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Business acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2015
Business Combinations [Abstract] |
Summary of consideration transferred | The following table summarizes all of the elements of consideration for the transaction.
|  | December 1, 2014
Purchase price |  | $ | 67,500 |
Contingent consideration |  | 13,780 |
Economic, working capital and other closing adjustments |  | (13,513 | )
Total consideration |  | $ | 67,767 |
Schedule of purchase price allocation | Below is the final purchase price allocation for Mt. Holly.
| Preliminary estimate of the acquisition date fair value as of December 1, 2014 | Measurement period adjustments | Final acquisition date fair value as of December 1, 2014
Assets Acquired: |  |  |
Inventories | $ | 26,105 |  | $ | (2,126 | ) | $ | 23,979 |
Due from Alumax | 20,786 |  | (9,517 | ) | 11,269 |
Prepaid and other current assets | 2,527 |  | — |  | 2,527 |
Intangible asset | 2,580 |  | — |  | 2,580 |
Pension asset | 30,842 |  | — |  | 30,842 |
Property, plant and equipment – net | 127,089 |  | 15,748 |  | 142,837 |
Total assets acquired | $ | 209,929 |  | $ | 4,105 |  | $ | 214,034 |
Liabilities Assumed: |  |  |
Accounts payable, trade | $ | 41,471 |  | $ | — |  | $ | 41,471 |
Accrued and other current liabilities | 8,335 |  | 255 |  | 8,590 |
Accrued pension benefit costs | — |  | 34,595 |  | 34,595 |
Accrued postretirement benefit costs | 2,857 |  | — |  | 2,857 |
Asset retirement obligations | 8,213 |  | — |  | 8,213 |
Deferred taxes | 4,804 |  | (2,118 | ) | 2,686 |
Total liabilities assumed | $ | 65,680 |  | $ | 32,732 |  | $ | 98,412 |
Goodwill | $ | 4,804 |  | $ | (4,804 | ) | $ | — |
The following table summarizes the fair value of the assets acquired and the liabilities assumed as of the acquisition date:
| Acquisition Date Fair Value
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 postretirement benefit costs | 6,544 |
Other liabilities | 7,476 |
Deferred taxes | 3,233 |
Total liabilities assumed | $ | 61,565 |
Gain on bargain purchase: | $ | 5,253 |
Acquisitions, pro forma information | From the acquisition date of June 1, 2013 through December 31, 2013, the revenue and earnings that were attributable to Sebree included in the consolidated statement of operations is as follows:
| Year ended December 31, 2013 |
Sebree revenue | $ | 247,178 |
Sebree income from continuing operations | 8,705 |
From the acquisition date of December 1, 2014 through December 31, 2014, the revenue and earnings that were attributable to the acquired Alcoa’s 50.3% stake in Mt. Holly included in the Consolidated Statements of Operations is as follows:
|  | Year ended
|  | December 31, 2014 |
Mt. Holly revenue |  | $ | 25,911 |
Mt. Holly income from continuing operations (1) |  | $ | 3,024 |
(1) | The income attributable to the acquired Alcoa’s 50.3% stake in Mt. Holly excludes the gain on the fair value of the contingent consideration and the gain on remeasurement of the equity investment.
The following unaudited pro forma financial information for the year ended December 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.
| Year ended December 31, 2013
Pro forma revenues | $ | 1,662,707 |
Pro forma loss from continuing operations | (83,035 | )
Pro forma loss per common share, basic | (0.94 | )
Pro forma loss per common share, diluted | (0.94 | )
The following unaudited pro forma financial information for the years ended December 31, 2014 and December 31, 2013 reflects our results of continuing operations as if the acquisition of the remaining interest in Mt. Holly 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.
| Year ended December 31,
| 2014 |  | 2013 |
Pro forma revenues | $ | 2,176,552 |  | $ | 1,707,838 |
Pro forma earnings from continuing operations | 125,847 |  | (38,819 | )
Pro forma earnings per common share, basic | 1.30 |  | (0.44 | )
Pro forma earnings per common share, diluted | 1.29 |  | (0.44 | )

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56956515&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=56956791&loc=d3e4845-128472 + Details
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