Tronox Limited
Tronox Ltd (Form: 8-K, Received: 06/02/2017 16:33:50)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

 
FORM 8-K
 

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

Date of Report (Date of earliest event reported):   June 2, 2017
 

 
TRONOX LIMITED
(Exact name of registrant as specified in its charter)
 

 
Western Australia, Australia
001-35573
98-1026700
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

263 Tresser Boulevard, Suite 1100
 
Lot 22 Mason Road,
Stamford, Connecticut 06901
 
 
Kwinana Beach, WA 6167
Australia
(Address of principal executive offices, including zip code)

(203) 705-3800
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)


 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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 provided pursuant to Section 13(a) of the Exchange Act. ☐
 


Item 8.01.
Other Events

Tronox Limited and its subsidiaries (collectively referred to as "Tronox Limited," "we," "us," or "our") is filing this Form 8-K solely to provide additional information and details regarding the revision of previously issued financial statements disclosed in its Quarterly Report on Form 10-Q for the three months ended March 31, 2017 filed with the Securities and Exchange Commission on May 4, 2017 (the "First Quarter Form 10-Q"). During the quarter ended March 31, 2017, we identified a misstatement in our selling, general, and administrative expense for certain prior periods related to a liability resulting from a non-timely filing with a statutory authority. The aggregate misstatement is $11 million, which impacts our previously issued consolidated statements of operations, comprehensive loss, balance sheets and cash flows as of and for the years ended December 31, 2015 and 2016, and the unaudited condensed consolidated financial statements for the third and fourth quarters and corresponding year-to-date periods of 2015, and each quarter and corresponding year-to-date periods of 2016.

In accordance with Staff Accounting Bulletin ("SAB") No. 99, Materiality , and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements , management evaluated the materiality of the misstatement from qualitative and quantitative perspectives, and concluded that the misstatement was not material to our previously issued annual and interim financial statements. The cumulative amount of the prior period adjustments would have been material to our current statement of operations and comprehensive loss had we made the correction in the current period, and accordingly we will revise our previously issued financial statements to correct this misstatement. In addition, we also corrected the timing of other previously recorded immaterial out-of-period adjustments and will reflect them in the revised prior period financial statements. The previously recorded immaterial out-of-period adjustments include a $6 million decrease to cost of goods sold due to an overstated depreciation expense and a $7 million increase to cost of goods sold related to royalty tax both originating in 2013 and previously recorded as out-of-period corrections in 2014; a $5 million decrease to cost of goods sold that originated in 2012 and was previously recorded as an out-of-period correction in 2014 due to overstated depletion expense; and other miscellaneous immaterial corrections.

The revision associated with our selling, general, and administrative expense  as well as other immaterial adjustments discussed above are filed as Exhibit 99.1 hereto and are incorporated herein by reference. The information in this Form 8-K, including the exhibit should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, and subsequent filings made with the U.S. Securities and Exchange Commission.
 
Item 9.01.  Financial Statements and Exhibits.

(d)
Exhibits.

Exhibit No.
 
Description
  Revised Financial Statements
 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
TRONOX LIMITED
     
 
By:
/s/ Richard L. Muglia
Date:  June 2, 2017
Name:
Richard L. Muglia
 
Title:
Senior Vice President, General Counsel and Secretary
 
 


Exhibit 99.1
 
The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported consolidated statement of operations for the year ended December 31, 2016:

Tronox Limited
Consolidated Statement of Operations
(Millions of U.S. dollars, except share and per share data)
(Unaudited)

   
Year Ended December 31, 2016
 
   
As Reported
   
Adjustment
   
Revised
 
                   
Net sales
 
$
2,093
   
$
2
   
$
2,095
 
Cost of goods sold
   
1,846
     
-
     
1,846
 
                         
Gross profit
   
247
     
2
     
249
 
Selling, general and administrative expenses
   
(210
)
   
(4
)
   
(214
)
Restructuring expense
   
(1
)
   
-
     
(1
)
                         
Income from operations
   
36
     
(2
)
   
34
 
Interest and debt expense, net
   
(184
)
   
-
     
(184
)
Gain on extinguishment of debt
   
4
     
-
     
4
 
Other expense, net
   
(29
)
   
