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Condensed consolidating financial information (Tables) | 3 Months Ended
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Mar. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Consolidating Balance Sheet |
CONDENSED CONSOLIDATING BALANCE SHEET
As of March 31, 2014
| Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated
Assets: |  |  |  |  |
Cash and cash equivalents | $ | — |  | $ | 48,605 |  | $ | 3,893 |  | $ | — |  | $ | 52,498 |
Restricted cash | 787 |  | 245 |  | — |  | — |  | 1,032 |
Accounts receivable — net | 45,193 |  | 426 |  | — |  | — |  | 45,619 |
Due from affiliates | 282,130 |  | 33,567 |  | 2,340,716 |  | (2,600,282 | ) | 56,131 |
Inventories | 168,081 |  | 85,390 |  | — |  | (1,372 | ) | 252,099 |
Prepaid and other current assets | 6,210 |  | 17,702 |  | 5,627 |  | 5,662 |  | 35,201 |
Deferred taxes | — |  | 13,614 |  | — |  | — |  | 13,614 |
Total current assets | 502,401 |  | 199,549 |  | 2,350,236 |  | (2,595,992 | ) | 456,194 |
Investment in subsidiaries | 55,558 |  | — |  | (1,106,964 | ) | 1,051,406 |  | — |
Property, plant and equipment — net | 344,755 |  | 894,052 |  | 1,523 |  | (437 | ) | 1,239,893 |
Due from affiliates — less current portion | — |  | 32,730 |  | — |  | (32,730 | ) | — |
Other assets | 21,372 |  | 35,375 |  | 32,052 |  | 1,969 |  | 90,768 |
Total | $ | 924,086 |  | $ | 1,161,706 |  | $ | 1,276,847 |  | $ | (1,575,784 | ) | $ | 1,786,855 |
Liabilities and shareholders’ equity: |  |  |  |  |
Accounts payable, trade | $ | 52,467 |  | $ | 39,795 |  | $ | 2,242 |  | $ | 5,471 |  | $ | 99,975 |
Due to affiliates | 2,025,679 |  | 115,888 |  | — |  | (2,067,188 | ) | 74,379 |
Accrued and other current liabilities | 18,486 |  | 25,833 |  | 8,548 |  | (1,223 | ) | 51,644 |
Accrued employee benefits costs | 6,589 |  | — |  | 1,840 |  | — |  | 8,429 |
Industrial revenue bonds | 7,815 |  | — |  | — |  | — |  | 7,815 |
Total current liabilities | 2,111,036 |  | 181,516 |  | 12,630 |  | (2,062,940 | ) | 242,242 |
Senior notes payable | — |  | — |  | 246,615 |  | — |  | 246,615 |
Accrued pension benefit costs — less current portion | 12,603 |  | — |  | 27,378 |  | — |  | 39,981 |
Accrued postretirement benefit costs — less current portion | 126,123 |  | — |  | 5,073 |  | — |  | 131,196 |
Other liabilities/intercompany loan | 58,196 |  | 544,554 |  | 2,035 |  | (567,801 | ) | 36,984 |
Deferred taxes | — |  | 106,721 |  | — |  | — |  | 106,721 |
Total noncurrent liabilities | 196,922 |  | 651,275 |  | 281,101 |  | (567,801 | ) | 561,497 |
Shareholders’ equity: |  |  |  |  |
Series A Preferred stock | — |  | — |  | 1 |  | — |  | 1 |
Common stock | 60 |  | 12 |  | 936 |  | (72 | ) | 936 |
Additional paid-in capital | 268,468 |  | 175,943 |  | 2,508,882 |  | (444,411 | ) | 2,508,882 |
Treasury stock, at cost | — |  | — |  | (49,924 | ) | — |  | (49,924 | )
Accumulated other comprehensive loss | (92,217 | ) | (1,716 | ) | (91,733 | ) | 93,933 |  | (91,733 | )
Retained earnings (accumulated deficit) | (1,560,183 | ) | 154,676 |  | (1,385,046 | ) | 1,405,507 |  | (1,385,046 | )
Total shareholders’ equity | (1,383,872 | ) | 328,915 |  | 983,116 |  | 1,054,957 |  | 983,116 |
Total | $ | 924,086 |  | $ | 1,161,706 |  | $ | 1,276,847 |  | $ | (1,575,784 | ) | $ | 1,786,855 |
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 | — |  | 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 Statements of Comprehensive Income (Loss) |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
