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Condensed consolidating financial information | 3 Months Ended
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Mar. 31, 2012
Condensed Consolidating Financial Information [Abstract] |
Condensed consolidating financial information | 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 March 31, 2012 and December 31, 2011, condensed consolidating statements of operations for the three months ended March 31, 2012 and March 31, 2011 and the condensed consolidating statements of cash flows for the three months ended March 31, 2012 and March 31, 2011 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 March 31, 2012
| Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated
Assets: |  |  |  |  |
Cash and cash equivalents | $ | — |  | $ | 154,506 |  | $ | 28,039 |  | $ | — |  | $ | 182,545 |
Accounts receivable — net | 36,348 |  | 14,183 |  | — |  | — |  | 50,531 |
Due from affiliates | 615,425 |  | 8,193 |  | 2,469,467 |  | (3,053,868 | ) | 39,217 |
Inventories | 103,057 |  | 67,245 |  | — |  | — |  | 170,302 |
Prepaid and other current assets | 3,624 |  | 37,315 |  | 2,911 |  | — |  | 43,850 |
Total current assets | 758,454 |  | 281,442 |  | 2,500,417 |  | (3,053,868 | ) | 486,445 |
Investment in subsidiaries | 36,730 |  | — |  | (998,608 | ) | 961,878 |  | — |
Property, plant and equipment — net | 332,665 |  | 872,655 |  | 1,073 |  | (287 | ) | 1,206,106 |
Other assets | 21,842 |  | 43,823 |  | 39,210 |  | — |  | 104,875 |
Total | $ | 1,149,691 |  | $ | 1,197,920 |  | $ | 1,542,092 |  | $ | (2,092,277 | ) | $ | 1,797,426 |
Liabilities and shareholders’ equity: |  |  |  |  |
Accounts payable, trade | $ | 32,733 |  | $ | 40,566 |  | $ | 1,687 |  | $ | — |  | $ | 74,986 |
Due to affiliates | 2,107,644 |  | 77,522 |  | 202,812 |  | (2,346,434 | ) | 41,544 |
Accrued and other current liabilities | 11,173 |  | 22,998 |  | 14,746 |  | — |  | 48,917 |
Accrued employee benefits costs — current portion | 13,918 |  | — |  | 2,270 |  | — |  | 16,188 |
Industrial revenue bonds | 7,815 |  | — |  | — |  | — |  | 7,815 |
Total current liabilities | 2,173,283 |  | 141,086 |  | 221,515 |  | (2,346,434 | ) | 189,450 |
Senior notes payable | — |  | — |  | 249,769 |  | — |  | 249,769 |
Accrued pension benefit costs — less current portion | 37,395 |  | — |  | 30,876 |  | — |  | 68,271 |
Accrued postretirement benefit costs — less current portion | 123,252 |  | — |  | 5,667 |  | — |  | 128,919 |
Other liabilities/intercompany loan | 63,940 |  | 679,726 |  | 3,521 |  | (707,721 | ) | 39,466 |
Deferred taxes — less current portion | — |  | 90,807 |  | — |  | — |  | 90,807 |
Total noncurrent liabilities | 224,587 |  | 770,533 |  | 289,833 |  | (707,721 | ) | 577,232 |
Shareholders’ equity: |  |  |  |  |
Preferred stock | — |  | — |  | 1 |  | — |  | 1 |
Common stock | 60 |  | 12 |  | 932 |  | (72 | ) | 932 |
Additional paid-in capital | 297,300 |  | 144,383 |  | 2,506,987 |  | (441,683 | ) | 2,506,987 |
Treasury stock, at cost | — |  | — |  | (49,924 | ) | — |  | (49,924 | )
Accumulated other comprehensive loss | (131,278 | ) | (1,411 | ) | (133,832 | ) | 132,689 |  | (133,832 | )
Retained earnings (accumulated deficit) | (1,414,261 | ) | 143,317 |  | (1,293,420 | ) | 1,270,944 |  | (1,293,420 | )
Total shareholders’ equity | (1,248,179 | ) | 286,301 |  | 1,030,744 |  | 961,878 |  | 1,030,744 |
Total | $ | 1,149,691 |  | $ | 1,197,920 |  | $ | 1,542,092 |  | $ | (2,092,277 | ) | $ | 1,797,426 |
CONDENSED CONSOLIDATING BALANCE SHEET
As of December 31, 2011
| Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated
Assets: |  |  |  |  |
Cash and cash equivalents | $ | — |  | $ | 159,157 |  | $ | 24,244 |  | $ | — |  | $ | 183,401 |
