Condensed consolidating financial information (Tables)

9 Months Ended

Sep. 30, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statements of Comprehensive Income (Loss)



Condensed Consolidating Statements of Comprehensive Income (Loss)
For the three months ended September 30, 2016
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	170,947		$	152,449		$	(22,285	)	$	301,111
Third-party customers	—			32,795			11			(267		)	32,539
Total net sales	—			203,742			152,460			(22,552		)	333,650
Cost of goods sold	—			231,082			141,957			(21,777		)	351,262
Gross profit (loss)	—			(27,340		)	10,503			(775		)	(17,612		)
Selling, general and administrative expenses	9,517			—			216			—			9,733
Ravenswood charges	—			—			26,830			—			26,830
Other operating expense - net	—			—			878			—			878
Operating loss	(9,517		)	(27,340		)	(17,421		)	(775		)	(55,053		)
Interest expense - third parties	(5,101		)	(385		)	(45		)	—			(5,531		)
Interest income (expense) - affiliates	9,947			2,059			(12,006		)	—			—
Interest income - third parties	33			—			157			—			190
Net gain on forward and derivative contracts	—			1,275			—			—			1,275
Other income (expense) - net	48			14			(219		)	—			(157		)
Loss before income taxes and equity in earnings (loss) of joint ventures	(4,590		)	(24,377		)	(29,534		)	(775		)	(59,276		)
Income tax effect	(877		)	—			1,725			—			848
Loss before equity in earnings (loss) of joint ventures	(5,467		)	(24,377		)	(27,809		)	(775		)	(58,428		)
Equity in earnings (loss) of joint ventures	(52,806		)	—			155			52,806			155
Net income (loss)	$	(58,273	)	$	(24,377	)	$	(27,654	)	$	52,031		$	(58,273	)
Other comprehensive income (loss) before income tax effect	1,206			777			303			(1,080		)	1,206
Income tax effect	(382		)	—			8			(8		)	(382		)
Other comprehensive income (loss)	824			777			311			(1,088		)	824
Total comprehensive income (loss)	$	(57,449	)	$	(23,600	)	$	(27,343	)	$	50,943		$	(57,449	)



Condensed Consolidating Statements of Comprehensive Income (Loss)
For the three months ended September 30, 2015
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	14,136		$	284,891		$	156,167		$	(27,176	)	$	428,018
Third-party customers	—			26,728			18			(224		)	26,522
Total net sales	14,136			311,619			156,185			(27,400		)	454,540
Cost of goods sold	—			359,072			148,949			(11,058		)	496,963
Gross profit (loss)	14,136			(47,453		)	7,236			(16,342		)	(42,423		)
Selling, general and administrative expenses	10,375			59			1,132			—			11,566
Ravenswood charges	—			—			—			—			—
Other operating expense - net	—			—			1,537			—			1,537
Operating income (loss)	3,761			(47,512		)	4,567			(16,342		)	(55,526		)
Interest expense - third parties	(4,980		)	(391		)	(47		)	—			(5,418		)
Interest income (expense) - affiliates	9,163			1,901			(11,064		)	—			—
Interest income - third parties	15			—			30			—			45
Net gain (loss) on forward and derivative contracts	(177		)	353			109			—			285
Unrealized gain on fair value of contingent consideration	—			1,523			—			—			1,523
Other income (expense) - net	164			92			(142		)	—			114
Income (loss) before income taxes and equity in earnings of joint ventures	7,946			(44,034		)	(6,547		)	(16,342		)	(58,977		)
Income tax effect	2,030			—			(32		)	163			2,161
Income (loss) before equity in earnings of joint ventures	9,976			(44,034		)	(6,579		)	(16,179		)	(56,816		)
Equity in earnings of joint ventures	(66,088		)	—			704			66,088			704
Net income (loss)	$	(56,112	)	$	(44,034	)	$	(5,875	)	$	49,909		$	(56,112	)
Other comprehensive income (loss) before income tax effect	(3,241		)	212			(4,826		)	4,614			(3,241		)
Income tax effect	(383		)	—			8			(8		)	(383		)
Other comprehensive income (loss)	(3,624		)	212			(4,818		)	4,606			(3,624		)
Total comprehensive income (loss)	$	(59,736	)	$	(43,822	)	$	(10,693	)	$	54,515		$	(59,736	)



