Condensed consolidating financial information (Tables)

3 Months Ended

Mar. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]



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