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Condensed consolidating financial information
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Condensed Consolidating Financial Information [Abstract]    
Condensed consolidating financial information
Condensed consolidating financial information
Our 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 June 30, 2013 and December 31, 2012, condensed consolidating statements of comprehensive income (loss) for the three and six months ended June 30, 2013 and June 30, 2012 and the condensed consolidating statements of cash flows for the six months ended June 30, 2013 and June 30, 2012 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 June 30, 2013
 
Combined Guarantor Subsidiaries
Combined Non-Guarantor Subsidiaries
The Company
Reclassifications and Eliminations
Consolidated
Assets:
 
 
 
 
 
Cash and cash equivalents
$
—

$
82,104

$
45,427

$
—

$
127,531

Restricted cash
—

978

—

—

978

Accounts receivable — net
75,509

8,558

—

—

84,067

Due from affiliates
601,495

38,482

2,387,611

(3,002,624
)
24,964

Inventories
157,976

66,731

—

—

224,707

Prepaid and other current assets
4,994

31,369

5,083

—

41,446

Deferred taxes - current portion
—

19,726

—

(113
)
19,613

Total current assets
839,974

247,948

2,438,121

(3,002,737
)
523,306

Investment in subsidiaries
38,810

—

(1,000,911
)
962,101

—

Property, plant and equipment, net
357,738

871,435

1,258

(400
)
1,230,031

Due from affiliates – less current portion
—

29,926

—

(29,926
)
—

Other assets
17,606

52,291

32,793

(4,852
)
97,838

Total
$
1,254,128

$
1,201,600

$
1,471,261

$
(2,075,814
)
$
1,851,175

Liabilities:
 
 
 
 
 
Accounts payable, trade
$
67,123

$
35,551

$
1,193

$
—

$
103,867

Due to affiliates
2,158,509

129,236

196,918

(2,417,318
)
67,345

Accrued and other current liabilities
51,544

24,620

12,681

(7,673
)
81,172

Accrued employee benefits costs — current portion
15,035

—

2,985

—

18,020

Industrial revenue bonds
7,815

—

—

—

7,815

Total current liabilities
2,300,026

189,407

213,777

(2,424,991
)
278,219

Senior notes payable
—

—

248,961

—

248,961

Accrued pension benefit costs — less current portion
32,518

—

31,230

—

63,748

Accrued postretirement benefit costs — less current portion
136,554

—

6,424

—

142,978

Other liabilities/intercompany loan
58,329

590,678

1,974

(613,925
)
37,056

Deferred taxes
—

110,318

—

1,000

111,318

Total noncurrent liabilities
227,401

700,996

288,589

(612,925
)
604,061

Shareholders’ equity:
 
 
 
 

Convertible preferred stock
—

—

1

—

1

Common stock
60

12

934

(72
)
934

Additional paid-in capital
355,467

154,493

2,507,996

(509,960
)
2,507,996

Treasury stock, at cost
—

—

(49,924
)
—

(49,924
)
Accumulated other comprehensive income (loss)
(134,056
)
(1,602
)
(139,163
)
135,658

(139,163
)
Retained earnings (accumulated deficit)
(1,494,770
)
158,294

(1,350,949
)
1,336,476

(1,350,949
)
Total shareholders’ equity
(1,273,299
)
311,197

968,895

962,102

968,895

Total
$
1,254,128

$
1,201,600

$
1,471,261

$
(2,075,814
)
$
1,851,175



CONDENSED CONSOLIDATING BALANCE SHEET
As of December 31, 2012
 
Combined Guarantor Subsidiaries
Combined Non-Guarantor Subsidiaries
The Company
Reclassifications and Eliminations
Consolidated
Assets:
 
 
 
 
 
Cash and cash equivalents
$
—

$
110,016

$
73,960

$
—

$
183,976

Restricted cash
258

—

—

—

258

Accounts receivable — net
38,328

12,339

—

—

50,667

Due from affiliates
604,008

38,328

2,391,249

(2,995,715
)
37,870

Inventories
97,847

62,078

—

—

159,925

Prepaid and other current assets
4,421

30,650

8,063

(8,159
)
34,975

Deferred taxes - current portion
—

17,799

—

1,927

19,726

Total current assets
744,862

271,210

2,473,272

(3,001,947
)
487,397

Investment in subsidiaries
40,335

—

(1,039,141
)
998,806

—

Property, plant and equipment — net
313,090

874,559

916

(351
)
1,188,214

Due from affiliates - less current portion
—

3,588

—

(3,588
)
—

Other assets
17,616

45,474

37,027

598

100,715

Total
$
1,115,903

$
1,194,831

$
1,472,074

$
(2,006,482
)
$
1,776,326

Liabilities:
 
