Tronox Holdings plc - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - June 2, 2017

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8-K - 8-K - Tronox Holdings plcform8k.htm
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

Tronox Holdings plc Reports