Condensed Consolidating Statements of Comprehensive Income (Loss)
For the nine months ended September 30, 2016
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	502,707		$	438,660		$	(69,596	)	$	871,771
Third-party customers	—			107,725			29			(267		)	107,487
Total net sales	—			610,432			438,689			(69,863		)	979,258
Cost of goods sold	—			653,258			411,651			(69,552		)	995,357
Gross profit (loss)	—			(42,826		)	27,038			(311		)	(16,099		)
Selling, general and administrative expenses	26,077			—			3,226			—			29,303
Ravenswood charges	—			—			26,830			—			26,830
Other operating expense - net	—			—			2,337			—			2,337
Operating loss	(26,077		)	(42,826		)	(5,355		)	(311		)	(74,569		)
Interest expense - third parties	(15,236		)	(1,150		)	(135		)	—			(16,521		)
Interest income (expense) - affiliates	29,222			6,013			(35,235		)	—			—
Interest income - third parties	108			9			358			—			475
Net gain on forward and derivative contracts	—			2,998			—			—			2,998
Other income (expense) - net	682			29			(1,173		)	—			(462		)
Loss before income taxes and equity in earnings (loss) of joint ventures	(11,301		)	(34,927		)	(41,540		)	(311		)	(88,079		)
Income tax effect	591			—			2,646			—			3,237
Loss before equity in earnings (loss) of joint ventures	(10,710		)	(34,927		)	(38,894		)	(311		)	(84,842		)
Equity in earnings (loss) of joint ventures	(73,241		)	—			891			73,241			891
Net income (loss)	$	(83,951	)	$	(34,927	)	$	(38,003	)	$	72,930		$	(83,951	)
Other comprehensive income before income tax effect	3,618			2,332			910			(3,242		)	3,618
Income tax effect	(1,147		)	—			25			(25		)	(1,147		)
Other comprehensive income (loss)	2,471			2,332			935			(3,267		)	2,471
Total comprehensive income (loss)	$	(81,480	)	$	(32,595	)	$	(37,068	)	$	69,663		$	(81,480	)



Condensed Consolidating Statements of Comprehensive Income (Loss)
For the nine months ended September 30, 2015
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	14,136		$	1,052,963		$	491,946		$	(41,617	)	$	1,517,428
Third-party customers	—			48,702			36			(224		)	48,514
Total net sales	14,136			1,101,665			491,982			(41,841		)	1,565,942
Cost of goods sold	—			1,107,955			426,441			(28,468		)	1,505,928
Gross profit	14,136			(6,290		)	65,541			(13,373		)	60,014
Selling, general and administrative expenses	30,743			(115		)	2,921			—			33,549
Ravenswood charges	—			—			30,850			—			30,850
Other operating expense - net	—			—			6,217			—			6,217
Operating income (loss)	(16,607		)	(6,175		)	25,553			(13,373		)	(10,602		)
Interest expense - third parties	(15,217		)	(1,186		)	(139		)	—			(16,542		)
Interest income (expense) - affiliates	28,242			5,531			(33,773		)	—			—
Interest income - third parties	48			4			196			—			248
Net gain on forward and derivative contracts	—			1,059			145			—			1,204
Unrealized gain on fair value of contingent consideration	—			18,337			—			—			18,337
Other income (expense) - net	1,083			(97		)	2,005			(1,730		)	1,261
Income (loss) before income taxes and equity in earnings of joint ventures	(2,451		)	17,473			(6,013		)	(15,103		)	(6,094		)
Income tax effect	(1,158		)	—			(11,047		)	—			(12,205		)
Income (loss) before equity in earnings of joint ventures	(3,609		)	17,473			(17,060		)	(15,103		)	(18,299		)
Equity in earnings of joint ventures	(12,621		)	—			2,069			12,621			2,069
Net income (loss)	$	(16,230	)	$	17,473		$	(14,991	)	$	(2,482	)	$	(16,230	)
Other comprehensive income before income tax effect	16,964			13,034			(2,866		)	(10,168		)	16,964
Income tax effect	(1,148		)	—			25			(25		)	(1,148		)
Other comprehensive income (loss)	15,816			13,034			(2,841		)	(10,193		)	15,816
Total comprehensive income (loss)	$	(414	)	$	30,507		$	(17,832	)	$	(12,675	)	$	(414	)