For the three months ended March 31, 2014
| Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated
NET SALES: |  |  |  |  |
Third-party customers | $ | 135,252 |  | $ | 12 |  | $ | — |  | $ | — |  | $ | 135,264 |
Related parties | 164,040 |  | 121,543 |  | — |  | — |  | 285,583 |
| 299,292 |  | 121,555 |  | — |  | — |  | 420,847 |
Cost of goods sold | 312,624 |  | 109,981 |  | — |  | — |  | 422,605 |
Gross profit (loss) | (13,332 | ) | 11,574 |  | — |  | — |  | (1,758 | )
Other operating expense – net | 2,414 |  | — |  | — |  | — |  | 2,414 |
Selling, general and administrative expenses | 9,371 |  | 691 |  | — |  | — |  | 10,062 |
Operating income (loss) | (25,117 | ) | 10,883 |  | — |  | — |  | (14,234 | )
Interest expense – third party | (5,419 | ) | (58 | ) | — |  | — |  | (5,477 | )
Interest expense – affiliates | 12,461 |  | (12,461 | ) | — |  | — |  | — |
Interest income – third party | 3 |  | 137 |  | — |  | — |  | 140 |
Net loss on forward and derivative contracts | (879 | ) | — |  | — |  | — |  | (879 | )
Other expense – net | (220 | ) | (33 | ) | — |  | — |  | (253 | )
Loss before income taxes and equity in earnings (losses) of subsidiaries and joint ventures | (19,171 | ) | (1,532 | ) | — |  | — |  | (20,703 | )
Income tax benefit (expense) | 1,447 |  | (544 | ) | — |  | 191 |  | 1,094 |
Income (loss) before equity in earnings (losses) of subsidiaries and joint ventures | (17,724 | ) | (2,076 | ) | — |  | 191 |  | (19,609 | )
Equity in earnings (losses) of subsidiaries and joint ventures | (366 | ) | (495 | ) | (20,104 | ) | 20,470 |  | (495 | )
Net income (loss) | $ | (18,090 | ) | $ | (2,571 | ) | $ | (20,104 | ) | $ | 20,661 |  | $ | (20,104 | )
Other comprehensive income (loss) before income tax effect | $ | 590 |  | $ | (47 | ) | $ | 812 |  | $ | (543 | ) | $ | 812 |
Income tax effect | (705 | ) | 8 |  | (713 | ) | 697 |  | (713 | )
Other comprehensive income (loss) | (115 | ) | (39 | ) | 99 |  | 154 |  | 99 |
Comprehensive income (loss) | $ | (18,205 | ) | $ | (2,610 | ) | $ | (20,005 | ) | $ | 20,815 |  | $ | (20,005 | )
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
For the three months ended March 31, 2013
| Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Reclassifications and Eliminations | Consolidated
NET SALES: |  |  |  |  |
Third-party customers | $ | 137,098 |  | $ | 51,416 |  | $ | — |  | $ | — |  | $ | 188,514 |
Related parties | 66,629 |  | 66,131 |  | — |  | — |  | 132,760 |
| 203,727 |  | 117,547 |  | — |  | — |  | 321,274 |
Cost of goods sold | 211,185 |  | 92,507 |  | — |  | — |  | 303,692 |
Gross profit (loss) | (7,458 | ) | 25,040 |  | — |  | — |  | 17,582 |
Other operating expense – net | 1,096 |  | — |  | — |  | — |  | 1,096 |
Selling, general and administrative expenses | 12,889 |  | 3,410 |  | — |  | — |  | 16,299 |
Operating income (loss) | (21,443 | ) | 21,630 |  | — |  | — |  | 187 |
Interest expense – third party | (6,076 | ) | — |  | — |  | — |  | (6,076 | )
Interest expense – affiliates | 14,496 |  | (14,496 | ) | — |  | — |  | — |
Interest income – third party | 14 |  | 117 |  | — |  | — |  | 131 |
Net gain on forward and derivative contracts | 15,507 |  | — |  | — |  | — |  | 15,507 |
Other income (expense) – net | 119 |  | (49 | ) | — |  | — |  | 70 |
Income before income taxes and equity in earnings (losses) of subsidiaries and joint ventures | 2,617 |  | 7,202 |  | — |  | — |  | 9,819 |
Income tax benefit (expense) | (7,102 | ) | 4,585 |  | — |  | — |  | (2,517 | )