Accounts receivable — net | 40,062 |  | 7,585 |  | — |  | — |  | 47,647 |
Due from affiliates | 616,830 |  | 13,517 |  | 2,474,727 |  | (3,060,409 | ) | 44,665 |
Inventories | 96,197 |  | 75,764 |  | — |  | — |  | 171,961 |
Prepaid and other current assets | 8,668 |  | 38,809 |  | 3,169 |  | (10,000 | ) | 40,646 |
Total current assets | 761,757 |  | 294,832 |  | 2,502,140 |  | (3,070,409 | ) | 488,320 |
Investment in subsidiaries | 36,965 |  | — |  | (995,131 | ) | 958,166 |  | — |
Property, plant and equipment — net | 338,946 |  | 878,333 |  | 1,211 |  | (265 | ) | 1,218,225 |
Other assets | 21,870 |  | 43,269 |  | 39,410 |  | — |  | 104,549 |
Total | $ | 1,159,538 |  | $ | 1,216,434 |  | $ | 1,547,630 |  | $ | (2,112,508 | ) | $ | 1,811,094 |
Liabilities and shareholders’ equity: |  |  |  |  |
Accounts payable, trade | $ | 43,215 |  | $ | 42,278 |  | $ | 679 |  | $ | — |  | $ | 86,172 |
Due to affiliates | 2,103,687 |  | 78,411 |  | 205,651 |  | (2,345,845 | ) | 41,904 |
Accrued and other current liabilities | 10,596 |  | 29,822 |  | 10,358 |  | (10,000 | ) | 40,776 |
Accrued employee benefits costs — current portion | 14,267 |  | — |  | 2,431 |  | — |  | 16,698 |
Industrial revenue bonds | 7,815 |  | — |  | — |  | — |  | 7,815 |
Total current liabilities | 2,179,580 |  | 150,511 |  | 219,119 |  | (2,355,845 | ) | 193,365 |
Senior notes payable | — |  | — |  | 249,512 |  | — |  | 249,512 |
Accrued pension benefit costs — less current portion | 40,277 |  | — |  | 30,622 |  | — |  | 70,899 |
Accrued postretirement benefit costs — less current portion | 122,609 |  | — |  | 5,469 |  | — |  | 128,078 |
Other liabilities/intercompany loan | 63,369 |  | 686,834 |  | 4,631 |  | (714,829 | ) | 40,005 |
Deferred taxes — less current portion | — |  | 90,958 |  | — |  | — |  | 90,958 |
Total noncurrent liabilities | 226,255 |  | 777,792 |  | 290,234 |  | (714,829 | ) | 579,452 |
Shareholders’ equity: |  |  |  |  |
Preferred stock | — |  | — |  | 1 |  | — |  | 1 |
Common stock | 60 |  | 12 |  | 932 |  | (72 | ) | 932 |
Additional paid-in capital | 297,300 |  | 144,383 |  | 2,506,842 |  | (441,683 | ) | 2,506,842 |
Treasury stock, at cost | — |  | — |  | (45,891 | ) | — |  | (45,891 | )
Accumulated other comprehensive income (loss) | (132,235 | ) | (1,373 | ) | (134,588 | ) | 133,608 |  | (134,588 | )
Retained earnings (accumulated deficit) | (1,411,422 | ) | 145,109 |  | (1,289,019 | ) | 1,266,313 |  | (1,289,019 | )
Total shareholders’ equity | (1,246,297 | ) | 288,131 |  | 1,038,277 |  | 958,166 |  | 1,038,277 |
Total | $ | 1,159,538 |  | $ | 1,216,434 |  | $ | 1,547,630 |  | $ | (2,112,508 | ) | $ | 1,811,094 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the three months ended March 31, 2012
| Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated
Net sales: |  |  |  |  |
Third-party customers | $ | 135,854 |  | $ | 52,985 |  | $ | — |  | $ | — |  | $ | 188,839 |
Related parties | 74,530 |  | 62,821 |  | — |  | — |  | 137,351 |
| 210,384 |  | 115,806 |  | — |  | — |  | 326,190 |
Cost of goods sold | 206,936 |  | 98,662 |  | — |  | — |  | 305,598 |
Gross profit | 3,448 |  | 17,144 |  | — |  | — |  | 20,592 |
Other operating loss - net | 3,721 |  | — |  | — |  | — |  | 3,721 |
Selling, general and admin expenses | 7,979 |  | 480 |  | — |  | — |  | 8,459 |
Operating income | (8,252 | ) | 16,664 |  | — |  | — |  | 8,412 |
Interest expense – third party | (5,978 | ) | — |  | — |  | — |  | (5,978 | )
Interest expense – affiliates | 16,218 |  | (16,218 | ) | — |  | — |  | — |
Interest income – third party | 11 |  | 127 |  | — |  | — |  | 138 |
Interest income – affiliates | — |  | 60 |  | — |  | — |  | 60 |
Net loss on forward contracts | (5,159 | ) | — |  | — |  | — |  | (5,159 | )