 
 
 
 
Accounts payable, trade
$
37,301

$
37,627

$
442

$
—

$
75,370

Due to affiliates
2,098,320

105,945

193,788

(2,358,316
)
39,737

Accrued and other current liabilities
13,031

31,332

1,967

(6,231
)
40,099

Accrued employee benefits costs — current portion
15,926

—

2,757

—

18,683

Industrial revenue bonds
7,815

—

—

—

7,815

Total current liabilities
2,172,393

174,904

198,954

(2,364,547
)
181,704

Senior notes payable
—

—

250,582

—

250,582

Accrued pension benefit costs — less current portion
36,087

—

31,791

—

67,878

Accrued postretirement benefit costs — less current portion
137,184

—

5,921

—

143,105

Other liabilities/intercompany loan
65,377

614,585

2,183

(641,983
)
40,162

Deferred taxes
—

109,011

—

1,241

110,252

Total noncurrent liabilities
238,648

723,596

290,477

(640,742
)
611,979

Shareholders’ equity:
 
 
 
 
 
Convertible preferred stock
—

—

1

—

1

Common stock
60

12

933

(72
)
933

Additional paid-in capital
303,659

150,743

2,507,454

(454,402
)
2,507,454

Treasury stock, at cost
—

—

(49,924
)
—

(49,924
)
Accumulated other comprehensive income (loss)
(146,862
)
(1,525
)
(151,192
)
148,387

(151,192
)
Retained earnings (accumulated deficit)
(1,451,995
)
147,101

(1,324,629
)
1,304,894

(1,324,629
)
Total shareholders’ equity
(1,295,138
)
296,331

982,643

998,807

982,643

Total
$
1,115,903

$
1,194,831

$
1,472,074

$
(2,006,482
)
$
1,776,326

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the three months ended June 30, 2013
 
Combined Guarantor Subsidiaries
Combined Non-Guarantor Subsidiaries
The Company
Reclassifications and Eliminations
Consolidated
NET SALES:
 
 
 
 
 
Third-party customers
$
173,986

$
46,964

$
—

$
—

$
220,950

Related parties
51,651

59,336

—

—

110,987


225,637

106,300

—

—

331,937

Cost of goods sold
250,395

87,240

—

—

337,635

Gross profit (loss)
(24,758
)
19,060

—

—

(5,698
)
Other operating expenses – net
3,018

—

—

—

3,018

Selling, general and administrative expenses
11,755

3,399

—

—

15,154

Operating income (loss)
(39,531
)
15,661

—

—

(23,870
)
Interest expense – third party
(6,224
)
—

—

—

(6,224
)
Interest expense – affiliates
14,521

(14,521
)
—

—

—

Interest income – third party
17

169

—

—

186

Net gain on forward and derivative contracts
204

—

—

—

204

Gain on bargain purchase
2,042

—

—

—

2,042

Loss on early extinguishment of debt
(3,272
)
—

—

—

(3,272
)
Other expense - net
(128
)
(1,156
)
—

—

(1,284
)
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries and joint ventures
(32,371
)
153

—

—

(32,218
)
Income tax expense
(660
)
(2,131
)
—

—

(2,791
)
Loss before equity in earnings (loss) of subsidiaries and joint ventures
(33,031
)
(1,978
)
—

—

(35,009
)
Equity in earnings (loss) of subsidiaries and joint ventures
(3,044
)
436

(34,573
)
37,617

436

Net income (loss)
$
(36,075
)
$
(1,542
)
$
(34,573
)
$
37,617

$
(34,573
)
Other comprehensive income (loss) before income tax effect
$
10,006

$
(46
)
$
11,517

$
(9,960
)
$
11,517

Income tax effect
(357
)
8

(383
)
349

(383
)
Other comprehensive income (loss)
9,649

(38
)
11,134

(9,611
)
11,134

Comprehensive income (loss)
$
(26,426
)
$
(1,580
)
$
(23,439
)
$
28,006

$
(23,439
)

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the three months ended June 30, 2012
 
Combined Guarantor Subsidiaries
Combined Non-Guarantor Subsidiaries
The Company
Reclassifications and Eliminations
Consolidated
NET SALES:
 
 
 
 
 