Condensed Consolidating Balance Sheet



Condensed Consolidating Balance Sheet
As of September 30, 2016
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Cash & cash equivalents	$	37,605		$	(125	)	$	80,113		$	—		$	117,593
Restricted cash	—			790			256			—			1,046
Accounts receivable - net	168			10,737			282			—			11,187
Due from affiliates	353			13,918			—			—			14,271
Inventories	180			138,287			97,658			(2,837		)	233,288
Prepaid and other current assets	7,265			4,231			20,332			—			31,828
Assets held for sale	—			—			23,239			—			23,239
Total current assets	45,571			167,838			221,880			(2,837		)	432,452
Property, plant and equipment - net	8,275			335,202			841,624			—			1,185,101
Investment in subsidiaries	523,942			—			—			(523,942		)	—
Due from affiliates - less current portion	647,844			3,706			—			(651,550		)	—
Other assets	28,513			18,272			16,960			7,418			71,163
TOTAL	$	1,254,145		$	525,018		$	1,080,464		$	(1,170,911	)	$	1,688,716

Accounts payable, trade	$	1,431		$	49,749		$	34,134		$	—		$	85,314
Due to affiliates	574			8,679			787			3,065			13,105
Accrued and other current liabilities	17,929			16,459			24,994			—			59,382
Accrued employee benefits costs	1,066			7,558			660			—			9,284
Industrial revenue bonds	—			7,815			—			—			7,815
Total current liabilities	21,000			90,260			60,575			3,065			174,900
Senior notes payable	247,590			—			—			—			247,590
Accrued pension benefits costs cost - less current portion	39,048			(10,919		)	14,304			—			42,433
Accrued postretirement benefits costs - less current portion	5,161			118,724			1,605			—			125,490
Other liabilities	3,298			32,143			29,471			7,418			72,330
Intercompany loan	—			27,995			628,931			(656,926		)	—
Deferred taxes	—			—			88,449			—			88,449
Total noncurrent liabilities	295,097			167,943			762,760			(649,508		)	576,292
Series A Preferred stock	1			—			—			—			1
Common stock	942			1			232,423			(232,424		)	942
Additional paid-in capital	2,514,765			297,899			2,075,657			(2,373,556		)	2,514,765
Treasury stock, at cost	(86,276		)	—			—			—			(86,276		)
Accumulated other comprehensive loss	(13,922		)	(57,694		)	(38,563		)	—			(110,179		)
Accumulated deficit	(1,477,462		)	26,609			(2,012,388		)	2,081,512			(1,381,729		)
Total shareholder's equity	938,048			266,815			257,129			(524,468		)	937,524
TOTAL	$	1,254,145		$	525,018		$	1,080,464		$	(1,170,911	)	$	1,688,716



Condensed Consolidating Balance Sheet
As of December 31, 2015
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Cash & cash equivalents	$	58,421		$	(3,647	)	$	60,619		$	—		$	115,393
Restricted cash	—			791			—			—			791
Accounts receivable - net	104			8,891			480			—			9,475
Due from affiliates	13			14,493			2,911			—			17,417
Inventories	180			148,280			85,937			(2,525		)	231,872
Prepaid and other current assets	7,713			16,242			18,457			—			42,412
Assets held for sale	—			—			30,697			—			30,697
Total current assets	66,431			185,050			199,101			(2,525		)	448,057
Property, plant and equipment - net	9,188			361,626			861,442			—			1,232,256
Investment in subsidiaries	593,604			—			—			(593,604		)	—
Due from affiliates - less current portion	632,170			—			—			(632,170		)	—
Other assets	29,536			19,153			16,047			7,419			72,155
TOTAL	$	1,330,929		$	565,829		$	1,076,590		$	(1,220,880	)	$	1,752,468

