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Business acquisitions (Tables)

12 Months Ended

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		)

X

- 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=56956515&loc=d3e1392-128463

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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

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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

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