-
     
(29
)
                         
Loss before income taxes
   
(173
)
   
(2
)
   
(175
)
Income tax benefit
   
115
     
-
     
115
 
                         
Net loss
 
$
(58
)
 
$
(2
)
 
$
(60
)
Net income attributable to noncontrolling interest
   
1
     
-
     
1
 
Net loss attributable to Tronox Limited
 
$
(59
)
 
$
(2
)
 
$
(61
)
                         
Loss per share, basic and diluted (1)
 
$
(0.50
)
 
$
(0.02
)
 
$
(0.52
)
                         
Weighted average shares outstanding, basic and diluted (in thousands)
   
116,161
     
116,161
     
116,161
 
________________________
 
(1)
Loss per share amounts were calculated from exact, not rounded, net loss and share information.
 
1

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported consolidated statement of comprehensive income for the year ended December 31, 2016:

Tronox Limited
Consolidated Statement of Comprehensive Income
(Millions of U.S. dollars)
(Unaudited)

   
Year Ended December 31, 2016
 
   
As Reported
   
Adjustment
   
Revised
 
                   
Net loss
 
$
(58
)
 
$
(2
)
 
$
(60
)
Other comprehensive income (loss):
                       
Foreign currency translation adjustments
   
119
     
-
     
119
 
Pension and postretirement plans:
                       
Actuarial losses, net of taxes of less than $1 million
   
(18
)
   
-
     
(18
)
Amortization of unrecognized actuarial losses, net of taxes of less than $1 million
   
2
     
-
     
2
 
Prior service credit (no tax impact)
   
(4
)
   
-
     
(4
)
Pension and postretirement benefit curtailment loss (no tax impact)
   
(1
)
   
-
     
(1
)
Settlement gain on the Netherlands Pension Plan (no tax impact)
   
31
     
-
     
31
 
Unrealized gains on derivative financial instruments (no tax impact)
   
3
     
-
     
3
 
Other comprehensive income
   
132
     
-
     
132
 
Total comprehensive income
 
$
74
   
$
(2
)
 
$
72
 
                         
Comprehensive income attributable to noncontrolling interest:
                       
Net income
   
1
     
-
     
1
 
Foreign currency translation adjustments
   
31
     
-
     
31
 
Comprehensive income attributable to noncontrolling interest
   
32
     
-
     
32
 
Comprehensive income attributable to Tronox Limited
 
$
42
   
$
(2
)
 
$
40
 
 
2

 
The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported consolidated statement of operations for the year ended December 31, 2015:
 
Tronox Limited
Consolidated Statement of Operations
(Millions of U.S. dollars, except share and per share data)
(Unaudited)
 
   
Year Ended December 31, 2015
 
   
As Reported
   
Adjustment
   
Revised
 
                   
Net sales
 
$
2,112
   
$
-
   
$
2,112
 
Cost of goods sold
   
1,992
     
4
     
1,996
 
                         
Gross profit
   
120
     
(4
)
   
116
 
Selling, general and administrative expenses
   
(217
)
   
(7
)
   
(224
)
Restructuring expense
   
(21
)
   
-
     
(21
)
                         
Loss from operations
   
(118
)
   
(11
)
   
(129
)
Interest and debt expense, net
   
(176
)
   
-
     
(176
)
Other income, net
   
28
     
-
     
28
 
                         
Loss before income taxes
   
(266
)
   
(11
)
   
(277
)
Income tax provision
   
(41
)
   
1
     
(40
)
                         
Net loss
 
$
(307
)
 
$
(10
)
 
$
(317
)
Net income attributable to noncontrolling interest
   
11
     
1
     
12
 
Net loss attributable to Tronox Limited
 
$
(318
)
 
$
(11
)
 
$
(329
)
                         
Loss per share, basic and diluted (1)
 
$
(2.75
)
 
$
(0.09
)
 
$
(2.84
)
                         
Weighted average shares outstanding, basic and diluted (in thousands)
   
115,566
     
115,566
     
115,566
 
________________________
 
(1)
Loss per share amounts were calculated from exact, not rounded, net loss and share information.
 
