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Condensed Consolidating Financial Information

9 Months Ended

Sep. 30, 2011

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Financial Information

16. Condensed consolidating financial information

Our 8.0% senior secured notes due 2014 and 7.5% senior unsecured notes due 2014 are guaranteed by each of our material existing and future domestic subsidiaries, except for Nordural US LLC.  Each subsidiary guarantor is 100% owned by Century.  All guarantees are full and unconditional; all guarantees are joint and several. These notes are not guaranteed by our foreign subsidiaries (such subsidiaries and Nordural US LLC, collectively the “Non-Guarantor Subsidiaries”).  We allocate corporate expenses or income to our subsidiaries and charge interest on certain intercompany balances.

The following summarized condensed consolidating balance sheets as of September 30, 2011 and December 31, 2010, condensed consolidating statements of operations for the three and nine months ended September 30, 2011 and September 30, 2010 and the condensed consolidating statements of cash flows for the nine months ended September 30, 2011 and September 30, 2010 present separate results for Century, the Guarantor Subsidiaries, the Non-Guarantor Subsidiaries, consolidating adjustments and total consolidated amounts.

This summarized condensed consolidating financial information may not necessarily be indicative of the results of operations or financial position had Century, the Guarantor Subsidiaries or the Non-Guarantor subsidiaries operated as independent entities.

CONDENSED CONSOLIDATING BALANCE SHEET
As of September 30, 2011
		Combined Guarantor Subsidiaries				Combined Non-Guarantor Subsidiaries				The Company				Reclassifications and Eliminations				Consolidated
Assets:
Cash and cash equivalents		$	—			$	184,063			$	32,332			$	—			$	216,395
Accounts receivable — net			36,122				15,945				—				—				52,067
Due from affiliates			647,181				11,657				2,507,981				(3,119,467	)			47,352
Inventories			98,403				67,311				—				—				165,714
Prepaid and other current assets			5,901				34,683				3,907				—				44,491
Total current assets			787,607				313,659				2,544,220				(3,119,467	)			526,019
Investment in subsidiaries			37,152				—				(916,491	)			879,339				—
Property, plant and equipment — net			343,581				879,675				1,306				(243	)			1,224,319
Other assets			22,132				59,498				39,452				(7,750	)			113,332
Total		$	1,190,472			$	1,252,832			$	1,668,487			$	(2,248,121	)		$	1,863,670
Liabilities and shareholders’ equity:
Accounts payable, trade		$	39,163			$	44,682			$	1,005			$	—			$	84,850
Due to affiliates			2,111,294				78,649				234,034				(2,379,072	)			44,905
Accrued and other current liabilities			9,861				41,289				15,304				(7,750	)			58,704
Accrued employee benefits costs — current portion			14,223				—				2,508				—				16,731
Industrial revenue bonds			7,815				—				—				—				7,815
Total current liabilities			2,182,356				164,620				252,851				(2,386,822	)			213,005
Senior notes payable			—				—				249,256				—				249,256
Accrued pension benefits costs — less current portion			13,683				—				22,280				—				35,963
Accrued postretirement benefits costs — less current portion			101,206				—				4,561				—				105,767
Other liabilities/intercompany loan			62,164				712,642				6,570				(740,637	)			40,739
Deferred taxes			—				85,971				—				—				85,971
Total noncurrent liabilities			177,053				798,613				282,667				(740,637	)			517,696
Shareholders’ equity:
Preferred stock			—				—				1				—				1
Common stock			60				12				932				(72	)			932
Additional paid-in capital			297,299				144,384				2,506,655				(441,683	)			2,506,655
Treasury stock, at cost			—				—				(38,806	)			—				(38,806	)
Accumulated other comprehensive income (loss)			(84,735	)			(1,335	)			(77,901	)			86,070				(77,901	)
Retained earnings (accumulated deficit)			(1,381,561	)			146,538				(1,257,912	)			1,235,023				(1,257,912	)
Total shareholders’ equity			(1,168,937	)			289,599				1,132,969				879,338				1,132,969
Total		$	1,190,472			$	1,252,832			$	1,668,487			$	(2,248,121	)		$	1,863,670