Other income (loss) - net | 804 |  | (498 | ) | — |  | — |  | 306 |
Income (loss) before taxes and equity in earnings (loss) of subsidiaries and joint ventures | (2,356 | ) | 135 |  | — |  | — |  | (2,221 | )
Income tax expense | (253 | ) | (2,568 | ) | — |  | — |  | (2,821 | )
Income (loss) before equity in earnings (loss) of subsidiaries and joint ventures | (2,609 | ) | (2,433 | ) | — |  | — |  | (5,042 | )
Equity earnings (loss) of subsidiaries and joint ventures | (230 | ) | 641 |  | (4,401 | ) | 4,631 |  | 641 |
Net loss | $ | (2,839 | ) | $ | (1,792 | ) | $ | (4,401 | ) | $ | 4,631 |  | $ | (4,401 | )
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the three months ended March 31, 2011
| Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated
Net sales: |  |  |  |  |
Third-party customers | $ | 130,487 |  | $ | 57,825 |  | $ | — |  | $ | — |  | $ | 188,312 |
Related parties | 67,312 |  | 70,713 |  | — |  | — |  | 138,025 |
| 197,799 |  | 128,538 |  | — |  | — |  | 326,337 |
Cost of goods sold | 187,020 |  | 97,001 |  | — |  | — |  | 284,021 |
Gross profit | 10,779 |  | 31,537 |  | — |  | — |  | 42,316 |
Other operating income - net | (5,884 | ) | — |  | — |  | — |  | (5,884 | )
Selling, general and admin expenses | 9,100 |  | 1,509 |  | — |  | — |  | 10,609 |
Operating income | 7,563 |  | 30,028 |  | — |  | — |  | 37,591 |
Interest expense – third party | (6,777 | ) | — |  | — |  | — |  | (6,777 | )
Interest expense – affiliates | 17,230 |  | (17,230 | ) | — |  | — |  | — |
Interest income – third party | 30 |  | 125 |  | — |  | — |  | 155 |
Interest income – affiliates | — |  | 113 |  | — |  | — |  | 113 |
Net loss on forward contracts | (4,809 | ) | — |  | — |  | — |  | (4,809 | )
Other income - net | 616 |  | 61 |  | — |  | — |  | 677 |
Income before taxes and equity in earnings of subsidiaries and joint ventures | 13,853 |  | 13,097 |  | — |  | — |  | 26,950 |
Income tax benefit (expense) | 1,821 |  | (4,944 | ) | — |  | — |  | (3,123 | )
Income before equity in earnings of subsidiaries and joint ventures | 15,674 |  | 8,153 |  | — |  | — |  | 23,827 |
Equity earnings of subsidiaries and joint ventures | 1,202 |  | 1,219 |  | 25,046 |  | (26,248 | ) | 1,219 |
Net income | $ | 16,876 |  | $ | 9,372 |  | $ | 25,046 |  | $ | (26,248 | ) | $ | 25,046 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the three months ended March 31, 2012
| Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated
Comprehensive income (loss) |  |  |  |  |
Net loss | $ | (2,839 | ) | $ | (1,792 | ) | $ | (4,401 | ) | $ | 4,631 |  | $ | (4,401 | )
Other comprehensive income (loss) before income tax effect: |  |  |  |  |
Net unrealized loss on financial instruments | (246 | ) | — |  | — |  | — |  | (246 | )
Net loss reclassified to income on financial instruments | 272 |  | — |  | — |  | — |  | 272 |
Net amount of foreign currency cash flow hedges reclassified as income | — |  | (47 | ) | — |  | — |  | (47 | )
Defined benefit plans and other postretirement benefits: |  |  |  |  |  |
Amortization of prior service benefit | (1,035 | ) | — |  | 10 |  | — |  | (1,025 | )
Amortization of net loss | 1,991 |  | — |  | 193 |  | — |  | 2,184 |
Other comprehensive income (loss) before income tax effect | 982 |  | (47 | ) | 203 |  | — |  | 1,138 |
Income tax effect | (322 | ) | 8 |  | (68 | ) | — |  | (382 | )
Other comprehensive income (loss) | 660 |  | (39 | ) | 135 |  | — |  | 756 |
Total comprehensive loss | $ | (2,179 | ) | $ | (1,831 | ) | $ | (4,266 | ) | $ | 4,631 |  | $ | (3,645 | )
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the three months ended March 31, 2011
| Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated
Comprehensive income (loss) |  |  |  |  |