3

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported consolidated statement of comprehensive loss for the year ended December 31, 2015:
 
Tronox Limited
Consolidated Statement of Comprehensive Loss
(Millions of U.S. dollars)
(Unaudited)
 
   
Year Ended December 31, 2015
 
   
As Reported
   
Adjustment
   
Revised
 
                   
Net loss
 
$
(307
)
 
$
(10
)
 
$
(317
)
Other comprehensive income (loss):
                       
Foreign currency translation adjustments
   
(292
)
   
-
     
(292
)
Pension and postretirement plans:
                       
Actuarial gains, net of taxes of less than $1 million
   
12
     
-
     
12
 
Amortization of unrecognized actuarial losses, net of taxes of less than $1 million
   
3
     
-
     
3
 
Other comprehensive loss
   
(277
)
   
-
     
(277
)
Total comprehensive loss
 
$
(584
)
 
$
(10
)
 
$
(594
)
                         
Comprehensive income (loss) attributable to noncontrolling interest:
                       
Net income
   
11
     
1
     
12
 
Foreign currency translation adjustments
   
(77
)
   
-
     
(77
)
Comprehensive loss attributable to noncontrolling interest
   
(66
)
   
1
     
(65
)
Comprehensive loss attributable to Tronox Limited
 
$
(518
)
 
$
(11
)
 
$
(529
)

 
4

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported consolidated statement of operations for the year ended December 31, 2014:
 
Tronox Limited
Consolidated Statement of Operations
(Millions of U.S. dollars, except share and per share data)
(Unaudited)
 
   
Year Ended December 31, 2014
 
   
As Reported
   
Adjustment
   
Revised
 
                   
Net sales
 
$
1,737
   
$
-
   
$
1,737
 
Cost of goods sold
   
1,530
     
1
     
1,531
 
                         
Gross profit
   
207
     
(1
)
   
206
 
Selling, general and administrative expenses
   
(192
)
   
1
     
(191
)
Restructuring expense
   
(15
)
   
-
     
(15
)
                         
Loss from operations
   
-
     
-
     
-
 
Interest and debt expense, net
   
(133
)
   
-
     
(133
)
Net loss on liquidation of non-operating subsidiaries
   
(35
)
   
-
     
(35
)
Loss on extinguishment of debt
   
(8
)
   
-
     
(8
)
Other income, net
   
27
     
-
     
27
 
                         
Loss before income taxes
   
(149
)
   
-
     
(149
)
Income tax provision
   
(268
)
   
-
     
(268
)
                         
Net loss
 
$
(417
)
 
$
-
   
$
(417
)
Net income attributable to noncontrolling interest
   
10
     
-
     
10
 
Net loss attributable to Tronox Limited
 
$
(427
)
 
$
-
   
$
(427
)
                         
Loss per share, basic and diluted (1)
 
$
(3.74
)
 
$
-
   
$
(3.74
)
                         
Weighted average shares outstanding, basic and diluted (in thousands)
   
114,281
     
114,281
     
114,281
 
________________________
 
(1)
Loss per share amounts were calculated from exact, not rounded, net loss and share information.
 
5

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported consolidated statement of comprehensive loss for the year ended December 31, 2014:
 
Tronox Limited
Consolidated Statement of Comprehensive Loss
(Millions of U.S. dollars)
(Unaudited)
 
   
Year Ended December 31, 2014
 
   
As Reported
   
Adjustment
   
Revised
 
                   
Net loss
 
$
(417
)
 
$
-
   
$
(417
)
Other comprehensive income (loss):
                       
Foreign currency translation adjustments
   
(95
)
   
-
     
(95
)
Pension and postretirement plans:
                       
Actuarial losses, net of taxes of less than $1 million
   
(83
)
   
-
     
(83
)
Amortization of unrecognized actuarial losses, net of taxes of less than $1 million
   
1
     
-
     
1
 
Prior service cost, no tax impact
   
(3
)
   
-
     
(3
)
Pension and postretirement benefit curtailment gain (no tax impact)
   
37
     
-
     
37
 
Other comprehensive loss
   
(143
)
   
-
     
(143
)
Total comprehensive loss
 
$
(560
)
 
$
-
   
$
(560
)
                         
Comprehensive income (loss) attributable to noncontrolling interest:
                       
Net income
   
10
     
-
     
10
 
Foreign currency translation adjustments
   
(31
)
   
