Condensed consolidating financial information

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed consolidating financial information

Our 7.5% Notes due 2014 and our 7.5% Notes due 2021 are guaranteed by each of our material existing and future domestic subsidiaries, except for Nordural US LLC. The Guarantor Subsidiaries are 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 December 31, 2013 and 2012, condensed consolidating statements of comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011 and the condensed consolidating statements of cash flows for the years ended December 31, 2013, 2012 and 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, financial position or cash flows had the Company, the Guarantor Subsidiaries or the Non-Guarantor Subsidiaries operated as independent entities.



CONDENSED CONSOLIDATING BALANCE SHEET
As of December 31, 2013
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	—		$	37,977		$	46,111		$	—		$	84,088
Restricted cash	787			910			—			—			1,697
Accounts receivable — net	45,205			10,979			—			—			56,184
Due from affiliates	303,031			36,995			2,304,874			(2,601,313		)	43,587
Inventories	166,137			73,478			—			—			239,615
Prepaid and other current assets	6,350			20,531			5,395			—			32,276
Deferred taxes — current portion	—			14,540			—			(926		)	13,614
Total current assets	521,510			195,410			2,356,380			(2,602,239		)	471,061
Investment in subsidiaries	55,929			—			(1,087,216		)	1,031,287			—
Property, plant and equipment — net	351,096			895,381			1,621			(437		)	1,247,661
Due from affiliates – less current portion	—			32,066			—			(32,066		)	—
Other assets	21,163			33,132			32,431			4,748			91,474
Total	$	949,698		$	1,155,989		$	1,303,216		$	(1,598,707	)	$	1,810,196
Liabilities and shareholders’ equity:
Accounts payable, trade	$	65,384		$	42,351		$	755		$	—		$	108,490
Due to affiliates	2,015,550			97,351			—			(2,059,319		)	53,582
Accrued and other current liabilities	25,419			26,005			16,486			1,556			69,466
Accrued employee benefits costs	12,880			—			2,737			(7,207		)	8,410
Industrial revenue bonds	7,815			—			—			—			7,815
Total current liabilities	2,127,048			165,707			19,978			(2,064,970		)	247,763
Senior notes payable	—			—			246,528			—			246,528
Accrued pension benefit costs — less current portion	6,183			—			26,458			7,207			39,848
Accrued postretirement benefit costs — less current portion	124,466			—			4,818			—			129,284
Other liabilities/intercompany loan	58,367			548,985			2,622			(572,231		)	37,743
Deferred taxes	—			106,218			—			—			106,218
Total noncurrent liabilities	189,016			655,203			280,426			(565,024		)	559,621
Shareholders’ equity:
Series A Preferred stock	—			—			1			—			1
Common stock	60			12			935			(72		)	935
Additional paid-in capital	268,467			179,493			2,508,574			(447,960		)	2,508,574
Treasury stock, at cost	—			—			(49,924		)	—			(49,924		)
Accumulated other comprehensive loss	(92,803		)	(1,678		)	(91,832		)	94,481			(91,832		)
Retained earnings (accumulated deficit)	(1,542,090		)	157,252			(1,364,942		)	1,384,838			(1,364,942		)
Total shareholders’ equity	(1,366,366		)	335,079			1,002,812			1,031,287			1,002,812
Total	$	949,698		$	1,155,989		$	1,303,216		$	(1,598,707	)	$	1,810,196



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 and shareholders’ equity:
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	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:
Series A 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 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 STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
For the year ended December 31, 2013
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations			Consolidated
NET SALES:
Third-party customers	$	751,767		$	191,495		$	—		$	—		$	943,262
Related parties	270,314			240,737			—			—			511,051
	1,022,081			432,232			—			—			1,454,313
Cost of goods sold	1,060,613			354,177			—			—			1,414,790
Gross profit (loss)	(38,532		)	78,055			—			—			39,523
Other operating expense – net	8,602			—			—			—			8,602
Selling, general and administrative expenses	52,398			15,079			—			—			67,477
Operating income (loss)	(99,532		)	62,976			—			—			(36,556		)
Interest expense – third party	(23,054		)	(37		)	—			—			(23,091		)
Interest expense – affiliates	56,480			(56,480		)	—			—			—
Interest income – third party	37			691			—			—			728
Net gain on forward and derivative contracts	16,598			—			—			—			16,598
Gain on bargain purchase	5,253			—			—			—			5,253
Loss on early extinguishment of debt	(3,272		)	—			—			—			(3,272		)
Other income – net	410			86			—			—			496
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries and joint ventures	(47,080		)	7,236			—			—			(39,844		)
Income tax benefit (expense)	(3,386		)	255			—			—			(3,131		)
Income (loss) before equity in earnings (loss) of subsidiaries and joint ventures	(50,466		)	7,491			—			—			(42,975		)
Equity in earnings (loss) of subsidiaries and joint ventures	(13,136		)	2,662			(40,313		)	53,449			2,662
Net income (loss)	$	(63,602	)	$	10,153		$	(40,313	)	$	53,449		$	(40,313	)
Other comprehensive income (loss) before income tax effect	$	52,547		$	(186	)	$	60,924		$	(52,361	)	$	60,924
Income tax effect	(1,531		)	33			(1,564		)	1,498			(1,564		)
Other comprehensive income (loss)	51,016			(153		)	59,360			(50,863		)	59,360
Comprehensive income (loss)	$	(12,586	)	$	10,000		$	19,047		$	2,586		$	19,047



CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
For the year ended December 31, 2012
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations			Consolidated
NET SALES:
Third-party customers	$	517,245		$	202,567		$	—		$	—		$	719,812
Related parties	304,730			247,569			—			—			552,299
	821,975			450,136			—			—			1,272,111
Cost of goods sold	849,388			376,381			—			—			1,225,769
Gross profit (loss)	(27,413		)	73,755			—			—			46,342
Other operating expense – net	18,253			—			—			—			18,253
Selling, general and administrative expenses	28,831			6,532			—			—			35,363
Operating income (loss)	(74,497		)	67,223			—			—			(7,274		)
Interest expense – third party	(24,029		)	—			—			—			(24,029		)
Interest expense – affiliates	63,935			(63,935		)	—			—			—
Interest income – third party	27			465			—			—			492
Interest income – related parties	—			62			—			—			62
Net loss on forward and derivative contracts	(4,150		)	—			—			—			(4,150		)
Other income (expense) – net	30,038			5,538			—			(30,000		)	5,576
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries and joint ventures	(8,676		)	9,353			—			(30,000		)	(29,323		)
Income tax benefit (expense)	1,072			(9,982		)	—			—			(8,910		)
Loss before equity in earnings (loss) of subsidiaries and joint ventures	(7,604		)	(629		)	—			(30,000		)	(38,233		)
Equity in earnings (loss) of subsidiaries and joint ventures	(2,970		)	2,623			(35,610		)	38,580			2,623
Net income (loss)	$	(10,574	)	$	1,994		$	(35,610	)	$	8,580		$	(35,610	)
Other comprehensive income (loss) before income tax effect	$	(13,029	)	$	(186	)	$	(15,040	)	$	13,215		(15,040		)
Income tax effect	(1,598		)	34			(1,564		)	1,564			(1,564		)
Other comprehensive income (loss)	(14,627		)	(152		)	(16,604		)	14,779			(16,604		)
Comprehensive income (loss)	$	(25,201	)	$	1,842		$	(52,214	)	$	23,359		$	(52,214	)



CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
For the year ended December 31, 2011
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Reclassifications and Eliminations			Consolidated
Net sales:
Third-party customers	$	552,758		$	239,235		$	—		$	—		$	791,993
Related parties	283,038			281,393			—			—			564,431
	835,796			520,628			—			—			1,356,424
Cost of goods sold	866,366			400,536			—			—			1,266,902
Gross profit (loss)	(30,570		)	120,092			—			—			89,522
Other operating income - net	(3,806		)	—			—			—			(3,806		)
Selling, general and administrative expenses	39,100			6,932			—			—			46,032
Operating income (loss)	(65,864		)	113,160			—			—			47,296
Interest expense – third party	(25,129		)	—			—			—			(25,129		)
Interest expense – affiliates	68,174			(68,174		)	—			—			—
Interest income – third party	54			284			—			—			338
Interest income – related parties	—			303			—			—			303
Net gain on forward and derivative contracts	804			—			—			—			804
Loss on early extinguishment of debt	(763		)	—			—			—			(763		)
Other expense - net	(43		)	(567		)	—			—			(610		)
Income (loss) before taxes and equity in earnings (loss) of subsidiaries and joint ventures	(22,767		)	45,006			—			—			22,239
Income tax benefit (expense)	4,484			(18,843		)	—			—			(14,359		)
Income (loss) before equity in earnings (loss) of subsidiaries and joint ventures	(18,283		)	26,163			—			—			7,880
Equity in earnings (loss) of subsidiaries and joint ventures	3,798			3,445			11,325			(15,123		)	3,445
Net income (loss)	$	(14,485	)	$	29,608		$	11,325		$	(15,123	)	$	11,325
Other comprehensive income (loss) before income tax effect	$	(66,211	)	$	(186	)	$	(78,841	)	$	66,397		$	(78,841	)
Income tax effect	(5,804		)	33			(5,771		)	5,771			(5,771		)
Other comprehensive income (loss)	(72,015		)	(153		)	(84,612		)	72,168			(84,612		)
Comprehensive income (loss)	$	(86,500	)	$	29,455		$	(73,287	)	$	57,045		$	(73,287	)