Third-party customers
$
131,721

$
52,301

$
—

$
—

$
184,022

Related parties
76,469

63,128

—

—

139,597


208,190

115,429

—

—

323,619

Cost of goods sold
223,297

94,365

—

—

317,662

Gross profit (loss)
(15,107
)
21,064

—

—

5,957

Other operating expenses – net
3,817

—

—

—

3,817

Selling, general and administrative expenses (income)
8,238

(1,087
)
—

—

7,151

Operating income (loss)
(27,162
)
22,151

—

—

(5,011
)
Interest expense – third party
(5,946
)
—

—

—

(5,946
)
Interest expense – affiliates
16,030

(16,030
)
—

—

—

Interest income – third party
3

110

—

—

113

Interest income – affiliates
—

2

—

—

2

Net gain on forward contracts
1,450

—

—

—

1,450

Other (income) expense - net
(6
)
167

—

—

161

Income (loss) before income taxes and equity in earnings (loss) of subsidiaries and joint ventures
(15,631
)
6,400

—

—

(9,231
)
Income tax expense
(432
)
(2,963
)
—

—

(3,395
)
Income (loss) before equity in earnings (loss) of subsidiaries and joint ventures
(16,063
)
3,437

—

—

(12,626
)
Equity in earnings (loss) of subsidiaries and joint ventures
386

349

(12,277
)
11,891

349

Net income (loss)
$
(15,677
)
$
3,786

$
(12,277
)
$
11,891

$
(12,277
)
Other comprehensive income (loss) before income tax effect
$
1,617

$
(46
)
$
2,148

$
(1,571
)
$
2,148

Income tax effect
(373
)
8

(383
)
365

(383
)
Other comprehensive income (loss)
1,244

(38
)
1,765

(1,206
)
1,765

Comprehensive income (loss)
$
(14,433
)
$
3,748

$
(10,512
)
$
10,685

$
(10,512
)
 
 
 
 
 
 

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the six months ended June 30, 2013
 
Combined Guarantor Subsidiaries
Combined Non-Guarantor Subsidiaries
The Company
Reclassifications and Eliminations
Consolidated
NET SALES:
 
 
 
 
 
Third-party customers
$
311,084

$
98,380

$
—

$
—

$
409,464

Related parties
118,280

125,467

—

—

243,747


429,364

223,847

—

—

653,211

Cost of goods sold
461,580

179,747

—

—

641,327

Gross profit (loss)
(32,216
)
44,100

—

—

11,884

Other operating expenses – net
4,114

—

—

—

4,114

Selling, general and administrative expenses
24,644

6,809

—

—

31,453

Operating income (loss)
(60,974
)
37,291

—

—

(23,683
)
Interest expense – third party
(12,300
)
—

—

—

(12,300
)
Interest expense – affiliates
29,017

(29,017
)
—

—

—

Interest income – third party
31

286

—

—

317

Net gain on forward and derivative contracts
15,711

—

—

—

15,711

Gain on bargain purchase
2,042

—

—

—

2,042

Loss on early extinguishment of debt
(3,272
)
—

—

—

(3,272
)
Other expense - net
(9
)
(1,205
)
—

—

(1,214
)
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries and joint ventures
(29,754
)
7,355

—

—

(22,399
)
Income tax benefit (expense)
(7,762
)
2,454

—

—

(5,308
)
Income (loss) before equity in earnings (loss) of subsidiaries and joint ventures
(37,516
)
9,809

—

—

(27,707
)
Equity in earnings (loss) of subsidiaries and joint ventures
(5,266
)
1,387

(26,320
)
31,586

1,387

Net income (loss)
$
(42,782
)
$
11,196

$
(26,320
)
$
31,586

$
(26,320
)
Other comprehensive income (loss) before income tax effect
$
11,090

$
(93
)
$
12,794

$
(10,997
)
$
12,794

Income tax effect
(748
)
17

(765
)
731

(765
)
Other comprehensive income (loss)
10,342

(76
)
12,029

(10,266
)
12,029

Comprehensive income (loss)
$
(32,440
)
$
11,120

$
(14,291
)
$
21,320

$
(14,291
)


CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the six months ended June 30, 2012
 
Combined Guarantor Subsidiaries
Combined Non-Guarantor Subsidiaries
The Company
Reclassifications and Eliminations
Consolidated
NET SALES:
 
 
 
 
 
Third-party customers
$
267,575

$
105,286

$
—

$
—

$
372,861

Related parties
150,999

125,949

—

—

276,948

 
418,574

231,235

—

—

649,809

Cost of goods sold
430,233

193,027

—

—

623,260

Gross profit (loss)
(11,659
)
38,208

—

—

26,549

Other operating expense - net
7,538

—

—

—

7,538

Selling, general and administrative expenses (income)
16,217

(607
)
—

—

15,610

Operating income (loss)
(35,414
)
38,815

—

—

3,401

Interest expense – third party
(11,924
)
—

—

—

(11,924
)
Interest expense – affiliates
32,248

(32,248
)
—

—

—

Interest income – third party
14

237

—

—

251

Interest income – affiliates
—

62

—

—

62

Net loss on forward contracts
(3,709
)
—

—

—

(3,709
)
Other income (expense) - net
798

(331
)
—

—

467

Income (loss) before income taxes and equity in earnings (loss) of subsidiaries and joint ventures
(17,987
)
6,535

