XML 67 R33.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2013
Debt Disclosure [Abstract] |
Schedule of Debt | The following table provides information about the balance sheet location and gross amounts offset:
Offsetting of financial instruments and derivatives |  |  |
| Balance sheet location | September 30, 2013 | December 31, 2012
E.ON contingent obligation – principal | Other liabilities | $ | (12,902 | ) | $ | (12,902 | )
E.ON contingent obligation – accrued interest | Other liabilities | (3,526 | ) | (2,467 | )
E.ON contingent obligation – derivative asset | Other liabilities | 16,428 |  | — |
|  | $ | — |  | $ | (15,369 | )
| September 30, 2013 | December 31, 2012
Debt classified as current liabilities: |  |
Hancock County industrial revenue bonds ("IRBs") due 2028, interest payable quarterly (variable interest rates (not to exceed 12%)) (1) | $ | 7,815 |  | $ | 7,815 |
7.5% senior unsecured notes payable due August 15, 2014, interest payable semiannually | 2,603 |  | — |
Debt classified as non-current liabilities: |  |
7.5% senior secured notes payable due June 1, 2021, net of debt discount of $3,558, interest payable semiannually | 246,442 |  | — |
8.0% senior secured notes payable due May 15, 2014, net of debt discount of $1,625, interest payable semiannually | — |  | 247,979 |
7.5% senior unsecured notes payable due August 15, 2014, interest payable semiannually | — |  | 2,603 |
E.ON contingent obligation, principal and accrued interest, contingently payable monthly, annual interest rate of 10.94% (2) | — |  | 15,369 |
Revolving credit facility (3) | 16,725 |  | — |
TOTAL | $ | 273,585 |  | $ | 273,766 |
(1) | The IRBs are classified as current liabilities because they are remarketed weekly and could be required to be repaid upon demand if there is a failed remarketing. The IRB interest rate at September 30, 2013 was 0.27%.
(2) | E.ON contingent obligation principal and interest payments are payable based on CAKY’s operating level and the LME price for primary aluminum. See E.ON contingent obligation below and Note 4 Fair value measurements for additional information.
(3) | Borrowings under the revolving line of credit bear interest, at our option, at LIBOR or a base rate, plus, in each case, an applicable interest margin. The applicable interest margin is determined based on the average daily availability for the immediately preceding quarter.
Schedule of Line of Credit Facilities | Status of our Credit Facility:
| September 30, 2013
Credit Facility maximum amount | $ | 137,500 |
Borrowing availability, net of outstanding letters of credit | 44,255 |
Outstanding borrowings | 16,725 |
Letter of credit sub-facility amount | 80,000 |
Outstanding letters of credit issued | 70,545 |
Debt Instrument Redemption Rights | Redemption Rights. Prior to June 1, 2016, we may redeem the 7.5% Notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus a make-whole premium, and if redeemed during the twelve-month period beginning on June 1 of the years indicated below, at the following redemption prices plus accrued and unpaid interest:
Year | Percentage
2016 | 105.625%
2017 | 103.750%
2018 | 101.875%
2019 and thereafter | 100.000%

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of debt instruments or arrangements with redemption features. Includes, but is not limited to, description of debt redemption features, percentage price at which debt can be redeemed by the issuer, and period start and end for debt maturity or redemption. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentRedemptionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph f -Article 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration