, Jr.Chairman, Chief Executive Officer and President (Principal Executive Officer)/s/ Christopher J. HoldingChristopher J. HoldingExecutive Vice President and Chief Financial Officer (Principal Financial Officer)PK ! h h docProps/app.xml
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