-
     
(31
)
Comprehensive loss attributable to noncontrolling interest
   
(21
)
   
-
     
(21
)
Comprehensive loss attributable to Tronox Limited
 
$
(539
)
 
$
-
   
$
(539
)

6

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported unaudited condensed consolidated statement of operations for the three months ended March 31, 2016:
 
Tronox Limited
Condensed Consolidated Statement of Operations
(Millions of U.S. dollars, except share and per share data)
(Unaudited)
 
   
Three Months Ended March 31, 2016
 
   
As Reported
   
Adjustment
   
Revised
 
                   
Net sales
 
$
475
   
$
1
   
$
476
 
Cost of goods sold
   
455
     
-
     
455
 
                         
Gross profit
   
20
     
1
     
21
 
Selling, general and administrative expenses
   
(47
)
   
(3
)
   
(50
)
Restructuring expense
   
(2
)
   
-
     
(2
)
                         
Loss from operations
   
(29
)
   
(2
)
   
(31
)
Interest and debt expense, net
   
(46
)
   
-
     
(46
)
Gain on extinguishment of debt
   
4
     
-
     
4
 
Other expense, net
   
(9
)
   
-
     
(9
)
                         
Loss before income taxes
   
(80
)
   
(2
)
   
(82
)
Income tax provision
   
(12
)
   
-
     
(12
)
                         
Net loss
 
$
(92
)
 
$
(2
)
 
$
(94
)
Net loss attributable to noncontrolling interest
   
(1
)
   
-
     
(1
)
Net loss attributable to Tronox Limited
 
$
(91
)
 
$
(2
)
 
$
(93
)
                         
Loss per share, basic and diluted (1)
 
$
(0.78
)
 
$
(0.02
)
 
$
(0.80
)
                         
Weighted average shares outstanding, basic and diluted (in thousands)
   
115,920
     
115,920
     
115,920
 
________________________
 
(1)
Loss per share amounts were calculated from exact, not rounded, net loss and share information.
 
7

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported unaudited condensed consolidated statement of comprehensive loss for the three months ended March 31, 2016:

Tronox Limited
Condensed Consolidated Statement of Comprehensive Loss
(Millions of U.S. dollars)
(Unaudited)

   
Three Months Ended March 31, 2016
 
   
As Reported
   
Adjustment
   
Revised
 
                   
Net loss
 
$
(92
)
 
$
(2
)
 
$
(94
)
Other comprehensive income:
                       
Foreign currency translation adjustments
   
53
     
-
     
53
 
Pension and postretirement plans: amortization of unrecognized actuarial losses, net of taxes of less than $1 million
   
1
     
-
     
1
 
Other comprehensive income
   
54
     
-
     
54
 
Total comprehensive loss
 
$
(38
)
 
$
(2
)
 
$
(40
)
                         
Comprehensive income (loss) attributable to noncontrolling interest:
                       
Net loss
   
(1
)
   
-
     
(1
)
Foreign currency translation adjustments
   
13
     
-
     
13
 
Comprehensive income attributable to noncontrolling interest
   
12
     
-
     
12
 
Comprehensive loss attributable to Tronox Limited
 
$
(50
)
 
$
(2
)
 
$
(52
)
 
8

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2016:

Tronox Limited
Condensed Consolidated Statements of Operations
(Millions of U.S. dollars, except share and per share data)
(Unaudited)

   
Three Months Ended June 30, 2016
   
Six Months Ended June 30, 2016
 
   
As Reported
   
Adjustment
   
Revised
   
As Reported
   
Adjustment
   
Revised
 
                                     
Net sales
 
$
537
   
$
1
   
$
538
   
$
1,012
   
$
2
   
$
1,014
 
Cost of goods sold
   
480
     
(1
)
   
479
     
935
     
(1
)
   
934
 
                                                 
Gross profit
   
57
     
2
     
59
     
77
     
3
     
80
 
Selling, general and administrative expenses
   
(50
)
   
(1
)
   
(51
)
   
(97
)
   
(4
)
   
(101
)
Restructuring income (expense)
   
1
     
-
     
1
     
(1
)
   
-
     
(1
)
                                                 