Net income | $ | 16,876 |  | $ | 9,372 |  | $ | 25,046 |  | $ | (26,248 | ) | $ | 25,046 |
Other comprehensive income (loss) before income tax effect: |  |  |  |  |
Net unrealized loss on financial instruments | (11 | ) | — |  | — |  | — |  | (11 | )
Net loss reclassified to income on financial instruments | (6 | ) | — |  | — |  | — |  | (6 | )
Net amount of foreign currency cash flow hedges reclassified as income | — |  | (46 | ) | — |  | — |  | (46 | )
Defined benefit plans and other postretirement benefits: |  |  |  |  |  |
Amortization of prior service benefit | (15,122 | ) | — |  | 3 |  | — |  | (15,119 | )
Amortization of net loss | 6,125 |  | — |  | 160 |  | — |  | 6,285 |
Other comprehensive income (loss) before income tax effect | (9,014 | ) | (46 | ) | 163 |  | — |  | (8,897 | )
Income tax effect | (2,514 | ) | 8 |  | 46 |  | — |  | (2,460 | )
Other comprehensive income (loss) | (11,528 | ) | (38 | ) | 209 |  | — |  | (11,357 | )
Total comprehensive income | $ | 5,348 |  | $ | 9,334 |  | $ | 25,255 |  | $ | (26,248 | ) | $ | 13,689 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 31, 2012
| Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Consolidated
Net cash provided by (used in) operating activities | $ | 13,292 |  | $ | (8,394 | ) | $ | — |  | $ | 4,898 |
Investing activities: |  |  |  |
Purchase of property, plant and equipment | (1,649 | ) | (1,223 | ) | (27 | ) | (2,899 | )
Nordural expansion | — |  | (1,946 | ) | — |  | (1,946 | )
Proceeds from the sale of property, plant and equipment | — |  | 58 |  | — |  | 58 |
Investments in and advances to joint ventures | — |  | — |  | (100 | ) | (100 | )
Payments received on advances to joint ventures | — |  | — |  | 3,166 |  | 3,166 |
Net cash provided by (used in) investing activities | (1,649 | ) | (3,111 | ) | 3,039 |  | (1,721 | )
Financing activities: |  |  |  |
Borrowings under revolving credit facility | — |  | — |  | 18,076 |  | 18,076 |
Repayments under revolving credit facility | — |  | — |  | (18,076 | ) | (18,076 | )
Intercompany transactions | (11,643 | ) | 6,854 |  | 4,789 |  | — |
Repurchase of common stock | — |  | — |  | (4,033 | ) | (4,033 | )
Net cash provided by (used in) financing activities | (11,643 | ) | 6,854 |  | 756 |  | (4,033 | )
Net change in cash and cash equivalents | — |  | (4,651 | ) | 3,795 |  | (856 | )
Cash and cash equivalents, beginning of the period | — |  | 159,157 |  | 24,244 |  | 183,401 |
Cash and cash equivalents, end of the period | $ | — |  | $ | 154,506 |  | $ | 28,039 |  | $ | 182,545 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 31, 2011
| Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Consolidated
Net cash provided by (used in) operating activities | $ | 1,251 |  | $ | (4,881 | ) | $ | — |  | $ | (3,630 | )
Investing activities: |  |  |  |
Purchase of property, plant and equipment | (2,319 | ) | (793 | ) | (16 | ) | (3,128 | )
Nordural expansion | — |  | (4,051 | ) | — |  | (4,051 | )
Net cash used in investing activities | (2,319 | ) | (4,844 | ) | (16 | ) | (7,179 | )
Financing activities: |  |  |  |
Intercompany transactions | 1,068 |  | 15,859 |  | (16,927 | ) | — |
Net cash provided by (used in) financing activities | 1,068 |  | 15,859 |  | (16,927 | ) | — |
Net change in cash and cash equivalents | — |  | 6,134 |  | (16,943 | ) | (10,809 | )
Cash and cash equivalents, beginning of the period | — |  | 214,923 |  | 89,373 |  | 304,296 |
Cash and cash equivalents, end of the period | $ | — |  | $ | 221,057 |  | $ | 72,430 |  | $ | 293,487 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: 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. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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