Accounts payable, trade	$	2,380		$	53,145		$	34,964		$	—		$	90,489
Due to affiliates	2,143			7,167			735			—			10,045
Accrued and other current liabilities	11,247			14,759			22,816			—			48,822
Accrued employee benefits costs	1,824			7,644			680			—			10,148
Industrial revenue bonds	—			7,815			—			—			7,815
Total current liabilities	17,594			90,530			59,195			—			167,319
Senior notes payable	247,278			—			—			—			247,278
Accrued pension benefits costs cost - less current portion	39,831			(11,021		)	15,189			—			43,999
Accrued postretirement benefits costs - less current portion	4,524			119,911			1,564			—			125,999
Other liabilities	3,307			30,505			11,779			7,418			53,009
Intercompany loan	—			124,518			509,652			(634,170		)	—
Deferred taxes	—			—			96,994			—			96,994
Total noncurrent liabilities	294,940			263,913			635,178			(626,752		)	567,279
Series A Preferred stock	1			—			—			—			1
Common stock	942			—			224,424			(224,424		)	942
Additional paid-in capital	2,513,631			191,023			2,038,138			(2,229,161		)	2,513,631
Treasury stock, at cost	(86,276		)	—			—			—			(86,276		)
Accumulated other comprehensive loss	(13,125		)	(60,026		)	(39,499		)	—			(112,650		)
Accumulated deficit	(1,396,778		)	80,389			(1,840,846		)	1,859,457			(1,297,778		)
Total shareholder's equity	1,018,395			211,386			382,217			(594,128		)	1,017,870
TOTAL	$	1,330,929		$	565,829		$	1,076,590		$	(1,220,880	)	$	1,752,468

Condensed Consolidating Statement of Cash Flows



Condensed Consolidating Statement of Cash Flows
For the nine months ended September 30, 2016
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	(20,816	)	$	23,044		$	(2,631	)	$	15,985		$	15,582
Purchase of property, plant and equipment	—			(4,252		)	(8,875		)	—			(13,127		)
Restricted and other cash deposits	—			1			(256		)	—			(255		)
Net cash used in investing activities	—			(4,251		)	(9,131		)	—			(13,382		)
Borrowings under revolving credit facilities	900			—			—			—			900
Repayments under revolving credit facilities	(900		)	—			—			—			(900		)
Intercompany transactions	—			(15,271		)	31,256			(15,985		)	—
Net cash provided by (used in) financing activities	—			(15,271		)	31,256			(15,985		)	—
CHANGE IN CASH AND CASH EQUIVALENTS	(20,816		)	3,522			19,494			—			2,200
Cash and cash equivalents, beginning of period	58,421			(3,647		)	60,619			—			115,393
Cash and cash equivalents, end of period	$	37,605		$	(125	)	$	80,113		$	—		$	117,593



Condensed Consolidating Statement of Cash Flows
For the nine months ended September 30, 2015
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	43,577		$	6,535		$	(197,950	)	$	180,347		$	32,509
Purchase of property, plant and equipment	(3,513		)	(23,555		)	(20,087		)	(440		)	(47,595		)
Purchase of remaining interest in Mt. Holly smelter	—			11,313			—			—			11,313
Restricted and other cash deposits	—			(155		)	14			—			(141		)
Net cash used in investing activities	(3,513		)	(12,397		)	(20,073		)	(440		)	(36,423		)
Borrowings under revolving credit facilities	1,414			—			—			—			1,414
Repayments under revolving credit facilities	(1,414		)	—			—			—			(1,414		)
Repurchase of common stock	(36,352		)	—			—			—			(36,352		)
Intercompany transactions	—			6,433			173,474			(179,907		)	—
Net cash provided by (used in) financing activities	(36,352		)	6,433			173,474			(179,907		)	(36,352		)
CHANGE IN CASH AND CASH EQUIVALENTS	3,712			571			(44,549		)	—			(40,266		)
Cash and cash equivalents, beginning of period	70,683			(1,187		)	93,746			—			163,242
Cash and cash equivalents, end of period	$	74,395		$	(616	)	$	49,197		$	—		$	122,976