Income (loss) from operations
   
8
     
1
     
9
     
(21
)
   
(1
)
   
(22
)
Interest and debt expense, net
   
(46
)
   
-
     
(46
)
   
(92
)
   
-
     
(92
)
Gain on extinguishment of debt
   
-
     
-
     
-
     
4
     
-
     
4
 
Other expense, net
   
-
     
(3
)
   
(3
)
   
(9
)
   
(3
)
   
(12
)
                                                 
Loss before income taxes
   
(38
)
   
(2
)
   
(40
)
   
(118
)
   
(4
)
   
(122
)
Income tax provision
   
(10
)
   
-
     
(10
)
   
(22
)
   
-
     
(22
)
                                                 
Net loss
 
$
(48
)
 
$
(2
)
 
$
(50
)
 
$
(140
)
 
$
(4
)
 
$
(144
)
Net income attributable to noncontrolling interest
   
2
     
-
     
2
     
1
     
-
     
1
 
Net loss attributable to Tronox Limited
 
$
(50
)
 
$
(2
)
 
$
(52
)
 
$
(141
)
 
$
(4
)
 
$
(145
)
                                                 
Loss per share, basic and diluted (1)
 
$
(0.42
)
 
$
(0.02
)
 
$
(0.44
)
 
$
(1.21
)
 
$
(0.03
)
 
$
(1.24
)
                                                 
Weighted average shares outstanding, basic and diluted (in thousands)
   
116,184
     
116,184
     
116,184
     
116,052
     
116,052
     
116,052
 
________________________
 
(1)
Loss per share amounts were calculated from exact, not rounded, net loss and share information.
 
9

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported unaudited condensed consolidated statements of comprehensive loss for the three and six months ended June 30, 2016:

Tronox Limited
Condensed Consolidated Statements of Comprehensive Loss
(Millions of U.S. dollars)
(Unaudited)

   
Three Months Ended June 30, 2016
   
Six Months Ended June 30, 2016
 
   
As Reported
   
Adjustment
   
Revised
   
As Reported
   
Adjustment
   
Revised
 
                                     
Net loss
 
$
(48
)
 
$
(2
)
 
$
(50
)
 
$
(140
)
 
$
(4
)
 
$
(144
)
Other comprehensive income:
                                               
Foreign currency translation adjustments
   
-
     
-
     
-
     
53
     
-
     
53
 
Pension and postretirement plans: amortization of unrecognized actuarial losses, net of taxes of less than $1 million
   
-
     
-
     
-
     
1
     
-
     
1
 
Unrealized gains on derivative financial instruments (no tax impact)
   
2
             
2
     
2
             
2
 
Other comprehensive income
   
2
     
-
     
2
     
56
     
-
     
56
 
Total comprehensive loss
 
$
(46
)
 
$
(2
)
 
$
(48
)
 
$
(84
)
 
$
(4
)
 
$
(88
)
                                                 
Comprehensive income attributable to noncontrolling interest:
                                               
Net income
   
2
     
-
     
2
     
1
     
-
     
1
 
Foreign currency translation adjustments
   
-
     
-
     
-
     
13
     
-
     
13
 
Comprehensive income attributable to noncontrolling interest
   
2
     
-
     
2
     
14
     
-
     
14
 
Comprehensive loss attributable to Tronox Limited
 
$
(48
)
 
$
(2
)
 
$
(50
)
 
$
(98
)
 
$
(4
)
 
$
(102
)
 
10

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2016:

Tronox Limited
Condensed Consolidated Statements of Operations
(Millions of U.S. dollars, except share and per share data)
(Unaudited)
 
   
Three Months Ended September 30, 2016
   
Nine Months Ended September 30, 2016
 
   
As Reported
   
Adjustment
   
Revised
   
As Reported
   
Adjustment
   
Revised
 
                                     
Net sales
 
$
533
   
$
-
   
$
533
   
$
1,545
   
$
2
   
$
1,547
 
Cost of goods sold
   
453
     
1
     
454
     
1,388
     
-
     
1,388
 
                                                 
Gross profit
   
80
     
(1
)
   
79
     
157
     
2
     
159
 
Selling, general and administrative expenses
   
(54
)
   
-
     
(54
)
   
(151
)
   
(4
)
   
(155
)
Restructuring expense
   
(1
)
   
-
     
(1
)
   
(2
)
   
-
     
(2
)
                                                 
Income from operations
   
25
     
(1
)
   
24
     
4
     
(2
)
   
2
 
Interest and debt expense, net
   
(46
)
   
1
     
(45
)
   
(138
)
   
1
     
(137
)
Gain on extinguishment of debt
   
-
     
-
     
-
     
4
     
-
     
4
 
Other expense, net
   
(14
)
   
3
     
(11
)
   
(23
)
   
-
     
(23
)
                                                 
Loss before income taxes
   
(35
)
   
3
     
(32
)
   
(153
)
   
(1
)
   
(154
)
Income tax provision
   
(7
)
   
-
     
(7
)
   
(29
)
   
-
     
(29
)
                                                 
Net loss
 
$
(42
)
 
$
3
   
$
(39
)
 
$
(182
)
 
$
(1
)
 
$
(183
)
Net loss attributable to noncontrolling interest
   
(2
)
   
-
     
(2
)
   
(1
)
   
-
     
(1
)
Net loss attributable to Tronox Limited
 
$
(40
)
 
$
3
   
$
(37
)
 
$
(181
)
 
$
(1
)
 
$
(182
)
                                                 
Loss per share, basic and diluted (1)
 
$
(0.35
)
 
$
0.02
   
$
(0.33
)
 
$
(1.56
)
 
$
(0.01
)
 
$
(1.57
)
                                                 
Weighted average shares outstanding, basic and diluted (in thousands)
   
116,219
     
116,219
     
116,219
     
116,108
     
116,108
     
116,108
 
________________________
 
(1)
Loss per share amounts were calculated from exact, not rounded, net loss and share information.
 
11

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported unaudited condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2016:
 
Tronox Limited
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Millions of U.S. dollars)
(Unaudited)

   
Three Months Ended September 30, 2016
   
Nine Months Ended September 30, 2016
 
   
As Reported
   
Adjustment
   
Revised
   
As Reported
   
Adjustment
   
Revised
 
                                     
Net loss
 
$
(42
)
 
$
3
   
$
(39
)
 
$
(182
)
 
$
(1
)
 
$
(183
)
Other comprehensive income (loss):
                                               
Foreign currency translation adjustments
   
69
     
-
     
69
     
122
     
-
     
122
 
Pension and postretirement plans:
                                               
Actuarial losses, no tax impact
   
(21
)
   
-
     
(21
)
   
(21
)
           
(21
)
Amortization of unrecognized actuarial losses, net of taxes of less than $1 million
   
(1
)
   
-
     
(1
)
   
-
     
-
     
-
 
Unrealized gains (losses) on derivative financial instruments (no tax impact)
   
(1
)
           
(1
)
   
1
             
1
 
Other comprehensive income
   
46
     
-
     
46
     
102
     
-
     
102
 
Total comprehensive income (loss)
 
$
4
   
$
3
   
$
7
   
$
(80
)
 
$
(1
)
 
$
(81
)
                                                 
Comprehensive income (loss) attributable to noncontrolling interest:
                                               
Net loss
   
(2
)
   
-
     
(2
)
   
(1
)
   
-
     
(1
)
Foreign currency translation adjustments
   
18
     
-
     
18
     
31
     
-
     
31
 
Comprehensive income attributable to noncontrolling interest
   
16
     
-
     
16
     
30
     
-
     
30
 
Comprehensive loss attributable to Tronox Limited
 
$
(12
)
 
$
3
   
$
(9
)
 
$
(110
)
 
$
(1
)
 
$
(111
)
 
12

The following table presents the effect of the misstatement and other previously recorded immaterial out-of-period adjustments on our previously reported consolidated balance sheets as of December 31, 2016 and 2015:

Tronox Limited
Consolidated Balance Sheets
(Millions of U.S. dollars, except share and per share data)
(Unaudited)
 
