XML 27 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ (59,310) $ 126,474 $ (40,313)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Gain on bargain purchase 0 0 (5,253)
Unrealized gain on fair value of contingent consideration (18,337) (7,943) 0
Gain on remeasurement of equity investment 0 (15,955) 0
Unrealized gain on E.ON contingent obligation (1,411) (1,412) (16,781)
Lower of cost or market inventory adjustment 7,539 (1,247) 1,247
Depreciation 80,117 70,827 66,570
Ravenswood impairment 30,850 0 0
BHH impairment 11,584 0 0
Sebree power contract amortization 0 (5,534) (31,031)
Pension and other postretirement benefits (4,991) 6,939 1,740
Deferred income taxes (178) 2,633 (1,493)
Stock-based compensation 1,844 1,334 1,078
Loss on early extinguishment of debt 0 0 3,272
Equity in earnings of joint ventures, net of dividends (806) 425 871
Change in operating assets and liabilities:      
Accounts receivable — net 68,192 (8,712) (6,001)
Due from affiliates 14,086 12,084 (5,717)
Inventories 44,896 (16,513) (21,740)
Prepaid and other current assets (144) 3,392 5,318
Accounts payable, trade (60,583) 11,797 25,224
Due to affiliates (12,216) 3,058 13,845
Accrued and other current liabilities (31,540) 18,071 5,834
Pension contribution - Mt. Holly (34,595) 0 0
Other — net (3,131) 7,962 23,048
Net cash provided by operating activities 31,866 207,680 19,718
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property, plant and equipment (54,700) (55,126) (68,077)
Purchase of Sebree smelter 0 (1,042) (48,058)
Investments in and advances to joint ventures 0 0 (125)
Purchase of remaining interest in Mt. Holly smelter 11,313 (65,100) 0
Proceeds from sale of property, plant and equipment 14 46 525
Restricted and other cash deposits 10 896 (1,439)
Net cash used in investing activities (43,363) (120,326) (117,174)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayment of debt 0 (2,603) (249,604)
Proceeds from issuance of debt 0 0 246,330
Borrowings under revolving credit facilities 1,737 92,423 22,725
Repayments under revolving credit facilities (1,737) (98,423) (16,725)
Debt issuance costs 0 0 (3,994)
Debt retirement costs 0 0 (1,208)
Repurchase of common stock (36,352) 0 0
Issuance of common stock 0 403 44
Net cash used in financing activities (36,352) (8,200) (2,432)
CHANGE IN CASH AND CASH EQUIVALENTS (47,849) 79,154 (99,888)
Cash and cash equivalents, beginning of year 163,242 84,088 183,976
Cash and cash equivalents, end of year $ 115,393 $ 163,242 $ 84,088