CONDENSED CONSOLIDATING BALANCE SHEET
As of December 31, 2010
		Combined Guarantor Subsidiaries				Combined Non-Guarantor Subsidiaries				The Company				Reclassifications and Eliminations				Consolidated
Assets:
Cash and cash equivalents		$	—			$	214,923			$	89,373			$	—			$	304,296
Restricted cash			3,673				—				—				—				3,673
Accounts receivable — net			31,779				12,124				—				—				43,903
Due from affiliates			636,511				7,148				2,537,945				(3,130,598	)			51,006
Inventories			97,422				58,486				—				—				155,908
Prepaid and other current assets			3,687				39,453				2,152				(27,000	)			18,292
Total current assets			773,072				332,134				2,629,470				(3,157,598	)			577,078
Investment in subsidiaries			33,186				—				(934,307	)			901,121				—
Property, plant and equipment — net			364,760				890,924				1,451				(165	)			1,256,970
Due from affiliates — less current portion			—				6,054				—				—				6,054
Other assets			22,197				36,735				24,022				—				82,954
Total		$	1,193,215			$	1,265,847			$	1,720,636			$	(2,256,642	)		$	1,923,056
Liabilities and shareholders’ equity:
Accounts payable, trade		$	43,072			$	44,629			$	303			$	—			$	88,004
Due to affiliates			2,094,293				70,580				222,245				(2,341,737	)			45,381
Accrued and other current liabilities			9,187				44,932				14,376				(27,000	)			41,495
Accrued employee benefits costs — current portion			23,592				—				3,090				—				26,682
Convertible senior notes			—				—				45,483				—				45,483
Industrial revenue bonds			7,815				—				—				—				7,815
Total current liabilities			2,177,959				160,141				285,497				(2,368,737	)			254,860
Senior notes payable			—				—				248,530				—				248,530
Accrued pension benefits costs — less current portion			14,096				—				23,699				—				37,795
Accrued postretirement benefits costs — less current portion			99,469				—				4,275				—				103,744
Other liabilities/intercompany loan			61,488				756,208				4,119				(784,203	)			37,612
Deferred taxes			—				90,822				—				(4,823	)			85,999
Total noncurrent liabilities			175,053				847,030				280,623				(789,026	)			513,680
Shareholders’ equity:
Preferred stock			—				—				1				—				1
Common stock			60				12				928				(72	)			928
Additional paid-in capital			297,300				144,383				2,503,907				(441,683	)			2,503,907
Accumulated other comprehensive income (loss)			(60,220	)			(1,220	)			(49,976	)			61,440				(49,976	)
Retained earnings (accumulated deficit)			(1,396,937	)			115,501				(1,300,344	)			1,281,436				(1,300,344	)
Total shareholders’ equity			(1,159,797	)			258,676				1,154,516				901,121				1,154,516
Total		$	1,193,215			$	1,265,847			$	1,720,636			$	(2,256,642	)		$	1,923,056