   
December 31, 2016
   
December 31, 2015
 
   
As Reported
   
Adjustment
   
Revised
   
As Reported
   
Adjustment
   
Revised
 
ASSETS                                    
Current Assets
                                   
Cash and cash equivalents
 
$
248
   
$
-
   
$
248
   
$
229
   
$
-
   
$
229
 
Restricted cash
   
3
     
-
     
3
     
5
     
-
     
5
 
Accounts receivable, net of allowance for doubtful accounts
   
421
     
3
     
424
     
391
     
-
     
391
 
Inventories, net
   
532
     
-
     
532
     
630
     
-
     
630
 
Prepaid and other assets
   
49
     
-
     
49
     
46
     
-
     
46
 
Total current assets
   
1,253
     
3
     
1,256
     
1,301
     
-
     
1,301
 
Noncurrent Assets
                                               
Property, plant and equipment, net
   
1,831
     
-
     
1,831
     
1,843
     
-
     
1,843
 
Mineral leaseholds, net
   
1,607
     
-
     
1,607
     
1,604
     
-
     
1,604
 
Intangible assets, net
   
223
     
-
     
223
     
244
     
-
     
244
 
Inventories, net
   
14
     
-
     
14
     
12
     
-
     
12
 
Other long-term assets
   
22
     
-
     
22
     
23
     
-
     
23
 
Total assets
 
$
4,950
   
$
3
   
$
4,953
   
$
5,027
   
$
-
   
$
5,027
 
                                                 
LIABILITIES AND EQUITY
                                               
Current Liabilities
                                               
Accounts payable
 
$
181
   
$
-
   
$
181
   
$
159
   
$
-
   
$
159
 
Accrued liabilities
   
174
     
11
     
185
     
180
     
7
     
187
 
Short-term debt
   
150
     
-
     
150
     
150
     
-
     
150
 
Long-term debt due within one year
   
16
     
-
     
16
     
16
     
-
     
16
 
Income tax payable
   
1
     
-
     
1
     
43
     
-
     
43
 
Total current liabilities
   
522
     
11
     
533
     
548
     
7
     
555
 
Noncurrent Liabilities
                                               
Long-term debt
   
2,888
     
-
     
2,888
     
2,910
     
-
     
2,910
 
Pension and postretirement healthcare benefits
   
122
     
-
     
122
     
141
     
-
     
141
 
Asset retirement obligations
   
73
     
-
     
73
     
77
     
-
     
77
 
Long-term deferred tax liabilities
   
152
     
-
     
152
     
143
     
-
     
143
 
Other long-term liabilities
   
32
     
-
     
32
     
98
     
-
     
98
 
Total liabilities
   
3,789
     
11
     
3,800
     
3,917
     
7
     
3,924
 
                                                 
Commitments and Contingencies Shareholders' Equity
                                               
Tronox Limited Class A ordinary shares, par value $0.01 65,998,306 shares issued and 65,165,672 shares outstanding at December 31, 2016 and 65,443,363 shares issued and 64,521,851 shares outstanding at December 31, 2015
 
 
1
 
 
 
-
 
 
 
1
 
 
 
1
 
 
 
-
 
 
 
1
 
Tronox Limited Class B ordinary shares, par value $0.01 — 51,154,280 shares issued and outstanding at December 31, 2016 and 2015
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Capital in excess of par value
   
1,524
     
-
     
1,524
     
1,500
     
-
     
1,500
 
(Accumulated deficit) retained earnings
   
(13
)
   
(6
)
   
(19
)
   
93
     
(5
)
   
88
 
Accumulated other comprehensive loss
   
(495
)
   
(2
)
   
(497
)
   
(596
)
   
(2
)
   
(598
)
                                                 
Total Tronox Limited shareholders' equity
   
1,017
     
(8
)
   
1,009
     
998
     
(7
)
   
991
 
Noncontrolling interest
   
144
     
-
     
144
     
112
     
-
     
112
 
Total equity
   
1,161
     
(8
)
   
1,153
     
1,110
     
(7
)
   
1,103
 
Total liabilities and equity
 
$
4,950
   
$
3
   
$
4,953
   
$
5,027
   
$
-
   
$
5,027
 
 
13

Our consolidated statement of cash flows for the nine months ended September 30, 2016 had an immaterial change of $1 million increasing both cash flows provided by operating activities and cash used in investing activities from the revision. All other periods in 2016, 2015 and 2014 resulted in no net impact to operating, investing and financing cash flows from the revision.
 
 
14