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Acquisition of Sebree aluminum smelter (Tables) | 3 Months Ended
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Mar. 31, 2014
Business Combinations [Abstract] |
Schedule of purchase price allocation | The following table summarizes the fair value of the assets acquired and the liabilities assumed as of the acquisition date:
| Acquisition Date Estimated Fair Value as of March 31, 2014
Consideration: |
Cash | $ | 48,083 |
Deferred purchase price | 1,910 |
Assets Acquired: |
Inventories | 59,018 |
Prepaid and other current assets | 2,273 |
Property, plant and equipment – net | 55,520 |
Total assets acquired | $ | 116,811 |
Liabilities Assumed: |
Accrued and other current liabilities | $ | 43,316 |
Accrued pension benefit costs | 996 |
Accrued post retirement benefit costs | 6,544 |
Other liabilities | 7,476 |
Deferred taxes | 3,233 |
Total liabilities assumed | $ | 61,565 |
Gain on bargain purchase: | $ | 5,253 |
Sebree acquisition, pro forma information | The following unaudited pro forma financial information for the three months ended March 31, 2013 reflects our results of continuing operations as if the acquisition of Sebree had been completed on January 1, 2013. This unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of what the actual results of operations would have been had the transactions taken place on January 1, 2013, nor is it indicative of the future consolidated results of operations or financial position of the combined companies.
| Three months ended March 31,
| 2013
Pro forma revenues | $ | 447,698 |
Pro forma loss from continuing operations | (1,187 | )
Loss per common share, basic | (0.01 | )
Loss per common share, diluted | (0.01 | )
Our net income for the three months ended March 31, 2014 includes a non-recurring credit for the amortization of the deferred power contract liability of $5,534. As part of the Sebree acquisition, we recorded a $36,625 liability for an unfavorable power contract we assumed. The fair value measurement of the power contract was based on the difference between the forecasted contract rate and estimated market power rates through the contract termination date in January 2014. We amortized the power contract liability over the remaining period of the contract through January 31, 2014, resulting in a credit to our depreciation and amortization expense within cost of goods sold on the consolidated statement of operations for the three months ended March 31, 2014.

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 + Details
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