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2013
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Consolidated
Net cash provided by (used in) operating activities	$	31,713		$	(11,995	)	$	—		$	19,718
Investing activities:
Purchase of property, plant and equipment	(17,199		)	(28,105		)	(1,229		)	(46,533		)
Nordural expansion — Helguvik	—			(3,331		)	—			(3,331		)
Purchase of carbon anode assets and improvements	—			(18,213		)	—			(18,213		)
Purchase of Sebree smelter	—			—			(48,058		)	(48,058		)
Proceeds from sale of property, plant and equipment	14			511			—			525
Investments in and advances to joint ventures	—			—			(125		)	(125		)
Restricted and other cash deposits	(529		)	(910		)	—			(1,439		)
Net cash used in investing activities	(17,714		)	(50,048		)	(49,412		)	(117,174		)
Financing activities:
Repayment of debt	—			—			(249,604		)	(249,604		)
Proceeds from issuance of debt	—			—			246,330			246,330
Borrowings under revolving credit facility	—			6,000			16,725			22,725
Repayments under revolving credit facility	—			—			(16,725		)	(16,725		)
Debt issuance costs	—			—			(3,994		)	(3,994		)
Debt retirement costs	—			—			(1,208		)	(1,208		)
Intercompany transactions	(13,999		)	(15,996		)	29,995			—
Issuance of common stock	—			—			44			44
Net cash provided by (used in) financing activities	(13,999		)	(9,996		)	21,563			(2,432		)
Change in cash and cash equivalents	—			(72,039		)	(27,849		)	(99,888		)
Cash and cash equivalents, beginning of the period	—			110,016			73,960			183,976
Cash and cash equivalents, end of the period	$	—		$	37,977		$	46,111		$	84,088



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2012
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Consolidated
Net cash provided by operating activities	$	17,405		$	19,734		$	—		$	37,139
Investing activities:
Purchase of property, plant and equipment	(4,777		)	(12,711		)	(189		)	(17,677		)
Nordural expansion — Helguvik	—			(7,317		)	—			(7,317		)
Purchase of carbon anode assets and improvements	(13,814		)	—			—			(13,814		)
Investments in and advances to joint ventures	—			—			(275		)	(275		)
Payments received from joint ventures	3,456			—			3,166			6,622
Proceeds from sale of property, plant and equipment	—			188			—			188
Restricted and other cash deposits	(258		)	—			—			(258		)
Net cash provided by (used in) investing activities	(15,393		)	(19,840		)	2,702			(32,531		)
Financing activities:
Borrowings under revolving credit facility	—			—			18,076			18,076
Repayments under revolving credit facility	—			—			(18,076		)	(18,076		)
Intercompany transactions	(2,012		)	(49,035		)	51,047			—
Repurchase of common stock	—			—			(4,033		)	(4,033		)
Net cash provided by (used in) financing activities	(2,012		)	(49,035		)	47,014			(4,033		)
Change in cash and cash equivalents	—			(49,141		)	49,716			575
Cash and cash equivalents, beginning of the period	—			159,157			24,244			183,401
Cash and cash equivalents, end of the period	$	—		$	110,016		$	73,960		$	183,976



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended December 31, 2011
	Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			The Company			Consolidated
Net cash provided by (used in) operating activities	$	(10,187	)	$	7,251		$	—		$	(2,936	)
Investing activities:
Purchase of property, plant and equipment	(8,451		)	(11,199		)	(450		)	(20,100		)
Nordural expansion — Helguvik	—			(12,882		)	—			(12,882		)
Proceeds from sale of property, plant and equipment	1,415			56			—			1,471
Investments in and advances to joint ventures	—			—			(113		)	(113		)
Payments received from joint ventures	—			—			3,056			3,056
Restricted and other cash deposits	3,673			—			—			3,673
Net cash provided by (used in) investing activities	(3,363		)	(24,025		)	2,493			(24,895		)
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	13,739			(38,992		)	25,253			—
Repurchase of common stock	—			—			(45,891		)	(45,891		)
Issuance of common stock	—			—			83			83
Net cash provided by (used in) financing activities	13,550			(38,992		)	(67,622		)	(93,064		)
Change in cash and cash equivalents	—			(55,766		)	(65,129		)	(120,895		)
Cash and cash equivalents, beginning of the period	—			214,923			89,373			304,296
Cash and cash equivalents, end of the period	$	—		$	159,157		$	24,244		$	183,401