—

—

(11,452
)
Income tax expense
(685
)
(5,531
)
—

—

(6,216
)
Income (loss) before equity in earnings (loss) of subsidiaries and joint ventures
(18,672
)
1,004

—

—

(17,668
)
Equity in earnings (loss) of subsidiaries and joint ventures
156

990

(16,678
)
16,522

990

Net income (loss)
$
(18,516
)
$
1,994

$
(16,678
)
$
16,522

$
(16,678
)
Other comprehensive income (loss) before income tax effect
$
2,275

$
(93
)
$
3,286

$
(2,182
)
$
3,286

Income tax effect
(74
)
17

(765
)
57

(765
)
Other comprehensive income (loss)
2,201

(76
)
2,521

(2,125
)
2,521

Comprehensive income (loss)
$
(16,315
)
$
1,918

$
(14,157
)
$
14,397

$
(14,157
)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the six months ended June 30, 2013
 
Combined Guarantor Subsidiaries
Combined Non-Guarantor Subsidiaries
The Company
Consolidated
Net cash provided by (used in) operating activities
$
34,027

$
(11,051
)
$
—

$
22,976

Investing activities:
 
 
 

Purchase of property, plant and equipment
(5,240
)
(10,751
)
(574
)
(16,565
)
Nordural expansion — Helguvik
—

(2,559
)
—

(2,559
)
Purchase of carbon anode assets and improvements
—

(3,670
)
—

(3,670
)
Purchase of Sebree smelter
(48,058
)
—

—

(48,058
)
Proceeds from sale of property, plant and equipment
—

515

—

515

Restricted and other cash deposits
258

(978
)
—

(720
)
Net cash used in investing activities
(53,040
)
(17,443
)
(574
)
(71,057
)
Financing activities:
 
 
 
 
Repayment of debt
(3,274
)
—

(246,330
)
(249,604
)
Proceeds from issuance of debt
246,330

—

—

246,330

Repayment of contingent obligation
(249,604
)

249,604

—

Debt issuance costs
—

—

(3,926
)
(3,926
)
Debt retirement costs
—

—

(1,208
)
(1,208
)
Intercompany transactions
25,561

582

(26,143
)
—

Issuance of common stock — net
—

—

44

44

Net cash provided by (used in) financing activities
19,013

582

(27,959
)
(8,364
)
Net change in cash and cash equivalents
—

(27,912
)
(28,533
)
(56,445
)
Cash and cash equivalents, beginning of the period
—

110,016

73,960

183,976

Cash and cash equivalents, end of the period
$
—

$
82,104

$
45,427

$
127,531


CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the six months ended June 30, 2012
 
Combined Guarantor Subsidiaries
Combined Non-Guarantor Subsidiaries
The Company
Consolidated
Net cash provided by (used in) operating activities
$
(19,534
)
$
17,919

$
—

$
(1,615
)
Investing activities:
 
 
 


Purchase of property, plant and equipment
(3,231
)
(2,879
)
(55
)
(6,165
)
Nordural expansion
—

(3,586
)
—

(3,586
)
Purchase of carbon anode assets
(14,524
)
—

—

(14,524
)
Investments in and advances to joint ventures
—

—

(200
)
(200
)
Payments received on advances to joint ventures
—

—

3,166

3,166

Proceeds from sale of property, plant and equipment
10

58

—

68

Net cash provided by (used in) investing activities
(17,745
)
(6,407
)
2,911

(21,241
)
Financing activities:
 
 
 


Borrowings under revolving credit facility
—

—

18,076

18,076

Repayments under revolving credit facility
—

—

(18,076
)
(18,076
)
Intercompany transactions
37,279

(31,970
)
(5,309
)
—

Repurchase of common stock
—

—

(4,033
)
(4,033
)
Net cash provided by (used in) financing activities
37,279

(31,970
)
(9,342
)
(4,033
)
Net change in cash and cash equivalents
—

(20,458
)
(6,431
)
(26,889
)
Cash and cash equivalents, beginning of the period
—

159,157

24,244

183,401

Cash and cash equivalents, end of the period
$
—

$
138,699

$
17,813

$
156,512