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the three months ended September 30, 2011
		Combined Guarantor Subsidiaries				Combined Non-Guarantor Subsidiaries				The Company				Reclassifications and Eliminations				Consolidated
Net sales:
Third-party customers		$	139,865			$	62,733			$	—			$	—			$	202,598
Related parties			70,967				72,081				—				—				143,048
			210,832				134,814				—				—				345,646
Cost of goods sold			232,810				101,512				—				—				334,322
Gross profit (loss)			(21,978	)			33,302				—				—				11,324
Other operating expense – net			2,659				—				—				—				2,659
Selling, general and admin expenses			7,391				559				—				—				7,950
Operating income (loss)			(32,028	)			32,743				—				—				715
Interest expense – third party			(5,951	)			—				—				—				(5,951	)
Interest expense – affiliates			17,005				(17,005	)			—				—				—
Interest income – third party			4				33				—				—				37
Interest income – affiliates			—				59				—				—				59
Net gain on forward contracts			4,163				—				—				—				4,163
Other expense - net			(595	)			(548	)			—				—				(1,143	)
Income (loss) before taxes and equity in earnings (loss) of subsidiaries and joint ventures			(17,402	)			15,282				—				—				(2,120	)
Income tax benefit (expense)			93				(5,480	)			—				—				(5,387	)
Income (loss) before equity in earnings (loss) of subsidiaries and joint ventures			(17,309	)			9,802				—				—				(7,507	)
Equity earnings (loss) of subsidiaries and joint ventures			1,374				907				(6,600	)			5,226				907
Net income (loss)		$	(15,935	)		$	10,709			$	(6,600	)		$	5,226			$	(6,600	)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the three months ended September 30, 2010
		Combined Guarantor Subsidiaries				Combined Non-Guarantor Subsidiaries				The Company				Reclassifications and Eliminations				Consolidated
Net sales:
Third-party customers		$	108,345			$	65,994			$	—			$	—			$	174,339
Related parties			63,391				41,448				—				—				104,839
			171,736				107,442				—				—				279,178
Cost of goods sold			174,306				89,103				—				—				263,409
Gross profit (loss)			(2,570	)			18,339				—				—				15,769
Other operating expenses – net			3,096				—				—				—				3,096
Selling, general and admin expenses			10,863				1,623				—				—				12,486
Operating income (loss)			(16,529	)			16,716				—				—				187
Interest expense – third party			(6,477	)			—				—				—				(6,477	)
Interest expense – affiliates			16,921				(16,921	)			—				—				—
Interest income – third party			50				140				—				—				190
Interest income – affiliates			—				113				—				—				113
Net loss on forward contracts			(12,136	)			—				—				—				(12,136	)
Other income (expense) - net			736				(1,153	)			—				—				(417	)
Loss before taxes and equity in earnings (loss) of subsidiaries and joint ventures			(17,435	)			(1,105	)			—				—				(18,540	)
Income tax benefit (expense)			2,987				(2,417	)			—				—				570
Loss before equity in earnings (loss) of subsidiaries and joint ventures			(14,448	)			(3,522	)			—				—				(17,970	)
Equity earnings (loss) of subsidiaries and joint ventures			(300	)			1,183				(16,787	)			17,087				1,183
Net income (loss)		$	(14,748	)		$	(2,339	)		$	(16,787	)		$	17,087			$	(16,787	)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the nine months ended September 30, 2011
		Combined Guarantor Subsidiaries				Combined Non-Guarantor Subsidiaries				The Company				Reclassifications and Eliminations				Consolidated
Net sales:
Third-party customers		$	413,404			$	184,597			$	—			$	—			$	598,001
Related parties			222,030				218,229				—				—				440,259
			635,434				402,826				—				—				1,038,260
Cost of goods sold			632,515				302,591				—				—				935,106
Gross profit			2,919				100,235				—				—				103,154
Other operating income - net			(8,430	)			—				—				—				(8,430	)
Selling, general and admin expenses			33,105				4,011				—				—				37,116
Operating income (loss)			(21,756	)			96,224				—				—				74,468
Interest expense – third party			(19,114	)			—				—				—				(19,114	)
Interest expense – affiliates			51,677				(51,677	)			—				—				—
Interest income – third party			47				210				—				—				257
Interest income – affiliates			—				242				—				—				242
Net loss on forward contracts			(2,263	)			—				—				—				(2,263	)
Other expense - net			(879	)			(719	)			—				—				(1,598	)
Income before taxes and equity in earnings of subsidiaries and joint ventures			7,712				44,280				—				—				51,992
Income tax benefit (expense)			3,683				(15,829	)			—				—				(12,146	)
Income before equity in earnings of subsidiaries and joint ventures			11,395				28,451				—				—				39,846
Equity earnings of subsidiaries and joint ventures			3,982				2,586				42,432				(46,414	)			2,586
Net income		$	15,377			$	31,037			$	42,432			$	(46,414	)		$	42,432

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the nine months ended September 30, 2010
		Combined Guarantor Subsidiaries				Combined Non-Guarantor Subsidiaries				The Company				Reclassifications and Eliminations				Consolidated
Net sales:
Third-party customers		$	335,856			$	214,460			$	—			$	—			$	550,316
Related parties			185,810				116,294				—				—				302,104
			521,666				330,754				—				—				852,420
Cost of goods sold			526,004				255,155				—				—				781,159
Gross profit (loss)			(4,338	)			75,599				—				—				71,261
Other operating expenses - net			12,205				—				—				—				12,205
Selling, general and admin expenses			31,923				3,778				—				—				35,701
Operating income (loss)			(48,466	)			71,821				—				—				23,355
Interest expense – third party			(19,231	)			—				—				—				(19,231	)
Interest expense – affiliates			49,283				(49,283	)			—				—				—
Interest income – third party			108				284				—				—				392
Interest income – affiliates			—				333				—				—				333
Net loss on forward contracts			(4,814	)			—				—				—				(4,814	)
Other income (expense) - net			1,027				(806	)			—				—				221
Income (loss) before taxes and equity in earnings (loss) of subsidiaries and joint ventures			(22,093	)			22,349				—				—				256
Income tax benefit (expense)			3,223				(11,553	)			—				—				(8,330	)
Income (loss) before equity in earnings (loss) of subsidiaries and joint ventures			(18,870	)			10,796				—				—				(8,074	)
Equity earnings (loss) of subsidiaries and joint ventures			1,740				2,765				(5,309	)			3,569				2,765
Net income (loss)		$	(17,130	)		$	13,561			$	(5,309	)		$	3,569			$	(5,309	)