Income (loss) before equity in earnings (losses) of subsidiaries and joint ventures | (4,485 | ) | 11,787 |  | — |  | — |  | 7,302 |
Equity in earnings (losses) of subsidiaries and joint ventures | (2,222 | ) | 951 |  | 8,253 |  | (6,031 | ) | 951 |
Net income (loss) | $ | (6,707 | ) | $ | 12,738 |  | $ | 8,253 |  | $ | (6,031 | ) | $ | 8,253 |
Other comprehensive income (loss) before income tax effect | $ | 1,084 |  | $ | (47 | ) | $ | 1,277 |  | $ | (1,037 | ) | $ | 1,277 |
Income tax effect | (391 | ) | 9 |  | (382 | ) | 382 |  | (382 | )
Other comprehensive income (loss) | 693 |  | (38 | ) | 895 |  | (655 | ) | 895 |
Comprehensive income (loss) | $ | (6,014 | ) | $ | 12,700 |  | $ | 9,148 |  | $ | (6,686 | ) | $ | 9,148 |
Condensed Consolidating Statement of Cash Flows |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 31, 2013
| Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Consolidated
Net cash provided by (used in) operating activities | $ | 27,968 |  | $ | (5,567 | ) | $ | — |  | $ | 22,401 |
Investing activities: |  |  |  |
Purchase of property, plant and equipment | (1,723 | ) | (7,494 | ) | (147 | ) | (9,364 | )
Nordural expansion — Helguvik | — |  | (1,745 | ) | — |  | (1,745 | )
Purchase of carbon anode assets and improvements | — |  | (150 | ) | — |  | (150 | )
Proceeds from sale of property, plant and equipment | — |  | 353 |  | — |  | 353 |
Net cash used in investing activities | (1,723 | ) | (9,036 | ) | (147 | ) | (10,906 | )
Financing activities: |  |  |  |
Intercompany transactions | (26,245 | ) | 26,247 |  | (2 | ) | — |
Net cash provided by (used in) financing activities | (26,245 | ) | 26,247 |  | (2 | ) | — |
Change in cash and cash equivalents | — |  | 11,644 |  | (149 | ) | 11,495 |
Cash and cash equivalents, beginning of the period | — |  | 110,016 |  | 73,960 |  | 183,976 |
Cash and cash equivalents, end of the period | $ | — |  | $ | 121,660 |  | $ | 73,811 |  | $ | 195,471 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the three months ended March 31, 2014
| Combined Guarantor Subsidiaries | Combined Non-Guarantor Subsidiaries | The Company | Consolidated
Net cash provided by (used in) operating activities | $ | (42,154 | ) | $ | 31,413 |  | $ | — |  | $ | (10,741 | )
Investing activities: |  |  |  |
Purchase of property, plant and equipment | (2,525 | ) | (7,149 | ) | (26 | ) | (9,700 | )
Nordural expansion — Helguvik | — |  | (93 | ) | — |  | (93 | )
Purchase of carbon anode assets and improvements | — |  | (5,724 | ) | — |  | (5,724 | )
Restricted and other cash deposits | — |  | 665 |  | — |  | 665 |
Net cash used in investing activities | (2,525 | ) | (12,301 | ) | (26 | ) | (14,852 | )
Financing activities: |  |  |  |
Borrowings under revolving credit facilities | — |  | — |  | 18,870 |  | 18,870 |
Repayments under revolving credit facilities | — |  | (6,000 | ) | (18,870 | ) | (24,870 | )
Intercompany transactions | 44,679 |  | (2,484 | ) | (42,195 | ) | — |
Issuance of common stock | — |  | — |  | 3 |  | 3 |
Net cash provided by (used in) financing activities | 44,679 |  | (8,484 | ) | (42,192 | ) | (5,997 | )
Change in cash and cash equivalents | — |  | 10,628 |  | (42,218 | ) | (31,590 | )
Cash and cash equivalents, beginning of the period | — |  | 37,977 |  | 46,111 |  | 84,088 |
Cash and cash equivalents, end of the period | $ | — |  | $ | 48,605 |  | $ | 3,893 |  | $ | 52,498 |

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