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the nine months ended September 30, 2011
		Combined Guarantor Subsidiaries				Combined Non-Guarantor Subsidiaries				The Company				Consolidated
Net cash provided by operating activities		$	277			$	10,817			$	—			$	11,094
Investing activities:
Purchase of property, plant and equipment			(4,836	)			(5,648	)			(384	)			(10,868	)
Nordural expansion			—				(10,335	)			—				(10,335	)
Proceeds from the sale of property, plant and equipment			1,415				56				—				1,471
Investments in and advances to joint ventures			—				—				(13	)			(13	)
Payments received on advances to joint ventures			—				—				3,056				3,056
Restricted and other cash deposits			3,673				—				—				3,673
Net cash provided by (used in) investing activities			252				(15,927	)			2,659				(13,016	)
Financing activities:
Repayment of debt			—				—				(47,067	)			(47,067	)
Repayment of contingent obligation			(189	)			—				—				(189	)
Borrowings under revolving credit facility			—				—				15,900				15,900
Repayments under revolving credit facility			—				—				(15,900	)			(15,900	)
Intercompany transactions			(340	)			(25,750	)			26,090				—
Repurchase of common stock			—				—				(38,806	)			(38,806	)
Issuance of common stock – net			—				—				83				83
Net cash used in financing activities			(529	)			(25,750	)			(59,700	)			(85,979	)
Net change in cash and cash equivalents			—				(30,860	)			(57,041	)			(87,901	)
Cash and cash equivalents, beginning of the period			—				214,923				89,373				304,296
Cash and cash equivalents, end of the period		$	—			$	184,063			$	32,332			$	216,395

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the nine months ended September 30, 2010
		Combined Guarantor Subsidiaries				Combined Non-Guarantor Subsidiaries				The Company				Consolidated
Net cash provided by operating activities		$	75,056			$	25,276			$	—			$	100,332
Investing activities:
Purchase of property, plant and equipment			(1,872	)			(3,445	)			(61	)			(5,378	)
Nordural expansion			—				(15,099	)			—				(15,099	)
Proceeds from sale of property, plant and equipment			808				—				—				808
Investments in and advances to joint ventures			—				—				(32	)			(32	)
Restricted and other cash deposits			(1,893	)			—				(11,752	)			(13,645	)
Net cash used in investing activities			(2,957	)			(18,544	)			(11,845	)			(33,346	)
Financing activities:
Intercompany transactions			(72,099	)			79,793				(7,694	)			—
Issuance of common stock – net			—				—				23				23
Net cash provided by (used in) financing activities			(72,099	)			79,793				(7,671	)			23
Net change in cash and cash equivalents			—				86,525				(19,516	)			67,009
Cash and cash equivalents, beginning of the period			—				109,798				88,436				198,234
Cash and cash equivalents, end of the period		$	—			$	196,323			$	68,920			$	265,243

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- Definition

Tabular disclosure of the condensed financial statements (balance sheet, income statement and statement of cash flows), normally using the registrant (parent) as the sole domain member. If condensed consolidating financial statements are being presented, other domain members (in addition to parent) such as guarantor subsidiaries, non-guarantor subsidiaries, and the consolidation eliminations, will be included in order that the respective monetary amounts for each of the domains will aggregate to the respective amounts on the consolidated financial statements. The line items are the various captions used to compile the condensed financial statements. Using extensions, most, if not all, of the elements representing condensed financial statement captions will be the same as those used for the consolidated financial statements captions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 11

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 24

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 12



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph c

-Article 5



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-Section S99

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-Subparagraph (SX 210.5-04.(c) Schedule I)

-URI http://asc.fasb.org/extlink&oid=6882300&loc=d3e5864-122674



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-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 7

-Section 05

-Paragraph c



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-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 9

-Section 06



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-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 3

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